Heineken outlined first-half performance and strategy at the Barclays 19th Annual Global Consumer Conference in Boston on Tuesday, September 8, 2026. Chief Financial Officer Harald said global volume grew 1.5% in the first half, revenue increased mid-single digits, and profit growth was running ahead of revenue on better EBIT conversion and operating leverage. The company said revenue would be well above 4% if China growth and contract brewing in India were fully included. It cited a 6% free cash flow yield, a 1.54% dividend yield, a current ratio of 1.37, net debt to EBITDA slightly ahead of target and 35 consecutive years of dividend payments. InvestingPro rated financial health GOOD, noting that short-term obligations exceed liquid assets. Incoming chief executive Rafa joins on October 1.
In the Americas, the United States represents 3% to 4% of global revenue and remains profitable despite an import model, though management described it as a wait-and-see market. Alex Carreteiro is the new president of Heineken Americas. Mexico showed volume declines but still offers premiumization space; the Six proximity store network has grown to more than 17,000 stores, making it the country’s second-largest proximity retailer. The FIFCO acquisition in Central America adds ready-to-drink expertise and multi-category management. Brazil faces volume pressure and market-share challenges, while Heineken Ultimate, a 3.5% alcohol gluten-free beer, launched strongly and Amstel is growing quickly. The company is monitoring potential value-added tax and sin-tax changes.
In Europe, management said growth must come from winning new consumers and new occasions because per-capita consumption is high and population growth is limited. Beer has gained share over wine in France, and managed pub estates are being used as a value-creating asset to test premium mixes, portfolio conversion and innovations such as Cruzcampo. The portfolio includes Dos Equis, Amstel, Texels, Stëlz and Cruzcampo.
China remains a top-three profit market and has delivered double-digit growth for the eighth consecutive year. The partnership with China Resources Beer allows growth without full asset deployment, while Heineken brands are present in about 30% of addressable China Resources Beer outlets. Amstel reached 1 million hectoliters in one province. Vietnam’s market is growing around 6% to 7%, with Heineken growing faster. The company said Vietnam recovered from a difficult 2023 and early 2024, which included slower GDP growth, political instability and drink-driving rules, by unlocking the off-trade channel and broadening the portfolio to reach record market share. Excise tax changes are being phased in over seven years.
In Africa and growth markets, South Africa remains a growth market, with improving beer momentum, a stable Distell integration and strong performance from the Bernini ready-to-drink product. Nigeria and Ethiopia delivered strong volume growth, while the cost base was structurally lowered to guard against demand volatility and a hard-currency mindset was prioritized. The exit from the Democratic Republic of Congo reflects a shift toward licensing models rather than heavy asset ownership.
Operationally, Heineken described Freddy AI as having three components: Freddy Connect for consumer research and best-practice sharing, a digital ecosystem for innovation and content creation that has cut campaign development time from six months to six days in some cases, and return-on-investment optimization through digital measurement. The CFO said the platform is at a competitive level rather than a competitive advantage. Raw material and packaging costs remain inflationary due to energy prices, with aluminum a particular pressure point, while currency devaluations require pricing adjustments. The update referenced the company’s EverGreen 2025 and EverGreen 2030 strategies.
