Amsterdam, 28 October 2026
HEINEKEN N.V. REPORTS ON 2026 THIRD QUARTER TRADING Volume and revenue growth across all regionsIFRS Measures BEIA Measures
(in mhl or € million) Total growth (in mhl or € million) Organic growth
Total volume | 76.0 | 6.2% | Total volume | 76.0 | 4.8% |
Revenue | 9,558 | 9.7% | Net revenue (beia) | 8,090 | 4.6% |
Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % indicates organic growth. Throughout this report figures refer to quarterly performance unless otherwise indicated.
Growth: continued momentum, all regions contributingTotal volume grew 4.8% (YTD: 2.7%), with consolidated volume 3.9% (YTD: 1.6%), licensed volume 19.5% (YTD: 21.8%).
Net revenue grew 4.6% (YTD: 3.4%), net revenue per hectolitre up 0.7% (YTD: 1.7%).
Price-mix on a constant geographic basis up 1.8% (YTD: 2.4%).
Gained or held share in more than two-thirds of our markets.
Segments and Brands: priority segments and global brands driving growthPremium volume grew 11.5%, significantly ahead of the total portfolio.
Global brands volume grew 9.9% (YTD: 6.9%), with all five brands in growth, and Heineken® up 9.7% (YTD: 6.8%).
Mainstream volume increased 2.4% (YTD: 0.3%), with our local power brands outperforming.
Low & no-alcohol grew in the double-digits, led by Heineken® 0.0 and Heineken® Ultimate.
Beyond beer volume grew in the mid teens, supported by Desperados innovations.
Regional performance: all four regions in volume and revenue growthAfrica & Middle East: sustained resilient growth.
Americas: returned to growth on easier comparison base.
Asia Pacific: solid momentum continued.
Europe: volume growth and strong summer execution on softer comparatives.
Progressing with pace on EverGreen 2030 prioritiesAccelerated innovation, including Heineken® Ultimate 3.5%, Desperados Sunlight, and Tiger Smooth.
Agreed to acquire a majority stake in Stëlz, subject to regulatory approval, to strengthen our beyond beer portfolio.
Productivity programme on track to deliver €500m gross savings for the full-year.
Scaling our simplified European operating model following successful pilots.
Reiterating our 2% to 6% organic operating profit growth guidance for 2026.
"We delivered good volume growth of 5%, with positive contributions from all regions, and strong delivery from our global brands and priority segments in particular. This gives us confidence to confirm our full-year outlook.
Joining HEINEKEN at a time when our teams are delivering solid results while remaining focused on implementing our strategy is a real privilege. My first impressions are positive, particularly the strength of our brands, the commitment of our people, and the growth potential across our geographic footprint. We have strong foundations, but we are not translating them into consistent growth and winning with consumers and customers as often as we should. There is more to do to sharpen execution, increase pace, and build a stronger performance culture, with greater accountability across the business.
These first weeks have been about listening, learning, and understanding. I look forward to sharing more of my perspective when we report our full-year results."
Accelerate growthWe are focused on capturing the attractive growth opportunities across our differentiated and advantaged footprint, prioritising those markets, brands, and categories where we see the greatest potential.
Revenue in the quarter was €9.6 billion (YTD: €27.1 billion), a reported increase of 9.7%.
Net revenue increased organically by 4.6% (YTD: 3.4%). Total consolidated volume increased by 3.9% (YTD: 1.6%). Net revenue per hectolitre was up 0.7% (YTD: 1.7%), as positive pricing and brand mix were offset by negative country mix, particularly from the strong growth in Asia Pacific. Price-mix on a constant geographic basis was up 1.8% (YTD: 2.4%).
Currency translation on net revenue was positive for the quarter by €241 million (YTD: €184 million), mostly due to a stronger Mexican Peso, Brazilian Real, Nigerian Naira, and South African Rand. Consolidation changes led by the integration of HEINEKEN Costa Rica increased net revenue by €182 million (YTD: €507 million).
Total volume for the quarter increased by 4.8% (YTD: 2.7%), with growth across all four regions and our focus markets outperforming. Asia Pacific led the growth, with particularly strong momentum in Vietnam, China, and India. Africa & Middle East delivered resilient volume growth. The Americas returned to growth in the quarter, including Mexico and Brazil. Europe grew modestly, supported by strong customer activation, notably in the off-trade, and favourable weather.
