Amsterdam, 11 February 2026
HEINEKEN N.V. REPORTS 2025 FULL YEAR RESULTS
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 conditionsTotal 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 expansionGross 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 ROICFree 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 FIFCOIncreasing 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."
OPERATIONAL REVIEW
Beer category dynamics varied meaningfully across our markets in 2025. In many of our key value and advancing markets, such as Vietnam, Ethiopia and South Africa, the category expanded, driven by rising penetration, growing consumption and continued premiumisation, all structural drivers of growth. Despite the macro-economic and geopolitical uncertainties, the Mexican beer category remained resilient and stable. Category momentum was impacted by predominantly cyclical factors in Brazil, where consumer demand weakened with declining real disposable income and withdrawal of government subsidies to lower income households. In Europe, the category declined due to a mix of cyclical factors, notably consumer price sensitivity and the temporary impact from customer negotiations.
Against this backdrop, we delivered strong financial results in many of our important growth markets. Vietnam, Myanmar, China, South Africa, and Ethiopia all recorded excellent growth, supported by disciplined execution and sustained investment behind our brands. In Europe, the UK stood out with a good performance in a challenging environment. These gains were partly offset by a market inventory adjustment and weaker volume in Brazil driven by softer than expected market conditions, and a decline in Cambodia. Retailer negotiations in Europe weighed on volume in the year, with an improved volume trajectory in the last quarter.
In the year, we accelerated our aggregated global market share. In over 60% of our markets, including over 80% of our priority growth markets, we gained or held share by improving the competitiveness of our portfolio, distributor and sales capabilities and data driven commercial execution. Our market share expanded in the Americas, Africa & Middle East, and Asia Pacific, more than offsetting the slight decline in Europe due to the aforementioned retailer disruptions.
Our brands continued to benefit from disciplined investment and strong consumer equity. Premium brands grew, with global brands growing faster still, and Heineken® and Amstel delivering the strongest growth. We invested in further strengthening our brands, with an increase in marketing and selling investment.
With volume pressure in some regions, our productivity programme was instrumental in driving organic profit growth and operating margin expansion. The Africa & Middle East region led the way, as the flow-through of savings delivered in this and past years came through strongly, helping to offset volatility in several other markets. As a result, despite the challenging macro-environment, we delivered within our operating profit guidance range for 2025.
We delivered another year of strong cash flow, solid cash conversion and an improvement in ROIC, underpinned by disciplined capital allocation and tighter working capital management.
FY2025 marked the conclusion of our EverGreen 2025 strategy, which has guided the transformation of our company, laying the groundwork for EverGreen 2030.
Accelerating the disciplined execution of EverGreen 2030We are moving at pace to deliver EverGreen 2030, focusing our resources, differentiating for growth, and maintaining proximity to consumers and customers, while leveraging our global scale and skills for significant productivity gains.
We are accelerating our growth engines by sharpening how we build brands, innovate, and execute commercially. Our Global Brands are adopting the proven Heineken® brand model, a repeatable, scalable approach that unlocks full value and ensures consistent execution globally, demonstrated powerfully by Amstel's performance this past year. Building on our market share momentum, we are scaling innovation with three times as many launches and pilots across priority segments to meet evolving consumer needs. Freddyai, HEINEKEN's enterprise AI-powered virtual marketing agency and brand-building platform, will become a core enabler of how we work more effectively and efficiently across markets and brands. Most markets will be onboarded by the end of 2026, covering about 80% of global marketing and selling investment. Together, these initiatives increase our speed, deepen consumer and customer relevance, and enable excellent execution at scale.
We are implementing a simpler, leaner HEINEKEN operating model, with empowered operating companies at the centre, close to consumers and customers. In selected geographies, we are transitioning to Multi-Market Operating Companies (MMOs), with four MMOs going live in Europe in the next six months. We will leverage our global scale and skills, including the accelerated expansion of our global supply networks and HEINEKEN Business Services (HBS). This is underpinned by a shift to a global Digital Backbone, our single digital infrastructure, and a smaller, more strategic Head Office.
To fund and sustain our growth priorities, we will also step up productivity through:
Supply-chain optimisation, enabled by digitising breweries and selected brewery closures;
Exiting operating companies where there is no clear path to sustainable growth; and
Transitioning circa 3,000 roles to HBS, doubling its scale and expanding the services it provides to markets.
Taken together, through the productivity step-up, ongoing operating company optimisation, and the transition to MMOs we expect to reduce our global workforce by approximately 5,000 to 6,000 roles1 over the next two years. We will support impacted colleagues with care, respect, and appropriate assistance. Timelines will vary by market, subject to local circumstances and processes.
These actions are designed to deliver the €400 to €500 million of annual gross savings outlined at our Capital Markets Day, enabling further investment in our brands and capabilities while supporting healthy operating profit growth.
1 excluding the integration of the FIFCO beverage and retail businesses in Central America and impact of any future acquisitions
Consolidated performance(in mhl or € million) IFRS measures BEIA measures
FY24 FY25
Total
growth FY24 FY25
Organic growth
Accelerate growthTotal volume
286.2
281.6
-1.2%
Net revenue
29,821
28,753
-3.6%
29,964
28,890
1.6%
Variable cost
-11,089
-10,419
6.0%
-11,106
-10,369
1.1%
Marketing and selling expenses
-2,940
-2,855
2.9%
-2,938
-2,849
-1.0%
Personnel expenses
-4,466
-4,478
-0.3%
-4,422
-4,341
-1.4%
Amortisation, depreciation and impairments
-2,605
-2,609
-0.4%
-1,861
-1,862
-3.7%
Other net income/(expenses)
-5,204
-4,986
4.3%
-5,126
-5,084
-4.7%
Operating profit
3,517
3,406
-3.2%
4,512
4,385
4.4%
Net interest income/(expenses)
-570
-512
10.2%
-543
-522
1.0%
Other net finance income/(expenses)
-235
-154
34.5%
-271
-199
17.7%
Share of profit of associates and joint ventures
-705
255
136.2%
312
314
5.3%
Income tax expense
-846
-857
-1.3%
-1,031
-997
-4.6%
Non-controlling interests
-183
-253
-38.3%
-241
-319
-35.4%
Net profit
978
1,885
92.7%
2,739
2,662
4.9%
Diluted EPS
1.74
3.38
94.3%
4.89
4.78
3.6%
Fundamentally, beer is a category with growth in the medium term. We are uniquely positioned to seize this growth opportunity, leveraging our global footprint with strong presence in emerging markets, representing 80% of the global population. Per capita beer consumption in emerging markets is half that of developed markets, with ample category growth potential driven by urbanisation, a growing middle class, and increasingly Gen Z entering the category.
HEINEKEN focuses on 17 priority growth markets, which are expected to deliver around 90% of future growth. In addition, we will further strengthen our leadership position across 50 markets where we already hold a number one, or strong number two, position.
Revenue reported for the full year was €34.3 billion, down 4.7% reported as the strengthening of the Euro more than offset organic growth.
Net revenue was €28.9 billion, up 1.6%, supported by growth in Nigeria, Ethiopia, Vietnam, India and HEINEKEN Beverages1. Total consolidated volume decreased by 2.1% with net revenue per hectolitre up 3.8%. The underlying price-mix on a constant geographic basis was up 4.1%, with a positive contribution from all regions. In the fourth quarter, net revenue grew by 2.4% as total volume declined by 1.7% and consolidated volume declined by 2.4%, improving relative to the third quarter. Net revenue per hectolitre was up 5.0% with a positive price-mix on a constant geographic basis of 5.8%, supported by strong pricing and mix benefits in all regions.
Currency translation effects reduced net revenue by €1,466 million, or 4.9%, 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 by €84 million, or 0.3%, mainly due to the suspension and subsequent disposal of our Bukavu brewery in the Democratic Republic of Congo (DRC).
Total volume declined 1.2%, with growth in Asia Pacific and stable volume in Africa & Middle East more than offset by declines in the Americas and Europe.
Total volume
(in mhl) 4Q24
4Q25
Organic growth
FY24
FY25
Organic growth
Heineken N.V.
