Heineken HY 2026: the numbers are strong, the premium mix is improving, and the company has been without a permanent CEO for two months

Heineken N.V. published its 2026 half year results on 5 August 2026, covering the six months to 30 June 2026. Total volume grew 1.6% organically, with consolidated volume up 0.4% and licensed volume up 23.2%. Net revenue grew 2.7% organically to €14,834 million on a BEIA basis. Operating profit grew 6.7% organically to €2,170 million, with the operating profit margin expanding 55 basis points to 14.6%. Net profit grew 10.2% organically to €1,256 million. Diluted earnings per share (BEIA) were €2.29, up 11.6% on a constant currency basis versus €2.08 in the prior year period. Free operating cash flow was €1.4 billion with a cash conversion ratio of 97%. The company reiterated its full-year 2026 operating profit growth guidance of 2% to 6%.

All figures in this report refer to BEIA (Before Exceptional Items and Amortisation) metrics and organic growth, unless stated. The IFRS reported figures show significantly larger growth rates – operating profit up 48.4% and net profit up 51.2% on an IFRS total growth basis – because the HY2025 comparison period included material exceptional charges. These IFRS movements are not a reflection of underlying operational performance. The BEIA organic figures are the commercially relevant measures.

The results were presented by Harold van den Broek, CFO and member of the Executive Board. Heineken has been without a permanent CEO since Dolf van den Brink stepped down on 31 May 2026, after almost six years at the helm. Van den Brink announced his departure in January 2026; the Executive Team has continued to lead the business since his departure. Rafael Oliveira was nominated as incoming CEO and Chair of the Executive Board on 23 June 2026, subject to shareholder approval at an Extraordinary General Meeting on 5 August 2026 – today. His four-year term is set to begin on 1 October 2026. Oliveira joins from JDE Peet’s, the global coffee and tea company, where he has served as CEO since 2024; he is the first external candidate appointed as Heineken CEO. Van den Broek stated: “During the first half of 2026, we accelerated the execution of EverGreen 2030. We delivered volume growth and robust operating profit expansion, with all five global brands in growth and good momentum in our premium and beyond beer portfolios.”

Volume and brand performance