Group 1 - Heineken Holding N.V. reported a net result of €380 million for its participating interest in Heineken N.V. for the first half of 2025 [2] - The total revenue for the company reached €16,924 million, with a net revenue organic growth of 2.1% and a per hectolitre growth of 3.3% [2] - Beer volume experienced an organic decline of 1.2%, while Heineken volume saw a growth of 4.5% [2] Group 2 - Operating profit for the first half of 2025 was €1,433 million, with an organic growth of 7.4% for operating profit (beia) [2] - The outlook for the full year remains unchanged, with an expected organic growth of operating profit (beia) between 4% to 8% [2]

Core Insights - Heineken Holding N.V. reported its first quarter performance for 2025, indicating that results were as anticipated and the full-year outlook remains unchanged [2][10] Financial Performance - Revenue for the first quarter was €7.8 billion, with net revenue (beia) showing an organic increase of 0.9% and net revenue (beia) per hectolitre up by 3.3% [4][10] - Total consolidated volume decreased by 2.4%, while the price-mix on a constant geographic basis increased by 4.1% due to pricing strategies to counter inflation and premiumisation [4][10] - Currency translation negatively impacted net revenue (beia) by €345 million, primarily due to the strengthening of the Euro against currencies like the Mexican Peso and Brazilian Real [5][10] Volume and Market Share - Beer volume decreased organically by 2.1%, attributed to calendar timing effects, including a later Easter and the earlier timing of Tết [8][10] - Despite the overall volume decline, Heineken is gaining or holding market share in more than half of its markets year-to-date [8] Premium Segment Performance - Premium beer volume increased organically by 1.8%, outperforming the total beer portfolio, with significant growth in markets such as Vietnam, India, and Nigeria [11][12] - Heineken® brand volume grew by 4.6%, with double-digit growth in 25 markets, including Vietnam and China [12][13] Outlook and Strategic Initiatives - The company anticipates ongoing macroeconomic volatility, including global inflationary pressures and currency devaluations, but maintains its full-year expectations of 4% to 8% organic growth in operating profit (beia) [14][16] - Heineken is focusing on capital allocation and productivity initiatives to navigate the fluctuating environment while continuing to invest in growth opportunities [15][16] Share Buyback Program - Heineken has initiated a two-year share buyback program for a total of €750 million, with the first tranche of €375 million expected to be completed by January 2026 [17][18]

Group 1 - Heineken Holding N.V. has initiated a share buyback program with a total value of approximately €750 million, of which the first tranche is up to €375 million [1][2] - As of April 11, 2025, a total of 556,151 shares have been repurchased under this program, amounting to a total consideration of €37,678,728 [2] - The average price for shares repurchased from April 7 to April 11, 2025, was €63.36, with a total of 72,990 shares bought during this period [1] Group 2 - Heineken Holding N.V. is primarily engaged in managing its interest in Heineken N.V. and does not conduct other activities [4] - The company is recognized as the world's most international brewer, with a diverse portfolio of over 340 beer and cider brands [4] - Heineken employs over 85,000 individuals and operates production facilities in more than 70 countries, emphasizing sustainability and innovation in its business practices [4]

Core Viewpoint - Heineken Holding N.V. has announced the initiation of the first tranche of its share buyback program, amounting to approximately €375 million, as part of a larger €750 million program over two years [1][2]. Group 1: Share Buyback Program Details - The first tranche of the share buyback program is expected to be completed by 30 January 2026, or earlier if the allocated amount is fully utilized [3]. - Heineken Holding N.V. will repurchase shares daily, equivalent to the number of Heineken N.V. shares sold to Heineken N.V. at the volume-weighted average price [2][3]. - Repurchased shares will be canceled to reduce the issued share capital of Heineken Holding N.V. [3]. Group 2: Shareholder Support - L'Arche Green N.V., the majority shareholder of Heineken Holding N.V., supports the share buyback program and has committed to voting in favor of related mandates at future general meetings [4]. Group 3: Compliance and Communication - The share buyback program will be executed in compliance with the Market Abuse Regulation, including safe harbor provisions [5]. - Heineken Holding N.V. will provide regular updates on the progress of the share buyback program through press releases and its investor website [5].

Core Insights - Heineken Holding N.V. reported solid results for 2024, with broad-based growth and profit expansion despite a slight decline in total revenue [2][4][5] Financial Summary - Total revenue for 2024 was €35,955 million, a decrease of 1.2% compared to 2023 [5] - Net revenue (beia) showed a solid organic growth of 5.0%, reaching €29,964 million [6][7] - Operating profit (beia) increased by 8.3% to €4,512 million, with an operating profit margin of 15.1% [6][7] - Net profit (beia) rose by 7.3% to €2,739 million, with diluted EPS (beia) at €4.89 [6][7] - Free operating cash flow was reported at €3,058 million [6] Growth Drivers - The organic growth in net revenue (beia) was primarily driven by strong performances in Brazil, Mexico, Nigeria, South Africa, Vietnam, and India [7] - Beer volume increased organically by 1.6%, with Heineken® volume up by 8.8% [6][9][12] - Premium beer volume saw a growth of 5.2%, supported by key markets including Brazil, Vietnam, India, South Africa, and the UK [11] Challenges and Impacts - Net revenue (beia) faced a negative translation impact of €1,656 million (5.5%) due to currency devaluations, particularly in Nigeria, Brazil, and Mexico [8][25] - The consolidation effect from exiting Russia and selling Vrumona had a net negative impact of €193 million (0.6%) [8] Future Outlook - For 2025, Heineken anticipates an organic growth in operating profit (beia) in the range of 4% to 8% [6][16] - The company plans to maintain a similar level of capital expenditure as in 2024, which was 8.2% of net revenue (beia) [17] - Heineken is set to launch a two-year share buyback program for up to €750 million and will participate in Heineken N.V.'s €1.5 billion share buyback program [6][18][19] Dividend Information - A total cash dividend of €1.86 per share is proposed for 2024, representing a 7.5% increase from 2023 [23][24]