73.0
71.4
-1.7%
286.2
281.6
-1.2%
Africa & Middle East
13.4
13.0
-1.0%
47.7
46.6
-0.3%
Americas
26.2
25.1
-3.9%
94.6
92.0
-2.8%
Asia Pacific
14.1
14.2
0.6%
54.0
56.4
4.4%
Europe
19.3
19.1
-1.1%
89.7
86.7
-3.4%
Total consolidated volume decreased 2.1% as notable growth in Vietnam, Ethiopia, and India was more than offset by declines in Brazil, Cambodia, the USA, and Poland.
1HEINEKEN Beverages refers to our business entity with operations in South Africa, Namibia, Kenya, Tanzania, Zambia, Botswana, and select international markets.
Total consolidated volume
(in mhl) 4Q24
4Q25
Organic growth
FY24
FY25
Organic growth
Heineken N.V.
69.0
67.1
-2.4%
272.7
265.8
-2.1%
Africa & Middle East
13.0
12.6
-0.6%
46.3
45.1
-0.2%
Americas
25.0
24.0
-3.9%
91.2
88.3
-3.2%
Asia Pacific
11.9
11.5
-3.3%
46.1
46.3
0.5%
Europe
19.2
18.9
-1.3%
89.1
86.0
-3.5%
Licensed volume grew 17.8%, led by the growth of Heineken® and Amstel by our associate partner China Resources Beer (CRB) in China, as well as by strong performances in Cameroon, and at our joint-venture partner Compañía de las Cervecerías Unidas (CCU) in South America.
Licensed volume
(in mhl) 4Q24
4Q25
Organic growth
FY24
FY25
Organic growth
Heineken N.V.
4.0
4.4
10.3%
13.4
15.8
17.8%
Africa & Middle East
0.5
0.4
-11.4%
1.5
1.5
-2.4%
Americas
1.2
1.1
-3.7%
3.4
3.6
6.8%
Asia Pacific
2.2
2.7
22.0%
7.9
10.1
27.2%
Europe
0.2
0.2
16.9%
0.6
0.7
7.1%
Marketing and selling expenses reported decreased by 2.9% to €2,855 million (2024: €2,940 million) due to the impact of currency translation.
Marketing and selling expenses were €2,849 million, increasing to 9.9% of net revenue (2024: 9.8%). Investments concentrated on our priority growth markets, including Brazil, Mexico, USA, South Africa, Vietnam, UK and India with a meaningful step up in sponsorships and in-trade execution, particularly in Africa & Middle East and Asia Pacific. Marketing and selling expenditure on our 5 global and 25 local focus brands accounted for over 80% of total spend.
Advantaged & differentiated footprintHEINEKEN has a strong geographic footprint and a brand portfolio stretching across consumer relevant price points, weighted towards premium. We are the global leader in premium, 0.0, and cider. We continually optimise our geographic and portfolio footprint to enhance long-term growth and shareholder value.
We intend to exit markets where there is no credible path to sustained profit and performance. Last year, we exited Sierra Leone and disposed of our Bukavu brewery in the DRC.
On 30 January 2026, we completed the acquisition of FIFCO's beverage and retail businesses, a transaction that significantly strengthens our Central American presence and advances our EverGreen 2030 strategy. The acquisition brings together a portfolio of high-quality assets that meaningfully enhances our long-term growth platform. It deepens our advantaged geographic footprint in markets underpinned by strong macroeconomic fundamentals and favourable demographic trends.
Through this transaction, we gain full control of Costa Rica's leading beverage company, including iconic brands such as Imperial, a well-established PepsiCo franchise, and a range of attractive adjacent businesses across wine, spirits, and proximity retail. We also assume full ownership of HEINEKEN Panama, a consistent, strong performer within our global network and a business that has repeatedly outpaced market growth.
In addition, the transaction provides an equal partnership with a 49.85% stake in Nicaragua's leading brewer Compañía Cervecera de Nicaragua, expands our access to a scalable food and beverage platform in Guatemala, and adds fast growing beyond beer brands in Mexico. The acquisition is expected to be value accretive, enhancing HEINEKEN's operating profit margin and earnings per share, while strengthening our strategic position across a dynamic and fast growing region.
Shape the beer category with our premium and global brandsHEINEKEN is proud of its leadership in the premium segment and remains committed to shaping the beer category through continued premiumisation. To accelerate this ambition, we are focusing on our five global brands Heineken®, Amstel, Birra Moretti, Tiger, and Desperados, each with strong brand equity and substantial potential to drive our next wave of growth. We are applying the centrally governed Heineken® brand model, our proven, repeatable approach, across all global brands to unlock their full value and ensure consistent, scalable execution worldwide. In 2025, our five global brands delivered combined total volume growth of 1.9%.
Total premium volume grew by 2.7%, supported in particular by China, Vietnam, Nigeria, HEINEKEN Beverages, and India. The growth was led by our global brands Heineken® and Amstel, along with strong growth of Kingfisher Ultra in India, Bernini in South Africa, Eisenbahn in Brazil, and Legend Stout in Nigeria.
Heineken® led our premium portfolio with a volume growth of 2.7% versus last year. Growth was broad based with double-digit growth in 27 markets, most notably in Vietnam, China, Nigeria and CCU. Heineken® Silver volume grew in the high twenties, led by Vietnam and China.
Heineken® volume
(in mhl) 4Q24
4Q25
Organic
growth FY24 FY25
Organic growth
Total
16.6
17.0
2.7%
61.1
62.7
2.7%
Africa & Middle East
1.7
1.8
0.5%
5.6
5.9
6.1%
Americas
7.4
7.1
-4.1%
25.3
24.3
-4.3%
Asia Pacific
4.0
4.6
15.3%
14.1
16.8
19.0%
Europe
3.4
3.6
3.9%
16.0
15.7
-2.0%
Heineken® was once again recognised for its creative excellence in 2025, ranking as the #1 most awarded beer brand at the Cannes Lions and #2 brand overall across the festival. Additional accolades included being named Clio Advertiser of the Year and winning the prestigious Brand Grand Prix at the Golden Drum Festival.
At a time when the world needs socialising more than ever, Heineken® continues to champion real-world connections, as we have been social networking since 1873. Socialising has been a central pillar of our 2025 campaigns. In "Rooftop Revival", we transformed underused rooftops in Seoul into vibrant spaces for relaxation and connection. With the "Could Have Been a Heineken®" campaign, we invited people to meet over a beer instead of sending long voice notes. And through our "Social Off Socials" and "The Flipper" activations, we encouraged consumers to put down their phones and rediscover meaningful, in-person interactions.
Amstel delivered mid-single-digit volume growth, led by continued momentum in Brazil, the doubling of volume in China, a successful launch in Romania, and a return to growth in South Africa. Building on the brand's strong quality credentials, innovations such as Amstel Ultra in Latin America and Amstel Grande in India. These were reinforced by powerful sponsorship platforms including the CONMEBOL Libertadores, supporting Amstel's global expansion.
Birra Moretti volume declined slightly, mainly due to softer performance in Italy and the UK, but delivered strong growth across the rest of Europe, particularly in Switzerland, Ireland, and France. The brand continued to strengthen its credentials in food-led occasions supported by the growth of Birra Moretti Sale di Mare.
Tiger volume declined, mainly due to the shift to premium Heineken® volume in Vietnam, but witnessed strong double-digit growth in Myanmar. Tiger Crystal, a refreshing and less bitter addition to the Tiger family, delivered another year of strong growth.
Outside its home market of France, where the brand was disproportionately impacted by retailer disruptions, Desperados grew volume by a low-single-digit, led by strong performances in Nigeria, Spain, and the Czech Republic. The brand continued to resonate with younger, legal-drinking-age consumers, supported by its award winning Latin Vibe platform and a steady stream of flavour-led innovations. New extensions such as Desperados Sunlight, Desperados Tropical, and other limited-edition variants continued to fuel relevance and reinforce the brand's energetic, playful identity.
Strengthen mainstreamTotal mainstream volume performed ahead of the group, declining a moderate 0.7%. Going forward we are focusing our efforts and investments to 25 local power brands that have the largest potential in our portfolio. These brands complement our five global brands in delivering scale and growth to win in the markets leveraging local relevance combined with global scale.
With strong brand power and the support of repeatable solutions, our power brands delivered robust performances across key markets. Cruzcampo in the UK sustained its impressive trajectory, recording strong growth in its third consecutive year since launch. In Ethiopia, Harar reinforced its leadership to the north with growth in the teens, complemented by a particularly strong performance from Bedele. In Mexico, Tecate Original benefited from a refreshed brand platform.
