Heineken volumes rise 4.8% in third quarter, beating forecasts as new CEO calls for sharper execution

Volumes beat analyst forecasts

Heineken's beer volumes rose 4.8% in the third quarter of 2026, and revenue grew 4.6%, according to the trading update published on 28 October. Analysts had expected volume growth of 2.9% and revenue growth of 3.5%. In total the brewer sold 76 million hectolitres of beer and other drinks, including ciders and hard seltzers. Premium brands were the strongest segment, with volumes up 11.5%, and the flagship Heineken brand grew its volumes by 9.7%. Heineken won or held market share in more than two-thirds of its markets, and all four regions recorded growth.

Volume, actual4.8%

Volume, expected2.9%

Revenue, actual4.6%

Revenue, expected3.5%

Volume, actual

4.8 %

Volume, expected

2.9 %

Revenue, actual

4.6 %

Revenue, expected

3.5 %

Data from the article text

Asia drives growth, Europe lags

Asia was the main engine of the quarter, with beer volumes up 17.3% and revenue up 15.1%, helped by Vietnam, India and China. Tiger, the Singaporean beer brand Heineken acquired in 2012, sold 20% more according to NRC. Europe was far weaker, with volumes up only 0.6% and revenue up 1.3%. Alcohol consumption on the continent has been falling for some time, especially among young people, but a hot summer and favourable weather offset part of that decline. The Americas posted revenue growth of 3.1% and volume growth of 2.1%. Sales of 0.0 and low-alcohol beers grew by double digits, while non-beer drinks such as the mix drink Desperado's rose by more than 10 to 15 percent, the company said.

Asia17.3%

Americas2.1%

Europe0.6%

Asia

17.3 %

Americas

2.1 %

Europe

0.6 %

Data from the article text

New CEO calls for sharper execution

Rafael Oliveira, a Brazilian, took over as chief executive in October 2026, succeeding Dolf van den Brink, who resigned unexpectedly in January. In his first statement since taking over, Oliveira said the company does not always secure growth or win customers where it should, while describing his first impressions as positive. He said Heineken has a solid foundation that it has not yet turned into consistent growth, and that it needs sharper execution and more accountability.

“There is more to do to sharpen execution, increase pace, and build a stronger performance culture, with greater accountability across the business.”

CFO Harold van den Broek told analysts he was positively surprised by the results. Oliveira is still touring all parts of the company and will present the full-year results in February. The timeline below places his appointment against the earlier departure of his predecessor.

Guidance and portfolio moves

Heineken confirmed its 2026 guidance of organic operating profit growth of between 2% and 6%, but said it was still too early to narrow that range. The company did not publish profit or loss figures in the quarterly update. It is investing in innovation, including Heineken Ultimate, alcohol-free variants and new Desperado's products. Reports differ on Stëlz, the hard seltzer brand: Telegraaf says Heineken is taking a majority stake, while NRC describes a minority stake that the brewer wants to expand. Heineken is the world's second-largest brewer, after Anheuser-Busch InBev.