Group 1 - The Nicaraguan antitrust authority (PROCOMPETENCIA) has approved HEINEKEN's acquisition of all shares held by FIFCO in Nicaraguan Brewing Holding, S.A., contingent upon the implementation of an antitrust compliance program as per local regulations [1] - The completion of the transaction to acquire FIFCO's beverage and retail businesses, initially announced on September 22, 2025, is now anticipated to occur in Q1 2026 [2]

Core Points - HEINEKEN's partnership with the Champions League will end in August 2027 after 30 years, marking a strategic shift to focus on sponsorships that provide proportional value creation and return on investment [2][3] - The company remains committed to sports sponsorship, continuing its partnership with Formula 1 and has signed a global partnership with Premier Padel, which is recognized as the fastest growing sport worldwide [3] - HEINEKEN aims to maximize the remaining two years of the Champions League sponsorship to enhance brand association and is focused on investing in future opportunities that align with its pioneering mindset [4] Company Overview - HEINEKEN is a leading developer and marketer of premium and nonalcoholic beer and cider brands, with a portfolio of over 340 international, regional, local, and specialty products [5] - The company employs over 85,000 individuals and emphasizes innovation, long-term brand investment, disciplined sales execution, and focused cost management [5] - Sustainability is a core aspect of HEINEKEN's operations, integrated into its business model through the "Brew a Better World" initiative, and the company has a strong presence in both developed and developing markets [5]

Core Insights - HEINEKEN has launched its EverGreen 2030 strategy to accelerate growth in the beer category, which is expected to recover despite current challenges from COVID and inflation [1][2][3] - The beer category captures 42% of consumer spending on alcohol, indicating significant growth potential through innovation and technology [1][4] Growth Acceleration - The beer category is projected to grow volume by approximately 1% per annum, with HEINEKEN well-positioned to capitalize on this through its global footprint and strong presence in both developed and emerging markets [4][13] - HEINEKEN is focusing on 17 key growth markets and aims to strengthen its leadership in 50 markets where it already holds strong positions [4][5] Brand and Innovation Leadership - HEINEKEN is a leader in premium and non-alcoholic beer segments, with innovations like the next generation of 0.0 beer under the Heineken brand [5][12] - The company is expanding its brand portfolio and innovations in low and no-alcohol segments to meet evolving consumer trends [5][10] Productivity Enhancement - HEINEKEN achieved over €3 billion in gross savings under its previous strategy and aims for an additional €400-500 million in annual gross savings moving forward [6][9] - The company plans to double the size of HEINEKEN Business Services to enhance productivity and operational efficiency [7][8] Digital Transformation and Sustainability - HEINEKEN is investing over €1 billion in its Digital Backbone to transform operations across more than 70 markets [9][10] - The company is committed to sustainability, updating its water efficiency target to below 2.6hl/hl by 2030 and reaffirming its net zero carbon emissions goal by 2030 [13] Financial Ambitions - HEINEKEN expects mid-single-digit organic net revenue growth, with organic operating profit anticipated to outpace revenue growth [13] - The company aims for over 90% cash conversion and plans to incorporate Returns on Invested Capital (ROIC) into its management incentive framework [13]

Core Insights - HEINEKEN is reshaping its global head office as part of its new five-year strategy, EverGreen 2030, to enhance agility and focus on growth opportunities [1][5] - The strategy emphasizes accelerated digital transformation and the transition of roles to create a more connected organization [2][4] Digital Transformation - EverGreen 2030 places technology and agility at the core of HEINEKEN's growth plans, scaling the rollout of its Digital Backbone (DBB) across more than 70 markets [2] - DBB integrates over 40 digital platforms to simplify processes, unlock data potential, and enable faster innovation [2] Organizational Restructuring - HEINEKEN is evolving its organizational design by expanding HEINEKEN Business Services (HBS) to create global capability centers [3] - Starting in 2026, the Amsterdam head office will transition to a more focused strategic center, impacting approximately 400 roles, in addition to 200 roles already in transformation [4] Leadership Perspective - Dolf van den Brink, CEO of HEINEKEN, highlighted the need to accelerate digital transformation and focus on market success amid changing geopolitical and economic conditions [5] Future Outlook - The EverGreen 2030 strategy aims to position HEINEKEN as a stronger, more agile organization ready to unlock new growth opportunities [6]

