Heineken Holding
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Heineken Holding (HEIO) investor relations material

Heineken Holding H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary11 Feb, 2026

Executive summary

  • Delivered a well-balanced performance in 2025, with revenue and profit growth despite challenging market conditions and volume declines in some regions.

  • Advanced the Evergreen 2030 strategy, focusing on growth, productivity, and future-proofing through digitalization and sustainability.

  • Strong results in growth markets like Vietnam, Myanmar, China, South Africa, and Ethiopia, offset by weaker performance in Brazil and Cambodia.

  • Completed the acquisition of FIFCO, strengthening presence in Central America and enhancing the long-term growth platform.

  • Announced CEO transition and board changes, with continued commitment to disciplined execution and strategic clarity.

Financial highlights

  • Net revenue increased 1.6% year-over-year to €28.9 billion, with net revenue per hectoliter up 3.8% due to pricing and mix.

  • Operating profit grew 4.4% organically to €4.39 billion, with a 41 basis point margin expansion to 15.2%; net profit rose 4.9% to €2.66 billion.

  • Diluted EPS BEIA reached €4.78; proposed total dividend of €1.90 per share, a 2% increase, with payout ratio expanded to 30%-50%.

  • Free operating cash flow was €2.6 billion, with a strong cash conversion rate of 87%.

  • ROIC increased 57 bps to 22.7%.

Outlook and guidance

  • Operating profit expected to grow 2%-6% organically in 2026, excluding FIFCO accretion.

  • FIFCO acquisition expected to be 2%-3% accretive to EPS in 2026 and immediately accretive.

  • Effective tax rate projected at 27%-28%; variable costs to rise low single-digit, mainly from currency effects in Africa.

  • Gross savings from productivity initiatives targeted at €400–€500 million annually.

  • Continued prudent approach to macroeconomic uncertainty and consumer demand.

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Q1 2026 TU23 Apr, 2026
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Frequently asked questions

Heineken Holding N.V. is a massive player within the global beer and beverages sector, primarily functioning as the holding company for Heineken N.V., one of the world's leading brewers. Established in 1864 by Gerard Adriaan Heineken in Amsterdam, the company has grown into a Dutch multinational brewing powerhouse, with Heineken N.V. operating over 165 breweries across more than 70 countries. Its diverse portfolio includes 348 international, regional, local, and specialty beers and ciders, reflecting its extensive global footprint and consumer appeal. Heineken Holding N.V. plays a crucial role in managing and supervising the management of the Heineken group, ensuring the continuity, independence, and stable growth of its operations. Through its subsidiaries, it is actively involved in the brewing and selling of beer, leveraging its vast network to cater to a wide array of consumer tastes and preferences worldwide. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on multiple stock exchanges, including the Euronext Amsterdam.

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