Heineken: net profit up 10.2% in H1 and 3,000 jobs eliminated
The Dutch brewer published on August 5, 2026 half-year results showing growth in its main aggregates, driven by accelerating volume growth in the second quarter and a productivity program that reduces headcount.
Beyond profit growth, the publication highlights a cost-saving plan at the upper end of the announced range and a reduction of approximately 3,000 positions implemented over the semester.
Organic growth and underlying profitability improvement
On an organic basis and on an underlying basis (before exceptional items and intangible asset amortization), Heineken recorded net sales of €14,834 million, up 2.7%, and operating income of €2,170 million, up 6.7%.
The operating margin (underlying) stood at 14.6%, improving by 55 basis points. Net profit (underlying) reached €1,256 million, a 10.2% increase, and diluted earnings per share (underlying) was €2.29, compared to €2.08 a year earlier, up 11.6% at constant exchange rates.
Under IFRS standards, operating income was €2,126 million and net income was €1,125 million, up 48.4% and 51.2% respectively on a reported basis.
Accelerating volumes, productivity plan and headcount reduction
Total volume increased 1.6%, with acceleration in the second quarter. Consolidated volume grew 0.4% and licensed volume 23.2%.
The five global brands grew, with the Heineken brand showing a volume increase of 5.3% and Tiger returning to growth. Priority segments grew faster than average: premium up 6%, beyond beer up 8% and LoNo up 12%. Net revenue per hectoliter increased 2.3%.
On the productivity front, the group reduced its headcount by approximately 3,000 positions in the first half. Gross savings are expected at the upper end of the €400 to €500 million range. Marketing and sales expenses represent 10.1% of net sales, slightly up.
2026 guidance confirmed: operating income growth of 2% to 6%
Heineken reiterated its target for operating income growth between 2% and 6% for fiscal year 2026. Free operating cash flow amounted to €1.4 billion, corresponding to a conversion rate of 97%, and the net debt to EBITDA (underlying) ratio stood at 2.6x.
The second tranche of the €1.5 billion share buyback program is underway and an interim dividend of €0.76 per share has been announced, in line with the group's distribution policy.
Chief Financial Officer Harold van den Broek indicated remaining cautious given macroeconomic and geopolitical uncertainties. Rafa Oliveira will assume his duties as Chief Executive Officer on October 1st.
