Heineken N.V. Full Year 2022 Earnings Conference Call Summary Company Overview - **Company**: Heineken N.V. (OTCQX: HEINY) - **Date of Call**: February 15, 2023 - **Participants**: - José Federico Castillo Martinez – Director-Investor Relations - Dolf van den Brink – Chief Executive Officer - Harold van den Broek – Chief Financial Officer Key Financial Highlights - **Net Revenue**: Grew 21.2% organically to €28.7 billion, driven by volume and value growth [7][34] - **Operating Profit**: Increased by 24% to €4.5 billion, with a margin of 15.7% [7][37] - **Net Profit**: Grew 30.7% year-over-year, with EPS increasing by 39% to €4.92 [48][49] - **Volume Growth**: Total volume grew 6.4% organically, with beer volume up 2.7% compared to 2019 [8][34] - **Gross Savings**: Achieved €1.7 billion in gross savings from productivity programs, on track to exceed €2 billion target by 2023 [6][49] Strategic Focus and Performance - **EverGreen Strategy**: Focus on balanced growth through five priorities: top line growth, digitization, productivity, sustainability, and unlocking potential of people [4][5] - **Premiumization**: Strong performance in premium brands, with Heineken brand growing 14.5% and premium portfolio up 15% [18][19] - **Regional Performance**: - **AMEEE**: Net revenue grew 21.8%, driven by strong growth in Nigeria and South Africa [9][10] - **Americas**: Net revenue increased 15.2%, with strong performance in Mexico and Brazil [11][12] - **APAC**: Beer volume increased 29.3%, with net revenue up 37.4% [13][14] - **Europe**: Net revenue grew 19.2%, with a focus on premiumization and responsible pricing [15][16] Sustainability and Corporate Responsibility - **Brew a Better World Strategy**: Aiming for Net Zero carbon emissions by 2030, with a reduction of 18% in absolute carbon emissions since 2018 [28][29] - **Gender Diversity**: Increased percentage of senior management positions held by women from 19% to 27% over five years [30] Future Outlook - **2023 Expectations**: Operating profit expected to grow mid to high-single digit, with stable to modestly growing volume in developing markets and declining in Europe [59][60] - **Input Costs**: Anticipated high teens input cost inflation, particularly in Europe [60] - **Capital Allocation**: Focus on maintaining net debt-to-EBITDA ratio below 2.5 times while investing in growth [82][83] Additional Insights - **Digital Transformation**: Introduction of a standardized eB2B platform named eazle, aiming to improve customer experience and efficiency [25][26] - **Market Share**: Heineken is growing market share in two-thirds of its markets, with a focus on balancing volume and price mix [71][72] - **Pricing Strategy**: Confidence in passing on cost pressures to consumers, with ongoing negotiations with European retailers [89][93] This summary encapsulates the key points from Heineken's earnings call, highlighting financial performance, strategic initiatives, sustainability efforts, and future outlook.

Heineken NV (OTCQX:HEINY) Q2 2022 Earnings Conference Call August 1, 2022 8:00 AM ET Company Participants Federico Martinez - Director, IR Rudolf van den Brink - Chairman & CEO Harold van-den Broek - CFO Conference Call Participants Simon Hales - Citigroup Edward Mundy - Jefferies Trevor Stirling - Sanford C. Bernstein & Co. Tristan Van Strien - Redburn Pinar Ergun - Morgan Stanley Nik Oliver - UBS Operator Hello, and welcome to the Heineken N.V. Half Year 2022 Results. My name is Harry, and I'll be coordin ...

Heineken N.V. 2021 Full Year Results Dolf van den Brink, CEO Harold van den Broek, CFO Amsterdam | February 16, 2022 | Heineken N.V. Disclaimer 2 | --- | --- | |------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------| | | | | activities. These forward-looking statements are subject to risks and uncertainties that could cause actual results to | | | differ materially f ...

