Heineken Holding (HEIO) H1 2025 earnings summary

Executive summary

• Delivered solid profit growth in H1 2025, progressing on the EverGreen 2025 strategy and confirming full-year guidance for organic operating profit growth of 4%-8%.

• Net result for the first half of 2025 was €380 million, reflecting profit growth despite volatile conditions and currency headwinds.

• Achieved top-line growth, strong productivity, and advanced a €1.5 billion share buyback program.

• Maintained focus on premiumization, digital transformation, and sustainability, with notable progress in APAC and Africa & Middle East.

• Beer volume declined organically by 1.2%, with Heineken® volume up 4.5% and premium beer volume up 1.8%.

Financial highlights

• Net revenue grew 2.1% organically year-over-year to €14.2 billion; net revenue per liter up 3.3%.

• Operating profit increased 7.4% organically to €2 billion, with margin up 26 bps to 14.3%.

• Net profit up 7.5% organically to €1.164 billion; diluted EPS at €2.08.

• Free operating cash flow was €257 million, down from €655 million last year due to FX and working capital movements.

• Currency translation reduced net revenue by €918 million, mainly due to the Euro's strength.

Outlook and guidance

• Full-year 2025 operating profit expected to grow organically 4%-8%; net profit to grow broadly in line.

• Volumes for 2025 expected to be broadly stable, with positive price mix and continued net revenue growth.

• Raised gross savings ambition to over €500 million for 2025.

• Second half to be impacted by US import tariffs and less favorable FX hedges, especially in Americas and Africa.

• Variable costs expected to rise mid-single-digit per hectolitre globally, low-single-digit outside AME.