Heineken N.V. reports 2025 full year results

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%.
  
  

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.

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

Outlook 2026

Based on current conditions in the macro-economic landscape, we are assuming an unchanged consumer environment in most of our markets and remain prudent in our expectations for 2026. Furthermore, we are accelerating the disciplined execution of EverGreen 2030, stepping up our investments in growth and adapting our operating model with speed. As such, we anticipate:

• Operating profit to grow between 2% and 6%, reflecting our current assessment of inflation and other macroeconomic conditions as well as the investments and changes required to accelerate our EverGreen 2030 strategy.
  
  
• Variable costs to rise by a low-single-digit per hl, predominately from currency impacting the local inflation base notably in Africa. From our productivity initiatives, we expect gross savings to be at the upper end of our medium term guidance the range of €400 to €500 million.
  
  
• An average effective interest rate of around 3.5% (2024: 3.4%).
  
  
• Other net finance expenses (ONFE) to be in the range of €175 to €225 million (2025: €199 million), depending on exchange rate fluctuations.
  
  
• An effective tax rate (ETR) in the range of 27% to 28% (2025: 27.2%).
  
  
• Capital expenditure as a percentage of net revenue to be below 8% (2025: 8.4%).
  
  
• The completed acquisition of FIFCO ’s beverage and retail businesses is expected to be circa 2% to 3% accretive to EPS.
  
  

CONFERENCE CALL DETAILS

HEINEKEN will host an analyst and investor video webcast about its 2025 FY results today, 11 February, 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

Editorial information:

HEINEKEN is the world’s most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 340 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 85,000 employees, we brew the joy of true togetherness to inspire a better world. Our dream is to shape the future of beer and beyond to win the hearts of consumers. We are committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through “Brew a Better World”, sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. We operate breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on our Company’s website and follow us on LinkedIn and Instagram.

Market Abuse Regulation

This press release may contain price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer:

This press release contains forward-looking statements based on current expectations and assumptions with regards to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management’s current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forwardlooking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates.