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Heineken N.V . Investor Presentation May, 2025
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2 We’re mobilising the organisation and deploying EverGreen at scale as we pursue our dream to shape the future of beer and beyond. 2
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3 This presentation contains forward-looking statements based on current expectations and assumptions with regards to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s sustainability reporting, such as HEINEKEN’s emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this presentation. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this presentation. Market share estimates contained in this presentation are based on outside sources, such as specialised research institutes, in combination with management estimates. Disclaimer
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4 Group Overview Our Strategy — Evergreen Supporting Information Brew a Better World Targets,Strategy Progress Brew a Better World Targets, Strategy & Progress Latest Results Outlook Latest Results & Outlook Leverage Financial Policy Leverage & Financial Policy Our Markets Our Markets Governance, Ownership Shareholder Information Governance, Ownership & Shareholder Information Group Overview Our Strategy — Evergreen Supporting Information 4
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5 Beer has been bringing people together for thousands of years. Since 1864, HEINEKEN has been doing its part to put a smile on consumers’ faces while continuously renewing and adapting. Our best days are ahead of us as we continue to deliver superior and balanced growth with beer and beyond. Group Overview Group Overview Our Strategy — Evergreen Supporting Information
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6 #1 Brewer in Europe #2 Brewer Globally >190 Countries in which our brands are present >340 International and local beer & cider brands >85,000 Direct employees 6 Group Overview Our Strategy — Evergreen Supporting Information At a Glance We delivered strong top and bottom-line performance while investing in the future. I’m proud of our 85,000 employees: volatility remains, but we’re navigating it with agility and resilience. Beer volume grew organically in all regions, with net revenue (beia) increasing organically by 5%. We gained or held market share in more than half our markets, driven by growth in Brazil, India, Mexico, Nigeria, South Africa and Vietnam. Led by Heineken® and complemented by international an local premium brands like Birra Moretti, Desperados and Kingfisher Ultra, premium beer volume grew organically in the mid-single digits. We continued to pioneer choice in low and no alcohol (LONO) beverages, with portfolio volume growth in high single-digits and Heineken® 0.0 further consolidating its position as the world’s #1 non-alcoholic beer brand. With operating profit (beia) growth of 8.3%, we’re delivering strong financials while also investing in the future through big investments in marketing and digitalisation. 2025 will be a year of continued agility driven by the dedication and creativity of our people, stakeholders and partners across the globe. We will continue building great brands, brewing good times, driving product innovation and accelerating digitalisation. Here’s to the joy of true togetherness in the year ahead! “ ”Dolf van den Brink Chairman Executive Board / CEO Note: All info refers to FY2024 results. Most trusted international beer brand >160 Breweries 240.7mhl Total beer volume
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9 71 # 1 & 2 Positions1 Entrepreneurial OpCo model Creative Brand Building Long-term customer relationships 1. Including Joint Ventures Advantaged for growth Diversified footprint Powerful portfolio 45% vs 55% Developed vs Emerging markets > 20% Heineken® % total volume > 40% Revenues from premium Strong brands Brand Power Market Share Brand power pull Group Overview Our Strategy — Evergreen Supporting Information 100 – 150 bps Ahead of total beer Building on our strengths to deliver superior growth
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11 Europe Americas AMEE APAC Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Joint Venture / Associates Operating Companies Licenses Export A balanced footprint, skewed towards growth Improve profitability and value creation by winning in premium and leveraging our scale advantage Progressively capture a larger share of the profit pool by capitalising on our momentum Create more value from the large long-term growth potential by delivering balanced and profitable growth Seize a larger share of the expected growth at attractive profit margin by premiumising our portfolio 33% Vol1 30% OP1 18 #1&2 Positions 33% Vol1 41% OP1 19 #1&2 Positions 17% Vol1 9% OP1 18 #1&2 Positions 17% Vol1 20% OP1 16 #1&2 Positions 1. FY 24 results Group Overview Our Strategy — Evergreen Supporting Information
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12 1886 Revolutionized quality & taste of beer 1864 Introduced lager beer in NL 1933 (Re-)entered the US as 1st import beer 2010 Created pure malt segment in Brazil 1970s Drives growth of lager in UK 2017 Heineken 0.0 reframes non-alcoholic beer 1950’s ‘Beer can travel’ 2019 Heineken Silver launch drives success in Asia >190 Countries Heineken ® Ambition Be the most meaningful beer brand with young adult consumers #1 Beer Brand by RSV 1.5x Gross Profit / HL vs. Total Portfolio +10% Rev. CAGR ’18 - ’23 1. Q2 2022 vs. Q2 2021 Source: GlobalData, Nielsen, internal data Group Overview Our Strategy — Evergreen Supporting Information Heineken®: Shaping the category since 1864
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13 Double-digit growth In 28 markets during FY24 Global leader in 0.0 Leading the 0.0 category, delivering growth, profitability and moderation 1: Global Data FY24, as per May 2025 0.0 portfolio expanding #1 +10% 117 Volume growth of Heineken® 0.0 in FY24 Global leader in 0.0 beer1 Markets where Heineken® 0.0 is available >40% of the global LoNo alcohol beer captured since 2018 Group Overview Our Strategy — Evergreen Supporting Information
