Heineken Holding: BEIA net profit up 10.2% in first half 2026
Heineken Holding N.V., which holds the controlling interest in Heineken N.V., published its first half results on August 5, 2026.
The progression in volumes is accompanied by an expansion of operating margin, driven by the EverGreen 2030 productivity plan and a workforce reduction already underway during the period.
Volumes up 1.6% and BEIA net profit of 1.26 billion euros
On a BEIA basis (before exceptional items and intangible amortization), net revenue amounted to 14,834 million euros, with organic growth of 2.7%. Net revenue per hectoliter increased by 2.3%.
Total volume increased by 1.6%, with acceleration in the second quarter. Consolidated volume grew by 0.4% and licensed volume by 23.2%. The five global brands recorded growth, with the Heineken brand showing volume growth of 5.3%.
BEIA net profit reached 1,256 million euros, up 10.2%. BEIA operating result amounted to 2,170 million euros, up organically by 6.7%. Under IFRS standards, operating result increased by 48.4% to 2,126 million euros and net profit of Heineken Holding N.V. by 49.8% to 568 million euros.
BEIA operating margin up 55 basis points
The BEIA operating result margin increased by 55 basis points to reach 14.6%. The group attributes this development to its productivity gains.
Workforce was reduced by approximately 3,000 positions during the first half, as part of planned organizational changes. Gross savings are announced in the upper range of 400 to 500 million euros.
BEIA diluted earnings per share amounted to 2.29 euros, up 11.6% at constant exchange rates, compared to 2.08 euros in the first half 2025. Marketing and sales expenses represented 10.1% of net revenue, with a slight increase.
Free cash flow of 1.4 billion euros and confirmed growth outlook
Free operating cash flow amounted to 1.4 billion euros, corresponding to a cash conversion ratio of 97%. The net debt to BEIA EBITDA ratio stands at 2.6 times.
The second tranche of the 1.5 billion euro share buyback program is proceeding on schedule. An interim dividend of 0.76 euro per share was announced, in line with the group's dividend policy.
Heineken Holding reaffirmed its operating result growth target of between 2% and 6% for fiscal year 2026. The group also indicated that it has strengthened its presence through the integration of Heineken Costa Rica and is continuing more than 40 pilot projects as part of its global research and development center.
