HEINEKEN N.V. REPORTS 2026 HALF YEAR RESULTS

Rhea-AI Summary

Heineken (OTC:HEINY) reported 2026 half-year BEIA revenue of €17,552 million, up 2.4% organically, and BEIA net revenue of €14,834 million, up 2.7%. BEIA operating profit rose 6.7% to €2,170 million, with operating margin improving 55 bps to 14.6%. BEIA net profit reached €1,256 million, and diluted EPS (beia) increased 11.6% to €2.29.

Total volume grew 1.6%, with consolidated volume up 0.4% and licensed volume up 23.2%. Heineken® volume rose 5.3%, while premium, beyond beer and low/no alcohol segments grew 6%, 8% and 12%, respectively. Free operating cash flow was €1,381 million, implying 97% cash conversion, and net debt/EBITDA (beia) stood at 2.6x.

The company reported marketing and selling expenses at 10.1% of net revenue, reduced FTEs by about 3,000, and said gross savings are tracking at the top end of the €400–500 million range. Heineken confirmed the second tranche of its €1.5 billion share buyback is on track, declared an interim dividend of €0.76 per share, reiterated 2026 full-year operating profit growth guidance of 2–6%, and highlighted ongoing EverGreen 2030 execution and an expected CEO transition to Rafa Oliveira on 1 October.

Positive

• BEIA operating profit €2,170 million, up 6.7% organically
• BEIA net revenue €14,834 million, up 2.7% organically
• Diluted EPS (beia) €2.29, up 11.6% versus 2025
• Free operating cash flow €1,381 million with 97% cash conversion
• Net debt/EBITDA (beia) at 2.6x
• Share buyback €1.5 billion programme, second tranche on track
• Interim dividend of €0.76 per share announced
• Total volume up 1.6%, with licensed volume up 23.2%

Negative

• None.

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Amsterdam, 5 August 2026

HEINEKEN N.V. REPORTS 2026 HALF YEAR RESULTS

Volume growth, robust profit delivery as EverGreen 2030 accelerates

				IFRS Measures						BEIA Measures
(in € million)				Total growth		(in € million)				Organic growth
Revenue		17,559		3.8%		Revenue (beia)		17,552		2.4%
Net revenue		14,841		4.7%		Net revenue (beia)		14,834		2.7%
Operating profit		2,126		48.4%		Operating profit (beia)		2,170		6.7%
Operating profit margin		14.3%		422 bps		Operating profit (beia) margin		14.6%		55 bps
Net profit		1,125		51.2%		Net profit (beia)		1,256		10.2%
Diluted EPS (in €)		2.05		54.1%		Diluted EPS (beia) (in €)		2.29		11.6%
						Free operating cash flow		1,381
						Net debt / EBITDA (beia)		2.6x

Unless stated otherwise, all comments and figures in this announcement are unaudited and refer to BEIA metrics. Growth in absolute terms, %, or bps indicate organic growth, except for Diluted EPS (beia) which is calculated on a constant currency basis.

Growth: Global and local power brands in focus markets driving growth

• Total volume increased 1.6%, accelerating in Q2; consolidated volume grew 0.4%, and licensed volume up 23.2%.
• All five global brands delivered growth, with Heineken^® volume up 5.3% and Tiger returning to volume growth.
• Priority segments delivered superior volume growth: premium grew 6%, beyond beer up 8%, LoNo 12% higher.
• Net revenue growth of 2.7%, expanding in all regions. Net revenue per hectolitre up 2.3%.
• Strong delivery from focus markets in APAC and AME, softer in the Americas. Sound recovery in Europe.
• In over two-thirds of our markets, we gained or held share.
• Marketing and selling expenses at 10.1% of net revenue, increasing slightly.

Profitability: Margin expansion supported by productivity

• Operating profit grew 6.7% with operating profit margin expanding 55 bps to 14.6%.
• Diluted Earnings per Share (EPS) of €2.29, up 11.6% (2025: €2.08).
• Reduced FTEs by c. 3,000 in the first half, materially advancing the planned organisational changes.
• Gross savings on track at the top end of the €400–500 million range, with strong net savings conversion.

Capital Efficiency: Strong cash flow delivery

• Free Operating Cash Flow of €1.4 billion, translating into a cash conversion ratio of 97%.
• Second tranche of the €1.5 billion share buyback programme on track.
• Interim Dividend of €0.76 per share, in line with our dividend policy.

