Slides
Page 1
2026 HY RESULTS HEINEKEN N.V. Heineke The world's pioneering beer company ' TM Heineken PUR REMALT LA HEINEKEN EverGreen
Page 2
2 V001 Disclaimer 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 emission reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by 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 external sources, such as specialised research institutes, in combination with management estimates. HEINEKEN undertakes no responsibility for the accuracy or completeness of such external sources.
Page 3
3 V001 CO2 | Water | T alent EverGreen 2030 | Future Proofing our BusinessEverGreen 2030 Strategy Consistently delivering superior & balanced growth EPS Rev OG% ROIC Strategic Priorities Green Diamond What we focus on How we create attractive shareholder returns
Page 4
4 V001 Highlights Volume growth, robust profit delivery as EverGreen 2030 accelerates Global, local power brands, focus markets delivering growth Strong cash conversion and returns Evergreen acceleration, innovation, model simplification Robust profit delivery, advancing organisational changes Note. Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % or bps indicate organic growth. Design approved — Final Strong APAC & AME, sound recovery in Europe, softer in Americas Reiterating FY operating profit growth guidance of 2% to 6%
Page 5
5 V001 2026 HY financial highlights Volume growth, robust profit delivery as EverGreen 2030 accelerates +2.7% Net revenue +1.6% Total volume +6.7% Operating profit +10.2% Net profit +2.3% Net revenue per hl +5.3% Heineken® volume +55 bps Operating profit margin expansion €2.29 Diluted EPS Design approved — Final
Page 6
6 V001 -0.7% 0.4% 1.6% 5.3% 5.3% 5.8% 7.2% 7.7% 2.7% 6.7% 10.2% 11.6% Quality volume, value, and profit growth HY26 vs HY25 organic growth Total premium volume Heineken® Net revenue Heineken® 0.0 Global brands Operating profit Total mainstream volume Total volume Total consolidated volume Total beyond beer Design review performed Thanks! Image updated — please check OK Net profit EPS1 Note 1. Calculated on a constant currency basis
Page 7
7 V001 Heineken® leading premium volume growth With pioneering innovations launched tailoring to evolving consumer needs Heineken® 0.0 +7.2% Heineken® volume +5.3% 18 markets DD volume growth Design approved — Final
Page 8
8 V001 Back in growth, led by Crystal Growing in China, Brazil, and South Africa Gaining momentum, led by Switzerland & France Global Brands +5.3% volume, all brands in growth Success with GenZ from Abidjan to Paris Cannes Festival creative brand of the year Design approved — Final
Page 9
9 V001 +HSDPioneer volume growth in HY26 In beyond beer since 1995 30+ Markets available Design review performed — please check OK DESPERADOS BEST POSITIONED TO DELIGHT GEN Z
Page 10
10 V001 Scaling a pilot innovation model 40+ focused pilots across Global Brands, Local Power Brands and new growth spaces Global Brands Beyond Beer & New OccasionsLocal Power Brands Design review performed Adjusted both images — please check OK
Page 11
11 V001 Increasing choice in low- and no-alcohol Investing in people and communities Advancing climate and water resilience Responsible Social Environmental Progress on Brew a Better World Sharpened agenda focusing on the biggest impact Numbers to be updated Design review performed — please check OK
Page 12
12 V001 Africa & Middle East Strong delivery with hard-currency profit on transformed cost base +8.2% Net revenue +2.9% Total volume +7.0% Price mix1 +30.8% Operating profit Nigeria Broad-based growth and category leadership ▪ Strong operating profit growth in both local and reported currency ▪ Heineken®, Desperados, Stout, and Maltina leadership positions HEINEKEN Beverages Multi-category momentum ▪ Beer momentum with Heineken®, Amstel, Windhoek, and Sol ▪ Continued Bernini RTD strength, wine portfolio stability Ethiopia Reinforcing leadership in the fastest growing African market ▪ Revenue growth in the thirties, strong volume expansion ▪ Harar, Bedele, and Heineken® leading the growth Note 1. Price Mix on a constant geographic basis. Design approved — Final
Page 13
13 V001 Americas Disciplined execution in softer markets Mexico Sequential improvement with stronger execution ▪ Volume down in soft market, performance improving through the half ▪ Investing behind Tecate and Indio, innovation agenda Brazil Challenging market conditions, innovation accelerating ▪ Strong OP growth driven by price-mix and productivity initiatives ▪ Launch of Heineken® Ultimate 3.5%, leading with Amstel Ultra Costa Rica Integration ahead of plan ▪ Strong first contribution following acquisition completion on 30 Jan ▪ Strong portfolio and innovation agenda 0.0% Net revenue - 3.4% Total volume +3.4% Price mix1 +2.2% Operating profit Note 1. Price Mix on a constant geographic basis. Design review performed Layout updated OK
Page 14
14 V001 Asia Pacific Strong growth, led by Vietnam, India and China Vietnam Record share driven by portfolio strength ▪ Strong category growth and business momentum ▪ Continued Heineken® Silver strength, Tiger back in growth India Building on leadership in a high-growth market ▪ Leveraging our scale and national footprint as market leader ▪ Premium growth led by Kingfisher Ultra and Heineken® Silver China 8th year of consecutive growth, still going strong ▪ Heineken® Original, Silver and Amstel growing close to 30% ▪ Top 3 market contributor to Net Profit +10.5% Net revenue +11.6% Total volume +4.5% Price mix1 +17.7% Operating profit Note 1. Price Mix on a constant geographic basis. Design review performed Image updated — please check OK
Page 15
15 V001 Winning in Asia Pacific Zooming in on the success of our operations in Vietnam and India India: Market leader with flagship brands & national presence Vietnam: From premium segment leader to broad market leadership #1 category leader, at scale More than double the closest competitor #1 national beer brand Largest and only true national beer brand, complemented with international premium brands Nationwide supply & sales network Hybrid operating model and investments into greenfield operation Leading regulatory unlock Supporting sustainable & responsible category growth #1 market player Record market share in both on- and off-channels Full, differentiated portfolio Spanning all segments, revitalized Tiger Leading innovation Sessionable extensions, 25cl cool-pack Expanding national coverage Investment into route-to-consumer Design review performed — please check OK
Page 16
16 V001 Europe Momentum improving, supported by innovation and transformation United Kingdom Portfolio, pubs and execution driving growth ▪ Star Pubs continued to outperform ▪ Cruzcampo, Murphy’s, Foster’s, and ciders supported momentum Western Europe Customer partnerships & innovation rebuilding momentum ▪ France returned to volume growth as distribution recovered ▪ Innovation stepped up across summer occasions Operating model and cash discipline MMOs supporting scale & productivity ▪ Established multi-market organisation to simplify our model ▪ Strong discipline and cash conversion +0.1% Net revenue - 0.6% Total volume 0.0% Price mix1 +0.6% Operating profit Note 1. Price Mix on a constant geographic basis.
