Heineken Holding N.V. reports on 2025 first quarter trading

HEINEKEN Holding NV

Wed, Apr 16, 2025, 12:01 AM 7 min read

Revenue €7,784 million, decreasing 4.9%
Net revenue (beia) organic growth up 0.9%; per hectolitre increasing 3.3%
Beer volume organic decrease of 2.1%
Premium beer volume organic growth of 1.8%; Heineken^® volume growth of 4.6%
Outlook for the full year unchanged; operating profit (beia) expected to grow organically 4% to 8%

Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

Financial Summary

Throughout this report figures refer to quarterly performance unless otherwise indicated.

Revenue in the first quarter was €7.8 billion. Net revenue (beia) increased organically by 0.9%, with net revenue (beia) per hectolitre up by 3.3%. Total consolidated volume decreased by 2.4%. Price-mix on a constant geographic basis increased 4.1%, led by pricing to mitigate inflationary pressures and portfolio premiumisation.

Currency translation negatively impacted net revenue (beia) by €345 million, mainly caused by the strengthening of the Euro. The main impacts were related to the Mexican Peso, Brazilian Real, and the Ethiopian Birr. Consolidation changes reduced net revenue (beia) by €16 million.

In HEINEKEN's business-to-business digital (eB2B) platforms, HEINEKEN captured €3.1 billion in gross merchandise value, an organic increase of 16% versus last year. HEINEKEN is now connecting 686 thousand active customers in fragmented, traditional channels.

IFRS Measures	€ million	Total growth	BEIA Measures¹	€ million	Organic growth
Revenue	7,784	-4.9%	Revenue (beia)	7,788	-0.3%
Net revenue	6,542	-4.5%	Net revenue (beia)	6,544	0.9%

1. Consolidated figures are used throughout this report, unless otherwise stated. Please refer to the Glossary for an explanation of non-GAAP measures and other terms. Page 3 includes a reconciliation versus IFRS metrics. These non-GAAP measures are included in internal management reports that are reviewed by the Executive Board of Heineken N.V., as management believes that this measurement is the most relevant in evaluating the results and in performance management.

Beer volume decreased organically by 2.1%, primarily due to the calendar timing impact of a later Easter, the loss of an extra selling day compared to the leap year 2024, and the earlier timing of Tết. The later Easter had a greater impact in the Americas and Europe regions. This was partially offset by the growth in the Asia Pacific and Africa & Middle East regions. Overall, HEINEKEN is gaining or holding volume market share in more than half of its markets year to date.

Beer volume
(in mhl or %)	1Q24	1Q25	Organic growth
Heineken N.V.	55.4	54.1	-2.1%

Premium beer volume increased organically by 1.8% outperforming the total beer portfolio, led by Vietnam, India, Nigeria, Romania, and Brazil. Premiumisation was led by Heineken^®, along with double-digit growth of Kingfisher Ultra in India and HEINEKEN's stout portfolio of Legend in Nigeria and Murphy's in the UK.

Heineken^® continued its favourable momentum and grew volume by 4.6%, with double-digit growth in 25 markets including Vietnam, China, and Nigeria. Heineken^® 0.0 declined by a low-single-digit, as solid growth in the USA was more than offset by a slight decline in markets impacted by the timing of Easter and the phasing of orders to some key export markets. Heineken^® Silver grew in the thirties, with continued strong growth in Vietnam and China.

Heineken® volume
(in mhl or %)	1Q24	1Q25	Organic growth
Heineken N.V.	13.8	14.4	4.6%

Mainstream beer volume remained stable in the quarter, with key brands in major markets delivering strong growth. Larue led HEINEKEN's rapid mainstream category expansion in Vietnam, while Kingfisher solidified its position as India's leading brand. In the UK, Cruzcampo continued its strong growth despite a high comparison base. Amstel experienced solid growth, led by continued success in Brazil. In China, where Amstel is positioned as an affordable premium brand, it has achieved significant market presence, more than doubling its volume in the quarter.

Outlook

HEINEKEN anticipates ongoing macroeconomic volatility that may impact HEINEKEN's consumers, including weak sentiment, global inflationary pressures, and currency devaluations in relation to a stronger Euro. Additionally, there are broader uncertainties, including recent tariff adjustments and potential increases, as we go forward.

