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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.
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H1 2025 earnings summary28 Jul, 2025

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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Frequently asked questions

Heineken Holding N.V. is a massive player within the global beer and beverages sector, primarily functioning as the holding company for Heineken N.V., one of the world's leading brewers. Established in 1864 by Gerard Adriaan Heineken in Amsterdam, the company has grown into a Dutch multinational brewing powerhouse, with Heineken N.V. operating over 165 breweries across more than 70 countries. Its diverse portfolio includes 348 international, regional, local, and specialty beers and ciders, reflecting its extensive global footprint and consumer appeal. Heineken Holding N.V. plays a crucial role in managing and supervising the management of the Heineken group, ensuring the continuity, independence, and stable growth of its operations. Through its subsidiaries, it is actively involved in the brewing and selling of beer, leveraging its vast network to cater to a wide array of consumer tastes and preferences worldwide. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on multiple stock exchanges, including the Euronext Amsterdam.

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