Heineken N.V. reports 2024 full year results

Rhea-AI Summary

Heineken N.V. (HEINY) reported strong 2024 full-year results with broad-based growth across all regions. The company achieved organic beer volume growth of 1.6% and net revenue growth of 5.0%. Operating profit (beia) increased by 8.3% organically, with margins expanding 40 bps to 15.1%.

Notable performance highlights include Heineken® brand volume growth of 8.8%, premium volume growth of 5%, and mainstream beer volume increase of 2%. The beyond beer segment grew 4%, while Heineken® 0.0 saw 10% growth. The company achieved gross savings exceeding €0.6 billion and increased marketing investment by €0.3 billion.

HEINEKEN announced a two-year €1.5 billion share buyback programme and provided a 2025 outlook projecting operating profit (beia) organic growth between 4% to 8%. Free Operating Cash Flow reached €3,058 million, with net profit at €978 million.

Positive

• Organic beer volume growth of 1.6% across all regions
• Operating profit (beia) increased 8.3% organically
• Operating margin expansion of 40 basis points to 15.1%
• Heineken® brand volume growth of 8.8%
• Announcement of €1.5 billion share buyback programme
• Strong Free Operating Cash Flow of €3,058 million
• Gross savings exceeded €0.6 billion

Negative

• None.

Heineken N.V. reports 2024 full year results

Amsterdam, 12 February 2025 – Heineken N.V. (HEINEKEN) [(EURONEXT: HEIA; OTCQX: HEINY)] announces:

Solid results with broad-based growth and profit expansion in 2024

Key Highlights

• Revenue €35,955 million
• Net revenue (beia) 5.0% organic growth, per hectolitre 3.5%
• Beer volume 1.6% organic growth; Heineken^® volume up 8.8%
• Operating profit €3,517 million; operating profit (beia) 8.3% organic growth
• Operating profit (beia) margin 15.1%, up 40 bps
• Net profit €978 million; net profit (beia) 7.3% organic growth
• Diluted EPS (beia) €4.89
• Free Operating Cash Flow €3,058 million
• HEINEKEN to launch two-year €1.5 billion share buyback programme
• Full year 2025 outlook: 4% to 8% operating profit (beia) organic growth
  
  

CEO Statement

Dolf van den Brink, Chairman of the Executive Board / CEO, commented:

"We delivered solid results with broad-based growth and profit expansion in 2024. Beer volume grew organically by 1.6%, and net revenue (beia) was up 5.0% with strong operating profit (beia) growth of 8.3%. Notably, our beer volume expanded in all four regions, across both developed and emerging markets.

Our EverGreen strategy continued to shape operations. Premium volume grew 5%, led globally by Heineken^®, which was up 9%. Mainstream beer volume rose 2%, spearheaded by the leading brands in our largest markets, including Amstel in Brazil, Cruzcampo in the UK, and Kingfisher in India. The beyond beer segment grew 4%, led by Desperados globally and Savanna cider in Southern Africa. Heineken^® 0.0 grew 10%, reinforcing our global leadership in non-alcoholic beer.

Gross savings exceeded €0.6 billion, supporting a 40 bps operating margin (beia) expansion. Marketing and selling investment increased by €0.3 billion, a double-digit organic increase, and we stepped up funding behind our digital and technology initiatives. Capital productivity focus helped deliver a strong free operating cash flow, exceeding €3 billion.

Looking ahead, we are well-positioned to further increase our investment in marketing and selling and behind our EverGreen priorities in 2025. We expect to grow operating profit (beia) organically in the range of 4% to 8%."

Enquiries

Media		Investors
Christiaan Prins		Tristan van Strien
Director of Global Communication		Global Director of Investor Relations
Marlie Paauw		Lennart Scholtus / Chris Steyn
Corporate Communications Lead		Investor Relations Manager / Senior Analyst
E-mail: pressoffice@heineken.com		E-mail: investors@heineken.com
Tel: +31-20-5239355		Tel: +31-20-5239590

Conference Call Details

HEINEKEN will host an analyst and investor video webcast about its 2024 FY results today, 12 February, at 14:00 CET/ 13:00 GMT/ 08.00 EST. The live video webcast will be accessible via the company’s website: https://www.theheinekencompany.com/investors/results-reports-webcasts-and-presentations.

An audio replay service will also be made available after the webcast at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (local): +44 20 3936 2999

Netherlands (local): +31 85 888 7233

United States: +1 646 787 9445

All other locations: +44 20 3936 2999

For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers

Participation password for all countries: 962302

Attachment

• 2024 FYPR_Final.pdf

FAQ

What is Heineken's (HEINY) projected operating profit growth for 2025?

Heineken projects organic operating profit (beia) growth between 4% to 8% for 2025.

How much is Heineken's (HEINY) share buyback program worth and how long will it last?

Heineken announced a two-year share buyback programme worth €1.5 billion.

What was Heineken's (HEINY) organic revenue growth in 2024?

Heineken achieved 5.0% organic growth in net revenue (beia) in 2024.

How much did Heineken's (HEINY) premium beer segment grow in 2024?

Heineken's premium volume grew by 5% in 2024, led globally by the Heineken® brand.

What was Heineken's (HEINY) Free Operating Cash Flow in 2024?

Heineken's Free Operating Cash Flow reached €3,058 million in 2024.

How much did Heineken (HEINY) increase its marketing investment in 2024?

Heineken increased its marketing and selling investment by €0.3 billion, representing a double-digit organic increase.