2025 Results Announcement Investor Presentation 23 March 2026 Navigating Change and Pursing Innovation with Steady Growth 1. Results Overview 2. Development Strategies of Beer Business 3. Development Strategies of Baijiu Business Remarks: * Special items – company overall: 1. Shenzhen headquarters-related income of RMB1,005 million (2024: RMB-26 million); 2. impairment loss of goodwill of baijiu business of RMB2,877 million (2024: -); 3. impairment loss of fixed assets and one-off staff compensation and set ...

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]

Core Insights - Heineken N.V. reported a well-balanced performance in 2025 despite challenging market conditions, 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% and operating profit growth of 4.4%, indicating strong productivity gains and margin expansion [2][4] - Heineken's strategic focus includes the disciplined execution of the EverGreen 2030 plan, which aims to accelerate growth and improve operational efficiency [3][7] Financial Performance - Total revenue decreased by 4.7% to €34.257 billion, while net revenue (BEIA) increased by 1.6% to €28.890 billion [1] - Operating profit (BEIA) rose by 4.4% to €4.385 billion, with an operating profit margin of 15.2%, an increase of 41 basis points [1][4] - Net profit (BEIA) was €2.662 billion, up 4.9%, with diluted EPS (BEIA) at €4.78, reflecting a 3.6% increase [1][4] Market Position and Strategy - Heineken's total volume declined by 1.2%, but the company gained market share in over 60% of its markets, with a notable 17.8% increase in licensed volume [4][5] - The company completed the first tranche of a €1.5 billion share buyback program and proposed a dividend of €1.90 per share, with a payout policy expansion to 30%-50% [4][5] - The integration of FIFCO is expected to be immediately accretive to EPS, enhancing Heineken's growth prospects in Central America [4][5] Future Outlook - Heineken anticipates operating profit growth for FY2026 in the range of 2% to 6%, supported by ongoing productivity improvements and operational model changes [4][7] - The company aims to unlock significant savings by reducing 5,000 to 6,000 roles over the next two years, enhancing overall productivity [4][7] - The EverGreen 2030 strategy will focus on sharper resource allocation and value creation, building on the progress made during the EverGreen 2025 initiative [6][7]

Core Insights - HEINEKEN has completed the acquisition of FIFCO's beverage and retail businesses, enhancing its strategic position in Central America and creating new growth opportunities [1][3] Group 1: Acquisition Details - The acquisition received all necessary regulatory and corporate approvals, marking a significant milestone for HEINEKEN [1] - The integration process will begin immediately and is expected to be completed in 2026, with FIFCO's current CEO, Rolando Carvajal, joining HEINEKEN to ensure continuity and drive growth [2] Group 2: Strategic Implications - The acquisition strengthens HEINEKEN's position in the Central American market, aligning with its EverGreen 2030 strategy focused on premiumisation, innovation, and growth [3] - HEINEKEN aims to unlock revenue and cost synergies across various operations, including commercial execution, logistics, and brewery operations [3] Group 3: Financial Impact - The financial implications of the transaction are expected to align with previously shared information, indicating a positive outlook for HEINEKEN's financial performance following the acquisition [4]

Core Insights - Heineken® 0.0 has partnered with Playtomic to enhance its global presence in the rapidly growing sport of padel, focusing on social connections among players [1][9] - The partnership aims to create unique experiences for padel players, emphasizing the social aspect of the sport and the enjoyment of Heineken® products [5][6] Company Overview - Heineken® is recognized as the world's most international brewer, with a diverse portfolio of over 300 beer and cider brands, and a commitment to sustainability and innovation [10] - Playtomic is the leading platform for racket sports, with a presence in over 66 countries and a community of more than 4.7 million players [11] Partnership Details - The collaboration will introduce "Open Matches by Heineken® 0.0," designed to connect players who have not met before, enhancing the social experience of padel [3][9] - The launch event for this initiative will take place in December in Barcelona, featuring a pop-up padel court open to the public [4][9] Market Context - Padel is identified as the fastest-growing sport, with 73% of players citing socializing as a primary reason for participation, indicating a strong market potential for Heineken® 0.0's involvement [6]

