Heineken: volumes up 4.8% in third quarter, annual target maintained
Heineken recorded organic volume growth of 4.8% in the third quarter of 2026, compared with 2.7% cumulative since the beginning of the year. All four regions of the group contributed to this progression, both in volume and in revenue.
On October 28, 2026, the brewer maintained its target of organic growth of 2% to 6% in operating profit for the financial year. However, the composition of growth has changed: constant-geography price-mix improved by 1.8% in the quarter, compared with 2.4% since January.
Organic volume growth of 4.8%, net revenue of €8,090 million
Total volume reached 76.0 million hectolitres, up 6.2% on a reported basis and 4.8% on an organic basis. Consolidated volumes grew 3.9% (1.6% since the beginning of the year) and licensed volumes 19.5% (21.8% cumulative).
IFRS revenue stood at €9,558 million, up 9.7%. Net revenue on a beia basis, the indicator used by the group for its commentary, reached €8,090 million, with organic growth of 4.6%, compared with 3.4% since the beginning of the year.
Heineken also notes that it gained or maintained market share in more than two-thirds of its markets during the quarter.
Growth driven by volumes, global brands and premium segment
Net revenue per hectolitre increased by 0.7% in the quarter, compared with 1.7% since the beginning of the year. This progression is thus based more on consolidated volumes (+3.9%) than on price and mix effect, whose contribution is slowing compared with the annual cumulative total.
By segment, premium volumes increased by 11.5%. Global brands grew by 9.9% (6.9% since January), with all five in growth, including Heineken at +9.7% (6.8% cumulative).
The mainstream segment grew by 2.4%, compared with 0.3% since the beginning of the year, with better performance of local brands according to the group. Alcohol-free or low-alcohol beers recorded double-digit growth, led by Heineken 0.0 and Heineken Ultimate.
Non-beer beverages grew by around 15%, supported by Desperados innovations. The group describes this growth as "mid teens", without providing a precise figure.
Geographically, Africa and the Middle East maintained their growth momentum, while Asia-Pacific retained its dynamics. The group notes that the Americas returned to growth on a more favorable comparison basis, and that Europe benefited from less demanding comparatives as well as good summer execution.
2026 guidance confirmed and €500 million in gross savings expected
As part of its EverGreen 2030 strategy, Heineken has launched several new products, including Heineken Ultimate 3.5%, Desperados Sunlight and Tiger Smooth. The group has also concluded an agreement to acquire a majority stake in Stëlz, subject to regulatory approval, in order to strengthen its non-beer offering.
Its productivity programme is on track to generate €500 million in gross savings for the financial year. Following pilot projects, the brewer is also rolling out a simplified operating model on a larger scale in Europe.
Commenting on his first weeks leading the group, Chief Executive Officer Rafa Oliveira stated that Heineken had "solid foundations", while acknowledging that the group was not translating them into "consistent growth" as often as it should. He announced plans to improve execution, accelerate pace and strengthen accountability.
He will present his vision in more detail when publishing annual results. In the meantime, Heineken has reiterated its target for organic growth of 2% to 6% in operating profit for the 2026 financial year.
