Heineken N.V. reports 2025 half year results

Amsterdam, 28 July 2025 – Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) announces:

Solid profit growth highlighting agility across our global footprint

• Revenue €16,924 million
• Net revenue (beia) 2.1% organic growth; per hectolitre 3.3%

• Beer volume organic growth -1.2%; Heineken^® volume growth 4.5%

• Operating profit €1,433 million; operating profit (beia) organic growth 7.4%

• Diluted EPS (beia) €2.08

• Outlook for the full year unchanged; operating profit (beia) expected to grow organically 4% to 8%

Dolf van den Brink, CEO and Chairman of the Executive Board, commented:

“In the first half, we delivered solid results as organic operating profit (beia) grew 7.4% as the operating margin expanded by 26 bps and net revenue (beia) increased 2.1%. At the same time, we continued to invest in future-proofing our business, strengthening our footprint and brand portfolios, funded by productivity savings.

Our volume performance improved across all regions in the second quarter and continued to be of high quality. In the half year, mainstream beer volume increased 0.5%, premium beer volume rose by 1.8%, and Heineken^® volume grew by 4.5%.

Our advantaged geographical footprint helped us to adapt to ongoing macro-economic challenges which impacted consumer sentiment and expenditures. Our African markets led the operating profit growth, benefitting from strong portfolios and a transformed cost base. Profit growth was further boosted by the expansion of our portfolios and distribution led gains in Vietnam, India, and China. In Europe, extended retailer negotiations temporarily impacted volume, but were important to preserve future sustainable category development. Mexico and Brazil showed resilience in a softer market environment. 

As the year progresses, we remain agile in our execution, focusing our investments to seize the biggest opportunities, supported by a step up in expected gross savings now to exceed €0.5 billion in 2025. Considering the current conditions, we confirm our full-year outlook to organically grow operating profit (beia) by 4% to 8%, reflecting our agility and commitment to invest in growth.”

HEINEKEN will host an analyst and investor conference call in relation to its 2025 Half Year results today at 14:00 CET/ 13:00 BST. The call will be audio cast live via the company’s website: www.theheinekencompany.com.

An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (Local): 020 3936 2999

Netherlands (Local): 085 888 7233

USA: 1 646 787 9445

For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers

Participation password for all countries: 465823

Attachment

• HEINEKEN H1 2025 Press Release