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].