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Heineken Holding (HEIO) investor relations material
Heineken Holding H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered solid first half results amid global turbulence, advancing the Evergreen '25 strategy focused on balanced growth, productivity, digitalization, and sustainability.
Achieved strong profit growth, driven by APAC and Africa/Middle East, with improved Q2 volume trends and continued investment in brands and digital transformation.
Net result for H1 2025 was €380 million, reflecting solid profit growth despite volatile conditions and currency headwinds.
Heineken® volume up 4.5% and premium beer volume up 1.8%, despite a 1.2% decline in total beer volume.
Confirmed full-year guidance for organic operating profit growth of 4% to 8%.
Financial highlights
Net revenue grew 2.1% organically year-over-year; net revenue per liter up 3.3%; total beer volume down 1.2%.
Operating profit increased 7.4% organically to €2,027 million; operating margin reached 14.3%.
Net profit rose 7.5% organically; diluted EPS at €2.08 (beia), down 3.1% year-over-year.
Free operating cash flow was €257M, down from €655M last year, mainly due to FX and working capital movements.
Currency translation reduced net revenue (beia) by €918 million, mainly due to the Euro's strength.
Outlook and guidance
Reaffirmed full-year organic operating profit growth guidance of 4% to 8%, with net profit expected to grow in line.
Expects full-year volumes to be broadly stable, with positive price/mix driving net revenue growth.
Variable costs expected to rise mid-single-digit per hectolitre globally, low-single-digit outside AME.
Raised gross savings ambition for 2025 from €400M to over €500M.
Calculated negative currency impact for 2025: €1,580m on net revenue (beia), €310m on operating profit (beia), €160m on net profit (beia).
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