Total volume(in mhl) 3Q25
3Q26Organic growth
YTD 3Q25
YTD 3Q26Organic growth
Heineken N.V. | 71.6 | 76.0 | 4.8% | 210.2 | 218.9 | 2.7% |
Africa & Middle East | 11.1 | 11.3 | 4.3% | 33.5 | 34.1 | 3.4% |
Americas | 21.8 | 23.6 | 2.1% | 66.8 | 69.3 | -1.6% |
Asia Pacific | 13.6 | 16.0 | 17.3% | 42.2 | 48.0 | 13.4% |
Europe | 25.0 | 25.2 | 0.6% | 67.6 | 67.5 | -0.1% |
(in mhl) 3Q25
3Q26Organic growth
YTD 3Q25
YTD 3Q26Organic growth
Heineken N.V. | 67.4 | 70.3 | 3.9% | 198.7 | 202.7 | 1.6% |
Africa & Middle East | 10.8 | 10.6 | 3.7% | 32.5 | 32.2 | 3.1% |
Americas | 21.0 | 22.8 | 1.8% | 64.3 | 66.9 | -1.6% |
Asia Pacific | 10.8 | 12.0 | 15.6% | 34.8 | 36.6 | 9.4% |
Europe | 24.9 | 25.0 | 0.6% | 67.1 | 67.0 | -0.2% |
(in mhl) 3Q25
3Q26Organic growth
YTD 3Q25
YTD 3Q26Organic growth
Heineken N.V. | 4.2 | 5.7 | 19.5% | 11.4 | 16.1 | 21.8% |
Africa & Middle East | 0.3 | 0.7 | 23.0% | 1.0 | 1.9 | 13.0% |
Americas | 0.8 | 0.8 | 8.0% | 2.5 | 2.4 | -2.6% |
Asia Pacific | 2.9 | 4.0 | 23.5% | 7.4 | 11.4 | 32.4% |
Europe | 0.2 | 0.2 | 2.4% | 0.5 | 0.5 | 6.9% |
Total premium volume increased 11.5% (YTD: 7.8%), significantly ahead of the total portfolio, and broad-based across regions. Growth was led by our global brands, complemented by continued momentum of local premium brands including Bernini in South Africa, and Kingfisher Ultra in India.
All five global brands delivered volume growth, in aggregate up 9.9% (YTD: 6.9%). Amstel grew by a high-single-digit, led by Brazil, China, and South Africa, and extended its partnership with CONMEBOL Libertadores, leveraging the Latin passion for football to further build the brand across South America. Tiger grew in the twenties, driven by Tiger Crystal in Vietnam. Birra Moretti and Desperados also delivered volume growth.
Heineken® continued to grow volume by 9.7% (YTD: 6.8%), with double-digit growth in 22 markets including Vietnam, China, and Brazil. Heineken® 0.0 grew strongly with double-digit growth in 26 markets.
Heineken® volume
(in mhl) 3Q25
3Q26Organic growth
YTD 3Q25
YTD 3Q26Organic growth
Heineken N.V. | 15.7 | 17.2 | 9.7% | 45.7 | 48.8 | 6.8% |
Africa & Middle East | 1.4 | 1.6 | 9.3% | 4.2 | 4.4 | 5.6% |
Americas | 5.4 | 5.7 | 5.0% | 17.1 | 16.7 | -2.5% |
Asia Pacific | 4.5 | 5.4 | 20.8% | 12.2 | 15.2 | 24.4% |
Europe | 4.3 | 4.5 | 4.1% | 12.1 | 12.5 | 2.6% |
Total mainstream volume increased by 2.4% (YTD: 0.3%), with our local power brands outperforming the segment. Cruzcampo in the UK, Bedele and Harar in Ethiopia, and Kingfisher in India continued their strong momentum, all delivering double-digit growth.