To navigate this fluctuating environment, HEINEKEN remains agile in its allocation of capital and resources. With over 95% of HEINEKEN's volume locally produced, HEINEKEN's brewery footprint is advantageous. HEINEKEN is also advancing on its productivity initiatives, supporting HEINEKEN's ability to deliver solid operational and financial results in these volatile times. HEINEKEN does this while enabling continued investment to unlock further growth focused on HEINEKEN's biggest brands in the markets with the greatest opportunities.

Based on HEINEKEN's current assessment of risks and its ability to adapt, HEINEKEN confirms the key financial indicators of its 2025 guidance, including HEINEKEN's full-year expectations of 4% to 8% organic growth in operating profit (beia).

Translational Currency Calculated Impact

Based on the impact to date, and applying spot rates of 14 April 2025 to the 2024 financial results as a baseline for the remainder of the year, the calculated negative translational impact for the full year would be approximately €1,720 million in net revenue (beia), €320 million at operating profit (beia), and €180 million at net profit (beia).

Share Buyback Programme Heineken Holding N.V.

As per our full year 2024 announcement on 12 February and subsequent press release on 13 February, we have commenced the implementation of the two-year programme to repurchase own shares for an aggregate amount of €750 million. The first tranche of €375 million is expected to be completed no later than 30 January 2026.

Up to and including 11 April 2025, a total of 556,151 shares were repurchased under the share buyback programme for a total consideration of €37,678,728.

Reconciliation of non-GAAP measures

In internal managerial reports, HEINEKEN uses the metrics net revenue (beia) and net revenue (beia) organic growth.

These tables contain a reconciliation between IFRS reported and certain Non-GAAP measures¹
1Q23	Reported	Total growth %	Eia²	Beia	Currency translation	Consolidation impact	Organic Growth	Organic Growth %
Revenue	7,632	9.2%	-1	7,631	89	12	540	7.7%
Excise tax expense	-1,253	-1.3%	—	-1,253	14	-3	-28	-2.3%
Net revenue	6,379	10.9%	-1	6,378	103	10	512	8.9%

1Q24	Reported	Total growth %	Eia²	Beia	Currency translation	Consolidation impact	Organic Growth	Organic Growth %
Revenue	8,184	7.2%	—	8,184	-328	209	672	8.8%
Excise tax expense	-1,337	-6.7%	—	-1,337	34	-45	-73	-5.8%
Net revenue	6,847	7.3%	—	6,847	-294	164	599	9.4%

1Q25	Reported	Total growth %	Eia²	Beia	Currency translation	Consolidation impact	Organic Growth	Organic Growth %
Revenue	7,784	-4.9%	3	7,788	-353	-16	-27	-0.3%
Excise tax expense	-1,242	7.1%	-1	-1,243	8	—	85	6.4%
Net revenue	6,542	-4.5%	2	6,544	-345	-16	59	0.9%

Due to rounding, this table will not always cast.
HEINEKEN applies hyperinflation accounting in Ethiopia and Haiti. All metrics in the income statement are restated to reflect the inflation level as per the reporting date. These impacts are recorded as exceptional items.

Enquiries

Media Heineken Holding N.V.
Kees Jongsma
tel. +31 6 54 79 82 53
E-mail: cjongsma@spj.nl

Media Heineken N.V.	Investors
Christiaan Prins	Tristan van Strien
Director of Global Communication	Global Director of Investor Relations
Marlie Paauw	Lennart Scholtus / Chris Steyn
Corporate Communications Lead	Investor Relations Manager / Senior Analyst
E-mail: pressoffice@heineken.com	E-mail: investors@heineken.com
Tel: +31-612200009	Tel: +31-20-5239590

Conference Call Details

HEINEKEN will host an analyst and investor conference call with Harold van den Broek, Chief Financial Officer of Heineken N.V., in relation to its First Quarter 2025 Trading Update on 16 April at 14:00 CET/13:00 GMT. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom: +44 203 936 2999

Netherlands: +31 85 888 7233

United States: +1 646 664 1960

All other locations: +44 203 936 2999

For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers

Participation password for all countries: 522422

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