Heineken (HEIA) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with a welcome to shareholders, board members, and observers, with voting results to be published online.

• Legal formalities for convening the meeting were confirmed, enabling valid resolutions on all voting items.

• Voting instructions and procedures were explained, including digital voting and Q&A protocols.

Board and executive committee updates

• CEO Dolf van den Brink will step down as of May 31, 2026, with the Supervisory Board actively seeking a successor.

• The CEO reflected on his tenure, highlighting transformation under the EverGreen strategy and organizational resilience.

• The CFO emphasized disciplined execution of the EverGreen 2030 strategy and the importance of consistent shareholder returns.

Financial performance review

• 2025 saw autonomous revenue growth of €0.5 billion (1.6%) despite a 2.1% volume decline, offset by a positive price mix.

• Operating profit reached €4.4 billion (BEIA), up 4.4% autonomously, with a margin of 15.2%.

• Net profit increased 4.9% to €2.66 billion; earnings per share rose 3.6% to €4.78.

• Free operating cash flow was €2.6 billion, with a strong cash conversion of 87%.

• Regional performance: Africa/Middle East led profit growth (+62%), Asia-Pacific grew 5.1%, Americas declined 1.9%, Europe declined 4.9%.

• 2026 outlook: autonomous operating profit growth expected at 2%-6%.