Growth Strategy - HEINEKEN aims for mid-single-digit net revenue organic growth, driven by a structural beer category volume growth of approximately 1%[325, 829, 831] - The company will focus on 17 key markets that are expected to drive around 90% of its growth[82, 177, 272, 483, 1067] - HEINEKEN intends to allocate over 80% of its marketing and selling expenses to its focus brands, including 5 global brands and 25 local power brands[294, 622, 827] Productivity and Efficiency - HEINEKEN plans to achieve gross savings of €400-500 million per year through productivity initiatives, leveraging global scale, skills, and digital acceleration[342, 845, 1114] - The company is investing over €1 billion in a Digital Backbone (DBB) to modernize legacy systems and enable AI-driven capabilities[352] - HEINEKEN aims to improve cash conversion to over 90% by optimizing working capital and capital expenditure[345, 979, 1001, 1141] Sustainability and Responsibility - HEINEKEN is committed to achieving net-zero carbon emissions in Scope 1 and 2 by 2030 and across the value chain by 2040[417, 1159] - The company aims to reduce water usage to less than 26 hectoliters per hectoliter (hl/hl) by 2030[415, 1160] - HEINEKEN is targeting 40% women in senior management positions by 2030[417, 1161] Financial Performance - The company is targeting organic growth in operating profit to be greater than or equal to organic growth in net revenue[427, 1114, 1168] - HEINEKEN intends to maintain a dividend payout ratio of 30-40% of net profit (beia)[1126] - The company has announced a €15 billion share buyback program[1134]

Strategy & Growth - HEINEKEN aims for mid-single-digit net revenue organic growth under EverGreen 2030[325, 829], driven by a structural beer category volume growth of approximately 1%[1052, 1075] - The company is focusing on 17 key markets that are expected to drive around 90% of its growth[821, 1067] - HEINEKEN plans to allocate over 80% of its marketing and selling expenses to focus brands[294, 827], while reducing invested brands by 25% by 2030[317, 827, 1072] - The company aims to achieve over 90% cash conversion[345, 1001, 1141] Productivity & Efficiency - HEINEKEN is targeting €400-500 million in gross savings per year through EverGreen 2030[342, 845, 1114], leveraging global scale, skills, and digital acceleration[342, 845, 1114] - The company has achieved over €3 billion in gross savings under EverGreen 2025[61, 80, 854, 1042], exceeding its initial target[61, 80, 854, 1042] - HEINEKEN is investing over €1 billion in a Digital Backbone[352], which is critical for modernizing legacy systems and enabling AI-driven capabilities[352] - The company plans to reduce its Amsterdam Head Office personnel base by 35%, resulting in €100 million in run-rate savings[372, 937] Sustainability & Responsibility - HEINEKEN aims to achieve Net Zero carbon emissions in Scope 1 & 2 by 2030[417, 1159] and across the value chain by 2040[417] - The company is targeting water usage of less than 2.6 hectoliters per hectoliter (hl/hl) by 2030[415, 1160] - HEINEKEN aims to increase the proportion of women in senior management to 40% by 2030[417, 1161]

Core Insights - Heineken Holding N.V. reported a revenue of €8,712 million for the quarter and €25,636 million year to date, indicating a challenging performance in the current quarter [4] Financial Performance - Net revenue (beia) decreased organically by 0.3% for the quarter but increased by 1.3% year to date [4] - Beer volume decreased organically by 4.3% for the quarter and 2.3% year to date [4] - Premium beer volume decreased organically by 2.2% for the quarter but increased by 0.4% year to date [4] - Heineken® volume decreased by 0.6% for the quarter while it increased by 2.7% year to date [4] - The company anticipates organic operating profit (beia) growth for 2025 to be towards the lower end of the 4% to 8% guidance [4] Upcoming Events - Heineken will host a Capital Markets Event on October 23, 2025, which will be accessible virtually [5]

Core Insights - Heineken N.V. is navigating a challenging macroeconomic environment, with expectations for consumer confidence and demand to recover as conditions normalize [2][3] Financial Performance - Revenue for the quarter reached €8,712 million, with year-to-date revenue at €25,636 million [6] - Net revenue (beia) saw a 0.3% organic decline for the quarter but increased by 1.3% year to date [6] - Beer volume experienced a 4.3% organic decline for the quarter and a 2.3% decline year to date [6] - Premium beer volume decreased by 2.2% for the quarter but grew by 0.4% year to date [6] - Heineken® volume declined by 0.6% for the quarter while increasing by 2.7% year to date [6] - The company anticipates organic operating profit (beia) growth for 2025 to be towards the lower end of the 4% to 8% guidance [6] Strategic Initiatives - The company is focused on its EverGreen strategy, with positive portfolio evolution and market share gains in most markets [4] - Digital investments are being accelerated to future-proof the business [4] - The FIFCO transaction in Central America is expected to strengthen growth and be earnings accretive [3] Outlook - Despite the challenging quarter, the company remains confident in achieving €0.5 billion gross savings for 2025 [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]