Heineken Nv · EURONEXT:HEIA
Heineken Nv — Investor Presentation (June 2026)
79 slides from Heineken Nv's investor presentation, June 2026
Slide 1: HEINEKEN Investor Presentation June 2026
EVERGREENNV HEINEKEN Investor 2030 Dolf van Presentation den Brink – Chief – June Executive 2026 Officer The World’s Pioneering Beer Company 1
Slide 2: HEINEKEN at a Glance
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN at a Glance The World’s Pioneering Beer Company Strong & focused Global brewer Strong financial profile Global
Slide 3: Our EverGreen 2030 Medium-Term Ambition
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Our EverGreen 2030 Medium-Term Ambition Deliver Superior & Balanced Growth with attractive shareholder returns Organic G
Slide 4: HEINEKEN's investment case
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN’s investment case 1 Long term focused 1 Building further on a >160 year old fundament Long term focused 2 Advan
Slide 5: The World's Pioneering Beer Company
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture The World’s Pioneering Beer Company Our Purpose Our Winning Aspiration We brew the We craft legendary drinks, Joy of Tru
Slide 6: We have been Pioneering for 160 years
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture We have been Pioneering for 160 years Compounding earnings >10% annually since 1937 listing Leader in beer technology FI
Slide 7: HEINEKEN is long-term oriented
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN is long-term oriented Patiently building the future Mexico 132m → 137m Vietnam 102m → 104m South Africa 65m → 6
Slide 8: Balancing the Best of Both Worlds
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Balancing the Best of Both Worlds Keep what’s special, change what’s needed Family Control Publicly Listed Local Relevan
Slide 9: Compounding returns over time
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Compounding returns over time €2.662 Billion 10% CAGR Net Income since 1937 listing 1 Ƒ1.536 Million (€0.697 Million) 19
Slide 10: HNV / HHNV structure
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HNV / HHNV structure Ownership structure (2) Heineken N.V. top shareholders % shares # Name in issue % free float L’Arch
Slide 11: Sharpened EverGreen 2030 Strategy for the next growth phase
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Sharpened EverGreen 2030 Strategy for the next growth phase Clear strategic priorities in pursuit of attractive sharehol
Slide 12: EverGreen 2030 strategy
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture EverGreen 2030 strategy Clear hierarchy of priorities & focused actions Accelerate Step up Focus 1 Growth 2 Productivity
Slide 13: HEINEKEN's investment case
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN’s investment case 1 Long term focused 1 Building further on a >160 year old fundament Long term focused 2 Advan
Slide 14: Confident in structural beer category growth
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Confident in structural beer category growth But we see different dynamics across market archetypes & segments Other sou
Slide 15: Stable penetration with Gen Z in emerging markets
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Stable penetration with Gen Z in emerging markets Concern with Gen Z in developed markets but they may enter later DEVEL
Slide 16: Strong Fundamentals, Clear Growth Potential
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Strong Fundamentals, Clear Growth Potential #1 for Penetration with Consumers and significant headroom for growth Beer i
Slide 17: HEINEKEN has an advantaged footprint in a growing category
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN has an advantaged footprint in a growing category EUROPE AMERICAS AME APAC Operating Companies Joint Venture /
Slide 18: Balanced & Diversified footprint
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Balanced & Diversified footprint 53 #1 & 2 positions across regions with strong market outlooks EUROPE AMERICAS AME APAC
Slide 19: HEINEKEN's investment case
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 20: Differentiate & Focus for Growth
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 21: Differentiation of Market Archetypes
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 22: Most balanced footprint
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 23: Invest where it counts in 17 Focus Markets
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 24: Sharper differentiation & focus across our advantaged footprint
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 25: Through value enhancing acquisitions and divestments
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 26: Growing volumes in China
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 27: Winning in India
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 28: Building a multi-category beverage champion
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 29: Strengthening footprint in Central Americas
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 30: Shape the Category: making clear segment choices
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 31: Shape the Category: making clear segment choices
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 32: Leadership in fastest-growing Segments
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 33: Heineken: the #1 success story in Beer
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 34: Heineken brand with >150 years of growth & pioneering
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 35: #1 Most Awarded Beer Brand (Cannes Lions)
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 36: 4 global brands complement Heineken