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14 % NONE ABV % HIGH ABV % NONE ABV LAGER 0.0% Malt Craft Seltzer & RTDs Cider Flavoured Specialty Lager Core beer Expand beer Beyond beerExpand beerBeyond beer Energy Note: Innovation revenue excludes packaging Source: Internal data Group Overview Our Strategy — Evergreen Supporting Information Our dream is to shape the future of beer and beyond
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Group Overview Our Strategy — Evergreen Supporting Information EverGreen is a bold strategy to deliver superior and balanced growth and the next evolution of our HEINEKEN business. As a 161-year-old company, we think in generations and deliver long-term, sustainable value creation. Our Strategy — EverGreen 15
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16 Industrial Revolution Global Consolidation International Expansion Mass Marketing Shape the Future of Beer & Beyond Group Overview Our Strategy — Evergreen Supporting Information HEINEKEN has successfully navigated evolving SEASONS 16
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17 BUILDING ON STRENGTHS ADDRESSING CHALLENGES A MULTI-YEAR, MULTI-DIMENSIONAL JOURNEY Future proof HEINEKEN Speed, Agility & External Orientation SUSTAINING GROWTH IN A FAST CHANGING WORLD Group Overview Our Strategy — Evergreen Supporting Information 17 Our next Growth Chapter | Renewal inspired by nature’s resilience
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18 Superior Top-line Growth Company Superior & Balanced Growth Company M&A driven, footprint expansion AND Accelerate Organic Growth Premium leadership & market leader in Cider Scale Premiumisation & Consumer-centric innovation Excellent execution & customer relations AND Data Driven & Digital Customer strategy Value driven by volume growth Value Driven by all 4 Dimensions of Green Diamond* Entrepreneurial OpCo-centric culture Networked Business & Disciplined Entrepreneurship * Growth, Productivity, Capital Efficiency, Sustainability & Responsibility Group Overview Our Strategy — Evergreen Supporting Information Key EverGreen shifts
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19 Group Overview Our Strategy — Evergreen Supporting Information ② DIGITAL Become the best connected brewer ③ PRODUCTIVITY Fund the growth, fuel the profit ④ SUSTAINABILITY Raise the bar on sustainability & responsibility ⑤ PEOPLE Unlock the full potential of our people ① SHAPE THE FUTURE OF BEER & BEYOND • Advantaged footprint • Scale premiumisation • Pioneer Lo/No • Explore beyond beer Five Strategic Priorities
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20 Strategic Priorities Growth Algorithm Green Diamond What we focus on How we create value How we measure success ② DIGITAL ③ PRODUCTIVITY ④ SUSTAINABILITY ⑤ PEOPLE ① SHAPE THE FUTURE OF BEER & BEYOND Growth Profitability Sustainability & Responsibility Capital efficiency Group Overview Our Strategy — Evergreen Supporting Information EverGreen | Our Ambition
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21 Consumers love Beer Big Opportunities Accessible / Inclusive Moderate Natural Local Big Growing share of throat Profitable Emerging markets Premium Under-served consumers Under-represented occasions Group Overview Our Strategy — Evergreen Supporting Information Beer is a great category
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22 Narrow taste profile Super Premium Under-represented occasions Under-served consumers Beer share of high energy occasions 1.2x share of low energy occasions Beer penetration with men +20pp higher than with women >90% of beer category is lager x 2.5 Spirits category value vs Beer in Super Premium Group Overview Our Strategy — Evergreen Supporting Information Big opportunities for growth
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23 39% 50% Beer Cider RTD Spirits Wine ValueVolume1 Beer volume growth 1999-20231, mhl Beer as % Total Alcohol Beverage2 2019 2023e1999 Covid -19 +2% CAGR +1% CAGR 1. Converted to servings Source: 1: GlobalData, 2: IWSR 2023 Group Overview Our Strategy — Evergreen Supporting Information +0% CAGR Beer is a growing & profitable category, recovering post-pandemic
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24 Premium Beer is of total beer market volume c.25% Premium Beer has grown faster than mainstream beer in last 20 years >2x Premium Beer gross profit/hl higher than category >50% Group Overview Our Strategy — Evergreen Supporting Information Premium Beer is a significant opportunity for growth In both Developed & Emerging Markets
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25 Shape the future of beer & beyond to win the hearts of consumers Our Dream Group Overview Our Strategy — Evergreen Supporting Information 25
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26 Advantaged Footprint Scale Premiumisation Pioneer Lo/No Explore Beyond Beer 1 2 3 4 Group Overview Our Strategy — Evergreen Supporting Information Shape the future of beer & beyond Priorities for segments and categories
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27 Europe Americas AMEE APAC Improve profitability and value creation by winning in premium and leveraging our scale advantage Progressively capture a larger share of the profit pool by capitalising on our momentum Create more value from the large long- term growth potential by delivering balanced and profitable growth Seize a larger share of the expected growth at attractive profit margin by premiumising our portfolio Group Overview Our Strategy — Evergreen Supporting Information Each region has a clearly defined role
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28 >40% Revenues from premium Heineken® #1 beer brand by value 12 markets where Heineken® >1mhl Drive premiumisation at scale Launch Heineken® Silver Scale International brands [e.g. Tiger & Desperados] & replicate success Local premium champions [e.g. Ichnusa & Aguila] fewer bigger bets Led category premiumisation with Heineken® Group Overview Our Strategy — Evergreen Supporting Information Scale Premiumisation
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29 Heineken® 0.0 #1 non-alcoholic beer globally Heineken® 0.0 > 100 countries Extend 0.0 options across entire portfolio Innovate in flavoured, local & craft 0.0s Build on #1 in malts with 20 non-alcoholic malt brands, into energy malts Group Overview Our Strategy — Evergreen Supporting Information Pioneer Lo/No First mover with Heineken® 0.0 Widen portfolio to accelerate
