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September 2025 Dolf van den Brink, Chairman of the Executive Board and CEO Harold van den Broek, Member of the Executive Board and CFO HEINEKEN to acquire FIFCO’s beverage and retail businesses, strengthening its presence across Central America
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2 This presentation contains forward-looking statements with regard to the financial position and results of HEINEKEN’s activities. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed 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 future market and economic conditions and related government measures, 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, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, 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 does not undertake any obligation to update these forward-looking statements contained in this presentation. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates. Disclaimer
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3 Strengthening our Central American footprint Landmark acquisition accelerates growth with leading beverage portfolio and retail assets in Costa Rica, full ownership HEINEKEN Panama, and expanded regional footprint 25% 100% Beer & Beyond Beer 2.5 mhl Soft drinks 2.4 mhl Wines & Spirits distribution >300 proximity retail outlets Costa Rica 75% 100% Beer & Beyond Beer 1.3 mhl Panama 12.5% 49.85% Beer & Beyond Beer 2.3 mhl Water & Soft Drinks 3.3 mhl ~250 proximity retail outlets Nicaragua Food & Beverage platform in Guatemala Beyond Beer portfolio in Mexico Other Consolidated post-transaction Non-consolidated post-transaction Current HEINEKEN stake
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4 Compelling strategic rationale Advancing our EverGreen strategy by strengthening our Central American footprint Acquiring 100% control of the beverage leader in Costa Rica – Market leadership in growing Beer category leading with the Imperial brand – Leading pan-regional Beyond Beer portfolio – #2 soft drinks player with leading own brands and PepsiCo partnership – Strong adjacent businesses including Wines & Spirits distribution and proximity retail (>300 outlets) Enhancing our advantaged footprint for growth Full ownership of HEINEKEN Panama – CAGR Beer volume growth of ~20% from 2019 – 2024 with year-over-year market share gains Further expansion of footprint in Central America – Equal partnership in Nicaragua's leading and fast-growing brewer – Food and beverage platform in Guatemala – Fast-growing Beyond Beer portfolio in Mexico Value enhancing to HEINEKEN 1 2 3 4 5
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5 Enhancing HEINEKEN’s global footprint Shaping and strengthening our growth profile through strategic acquisitions and disposals ✓ Large and growing profit pools ✓ Favourable macro- economics ✓ Value enhancing Re-allocating resources to growth opportunities Challenging market dynamics with no path to profitable growth Management distraction Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama Costa Rica & Central America / FIFCO 2025 Southern Africa / Distell & NBL 2023 India / UBL 2021 Peru / Tres Cruces 2021 Ecuador / Biela 2019 China / CRB 2019 Philippines 2020 Lebanon 2022 Tunisia Water 2022 Slovenia Water 2023 Russia 2023 Netherlands Soft drinks 2023 Sri Lanka 2024 Sierra Leone 20251 Notes: 1 Pending
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6 Costa Rica is a highly attractive market Strong macro fundamentals and favourable beverage consumption trends ✓ Macro tailwinds with growing population, strong real GDP growth, and stable local currency ✓ Sizeable beverage segments with healthy volume growth, fuelled by growing population, PCC and rise in disposable income 2.6 million Above-average annual population growth rate Compared to the Americas average of 0.7% PCC consumption lags behind peer markets (Panama 97L, Mexico 106L) despite Costa Rica’s higher GDP per capita Record tourist arrivals in Costa Rica (2024) Tourism contributes approximately 10% to the country’s overall GDP Projected annual growth of Costa Rican Beer market 0.9% 3%+ Annual growth in disposable incomes Driven by strong GDP growth of 3%, with projections indicating continued momentum 56L Low- to mid- single digit Growing population Disposable income growth Attractive tourism sector for our brands Beer PCC1 upside Strong future Beer growth Source: IHS, Telescope, GlobalData, World Bank, European Central Bank, Focus Economics, Lit Search Notes: 1 Per capita consumption Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama
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7 The beverage leader in Costa Rica A familiar multi-category champion now part of the HEINEKEN family of brands Beer Beyond Beer Soft Drinks Proximity retail Wines & Spirits # 1 player # 1 player # 2 player overall, # 1 in Teas, # 1 in Energy >300 outlets in Costa Rica LocalInternational ~2 million hl ~0.5 million hl ~2.5 million hl 0.7 million cs Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama
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8 Delivering sustainable growth and profitability Led by a highly experienced, trusted management team with a proven track record of success #1 15% 18% ~25% Group Americas Costa Rica Operating Profit margin 20241Key highlights Operating Profit contributor within HEINEKEN Top 5 #2 MSD Category leader with ~2 million hl in Beer and ~0.5 million hl in Beyond Beer Beer & Beyond Beer volume CAGR (2019 – 2024) Player with ~2.5 million hl in Soft Drinks Notes: 1 Distribuidora La Florida financials excluding FIFCO USA, based on Distribuidora La Florida’s accounting policies Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama
