Heineken's Q1 2026 read confirmed the premium and no/low-alcohol direction that has been building for several quarters (per the Heineken Q1 2026 trading update and Yahoo Finance coverage).
The headline numbers: revenue +2.2% to approximately £6.8 billion, net revenue +2.8%, net revenue per hectolitre +3.0%. Total volume grew 1.2%, with consolidated volume down 0.2% offset by licensed volume up 26.1%.
The brand mix is the structural read. Premium volume grew 5.8%, led by the Heineken brand at +6.9%. Low and no-alcohol expanded by double digits, with Heineken 0.0 the global anchor and Maltina notable in Nigeria. The combination of premium-tier momentum and no/low expansion is consistent with the broader UK and European beer pattern: mainstream lager soft, premium plus 0.0% taking the volume slack.
For UK commercial teams, the Q1 read confirms volume growth alongside France and Spain, more than offset by phasing in Poland at the European level. UK on-trade and off-trade premium activations remain on track. Heineken gained or held share in around 60% of its markets globally.
FY outlook reaffirmed at 2 to 6% organic operating profit growth. The implication: Heineken's commercial playbook (premium tier defense, Heineken 0.0 expansion, selective price/mix) is delivering against the soft-volume backdrop that hits AB InBev in Q1.