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30 #1 Cider portfolio globally #1 Spirit Beer brand: Desperados - expanded into flavoured beers #1 in Beyond Beer outside of the US Consumer centric innovation, scaled through innovation hubs Build on capabilities & experience from cider Portfolio scale and learnings in different segments Group Overview Our Strategy — Evergreen Supporting Information Explore Beyond Beer Broaden & scale through Innovation Cider & Desperados led portfolio
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31 Simplification & Automation Secure Digital Backbone Digitally Enabled Organisation Data Driven Insights & Foresights Digitally transforming our business “front-end”... …whilst modernizing & simplifying the “back-end” Delivering €15 Billion in Gross Merchandise Value by 2025 Enabling most future productivity improvements Digitise our Route to Consumer Group Overview Our Strategy — Evergreen Supporting Information Digital | become the best connected brewer 31
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32 Consistent value creation from operations Opportunity to further improve capital efficiency Strategy Capability Culture >€3 Billion Gross savings by end 2024 +€0.5 Billion Ahead of target* €400 Million Continuous productivity improvement p.a. from 2024 >9,000 Savings initiatives 2021-25 * Relative to cost base of 2019 Deliver productivity savings Build cost conscious culture capabilities Rigorous capital & resource allocation Group Overview Our Strategy — Evergreen Supporting Information Productivity | to fund the growth and fuel the profit
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33 Clear ambition 2030 Making good progress Operationalising 19% → 30% Females in senior leadership 2017 vs Dec 2024 New Circularity strategy with targets on resuse, recycled content and recyclability design -34% absolute carbon reduction in production* vs 2022 *scope 1&2 Group Overview Our Strategy — Evergreen Supporting Information Sustainability | raise the bar on sustainability & responsibility
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34 Group Overview Our Strategy — Evergreen Supporting Information People | unlock the full potential of our people & organisation “By empowering leaders and fostering inclusion, we’re not just building a future-ready organisation – we’re creating a culture where innovation and collaboration drive impact. Our goal is to be a true enabler of our EverGreen strategy, helping HEINEKEN better connect with consumers, deliver sustainable growth and lead with purpose in a dynamic, ever-changing world.” Yolanda Talamo Chief People Officer 34 See our 2024 Annual Report
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35 2020 - 2021 2022 - 2023 2024 Navigating the Crisis Building the future Set EverGreen direction & Build Team Mobilise organisation & deliver EverGreen priorities Accelerate EverGreen transformation & deliver long-term value creation Growth Profitability Sustainability & Responsibility Capital efficiency Group Overview Our Strategy — Evergreen Supporting Information EverGreen 2025
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36 Group Overview Our Strategy — Evergreen Supporting Information 36 Delivering long term value creation l across the Green Diamond Growth Profitability Sustainability & Responsibility Capital efficiency Capex <9% net revenue (beia) Improve capital efficiency €400 Million p.a. Gross Savings Over time, operating profit growing ahead of revenue (OG) Net zero emissions in production Water usage to 2.9 hl/hl 40% women in senior management Superior & balanced growth Step up investment
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37 Organic growth and business expansion Net Debt / EBITDA (beia) <2.5x Maintain long-term target Pay-out ratio 30-40% of net profit (beia) 1 2 3 4 Value-enhancing acquisitions 5 Further capital returns to shareholders (such as share buybacks) Invest for growth Strict financial discipline Consistent dividend policy Inorganic expansion Other opportunities beyond Group Overview Our Strategy — Evergreen Supporting Information Capital allocation priorities
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38 Share buyback programme €1.5bn programme over 2 years announced • Repurchases €1.5 billion of our own shares over 2 years • Heineken Holding participating pro-rata to its shareholding • Heineken Holding simultaneously repurchasing up to €750 million of own shares over 2 years, using proceeds of its pro-rata participation • Both parties intending to cancel the repurchased shares • L’Arche Green supports the programme and will not participate Group Overview Our Strategy — Evergreen Supporting Information
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39 Group Overview Our Strategy — Evergreen Supporting Information Brew a Better World Targets, Strategy & Progress Latest Results Outlook Latest Results & Outlook Leverage Financial Policy Leverage & Financial Policy Our Markets Our Markets Governance, Ownership Shareholder Information Governance, Ownership & Shareholder Information We are building execution and operational momentum to bring our Brew a Better World 2030 ambitions to life. This means weaving sustainability into the fabric of how we run our business, in every decision we make and action we take. Supporting Information
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40 Path to an inclusive, fair and equitable world Brew a Better World 2030 Path to moderation and no harmful use Path to zero impact Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 40
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41 Building momentum on Brew a Better World 41 Group Overview Our Strategy — Evergreen Supporting Information Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy 1,582 1,281 1,047 -34% Carbon emissions in scope 1&2 Kt CO2 1 Water Consumption hl/hl 3.4 3.4 3.3 3.2 3.1 Women in Senior Management 23% 25% 27% 28% 30% Social Markets representing >90% of our business volume now offer a zero-alcohol option for at least one strategic brand, meeting the 2025 goal. Environmental Responsible 1 In 2023 we changed our baseline from 2018 to 2022 in accordance with SBTI’s latest methodologies.
