Heineken sees sales accelerate in 2026 but CEO flags 'more to do'

Sales in three months to end of September increase 4.6% to EUR8.09bn (US$9.02bn)
For first nine months of 2026, sales rise 3.4% to EUR22.92bn

Heineken has reported a fourth consecutive quarter of sales growth, with the latest three-month period proving the group’s strongest in the calendar year so far.

For the three months to the end of September, sales were up by 4.6%, higher than both the first and second quarters of calendar 2026. Subsequently, the year-to-date top line sits at almost 3.5% up on the corresponding nine-month period in 2025.

Another stellar three months for the Asia Pacific reporting region – following Q2’s sales jump of 12.5% with a 15.1% climb – set the pace in the most recent quarter. Among the named highlights were Heineken Silver and Tiger Crystal in Vietnam, where the group claims to be “leading [the] premium segment”, and Amstel and brand Heineken in China.

Elsewhere, the ‘Americas’ returned to growth (sales increasing 3.1%), albeit compared to weaker year-prior comparables, as did ‘Africa & Middle East’ (+6.8%). Europe, meanwhile, inched up by 1.3%.

On a by-brand basis, all five of Heineken’s “global brands” reported rising volumes both in the quarter and the year to date. Aside from Amstel, Birra Moretti, Desperados and Tiger’s increases, the namesake beer mark’s portfolio was up by just under 10% in Q3 and by almost 7% in YTD, both in volume terms.

Today’s results announcement was the first for new CEO Rafa Oliveira, who took over from Dolf van den Brink at the start of this month.

“Joining Heineken at a time when our teams are delivering solid results while remaining focused on implementing our strategy is a real privilege,” Oliveira said in today’s results commentary. “My first impressions are positive, particularly the … growth potential across our geographic footprint.

“We have strong foundations, but we are not translating them into consistent growth and winning with consumers and customers as often as we should,” he added. “There is more to do to sharpen execution, increase pace, and build a stronger performance culture, with greater accountability across the business.”