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1 V001 The world’s pioneering beer company 2026 Q3 RESULTS HEINEKEN N.V.
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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.
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3 V001 3
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4 V001 Highlights Volume and revenue growth across all regions Resilient growth in AME and solid momentum in APAC Americas and Europe volume growth on softer comparatives Progressing with pace on EverGreen 2030 priorities Note. Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % or bps indicate organic growth. Priority segments and global brands driving growth Reiterating FY 26 operating profit growth guidance from 2 to 6%
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5 V001 2026 Q3 highlights Continued momentum, all regions contributing Q3 YTD +4.6% Net revenue +0.7% Net revenue per hl +4.8% Total volume +9.9% Global Brands volume Net revenue +1.7% Net revenue per hl +2.7% Total volume +6.9% Global Brands volume +3.4% +11.5% Total Premium volume +7.8% Total Premium volume
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6 V001 286 50 182 241 Q3 2025 Total consolidated volume Price-Mix Consolidation impact Currency translation Q3 2026 7,330 8,090 Net revenue +4.6%, expanding in all regions Revenue up from organic growth, consolidation impact, and favourable currency Net Revenue (beia) €m Organic increase €336m +1.8% Price-Mix1 OG +3.9% Consolidated Volume OG Note 1. Price Mix on a constant geographic basis. Price: +1.8% Country mix: -1.1% Net revenue per hl: +0.7%
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7 V001 2% 4% 5% 10% 10% 10% 12% 14% 5% Quality of our growth 3Q26 vs 3Q25 organic growth Total premium volume Heineken® Net revenue Heineken® 0.0 Global brands Total mainstream volume Total volume Total consolidated volume Total beyond beer
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8 V001 Global brands accelerating growth momentum Led by double-digit growth of Tiger and Heineken® Silver Tiger >20% Heineken® +10% Global Brands + 10 %
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9 V001 Africa & Middle East Sustained resilient growth, led by Ethiopia and South Africa +6.8% Net revenue +4.3% Total volume +3.6% Price mix1 Nigeria Consumer remains under pressure ▪ Gaining share in a soft market ▪ Heineken® and Desperados lead growth in premium South Africa Leveraging our multi-category presence ▪ Beer growth with Heineken®, Amstel, Windhoek. ▪ Continued Bernini RTD strength, Klipdrift performing in spirits Ethiopia Expanding leadership position ▪ Strong revenue and volume expansion despite regional tensions ▪ Bedele, Harar, and Heineken® performing strongly Note 1. Price Mix on a constant geographic basis. Q3 YTD +7.7% Net revenue +3.4% Total volume +5.8% Price mix1
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10 V001 Americas Returned to growth on easier comparison base Note 1. Price Mix on a constant geographic basis. +3.1% Net revenue +2.1% Total volume +2.2% Price mix1 Mexico Sequential improvement with stronger execution ▪ Modest growth with market share progressively improving ▪ Solid performance in our SIX network of proximity stores Brazil Category returning to growth ▪ Volume and revenue growth led by Heineken® and Amstel ▪ Heineken® Ultimate 3.5% strong consumer pull following launch Costa Rica Business case on track ▪ Multi-category portfolio continued to perform well ▪ Delivery of cost and cash synergies ahead of expectations Q3 YTD +1.1% Net revenue - 1.6% Total volume +3.1% Price mix1
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11 V001 Asia Pacific Solid momentum continued Note 1. Price Mix on a constant geographic basis. +15.1% Net revenue +17.3% Total volume +4.1% Price mix1 Vietnam Outperforming a growing category ▪ Market share gains, leading premium segment ▪ Strong volume growth by Heineken® Silver and Tiger Crystal India Building on leadership in a high-growth market ▪ Leveraging our scale and national footprint ▪ Unlocking category servicing underlying consumer demand China Consistent sustained growth and share gains ▪ Continued broad-based Heineken® and Amstel growth ▪ Top 3 market contributor to Net Profit Q3 YTD +11.9% Net revenue +13.4% Total volume +4.3% Price mix1
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12 V001 Europe Volume growth and strong summer execution on softer comparatives Note 1. Price Mix on a constant geographic basis. +1.3% Net revenue +0.6% Total volume +0.1% Price mix1 United Kingdom Portfolio, pubs, and strong execution ▪ Growth driven by Cruzcampo, premium cider and Murphy’s stout ▪ Star Pub estate outperforming sector Western Europe Creating category excitement to engage consumer ▪ Summer activation supported category and share gains ▪ Organically growing in beyond beer, and acquiring Stëlz Operating model Further simplification of our model ▪ Number of operating companies from 23 to eight Q3 YTD +0.5% Net revenue - 0.1% Total volume +0.0% Price mix1
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13 V001 2026 Outlook Accelerating disciplined execution of EverGreen 2030 Broadly unchanged trading environment Reiterating operating profit growth guidance from 2% to 6% Outlook on all other metrics also unchanged Note. Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % or bps indicate organic growth.
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14 V001 Q&A #WeAreHEINEKEN