Kingfisher in India continued to grow despite softer market conditions, strengthening its position as the country's leading beer brand. In Vietnam, Larue delivered strong growth as national expansion progressed.
Pioneer in low & no-alcoholOur low & no-alcohol (LoNo) portfolio grew volume by a low-single-digit with double-digit growth in 18 markets.
Heineken® 0.0 volume grew by a low-single-digit, with double-digit growth in 20 markets and notable strong performances in the USA, Canada, and Spain. We further strengthened our position as the #1 non-alcoholic beer brand globally, expanding Heineken® 0.0 availability in the on-premise channel, including placing draught in more than 10,000 outlets across key European markets.
Leveraging our new R&D centre in the Netherlands, we continued to drive innovation with bold propositions such as Heineken® 0.0 Ultimate, which was piloted in the USA and will now be launched more broadly. To tap into the growing trend of active socialising among health-conscious consumers, we also announced a new sponsorship with Premier Padel, the fastest-growing sport globally.
Local zero-alcohol innovations of established beer brands, including Texels Skuumkoppe 0.0 in the Netherlands, Windhoek Non-Alcoholic in Southern Africa, and Sol Zero, enriched with added vitamins, in Brazil contributed meaningfully to our overall global LoNo growth.
Selectively build beyond beerWe continue to selectively stretch into the beyond-beer segment to maximise consumer penetration, particularly in our Advanced Markets. Our focus remains on a defined set of existing brands with scalable potential, including Desperados, Savanna, which maintained stable volume, and Bernini, which grew volume in the forties. Our UK cider brands Inch's and Old Mout also recorded solid growth supporting further premiumisation of the cider portfolio.
Alongside this, intentional and targeted partnerships continue to complement the portfolio. STËLZ in the Netherlands delivered a strong performance, supported by HEINEKEN's distribution network and a prominent presence at summer festivals. More recently, portfolio expansion in functional beverages advanced with the addition of Tenzing in the UK, an all-natural energy drink.
Scale excellent execution with AIIn 2025 we introduced Freddyai, with rollout progressing well ahead of plan and demonstrating the speed and adaptability that artificial intelligence can unlock. This commercial transformation programme enhances the delivery of our growth strategy by improving efficiency and reducing costs. Freddyai equips local sales and marketing teams with sharper insights, stronger in-market execution, and optimised media planning, freeing up time and energy to focus on creativity and brand-building.
We expanded our business-to-business digital (eB2B) platforms, with over €13 billion in gross merchandise value and connecting with almost 800 thousand active customers in traditional, fragmented channels.
Step up productivityProductivity strengthens HEINEKEN's foundation and funds our EverGreen growth ambitions. The more than €3.5 billion in gross savings achieved in the past five years under EverGreen 2025, supported us to counter inflation and navigate turbulent times. Going forward we are targeting €400 to €500 million in gross annual savings. These include the scaling of HEINEKEN Business Services (HBS), creating global capability centres leveraging new technologies, accelerating supply chain network optimisation, and the greater centralisation of procurement services.
Variable cost decreased by 1.1% to €10.4 billion. On a per hectolitre basis, variable cost grew by 1.1%, as the mid-single-digit decrease in Europe was more than offset by increases in the other regions.
Operating profit reported landed at €3.4 billion (2024: €3.5 billion), as the strengthening of the Euro more than offset strong organic growth.
Operating profit grew by 4.4% to €4.4 billion, with growth in Africa & Middle East and Asia Pacific partially offset by lower profit contributions from the Americas and Europe. Pricing, improved portfolio mix, and productivity savings more than offset inflationary pressures in our cost base and funded incremental investments to support the power of our brands, and our digitalisation and sustainability agendas.
Currency translation effects negatively impacted operating profit by €290 million, or 6.4%, mainly caused by the strengthening of the Euro. The main impacts were related to the Mexican Peso, Ethiopian Birr, and the Vietnamese Dong.
Operating profit margin expanded 41 bps to 15.2%, due to margin expansion in Africa & Middle East of 410 bps and Asia Pacific of 18 bps.
Net interest expenses reported decreased 10.2% to €512 million (2024: €570 million).
Net interest expenses decreased by 1.0% to €522 million reflecting a lower average net debt position and a lower average effective interest rate of 3.4% (2024: 3.5%).
Other net finance expenses reported decreased by 34.5% to €154 million (2024: €235 million).
Other net finance expenses decreased by 17.7% to €199 million, due to lower losses from currency revaluations on outstanding foreign currency payables, especially in Nigeria following our rights issue and balance sheet restructuring at the end of last year, supported by improved business performance.
The share of profit of associates and joint ventures reported increased significantly to a profit of €255 million (2024:
€705 million loss) as last year was impacted by a non-cash impairment of our investment in China Resources Beer (Holdings) Co. Ltd.
Share of profit of associates and joint ventures grew 5.3% to €314 million, mainly due to profit growth of our associate partner in China.
Total income tax expense reported increased 1.3% to €857 million in 2025.
The effective tax rate was 27.2% (2024: 27.9%). The improvement mainly reflects changes in the profit mix.
Net profit reported was €1.9 billion, increasing 92.7% on a reported basis as last year was impacted by the impairment of the investment in China Resources Beer (Holdings) Co. Ltd.
Net profit grew 4.9% to €2.7 billion, with the growth coming mainly from the strong performance in operating profit and lower other net finance expenses, partially offset by an increase in income tax expenses and non-controlling interest.
Leverage global scale and skillWe achieved more than €500 million in gross savings in 2025, in line with the increased target we announced at the half year results. Approximately 30% of gross savings were delivered through digitally enabled supply chain productivity and transport network optimisation, 50% through supplier collaboration and new procurement initiatives and the remaining 20% from other cost reduction initiatives. These efforts enabled us to maintain investments in our brands and customers to support our growth ambitions and deliver increased operating profit despite a challenging market context.
In 2025, we accelerated several elements of our productivity efforts, leveraging scale and new digital technologies to optimise production and logistics, innovating in ingredients and packaging to continue to deliver the highest quality products at the best price, and building an organisation that is fit for the future.
In Europe, we progressed our supply-chain rationalisation, completing the closure of several breweries and further refining our inter-market sourcing model. In Africa & Middle East, we expanded capacity servicing market demand without incremental capital investment, improving asset utilisation and operational efficiency. In Asia Pacific, gross savings were driven primarily by Vietnam and Cambodia, where we reduced aluminium can supply costs by approximately 20% without additional capital expenditure. In the Americas, we continued to optimise the procurement of raw and packaging materials in Mexico and Brazil.
At a global level, we also accelerated the operations of HEINEKEN Business Service Centres in Poland, India and Mexico, and enacted our Head Office re-design. These changes form part of a broader set of initiatives aimed at building an organisation that is more agile, simplified, connected, and better positioned to focus on growth and innovation.
Boost cashAs part of EverGreen 2030, we are further elevating cash performance as a priority. We are tightening cost and capital discipline, structurally improving working capital for example through leveraging AI-enabled forecasting and value-chain optimisation, and extending our proven cost-governance model to cash. This strengthened focus will support higher cash conversion, improved ROIC, and create flexibility for future value-creating opportunities.
Cash flow statement
(in € million) FY24 FY25
Cash flow from operations before changes in working capital and provisions
6,058
5,909
Total change in working capital
851
327
Change in provisions and post-retirement obligations
-6
98
Cash flow from operations
6,903
6,334
Cash flow related to interest, dividend and income tax
-1,400
-1,322
Cash flow from operating activities
5,503
5,012
Cash flow used in operational investing activities
-2,445
-2,410
Free operating cash flow
3,058
2,602
Cash flow used in acquisitions and disposals
10
-45
Cash flow from/(used in) financing activities
-2,574
153
Net cash flow
494
2,710
Cash flow from operations before changes in working capital and provisions reduced slightly to €5,909 million due to a lower reported operating profit as the strengthening of the Euro more than offset organic growth.
The change in working capital delivered a positive cash inflow of €327 million, coming mainly from the change in payables and to a lesser extent from the change in receivables. The change of 2025 is €524 million less than prior year as we cycle a substantially improved working capital base from 2024.
