Heineken Holding (HEIO) Q3 2025 TU earnings summary

Executive summary

• Q3 was challenging due to persistent macroeconomic volatility and cyclical factors dampening consumer sentiment and industry trends.

• Revenue for the quarter was €8,712 million, with year-to-date revenue at €25,636 million.

• Solid performances in Africa and Asia partially offset declines in the Americas and Europe, with market share gains in most markets.

• Beer volume declined organically by 4.3% for the quarter and 2.3% year to date, with premium beer volume down 2.2% for the quarter but up 0.4% year to date.

• Announced a fiscal transition in Central America, expected to add to growth and earnings accretion in H1 next year.

Financial highlights

• Q3 net revenue: €7.3 billion, down 0.3% organically; YTD net revenue up 1.3%.

• Net revenue per hectoliter rose 3.6% for the quarter and 3.4% year to date due to pricing and premiumization.

• Price/mix up 3.3% for the quarter and 3.6% year to date.

• Foreign currency translation negatively impacted net revenue by €304 million for the quarter and €1,222 million year to date.

• eB2B platforms captured €9.7 billion in gross merchandise value year to date, up 13% organically.

Outlook and guidance

• Full-year organic operating profit growth expected at the lower end of 4%-8% guidance.

• Anticipates modest volume decline in 2025 due to ongoing macro volatility, weak consumer sentiment, inflation, and currency devaluation.

• Calculated negative translational impact for the full year estimated at €1,490 million in net revenue, €290 million in operating profit, and €150 million in net profit.

• Confident in achieving €500 million productivity target.