Core Viewpoint - HEINEKEN has signed a binding agreement to acquire FIFCO's beverage and retail businesses, enhancing its presence in Central America and aligning with its EverGreen strategy for growth and premiumization [2][3][6]. Acquisition Details - The transaction involves acquiring a multi-category beverage portfolio and proximity retail business from FIFCO, building on a partnership that began in 1986 [2][4]. - HEINEKEN will gain full ownership of Distribuidora La Florida, HEINEKEN Panama, and a significant stake in Compañía Cervecera de Nicaragua, along with diversified operations in Guatemala and Mexico [5][7][8]. Financial Impact - The total cash consideration for the acquisition is approximately US$3.2 billion, with an acquisition multiple of 11.6x EV/EBITDA based on 2024 results [7][12]. - The transaction is expected to be immediately accretive to operating margin and earnings per share (EPS) [7][12]. Strategic Rationale - The acquisition strengthens HEINEKEN's position in high-potential Central American markets, which have large and expanding profit pools [7][12]. - Costa Rica is projected to become one of HEINEKEN's top 5 operating companies by operating profit, supported by a diverse portfolio including the iconic Imperial beer [3][12]. Market Position - The acquired businesses include leading positions in beer, soft drinks, and beyond beer categories, with significant market share in Costa Rica and Nicaragua [12]. - HEINEKEN's ownership will enhance operational efficiencies and synergies through the application of best practices in commercial execution and logistics [12]. Next Steps - The transaction is subject to regulatory approvals and FIFCO shareholder approval, with completion expected in H1 2026 [14][19].

Core Viewpoint - HEINEKEN has signed a binding agreement to acquire FIFCO's beverage and retail businesses, enhancing its presence in Central America and aligning with its EverGreen strategy for growth and premiumization [2][3][6] Acquisition Details - The transaction involves acquiring a multi-category beverage portfolio and proximity retail business from FIFCO, including a 75% stake in Distribuidora La Florida and full ownership of HEINEKEN Panama [4][7] - Total cash consideration for the acquisition is approximately US$3.2 billion, with an acquisition multiple of 11.6x EV/EBITDA based on 2024 results [7][12] Strategic Rationale - The acquisition strengthens HEINEKEN's position in high-potential markets with large profit pools, particularly in Costa Rica, which will become one of HEINEKEN's top 5 operating companies by operating profit [3][12] - The deal allows HEINEKEN to integrate FIFCO's iconic brands and market expertise, driving innovation and growth across the region [6][9] Financial Impact - The transaction is expected to be immediately accretive to HEINEKEN's operating margin and earnings per share (EPS) [7][12] - Post-transaction, HEINEKEN's net debt is expected to increase by €3.2 billion, with a modest increase in the pro forma Net Debt/EBITDA ratio [19] Market Position - HEINEKEN will gain a leading position in the beverage market in Costa Rica, with significant volumes in beer (approximately 2.0 million hectoliters), soft drinks (approximately 2.5 million hectoliters), and a strong beyond beer portfolio [12] - The acquisition includes a well-established retail network with over 300 proximity outlets in Costa Rica and operations extending into El Salvador, Guatemala, and Honduras [8][12] Next Steps - The transaction is subject to regulatory approvals and FIFCO shareholder approval, with completion expected in H1 2026 [14][19]