Page 17
17 V001 FINANCIAL HIGHLIGHTS
Page 18
18 V001 328 325 HY 2025 Total consolidated volume Price-Mix Consolidation impact -57 Currency translation HY 2026 14,181 14,834 57 Net revenue up 2.7%, expanding in all regions Consolidated net revenue per hectolitre up 2.3%. Net Revenue (beia) €m Organic increase €385m +2.8% Price-Mix1 OG Price: +2.1% Mix: +0.7% Of which: +0.4% Volume OG Note 1. Price Mix on a constant geographic basis. Design approved — Final
Page 19
19 V001 135 46 HY 2025 Organic growth Consolidation impact -38 Currency translation HY 2026 2,027 2,170 Margin expansion supported by productivity Operating Profit +6.7% , Operating Profit margin +55bps Total increase €143m Operating Profit(beia) €m Design review performed Image updated — please check OK
Page 20
20 V001 Additional key financial metrics €m unless otherwise stated HY 2026 HY 2025 vs LY1 Operating Profit 2,170 2,027 +6.7% Share of Profit 159 135 +19.1% Net Interest Income & Expenses -287 -260 +4.2% Other Net Finance Income & Expenses -76 -104 +30.8% Net Profit 1,256 1,164 +10.2% Net Profit Reported 1,125 744 +51.2% Effective Tax Rate 29.7% 28.9% +80bps Diluted EPS (€) 2.29 2.08 +11.6% Dividend Per Share (€) 0.76 0.74 +2.7% Net Debt/EBITDA 2.6x 2.2x 1. Organic growth shown, except for Net Profit Reported, Effective Tax Rate, Dividend Per Share which is total growth, and Diluted EPS which is constant currency growth. Design approved — Final
Page 21
21 V001 257 1,381 81 625 328 90 HY 2025 Cash flow from operations1 Working capital Capex2 Interest, dividend & income tax HY 2026 Strong FOCF delivery 97% cash conversion in line with our medium-term ambition Free Operating Cash Flow €m Total increase €1,124m 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 Design approved — Final
Page 22
22 V001 Transitioning to HBSInnovating with Heineken® Studio Rolling out Freddyai Clustering to MMOs in Europe 2026: Accelerated execution of EverGreen 2030 Changing the way we work for faster growth & scale benefits NL-BE CZ-SK RO-BG DACH Design review performed Layout updated OK
Page 23
23 V001 Capital allocation priorities Invest in growth, financial discipline, excess cash returns Organic growth and business expansion Maintain long-term target Net Debt / EBITDA (beia) <2.5x Pay-out ratio 30-50% of net profit Value-accretive acquisition of FIFCO Address resolve markets, including DRC Second €750 million tranche of the €1.5 billion share buyback programme to be completed this year. Invest for growth Strict financial discipline Consistent dividend policy Inorganic expansion Other opportunities 1 2 3 4 5 Design approved — Final
Page 24
24 V001 2026 Outlook Disciplined execution of EverGreen 2030 Confident, yet prudent in our expectations for 2026 Variable costs per hl unchanged Effective tax rate expected at c. 28%; other assumptions unchanged Operating profit expected to grow in the range of 2% to 6% Capital allocation actions accretive to EPS Confident, yet prudent in our expectations for 2026 Assuming continued macroeconomic and geopolitical uncertainty Variable cost per hl unchanged Gross savings at the top end of the range, offsetting part of commodity pressures Effective tax rate expected at c. 28%; other assumptions unchanged Reflects inclusion of HEINEKEN Costa Rica Operating profit expected to grow in the range of 2% to 6% Based on spot rates, currency impact expected to be slightly favourable Capital allocation actions accretive to EPS Costa Rica acquisition and DRC disposal: c. 2–3%; share buyback: c. 2% Note. Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % or bps indicate organic growth. Design review performed Layout updated OK
Page 25
25 V001 Summary Volume growth, robust profit delivery as EverGreen 2030 accelerates Note. Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % or bps indicate organic growth. Design approved — Final Global, local power brands, focus markets delivering growth Strong cash conversion and returns Evergreen acceleration, innovation, model simplification Robust profit delivery, advancing organisational changes Strong APAC & AME, sound recovery in Europe, softer in Americas Reiterating FY operating profit growth guidance of 2% to 6%
Page 26
26 V001 Q&A #WeAreHEINEKEN Design approved — Final