Heineken NV: Beans to Beer: Heineken backs Oliveira

Research evidence excerpt

Heineken NV: Beans to Beer: Heineken backs Oliveira

Equity Research

European Consumer Staples

23 June 2026

Heineken NV

Beans to Beer: Heineken backs

Oliveira

Experienced global FMCG leader with proven ability to HEIN.AS/HEIA NA OVERWEIGHT

NEUTRALsimplify complex portfolios, drive cost efficiency, and deliver EuropeanStaples Consumer

strong financial outcomes under pressure - bringing the Price Target EUR 100.00

strategic clarity, operational discipline, and capital markets Price (22-Jun-26) EUR 71.00 Potential Upside/Downside +40.8%

Source: Bloomberg, Barclays Researchcredibility needed to accelerate Heineken's EverGreen 2030

plan

Laurence Whyatt

Heineken’s appointment of Rafael Oliveira as CEO (starting 1 October 2026) is the +44 (0)20 7773 5324

culmination of a lengthy search for a replacement for Dolf van den Brink, having found an laurence.whyatt@barclays.com

externally sourced operator with a strong bias toward execution, simplification, and Barclays, UK

capital discipline. In our view, Oliveira’s credentials position him as a credible leader for Warren Ackerman

the next phase of EverGreen 2030, with the key debate centring not on capability, but on +44 (0)20 3134 1903

category experience and duration of track record. warren.ackerman@barclays.com

Barclays, UK

Financial and international experience: Oliveira brings close to three decades of experience

Ashutosh Jainspanning capital markets and global FMCG operations, with a career arc that is notable for its

+91 (0)22 6175 1452

progression from analytical finance into increasingly complex P&L leadership roles. His early

ashutosh.jain@barclays.com

career in Brazilian equity research, followed by a decade at Goldman Sachs across London and Barclays, UK