Heineken Nv · EURONEXT:HEIA
Heineken Nv — Merger or Acquisition (September 2025)
17 slides from Heineken Nv's merger presentation, September 2025
Slide 1: HEINEKEN to acquire FIFCO's beverage and retail businesses
HEINEKEN to acquire FIFCO’s beverage and retail businesses, strengthening its presence across Central America September 2025 Dolf van den Brink, Chairman of the Executive Board and CEO Harold van den Broek, Member of the Executive Board and CFO
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements with regard to the financial position and results of HEINEKEN’s activities. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forwar
Slide 3: Strengthening our Central American footprint
Strengthening our Central American footprint Landmark acquisition accelerates growth with leading beverage portfolio and retail assets in Costa Rica, full ownership HEINEKEN Panama, and expanded regional footprint Costa Rica Nicaragua Beer & Beyond Beer 2.5 mhl Beer & Beyond Beer 2.3 mhl Soft drinks
Slide 4: Compelling strategic rationale
Compelling strategic rationale Advancing our EverGreen strategy by strengthening our Central American footprint 1 Enhancing our advantaged footprint for growth 2 Acquiring 100% control of the beverage leader in Costa Rica – Market leadership in growing Beer category leading with the Imperial brand –
Slide 5: Enhancing HEINEKEN's global footprint
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing Enhancing HEINEKEN’s global footprint Shaping and strengthening our growth profile through strategic acquisitions and disposals ✓ Large and growing China / CRB Peru / Tres Cruces profit pools 2019 2021 Southern Africa /
Slide 6: Costa Rica is a highly attractive market
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing Costa Rica is a highly attractive market Strong macro fundamentals and favourable beverage consumption trends ✓ Macro tailwinds with growing population, strong real GDP growth, and stable local currency ✓ Sizeable bever
Slide 7: The beverage leader in Costa Rica
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing The beverage leader in Costa Rica A familiar multi-category champion now part of the HEINEKEN family of brands ~2 ~0.5 ~2.5 Beer million hl Beyond Beer million hl Soft Drinks million hl Proximity retail # 1 player # 1 p
Slide 8: Delivering sustainable growth and profitability
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing Delivering sustainable growth and profitability Led by a highly experienced, trusted management team with a proven track record of success Key highlights Operating Profit margin 20241 #1 #2 ~25% Category leader with Pla
Slide 9: Positioned for further growth
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing Positioned for further growth Transaction will generate revenue and cost synergies through application of proven best practices Increase PCC Grow premium Improve RTM Implement global Leverage regional through revenue th
Slide 10: Full ownership of HEINEKEN Panama
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing Full ownership of HEINEKEN Panama Acquiring full ownership in an attractive growth market with further premiumisation potential ▪ Acquiring remaining minority stake, taking ownership from 75% to 100% ▪ US dollar linked
Slide 11: Further expansion into Central America
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing Further expansion into Central America A platform for expansion in Nicaragua’s leading brewer, F&B in Guatemala, and Beyond Beer in Mexico ▪ Equal partnership (49.85%) in Nicaragua’s leading brewer – Leading and fast-gr
Slide 12: A strong track record in sustainability
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing A strong track record in sustainability Complementing HEINEKEN’s Brew a Better World 2030 FIFCO recognised as the sustainability benchmark across Central America Delivered a 60% Material Continued focus on water >40% wo
Slide 13: Recap of capital allocation priorities
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing Recap of capital allocation priorities A value enhancing transaction in line with our framework Key criteria Invest for growth Organic growth and business expansion ✓ Growth platforms ✓ Scale Strict financial discipline
Slide 14: Value enhancing for HEINEKEN
Global footprint Costa Rica Panama Nicaragua, Guatemala & Mexico Value enhancing Value enhancing for HEINEKEN Immediately accretive to operating profit (beia) and EPS (beia) ▪ Cash consideration for the stakes acquired by HEINEKEN will be US$3.2 billion Offer consideration ▪ Implied acquisition mult
Slide 15: Next steps for HEINEKEN
Next steps for HEINEKEN Approvals and closing ▪ Completion of the transaction between HEINEKEN and FIFCO is subject to customary regulatory approvals and the approval by the general shareholders’ meeting of FIFCO, which will take place in October 2025 ▪ The transaction is expected to complete in H1
Slide 16: Q&A
Q&A
Slide 17: HEINEKEN
HEINEKEN