HEINEKEN HOLDING N.V. REPORTS 2026 HALF YEAR RESULTS
Rhea-AI Summary
Heineken Holding (OTC:HKHHY) reported 2026 half-year results showing revenue (beia) of €17,552 million, up 2.4% organically, and net revenue (beia) of €14,834 million, up 2.7%. Operating profit (beia) rose 6.7% to €2,170 million, with operating margin (beia) improving 55 bps to 14.6%.
Total volume increased 1.6%, with consolidated volume up 0.4% and licensed volume up 23.2%. Heineken® grew 5.3%, premium segment volumes rose 6%, beyond beer 8% and low/no-alcohol 12%. Diluted EPS (beia) reached €2.29, an 11.6% increase, while free operating cash flow was €1.4 billion, reflecting a 97% cash conversion ratio.
The company reduced headcount by around 3,000 FTEs and reported gross savings tracking at the top end of the €400–500 million range. The second tranche of the €1.5 billion share buyback is on track, an interim dividend of €0.76 per share was announced, and full-year 2026 operating profit growth guidance of 2–6% was reiterated.
Positive
- Revenue (beia) €17,552m, organic growth 2.4% in H1 2026
- Net revenue (beia) €14,834m, organic growth 2.7%
- Operating profit (beia) €2,170m, up 6.7%; margin +55 bps to 14.6%
- Diluted EPS (beia) €2.29, up 11.6% versus €2.08 in 2025
- Free operating cash flow €1.4bn with 97% cash conversion ratio
- Share buyback €1.5bn programme’s second tranche on track
- Interim dividend of €0.76 per share announced for 2026
- Gross savings tracking at top end of €400–500m EverGreen target
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Amsterdam, 5 August 2026
HEINEKEN HOLDING N.V. REPORTS 2026 HALF YEAR RESULTS
Volume growth, robust profit delivery as EverGreen 2030 accelerates
Heineken Holding N.V.'s only activities are holding a participating interest in Heineken N.V., managing or supervising the management of HEINEKEN, and providing services to Heineken N.V.
| IFRS Measures | BEIA Measures | |||||
| (in € million) | Total growth | (in € million) | Organic growth | |||
| Revenue | 17,559 | Revenue (beia) | 17,552 | |||
| Net revenue | 14,841 | Net revenue (beia) | 14,834 | |||
| Operating profit | 2,126 | Operating profit (beia) | 2,170 | |||
| Operating profit margin | 422 bps | Operating profit (beia) margin | 55 bps | |||
| Net profit of Heineken Holding N.V. | 568 | Net profit (beia) | 1,256 | |||
| Diluted EPS of Heineken Holding N.V. (in €) | 2.05 | Diluted EPS (beia) (in €) | 2.29 | |||
| 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 grew0.4% , and licensed volume up23.2% . - 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 up8% , LoNo12% higher. - Net revenue growth of
2.7% , expanding in all regions. Net revenue per hectolitre up2.3% . - 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 to14.6% . - Diluted Earnings per Share (EPS) of
€2.29 , up11.6% (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 of97% . - Second tranche of the
€1.5 billion share buyback programme on track. - Interim Dividend of
€0.76 per share, in line with HEINEKEN's dividend policy.
Progressing with pace on EverGreen 2030 priorities
- Innovation accelerated, with 40+ focused pilots supported by HEINEKEN's 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.
- HEINEKEN strengthened its footprint through HEINEKEN Costa Rica integration and solid progress to exit or fix resolve markets.
- Reiterating FY2026 operating profit growth guidance of
2% to6% .
ENQUIRIES
| Media Heineken Holding N.V. | ||
| Kees Jongsma | ||
| Tel. +31-6-54798253 | ||
| E-mail: cjongsma@spj.nl | ||
| 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/ 9:00 BST. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the 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
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