Heineken (HEIA) Q3 2026 TU earnings summary

Executive summary

• Q3 total volume grew 4.8% and net revenue (BEIA) grew 4.6%, with growth across all four regions; share gained or held in more than two-thirds of markets.

• Premium volume rose 11.5%, global brand volume 9.9% and low- and no-alcohol volume grew double-digit.

• FY 2026 operating profit growth guidance of 2%-6% was reaffirmed; other guidance metrics remained unchanged.

Financial highlights

• Q3 reported revenue was €9.558bn, up 9.7%; net revenue (BEIA) was €8.090bn, up 4.6% organically.

• Q3 organic net revenue increased €336m, with €286m from consolidated volume and €50m from price-mix.

• Currency translation added €241m and consolidation changes €182m to Q3 net revenue; YTD reported net revenue was €22.923bn, up 3.4% organically.

• YTD volume grew 2.7% and net revenue per hectolitre rose 1.7%.

Outlook and guidance

• FY 2026 organic operating profit growth guidance remained 2%-6%; the trading environment and outlook for other metrics were broadly unchanged.

• Guidance assumes a broadly unchanged consumer environment across most markets; productivity is expected to fund strategy execution and sustainable-growth investment.

• Investment in the Americas will support a healthier 2027; Q4 outlook remains cautious in Brazil and Mexico, and Vietnam's Q3 growth should not be extrapolated.

• At 27 October spot rates, estimated FY translational impact was +€410m net revenue, +€40m consolidated operating profit and +€30m net profit.