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42 Group Overview Our Strategy — Evergreen Supporting Information Our Brew a Better World Strategy Our 2024 Annual Report Our Policies Our Benchmarks & Ratings More information on Brew a Better World 42 Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy
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43 Group Overview Our Strategy — Evergreen Supporting Information Brew a Better World Targets,Strategy Progress Brew a Better World Targets, Strategy & Progress Latest Results & Outlook Leverage Financial Policy Leverage & Financial Policy Our Markets Our Markets Governance, Ownership Shareholder Information Governance, Ownership & Shareholder Information FY 2024 Results Outlook 2025 Supporting Information
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44 FY 2024 financial highlights +5.0% Net revenue (beia) OG +1.6% Total beer volume OG +8.3% Operating profit (beia) OG +7.3% Net profit (beia) OG +3.5% Net revenue (beia) OG per hl +8.8% Heineken volume® (exc Russia) OG +40 bps Operating profit (beia) margin etxpansion €4.89 Diluted EPS (beia) OG: Organic growth Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 44
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45 +24.5% Net revenue (beia) OG +20.6% Price mix1 +3.1% Beer volume OG +31.1% Operating profit (beia) OG Nigeria • Successfully navigating a volatile environment • Solid volume with Heineken®, Goldberg, and Desperados • Growth in malts, expanding into wine & spirits South-Africa • Building a strong multi-category business • Launched Heineken® returnable bottle • Savanna and Bernini leading beyond beer Rest of Africa & Middle East • Anticipated currency devaluation in Ethiopia • Double digit beer growth in Egypt 1. Price Mix on a constant geographic basis Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Africa & Middle East
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46 1. Price Mix on a constant geographic basis Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Americas +3.1% Net revenue (beia) OG +2.8% Price mix1 +0.8% Beer volume OG +24.5% Operating profit (beia) OG Mexico • Strong operating performance • Dos Equis, Tecate Original growing MSD to HSD • Mexican heritage underpinning DD Indio growth Brazil • Productivity step up delivering profit, funding investment • Heineken® double-digit growth for 11 years • Amstel now a top 5 brand in Brazil, doubling in 3 years Rest of Americas • USA stable share, continued growth of Heineken® 0.0 • Growth and share gains in Panama, Peru and Ecuador
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47 1. Price Mix on a constant geographic basis Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Asia Pacific +5.3% Net revenue (beia) OG +1.3% Price mix1 +4.4% Beer volume OG +2.3% Operating profit (beia) OG Vietnam • Market growth in both channels by Q4 • Very strong Heineken® Silver performance • Accelerating mainstream double digits, led by Bia Viet and Larue India • Shaping & accelerating the beer category with Kingfisher • Strong premium growth Kingfisher Ultra, Heineken® Silver Rest of Asia Pacific • Double digit Heineken® & Amstel growth in China • Cambodia challenges in declining market • Laos grew in the high double digits, gaining share
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48 1. Price mix on a constant geographic basis Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Europe -1.5% Net revenue (beia) OG +0.2% Price mix1 +0.3% Beer volume OG +1.6% Operating profit (beia) OG UK • Innovation-led share gains • Birra Moretti leading on-premise performance • Driving mainstream beer with Cruzcampo Western Europe • Subdued consumer sentiment, stable underlying pricing • Marketing and selling investments behind our portfolio • Premium growth led by next-gen brands Rest of Europe • Strong revenue and volume in South-East Europe • Stable volumes in Eastern Europe
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49 Heineken® 0.0 +10.0% (excl. Russia) Heineken® leading premium growth Volume growth +8.8% Heineken® Silver +34.1%24 markets Double-digit volume growth Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 49 +75% Expanding and innovating with Heineken® Volume, kHl 1 Internal data 1: Cumulative organic growth. ’18-’24. Excludes Russia.
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50 Net Revenue (beia): +5.0% organic increase 1,081 424 30,308 FY 2023 Price-Mix Total Volume -1,656 Currency translation -193 Consolidation impact 29,964 FY 2024 1. Price Mix on a constant geographic basis Net Revenue (beia) €m Organic increase €1.505m +4.1% Price-Mix1 OG +1.4% Volume OG Price: +3.7% Mix: +0.4% Of which: Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Restored balanced growth
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51 Operating Profit (beia): +8.3% organic increase, +40bps margin 367 4,443 FY 2023 Organic growth -236 Currency translation -62 Consolidation impact 4,512 FY 2024 Operating Profit (beia) €m Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Delivered operating leverage
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52 €m unless otherwise stated - Beia 1 Organic growth shown, except for ETR, Diluted EPS and Net Debt/EBITDA ratio which is total growth Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Additional key financial metrics FY 2024 FY 2023 vs LY1 Operating Profit 4,512 4,443 +8.3% Share of Profit 312 270 +16.7% Net Interest Income & Expenses -543 -554 -12.7% Other Net Finance Income & Expenses -271 -343 -12.1% Net Profit 2,739 2,632 +7.3% Net Profit Reported 978 2,304 -57.6% ETR 27.9% 26.8% +110bps Diluted EPS (€) 4.89 4.67 +4.7% Dividend Per Share (€) 1.87 1.73 +7.5% Net Debt/EBITDA 2.2x 2.4x -0.2x
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53 1. Cash flow from operations before changes in working capital and after provisions and post-retirement obligations 2. Cash flow used in operational investing activities 1,759 3,058 997 226 -43 119 Working capitalCash flow from operations1 Capex2 Interest, dividend & income tax FY 2024FY 2023 Free Operating Cash Flow €m Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Strong cash flow generation
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54 Expect continued macro-economic challenges, reflected in outlook Subdued European consumer sentiment, EM volatility, and geopolitical fluctuations Continued volume & revenue growth Q1 facing high comparative and technical factors Variable cost up mid-single-digit Low-single-digit excluding the Africa Middle East region At least €400m of gross savings Funding investments including marketing and selling ahead of revenue growth Operating profit (beia) to grow organically 4% to 8% Organic net profit (beia) to grow broadly in line Outlook 2025 Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information
