Heineken beats H1 expectations but drops 2023 margin target

The world’s second-largest brewer, Heineken NV, has posted higher-than-expected first-half (H1) earnings.

Heineken was propped by consumers buying more beer despite inflationary pressures.

Despite its impressive H1 results, the company dropped its margin target for 2023.

Heineken blamed the drop in its margin target to higher costs.

The brewer of Heineken, Europe’s top-selling lager, Tiger, Sol and Strongbow cider, said operating profit before one-offs rose by 24.6% to 2.16 billion euros ($2.21 billion).

The company consensus had expected a 17.0% increase.