Heineken N.V. reported its Q1 2026 trading update on 23 April 2026 with net revenue (beia) growing 2.8% organically to €6,699 million. Total volume grew 1.2% organically to 66.4 million hectolitres, with premium volume up 5.8% and Heineken® brand volume up 6.9%. Full year 2026 operating profit guidance of 2-6% organic growth was confirmed. The results are solid. The context that makes them analytically useful is threefold: what the licensed volume number reveals about how Heineken grows in China; what Asia Pacific’s performance reveals about the emerging markets argument; and the fact that this is Dolf van den Brink’s final CEO statement after six years leading the company.
“We delivered a solid first quarter with quality volume growth, driven by our global and premium brands, and key growth segments. Leveraging our advantaged footprint, the priority markets led the growth. As this is my final report as CEO, I would like to thank all our customers, employees, investors, and other stakeholders for their trust over the past six years. I leave the company with the firm conviction of the long-term attractiveness of the beer category and of HEINEKEN’s ability to shape and capture the growth that will create sustainable value for decades to come.”
Dolf van den Brink, CEO, Heineken N.V. – Q1 2026 Trading Update, 23 April 2026
The licensed volume story: how Heineken grows in China without consolidating the volume
The most analytically important number in the Q1 2026 results is not the headline net revenue growth. It is the licensed volume figure. Total volume grew 1.2% organically. But consolidated volume – the volume Heineken produces and sells directly – fell 0.2%. The gap is licensed volume: up 26.1% organically to 5.0 million hectolitres, driven primarily by Heineken® and Amstel growth through China Resources Beer in China.
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