Heineken Nv · EURONEXT:HEIA
Heineken Nv — Investor Presentation (September 2026)
79 slides from Heineken Nv's investor presentation, September 2026
Slide 1: EverGreen 2030 Investor Presentation
EVERGREEN HEINEKEN Investor NV 2030 Dolf van Presentation den Brink – Chief – Septembe Executive r 2026 Officer The World’s Pioneering Beer Company 1
Slide 2: HEINEKEN at a Glance
HEINEKEN at a Glance The World’s Pioneering Beer Company Strong & focused Global brewer Strong financial profile A scaled, balanced , and advantaged footprint portfolio Europe Americas Africa & Middle East Asia Pacific #1 282 mhl €28.9bn Beer brand sales value Total beer volume Net revenue & brand p
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
We have been Pioneering for 160 years Compounding earnings>10% annually since 1937 listing 2021 2008 Leader in beer technology FIFCO acquistion Distell announced India UBL acquisition 0.0 game acquisition Formula 1 changer Ground- Sponsorship breaking APB Dispense acquisition FEMSA systems Scottish
Slide 7: HEINEKEN long-term orientation
Long term focused Growing category Leadership position Shareholder returns Unique culture Long term focused Growing category Leadership position Shareholder returns Unique culture HEINEKEN long -term orientation Patiently buildingprofitablegrowth businesses Mexico 132m → 137m Vietnam 102m → 104m Sou
Slide 8: Balancing the Best of Both Worlds
Balancing the Best of Both Worlds Keep what’s special, change what’s needed by being family controlled, publicly listed Family Control Publicly Listed Local Relevance Global Scale Growth Productivity Creativity Discipline Long Term Thinking Short Term Delivery 8
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 1 Net Income since 1937 listing 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 EverGreen2030 Strategy for the next growth phase Clear strategic priorities in pursuit of attractive sharehold
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
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 growth 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 2 expected ~3% interest rate d
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 conve
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 Approvedat 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 buybackprogramme in HEINEKEN’s history as of 13 February 2024 Pub
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 EverGreen2030 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 organisation global 1 Haro
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 stron
Slide 67: Appendix: H1 2026
Appendix: H1 2026 67
Slide 68: H1 Highlights
H1 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 Ro
Slide 69: H1 2026 financial highlights
H1 2026 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 69
Slide 70: 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 EPS 1 mainstream consolidated volume brands premium 0.0 beyond revenue profit profit volume
Slide 71: 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 71
Slide 72: 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 72
Slide 73: Desperados
DESPERADOS BEST POSITIONED TO DELIGHT GEN Z Pioneer 30+ +HSD In beyond beer Markets volume growth since 1995 available in HY26 73
Slide 74: 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 74
Slide 75: 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 75
Slide 76: 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% T
Slide 77: 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 78: 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 79: FIFCO acquisition completion
FIFCO acquisition completion Strengthening our strategic position in Central America, unlocking significant new growth opportunities. Costa Rica Nicaragua Beer & Beyond Beer 2.5 mhl Beer & Beyond Beer 2.3 mhl Soft drinks 2.7 mhl Water & Soft Drinks 3.3 mhl Wines & Spirits distribution ~250 proximity