Heineken (HEIA) Q1 2026 TU earnings summary

Executive summary

• Achieved 1.2% organic total volume growth and 2.8% organic net revenue growth year-over-year, with premium and global brands outperforming.

• Gained or held market share in about 60% of markets, with strong performance in Asia Pacific and Africa & Middle East.

• Integration of Costa Rica operations and disposal of DRC business to asset-light licensing model completed.

• Second tranche of €750 million share buyback underway as part of €1.5 billion program.

Financial highlights

• Net revenue reached €6.7 billion, up 2.8% organically; net revenue per hectolitre increased 3.0%.

• Total consolidated volume slightly declined by 0.2%, but licensed volume surged 26.1%.

• Currency translation negatively impacted net revenue by €182 million, mainly due to Euro strength.

• Premium volume grew 5.8%, led by HeinekenⓇ up 6.9%.

Outlook and guidance

• Full-year guidance confirmed: operating profit expected to grow organically by 2% to 6%.

• Macro environment remains complex, with risks from energy prices and supply disruptions.

• Positive translational currency impact for the full year estimated at €250 million in net revenue.