Main working capital as a percentage of net revenue improved 97 bps to -1.7% (2024: -0.8%). This improvement was primarily driven by a lower inventory balance and a higher main payables balance. At a regional level, the strongest improvement came from Africa & Middle East.
Cash flow used in operational investing activities relates mainly to capital expenditure related to property, plant and equipment and intangible assets (CAPEX). This amounted to €2,402 million (2024: €2,465 million) representing 8.3% (2024: 8.2%) of net revenue. Main investments include our new Passos brewery in Brazil, our Star Pubs estate in the UK, and our digital infrastructure.
Free operating cash flow amounted to €2,602 million (2024: €3,058 million). The lower amount compared to a very strong prior year is mainly due to a smaller benefit from changes in working capital as explained above.
Net cash flow for the year increased to €2,710 million (2024: €494 million), mainly due to the increase in cash flow from financing activities from the issuance of the bonds in April, September, and November 2025 to refinance maturing debt and to finance the FIFCO acquisition in Central America.
Total borrowings amounted to €19,279 million (2024: €17,049 million). Net debt decreased to €14,479 million (2024:
€14,651 million) as the positive free operating cash flow and positive foreign currency impact on net debt exceeded the cash outflow for dividends and share buybacks.
Including the effect of cross-currency swaps, 79% of net debt is Euro-denominated and 10% is denominated in US Dollar and US Dollar proxy currencies.
The centrally available financing headroom at Group level was approximately €6.2 billion at 31 December 2025 (2024:
€3.8 billion) and consisted of the undrawn part of the committed €3.5 billion revolving credit facility and centrally available cash. In anticipation of the completion of the FIFCO transaction, the centrally available cash position was €2.7 billion per 31 December 2025.
Focus Future Fit Global digital backbone & AI accelerationIn 2025, we continued our digital transformation as a key enabler of EverGreen 2030, making tangible progress toward a harmonised, connected digital infrastructure. We advanced the rollout of our new Digital Backbone (DBB), now live in four operating companies, and initiating our scale phase I roll out in 2026. By integrating over 40 digital platforms, DBB will simplify processes, unlock the power of data, and enable faster innovation. This will strengthen our ability to respond quickly and efficiently to consumer trends and market shifts.
We are also scaling AI-powered tools, with AIDDA providing next-best-action sales guidance to local sales teams, while technologies such as Product Recommender and Shelf Image Recognition improved promotion planning and in-store execution. At the same time, our Connected Brewery programme now extends to nearly 100 breweries, linking over 7,000 pieces of equipment and driving meaningful efficiency and sustainability gains. Together, these initiatives embed digital, data and AI across our value chain.
Brew a Better World 2030As part of the next phase of the EverGreen journey, an update to the Brew a Better World 2030 strategy was announced in December 2025. The sharpened agenda concentrates on areas where we can deliver the most impact while creating value for both the business and the communities it serves. In 2025, progress advanced across the environmental, social, and responsible pillars, with efforts phased and prioritised based on highest need and technical feasibility.
Environmental: Path to net zero impactWe continued to make progress towards our ambition to reach net zero carbon across our value chain by 2040. Since 2022, Scope 1 and 2 emissions have decreased by 38% (2024: 34%), supported by an increased use of renewable electricity, which reached 88%, and the continued rollout of renewable thermal solutions, now covering 32% of demand. Scope 3 emissions declined by 17% (2024: 14%), reflecting deeper engagement with suppliers, particularly in agriculture and packaging. Projects offering the highest strategic value were prioritised across the operational footprint.
On water efficiency, we reached 2.9 hl/hl (2024: 3.0) in water-stressed areas and 2.9 hl/hl (2024: 3.1) across all our breweries. Building on material progress in recent years, the 2030 water efficiency goal will be strengthened from 2026 onwards: 2.4 hl/hl in water-stressed areas in scope and 2.6 hl/hl globally. Water-balancing initiatives also advanced. Five breweries - in Vietnam, Mexico, Burundi, and two in Ethiopia - achieved full water balance, increasing the share of fully balanced sites in water-stressed areas to 43% (2024: 29%).
Social: Path to an inclusive, fair and equitable worldEveryone at HEINEKEN plays a role in creating a culture of belonging through intentional leadership and everyday actions. We aim to build an inclusive culture by equipping our leaders and colleagues with the right tools and training to embed inclusive practices.
In 2025, we continued to increase the number of women in senior leadership positions, reaching 31% (2024: 30%). We reached our 2025 interim goal of 30%, and continue to work to achieve our goal of 40% by 2030. We remain focused on strengthening the pipeline of female talent and creating fair, performance based opportunities for all.
Responsible: Path to moderation and no harmful useWe champion moderation as a personal choice: respecting every adult's freedom to choose what, when, how much and whether to drink. Our moderation mantra 'Low. Slow. No.' is how we bring our responsible consumption ambition to life. This year, we launched 'The Low, The Slow and The No' campaign, starring the moderation trio who aim to make sure everyone can enjoy all the night has to offer, responsibly. Our goal is to reach one billion unique consumers annually with a responsible consumption message by investing 10% of our Heineken® media spend in relevant campaigns. In 2025, 26% of Heineken® media spend was invested by our operating companies to deliver this message to consumers, reaching 1.4 billion unique consumers worldwide.
OUTLOOK 2026
Based on current conditions in the macro-economic landscape, we are assuming an unchanged consumer environment in most of our markets and remain prudent in our expectations for 2026. Furthermore, we are accelerating the disciplined execution of EverGreen 2030, stepping up our investments in growth and adapting our operating model with speed. As such, we anticipate:
Operating profit to grow between 2% and 6%, reflecting our current assessment of inflation and other macroeconomic conditions as well as the investments and changes required to accelerate our EverGreen 2030 strategy.
Variable costs to rise by a low-single-digit per hl, predominately from currency impacting the local inflation base notably in Africa. From our productivity initiatives, we expect gross savings to be at the upper end of our medium term guidance the range of €400 to €500 million.
An average effective interest rate of around 3.5% (2024: 3.4%).
Other net finance expenses (ONFE) to be in the range of €175 to €225 million (2025: €199 million), depending on exchange rate fluctuations.
An effective tax rate (ETR) in the range of 27% to 28% (2025: 27.2%).
Capital expenditure as a percentage of net revenue to be below 8% (2025: 8.4%).
The completed acquisition of FIFCO's beverage and retail businesses is expected to be circa 2% to 3% accretive to EPS.
SHARE BUYBACK PROGRAMME HEINEKEN
In our value creation model, we prioritise capital allocation towards organic growth within a disciplined financial framework. We maintain a regular dividend policy, invest behind inorganic growth, and then consider additional capital returns such as share buybacks.
As per our full year 2024 announcement on 12 February 2025 and subsequent press release on 13 February 2025, we have commenced the implementation of the two year programme to repurchase own shares for an aggregate amount of
€1.5 billion. The first tranche of €750 million was completed on 20 January 2026 where a total of 10,572,215 shares were repurchased under the share buyback programme for a total consideration of €749,989,509. This includes shares repurchased from Heineken Holding N.V.
The second €750 million tranche of the €1.5 billion programme will commence shortly.
TOTAL DIVIDEND FOR 2025
The HEINEKEN dividend policy is to pay a ratio of 30% to 40% of full year net profit (beia). For 2025, a total cash dividend of €1.90 per share, a 2.2% increase to last year (2024: €1.86), for an expected aggregate amount of €1,046 million will be proposed to the Annual General Meeting on 23 April 2026. This represents a payout ratio of 39.3% (2024: 38.0%), within the range of our policy.
If approved, a final dividend of €1.16 per share will be paid on 5 May 2026, as an interim dividend of €0.74 per share was paid on 7 August 2025. The payment will be subject to a 15% Dutch withholding tax. The ex-dividend date for HEINEKEN shares will be 27 April 2026.
Going forward, the dividend payout policy range will be expanded to 30% to 50% of net profit before exceptional items and amortisation of brands (net profit beia), compared with the prior range of 30% to 40%.
TRANSLATIONAL CALCULATED CURRENCY IMPACT
The translational currency impact for 2025 was negative on net revenue by €1,466 million, on operating profit by €290 million and on net profit by €156 million.
Applying spot rates as of 9 February 2026 to the 2025 financial results as a base, the calculated currency translational impact would be approximately positive €100 million in net revenue (beia), €0 million at operating profit (beia), and €0 million at net profit (beia).
