Heineken beats forecasts, expects €40 million US tariff refund

Heineken posted earnings that topped analyst expectations, with autonomous growth of 2.7% versus the 2.3% consensus. Asia, led by strong volume growth in Vietnam, was the standout region, while the Americas and Africa lagged. The operational profit rose more sharply than forecast, and the company reaffirmed its 2026 outlook, anticipating cost savings of €400‑500 million. Analyst Simon Hales kept a buy rating with a target price of €93.

Heineken has already recovered €10 million of excess U.S. import duties and expects a further €30 million, bringing the total refund to €40 million. Financial officer Harold van den Broek said the repayments will arrive in batches following a U.S. Supreme Court ruling that invalidated the legal basis for the tariffs imposed under the former administration. The company also announced that Brazilian executive Rafael Oliveira will become CEO on 1 October, succeeding former chairman Dolf van den Brink, who left in May. New product launches and price moves below inflation are aimed at regaining market share in North America, South America and Europe.