Heineken reports revenue growth as premium beers drive performance
The world’s most international brewer, Heineken, has reported modest gains in revenue and volume despite uneven regional performance. Premium brands and developing markets continue to drive momentum as cost pressures linger.
Heineken has reported a measured increase in both revenue and volume for the first quarter of 2026, as per its latest trading update. Net revenue rose 2.8% on an organic basis to €6.7 billion, while total volume edged up 1.2% to 66.4 million hectolitres.
Growth was led by premium offerings, with that segment expanding by 5.8%, while the flagship Heineken brand advanced 6.9%. The company also reported that it gained or maintained market share in around 60% of its markets, according to the same update.
Global brands including Amstel and Desperados recorded high single-digit growth, contributing to an overall 5.7% rise in that category. By contrast, mainstream beer volumes slipped slightly, though certain local labels such as Harar and Cruzcampo delivered gains.
Mixed regional picture
Performance varied markedly by geography. Asia Pacific delivered the strongest expansion, with total volume up 10.1%, supported by demand in Vietnam, India and China. Africa and the Middle East also posted growth, with volume up 2.3% and net revenue rising 9.7%.
Europe and the Americas proved more subdued. European volume declined 1.8%, affected by regulatory timing in Poland, while the Americas saw a 2.6% fall in volume despite a modest 0.9% rise in net revenue.
In the United Kingdom, both revenue and beer volume increased by a low single digit, with Cruzcampo delivering strong growth.
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Expansion beyond traditional beer
The brewer continued to build its presence in adjacent categories. No and low alcohol products recorded double-digit growth, led by Heineken 0.0 and Maltina in Nigeria.
Beyond beer, volumes rose at a mid-single-digit pace, with brands such as Desperados and Bernini contributing to the uplift. The recent integration of Costa Rica operations, consolidated from 30 January 2026, also added to the group’s broader drinks portfolio.
Cost pressures and cautious outlook
The company pointed to a more complex trading environment, citing volatility in global trade and higher energy costs in certain markets. These factors are contributing to inflationary pressure, which may influence consumer sentiment in the medium term, as reported by the company’s chief executive.
Despite these headwinds, the brewer maintained its full-year guidance, expecting operating profit to grow between 2% and 6% on an organic basis.
Leadership transition in view
In his statement, chief executive Dolf van den Brink confirmed that this would be his final quarterly report in the role, marking the end of a six-year tenure. He stated that he leaves the business with confidence in the long-term appeal of the beer category and the company’s ability to capture future growth, according to the trading update.
No successor has been named at the time of reporting.
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