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55 Group Overview Our Strategy — Evergreen Supporting Information Latest Results Outlook Latest Results & Outlook Leverage & Financial Policy Brew a Better World Targets,Strategy Progress Brew a Better World Targets, Strategy & Progress Our Markets Our Markets Governance, Ownership Shareholder Information Governance, Ownership & Shareholder Information Our ambition is to deliver superior, balanced growth to consistently create long-term shareholder value. Supporting Information
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56 9% 8% 83% Bank financing and other Lease liabilities Bonds € 13.8 € 3.2 Heineken NV Subsidiaries Total Interest Bearing Debt1 of €17 billion Funding Sources • €20 billion Euro Medium Term Note program listed on Luxembourg stock exchange, approximately €11.7 billion is outstanding under the programme (per 31 December 2024) • USD 2.25 billion of outstanding 144a notes issued in the US debt capital markets • Group Revolving Credit Facility of €3.5 billion (undrawn) via 18 banks maturing in 2030 • Euro Commercial Paper program of €3 billion with a Short-Term European Paper (STEP) label 1. Includes €0.5 billion of overdraft balances in cash pooling arrangements subject to legal offset rights but not netted in the statement of financial position. If netted, Gross Interest-Bearing Debt would have amounted to €16.5 billion. The Net Interest bearing Debt amounted to € 14.7 billion as per 31 December 2024, which includes €2.4 billion of cash balance and excludes cash pooling arrangements subject to legal offset rights. Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Overview of financial debt position (per 31 Dec 2024) Group Overview Our Strategy — Evergreen Supporting Information
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57 Bond maturity profile per 31 December 2024* (in €m) incl. the currency effect of cross-currency interest rate swaps • In 2024, HEINEKEN secured additional financing by issuing the following notes: • €900 million 12-year Notes with a coupon of 3.812%, maturing in 2036 • From time-to-time Heineken may repurchase notes maturing within 12 months for cash management purposes. • HEINEKEN currently has sufficient financing headroom to service debts maturing in 2025 & 2026 Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 1,681 1,600 1,100 1,059 1,048 1,550 750 500 930 750 900 850 481 75 626 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2040 2041 2042 2043 2047 A well-balanced bond maturity profile Optimise debt repayments via well balanced maturity profile *On 22 April 2025, HEINEKEN placed €900 million of 7.5-year Notes with a coupon of 3.276%, maturing in 2032 (not included in chart)
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58 • A conservative financial profile over the longer term with strong focus on cash flow generation and working capital management • The Net Debt/EBITDA (beia) ratio stood at 2.2x as per 31.12.2024 • On 20 November 2024 Moody’s affirmed A3/P-2 ratings with stable outlook. Standard & Poor’s affirmed the BBB+/A-2 ratings with stable outlook on 8 June 2023. Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Covid-19 pandemicCR Beer Acquisition Punch, Kirin Brasil acquisitions APB Acquisition Target < 2.5x 2.8 2.6 2.5 2.4 2.3 2.5 2.3 2.6 3.4 2.6 2.1 2.4 2.2 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Committed to long term target <2.5x Net Debt/EBITDA (beia) ratio Distell Acquisition
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59 77% 12% 6% 5% EUR USD+USD proxy GBP Other Currency split of Net Debt (per 31 Dec 2024) * Includes CCIRS deals associated with the relevant debt amounts and includes IFRS 16 lease liabilities • HEINEKEN hedges up to 90% of its net US dollar export proceeds in the Netherlands on the basis of rolling forecasts, for a period of up to 18 months • All other material transactional FX exposures are typically hedged up to 12 months upfront • Approximately 96% of average net debt is at fixed rates as per 31 December 2024 • The Group aims to match the currency split of net debt with the currency split of the EBITDA (beia) in order to match cash flows for certain currencies Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Conservative risk management policy In both currencies and interest rates
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60 Group Overview Our Strategy — Evergreen Supporting Information Leverage Financial Policy Leverage & Financial Policy Our Markets Latest Results Outlook Latest Results & Outlook Brew a Better World Targets,Strategy Progress Brew a Better World Targets, Strategy & Progress Governance, Ownership Shareholder Information Governance, Ownership & Shareholder Information We take great pride in how balanced and diversified our footprint is, advantaged for growth, with a broad portfolio of brands skewed to Premium. Supporting Information
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61 “We achieved solid performance due to our well- balanced portfolio with robust growth of the Heineken® brand of 30% (excluding China) and continued strong growth of the brand in China. We not only experienced solid to strong growth across various markets, but also made significant investments in our brands and capabilities, which further enhanced our competitiveness.” Jacco van der Linden President, Asia Pacific Against a challenging economic backdrop, we successfully stabilised beer volumes and grew operating profit while stepping up investment in our brands, strengthening our organisation and accelerating EverGreen transformation to build a more connected, more resilient and future-fit business.” “We continued to grow in the Americas through premiumisation, innovation and strategic investments. Despite macroeconomic challenges, we delivered impressive results, with Heineken® leading the way in premium growth. Our commitment to expanding digital capabilities and our Brew a Better World agenda underscores our dedication to sustainable, long-term growth.” “I’m proud of all our teams who demonstrated resilience and resourcefulness in the face of a volatile macro-economic environment. Courageous pricing, cost management and smart investments helped us navigate the storm and deliver organic profit growth. Crucially, our strong brand portfolio and focus on consumers helped return AME to organic volume growth.” Roland Pirmez President, Africa, Middle East & Eastern Europe Marc Busain President, Americas Glenn Caton President, Europe Europe Americas AME APAC Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Joint Venture / Associates Operating Companies Licenses Export A balanced footprint, skewed towards growth
