HEINEKEN HOLDING N.V. REPORTS 2025 FULL YEAR RESULTS
Amsterdam, 11 February 2026
HEINEKEN HOLDING N.V. REPORTS 2025 FULL YEAR RESULTS
Well-balanced performance in challenging market conditions
| IFRS Measures | BEIA Measures | |||||||||
| (in € million) | Total growth | (in € million) | Organic growth | |||||||
| Revenue | 34,257 | -4.7% | Revenue (beia) | 34,395 | 0.2% | |||||
| Net revenue | 28,753 | -3.6% | Net revenue (beia) | 28,890 | 1.6% | |||||
| Operating profit | 3,406 | -3.2% | Operating profit (beia) | 4,385 | 4.4% | |||||
| Operating profit margin | 11.8% | 5 bps | Operating profit (beia) margin | 15.2% | 41 bps | |||||
| Net profit of Heineken Holding N.V. | 952 | Net profit (beia) | 2,662 | 4.9% | ||||||
| Diluted EPS | 3.39 | Diluted EPS (beia) | 4.78 | 3.6% | ||||||
| Free operating cash flow | 2,602 | |||||||||
| Net debt / EBITDA (beia) | 2.2x |
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.
The net result of Heineken Holding N.V.’s participating interest in Heineken N.V. for 2025 amounts to €952 million.
Distribution of excess share buyback proceeds of circa €0.16 per outstanding share to be approved by the General meeting of Shareholders of Heineken Holding N.V.
Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % or bps indicate organic growth, except for Diluted EPS (beia) which is calculated on a constant currency basis.
Growth: Quality volume and mix with market share gains in subdued market conditions
- Total volume declined 1.2%, with consolidated volume down 2.1%, and licensed volume up 17.8%.
- Heineken® volume grew 2.7%, global brands volume grew 1.9%.
- Net revenue grew 1.6%, net revenue per hectolitre up 3.8%.
- Over 60% of HEINEKEN’s markets, including over 80% of HEINEKEN’s priority growth markets gaining or holding share.
- Marketing and selling expenses expanded to 9.9% of net revenue.
Profitability: Strong productivity gains enabling margin expansion
- Gross savings in excess of €500 million, with an increased flow-through to profit.
- Operating profit grew 4.4% with operating profit margin expanding 41 bps to 15.2%.
- Diluted Earnings per Share (EPS) of €4.78, up 3.6% (2024: €4.89).
Capital Efficiency: Another year of solid cash flow generation, with improved ROIC
- Free Operating Cash Flow of €2.6 billion, translating into a cash conversion ratio of 87%.
- Return on Invested Capital (ROIC) absolute increase of 57 bps to 22.7%, incl. goodwill & intangibles up 21 bps to 9.4%.
- Heineken N.V. completed first tranche of the €1.5 billion share buyback programme, second €750 million tranche to start shortly. Heineken Holding N.V. participated pro rata to its shareholding.
- Dividend of €1.90 per share proposed. Dividend payout policy to be expanded to the range of 30% to 50%.
2026: Accelerating the disciplined execution of EverGreen 2030, integrating FIFCO
- Increasing investment in growth focused on global brands, faster innovation and sharper execution.
- Accelerating productivity at scale to unlock significant savings, reducing 5,000 to 6,000 roles over next two years.
- Integrating FIFCO beverage and retail businesses in Central America, expected to be immediately accretive to EPS.
- Anticipating FY2026 operating profit to grow in the range of 2% to 6%.
Annual Report 2025
Today we published our Heineken Holding N.V. Annual Report, you can access the full report here: https://www.heinekenholding.com/investors/results-reports-webcasts-presentations
ENQUIRIES
| Media Heineken Holding N.V. | ||
| Kees Jongsma | ||
| tel. +31 6 54 79 82 53 | ||
| E-mail: cjongsma@spj.nl | ||
| Media | Investors | |
| Christiaan Prins | Tristan van Strien | |
| Director of Global Communication | Global Director of Investor Relations | |
| Marlous den Bieman | Lennart Scholtus / Chris Steyn | |
| Head of Media | Investor Relations Manager / Senior Analyst | |
| E-mail: pressoffice@heineken.com | E-mail: investors@heineken.com | |
| Tel: +31-20-5239355 | Tel: +31-20-5239590 |
CONFERENCE CALL DETAILS
HEINEKEN will host an analyst and investor video webcast about its 2025 FY results today, 11 February 2026, at 10:00 CET/ 09:00 GMT/ 04:00 EST. The live video webcast will be accessible via the company’s website:
https://www.theheinekencompany.com/investors/results-reports-webcasts-and-presentations.
An audio replay service will also be made available after the webcast at the above web address. Analysts and investors can dial-in using the following telephone numbers:
| United Kingdom (local): +44 20 3936 2999 |
| Netherlands (local): +31 85 888 7233 |
| United States: +1 646 233 4753 |
| All other locations: +44 20 3936 2999 |
| For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers |
| Participation password for all countries: 375706 |
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