Heineken beat forecasts on Monday (August 2).
The world's second-biggest brewer said operating profits doubled over the first half, hitting just over $1.9 billion.
That as its beer sales rose 10% over the period.
But the company dampened any investor excitement with a range of warnings.
Rising commodity costs are one worry.
Heineken says barley, sugar and other key inputs are getting more expensive, and will hit the bottom line going into 2022.
Marketing costs will also rise as more bars reopen in the second half of this year.
Concerns too about demand, especially in Asia.
Vietnam, a top-three market for the firm, is seeing new lockdowns imposed.
One brewery has had to shut in Malaysia, and reduced tourism is sapping sales in Indonesia.
The numbers come a week after figures from number-one brewer AB InBev.
It said sales were surging, but so were costs for transport and making cans.
Heineken shares rose strongly in early trades Monday, before settling back around 1% higher by lunchtime.