Pioneer in low & no-alcoholTotal low & no-alcohol volume grew in the double-digits in the quarter, supported by Heineken® 0.0 and innovative launches across the portfolio. Heineken® Ultimate 3.5% built further momentum in Brazil, broadening the brand's proposition with a lower-alcohol, lower-calorie, and gluten-free beer. Beyond the Heineken® brand, Fayrouz in Egypt, and Sol Zero in Brazil contributed to growth, as well as several new 0.0 extensions of local power brands.
Selectively build beyond beerTotal beyond beer volume grew in the teens, driven by continued momentum of Bernini in South Africa, and growth in cider in the UK. We saw encouraging consumer response from recent innovations, including Birra Messina Note di Melograno in Italy and Desperados Sunlight in the Netherlands and France. During the quarter, we agreed to acquire a majority shareholding in the fast-growing ready-to-drink brand Stëlz. The transaction is subject to regulatory approvals.
REGIONAL OVERVIEW
Africa & Middle EastAfrica & Middle East delivered another quarter of resilient growth, with total volume up 4.3% (YTD: 3.4%), as consolidated volume grew 3.7% (YTD: 3.1%) and licensed volume increased 23.0% (YTD: 13.0%). Net revenue grew 6.8% (YTD: 7.7%), with net revenue per hectolitre increasing 3.6% (YTD: 4.8%). Price-mix on a constant geographic basis was up 3.6% (YTD: 5.8%), as currencies stabilised and inflationary pressures moderated.
Beer and ready-to-drink volume in South Africa grew by a double-digit, led by Amstel and Bernini, while wine remained under pressure. Klipdrift, proud sponsor of the South African Springboks national rugby team, had another strong performance in distilled spirits.
In Nigeria, net revenue and volume declined as consumer demand remained under pressure. Despite this, market share increased, and premium beer continued to grow, led by Heineken® and Desperados. In Ethiopia, net revenue grew in the forties, with volume up in the twenties and further share gains led by Bedele, Harar, and Heineken®.
AmericasThe Americas returned to growth in the quarter, demonstrating a gradual improvement as anticipated on softer comparatives. Total volume increased 2.1% (YTD: down 1.6%), as consolidated volume grew 1.8% (YTD: down 1.6%) and licensed volume increased 8.0% (YTD: down 2.6%). Net revenue grew 3.1% (YTD: 1.1%), with net revenue per hectolitre increasing 1.4% (YTD: 2.8%). Price-mix on a constant geographic basis was up 2.2% (YTD: 3.1%).
In Mexico, volume and net revenue grew, with vast majority of channels contributing. Premium beer grew strongly led by Miller High Life, while Tecate Original, Indio, and Dos Equis Lager contributed to growth in mainstream. In Brazil, net revenue grew in the teens and volume increased by mid-single-digit as the category returned to growth. Amstel and Heineken® grew in the teens, with strong momentum from Heineken® Ultimate 3.5% and Heineken® 0.0.
In the USA, volume remained under pressure in a declining market, although Heineken® 0.0, supported by recent flavour extensions, and Lagunitas both grew. The integration of the acquisition in Central America remains on track, including the delivery of expected synergies. In Costa Rica, our multi-category portfolio continued to perform well, supported by strong commercial execution across beer, ready-to-drink, and the broader beverage portfolio.
Asia PacificAsia Pacific delivered another quarter of strong growth, with total volume up 17.3% (YTD: 13.4%), as consolidated volume grew 15.6% (YTD: 9.4%) and licensed volume increased 23.5% (YTD: 32.4%). Net revenue grew 15.1% (YTD: 11.9%), while net revenue per hectolitre declined 0.4% (YTD: up 2.3%), reflecting country mix. Price-mix on a constant geographic basis was up 4.1% (YTD: 4.3%).
Vietnam grew volume in the twenties and net revenue in the thirties, supported by share gains in a growing category. Heineken® Silver and Tiger Crystal led the growth. In India, volume grew in the high teens as we continued to build penetration and premiumisation, with Kingfisher Ultra and Heineken® Silver. Net revenue grew in the twenties. We also partially benefitted from an easier comparable following last year's strong monsoon season. More equitable excise treatment of beer in certain states supports underlying consumer demand, boosting category growth.
In China1, Heineken® Original, Heineken® Silver and Amstel maintained strong momentum, with volume growing in the mid twenties through our China Resources Beer partnership. Growth was broad-based across geographies and channels, supported by increased consumer pull and measured distribution expansion.