Acquisition Overview - HEINEKEN will acquire FIFCO's beverage and retail businesses to strengthen its presence across Central America[1] - The acquisition includes 100% ownership of HEINEKEN Panama and expands HEINEKEN's regional footprint[7] - The cash consideration for the stakes acquired by HEINEKEN will be US$3.2 billion[44] Strategic Rationale - The acquisition advances HEINEKEN's EverGreen strategy by strengthening its Central American footprint[10] - HEINEKEN aims to re-allocate resources to growth opportunities through strategic acquisitions and disposals[14] - The transaction is expected to be immediately accretive to operating profit and EPS[44] Market Position and Growth - HEINEKEN will acquire 100% control of the beverage leader in Costa Rica[10] - HEINEKEN Panama experienced a compound annual growth rate (CAGR) of approximately 20% in beer volume from 2019 to 2024[10, 34] - Costa Rica is a highly attractive market with strong macro fundamentals and favorable beverage consumption trends[17] Financial Impact and Synergies - The implied acquisition multiple is 116x EV/EBITDA based on 2024 results[44] - Run-rate cost savings of approximately US$50 million are anticipated[44] - Costa Rica will be one of HEINEKEN's top 5 operating companies by operating profit[44] Central America Expansion - HEINEKEN has an equal partnership (4985%) in Nicaragua's leading brewer[8, 38] - HEINEKEN has a food & beverage platform in Guatemala[8, 38] - HEINEKEN has a fast-growing Beyond Beer portfolio in Mexico[8, 38]

Core Insights - HEINEKEN has reached a significant milestone by installing Heineken® 0.0 draught at its 10,000th outlet in Europe, highlighting its leadership in the non-alcoholic beer category and the growing acceptance of alcohol-free options in key markets [1][6] Group 1: Market Expansion - Nearly 60% of outlets in Ireland now offer Heineken® 0.0 on draught, with over 2,000 outlets in both the UK and Spain also providing this option, indicating strong demand for alcohol-free alternatives [2][6] - The Netherlands is experiencing a notable annual growth of 25% in alcohol-free draught consumption, reflecting a shift in consumer preferences towards non-alcoholic options [3] Group 2: Consumer Trends - A Nielsen study commissioned by HEINEKEN revealed that one in four sports fans now opts for alcohol-free options while attending events, showcasing the integration of Heineken® 0.0 into everyday social occasions [3] - The company emphasizes that the perception of ordering alcohol-free beer as "different" is fading, as it becomes more mainstream in social settings [3] Group 3: Product Innovation - HEINEKEN has developed a true 0.0 beer on draught, ensuring zero alcohol formation in the line, which is a significant advancement in the industry [5] - The company offers various draught solutions tailored to different venue sizes, from an 8-litre system for smaller venues to a 20-litre system for larger locations, enhancing the customer experience [5] Group 4: Industry Leadership - HEINEKEN holds an 18% global market share in the 0.0 beer category, reinforcing its commitment to expanding consumer choice and promoting responsible consumption [5]

Core Insights - Marc Busain, President of HEINEKEN Americas, will step down effective October 1, 2025, to become CEO of LIPTON Teas and Infusions [1] - Busain has had a successful 30-year career at HEINEKEN, with the last 10 years as President of the Americas, where he significantly contributed to the company's growth [2][3] Company Performance - Under Busain's leadership, the Americas region doubled its revenue, operating profit, and net profit over the past decade [3] - Key markets such as Mexico and Brazil became major profit contributors, with Brazil emerging as the largest market for Heineken® and Amstel [3] Strategic Contributions - Busain played a crucial role in the acquisition and integration of Brazil Kirin, enhancing HEINEKEN's market position in Brazil [3] - He led transformations in supply chain efficiency, revenue management, and the implementation of AI-driven sales tools [3] - Premiumisation and the expansion of Heineken® 0.0 were significant growth strategies during his tenure [3] Leadership and Culture - HEINEKEN's Chairman expressed gratitude for Busain's contributions, highlighting his commitment to building strong teams and mentoring future leaders [4] - Busain cultivated a winning culture in the Americas, emphasizing trust and empowerment [4]

Core Insights - HEINEKEN inaugurated the Dr. H.P. Heineken Centre, a new €45 million Global Research and Development Centre in Zoeterwoude, Netherlands, aimed at enhancing brewing techniques and developing new beverages [1][7][11] - The Centre will focus on innovation in response to changing consumer preferences, including new flavors, natural ingredients, and low- or no-alcohol options [2][5] - The facility is strategically located near leading universities, fostering collaboration in sustainable brewing and fermentation science [6][8] Investment and Infrastructure - The Centre spans 8,800 m² and is designed to support HEINEKEN's global R&D network, which includes hubs in Mexico, South Africa, and Vietnam [11] - It will house around 100 employees from 12 nationalities, focusing on brewing innovation, flavor research, and sustainability [11] - The building meets BENG standards with an A++++ energy label, emphasizing HEINEKEN's commitment to sustainability [11] Strategic Goals - The Centre is part of HEINEKEN's EverGreen Strategy, aimed at innovating faster and smarter while reducing environmental impact [5] - It aims to connect HEINEKEN's brewing legacy with modern science, ensuring the development of products that resonate with future drinking cultures [5][7] - The investment reinforces the Netherlands' position in the global food technology sector and contributes to the knowledge economy through partnerships with universities [8]