Heineken first-half 2026 profit rises

The Netherlands | Is this the first sign of a turnaround? Heineken reported forecast-beating first-half profit after cutting about 3000 jobs, roughly half of the up to 6,000 reductions targeted under a two-year restructuring plan, which shall help the brewer tackle weak beer demand across the industry and catch up with AB-InBev in areas such as efficiencies and shareholder returns.

Heineken said on 5 August it had made material progress on the plan, helping widen its operating margin. Chief Financial Officer Harold van den Broek said the cuts were “enterprise-wide” and resulted from initiatives across breweries, the supply chain, head office and individual markets, with Europe a “big component”.

In the first half of 2026, net revenue was EUR 14.8 billion (USD 17.1 billion), up 2.7 percent organically, supported by the growth in Heineken’s focus markets Vietnam, Ethiopia, India, Brazil, and the UK. Net profit reached EUR 1,125 billion, up 51 percent. Total volume sales grew 1.6 percent to 143 million hl, with growth in Asia Pacific and Africa and the Middle East more than offsetting a decline in the Americas. In the Americas consolidated volume sales declined by 3.2 percent to 44 million hl. Volume sales in Europe were down 0.6 percent to 42 million hl in the first half.

Heineken highlighted that in Vietnam, revenue grew in the high twenties, with beer volume increasing in the low twenties, thanks to a strong festive season (Tet), where its premium portfolio outperformed. “With expanded national coverage and a differentiated portfolio spanning premium, mainstream, and economy segments, we significantly outperformed the market and achieved record market share levels across both on- and off-premise channels,” the firm said.

Mr Van den Broek commented that the job cuts and other efficiency measures, which are expected to deliver gross savings at the upper end of a EUR 400 million to EUR 500 million target, had helped Heineken maintain its costs outlook despite rising pressures. Those pressures stemmed mainly from the Iran war, as well as factors such as the impact of European heatwaves on transport.

He announced that costs were likely to edge higher in 2027 because of the conflict, adding that the situation in the Middle East remained highly uncertain and concerning.