Slide 1: 2025 Q3 Trading Update
Heineken N.V. 2025 Q3 Trading Update Harold van den Broek, CFO
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements based on current expectations and assumptions with regards to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may
Slide 3: Q3 Highlights
Q3 Highlights • Macroeconomic volatility, cyclical factors leading to a challenging quarter • Solid performance in Africa & Asia partially offsetting Americas & Europe • Market share gains in a substantial majority of our markets • Continuing to build our advantaged footprint through FIFCO transacti
Slide 4: 2025 financial highlights
2025 financial highlights Q3 YTD -0.3% +1.3% Net revenue (beia) OG Net revenue (beia) OG +3.6% +3.4% Net revenue (beia) OG per hl Net revenue (beia) OG per hl -4.3% -2.3% Total beer volume OG Total beer volume OG -2.2% +0.4% Premium beer volume OG Premium beer volume OG -0.6% +2.7% Heineken® volume
Slide 5: Topline impacted by lower volume and strong €
Topline impacted by lower volume and strong € Net Revenue (beia): 0.3% organic decrease Net Revenue (beia) - €m Organic decrease €23m 269 -292 -22 -304 +3.3% -3.8% 14,814 Price-Mix1 OG Volume OG Of which: 7,679 Price: +2.3% Mix: +1.0% 7,330 Q3 2024 Price-Mix Total Volume Consolidation impact Currenc
Slide 6: 2025 Heineken performance
2025 Heineken performance ® Heineken® Silver continues to be key driver of growth Q3 YTD Q3 YTD -0.6% +2.7% -1.8% -0.6% Heineken® volume growth Heineken® 0.0 volume growth +27.7% +31.6% 21 23 Heineken® Silver volume growth Markets growing double-digits 6
Slide 7: Africa & Middle East
Africa & Middle East Broad based solid performance across Africa Q3 YTD Nigeria • Strong revenue growth in both local and reported ¤ currency • Volume under pressure, but consistently gaining share +14.9% +18.1% • Premium growth led by Legend Stout, Desperados, and Heineken® Net revenue (beia) OG HE
Slide 8: Americas
Americas Share gains in uncertain macro economic environment Q3 YTD Mexico • Stable revenue in soft market, gaining share • Solid performance by Tecate Original, Dos Equis lager -5.5% -2.3% • Miller High Life leading premium growth Net revenue (beia) OG Brazil -7.4% -3.3% • Volume impacted by market
Slide 9: Asia Pacific
Asia Pacific Broadly stable volume performance whilst premiumisation continues Q3 YTD Vietnam • Market in growth across channels, continued share gains • Heineken® Silver up nearly 40% +5.6% +5.6% • Larue Smooth growth supported by regional expansion and activation Net revenue (beia) OG India -0.8%
Slide 10: Europe
Europe Soft consumer environment and cyclical headwinds Q3 YTD UK • Volume and revenue growth, gaining share -3.6% -3.9% • • Cruzcampo growing almost 50%, now in its third year since launch Murphy’s stout and Inch’s growing strongly Net revenue (beia) OG Rest of Europe -4.7% -4.7% • Recovery slower
Slide 11: Outlook 2025
Outlook 2025 Ongoing macro economic volatility impacting consumers We remain agile in our execution and resource allocation Modestly declining volume for the full year Following challenging Q3 Confident in productivity agenda Gross savings firmly on track to achieve our target of €500m in 2025 Opera
Slide 12: Summary
Summary • Macroeconomic volatility and cyclical factors leading to a challenging quarter • Solid performance in Africa & Asia partially offsetting Americas & Europe • Market share gains in a substantial majority of our markets • Continuing to build our advantaged footprint through FIFCO transaction
Slide 13: Thank you Q & A
12 "HEINEKEN | Son Thank you Q&A iy ar