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 37: Amstel, our affordable premium beer
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 38: Investing in 25 Local Power brands to accelerate growth
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 39: Pioneering non-alcoholic beer category
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 40: Heineken leading 0.0 growth with innovations in wellbeing
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 41: Selectively building Beyond Beer
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 42: Marketing & Selling investments continue
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 43: Our commercial coach for growth
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Differentiating for growth Advantaged footprint Focus segments brands Marketing optimisation Differentiating for growth
Slide 44: HEINEKEN's investment case
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN’s investment case 1 Long term focused 1 Building further on a >160 year old fundament Long term focused 2 Advan
Slide 45: Building a Strong Productivity Muscle
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Building a Strong Productivity Muscle Mindset shift and focus on execution Significant progress made on Productivity Key
Slide 46: Leverage global scale & skills to step up Productivity
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Leverage global scale & skills to step up Productivity Three Major Programs enabled by Digital Backbone to deliver ¤400
Slide 47: Accelerated execution of EverGreen 2030 in 2026
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Accelerated execution of EverGreen 2030 in 2026 Productivity at scale and a leaner operating model to unlock significant
Slide 48: HEINEKEN Business Services put in place
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN Business Services put in place 4 HEINEKEN Business Services locations operational, with strong capability Polan
Slide 49: Managing FX volatility in our growthy footprint
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Managing FX volatility in our growthy footprint Current Reality: FX1 volatility over time ~3% interest rate differential
Slide 50: Gross Savings will enable EverGreen 2030
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Gross Savings will enable EverGreen 2030 Continue investing in our brands Increased profit flow-through >90% Cash conver
Slide 51: Cash generation progress, despite testing times
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Cash generation progress, despite testing times Further improving cash conversion with EverGreen 2030 2014 2020 2025 Amb
Slide 52: ROIC to become part of our Long-Term Incentives
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture ROIC to become part of our Long-Term Incentives1 Approved at 2026 AGM 2014 2020 2025 Towards 2030 ROIC: Excl. Intangible
Slide 53: Cash returns to shareholders
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Cash returns to shareholders A consistent dividend policy, with an announced €1.5 billion share buyback Dividend payout
Slide 54: Share buyback programme
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Share buyback programme ▪ We commenced our first share buyback programme in HEINEKEN’s history as of 13 February 2024 Pu
Slide 55: Capital allocation priorities
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Capital allocation priorities Invest in growth, financial discipline, excess cash returns 1 Invest for growth Organic gr
Slide 56: Our EverGreen 2030 Medium-Term Ambition
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Our EverGreen 2030 Medium-Term Ambition Deliver Superior & Balanced Growth with attractive shareholder returns Organic G
Slide 57: 2026 Outlook
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture 2026 Outlook Disciplined execution of EverGreen 2030 Prudent in short-term category growth expectations Assuming unchang
Slide 58: HEINEKEN's investment case
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN’s investment case 1 Long term focused 1 Building further on a >160 year old fundament Long term focused 2 Advan
Slide 59: Good progress on Brewing a Better World
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Good progress on Brewing a Better World But has also come with challenges & learnings Responsible Social Environmental 9
Slide 60: Sustainability done right
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Sustainability done right Committed, with sharper focus, calibrated for technical & financial viability Responsible Soci
Slide 61: Focussed & cost-effective delivery of carbon and water
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Focussed & cost-effective delivery of carbon and water Optimising our impact Focused approach Marginal Abatement Cost Cu
Slide 62: HEINEKEN's Executive Team
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN’s Executive Team Our leadership structure sets priorities and drives our growth as a global organisation Harold
Slide 63: Strengthened Leadership & Performance Culture
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Strengthened Leadership & Performance Culture Driving major transformation & shaping a Winning Organisation Attract & De
Slide 64: HEINEKEN's well balanced Supervisory Board (HNV)
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN’s well balanced Supervisory Board (HNV) Peter (P.T.F.M.) Michel (M.R.) Pamela (P.) Marion (M.) Rosemary (R.L.)
Slide 65: HEINEKEN Holding's Board of Directors (HHNV)
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN Holding’s Board of Directors (HHNV) Jean-Marc (R.J.M.S.) Charlene ( C.L.) de Michel (M.R.) de Charlotte ( C.M.)
