Heineken Nv · EURONEXT:HEIA
Heineken Nv — FY2025 Earnings Presentation
28 slides from Heineken Nv's earnings presentation, Feb 11, 2026
Slide 1: 2025 FY Results
2025 FY 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 2030 | Future Proofing our Business
EverGreen EverGreen 20302030 | Future Proofing our Business Strategy 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 Well-balanced performance in challenging market conditions Growth: Quality revenue, strong volume market share gains Productivity: Savings over-delivery fuelling margin expansion Capital Efficiency: Solid cash flow generation, improved ROIC Accelerating disciplined execution of EverGreen
Slide 5: 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 6: 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 7: 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 8: Global Brands +1.9% volume growth
Global Brands +1.9% volume growth Social networking Friendship moments Unlocking food pairing Tiger Crystal growth; Success with GenZ from since 1873 from Brazil to China, across Europe Foundation in Myanmar Nigeria to Spain Romania to South Africa 8
Slide 9: 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 9
Slide 10: Progress on Brewing a Better World
Progress on Brewing a Better World Sharpened agenda focusing on the biggest impact Responsible Social Environmental 91% 26% 31% 100% 2.9 hl/hl -38% of beer & cider volumes of Heineken® media Women in Senior of assessed Average water usage Carbon reduction in markets with a zero- spend invested in Ma
Slide 11: 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 12: 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 13: 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 14: 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 +1.3% ▪ Custo
Slide 15: 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
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS 16
Slide 17: Lower volume offset by strong price-mix
Lower volume offset by strong price-mix Net Revenue: +1.6% Net Revenue (beia) €m Organic increase €476m 29,964 -84 -629 1,105 -1,466 28,890 -2.1% +4.1% Volume OG Price-Mix1 OG Of which: Price: +2.8% Mix: +1.3% FY 2024 Total consolidated Price-Mix Consolidation Currency FY 2025 volume impact translat
Slide 18: Savings leading to operating profit growth
Savings leading to operating profit growth Operating Profit: +4.4%, operating profit margin +41bps Operating Profit (beia) €m -36 4,512 198 -290 4,385 FY 2024 Organic growth Consolidation impact Currency translation FY 2025 Note. Unless stated otherwise, all comments and figures in this announcement
Slide 19: Additional key financial metrics
Additional key financial metrics €m unless otherwise stated FY 2025 FY 2024 vs LY1 Operating Profit 4,385 4,512 +4.4% Share of Profit 314 312 +5.3% Net Interest Income & Expenses -522 -543 +1.0% Other Net Finance Income & Expenses -199 -271 +17.7% Net Profit 2,662 2,739 +4.9% Net Profit Reported 1,8
Slide 20: Balanced FOCF delivery
Balanced FOCF delivery 87% cash conversion Free Operating Cash Flow €m 103% Total decrease €456m conversion 87% 3,058 conversion -44 -523 2,602 33 78 FY 2024 Cash flow from Working capital Capex2 Interest, FY 2025 operations1 dividend & income tax 1. Cash flow from operations before changes in worki
Slide 21: 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 (
Slide 22: Accelerating EverGreen 2030
ACCELERATING EVERGREEN 2030 22
Slide 23: 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 23
Slide 24: 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
Slide 25: 2026 Outlook
2026 Outlook Disciplined execution of EverGreen 2030 Prudent in short-term category growth expectations Assuming unchanged consumer environment Investment in growth with productivity at scale Accelerating focus & execution, gross savings at the upper end of €400-€500m Variable costs to rise by low-s
Slide 26: FIFCO transaction impact
FIFCO transaction impact Immediately accretive to reported operating profit and EPS in 2026. 11.6x EV/EBITDA $1,150 million $3.2 billion cash consideration 2025 net revenue $276 million 2% to 3% EPS accretive 2025 operating profit Based on 11-month contribution Notes: 2626 1 Distribuidora La Florida
Slide 27: Summary
Summary Well-balanced performance in challenging market conditions Growth: Quality revenue, strong volume market share gains Productivity: Savings over-delivery fuelling margin expansion Capital Efficiency: Solid cash flow generation, improved ROIC Accelerating disciplined execution of EverGreen 203
Slide 28: Q&A #WeAreHEINEKEN
TRADITIONS LAST FOR A REASON RN I AMSTERDAM AISHD BY THE WORLD FAMILY RECIPE WORLD FAMOUS | enjoy this | bar tomorrow #WeAreHEINEKEN te "HEINEKEN only be Heineken Cheers to = all fans.