Heineken N.V. reports 2024 full year results

Amsterdam, 12 February 2025 – Heineken N.V. (HEINEKEN) [(EURONEXT: HEIA; OTCQX: HEINY)] announces:

Solid results with broad-based growth and profit expansion in 2024

• Revenue €35,955 million
• Net revenue (beia) 5.0% organic growth, per hectolitre 3.5%
• Beer volume 1.6% organic growth; Heineken^® volume up 8.8%
• Operating profit €3,517 million; operating profit (beia) 8.3% organic growth
• Operating profit (beia) margin 15.1%, up 40 bps
• Net profit €978 million; net profit (beia) 7.3% organic growth
• Diluted EPS (beia) €4.89
• Free Operating Cash Flow €3,058 million
• HEINEKEN to launch two-year €1.5 billion share buyback programme
• Full year 2025 outlook: 4% to 8% operating profit (beia) organic growth
  
  

Dolf van den Brink, Chairman of the Executive Board / CEO, commented:

"We delivered solid results with broad-based growth and profit expansion in 2024. Beer volume grew organically by 1.6%, and net revenue (beia) was up 5.0% with strong operating profit (beia) growth of 8.3%. Notably, our beer volume expanded in all four regions, across both developed and emerging markets.

Our EverGreen strategy continued to shape operations. Premium volume grew 5%, led globally by Heineken^®, which was up 9%. Mainstream beer volume rose 2%, spearheaded by the leading brands in our largest markets, including Amstel in Brazil, Cruzcampo in the UK, and Kingfisher in India. The beyond beer segment grew 4%, led by Desperados globally and Savanna cider in Southern Africa. Heineken^® 0.0 grew 10%, reinforcing our global leadership in non-alcoholic beer.

Gross savings exceeded €0.6 billion, supporting a 40 bps operating margin (beia) expansion. Marketing and selling investment increased by €0.3 billion, a double-digit organic increase, and we stepped up funding behind our digital and technology initiatives. Capital productivity focus helped deliver a strong free operating cash flow, exceeding €3 billion.

Looking ahead, we are well-positioned to further increase our investment in marketing and selling and behind our EverGreen priorities in 2025. We expect to grow operating profit (beia) organically in the range of 4% to 8%."

HEINEKEN will host an analyst and investor video webcast about its 2024 FY results today, 12 February, at 14:00 CET/ 13:00 GMT/ 08.00 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:

Attachment

• 2024 FYPR_Final.pdf