Heineken (HEIA) 23rd annual dbAccess Global Consumer Conference summary

Key achievements and strategic direction

• Navigated global volatility by leveraging geographic diversity, balancing challenges in Europe with resilience in Africa and the Americas.

• Shifted company culture to prioritize cost and productivity, enabling continued long-term investment.

• Achieved initial benefits from capital productivity and cash returns, with a focus on execution during CEO transition.

• Maintains a clear strategy and is focused on delivering results for the current year.

Regional performance and market dynamics

• Europe shows cautious consumer sentiment but category stabilization; price-consciousness is high.

• Africa demonstrates agility and resilience, with growth in Ethiopia, South Africa, and Nigeria.

• Asia benefits from positive consumer sentiment and healthy macroeconomic conditions, despite Middle East tensions.

• Americas face macroeconomic headwinds, with beer category slightly contracting and cautious outlook.

Financial guidance and risk management

• EBITA growth guidance for the year is 2%-6%, with scenario planning for market uncertainties.

• Key risks include the duration of the Strait of Hormuz closure and its impact on consumer sentiment.

• Moderate inflation is expected into 2027 due to elevated input costs like aluminum, diesel, and LNG.

• Productivity initiatives offset some cost pressures, allowing continued investment without panic pricing.