EuropeStrong summer execution and innovation helped build momentum, and drive share gains, with total volume up 0.6% (YTD: down 0.1%) against a softer prior-year comparison, as consolidated volume grew 0.6% (YTD: down 0.2%) and licensed volume increased 2.4% (YTD: 6.9%). Net revenue grew 1.3% (YTD: 0.5%), with net revenue per hectolitre increasing 1.1% (YTD: 1.1%). Price-mix on a constant geographic basis was up 0.1% (YTD: 0.0%), reflecting moderate pricing and a negative channel mix from faster growth in the off-trade.
In the United Kingdom, volume grew, supported by another quarter of strong growth from Cruzcampo, alongside positive contributions from premium cider and stout. Our Star Pubs estate continued to outperform the wider pub market, reflecting both consumer appeal for quality pubs and the strength of our pub operating model. In Western Europe, strong execution and innovation drove growth in Italy and further on- and off-trade share gains in France. This was partly offset by continued consumer softness in parts of Central and Eastern Europe. During the quarter, we announced the move to a simpler European operating model following successful pilots, significantly reducing the number of operating companies.
OUTLOOKBased on current macroeconomic conditions, we assume a broadly unchanged consumer environment across most of our markets. We are accelerating disciplined execution of our strategy and continue to invest in sustainable growth, funded by productivity. Reflecting our strong performance to date, we remain confident in delivering our 2026 guidance of 2% to 6% operating profit growth. All other guidance metrics also remain unchanged.
TRANSLATIONAL CURRENCY CALCULATED IMPACTBased on the impact to date, and applying spot rates of 27 October 2026 to the 2025 financial results as a baseline for the remainder of the year, the calculated translational impact for the full-year would be approximately positive €410 million in net revenue, €40 million at consolidated operating profit, and €30 million at net profit.
SHARE BUYBACK PROGRAMME HEINEKENThe first €750 million tranche of the €1.5 billion Share Buyback Programme was completed on 20 January 2026. A total of 10,572,215 shares repurchased under the first tranche, including shares repurchased from Heineken Holding N.V., were cancelled on 14 April 2026. Up to and including 23 October 2026, a total of 9,190,451 shares were repurchased under the second tranche of the share buyback programme for a total of €654,318,899 (including Heineken Holding N.V.).
ENQUIRIES Media InvestorsChristiaan Prins Tristan van Strien
Director of Global Communication Global Director of Investor Relations
Marlous den Bieman Lennart Scholtus / Isabelle van Rongen
Head of Media Investor Relations Managers
E-mail: pressoffice.heineken@heineken.com E-mail: investors@heineken.com Tel: +31-20-5239355 Tel: +31-20-5239590
CONFERENCE CALL DETAILSHEINEKEN will host an analyst and investor conference call with Harold van den Broek, Chief Financial Officer, in relation to its Third Quarter 2026 Trading Update today at 10:00 CET/09:00 GMT. The call will be audio cast live via the company's website: https://www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:
United Kingdom (Local): 020 3936 2999 Netherlands (Local): 085 888 7233 USA (Local): 646 664 1960 For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers
Participation password for all countries: 056425
1 China Resources Beer (Holdings) Co. Ltd. (CR Beer) results are incorporated in our accounts with a two-month delay (May 2026 to July 2026).
