Heineken (HEIN.AS): New CEO should be well-received. Major strategic reset unlikely BUT October start date may limit stock price upside.

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Heineken (HEIN.AS): New CEO should be well-received. Major strategic reset unlikely BUT October start date may limit stock price upside.

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23 Jun 2026 03:34:01 ET │ 11 pages

Heineken (HEIN.AS)

New CEO should be well-received. Major strategic reset unlikely BUT

October start date may limit stock price upside.

CITI’S TAKE Buy

Heineken has announced it is nominating Rafael Oliveira as its new CEO, Short-Term View: Downside, expires 12-AUG-26

effective 1 October 2026. Mr. Rafael will join from coffee and tea company Price (22 Jun 26 16:30) €71.00

JDE Peet’s, where he has served as CEO since 2024. At JDE Peet’s he Target price €93.00

sharpened the company’s strategy, restored focus drove, down costs and

Expected share price return 31.0% delivered profitable growth. The appointment of an external CEO coupled

with his strong track record of delivery should be well-received by the Expected dividend yield 2.8%

investors. Moreover, his comments that he plans to accelerate the Expected total return 33.8%

implementation of Heineken’s current 2030 EverGreen strategy, should Market Cap €40,146M

allay investor fears of a major earnings reset. However, the October start US$46,043M

date means it is unlikely Mr. Rafael will be in a position to layout/clarify his

strategic intentions for Heineken until early 2027, perhaps limiting the

upside in the stock over the next 6-9 months.

Simon HalesAC

+44-20-7986-4049The Pros:

simon.hales@citi.com

• External appointment viewed as a positive and will bring a fresh perspective to Sunny Wadhwani

Heineken. +91-22-4277-5078

sunny.wadhwani@citi.com

• Investor fears of a major strategy change/margin reset allayed. Mr.

Rafael’s comments that he will bring his “own passion for performance,