Progressing with pace on EverGreen 2030 priorities

• Innovation accelerated, with 40+ focused pilots supported by our global R&D centre and a faster pilot-and-scale model.
• Stepped-up productivity through operating model simplification, implementing Multi-Market Organisations, a focused strategic Head Office transformation, agile supply chain networks, and HEINEKEN Business Services expansion.
• Strengthened our footprint through HEINEKEN Costa Rica integration and solid progress to exit or fix resolve markets.
• Reiterating FY2026 operating profit growth guidance of 2% to 6%.

Harold van den Broek, CFO and member of the Executive Board, commented:

"During the first half of 2026, we accelerated the execution of EverGreen 2030. We delivered volume growth and robust operating profit expansion, with all five global brands in growth and good momentum in our premium and beyond beer portfolios. This performance reflects the quality of our growth, the resilience of our advantaged footprint, and our ability to adapt and execute in a dynamic environment. We took further significant steps to boost productivity and build future fit capabilities, ensuring we drive further growth efficiently. We are confident in our strategy and progress, yet remain prudent given ongoing macroeconomic and geopolitical uncertainty. We reiterate our full-year operating profit growth guidance of 2% to 6%.

We look forward to welcoming Rafa Oliveira as Chief Executive Officer on 1 October as we continue to deliver on EverGreen 2030 in the pursuit of sustainable value creation for all our stakeholders."

ENQUIRIES

Media		Investors
Christiaan Prins		Tristan van Strien
Director of Global Communication		Global Director of Investor Relations
Marlous den Bieman		Lennart Scholtus / Isabelle van Rongen
Head of Media		Investor Relations Managers
E-mail: pressoffice@heineken.com		E-mail: investors@heineken.com
Tel: +31-20-5239355		Tel: +31-20-5239590

CONFERENCE CALL DETAILS

HEINEKEN will host an analyst and investor conference call in relation to its 2026 Half Year results today at 10:00 CET/ 09:00 BST. The call will be audio cast live via the company’s website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (Local): 020 3936 2999

Netherlands (Local): 085 888 7233

USA: 1 646 233 4753

For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers

Participation password for all countries: 607304

Attachment

• HEINEKEN N.V. 2026 HALF YEAR RESULTS

FAQ

How did Heineken (HEINY) perform in its 2026 half-year results?

Heineken reported higher BEIA net revenue, profit and EPS for the 2026 half-year. According to Heineken, BEIA net revenue grew 2.7%, BEIA operating profit 6.7%, and diluted EPS (beia) 11.6%, supported by margin expansion and volume growth in key segments.

What were Heineken (HEINY) 2026 half-year revenue and profit figures?

For the 2026 half-year, Heineken reported BEIA revenue of €17,552 million and BEIA net revenue of €14,834 million. According to Heineken, BEIA operating profit reached €2,170 million, with a 14.6% BEIA operating margin, and BEIA net profit came in at €1,256 million.

How much did Heineken (HEINY) earnings per share grow in H1 2026?

Heineken’s diluted EPS (beia) increased 11.6% in the first half of 2026 to €2.29. According to Heineken, this compares with €2.08 in 2025, reflecting operating profit growth, productivity gains and disciplined cost management under the EverGreen 2030 strategy.

What dividend will Heineken (HEINY) pay for the 2026 half-year period?

Heineken announced an interim dividend of €0.76 per share for the 2026 half-year. According to Heineken, this payment is in line with its dividend policy and comes alongside ongoing share buybacks and strong free operating cash flow generation.

What is the size and status of the Heineken (HEINY) 2026 share buyback?

Heineken is executing a €1.5 billion share buyback programme and reports the second tranche is on track. According to Heineken, this capital return complements its 97% cash conversion and free operating cash flow of €1,381 million in the first half of 2026.

What guidance did Heineken (HEINY) give for full-year 2026 operating profit growth?

Heineken reiterated full-year 2026 BEIA operating profit growth guidance of 2% to 6%. According to Heineken, this outlook reflects continued execution of its EverGreen 2030 strategy while remaining cautious amid macroeconomic and geopolitical uncertainty in its global markets.

How is Heineken’s EverGreen 2030 plan progressing as of H1 2026?

Heineken reports accelerated EverGreen 2030 execution, with innovation pilots, productivity measures and organizational changes advancing. According to Heineken, over 40 focused pilots, about 3,000 FTE reductions, and gross savings tracking near the €400–500 million range support future growth and efficiency.