HEINEKEN HOLDING N.V. REPORTS 2025 FULL YEAR RESULTS

Rhea-AI Summary

Heineken Holding N.V. (HKHHY) reported 2025 BEIA results showing resilient performance in weak markets. Net revenue (beia) €28,890m (+1.6% organic) and operating profit (beia) €4,385m (+4.4%); operating margin rose 41 bps to 15.2%.

Free operating cash flow was €2.6bn (cash conversion 87%), ROIC improved to 22.7%, and a dividend of €1.90 per share was proposed.

Positive

• Net revenue (beia) €28,890m, organic growth +1.6%
• Operating profit (beia) €4,385m, +4.4% YoY
• Operating margin expanded +41 bps to 15.2%
• Free operating cash flow €2.6bn with 87% cash conversion
• Return on Invested Capital (ROIC) increased +57 bps to 22.7%
• Completed first tranche of a €1.5bn share buyback programme

Negative

• Total volume declined 1.2%, consolidated volume down 2.1%
• IFRS revenue down 4.7% to €34,257m
• Marketing and selling expenses rose to 9.9% of net revenue
• Planned reduction of 5,000–6,000 roles over two years

Amsterdam, 11 February 2026

HEINEKEN HOLDING 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 of Heineken Holding N.V.		952				Net profit (beia)		2,662		4.9%
Diluted EPS		3.39				Diluted EPS (beia)		4.78		3.6%
						Free operating cash flow		2,602
						Net debt / EBITDA (beia)		2.2x

Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for 2025 amounts to €952 million.

Distribution of excess share buyback proceeds of circa €0.16 per outstanding share to be approved by the General meeting of Shareholders of Heineken Holding N.V.

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 HEINEKEN's markets, including over 80% of HEINEKEN's 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%.
• Heineken N.V. completed first tranche of the €1.5 billion share buyback programme, second €750 million tranche to start shortly. Heineken Holding N.V. participated pro rata to its shareholding.
• 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%.

Annual Report 2025

Today we published our Heineken Holding N.V. Annual Report, you can access the full report here: https://www.heinekenholding.com/investors/results-reports-webcasts-presentations

ENQUIRIES

Media Heineken Holding N.V.
Kees Jongsma
tel. +31 6 54 79 82 53
E-mail: cjongsma@spj.nl
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 Holding N.V. 2025 FY Press Release

FAQ

What were Heineken Holding N.V. (HKHHY) 2025 BEIA net revenue and growth?

BEIA net revenue was €28,890m with organic growth of 1.6%. According to the company, net revenue per hectolitre rose 3.8%, reflecting quality volume and mix despite subdued markets.

How did Heineken Holding N.V. (HKHHY) profitability perform in 2025?

Operating profit (beia) was €4,385m, up 4.4%, with margin expanding 41 bps to 15.2%. According to the company, productivity savings and cost flow-through supported margin improvement.

What cash generation and capital returns did HKHHY report for 2025?

Free operating cash flow was €2.6bn with an 87% cash conversion ratio. According to the company, it completed the first tranche of a €1.5bn buyback and proposed a €1.90 dividend.

What guidance did Heineken Holding N.V. (HKHHY) give for 2026 operating profit?

The company expects FY2026 operating profit to grow in the range of 2% to 6%. According to the company, this reflects accelerated EverGreen 2030 execution and FIFCO integration.

How did volumes and brand performance trend for HKHHY in 2025?

Total volume declined 1.2%; consolidated volume fell 2.1% while licensed volume rose 17.8%. According to the company, Heineken and global brands showed market share gains in many priority markets.