Heineken reported stronger-than-expected financial results for the first half of 2026, driven in part by robust sales of its Spanish lager Cruzcampo and Irish stout Murphy’s in the United Kingdom. The world’s second-largest brewer revealed that UK volumes of Cruzcampo increased by more than 30 percent during the six months ending June, supported by the launch of the “Sevilla Orange” variant, which attracted new consumers. Murphy’s volumes doubled in the same period, benefiting from increased sales in pubs and bars, as well as the introduction of canned products in supermarkets and off-licences.
Overall, Heineken’s total consolidated volumes rose 0.9 percent, surpassing market expectations that had anticipated a modest decline. The company recorded a 2.4 percent increase in organic revenues, reaching €17.5 billion, with strong performance from the Asia-Pacific region contributing to results that exceeded analyst forecasts. Organic operating profit climbed 6.7 percent to €2.2 billion, also beating market predictions.
Heineken attributed the positive results to the growth of its low and non-alcoholic beverage portfolio, which expanded across all regions during the first half of the year. The company also highlighted increased investment in top global brands such as Amstel, Birra Moretti, and Desperados as a key factor in its performance.
The brewer maintained its full-year guidance, projecting operating profit growth between 2 and 6 percent. Analysts noted that the absence of an upward revision was unsurprising given prevailing geopolitical uncertainties and the upcoming leadership transition, with Rafa Oliveira set to assume the role of chief executive in October.
The company pressed forward with efficiency measures, including cutting approximately 3,000 full-time positions—about half of the planned workforce reductions under a two-year restructuring program. These job cuts, announced earlier this year under outgoing CEO Dolf van den Brink, aim to address subdued demand trends in the beer sector. Finance director Harold van den Broek described the layoffs as “enterprise-wide,” affecting breweries, supply chains, corporate offices, and various markets, with a significant portion occurring in Europe.
Heineken is on track to achieve cost savings near the upper end of its target range of €400 million to €500 million. Analysts, including Laurence Whyatt of Barclays, praised the company’s rapid cost-cutting efforts, which helped build confidence in its outlook despite challenges in key markets like the Americas, where Heineken has lost market share.
Oliveira’s appointment as CEO, announced in July, has been well received by investors and analysts. Previously leading Dutch coffee and tea company JDE Peet’s, Oliveira brings extensive experience in consumer goods and capital markets, which is seen as advantageous for driving continued restructuring and improving sales volumes amid an industry facing higher costs and diminishing demand.
Heineken’s shares have gained 14 percent year-to-date, closing at €79.40 recently, reflecting investor optimism around the company’s strategic initiatives and leadership changes.