Amsterdam, April 23, 2026, 13:12 CEST
Heineken stuck to its full-year profit forecast Thursday, reporting a 2.8% gain in first-quarter organic net revenue—beating analyst estimates, even with currency shifts and deals filtered out. Still, beer volumes slipped 0.8%, landing just below projections. Shares dropped almost 3% at the open.
This update lands as investors weigh whether Heineken can revive its growth following a sluggish 2025, all before CEO Dolf van den Brink’s scheduled departure on May 31. Back in February, the brewer announced plans to slash as many as 6,000 jobs. Thursday’s statement, though, left the question of van den Brink’s replacement unanswered.
Europe and the Americas continued to drag. Heineken cited Brazil and Mexico for weaker sales, and noted shipment timing issues in Poland. Bloomberg put beer volume declines in both regions at 2.7%, edging past analyst estimates.
Asia Pacific turned in a solid performance, with premium volume up 5.8% and Heineken brand sales climbing 6.9%. Total group volume advanced 1.2%, boosted by a hefty 26.1% surge in licensed volumes—thanks in part to China Resources Beer and an India reclassification. Still, consolidated volume edged down 0.2%.
“Solid first quarter,” Van den Brink said, noting global trade’s increasing complexity and volatility. Heineken stuck with its guidance for organic operating profit growth between 2% and 6% this year. The HEINEKEN Company
The path forward isn’t exactly wide. Higher energy costs and ongoing supply shortages could weigh on consumer mood—and beer sales, the company cautioned. Its forecast banks on global energy trade disruptions being short-lived, not dragging on.
Heineken isn’t alone here. Carlsberg is targeting profit growth between 2% and 6% for 2026, and Anheuser-Busch InBev, the industry’s heavyweight, will release results on May 5. Back in February, AB InBev pointed to major sports events and its expanding non-beer lineup as key drivers for this year.
Back in the early part of this year, Berenberg’s Javier Gonzalez Lastra called 2025 “horrific” for Heineken, but suggested 2026 “could be a much better year” in terms of volume growth. The latest update on Thursday spells out why investors aren’t convinced the turnaround is close: premium brands are gaining traction, but demand for mainstream beer remains unsteady in several major markets. Reuters
Heineken isn’t budging from van den Brink’s strategy yet—focus stays on premium, low- and no-alcohol lines, keeping the cost-cutting in motion and watching for demand to normalize. But investors want more than just a revenue surprise—they’re after solid evidence that beer sales are truly bouncing back.
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