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62 Europe Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 62
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63 Improve profitability and value creation by winning in premium and leveraging our scale advantage 33% of Total Volumes1 40% of Net Revenue (beia)1 30% of Operating Profit (beia)1 #1 or #2 Markets2 16 mhl Heineken® volume FY’24 hl 18 18% Market Share2 1. FY 24 results 2. Global Data, internal estimates FY22 Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Joint Venture / Associates Operating Companies Licenses Export Leadership in Europe
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64 From an Opco-focused supply chain... ...to a Customer-focused Network Function standardization Platforms Networkoptimization Design forlow C-footprint Functionalexcellence Lack of economies of scale Non- harmonized ways of working Carbon intensive set-up Product and Packaging Complexity Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Operating Profit Margin - % of Revenue 20212019 20212019 20212019 Competitor BCompetitor A Our E2E Supply Chain Transformation in Europe
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65 USA Mexico Brazil Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Americas 65
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66 Joint Venture / Associates Operating Companies Licenses Export1. FY 24 results 2. Global Data, internal estimates Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 5 LSD >20% Markets EPS contribution to HEINEKEN of CCU beer volume from our brands Progressively capture a larger share of the profit pool by capitalising on our momentum 33% of Total Volumes1 35% of Net Revenue (beia)1 41% of Operating Profit (beia)1 25 mhl Heineken® volume FY’24 hl 19 #1 or #2 Markets2 #1 Region for Heineken® A strong presence in the most valuable global beer market
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67 2000 2003 2010 2015 2017 2019 2023 Brazil Mexico Other Beer Volume1 1999-2023 1% > 15% HEINEKEN share of beer in the Americas, 1999 and 20221 c.14x In 20 years 1. Global data Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Built through successful acquisitions, winning partnerships, and accelerated organic growth
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68 €103bn Beer Market Retail Sales Value 234 mhl Beer Market Volume +0.2% Beer Market Volume Growth #4 Market Position Source: Global data volume & retail sales value FY22; 2011-2022 Volume CAGR. USA Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information
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69 • #3 IPA • #1 IPA draught, on premise • #2 in craft 0.0 Heineken® Dos Equis Lagunitas • Top 10 position in draught volume (Top 2 imported) • Expand with Flavors • Heineken® Original • Heineken® 0.0 leadership in non-alcoholic at premium pricing • …and now Heineken® Silver Our biggest Heineken® launch ever Scale XX innovations Regain leadership in IPA Sources: Nielsen, Beer Board Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Our priorities on our three Premium propositions
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70 €20bn Beer Market Retail Sales Value 91 mhl Beer Market Volume +2.7% Beer Market Volume Growth #2 Market Position Source: Global data volume & retail sales value FY22; 2011-2022 Volume CAGR. Mexico Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information
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71 Tecate volume growth Volume of premium portfolio in Mexico Tecate: #2 brand nationally … Premiumisation remains a BIG opportunity 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1% of total 11% of total 2010 2023 1.7x Heineken® Bohemia Sol Amstel Ultra Source: Internal data Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Building a winning portfolio
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72 The second largest retail chain in Mexico 2X Six vs Off Trade Profitability, Gross profit per hl Our most profitable channel 2005 2010 2015 7.7 11.2 2023 c17 >1,200 new stores per year since 2018 Off Trade # of stores, ‘000 Source: Internal data, and estimates Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Accelerating Six as a key driver of profitable share gain
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73 €31bn Beer Market Retail Sales Value 154 mhl Beer Market Volume +13% Beer Market Volume Growth #2 Market Position Source: Global data volume & retail sales value FY22; 2011-2022 Volume CAGR. Brazil Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information
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74 From Economy to Premium-led Our ambition is to transform the market Lead in Premium, driving superior brand power growth to capture value Reshape our route-to-consumer, physically and digitally Improve profitability with intentional returnable packaging strategy and local sourcing Share of Beer Volume by Price Segment % of total HEINEKEN 2011 2016 2023 Premium Mainstream Economy Source: GlobalData, internal data Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Our business in Brazil has undergone a massive transformation
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75 2015 2023 Heineken® and Amstel Brazil Volume Evolution, 2013-23 (mHL) #1 Off trade brand by value1 #1 brand power2 #1 brand by penetration3 #1 Pure Malt Mainstream1 Brand Power > Share >10m Volume, hl Source: Internal data, 1: Nielsen, 2: Kantar BGS Brand Power Q3’23 MAT 3: Homescan Nielsen 2015 2023 +31% CAGR ’15-’23 +68% CAGR ’15-’23 Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Winning in Premium and Pure Malt Mainstream in Brazil
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76 CCNigeria Ethiopia South Africa Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Africa, Middle East and Eastern Europe 76
