Heineken (HEIA) Q1 2025 TU earnings summary

Executive summary

• Net revenue grew 0.9% organically in Q1 2025, with per hectoliter up 3.3%, despite a 2.1% beer volume decline due to calendar effects and macroeconomic headwinds.

• Premium portfolio, led by Heineken, showed resilience with premium beer volume up 1.8% and Heineken brand up 4.6%.

• Gained or held share in over half of markets, with strong performances in Vietnam, India, Ethiopia, Brazil, and China.

• Q1 2025 performance aligned with expectations, demonstrating agility in a volatile macroeconomic environment.

• Total revenue was €7,784 million, down 4.9% due to currency headwinds and calendar effects.

Financial highlights

• Net revenue (BEIA) reached €6.5 billion, up 0.9% organically; net revenue BEIA per hectoliter increased 3.3% year-over-year.

• Price/mix contributed +4.1% to revenue growth, with price up 3.2% and mix up 0.9% due to premiumization.

• Total consolidated volume declined 2.4% organically, with beer volume down 2.1%.

• Currency translation had a negative €345 million (5%) impact, mainly from euro appreciation against key currencies.

• eB2B platforms achieved €3.1 billion in gross merchandise value, up 16% organically.

Outlook and guidance

• Full-year 2025 outlook confirmed: organic operating profit BEIA expected to grow 4%-8%, with all key guidance elements unchanged.

• Organic net profit (BEIA) expected to grow broadly in line with operating profit.

• Gross savings on track to achieve €400 million in 2025.

• Management remains cautious due to macroeconomic uncertainties, including inflation, weak consumer sentiment, and tariffs.

• Calculated negative translational impact for 2025: €1,720 million on net revenue (BEIA), €320 million on operating profit (BEIA), €180 million on net profit (BEIA).