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9 Increase PCC through revenue management Implement global scale and best practices Leverage regional and global support hubs Improve RTM execution Grow premium through global brands Positioned for further growth Transaction will generate revenue and cost synergies through application of proven best practices Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama
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10 Full ownership of HEINEKEN Panama Acquiring full ownership in an attractive growth market with further premiumisation potential ▪ Acquiring remaining minority stake, taking ownership from 75% to 100% ▪ US dollar linked economy with strong demographic potential ▪ Delivered ~20% volume CAGR from 2019-2024 ▪ Sequential Beer market share gains last three years ▪ Integration of Costa Rica Beyond Beer brands complementary to existing HEINEKEN Panama Beer portfolio ▪ Track record of Operating Profit (beia) expansion 2019 2024 ~20% CAGR ~1.3 mhl ~0.6 mhl Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama
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11 Further expansion into Central America A platform for expansion in Nicaragua’s leading brewer, F&B in Guatemala, and Beyond Beer in Mexico ▪ Equal partnership (49.85%) in Nicaragua’s leading brewer – Leading and fast-growing Beer & Beyond Beer portfolio – Strong national brand with Toña – Water and Soft Drinks operation – ~250 proximity retail outlets ▪ Guatemala food & beverage platform – Iconic regional brands: Kerns and Ducal – Leverage broader Central American portfolios ▪ Beyond Beer portfolio in Mexico – Strong portfolio of fast growing Beyond Beer brands – Opportunity to leverage HEINEKEN route to market Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama
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12 A strong track record in sustainability Complementing HEINEKEN’s Brew a Better World 2030 Led smart consumption education programmes in Costa Rica Delivered a 60% Material Circularity Index score — four years ahead of target Continued focus on water positivity, carbon neutrality, and zero waste milestones >40% women in leadership; fostering an inclusive culture Recognised as a benchmark for excellence in corporate governance Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama FIFCO recognised as the sustainability benchmark across Central America
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13 Recap of capital allocation priorities A value enhancing transaction in line with our framework Organic growth and business expansion Net Debt / EBITDA (beia) <2.5x Maintain long-term target Pay-out ratio 30-40% of net profit (beia) Value enhancing acquisitions Further capital returns to shareholders Invest for growth Strict financial discipline Consistent dividend policy Inorganic expansion Other opportunities Key criteria ✓ Growth platforms ✓ Scale ✓ Favourable macro- economics ✓ Synergies ✓ Continue our share buyback programme Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama
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14 Value enhancing for HEINEKEN Immediately accretive to operating profit (beia) and EPS (beia) ▪ Cash consideration for the stakes acquired by HEINEKEN will be US$3.2 billion ▪ Implied acquisition multiple of 11.6x EV/EBITDA based on 2024 results 14 Offer consideration Financing and leverage Financial impact ▪ Distribuidora La Florida’s financials1, which were previously accounted for as share of net profit/loss from associates, will be consolidated and represent Revenue of US$1,132m, EBITDA of US$334m and Operating Profit of US$278m for 2024 ▪ Increase of profit from associates and joint ventures (Nicaragua) and reduced non-controlling interest income (HEINEKEN Panama) ▪ Run-rate cost savings of approximately US$50 million are anticipated ▪ Immediately accretive to operating margin (beia) and EPS (beia) ▪ Costa Rica will be one of HEINEKEN's top 5 operating companies by operating profit ▪ HEINEKEN’s Net Debt is expected to increase by €3.2 billion and HEINEKEN's pro-forma Net Debt / EBITDA (beia) ratio is expected to increase modestly ▪ HEINEKEN remains committed to return to its long-term target of below 2.5x ▪ HEINEKEN will continue to make progress on the previously announced share buy-back programmes of €1.5 billion for HEINEKEN N. V . which is not affected by the proposed transaction. ▪ Attractive growth prospects ▪ Synergies through applying best practices ▪ Strong cash flow generation ▪ Unlock untapped demand for Heineken® to drive Operating Profit (beia) growth Value levers Notes: 1 Distribuidora La Florida financials excluding FIFCO USA, based on Distribuidora La Florida’s accounting policies Global footprint Value enhancingNicaragua, Guatemala & MexicoCosta Rica Panama
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15 Next steps for HEINEKEN 15 ▪ Completion of the transaction between HEINEKEN and FIFCO is subject to customary regulatory approvals and the approval by the general shareholders’ meeting of FIFCO, which will take place in October 2025 ▪ The transaction is expected to complete in H1 2026 ▪ The deal has already been approved unanimously by the board of directors of FIFCO, which includes representatives of FIFCO's key shareholders. Approvals and closing
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Q&A