Amsterdam, 11 February 2026
HEINEKEN N.V. REPORTS 2025 FULL YEAR RESULTS
Well-balanced performance in challenging market conditions
| IFRS Measures | BEIA Measures | |||||||||
| (in € million) | Total growth | (in € million) | Organic growth | |||||||
| Revenue | 34,257 | -4.7% | Revenue (beia) | 34,395 | 0.2% | |||||
| Net revenue | 28,753 | -3.6% | Net revenue (beia) | 28,890 | 1.6% | |||||
| Operating profit | 3,406 | -3.2% | Operating profit (beia) | 4,385 | 4.4% | |||||
| Operating profit margin | 11.8% | 5 bps | Operating profit (beia) margin | 15.2% | 41 bps | |||||
| Net profit | 1,885 | 92.7% | Net profit (beia) | 2,662 | 4.9% | |||||
| Diluted EPS | 3.38 | 94.3% | Diluted EPS (beia) | 4.78 | 3.6% | |||||
| Free operating cash flow | 2,602 | |||||||||
| Net debt / EBITDA (beia) | 2.2x |
Unless stated otherwise, all comments and figures in this announcement refer to BEIA metrics, and growth % or bps indicate organic growth, except for Diluted EPS (beia) which is calculated on a constant currency basis.
Growth: Quality volume and mix with market share gains in subdued market conditions
- Total volume declined 1.2%, with consolidated volume down 2.1%, and licensed volume up 17.8%.
- Heineken volume grew 2.7%, global brands volume grew 1.9%.
- Net revenue grew 1.6%, net revenue per hectolitre up 3.8%.
- Over 60% of our markets, including over 80% of our priority growth markets gaining or holding share.
- Marketing and selling expenses expanded to 9.9% of net revenue.
Profitability: Strong productivity gains enabling margin expansion
- Gross savings in excess of €500 million, with an increased flow-through to profit.
- Operating profit grew 4.4% with operating profit margin expanding 41 bps to 15.2%.
- Diluted Earnings per Share (EPS) of €4.78, up 3.6% (2024: €4.89).
Capital Efficiency: Another year of solid cash flow generation, with improved ROIC
- Free Operating Cash Flow of €2.6 billion, translating into a cash conversion ratio of 87%.
- Return on Invested Capital (ROIC) absolute increase of 57 bps to 22.7%, incl. goodwill & intangibles up 21 bps to 9.4%.
- Completed first tranche of the €1.5 billion share buyback programme, second €750 million tranche to start shortly.
- Dividend of €1.90 per share proposed. Dividend payout policy to be expanded to the range of 30% to 50%.
2026: Accelerating the disciplined execution of EverGreen 2030, integrating FIFCO
- Increasing investment in growth focused on global brands, faster innovation and sharper execution.
- Accelerating productivity at scale to unlock significant savings, reducing 5,000 to 6,000 roles over next two years.
- Integrating FIFCO beverage and retail businesses in Central America, expected to be immediately accretive to EPS.
- Anticipating FY2026 operating profit to grow in the range of 2% to 6%.
DOLF VAN DEN BRINK, CEO, COMMENTED:
"In 2025, we delivered a resilient and well-balanced performance. We gained share, drove cost and cash productivity, and increased investment behind our brands. Combined with agility and our advantaged footprint, this helped us navigate volatility and deliver within our guidance range. We reinforced our footprint through the acquisition of FIFCO in Central America, our largest acquisition in more than a decade, positioning us even more strongly for growth in the future.
As EverGreen 2025 concludes, we have made meaningful progress and advanced major transformations that strengthen our fundamentals. EverGreen 2030 builds on this with a sharper strategy, clearer resource allocation, and a stronger focus on value creation.
Now we pivot to the disciplined execution of EverGreen 2030. Our first priority is to accelerate growth, funded by stepped up productivity and operating model changes that will involve a significant cost intervention over the next two years. This will unlock stronger people productivity and enable greater speed and efficiency. At the same time, we remain prudent in our near-term expectations for beer market conditions."
Annual Report 2025
Today we published our Heineken N.V. ("HEINEKEN") Annual Report, providing an overview of our performance, future direction and progress on sustainability. You can access the full report here: https://www.theheinekencompany.com/2025results/
ENQUIRIES
| Media | Investors | |
| Christiaan Prins | Tristan van Strien | |
| Director of Global Communication | Global Director of Investor Relations | |
| Marlous den Bieman | Lennart Scholtus / Chris Steyn | |
| Head of Media | Investor Relations Manager / Senior Analyst | |
| E-mail: pressoffice@heineken.com | E-mail: investors@heineken.com | |
| Tel: +31-20-5239355 | Tel: +31-20-5239590 |
CONFERENCE CALL DETAILS
HEINEKEN will host an analyst and investor video webcast about its 2025 FY results today, 11 February 2026, at 10:00 CET/ 09:00 GMT/ 04:00 EST. The live video webcast will be accessible via the company's website:
https://www.theheinekencompany.com/investors/results-reports-webcasts-and-presentations.
An audio replay service will also be made available after the webcast at the above web address. Analysts and investors can dial-in using the following telephone numbers:
| United Kingdom (local): +44 20 3936 2999 |
| Netherlands (local): +31 85 888 7233 |
| United States: +1 646 233 4753 |
| All other locations: +44 20 3936 2999 |
| For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers |
| Participation password for all countries: 375706 |
Attachment
- HEINEKEN N.V. 2025 FY Press Release