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77 1. FY 24 results 2. Global Data, internal estimates Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Joint Venture / Associates Operating Companies Licenses Export Create more value from the large long-term growth potential by delivering balanced and profitable growth 17% of Total Volumes1 14% of Net Revenue (beia)1 9% of Operating Profit (beia)1 6 mhl Heineken® volume FY’24 hl 18 #1 or #2 Markets2 A strong position in Africa’s largest profit pools
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78 HEINEKEN volume evolution Africa drives global beer growth 1. Global Data total Beer & Cider volume for HEINEKEN Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Ethiopia Others Nigeria South Africa DRC Growth over decades 5.9x 79% Africa’s share of global beer volume growth, 2015-221 11% > 20% HEINEKEN share of beer in Africa, 1999 and 20211 1999 2005 2010 2015 2023 Africa is the fastest growing region in global beer
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79 €2.6bn Beer Market Retail Sales Value 16 mhl Beer Market Volume +2.8% Beer Market Volume Growth #1 Market Position Source: Global data volume & retail sales value; FY22 2011-2022 Volume CAGR. Nigeria Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information
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80 Brand share of beer volumes1 % of total Volumes of Heineken, Tiger and Desperados in Nigeria1 Completely reshaping our Mainstream portfolio… …And more than doubling the size of Premium 1. Internal Data 2. Ipsos Market Share data for Nigeria, MAT YTD 22 Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 20232011 2015 Premium Brands 2017 2018 2019 2020 2021 2022 A profound portfolio transformation in Nigeria
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81 €2.6bn Beer Market Retail Sales Value 16 mhl Beer Market Volume +16% Beer Market Volume Growth #1 Market Position Source: Global data volume & retail sales value FY22; 2011-2022 Volume CAGR. Ethiopia Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information
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82 Volume1 Portfolio by Brand1 kHl We have captured the growth potential in the market With a unique, broad, national portfolio of brands 1. Khl, Internal Data Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 20162011 2012 20142013 20182015 2017 2019 2020 2021 2022 5X In 3 years 3X In 4 years #1 In 10 years 2023 2015 2023 Premium Brands Bedele Harar Walia Sofi Malt Economy Brands From entry to market leadership in a decade
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83 €5.3bn Beer Market Retail Sales Value 41 mhl Beer Market Volume +3.2% Beer Market Volume Growth #2 Market Position Source: Global data volume & retail sales value; 2011-2022E Volume CAGR. South Africa Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information
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88 Deepening our distribution penetration Creating a new Southern Africa champion To unlock the expansion opportunity across the portfolio High Low High Low HEINEKEN DISTELL Outlet penetration strength: Distell Trade Express: +25% Additional outlets serviced Joint Venture / Associates Operating Companies Licensed market Export HNK Bev.1 markets 1. Heineken Beverages Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Distell acquisition transforming our Route to Consumer…
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89 Share of Total Alcohol Beverage1 % A larger scale #2 player in Total Alcohol Beverage With significant synergies to drive value 23% 26% Heineken Beverages Others Volume share Market Leader in Beer Market Leader in Spirits Value Share ZAR 1,500 million full run rate synergies EPS accretive within the first year of completion Margin accretive in the medium-term 1. Newco position based upon combined entities of Heineken and Distell. IWSR data FY21 Synergies based on internal estimates Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information …add significant scale and unlock synergies
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90 Continue growth momentum to strengthen our leadership in our stronghold South East Asia Drive long-term category growth and sustainable profitability South Asia Market focus Lead market premium segment growth with Heineken® China JV Market focus Expand the category in Pacific Islands and unlock growth in Australia Oceania Evolve our existing business models to seize a larger share of profitable markets North Asia Market focus Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Asia Pacific 90
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91 1. FY 24 results 2. Global Data, internal estimates Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Joint Venture / Associates Operating Companies Licenses Export Seize a larger share of the expected growth at attractive profit margins by premiumising our portfolio 17% of Total Volumes1 15% of Net Revenue (beia)1 20% of Operating Profit (beia)1 14 mhl Heineken® volume FY’24 hl 16 #1 or #2 Markets2 HEINEKEN has a broad presence in the Asia Pacific region…
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92 1. Internal data, Total Consolidated Volume, except for China from 2019 which includes Licensed volumes 2. Global Data. Excluding China HEINEKEN share of beer in APAC increased from 3% in 2011 to 17% in 2022. 20192011 2016 20172012 20182013 20152014 2020 2021 2022 India UBL Others China (Licensed volume) Vietnam Volume evolution1 10x In 10 years 1% > 6% 3% > 17% exc China HEINEKEN share of beer in APAC2, 2011 and 2022 Group Overview Our Strategy — Evergreen Supporting Information Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy 2023 …capturing the growth opportunity
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93 *Share of throat Group Overview Our Strategy — Evergreen Supporting Information Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Urbanisation % Beer PCC Drive beer penetration Under penetrated Expand the international premium segment Domestic beer-led Expand beer and selectively play beyond beer Sophisticated Expand beer to overcome barriers Low alcohol relevance with high beer SOT* Maintain beer relevance and premiumise Beer-led … and our strategy is adapted to best capture future growth
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94 €11bn Beer Market Retail Sales Value 46 mhl Beer Market Volume +3.6% Beer Market Volume Growth #1 Market Position Source: Global data volume & retail sales value FY22; 2011-2022 Volume CAGR. Vietnam Group Overview Our Strategy — Evergreen Supporting Information Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy
