HEINEKEN N.V. REPORTS ON 2026 THIRD QUARTER TRADING

Premium volume grew 11.5%, while the productivity programme remains on track for €500 million in full-year gross savings.

Rhea-AI Summary

HEINEKEN (HEINY) reported third-quarter 2026 organic net revenue growth of 4.6%, with volume and revenue growth across all four regions. Net revenue on its BEIA reporting basis reached €8,090 million, while IFRS revenue rose 9.7% to €9,558 million. Total volume grew 4.8% organically, versus 2.7% year to date. Net revenue per hectolitre increased 0.7%, and constant-geography price-mix rose 1.8%.

Premium volume increased 11.5%, global brands grew 9.9%, and Heineken brand volume rose 9.7%. The company gained or held market share in more than two-thirds of its markets. HEINEKEN agreed to acquire a majority stake in Stëlz, subject to regulatory approval. It expects its productivity programme to deliver €500 million in full-year gross savings and reiterated 2% to 6% organic operating profit growth guidance for 2026.

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0 major · 1 point

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Positive

• Moderate pointBEIA net revenue reached €8,090 million; organic growth was 4.6% in Q3 and 3.4% year to date.
• Moderate pointTotal volume reached 76.0 million hectolitres, up 6.2% overall and 4.8% organically in Q3; year-to-date organic growth was 2.7%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Productivity programme remains on track to deliver €500 million in full-year gross savings.
• Minor pointIFRS revenue rose 9.7% to €9,558 million in Q3.
• Minor pointConsolidated volume grew organically 3.9% in Q3 and 1.6% year to date.

14 minor points

• Minor pointLicensed volume grew organically 19.5% in Q3 and 21.8% year to date.
• Minor pointNet revenue per hectolitre rose organically 0.7% in Q3 and 1.7% year to date.
• Minor pointConstant-geography price-mix increased 1.8% in Q3 and 2.4% year to date.
• Minor pointPremium volume grew 11.5% in Q3, outpacing the total portfolio.
• Minor pointGlobal brands volume grew 9.9% in Q3 and 6.9% year to date; all five brands grew.
• Minor pointHeineken brand volume rose 9.7% in Q3 and 6.8% year to date.
• Minor pointMainstream volume increased 2.4% in Q3 and 0.3% year to date.
• Minor pointLow- and no-alcohol volume grew in double digits, led by Heineken 0.0 and Heineken Ultimate.
• Minor pointBeyond beer volume grew in the mid teens, supported by Desperados innovations.
• Minor pointMarket share was gained or held in more than two-thirds of markets.
• Minor pointAll four regions delivered volume and revenue growth; the Americas returned to growth on easier comparisons.
• Minor point. Forward-looking: it has not happened yet and may not happen.Stëlz agreement adds a planned majority stake to strengthen the beyond beer portfolio.
• Minor pointEuropean operating model simplification is being scaled following successful pilots.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 guidance reiterated: 2% to 6% organic operating profit growth.

Negative

• Minor pointStëlz majority-stake acquisition remains subject to regulatory approval.

News Explained

In his first weeks as CEO, Rafa Oliveira said HEINEKEN is not translating its strong foundations into consistent growth or winning with consumers and customers as frequently as it should; he said he would share more of his perspective with the full-year results.

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Amsterdam, 28 October 2026

HEINEKEN N.V. REPORTS ON 2026 THIRD QUARTER TRADING

Volume and revenue growth across all regions

	IFRS Measures					BEIA Measures
(in mhl or € million)	Total growth				(in mhl or € million)	Organic growth
Total volume	76.0		6.2%		Total volume	76.0		4.8%
Revenue	9,558		9.7%		Net revenue (beia)	8,090		4.6%

Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % indicates organic growth. Throughout this report figures refer to quarterly performance unless otherwise indicated.

Growth: continued momentum, all regions contributing

• Total volume grew 4.8% (YTD: 2.7%), with consolidated volume 3.9% (YTD: 1.6%), licensed volume 19.5% (YTD: 21.8%).
• Net revenue grew 4.6% (YTD: 3.4%), net revenue per hectolitre up 0.7% (YTD: 1.7%).
• Price-mix on a constant geographic basis up 1.8% (YTD: 2.4%).
• Gained or held share in more than two-thirds of our markets.
  
  

Segments and Brands: priority segments and global brands driving growth

• Premium volume grew 11.5%, significantly ahead of the total portfolio.
• Global brands volume grew 9.9% (YTD: 6.9%), with all five brands in growth, and Heineken^® up 9.7% (YTD: 6.8%).
• Mainstream volume increased 2.4% (YTD: 0.3%), with our local power brands outperforming.
• Low & no-alcohol grew in the double-digits, led by Heineken^® 0.0 and Heineken^® Ultimate.
• Beyond beer volume grew in the mid teens, supported by Desperados innovations.
  
  

Regional performance: all four regions in volume and revenue growth

• Africa & Middle East: sustained resilient growth.
• Americas: returned to growth on easier comparison base.
• Asia Pacific: solid momentum continued.
• Europe: volume growth and strong summer execution on softer comparatives.
  
  

Progressing with pace on EverGreen 2030 priorities

• Accelerated innovation, including Heineken^® Ultimate 3.5%, Desperados Sunlight, and Tiger Smooth.
• Agreed to acquire a majority stake in Stëlz, subject to regulatory approval, to strengthen our beyond beer portfolio.
• Productivity programme on track to deliver €500m gross savings for the full-year.
• Scaling our simplified European operating model following successful pilots.
• Reiterating our 2% to 6% organic operating profit growth guidance for 2026.

RAFA OLIVEIRA, CEO, COMMENTED:

"We delivered good volume growth of 5%, with positive contributions from all regions, and strong delivery from our global brands and priority segments in particular. This gives us confidence to confirm our full-year outlook.

Joining HEINEKEN at a time when our teams are delivering solid results while remaining focused on implementing our strategy is a real privilege. My first impressions are positive, particularly the strength of our brands, the commitment of our people, and the growth potential across our geographic footprint. We have strong foundations, but we are not translating them into consistent growth and winning with consumers and customers as often as we should. There is more to do to sharpen execution, increase pace, and build a stronger performance culture, with greater accountability across the business.

These first weeks have been about listening, learning, and understanding. I look forward to sharing more of my perspective when we report our full-year results."

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@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 with Harold van den Broek, Chief Financial Officer, in relation to its Third Quarter 2026 Trading Update today at 10:00 CET/09:00 GMT. 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 (Local): 646 664 1960

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

Participation password for all countries: 056425

Attachment

• HEINEKEN N.V. 2026 Q3 Trading Update

FAQ

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How did HEINEKEN perform in the third quarter of 2026?

HEINEKEN delivered 4.6% organic net revenue growth and 4.8% organic total volume growth in the third quarter of 2026. BEIA net revenue was €8,090 million. All four regions recorded volume and revenue growth.

What is HEINEKEN's operating profit growth guidance for 2026?

HEINEKEN reiterated its guidance for 2% to 6% organic operating profit growth in 2026. The company also expects its productivity programme to deliver €500 million in gross savings for the full year.