REGIONAL OVERVIEW
Africa & Middle East (AME)Key financials
(in mhl or € million unless otherwise stated)
FY24 FY25 Organic growth
Net revenue
4,133
4,282
15.7%
Operating profit
423
550
62.0%
Operating profit margin
10.2%
12.8%
410 bps
Total consolidated volume
46.3
45.1
-0.2%
Beer volume
29.5
28.9
0.9%
Non-Beer volume
16.6
16.1
-1.6%
Third party products volume
0.2
0.1
-40.1%
Licensed volume
1.5
1.5
-2.4%
Total volume
47.7
46.6
-0.3%
Total volume declined 0.3% as the decline in non beer volume was only partially offset by beer volume growing 0.9%. Double-digit beer volume growth in Ethiopia, HEINEKEN Beverages International, Egypt, Rwanda, and Ivory Coast more than offset volume declines in Nigeria and the DRC, both markets impacted by a challenging environment. Premium volume grew by a mid-single-digit led by Nigeria, HEINEKEN Beverages, Burundi, and Egypt. In aggregate, we gained share in our consolidated footprint.
Net revenue grew 15.7%, with total consolidated volume down 0.2% and net revenue per hectolitre up 15.6%. Price-mix was up 16.3% on a constant geographic basis, primarily reflecting pricing actions taken to offset inflation which eased as the year progressed. Currency translation negatively impacted net revenue by €414 million, largely due to the Ethiopian Birr and Nigerian Naira. Consolidation changes negatively impacted net revenue by €84 million, mainly due to the suspension and subsequent disposal of operations of our Bukavu brewery in the DRC.
Operating profit grew 62.0% benefitting from a transformed cost base, productivity savings delivered over the past two years, and revenue growth outpacing inflation. Currency translation reduced operating profit by €113 million, mainly due to the Ethiopian Birr and Nigerian Naira. Operating profit margin expanded by 410 bps, led primarily by strong contributions from Nigeria, HEINEKEN Beverages and Ethiopia.
Strong financial performance in Nigeria, gaining share in all categories in a soft marketIn Nigeria, net revenue grew in the mid-thirties, supported by continued premiumisation and pricing actions to offset inflation. Total volume declined by a mid-single-digit, with beer volume down by a high-single-digit. Despite a soft market, Nigerian Breweries gained significant share across all categories - lager, stout, non-alcoholic beer, and beyond beer.
Following last year's adjustments to the cost base and capital structure, and further cost discipline this year, Nigerian Breweries delivered strong financial results in 2025 and is well positioned to capture future opportunities.
Premium momentum remained strong. Heineken® grew in the low teens, supported by targeted revenue management actions such as the introduction of the more affordable 45cl bottle. Desperados grew in the twenties, tapping into the vibrant Gen Z culture through partnerships in fashion and music. Legend Stout delivered double-digit growth. We now have over 40% of the stout category in Nigeria. Our largest brand, Maltina, grew by a mid-single-digit reinforcing our leadership in the non-alcoholic malt category by expanding our packaging offerings.
Improving trend at HEINEKEN BeveragesHEINEKEN Beverages delivered mid-single-digit revenue growth. Total consolidated volume declined by a low-single-digit, while beer volume grew by a mid-single-digit, with solid performances by Amstel, Windhoek, Sol, and Heineken®. In South Africa, Amstel and Bernini delivered double-digit growth. Savanna declined slightly, though the launch of the stylish 50cl can shows promising early results. The Mainstay cocktail range was launched to expand our offerings at different consumer price points. The wines & spirits portfolio contracted, primarily due to declines in less profitable large-pack formats and lower-priced brands.
In Namibia, volume grew by a mid-single-digit, winning share in all our categories led by Windhoek Lager and Savanna. HEINEKEN Beverages International performed strongly, with notable performances in Tanzania led by Heineken®, Windhoek, and Savanna and in Kenya led by our spirits brands, as both markets leveraged the advantages of a multi beverage portfolio.
Rest of Africa & Middle EastIn Ethiopia, net revenue grew in the forties with beer volume growing in the low teens. Performance strengthened progressively through the year as business accelerated after the currency devaluation. We strengthened our market leadership and secured the number one position in the North, supported by strong momentum from the Bedele and Harar brands. In the DRC, volume declined by a high-single-digit as the security situation in the country deteriorated. On 19 November 2025, we announced the disposal of our Bukavu brewery in the eastern part of the country. Beer volume in Egypt and in Rwanda grew in the low teens.
AmericasKey financials
(in mhl or € million unless otherwise stated)
FY24 FY25 Organic growth
Net revenue
10,407
9,542
-1.0%
Operating profit
1,830
1,665
-1.9%
Operating profit margin
17.6%
17.5%
-15 bps
Total consolidated volume
91.2
88.3
-3.2%
Beer volume
89.3
86.1
-3.5%
Non-Beer volume
1.8
1.9
8.9%
Third party products volume
0.2
0.3
50.8%
Licensed volume
3.4
3.6
6.8%
Total volume
94.6
92.0
-2.8%
Total volume declined 2.8% while beer volume declined 3.5%. Our premium volume was down by a low-single-digit while LoNo volume grew by a mid-single-digit. In aggregate, we gained share in our consolidated footprint.
Net revenue declined 1.0%, with total consolidated volume down 3.2% and net revenue per hectolitre growing 2.0%. Price-mix was up 1.9% on a constant geographic basis benefitting from strong revenue management in Mexico and Brazil in the fourth quarter. Currency translation negatively impacted net revenue by €755 million mainly due to the Mexican Peso and the Brazilian Real weakening relative to a stronger Euro.
Operating profit declined 1.9% with operating profit margin contracted by 15 bps cycling a strong prior year comparison. Currency translation effects negatively impacted operating profit by €116 million, mainly due to the Mexican Peso and Brazilian Real.
Resilient results in Mexico with strong brand momentumIn Mexico, net revenue grew a low-single-digit. Volume declined slightly, lagging the market modestly as fourth-quarter revenue management actions were implemented to offset transactional currency impacts which supported solid financial results. Despite an uncertain macro-economic and geopolitical environment, the beer category remained resilient. The strength of our SIX retail network again contributed positively, delivering further growth.
Within the portfolio, Dos Equis, Tecate Original, and Indio added steady low-single-digit volume growth. Brand-building investments translated into strong recognition, with Tecate winning 43 international awards, including honours at the Cannes Lions Festival. Carta Blanca, one of Mexico's most iconic heritage brands, grew in the teens with a strong performance in the growing modern trade channel. Miller High Life, produced under licence, also grew in the teens, surpassing one million hectolitres.
Gaining share in Brazil in a soft marketIn Brazil, net revenue declined by a low-single-digit with improving momentum in the fourth quarter. Beer volume decreased a mid-single-digit, reflecting a soft market and a one-off inventory reduction at resellers to rebalance the portfolio and customer mix at the beginning of the year. Based on sell-out data, meaningful volume and value share gains were achieved in a market that contracted by a mid-single-digit. Through our eB2B platform, gross merchandise value increased by a double-digit, connecting more than 300 thousand active customers. Investment to support further growth in this important market stepped up again in 2025, highlighted by the opening of the Passos brewery.
Heineken® declined due to the now completed inventory reset, yet continued to gain share with improving brand power further enhanced by the São Paulo F1® and championing real world connections through its "Could Have Been a Heineken®" campaign. Eisenbahn, the affordable premium offering, grew in the teens, supported by the Coca-Cola bottler distribution network and brand activations at leading Rock festivals. Amstel maintained momentum with mid-single-digit growth, driven by the CONMEBOL Libertadores partnership, the largest football tournament in the Americas, and strong uptake of the Amstel Ultra innovation.
Heineken® 0.0 growth in the USAIn the USA, net revenue declined by a high-single-digit and volume declined in the low teens, in a market that declined by a mid-single-digit. HEINEKEN USA was disproportionately impacted by the consumption decline of the Hispanic population. Heineken® 0.0 continued to be strong, posting its 25th consecutive quarter of growth in depletions.
Rest of AmericasHaiti cycled the socio-economic instability of last year, recording beer volume growth in the high twenties. We grew beer volume and share in Peru and Ecuador, both as a result of strong performance by our global brands Heineken® and Amstel.
