HEINEKEN N.V. REPORTS 2025 FULL YEAR RESULTS

Rhea-AI Summary

HEINEKEN (HEINY) reported 2025 full-year results with a well-balanced performance in challenging markets. BEIA organic net revenue rose 1.6%, operating profit (BEIA) grew 4.4% and operating margin expanded 41 bps to 15.2%. Free operating cash flow was €2.6bn.

The company completed the first tranche of a €1.5bn buyback, proposed a €1.90 dividend per share, acquired FIFCO in Central America, and announced workforce reductions of 5,000–6,000 roles to accelerate EverGreen 2030.

Positive

• FIFCO acquisition in Central America is expected to be immediately accretive to EPS
• Free operating cash flow of €2.6 billion with 87% cash conversion ratio
• Completed first tranche of the €1.5 billion share buyback; second €750 million tranche to start shortly
• Return on Invested Capital (ROIC) increased by 57 bps to 22.7%

Negative

• Workforce reduction of 5,000–6,000 roles over two years as a significant cost intervention
• Total volume declined 1.2% with consolidated volume down 2.1%
• FY2026 operating profit guidance is modest: growth range of 2%–6%

News Market Reaction

+4.54%

1 alert

+4.54% News Effect

On the day this news was published, HEINY gained 4.54%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Amsterdam, 11 February 2026

HEINEKEN N.V. REPORTS 2025 FULL YEAR RESULTS

Well-balanced performance in challenging market conditions

				IFRS Measures						BEIA Measures
(in € million)				Total growth		(in € million)				Organic growth
Revenue		34,257		-4.7%		Revenue (beia)		34,395		0.2%
Net revenue		28,753		-3.6%		Net revenue (beia)		28,890		1.6%
Operating profit		3,406		-3.2%		Operating profit (beia)		4,385		4.4%
Operating profit margin		11.8%		5 bps		Operating profit (beia) margin		15.2%		41 bps
Net profit		1,885		92.7%		Net profit (beia)		2,662		4.9%
Diluted EPS		3.38		94.3%		Diluted EPS (beia)		4.78		3.6%
						Free operating cash flow		2,602
						Net debt / EBITDA (beia)		2.2x

Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % or bps indicate organic growth, except for Diluted EPS (beia) which is calculated on a constant currency basis.

Growth: Quality volume and mix with market share gains in subdued market conditions

• Total volume declined 1.2%, with consolidated volume down 2.1%, and licensed volume up 17.8%.
• Heineken^® volume grew 2.7%, global brands volume grew 1.9%.
• Net revenue grew 1.6%, net revenue per hectolitre up 3.8%.
• Over 60% of our markets, including over 80% of our priority growth markets gaining or holding share.
• Marketing and selling expenses expanded to 9.9% of net revenue.
  

Profitability: Strong productivity gains enabling margin expansion

• Gross savings in excess of €500 million, with an increased flow-through to profit.
• Operating profit grew 4.4% with operating profit margin expanding 41 bps to 15.2%.
• Diluted Earnings per Share (EPS) of €4.78, up 3.6% (2024: €4.89).
  

Capital Efficiency: Another year of solid cash flow generation, with improved ROIC

• Free Operating Cash Flow of €2.6 billion, translating into a cash conversion ratio of 87%.
• Return on Invested Capital (ROIC) absolute increase of 57 bps to 22.7%, incl. goodwill & intangibles up 21 bps to 9.4%.
• Completed first tranche of the €1.5 billion share buyback programme, second €750 million tranche to start shortly.
• Dividend of €1.90 per share proposed. Dividend payout policy to be expanded to the range of 30% to 50%.

2026: Accelerating the disciplined execution of EverGreen 2030, integrating FIFCO

• Increasing investment in growth focused on global brands, faster innovation and sharper execution.
• Accelerating productivity at scale to unlock significant savings, reducing 5,000 to 6,000 roles over next two years.
• Integrating FIFCO beverage and retail businesses in Central America, expected to be immediately accretive to EPS.
• Anticipating FY2026 operating profit to grow in the range of 2% to 6%.

DOLF VAN DEN BRINK, CEO, COMMENTED:

“In 2025, we delivered a resilient and well-balanced performance. We gained share, drove cost and cash productivity, and increased investment behind our brands. Combined with agility and our advantaged footprint, this helped us navigate volatility and deliver within our guidance range. We reinforced our footprint through the acquisition of FIFCO in Central America, our largest acquisition in more than a decade, positioning us even more strongly for growth in the future.

As EverGreen 2025 concludes, we have made meaningful progress and advanced major transformations that strengthen our fundamentals. EverGreen 2030 builds on this with a sharper strategy, clearer resource allocation, and a stronger focus on value creation.

Now we pivot to the disciplined execution of EverGreen 2030. Our first priority is to accelerate growth, funded by stepped up productivity and operating model changes that will involve a significant cost intervention over the next two years. This will unlock stronger people productivity and enable greater speed and efficiency. At the same time, we remain prudent in our near‑term expectations for beer market conditions.”

Annual Report 2025

Today we published our Heineken N.V. ("HEINEKEN") Annual Report, providing an overview of our performance, future direction and progress on sustainability. You can access the full report here: https://www.theheinekencompany.com/2025results/

ENQUIRIES

Media		Investors
Christiaan Prins		Tristan van Strien
Director of Global Communication		Global Director of Investor Relations
Marlous den Bieman		Lennart Scholtus / Chris Steyn
Head of Media		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 2025 FY results today, 11 February 2026, at 10:00 CET/ 09:00 GMT/ 04:00 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: +1 646 233 4753

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: 375706

Attachment

• HEINEKEN N.V. 2025 FY Press Release

FAQ

What were HEINEKEN (HEINY) BEIA net revenue and operating profit results for FY2025?

HEINEKEN reported BEIA net revenue growth of 1.6% and operating profit growth of 4.4%. According to the company, net revenue per hectolitre rose 3.8% and operating profit margin expanded 41 basis points to 15.2%, supported by productivity savings.

How much free cash flow did HEINEKEN (HEINY) generate in 2025 and what is the cash conversion ratio?

HEINEKEN generated €2.6 billion of free operating cash flow in 2025, with an 87% cash conversion ratio. According to the company, strong cash generation underpinned the share buyback and dividend proposal.

What is the status and size of HEINEKEN's (HEINY) 2025–2026 share buyback programme?

HEINEKEN completed the first tranche of a €1.5 billion buyback and will start a second €750 million tranche shortly. According to the company, the programme is part of capital allocation alongside dividend payments.

What impact does the FIFCO acquisition have on HEINEKEN's (HEINY) outlook?

HEINEKEN expects the FIFCO acquisition in Central America to be immediately accretive to EPS. According to the company, the deal strengthens the regional footprint and supports EverGreen 2030 growth priorities.

What guidance did HEINEKEN (HEINY) give for FY2026 operating profit growth?

HEINEKEN expects FY2026 operating profit to grow in the range of 2% to 6%. According to the company, this assumes stepped-up productivity, increased brand investment and integration of FIFCO while market conditions remain cautious.