Financial Data and Key Metrics Changes - Net revenue, beia, grew 12.2% organically, benefiting from strong volume growth and revenue per hectoliter growth [5][16] - Operating profit, beia, increased by 43.8%, with a margin of 15.6%, improving 331 basis points due to top-line growth leverage and cost mitigation actions [5][16] - Net profit, beia, grew by 80.2% compared to the previous year, with earnings per share increasing to €3.54, a 77% growth [20][28] Business Line Data and Key Metrics Changes - Heineken brands' volume grew 4.6% organically, with a significant 17.4% growth in over 60 markets [5][16] - Premium portfolio grew by more than 30%, driven by successful launches and expansions in key markets [7][12] - In the Americas, net revenue and operating profit grew organically by 17.9% and 90.5% respectively, with beer volume growing by 8.2% [7][16] Market Data and Key Metrics Changes - In the AMEE region, net revenue grew organically by 25.9% and operating profit by 89%, particularly strong in South Africa and Nigeria [5][16] - Asia Pacific saw a decline in beer volume of 11.7% organically, with net revenue down 6.1% due to pandemic impacts [8][16] - Europe experienced an 8.6% growth in net revenue, with beer volume growing by 15% in Q4 [9][16] Company Strategy and Development Direction - The company is focused on its Evergreen strategy, aiming for sustainable long-term value creation through premiumization and digital transformation [10][28] - Plans to invest in brand support and digital initiatives while reversing cost mitigation actions taken during the pandemic [28] - The company aims to achieve net-zero carbon emissions in its full value chain by 2040, with interim targets set for 2030 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's strong performance despite ongoing inflationary challenges and uncertainties in recovery speed [4][29] - The company anticipates input cost pressures to increase in the mid-teens, with plans to offset these through pricing strategies [28] - The outlook for 2022 includes expectations of stable to modest sequential improvement in operating profit margin, with a target of 17% operating margin by 2023 [28] Other Important Information - The company achieved €1.3 billion in gross savings as part of its productivity program, with a target of €2 billion by 2023 [22][23] - Cash flow for the full year was €2.5 billion, significantly improved from the previous year, with capital expenditures expected to increase in 2022 [21][28] Q&A Session Summary Question: Key moving parts affecting margins for 2022 and 2023 - Management identified COVID recovery, pricing impact, and EverGreen savings as key factors influencing margins [31][33] Question: Benefits from B2B systems - Management highlighted increased customer satisfaction and productivity gains as key benefits from the B2B systems [31][34] Question: Vulnerable geographies for potential volume softness - Management noted that regions with historically higher inflation may be less vulnerable, but caution was advised due to multiple influencing factors [37][38] Question: Capex guidance and future investments - Management indicated that increased Capex for 2022 reflects ongoing investments in growth and capacity expansions across various regions [44][45]

Financial Data and Key Metrics Changes - The company reported a net revenue growth of 14.1% organically, amounting to €1.3 billion, driven by strong volume growth and revenue per hectolitre growth [15][43] - Beer volume grew by 9.6%, with Heineken brand volume increasing by 19.6% [15][32] - Operating profit more than doubled, reaching €1.6 billion, with a margin of 16.3% [15][54] - Net profit tripled compared to the previous year, with EPS growing to €1.56 per share, although still 15% below 2019 levels [64][65] Performance by Business Lines - In the AMEE region, net revenue grew organically by 30.4%, and operating profit increased by 190.2%, with strong growth in South Africa and Nigeria [17] - The Americas saw net revenue and operating profit grow by 25.7% and 85.7% respectively, driven by Mexico and Brazil [19] - Asia Pacific experienced a beer volume decline of 1% organically, with net revenue increasing by 5.4% [23] - Europe reported a net revenue growth of 3%, with a beer volume decline of 9.7% in Q1, but a recovery to 13% growth in Q2 [29] Market Data and Key Metrics Changes - In Nigeria, beer volume grew 16.8% organically, with a premium portfolio growth close to 60% [18] - Mexico's beer volume fully recovered with growth in the mid-30s, while Brazil's price mix grew in the high 20s [20][21] - In Europe, on-trade volume was down by a low single digit for the first half, with off-trade growing ahead of 2019 [30][31] Company Strategy and Industry Competition - The company launched the EverGreen strategy aimed at delivering superior and profitable growth while navigating the ongoing pandemic [7][10] - The acquisition of United Breweries in India is seen as a significant opportunity for long-term growth, leveraging the large population and low per capita beer consumption [27][28] - The company is focusing on premiumization and expanding its portfolio, with new product launches in various markets [12][32] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the ongoing impact of COVID-19 and rising commodity costs, expecting full-year financial results to remain below 2019 levels [16][73] - The company anticipates margin pressure to intensify in the second half of the year due to input cost inflation [73] - Despite uncertainties, management is confident in the progress made towards the EverGreen strategy and the commitment of its workforce [75] Other Important Information - The company reported a significant currency translation impact of €567 million, decreasing net revenue by 6.1% [47] - The organizational redesign has been largely completed, with a target of delivering €2 billion in gross savings by 2023 [58][59] - Free operating cash flow improved to €650 million, a significant increase from the previous year [68] Q&A Session Summary Question: Early signs of EverGreen strategy evolution - Management highlighted the need for consumer-centric innovation and the positive momentum in brand Heineken's growth [80] Question: Confidence in delivering €2 billion cost savings - Management expressed confidence in the progress made and the programmatic approach to cost savings [88] Question: Excitement about India integration - Management is optimistic about the long-term growth potential in India, citing favorable demographics and the strength of the Kingfisher brand [82][84] Question: Input cost headwinds outlook - Management indicated that input costs have risen significantly and expect pressures to continue into the second half of the year [106] Question: Recovery of the on-premise channel in Europe - Management noted a slower recovery in Europe compared to the U.S., with ongoing uncertainties regarding the full return of on-trade volumes [100] Question: Clarification on €1 billion savings - Management clarified that the €1 billion savings is an annualized figure, not a gross number for 2021 [103]