Q3 & YTD 2026 NET REVENUE AND VOLUME(in mhl or €million unless otherwise stated) 3Q25
Currency translation
Consolidation
impact
Organic
growth 3Q26
Organic growth %
Africa & Middle East | ||||||
Net revenue | 1,017 | 81 | -56 | 69 | 1,111 | 6.8 % |
Total consolidated volume | 10.8 | -0.6 | 0.4 | 10.6 | 3.7 % | |
Licensed volume | 0.3 | 0.3 | 0.1 | 0.7 | 23.0 % | |
Total volume | 11.1 | -0.3 | 0.5 | 11.3 | 4.3 % | |
Americas | ||||||
Net revenue | 2,262 | 167 | 263 | 71 | 2,763 | 3.1 % |
Total consolidated volume | 21.0 | 1.4 | 0.4 | 22.8 | 1.8 % | |
Licensed volume | 0.8 | -0.1 | 0.1 | 0.8 | 8.0 % | |
Total volume | 21.8 | 1.3 | 0.4 | 23.6 | 2.1 % | |
Asia Pacific | ||||||
Net revenue | 958 | -11 | -36 | 145 | 1,056 | 15.1 % |
Total consolidated volume | 10.8 | -0.5 | 1.7 | 12.0 | 15.6 % | |
Licensed volume | 2.9 | 0.5 | 0.7 | 4.0 | 23.5 % | |
Total volume | 13.6 | - | 2.4 | 16.0 | 17.3 % | |
Europe | ||||||
Net revenue | 3,220 | 4 | 12 | 43 | 3,279 | 1.3 % |
Total consolidated volume | 24.9 | - | 0.2 | 25.0 | 0.6 % | |
Licensed volume | 0.2 | - | - | 0.2 | 2.4 % | |
Total volume | 25.0 | - | 0.2 | 25.2 | 0.6 % | |
Heineken N.V. | ||||||
Net revenue | 7,330 | 241 | 182 | 336 | 8,090 | 4.6 % |
Total consolidated volume | 67.4 | 0.3 | 2.6 | 70.3 | 3.9 % | |
Licensed volume | 4.2 | 0.7 | 0.8 | 5.7 | 19.5 % | |
Total volume | 71.6 | 1.0 | 3.4 | 76.0 | 4.8 % | |
(in mhl or €million unless otherwise stated) YTD 3Q25
Currency translation
Consolidation
impact
Organic growth
YTD 3Q26Organic growth %
Africa & Middle East | ||||||
Net revenue | 3,020 | 95 | -127 | 232 | 3,221 | 7.7 % |
Total consolidated volume | 32.5 | -1.3 | 1.0 | 32.2 | 3.1 % | |
Licensed volume | 1.0 | 0.7 | 0.1 | 1.9 | 13.0 % | |
Total volume | 33.5 | -0.5 | 1.1 | 34.1 | 3.4 % | |
Americas | ||||||
Net revenue | 6,879 | 308 | 702 | 73 | 7,961 | 1.1 % |
Total consolidated volume | 64.3 | 3.6 | -1.0 | 66.9 | -1.6 % | |
Licensed volume | 2.5 | -0.1 | -0.1 | 2.4 | -2.6 % | |
Total volume | 66.8 | 3.5 | -1.1 | 69.3 | -1.6 % | |
Asia Pacific | ||||||
Net revenue | 3,092 | -204 | -106 | 369 | 3,152 | 11.9 % |
Total consolidated volume | 34.8 | -1.5 | 3.3 | 36.6 | 9.4 % | |
Licensed volume | 7.4 | 1.6 | 2.4 | 11.4 | 32.4 % | |
Total volume | 42.2 | 0.1 | 5.7 | 48.0 | 13.4 % | |
Europe | ||||||
Net revenue | 8,910 | -15 | 34 | 47 | 8,976 | 0.5 % |
Total consolidated volume | 67.1 | - | -0.1 | 67.0 | -0.2 % | |
Licensed volume | 0.5 | - | - | 0.5 | 6.9 % | |
Total volume | 67.6 | - | -0.1 | 67.5 | -0.1 % | |
Heineken N.V. | ||||||
Net revenue | 21,512 | 184 | 507 | 721 | 22,923 | 3.4 % |
Total consolidated volume | 198.7 | 0.8 | 3.1 | 202.7 | 1.6 % | |
Licensed volume | 11.4 | 2.2 | 2.5 | 16.1 | 21.8 % | |
Total volume | 210.2 | 3.1 | 5.6 | 218.9 | 2.7 % | |
Note: due to rounding, this table will not always cast
RECONCILIATION OF NON-GAAP MEASURESIn internal managerial reports, HEINEKEN uses the metrics net revenue (beia) and net revenue (beia) organic growth. Below table contains a reconciliation between IFRS reported and certain Non-GAAP measures. For more details on specific measures and definitions of Alternative Performance Measures used in this release, please refer to the glossary on page 279 of the 2025 Annual Report, available on the Company's website.
