Expectations exceeded: Heineken benefits from expensive and non-alcoholic beer

Brewery group Heineken performed better than expected in the third quarter thanks to strong demand for pricier brands and non-alcoholic varieties. Sales rose organically by 4.8 percent, while sales increased by 4.6 percent, as the Dutch group announced.

Analysts had only expected an increase of 2.9 percent in sales and 3.5 percent in sales. The increase was particularly strong in the premium segment at 11.5 percent. All regions contributed to growth.

However, new CEO Rafa Oliveira struck a critical tone in his first statement since taking office this month. The company does not always secure growth or acquire customers where it should. “There is more work to be done to sharpen execution, increase pace and build a stronger performance culture with greater accountability across the organization,” Oliveira said.

His predecessor, Dolf van den Brink, unexpectedly resigned in January, raising questions about future strategy. Oliveira wants to reveal more about his plans in February. For the full year 2026, the world's second largest beer brewer after Anheuser-Busch InBev confirmed its forecast of organic growth in operating profit of between two and six percent.