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95 Volume CAGR* 25% Drivers for future growth: ▪ Urbanisation still low: 36% ▪ Growing middle class ($4k GDP per capita) 2000 2010 2020 Strengthen our leadership in premium Expand into mainstream Expand into the North and rural areas Uncaging the full potential of Vietnam #1 1 2 3 * Global Data 1999-2019 Group Overview Our Strategy — Evergreen Supporting Information Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Vietnam: from entry to market leadership in 30 years…
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96 We will continue to drive premium While strengthening our position in mainstream Regional brands growing >3X in size over five years Sources: Global Data for 3rd parties, internal data for HEINEKEN brands. Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Volume of Heineken® & Tiger in Vietnam kHL Share of Beer Volume by Price Segment % of total Volume of Bia Viet, Bivina & Larue in Vietnam kHL 2016 202120182017 2019 2020 2022 c.50% c.90% Market Share in Premium Segment 2016 2022 Premium Mainstream & Economy 20192016 2017 2018 2020 20222021 3.7x 5% Market share 16% Evolving our portfolio for broad market leadership
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97 Source: Nielsen Retail Audit – Market share YTDOct’22; HEINEKEN trade census Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Outlets selling beer Red River Delta North-East & West Hai Phong North Central Coast South Central Coast Ha Noi Mekong Delta & South Central Highlands Da Nang Nha Trang HCMC Can Tho HVN Volume share 30-50% <30% >50% 45% 10% 45%No availability of our products With our products available Visited by our sales reps Geographic, coverage and portfolio expansion opportunities Asymmetric penetration represents an opportunity To accelerate coverage expansion via eB2B Continued portfolio expansion
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98 €10bn Beer Market Retail Sales Value 28 mhl Beer Market Volume +3.7% Beer Market Volume Growth #1 Market Position Source: Global data volume & retail sales value FY22; 2011-2022 Volume CAGR. India Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information
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99 and market profile Strategy to unlock future growth Obstacles to overcome Sources: Global Data & IWSR, World Bank estimates FY21, Other internal data Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 1.4 Billion Population 2 litres Per Capita Consumption $2k GDP Per Capita Market Leader Strong network of breweries Iconic Kingfisher Improve beer category penetration Extend market leadership to the premium segments Strive for a fair regulatory environment for beer 10% Share of throat of beer in alcohol 1.5 – 3x Beer price of pure alcohol vs spirits 90k outlets 10m in FMCG universe 1% Alcohol penetration for Women India is the last frontier of beer growth, yet to be unlocked
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100 €65bn Beer Market Retail Sales Value 488 mhl Beer Market Volume +6.2% Beer Market Volume Growth #1 Market Position Source: Global data volume & retail sales value FY22; 2011-2022 Volume CAGR. China Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information
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101 Now our second largest Heineken® market globally 2019 2020 2021 2022 2023 c.0.04m c.1m c.5m 2019 2020 2021 2022 2023 Volume growth momentum Heineken® volume, khl Significant distribution headroom Points of sale Generating meaningful contribution Contribution to EPS (beia) 4.5x <2019 2023 Source: Internal data, TMLA Report EPS beia contribution from Share of Profit and Royalties Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information A strong growth partnership in China
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102 Group Overview Our Strategy — Evergreen Supporting Information Our Markets Our Markets Governance, Ownership & Shareholder Information Leverage Financial Policy Leverage & Financial Policy Latest Results Outlook Latest Results & Outlook Brew a Better World Targets,Strategy Progress Brew a Better World Targets, Strategy & Progress Supporting Information
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103 Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information Bram Westenbrink Chief Commercial Officer ET member since 2023 Roland Pirmez President AMEE ET member since 2015 Yolanda Talamo Chief People Officer ET member since 2021 Joanna Price Chief Corporate Affairs Officer ET member since 2023 Jacco van der Linden President Asia Pacific ET member since 2020 Glenn Caton President Europe ET member since 2024 Marc Busain President Americas ET member since 2015 Ronald den Elzen Chief Digital & Technology Officer ET member since 2020 Magne Setnes Chief Supply Chain Officer ET member since 2020 Harold van den Broek Chief Financial Officer & Member of the Executive Board ET member since 2021 Dolf van den Brink Chief Executive Officer & Chairman of the Executive Board ET member since 2018 HEINEKEN’s Executive Team
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104 Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information *Including the 0.03% stake held directly by Mrs C.L. de Carvalho-Heineken and 1,790% of Heineken Holding N.V . shares held by Heineken N.V . Ownership structure based on issued shares Heineken Holding N.V. Heineken N.V. L’Arche Green N.V. Public 53.171% 46.829%* 50.005% 49.995%
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105 Heineken N. V . Heineken Holding N. V . Bloomberg ticker: HEINY ISIN: US4230123014 Cusip: 423012301 Exchange: OTCQX Ratio: 2 ADRs: 1 Ordinary Share Bloomberg ticker: HKHHY ISIN: US4230081014 Cusip: 423008101 Exchange: OTCQX Ratio: 2 ADRs: 1 Ordinary Share Depositary bank: Deutsche Bank Shareholder Services c/o American Stock Transfer & Trust Company ADR broker helpline: +1 866 249 2593 E-mail: db@amstock.com ADR website: www.astfinancial.com Depositary Bank’s local custodian: Deutsche Bank, Amsterdam Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 105 Sponsored Level 1 ADR Programmes
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106 E-mail: investors@heineken.com Tel: +31-20-5239590 Tristan van Strien Investor Relations Director Lennart Scholtus Investor Relations Manager Chris Steyn Investor Relations Senior Analyst Mirjam Koersen Investor Relations Specialist Brew a Better World Governance, Ownership & Shareholder InformationOur MarketsLatest Results & Outlook Leverage & Financial Policy Group Overview Our Strategy — Evergreen Supporting Information 106 Contact Us
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