Asia PacificKey financials
(in mhl or € million unless otherwise stated)
FY24 FY25 Organic growth
Net revenue
4,226
4,121
4.2%
Operating profit
914
904
5.1%
Operating profit margin
21.6%
21.9%
18 bps
Total consolidated volume
46.1
46.3
0.5%
Beer volume
45.3
45.5
0.5%
Non-Beer volume
0.7
0.7
-2.7%
Third party products volume
0.1
0.1
7.9%
Licensed volume
7.9
10.1
27.2%
Total volume
54.0
56.4
4.4%
Total volume grew 4.4%, with beer volume up 0.5% and licensed volume up 27.2%. Strong performance and share gains in Vietnam, India, Myanmar, and Laos was partly offset by a decline in Cambodia. Total premium volume grew in the low teens, led by Heineken® and Kingfisher Ultra. In aggregate, we gained share in our consolidated footprint.
Net revenue grew 4.2% as total consolidated volume grew by 0.5% with net revenue per hectolitre up 3.7%. Price-mix was up 4.9% on a constant geographic basis, led mostly by portfolio mix benefits. Currency translation negatively impacted net revenue by €283 million, mainly due to the depreciation of the Vietnamese Dong and Indian Rupee.
Operating profit grew by 5.1% with strong contributions from Vietnam, India and Myanmar. Currency movements negatively impacted operating profit by €56 million. Operating profit margin expanded by 18 bps.
Robust portfolio execution fuels market share gains in VietnamIn Vietnam, net revenue grew in the low teens, supported by high-single-digit beer volume growth as the market returned to positive momentum following an extended period of subdued consumer confidence. A strengthened route-to-consumer and effective extension of our brand portfolio enabled market outperformance in both on- and off-premise channels gaining overall share, with acceleration of our leadership position.
Brand execution remained a core driver of performance. Heineken® grew in the high thirties, driven by the continued success of Heineken® Silver. Tiger Crystal, positioned as a more refreshing and less bitter alternative within the Tiger family, recorded double-digit growth, though this did not fully offset the decline in the broader Tiger portfolio during the year. The mainstream portfolio expanded in the teens, led by sustained momentum of Larue Smooth in the Central region.
India outperformance led by premium growthIn India, net revenue1 grew in the low-teens with mid-single-digit total volume growth, ahead of the market. Price-mix expanded by a high-single-digit, benefitting from pricing in key states and a positive portfolio mix. As we shape the beer category for the future, we are expanding consumer reach and step changing our sales model, including leveraging our contract brewing partners to expand availability.
As market leader, we actively continue to unlock the premium segment. Our premium brands grew in the twenties, led by Heineken® Silver, the Kingfisher Ultra franchise, and our latest innovation, Amstel Grande. Kingfisher, the largest brand in India, grew by a low-single-digit ahead of the market, supported by its prominent cricket sponsorship of the Indian Premier League.
Premium momentum accelerates in China with Heineken® and AmstelWe operate in China2 through our associate CRB, one of the top three contributors to HEINEKEN's net profit. Heineken® Original and Heineken® Silver delivered another year of double-digit volume growth, supported by strong execution and high-impact sponsorship platforms such as the Masters Tennis and the Shanghai F1®. Amstel continued its strong momentum, doubling volume led by distribution and excellent execution.
Rest of Asia PacificMyanmar delivered mid-teens volume growth, with the full portfolio in growth led by Tiger, ABC Stout, and Heineken® supporting an acceleration of market share gains. Cambodia beer volume declined double-digit, reflecting intensified competition and the adverse impact of regional border tensions. Laos outperformed the market, achieving strong
double-digit beer volume growth supported by Heineken®. Malaysia beer volume declined by a low-single-digit. Indonesia recorded mid-single-digit beer volume growth, ahead of the market, led by Bintang Original, the local-flavour variant Bintang Arak, and Heineken®.
1 HEINEKEN results differ from local UBL results, as UBL treats net revenue per Indian Accounting Standards.
2 China Resources Beer (Holdings) Co. Ltd. (CR Beer) results are incorporated in our accounts with a two month delay.
EuropeKey financials
(in mhl or € million unless otherwise stated)
FY24 FY25 Organic growth
Net revenue
11,845
11,457
-3.2%
Operating profit
1,354
1,276
-4.9%
Operating profit margin
11.4%
11.1%
-20 bps
Total consolidated volume
89.1
86.0
-3.5%
Beer volume
76.6
73.5
-4.1%
Non-Beer volume
5.3
5.4
2.4%
Third party products volume
7.2
7.2
-1.5%
Licensed volume
0.6
0.7
7.1%
Total volume
89.7
86.7
-3.4%
Total volume decreased 3.4% with beer volume down 4.1% for the full year. Total premium volume performed more resiliently, decreasing only slightly, supported by solid growth in Amstel, Heineken®, Murphy's Stout, STËLZ, and Texels. Mainstream beer volume fell by a mid-single-digit, as strong growth from Cruzcampo in the UK and Sagres in Portugal was more than offset by broad softness in the rest of Europe. Our non-alcoholic beer & cider portfolio grew by a low-single-digit, led by extensions of Żywiec 0.0 in Poland and Heineken® 0.0. In aggregate in our consolidated footprint, market share slightly contracted due to temporary retailer disruptions. We gained share in the on-premise channel.
Net revenue decreased by 3.2% with total consolidated volume down 3.5%. Net revenue per hectolitre, which excludes the impact of intercompany transfers, grew 1.4%. Price-mix on a constant geographic basis was up 1.3% as we benefitted from moderate pricing and a favourable portfolio mix.
Operating profit declined 4.9% as decreases in Poland, Austria and France outweighed growth in the UK and Spain. Operating profit margin contracted by 20 bps. Volume deleverage and inflation more than offset the delivery of strong gross savings which included further progress on our supply-chain rationalisation, the closure of several breweries, and refinement of our inter-market sourcing model.
Portfolio strength and innovation momentum support continued UK share gainsIn the UK, net revenue grew by a low-single-digit, as solid price-mix more than offset a low-single-digit decline in total volume which slightly outperformed the category. Increased investment in the Star Pubs estate and our wider brand portfolio, combined with strong execution, supported share gains. Portfolio strength was further enhanced by the launch of three of the year's top off-trade innovations by value, including Inch's Cloudy, Murphy's Draught and Old Mout Mango and Passion Fruit. We also added a new partnership with Tenzing, an all-natural energy drink.
In its third year since launch, Cruzcampo sustained an exceptionally strong trajectory, with continued volume growth, and securing leadership in the Spanish lager segment. Distribution gains and expanded draught placement in the on-trade also supported robust growth for Murphy's Stout. Together, these brands more than offset declines in Birra Moretti and Foster's. In the cider category, the portfolio continued to premiumise. Inch's and Old Mout delivered volume growth in the twenties and teens respectively, offsetting the decline of Strongbow in the economy segment.
Mixed performance in Western EuropeExtended negotiations with off-premise buying groups in Western Europe weighed on performance in the second and third quarter of 2025. These strategic discussions, aimed at safeguarding long-term, sustainable category development, were fully resolved in the second half, with distribution and shelf-space recovery improving as the year progressed.
The temporary retail disruptions resulted in revenue and volume declines in France and the Netherlands. Nevertheless, we saw some strong performances as we grew our premium portfolio, with new world brands such as Gallia, Texels, and STËLZ. Beer volume in Spain and Italy declined by a low-single-digit, although Heineken® grew in both markets and Ladrón de Verano and Desperados delivered solid premium growth in Spain.
Portugal and Ireland delivered strong performances, achieving share gains and mid-single-digit total volume growth in both markets. Beer volume in Switzerland grew by a low-single-digit, ahead of the market, supported by nearly 30% growth in Birra Moretti.
Rest of EuropeIn Austria, beer volume declined by a mid-single-digit, reflecting the sharp contraction in the canned-beer segment following the introduction of a new government deposit scheme to promote recycling. In Poland, beer volume declined by a high-single-digit in a category that was in decline by a mid-single-digit. In Romania, beer volume declined by a
low-single-digit, though outperforming the market and supported by the strong launch of Amstel.
