Heineken: Volume Inflection And Capital Returns Reinforce The Bull Case

Q1 organic volume growth of +2.8% outpaced expectations, with premium portfolio strength and favorable price mix driving profitability. Management confirmed guidance, announced a second €750 million buyback, and raised the dividend payout ratio, reflecting confidence in cash flow sustainability. EverGreen delivery and selective M&A/divestments highlight stronger operational focus and long-term positioning. We remain buyers.