Welcome in, today is Thursday, August sixth, and we begin with Heineken Holding's half-year results filing. Heineken Holding N.V. reported organic operating profit growth of six point seven percent for the first half, with the margin expanding fifty-five basis points to fourteen point six percent, before exceptional items and amortisation. That is per the holding company's own results announcement. At the holding level, net profit came in at five hundred sixty-eight million euros, up forty-nine point eight percent, on diluted earnings per share of two euros and five cents. The same filing puts organic net revenue growth at two point seven percent, with net revenue per hectolitre up two point three percent, and free operating cash flow of one point four billion euros, a cash conversion ratio of ninety-seven percent. Net debt sits at two point six times EBITDA. The second tranche of the one point five billion euro buyback is on track, and the interim dividend is seventy-six cents a share. Full-year operating profit growth guidance is reiterated at two to six percent, the range the rest of the year now gets measured against. Where that growth is coming from shows up in the regional split. Moneyweb reports consolidated volumes rose zero point nine percent organically in the second quarter, against analyst estimates for a slight decline, and one point nine percent including beer sold by licensed partners. Per that account, second-quarter volumes jumped thirteen percent in Asia-Pacific and three point five percent in Africa and the Middle East, while falling four point one percent in the Americas. Chief financial officer Harold van den Broek told reporters the brewer had lost share there. His words: we're not happy with our own performance in the Americas. Checkout reports the profit line beat analyst expectations of three point three percent growth, helped by about three thousand roles cut in the first half, against a target of up to six thousand. Per that reporting, van den Broek said the company is open-minded about further cuts, and expects costs to edge higher in twenty twenty-seven because of the Iran war. Separately, Heineken N.V. says its general meeting of shareholders has approved the appointment of Rafael Oliveira to the Executive Board. Per the company's announcement, carried by The Manila Times, he becomes chair of the Executive Board and chief executive for a four-year term, effective the first of October, with the voting results from the fifth of August meeting published on the company's shareholder-meetings page. That puts a named leader on the commercial agenda for the rest of the year. Industry reaction engages less with the person than with the mandate: some in the trade read the emphasis on transformation, profitable growth and shareholder value as a signal about what the board wants changed, and a few flag the break with a long-standing promote-from-within pattern as the more telling detail. Now to India, where that regulatory action has widened. Following our earlier report on the Food Safety and Standards Authority of India barring certain United Spirits and Inbrew products, The Hindu reports the prohibition-of-sale orders issued on the second of August also cover three Old Monk variants from Mohan Rocky Springwater's Khopoli unit, McDowell's Number One Rum from United Spirits' Baramati plant, and two products from Associated Alcohol and Breweries. Per that reporting, inspectors sampled a distillery in Goa and issued notices to six more manufacturers in Maharashtra, so compliance exposure in one of the industry's largest growth markets is still widening. United Spirits told the exchanges it has filed a writ petition in the Bombay High Court challenging a related order, arguing its labels comply with current law. A recurring concern in the channel is scope: much of the circulating commentary reads this as a blanket brand ban rather than a variant- and plant-specific one. Now, a few more headlines moving the trade today. Brewbound and BevNET take stock of a reshaped middle tier after Republic National Distributing's July Chapter Eleven filing, which that read frames as the close of a slow-motion collapse. The Spirits Business reports a US appeals court has overturned Jack Daniel's win in its long-running trademark fight with the makers of the Bad Spaniels dog toy. Bacardi has opened barrel warehouses and a visitor center in Puerto Rico, capping a one hundred million dollar investment, per Shanken News Daily. CNBC's UK Exchange previews Diageo chief executive Dave Lewis detailing his turnaround plan today, following our earlier report on the board shake-up, with that read expecting cost cuts and possible disposals. And finally, off-premise scans held roughly unchanged through late July, per NIQ figures reported by Brewbound, with declines consistent into the quiet stretch before Labor Day.