Heineken (HEIA) Q2 2026 earnings summary

Executive summary

• Achieved 2.7% organic net revenue growth to €14.8bn and 6.7% organic operating profit growth to €2.2bn, with margin up 55bps to 14.6%, driven by global and local power brands, innovation, and productivity initiatives.

• Strong performance in APAC and Africa & Middle East, recovery in Europe, and softer results in the Americas; actions underway to address Americas competitiveness.

• EverGreen 2030 strategy accelerated, focusing on growth, productivity, digital transformation, and organizational simplification.

• Innovation pipeline advanced with over 40 pilots and launches in functional, low/no alcohol, and flavored beer segments.

• Sustainability, responsible consumption, and social impact initiatives progressed, including decarbonization and water resilience.

Financial highlights

• Net revenue grew 2.7% organically to €14.8bn, with net revenue per hectoliter up 2.3% year-over-year.

• Operating profit increased 6.7% organically to nearly €2.2bn, margin expanding 55bps to 14.6%.

• Net profit rose 10.2% organically to €1.256bn; diluted EPS up 11.6% to €2.29 (constant currency).

• Free operating cash flow surged to €1.38bn, with a 97% cash conversion ratio, driven by working capital improvements and lower CapEx.

• Interim dividend proposed at €0.76 per share (40% payout of last year’s dividend).

Outlook and guidance

• Reiterated full-year operating profit growth guidance of 2%-6%, reflecting confidence amid macro/geopolitical uncertainty.

• Growth savings expected at upper end of €400–500m range to offset cost pressures, especially from Middle East crisis.

• Effective tax rate expected around 28%; EPS accretion of 2%-3% from Costa Rica acquisition and DRC disposal, plus 2% from share buyback.