HEINEKEN HOLDING N.V. REPORTS 2025 FULL YEAR RESULTS

Core Insights - Heineken Holding N.V. reported a well-balanced performance in challenging market conditions for the fiscal year 2025, with a total revenue of €34.257 billion, reflecting a decline of 4.7% [1] - The company achieved organic growth in net revenue of 1.6%, with net revenue per hectolitre increasing by 3.8% [5] - Operating profit (BEIA) grew by 4.4% to €4.385 billion, with an operating profit margin expansion of 41 basis points to 15.2% [1][5] Financial Performance - Total volume declined by 1.2%, while consolidated volume decreased by 2.1%, and licensed volume increased by 17.8% [5] - Heineken® volume grew by 2.7%, and global brands volume increased by 1.9% [5] - The net profit of Heineken Holding N.V. for 2025 amounted to €952 million, with diluted EPS (BEIA) at €4.78, up 3.6% [2][5] Capital Efficiency and Cash Flow - Free operating cash flow reached €2.602 billion, resulting in a cash conversion ratio of 87% [5] - The return on invested capital (ROIC) increased by 57 basis points to 22.7%, including goodwill and intangibles [5] Shareholder Returns - A dividend of €1.90 per share is proposed, with a dividend payout policy to be expanded to a range of 30% to 50% [5] - The company completed the first tranche of a €1.5 billion share buyback program, with a second tranche of €750 million to start shortly [5] Strategic Initiatives - The company plans to increase investment in growth focused on global brands, faster innovation, and sharper execution [10] - Heineken aims to integrate FIFCO beverage and retail businesses in Central America, which is expected to be immediately accretive to EPS [10] - Anticipated operating profit growth for FY2026 is projected to be in the range of 2% to 6% [10]