Heineken has reported a 6.7% organic increase in operating profit to €2.17 billion for the first half of 2026. The financial performance was delivered alongside a reduction of approximately 3,000 full-time equivalent (FTE) roles across its global workforce as part of an ongoing organisational restructuring.
The headcount reduction represents the first phase of Heineken's broader productivity drive under its EverGreen 2030 strategy, which aims to eliminate up to 6,000 roles over a two-year period to streamline operations and enhance profitability.
Concurrently, Heineken's shareholders approved the formal appointment of Rafael Oliveira to the Executive Board ahead of his planned transition to Chief Executive Officer on 1 October 2026.
First Half Financial Performance
During the six months ending 30 June 2026, Heineken achieved organic net revenue growth of 2.7 per cent, reaching €14.83 billion, up from €14.18 billion reported in the corresponding period of 2025.
Total volume increased by 1.6% to 142.8 million hectolitres, driven by an acceleration in second-quarter demand. Consolidated volume grew 0.4%, while licensed volume experienced a 23.2% increase.
Key financial metrics for the half-year period include:
💶 Operating Profit: Organic operating profit rose 6.7% to €2.17 billion on a BEIA (before exceptional items and amortisation) basis.
📈 Operating Margin Expansion: Operating profit margin expanded by 55 basis points to 14.6%.
📊 Net Profit: Reported BEIA net profit reached €1.26 billion, representing an organic increase of 10.2%.
💵 Free Operating Cash Flow: Generated €1.38 billion in free operating cash flow, translating to a cash conversion ratio of 97%.
The company confirmed that gross savings from its cost-management programme are on track to reach the upper end of its €400 million to €500 million target range for the full year.
Brand and Category Performance
Volume growth across Heineken's brand portfolio was led by strong performance in premium and low-and-no-alcohol categories across key global markets.
The performance across primary brand lines and strategic segments includes:
🍺 Heineken: The core global brand achieved a 5.3% volume increase, supported by growth in European and Asia-Pacific markets.
🐅 Tiger: Returned to positive volume growth following operational adjustments across core Asian distribution channels.
✨ Premium Portfolio: Priority premium offerings expanded total volume by 6.0% year-on-year.
🍃 Low and Non Alcoholic: Low-and-no-alcohol (LoNo) beverage volume increased by 12.0%, led by continued demand for Heineken 0.0.
🍹 Beyond Beer Category: Flavoured and alternative alcoholic beverages recorded an 8.0% volume growth.
Heineken noted that it gained or held market share in over two-thirds of its operating territories, with strong momentum in Asia-Pacific and Africa, Middle East & Eastern Europe offsetting softer volume performance across the Americas.
Leadership Transition and Strategy
The results coincide with corporate governance developments approved during the company's Extraordinary General Meeting. Shareholders formally approved the appointment of Rafael Oliveira as a member of the Executive Board. Oliveira will succeed Dolf van den Brink as Chief Executive Officer on 1 October 2026.
Heineken reaffirmed its full-year 2026 guidance, expecting organic operating profit growth between 2% and 6%.
Harold van den Broek, Chief Financial Officer at Heineken, stated that the half-year performance reflects volume growth and margin expansion across focus markets. Van den Broek added that the company has taken steps to simplify its operating model and advance organisational changes to support long-term productivity and efficient growth.
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