Heineken Nv · EURONEXT:HEIA
Heineken Nv — H1 2025 Earnings Presentation
22 slides from Heineken Nv's earnings presentation, Jul 28, 2025
Slide 1: Heineken N.V. 2025 Half Year Results
Heineken N.V. 2025 Half Year Results Dolf van den Brink, CEO 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: Progressing on our EverGreen journey
Progressing on our EverGreen journey Strategic Priorities Growth Algorithm Green Diamond Growth SHAPE THE FUTURE OF BEER AND BEYOND DIGITAL Profitability Capital efficiency PRODUCTIVITY SUSTAINABILITY Sustainability & Resonsibility PEOPLE What we focus on How we create value How we measure success 3
Slide 4: Highlights
Highlights • Solid profit growth highlighting agility across our global footprint • Improved volume performance in Q2, continued quality • Softening consumer sentiment in certain markets • Investing in brands and a future fit organisation • Confirming 4 to 8% operating profit (beia) OG growth 4
Slide 5: 2025 HY financial highlights
2025 HY financial highlights +2.1% +3.3% Net revenue (beia) OG Net revenue (beia) OG per hl -1.2% +4.5% Total beer volume OG Heineken® volume OG +7.4% +26 bps Operating profit (beia) OG Operating profit (beia) margin expansion +7.5% €2.08 Net profit (beia) OG Diluted EPS (beia) 5 OG: Organic growth
Slide 6: Quality volume and value growth
Quality volume and value growth HY 25 organic growth vs HY 24 7.4% 4.5% 1.8% 2.1% 0.5% —% -1.1% -1.2% Total Total Heineken® 0.0 Mainstream Premium Heineken® Net Revenue Operating profit Consolidated Beer Beer Beer (beia) (beia) Volume 6
Slide 7: Africa & Middle East
Africa & Middle East Strong profit delivery +19.8% Nigeria Net revenue (beia) OG • Business recovery, delivering hard currency growth • Reshaping our cost base, balance sheet and portfolio +1.1% ® • Positive mix led by Heineken , Legend, and Desperados Beer volume OG HEINEKEN Beverages +20.7% • Sequ
Slide 8: Americas
Americas Resilience in softer markets -0.8% Mexico Net revenue (beia) OG • Consistent strategy, investing in brands and channels • Volume growth and stable share -1.2% • Broad portfolio delivery with premium growth Beer volume OG Brazil -0.3% • Reduced excess inventory in Q1, returned to growth in Q
Slide 9: Asia Pacific
Asia Pacific Robust volume and profit growth +5.5% Vietnam Net revenue (beia) OG • Benefitting from a broad portfolio development • Continued strong growth Heineken® Silver, Larue Smooth +3.1% • Share gains in a growing market Beer volume OG India +4.5% • Strong volume performance Price mix1 • Winni
Slide 10: Europe
Europe Shaping the category for sustainable growth -4.0% UK Net revenue (beia) OG • Continued volume- and value share gains • Broad portfolio contribution -4.7% Beer volume OG Western Europe • Prolonged retailer negotiations resolved +1.2% • Volume decline in H1, expect sequential improvement Price
Slide 11: Heineken leading premium growth
® Heineken leading premium growth ® Consistent growth of Heineken Original and innovations Volume growth Heineken® 0.0 +4.5% Stable Heineken® Silver 27 markets +34% Double-digit volume growth 11
Slide 12: Amstel, our affordable premium beer
Amstel, our affordable premium beer Accelerating growth in our key markets #2 1 Proud partner Adaptive to local Brand within HEINEKEN > 225m viewers consumer needs Top 5 Beer brand globally1 +HSD volume growth in H1 >10mhl HY 2025 volume Quality beer for quality bonding moments 1: Based on volume 12
Slide 13: Brew a Better World
Brew a Better World Continued progress in 2025 Environmental Responsible Responsible Responsible Carbon emissions in scope 1&2 Kt CO21 -34% 1,582 1,281 1,047 2 2022 2023 2024 H1 ‘25 Water Consumption hl/hl 3.4 3.3 3.2 3.1 2 2021 2022 2023 2024 H1 ‘25 H1 ’242 Social Women in Senior Management 25% 27%
Slide 14: Next step: Evergreen 2030
Next step: Evergreen 2030 Capital Markets Event in Seville, Spain on 23 October 14
Slide 15: Financial Highlights
Financial Highlights A 15 HEINEKEN fae
Slide 16: Sustained topline growth
Sustained topline growth Net Revenue (beia): +2.1% organic increase Net Revenue (beia) - €m Organic increase €318m -33 481 -163 -918 +3.7% Price-Mix1 OG 14,814 -1.1% Of which: Volume OG Price: +2.6% Mix: +1.1% 14,181 H1 2024 Total Volume Price-Mix Consolidation impact Currency translation H1 2025 1.
Slide 17: Step-up in organic OP
Step-up in organic OP Operating Profit (beia): +7.4% organic increase, +26bps margin Operating Profit (beia) - €m -16 155 -190 2,079 2,027 H1 2024 Organic Consolidation Currency H1 2025 growth impact translation 17
Slide 18: Additional key financial metrics
Additional key financial metrics €m unless otherwise stated - Beia H1 2025 H1 2024 vs LY1 Operating Profit 2,027 2,079 +7.4% Share of Profit 135 134 +3.7% Net Interest Income & Expenses -260 -284 +5.8% Other Net Finance Income & Expenses -104 -180 +27.5% Net Profit 1,164 1,204 +7.5% Net Profit Repor
Slide 19: FOCF impacted by FX and phasing
FOCF impacted by FX and phasing Expected to rebalance in second half Free Operating Cash Flow - €m Total decrease €398m -142 -152 655 -144 40 257 H1 2024 Cash flow from Working capital Capex2 Interest, dividend & H1 2025 operations1 income tax 1. Cash flow from operations before changes in working c
Slide 20: Outlook 2025 confirmed
Outlook 2025 confirmed Continued advancement of our EverGreen journey Softening consumer sentiment in certain markets We remain agile in our execution and resource allocation Broadly stable volume for the full year Supported by our global footprint Advancing on productivity agenda Updated gross savi
Slide 21: Summary
Summary • Solid profit growth highlighting agility across our global footprint • Improved volume performance in Q2, continued quality • Softening consumer sentiment in certain markets • Investing in brands and a future fit organisation • Confirming 4 to 8% operating profit (beia) OG growth 21
Slide 22: Thank you Q & A
Thank you Q&A Ly bt & 22 areeeen HEINEKEN =