Slide 66: Winning People, Culture & Organisation
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture Winning People, Culture & Organisation Whilst navigating volatility & significant change our employee engagement is stro
Slide 67: Appendix: Q1 2026 & FY25 results
Appendix: Q1 2026 & FY25 results 67
Slide 68: Q1 2026 Highlights
Q1 2026 Highlights Solid first quarter with quality volume growth Volume growth and revenue expansion Global brands and priority segments delivering quality growth Priority markets lead the growth Executing EverGreen 2030 with increased pace Based on current assessment; 2% to 6% OP growth FY26 68
Slide 69: Q1 2026 financial highlights
Q1 2026 financial highlights Solid first quarter with quality volume growth, outlook maintained +1.2% Total volume OG +2.8% Net revenue (beia) OG +5.7 % Global brands volume OG +6.9% Heineken® volume OG 69
Slide 70: 2025 FY financial highlights
2025 FY financial highlights Well-balanced performance in challenging market conditions -1.2% +2.7% +1.6% +3.8% Total volume Heineken® Net revenue Net revenue volume per hl +4.4% +41 bps +4.9% €4.78 Operating profit Operating profit Net profit Diluted EPS margin expansion Note. Unless stated otherwi
Slide 71: Quality volume and value growth
Quality volume and value growth FY25 vs FY24 organic growth 4.4% 2.7% 2.7% 1.9% 1.6% 0.2% -0.7% -1.2% -2.1% Total Total Total Heineken® Global Total Heineken® Net Revenue Operating consolidated volume mainstream 0.0 brands premium (beia) profit (beia) volume volume volume Note. Unless stated otherwi
Slide 72: Heineken leading premium volume growth
Heineken leading premium volume growth ® Heineken® Silver: one of our most successful innovations ever 63 mhl Heineken® volume Heineken® 0.0 +2.7% +0.2% 42 mhl Heineken® Silver 27 markets +29.1% DD volume growth Volume growth 2020 2021 2022 2023 2024 2025 Heineken® Heineken® 0.0 Heineken® Silver 1.
Slide 73: Productivity savings flowing through
Productivity savings flowing through Over €500m Gross Savings fuelling margin expansion >€500 m +41 bps Gross Margin savings expansion 87% €2.6 bn Cash Free Operating Cash Flow conversion 73
Slide 74: Africa & Middle East
Africa & Middle East Strong delivery and substantial profit improvement Nigeria +15.7% Net revenue ▪ Strong financial results, disciplined cost & cash management ▪ Significant share gains in all categories in a soft market ▪ Positive mix led by Heineken®, Desperados, Legend Stout -0.3% Total volume
Slide 75: Americas
Americas Resilience in softer markets Mexico -1.0% Net revenue ▪ Stable beer category, despite uncertainties ▪ System strength, revenue actions delivering solid financial results ▪ Tecate Original, Miller High Life notably growing -2.8% Total volume Brazil ▪ Investing in our system strength, Passos
Slide 76: Asia Pacific
Asia Pacific Good performance, broad market share gains Vietnam +4.2% Net revenue ▪ Market in growth across channels, strong share gains ▪ Heineken® Silver continued strength, up in the forties ▪ Expansion and activation driving Larue Smooth growth +4.4% Total volume India ▪ Unlocking category growt
Slide 77: Europe
Europe Mixed performance in challenging environment UK -3.2% ▪ Continued premiumisation shift in the portfolio Net revenue ▪ Investing in and with our Star Pub Estate ▪ Cruzcampo, Murphy’s Stout & innovations delivering -3.4% ▪ Top-ranked in Advantage Survey Total volume Rest of Europe ▪ Customer ne
Slide 78: 2026: Accelerated execution of EverGreen 2030
2026: Accelerated execution of EverGreen 2030 Investment in growth, focused on global brands, faster innovation and sharper execution Global Brands Innovations Accelerating AI Applying Heineken® governance model Triple pilots & launches 80% of marketing spend in 2026 78
Slide 79: 2026: Accelerated execution of EverGreen 2030
2026: Accelerated execution of EverGreen 2030 Productivity at scale and a leaner operating model to unlock significant savings Multi- Market Operations Transitioning 3000 roles to (MMOs) HEINEKEN Business Services Accelerate Resolve Supply chain optimisation OpCos Brewery digitisation, selected clos