FULL YEAR 2025 CONSOLIDATED METRICS
(in mhl or € million unless otherwise stated
& consolidated figures unless otherwise stated) FY24
Currency translation
Consolidation
impact
Organic
growth FY25
Organic growth %
Africa & Middle East
Net revenue
4,133
-414
-84
647
4,282
15.7%
Operating profit
423
-113
-23
262
550
62.0%
Operating profit margin
10.2%
12.8%
410 bps
Total consolidated volume
46.3
-1.1
-0.1
45.1
-0.2%
Beer volume
29.5
-0.9
0.3
28.9
0.9%
Non-Beer volume
16.6
-0.2
-0.3
16.1
-1.6%
Third party products volume
0.2
-
-0.1
0.1
-40.1%
Licensed volume
1.5
-
-
1.5
-2.4%
Total volume
47.7
-1.1
-0.1
46.6
-0.3%
Americas
Net revenue
10,407
-755
-4
-107
9,542
-1.0%
Operating profit
1,830
-116
-14
-34
1,665
-1.9%
Operating profit margin
17.6%
17.5%
-15 bps
Total consolidated volume
91.2
-
-2.9
88.3
-3.2%
Beer volume
89.3
-
-3.2
86.1
-3.5%
Non-Beer volume
1.8
-
0.2
1.9
8.9%
Third party products volume
0.2
-
0.1
0.3
50.8%
Licensed volume
3.4
-
0.2
3.6
6.8%
Total volume
94.6
-
-2.7
92.0
-2.8%
Asia Pacific
Net revenue
4,226
-283
-
178
4,121
4.2%
Operating profit
914
-56
-
47
904
5.1%
Operating profit margin
21.6%
21.9%
18 bps
Total consolidated volume
46.1
-
0.2
46.3
0.5%
Beer volume
45.3
-
0.2
45.5
0.5%
Non-Beer volume
0.7
-
-
0.7
-2.7%
Third party products volume
0.1
-
-
0.1
7.9%
Licensed volume
7.9
-
2.2
10.1
27.2%
Total volume
54.0
-
2.4
56.4
4.4%
Europe
Net revenue
11,845
-15
-
-374
11,457
-3.2%
Operating profit
1,354
-5
-7
-66
1,276
-4.9%
Operating profit margin
11.4%
11.1%
-20 bps
Total consolidated volume
89.1
-
-3.1
86.0
-3.5%
Beer volume
76.6
-
-3.1
73.5
-4.1%
Non-Beer volume
5.3
-
0.1
5.4
2.4%
Third party products volume
7.2
-
-0.1
7.2
-1.5%
Licensed volume
0.6
-
-
0.7
7.1%
Total volume
89.7
-
-3.0
86.7
-3.4%
Head Office & Eliminations
Net revenue
-648
-
4
132
-512
n.a.
Operating profit
-8
-
8
-11
-10
n.a.
Heineken N.V.
Net revenue
29,964
-1,466
-84
476
28,890
1.6%
Total expenses
-25,452
1,176
48
-279
-24,506
-1.1%
Operating profit
4,512
-290
-36
198
4,385
4.4%
Operating profit margin
Net interest income/(expenses)
15.1%
-543
16
0
5
15.2%
-522
41 bps
1.0%
Other net finance income/(expenses)
-271
39
-14
48
-199
17.7%
Share of profit of associates and JV's
312
-14
0
17
314
5.3%
Income tax expense
-1,031
75
6
-47
-997
-4.6%
Non-controlling interests
-241
19
-11
-85
-319
-35.4%
Net profit
2,739
-156
-55
135
2,662
4.9%
Total consolidated volume
272.7
-1.1
-5.9
265.8
-2.1%
Beer volume
240.7
-0.9
-5.8
234.0
-2.4%
Non-Beer volume
24.3
-0.3
-
24.1
-%
Third party products volume
7.8
-
-0.1
7.7
-1.2%
Licensed volume
13.4
-
2.4
15.8
17.8%
Total volume
286.2
-1.1
-3.5
281.6
-1.2%
Note: due to rounding, this table will not always cast
FOURTH QUARTER 2025 METRICS
(in mhl or € million unless otherwise stated
& consolidated figures unless otherwise stated) 4Q24
Currency translation
Consolidation
impact
Organic
growth 4Q25
Organic growth %
Africa & Middle East
Net revenue
1,231
-61
-29
121
1,262
9.9%
Total consolidated volume
13.0
-0.3
-0.1
12.6
-0.6%
Beer volume
8.1
-0.2
-
7.8
-0.5%
Non-Beer volume
4.8
-
-
4.8
0.3%
Third party products volume
0.1
-
-0.1
-
-81.2%
Licensed volume
0.5
-
-0.1
0.4
-11.4%
Total volume
13.4
-0.3
-0.1
13.0
-1.0%
Americas
Net revenue
2,640
-46
-2
71
2,663
2.7%
Total consolidated volume
25.0
-
-1.0
24.0
-3.9%
Beer volume
24.4
-
-1.0
23.4
-4.1%
Non-Beer volume
0.5
-
-
0.5
6.8%
Third party products volume
0.1
-
-
0.1
15.3%
Licensed volume
1.2
-
-
1.1
-3.7%
Total volume
26.2
-
-1.0
25.1
-3.9%
Asia Pacific
Net revenue
1,139
-116
-
6
1,029
0.5%
Total consolidated volume
11.9
-
-0.4
11.5
-3.3%
Beer volume
11.6
-
-0.4
11.2
-3.4%
Non-Beer volume
0.2
-
-
0.2
-0.5%
Third party products volume
-
-
-
-
-%
Licensed volume
2.2
-
0.5
2.7
22.0%
Total volume
14.1
-
0.1
14.2
0.6%
Europe
Net revenue
2,585
-20
-
-17
2,547
-0.7%
Total consolidated volume
19.2
-
-0.2
18.9
-1.3%
Beer volume
16.4
-
-0.3
16.1
-1.6%
Non-Beer volume
1.2
-
-
1.2
0.4%
Third party products volume
1.6
-
-
1.6
0.8%
Licensed volume
0.2
-
-
0.2
16.9%
Total volume
19.3
-
-0.2
19.1
-1.1%
Head Office & Eliminations
Net revenue
-124
-
2
-
-122
n.a.
Heineken N.V.
Net revenue
7,471
-245
-29
181
7,379
2.4%
Total consolidated volume
69.0
-0.3
-1.7
67.1
-2.4%
Beer volume
60.5
-0.2
-1.7
58.6
-2.8%
Non-Beer volume
6.7
-
0.1
6.7
0.8%
Third party products volume
1.8
-
-
1.8
-1.8%
Licensed volume
4.0
-
0.4
4.4
10.3%
Total volume
73.0
-0.3
-1.3
71.4
-1.7%
Note: due to rounding, this table will not always cast
CEO RESIGNATION AND SUPERVISORY BOARD COMPOSITION
On 12 January 2026, HEINEKEN announced that CEO and Chairman of the Executive Board Dolf van den Brink has informed the Supervisory Board of his decision to step down from his position on 31 May 2026. After almost six years at the helm of HEINEKEN during which he guided the company through turbulent economic and political times, and with the EverGreen Strategy 2030 in place, Dolf has concluded, in consultation with the Supervisory Board, that this is the right time to hand over his responsibilities.
The Supervisory Board respects Dolf's decision and has initiated a search process to appoint a successor. To ensure the company has full access to Dolf's industry experience and deep HEINEKEN knowledge, Dolf has agreed to remain available to the company in an advisory capacity for a period of eight months, starting on 1 June 2026.
Non-binding nominations for the re-appointment of Mrs. Pamela Mars Wright and Mrs. Marion Helmes as members of the Supervisory Board for a period of two years shall be submitted to the Annual General Meeting of Shareholders on 23 April 2026.
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
INVESTOR CALENDAR HEINEKEN
Combined financial and sustainability annual report publication 11 February 2026 Trading Update for Q1 2026 23 April 2026
Annual General Meeting of Shareholders 23 April 2026
Quotation ex-final dividend 2025 27 April 2026
Final dividend 2025 payable 5 May 2026
Half Year 2026 Results 5 August 2026
Quotation ex-interim dividend 2026 7 August 2026
Interim dividend payable 17 August 2026
Trading Update for Q3 2026 28 October 2026
CONFERENCE CALL DETAILS
HEINEKEN will host an analyst and investor video webcast about its 2025 FY results today, 11 February, 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
Editorial information:
HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 340 international, regional, local and specialty beers and ciders. With HEINEKEN's over 87,000 employees, we brew the joy of true togetherness to inspire a better world. Our dream is to shape the future of beer and beyond to win the hearts of consumers. We are committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. We operate breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on our Company's website and follow us on LinkedIn and Instagram.