Financial Performance Highlights - Heineken's Net Revenue (beia) increased organically by 14.1%[17], driven by an 8.2% increase in volume and a 5.5% increase in net revenue per hectoliter[41] - Operating Profit (beia) saw a significant organic increase of 109.3%[17, 43] - Net Profit (beia) increased by 320.3%[17] - Heineken® volume grew by 19.6%[17] compared to 2020 and 16.7% compared to 2019[31] Regional Performance - AMEE (Africa, Middle East, and Eastern Europe) region experienced a Net Revenue (beia) organic growth of 30.4% and Operating Profit (beia) organic growth of 190.2%[20], with beer volume up by 16.8%[20] - Americas region saw Net Revenue (beia) organic growth of 25.7% and Operating Profit (beia) organic growth of 85.7%[23], with beer volume up by 16.7%[23] - APAC (Asia Pacific) region's Net Revenue (beia) organic growth was 5.4%[25], but beer volume decreased by 1.0%[25], while Operating Profit (beia) organic growth was 15.9%[25] - Europe Region experienced Net Revenue (beia) organic growth of 3% and Operating Profit (beia) organic growth of 359.1%[28], with beer volume up by 0.8%[28] Strategic Initiatives - Digital sales value reached €1 billion in H1, more than double the previous year[33] - Heineken is accelerating investments in digital & technology, sustainability & responsibility, and marketing & sales[48] - Heineken is operationalising its 2030 "Raise the Bar" vision, focusing on environmental and social responsibility[34] Outlook - The company anticipates the pandemic will continue to impact the rest of the year[56] - Headwinds in input costs are expected in the second half of the year, with a material impact from commodity costs in 2022[56] - Operating profit margin in the second half is expected to be lower than the second half of 2020[56]

Heineken N.V. (OTCQX:HEINY) Q4 2020 Results Conference Call February 10, 2021 8:00 AM ET Company Participants Federico Martinez - IR Dolf van den Brink - CEO Laurence Debroux - CFO Conference Call Participants Trevor Stirling - Bernstein Sanjeet Aujla - Credit Suisse Simon Hales - Citi Richard Withagen - Kepler Ed Mundy - Jefferies Olivier Nicolai - Goldman Sachs Andrea Pistacchi - Bank of America Nik Oliver - UBS Celine Pannuti - JP Morgan Mitch Collett - Deutsche Bank Robert Vos - ABN AMRO Laurence Whyatt ...

THEINEKEN 1 Superior & profitable growth in a fast-changing world February 2021 Disclaimer 2 This presentation contains forward-looking statements with regard to the financial position and results of HEINEKEN's activities. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN's ability to control or est ...

්‌HEINEKEN Heineken N.V. 2020 Half Year Earnings Release Dolf van den Brink, CEO Laurence Debroux, CFO Amsterdam | August 3, 2020 | Heineken N.V. This presentation contains forward-looking statements with regard to the financial position and results of HEINEKEN's activities. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. 1 Disclaimer Many of these risks and uncertainties rela ...

Heineken N.V. (OTCQX:HEINY) Q2 2020 Earnings Conference Call August 3, 2020 ET Company Participants Dolf van den Brink - Chief Executive Officer Laurence Debroux - Chief Financial Officer Jose Federico Castillo - Head of Investor Relations Conference Call Participants Trevor Stirling - Bernstein Edward Mundy - Jefferies Simon Hales - Citi Pinar Ergun - Morgan Stanley Tristan van Strien - Redburn Partners Operator Ladies and gentlemen, hello and welcome to the Heineken N.V 2020 Half Year Results. My name is ...