Company Reports

Present in almost 200 countries, the Heineken brand is the top-selling premium beer globally. The firm has built up regional cost advantages across markets and invested in relationships across its value chain, establishing high barriers to entry.

Heineken’s first-half fiscal 2026 results included organic net revenue growth of 2.7% and operating profit growth of 6.7%, ahead of company-compiled consensus. The company cut 3,000 roles in the period. Shares rose nearly 3% in early trading on Aug. 5.

Heineken announced the nomination of Rafael Oliveira as the company’s new CEO, effective Oct. 1, 2026, for four years. Oliveira previously held the role of CEO at JDE Peet’s, the second-largest global coffee manufacturer, before being acquired by Keurig Dr Pepper.

Heineken’s first-quarter 2026 trading update included organic revenue growth of 2.8% and volume growth of 1.2%. Despite the consensus beat, shares fell around 3% in early trading on April 23.

Present in almost 200 countries, the Heineken brand is the top-selling premium beer globally. The firm has built up regional cost advantages across markets and invested in relationships across its value chain, establishing high barriers to entry.

Heineken’s 2025 results included organic net revenue growth of 1.6%, with total volume down 1.2%, and operating margin expansion of 41 basis points. Gross savings for the year were above EUR 500 million, boosting profitability. Shares rose around 4% at the market opening on Feb. 11.

Heineken's CEO, Dolf van den Brink, will step down on May 31, 2026. The decision was made in consultation with the supervisory board, and van den Brink plans to be available in an advisory capacity for eight months following his departure. Shares fell around 3% at the market open on Jan. 12.

Present in almost 200 countries, the Heineken brand is the top-selling premium beer globally. The firm has built up regional cost advantages across markets and invested in relationships across its value chain, establishing high barriers to entry.

Heineken reported its third-quarter fiscal 2025 trading update, with organic net revenue down 0.3% from the prior-year period. Within this, price/mix increased 3.3%, while volume was down 3.8%. Shares were up nearly 2% at the market open on Oct. 22.

Present in almost 200 countries, the Heineken brand has become the top-selling premium beer globally. The firm has built up regional cost advantages across markets and invested in relationships across its value chain, establishing high barriers to entry.

Heineken reported its first-half fiscal 2025 results, with organic net revenue growth of 2.1% and operating profit growth of 7.4%, both year over year. Despite the consensus beat on profitability, shares fell around 6% intraday.

We maintain our EUR 92 fair value estimate for wide-moat Heineken after the firm reported its first-quarter trading update, which was in line with our expectations. Anemic volumes in the United States and Europe continue to be a drag on results. However, we remain optimistic over Heineken’s premium portfolio expansion. We continue to believe Heineken has one of the strongest premium beer portfolios globally and is well positioned to take share in strategic markets. Despite recessionary concerns and currency volatility, management maintained its 2025 guidance, including 4%-8% organic operating profit growth. While shares rose 4% following the release, we continue to view the stock as undervalued.

Present in almost 200 countries, the Heineken brand has become the top-selling premium beer globally. The firm has built up regional cost advantages across markets and invested in relationships up and down its value chain, establishing high barriers to entry.

Present in almost 200 countries, the Heineken brand has become the top-selling premium beer globally. The firm has built up regional cost advantages across markets and invested in relationships up and down its value chain, establishing high barriers to entry.

We maintain our EUR 100 fair value estimate for narrow-moat Heineken after the firm reported full-year 2024 results in line with our above-consensus expectations. We are impressed with the firm delivering organic beer volume growth as well as surpassing its 2024 profitability guidance over the challenging year. We continue to hold our view that the firm is well positioned to capitalize on long-term secular drivers in the brewing industry, including premiumization at scale, portfolio proliferation, and nonalcoholic beverages. Management expects positive momentum to continue in 2025, guiding to 4%-8% organic operating profit growth. With the earnings beat and encouraging outlook, shares jumped 13% following the announcement, and we continue to view the stock as undervalued.

We maintain our EUR 100 fair value estimate for narrow-moat Heineken after the firm reported its third-quarter trading update, which was in line with our expectations. Management reiterated its 2024 organic profit growth outlook of 4%-8%, which is broadly in line with our estimates. Despite an unfavorable macroeconomic environment, we continue to maintain our view that the firm is well positioned to capitalize on long-term secular drivers in the brewing industry, including premiumization at scale, portfolio proliferation, and nonalcoholic beverages. Shares were up after the update was released, leaving the stock in 4-star territory.

After a period of industry consolidation, we think the future of the brewing industry lies in premiumization at scale, nonalcoholic beer, and portfolio proliferation. We believe Heineken has strategies to deliver against all of these themes. The company's approach to value creation is its "green diamond," which focuses on four metrics: growth, profitability, capital efficiency, and sustainability and responsibility, and its five strategic priorities under the "EverGreen" umbrella are: shape the future of beer and beyond, digital, productivity, sustainability, and people.

Narrow-moat Heineken delivered modest results in the second quarter of 2024, trailing company-compiled consensus with organic figures (excluding currency and one-off effects). The nonadjusted result is a net loss of EUR 95 million for the first half of 2024, mainly attributed to a EUR 874 million write-down of Heineken’s investment in China Resources Beer after its share price deteriorated below the acquisition level. Despite the results, management remains positive with regard to the full-year 2024 organic profit growth outlook, narrowing the guidance range to 4% to 8% from low to high single digits previously. We keep our fair value estimate at EUR 100 per share.

Heineken reported strong performance in its first-quarter trading update. Organic growth in beer volume was 4.7% across all regions and organic revenue was up by 9.4%. The volume was boosted by calendar and one-off effects. Pricing also played a significant role with a 6.0% increase in price/mix on a consistent geographical basis. Results were above our estimates and company-compiled consensus. However, shares remained stable at the time of writing. Despite the solid results, management maintained its outlook for 2024, with operating profit growth in low- to high single digits. This remains broadly in line with our estimates and therefore, we maintain our EUR 100 fair value estimate.

After a period of industry consolidation, we think the future of the brewing industry lies in premiumization at scale, nonalcoholic beer, and portfolio proliferation. We believe Heineken has strategies to deliver against all of these themes. The company's approach to value creation is its "green diamond," which focuses on four metrics: growth, profitability, capital efficiency, and sustainability and responsibility, and its five strategic priorities under the "EverGreen" umbrella are: shape the future of beer and beyond, digital, productivity, sustainability, and people.