Slide 1: 2026 HY Results
2026 HY RESULTS HEINEKEN N.V. The world’s pioneering beer company 1
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: EverGreen Strategy
EverGreen 20302030 EverGreen Strategy | Future Proofing our Business Consistently delivering superior & balanced growth Strategic Priorities Green Diamond Rev OG% EPS ROIC CO2 | Water | Talent What we focus on How we create attractive shareholder returns 3
Slide 4: Highlights
Highlights Volume growth, robust profit delivery as EverGreen 2030 accelerates Strong APAC & AME, sound recovery in Europe, softer in Americas Global, local power brands, focus markets delivering growth Strong cash conversion and returns Evergreen acceleration, innovation, model simplification Robus
Slide 5: 2026 HY financial highlights
2026 HY financial highlights Volume growth, robust profit delivery as EverGreen 2030 accelerates +1.6% +5.3% +2.7% +2.3% Total volume Heineken® Net revenue Net revenue volume per hl +6.7% +55 bps +10.2% €2.29 Operating profit Operating profit Net profit Diluted EPS margin expansion 5
Slide 6: Quality volume, value, and profit growth
Quality volume, value, and profit growth HY26 vs HY25 organic growth 11.6% 10.2% 7.2% 7.7% 6.7% 5.3% 5.3% 5.8% 2.7% 1.6% 0.4% -0.7% Total Total Total Global Heineken® Total Heineken® Total Net Operating Net EPS1 mainstream consolidated volume brands premium 0.0 beyond revenue profit profit volume vo
Slide 7: Heineken leading premium volume growth
Heineken leading premium volume growth ® With pioneering innovations launched tailoring to evolving consumer needs Heineken® volume Heineken® 0.0 +5.3% +7.2% 18 markets DD volume growth 7
Slide 8: Global Brands +5.3% volume, all brands in growth
Global Brands +5.3% volume, all brands in growth Cannes Festival creative Growing in China, Brazil, Gaining momentum, led Back in growth, Success with GenZ from brand of the year and South Africa by Switzerland & France led by Crystal Abidjan to Paris 8
Slide 9: Desperados
DESPERADOS BEST POSITIONED TO DELIGHT GEN Z Pioneer 30+ +HSD In beyond beer Markets volume growth since 1995 available in HY26 9
Slide 10: Scaling a pilot innovation model
Scaling a pilot innovation model 40+ focused pilots across Global Brands, Local Power Brands and new growth spaces Global Brands Local Power Brands Beyond Beer & New Occasions 10
Slide 11: Progress on Brew a Better World
Progress on Brew a Better World Sharpened agenda focusing on the biggest impact Responsible Social Environmental Increasing choice in low- and no-alcohol Investing in people and communities Advancing climate and water resilience 11
Slide 12: Africa & Middle East
Africa & Middle East Strong delivery with hard-currency profit on transformed cost base Nigeria +8.2% Broad-based growth and category leadership Net revenue ▪ Strong operating profit growth in both local and reported currency ▪ Heineken®, Desperados, Stout, and Maltina leadership positions +2.9% Tot
Slide 13: Americas
Americas Disciplined execution in softer markets Mexico 0.0% Sequential improvement with stronger execution Net revenue ▪ Volume down in soft market, performance improving through the half ▪ Investing behind Tecate and Indio, innovation agenda -3.4% Total volume Brazil Challenging market conditions,
Slide 14: Asia Pacific
Asia Pacific Strong growth, led by Vietnam, India and China Vietnam +10.5% Record share driven by portfolio strength Net revenue ▪ Strong category growth and business momentum ▪ Continued Heineken® Silver strength, Tiger back in growth +11.6% Total volume India Building on leadership in a high-growt
Slide 15: Winning in Asia Pacific
Winning in Asia Pacific Zooming in on the success of our operations in Vietnam and India India: Market leader with flagship brands Vietnam: From premium segment leader & national presence to broad market leadership #1 category leader, at scale #1 market player More than double the closest competitor
Slide 16: Europe
Europe Momentum improving, supported by innovation and transformation United Kingdom +0.1% Portfolio, pubs and execution driving growth Net revenue ▪ Star Pubs continued to outperform ▪ Cruzcampo, Murphy’s, Foster’s, and ciders supported momentum -0.6% Total volume Western Europe Customer partnershi
Slide 17: Financial Highlights
FINANCIAL HIGHLIGHTS 17
Slide 18: Net revenue up 2.7%, expanding in all regions
Net revenue up 2.7%, expanding in all regions Consolidated net revenue per hectolitre up 2.3%. Net Revenue (beia) €m Organic increase €385m -57 14,834 325 328 14,181 57 +0.4% +2.8% Volume OG Price-Mix1 OG Of which: Price: +2.1% Mix: +0.7% HY 2025 Total consolidated Price-Mix Consolidation Currency H
Slide 19: Margin expansion supported by productivity
Margin expansion supported by productivity Operating Profit +6.7% , Operating Profit margin +55bps Operating Profit(beia) €m Total increase €143m 46 -38 2,170 135 2,027 HY 2025 Organic growth Consolidation impact Currency translation HY 2026 19
Slide 20: Additional key financial metrics
Additional key financial metrics €m unless otherwise stated HY 2026 HY 2025 vs LY1 Operating Profit 2,170 2,027 +6.7% Share of Profit 159 135 +19.1% Net Interest Income & Expenses -287 -260 +4.2% Other Net Finance Income & Expenses -76 -104 +30.8% Net Profit 1,256 1,164 +10.2% Net Profit Reported 1,
Slide 21: Strong FOCF delivery
Strong FOCF delivery 97% cash conversion in line with our medium-term ambition Free Operating Cash Flow €m Total increase €1,124m 1,381 90 328 625 257 81 HY 2025 Cash flow from Working capital Capex2 Interest, dividend HY 2026 operations1 & income tax 1. Cash flow from operations before changes in w
Slide 22: 2026: Accelerated execution of EverGreen 2030
2026: Accelerated execution of EverGreen 2030 Changing the way we work for faster growth & scale benefits Innovating with Heineken® Studio Transitioning to HBS Rolling out Freddyai Clustering to MMOs in Europe NL-BE CZ-SK RO-BG DACH 22
Slide 23: Capital allocation priorities
Capital allocation priorities Invest in growth, financial discipline, excess cash returns 1 Invest for growth Organic growth and business expansion Maintain long-term target 2 Strict financial discipline Net Debt / EBITDA (beia) <2.5x 3 Consistent dividend policy Pay-out ratio 30-50% of net profit V
Slide 24: 2026 Outlook
2026 Outlook Disciplined execution of EverGreen 2030 Confident, yet prudent in our expectations for 2026 Variable costs per hl unchanged Effective tax rate expected at c. 28%; other assumptions unchanged Operating profit expected to grow in the range of 2% to 6% Capital allocation actions accretive
Slide 25: Summary
Summary Volume growth, robust profit delivery as EverGreen 2030 accelerates Strong APAC & AME, sound recovery in Europe, softer in Americas Global, local power brands, focus markets delivering growth Strong cash conversion and returns Evergreen acceleration, innovation, model simplification Robust p
Slide 26: Traditions Last for a Reason
TRADITIONS LAST FOR A REASON FAMILY RECIPE WORLD FAMOUS | enjoy this | bar tomorrow #WeAreHEINEKEN te "HEINEKEN RN I AMSTERDAM AAISHD BY THE WORLD only be Heineken : = Me be: r the one -whp is jotdrijnking. Lame n 2 Cheers to“. all fans.