Board Changes - Jean-Marc Huët will be proposed as the new Chair of the Board of Directors of Heineken Holding N V at the Annual General Meeting (AGM) in April 2025, succeeding Maarten Das [1] - Jean-Marc Huët will serve as a non-executive member of the Board of Directors for a maximum period of four years, until the AGM in 2029 [1] - Maarten Das will retire as non-executive member and Chair of the Board of Directors at the AGM in April 2025, having served since 1994 and as Chair since 2002 [3] - Alexander de Carvalho will be proposed for reappointment as a non-executive member of the Board of Directors for another four-year term at the AGM in April 2025 [4] Jean-Marc Huët's Background - Jean-Marc Huët holds an MBA from INSEAD and a bachelor's degree from Dartmouth College [2] - He currently serves as Chairman of the Board of Directors of Lonza Group and Chair of the Supervisory Board of Vermaat Groep [2] - Jean-Marc Huët will step down as member and Chair of the Supervisory Board of Heineken N V at the AGM in April 2025 [2] Company Overview - Heineken Holding N V focuses solely on its participating interest in Heineken N V and the management or supervision of and provision of services to that company [5] - HEINEKEN is the world's most international brewer, with a portfolio of over 350 international, regional, local, and specialty beers and ciders [5] - The company operates breweries, malteries, cider plants, and other production facilities in more than 70 countries [6] - HEINEKEN has over 85,000 employees and is committed to innovation, long-term brand investment, disciplined sales execution, and focused cost management [5] - Sustainability is embedded in the business through the "Brew a Better World" initiative [6]

Core Insights - Heineken Holding N.V. reported a revenue of €9,072 million for Q3 2024, with a year-to-date revenue of €26,895 million, reflecting a net revenue (beia) organic growth of 3.3% for the quarter and 5.1% year to date [1][2][6] Financial Performance - The total consolidated volume increased by 0.7% in Q3 2024, with a year-to-date increase of 1.3% [2][3] - Net revenue (beia) per hectolitre rose by 2.6% for the quarter and 3.7% year to date [2] - Price-mix on a constant geographic basis increased by 3.0% for the quarter and 4.3% year to date, driven by pricing strategies to counter inflation and premiumisation of the portfolio [2][3] Volume Growth - Beer volume organic growth was 0.7% for Q3 2024 and 1.6% year to date, with growth in Europe and Africa & Middle East offsetting slight declines in the Americas and Asia Pacific [3][4] - Premium beer volume saw an organic growth of 4.5% for the quarter, led by Brazil, South Africa, and India [4] - Heineken® brand volume grew by 8.7% for the quarter and 9.0% year to date, with double-digit growth in 30 markets [4][6] Business Outlook - Heineken confirmed its full-year expectations of 4% to 8% operating profit (beia) organic growth for 2024 [1][6] - The company is increasing investments in its brands to focus on long-term sustainable growth opportunities [6] Currency and Consolidation Impact - Currency translation negatively impacted net revenue (beia) by €471 million for the quarter and €1,097 million year to date, primarily due to the devaluation of several currencies [2][7] - Consolidation effects reduced net revenue (beia) by €132 million for the quarter and €81 million year to date, mainly from the disposal of operations in Russia and Vrumona [2][7] Digital Business Performance - Heineken's business-to-business digital platforms captured €9.3 billion in gross merchandise value year to date, representing a 26% organic increase compared to the previous year [2]

Core Viewpoint - Heineken Holding N.V. continues to execute its EverGreen strategy, achieving balanced growth despite economic volatility in certain markets, with a focus on sustainability, digital connectivity, and long-term value creation [2][24]. Financial Performance - Revenue for the first half of 2024 was €17.823 billion, reflecting a 2.2% increase, while net revenue (beia) grew by 6.0% organically to €14.824 billion, driven by strong performance in key markets such as Nigeria, Mexico, Brazil, Vietnam, and India [21]. - Operating profit (beia) reached €2.079 billion, showing an organic growth of 12.5%, with an operating profit margin of 14.0% [7][6]. - Beer volume increased organically by 2.1% in the first half of 2024, with Heineken® brand volume growing by 9.2% [3][11]. Market Dynamics - Heineken gained or held market share in over half of its markets, with premium beer volume up 5.1%, indicating strong consumer demand [10][22]. - The company faced challenges such as currency devaluation in Nigeria and inflationary pressures in Africa, but remains confident in its ability to adapt [5][4]. Strategic Initiatives - Heineken is committed to investing a larger portion of its gross savings into marketing and sales, particularly in high-potential markets like Mexico, Brazil, Vietnam, India, and South Africa [26][24]. - The company aims to achieve approximately €500 million in gross savings for 2024, exceeding its medium-term commitment of €400 million per year [13][25]. Outlook - Heineken updated its full-year outlook, expecting organic operating profit (beia) growth in the range of 4% to 8% [27][14]. - The company anticipates variable costs to increase organically by a low-single-digit percentage per hectolitre, while also expecting higher wage inflation [4][28].