Reconciliation between IFRS reported and certain Non-GAAP measures13Q24 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
Revenue | 9,072 | -5.5 % | 162 | 9,234 | -487 | -182 | 337 | 3.5 % |
Excise tax expense | -1,515 | 2.8 % | -40 | -1,554 | 16 | 50 | -69 | -4.4 % |
Net revenue | 7,557 | -6.1 % | 122 | 7,679 | -471 | -132 | 268 | 3.3 % |
Total | Currency | Consolidation | Organic | Organic | ||||
3Q25 | Reported | growth % | Eia2 | Beia | translation | impact2 | growth | growth % |
Revenue | 8,712 | -4.0 % | 4 | 8,716 | -364 | -22 | -132 | -1.4 % |
Excise tax expense | -1,385 | 8.5 % | -1 | -1,386 | 60 | - | 109 | 7.0 % |
Net revenue | 7,327 | -3.0 % | 3 | 7,330 | -304 | -22 | -23 | -0.3 % |
3Q26 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
Revenue | 9,558 | 9.7 % | -4 | 9,554 | 245 | 212 | 380 | 4.4 % |
Excise tax expense | -1,464 | -5.7 % | - | -1,464 | -4 | -30 | -45 | -3.2 % |
Net revenue | 8,094 | 10.5 % | -4 | 8,090 | 241 | 182 | 336 | 4.6 % |
YTD 3Q24 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
Revenue | 26,895 | -0.5 % | 151 | 27,046 | -1,159 | -149 | 1,364 | 5.1 % |
Excise tax expense | -4,514 | -1.0 % | -38 | -4,552 | 62 | 68 | -221 | -5.0 % |
Net revenue | 22,381 | -0.8 % | 113 | 22,493 | -1,097 | -81 | 1,143 | 5.1 % |
Total | Currency | Consolidation | Organic | Organic | ||||
YTD 3Q25 | Reported | growth % | Eia2 | Beia | translation | impact2 | growth | growth % |
Revenue | 25,636 | -4.7 % | 5 | 25,642 | -1,353 | -55 | 4 | 0.0 % |
Excise tax expense | -4,129 | 8.5 % | - | -4,130 | 131 | - | 291 | 6.4 % |
Net revenue | 21,507 | -3.9 % | 5 | 21,512 | -1,222 | -55 | 295 | 1.3 % |
YTD 3Q26 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact2 | Organic growth | Organic growth % |
Revenue | 27,117 | 5.8 % | -11 | 27,106 | 86 | 586 | 793 | 3.1 % |
Excise tax expense | -4,183 | -1.3 % | - | -4,183 | 98 | -79 | -72 | -1.7 % |
Net revenue | 22,934 | 6.6 % | -11 | 22,923 | 184 | 507 | 721 | 3.4 % |
1 Due to rounding, this table will not always cast.
2 HEINEKEN continues to apply hyperinflation accounting in Haiti and ceased to apply hyperinflation accounting in Burundi, effective 1 January 2026 and in Ethiopia, effective 1 January 2025. All metrics in the income statement are restated to reflect the inflation level as per the reporting date. These impacts are recorded as exceptional items.
Editorial information:
HEINEKEN is the world's pioneering beer company. We are the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, we have a portfolio of more than 340 international, regional, local, and specialty beers and ciders. With HEINEKEN's over 87,000 employees, we brew the joy of true togetherness to inspire a better world. Our dream is to shape the future of beer and beyond to win the hearts of consumers. We are committed to innovation, long-term brand investment, disciplined sales execution, and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. We operate breweries, malteries, cider plants, and other production facilities in more than 70 countries. Most recent information is available on our Company's website, and follow us on LinkedIn and Instagram.
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Disclaimer:
This press release contains forward-looking statements based on current expectations and assumptions with regard 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 be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN's non-financial reporting, such as HEINEKEN's emission reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by use of terms and phrases such as "aim", "ambition", "anticipate", "believe", "could", "estimate", "expect", "goals", "intend", "may", "milestones", "objectives", "outlook", "plan", "probably", "project", "risks", "schedule", "seek", "should", "target", "will" and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN's ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN's publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on external sources, such as specialised research institutes, in combination with management estimates. HEINEKEN undertakes no responsibility for the accuracy or completeness of such external sources.