Market Abuse Regulation
This press release may contain price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Disclaimer:
This press release 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 non-financial reporting, such as HEINEKEN's emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their 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 press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates.
CONSOLIDATED FINANCIAL STATEMENTS FOR THE FULL YEAR 2025
CONTENTS PAGE
Consolidated income statement 19
Consolidated statement of other comprehensive income 19
Consolidated statement of financial position 20
Consolidated statement of cash flows 21
Consolidated statement of changes in equity 22
Non-GAAP measures 23
Glossary 28
The 2025 financial information included in the primary statements attached to this press release is derived from the Annual Report 2025. This Annual Report has been authorised for issue. The Annual Report still has to be adopted by the Annual General Meeting of Shareholders on 23 April 2026.
In accordance with section 393, Title 9, Book 2 of the Netherlands Civil Code, KPMG Accountants N.V. has issued an unqualified Independent auditors' report on the Financial Statements. The full Annual Report will be available for download on the HEINEKEN website (https://www.theheinekencompany.com) as of 11 February 2026.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December
Revenue
34,257
35,955
Excise tax expense
(5,504)
(6,134)
Net revenue
28,753
29,821
Other income
205
80
Raw materials, consumables and services
(18,465)
(19,313)
Personnel expenses
(4,478)
(4,466)
Amortisation, depreciation and impairments
(2,609)
(2,605)
Total other expenses
(25,552)
(26,384)
Operating profit
3,406
3,517
Interest income
108
110
Interest expenses
(620)
(680)
Other net finance income/(expenses)
(154)
(235)
Net finance expenses
(666)
(805)
Share of profit/(loss) of associates and joint ventures
255
(705)
Profit before income tax
2,995
2,007
Income tax expense
(857)
(846)
Profit
2,138
1,161
Attributable to:
Shareholders of the Company (net profit)
1,885
978
Non-controlling interests
253
183
Profit
2,138
1,161
Weighted average number of shares - basic
556,774,934
560,188,961
Weighted average number of shares - diluted
557,024,742
560,639,030
Basic earnings per share (€)
3.39
1.75
Diluted earnings per share (€)
3.38
1.74
In millions of € 2025 2024
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
For the year ended 31 December
In millions of € 2025 2024
Profit
2,138
1,161
Other comprehensive income, net of tax:
Items that will not be reclassified to profit or loss:
Remeasurement of post-retirement obligations
(44)
68
Net change in fair value through OCI investments
21
(106)
Items that may be subsequently reclassified to profit or loss:
Currency translation differences
(1,955)
(567)
Change in fair value of net investment hedges
1
14
Change in fair value of cash flow hedges
(104)
166
Cash flow hedges reclassified to profit or loss
(15)
(9)
Net change in fair value through OCI investments - debt investments
1
1
Cost of hedging
3
(1)
Share of other comprehensive income/(expense) of associates/joint ventures
(31)
59
Other comprehensive income/(expense), net of tax
(2,123)
(375)
Total comprehensive income
15
786
Attributable to:
Shareholders of the Company
39
506
Non-controlling interests
(24)
280
Total comprehensive income
15
786
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December
In millions of € 2025 2024 In millions of € 2025 2024
Intangible assets
20,011
21,701
Property, plant and equipment
14,537
14,677
Investments in associates and joint ventures
3,238
3,500
Loans and advances to customers
224
258
Deferred tax assets
1,213
1,264
Equity instruments
476
465
Other non-current assets
1,161
1,009
Total non-current assets
40,860
42,874
Inventories
3,263
3,572
Trade and other receivables
4,488
4,588
Current tax assets
226
165
Derivative assets
121
169
Cash and cash equivalents
4,773
2,350
Assets classified as held for sale
22
55
Total current assets
12,893
10,899
Total assets
53,753
53,773
Shareholders' equity
17,978
19,581
Non-controlling interests
2,636
2,821
Total equity
20,614
22,402
Borrowings
16,191
13,783
Post-retirement obligations
542
519
Provisions
546
586
Deferred tax liabilities
1,820
2,155
Other non-current liabilities
108
90
Total non-current liabilities
19,207
17,133
Borrowings
3,088
3,266
Trade and other payables
9,548
9,912
Returnable packaging deposits
543
525
Provisions
302
176
Current tax liabilities
307
307
Derivative liabilities
144
52
Total current liabilities
13,932
14,238
Total equity and liabilities
53,753
53,773
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December
In millions of € 2025 2024
In millions of € 2025 2024
Operating activities
Profit
2,138
1,161
Adjustments for:
Amortisation, depreciation and impairments
2,609
2,605
Net interest expenses
512
570
Other income
(74)
(37)
Share of profit/(loss) of associates and joint ventures and dividend income on fair value through OCI investments
(264)
687
Income tax expenses
857
846
Other non-cash items
131
226
Cash flow from operations before changes in working capital and provisions
5,909
6,058
Change in inventories
2
(39)
Change in trade and other receivables
54
347
Change in trade and other payables and returnable packaging deposits
271
543
Total change in working capital
327
851
Change in provisions and post-retirement obligations
98
(6)
Cash flow from operations
6,334
6,903
Interest paid
(621)
(668)
Interest received
107
120
Dividends received
192
199
Income taxes paid
(1,000)
(1,051)
Cash flow related to interest, dividend and income tax
(1,322)
(1,400)
Cash flow from operating activities
5,012
5,503
Investing activities
Proceeds from sale of property, plant and equipment and intangible assets
166
152
Purchase of property, plant and equipment
(2,133)
(2,184)
Purchase of intangible assets
(269)
(281)
Loans issued to customers and other investments
(210)
(221)
Repayment on loans to customers and other investments
36
89
Cash flow used in operational investing activities
(2,410)
(2,445)
Free operating cash flow
2,602
3,058
Acquisition of subsidiaries, net of cash acquired
(17)
(4)
Acquisition of/additions to associates, joint ventures and other investments
(38)
(44)
Disposal of subsidiaries, net of cash disposed of
7
14
Disposal of associates, joint ventures and other investments
3
44
Cash flow from/(used) in acquisitions and disposals
(45)
10
Cash flow used in investing activities
(2,455)
(2,435)
Financing activities
Proceeds from borrowings
6,582
3,076
Repayment of borrowings
(4,051)
(4,091)
Payment of principal portion of lease commitments
(379)
(355)
Dividends paid
(1,276)
(1,199)
Purchase own shares and shares issued
(701)
(5)
Acquisition of non-controlling interests
(22)
-
Cash flow from/(used) in financing activities
153
(2,574)
Net cash flow
2,710
494
Cash and cash equivalents as at 1 January
1,753
1,425
Effect of movements in exchange rates
(151)
(166)
Cash and cash equivalents as at 31 December
4,312
1,753
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
In millions of €
Share capital
Share Premium
Translation
reserve
Hedging reserve
Cost of hedging reserve
Fair value reserve
Other legal reserves
Reserve for own shares
Retained earnings
Shareholders
of the company
Non-controlling interests
Total equity
Balance as at 1 January 2024
922
2,701
(3,705)
(14)
(7)
71
1,980
(966)
19,074
20,056
2,733
22,789
Profit
-
-
-
-
-
-
(8)
-
986
978
183
1,161
Other comprehensive income/(loss)
-
-
(592)
157
(1)
(103)
-
-
67
(472)
97
(375)
Total comprehensive income/(loss)
-
-
(592)
157
(1)
(103)
(8)
-
1,053
506
280
786
Realised hedge results from non-financial assets
-
-
-
(43)
-
-
-
-
-
(43)
-
(43)
Transfer to/from retained earnings
-
-
-
-
-
-
6
-
(6)
-
-
-
Dividends to shareholders
-
-
-
-
-
-
-
-
(969)
(969)
(237)
(1,206)
Purchase own shares or contributions received from NCI shareholders
-
-
-
-
-
-
-
(60)
-
(60)
55
(5)
Own shares delivered
-
-
-
-
-
-
-
37
(37)
-
-
-
Share-based payments
-
-
-
-
-
-
-
-
18
18
-
18
Acquisition/disposal of non-controlling interests without losing control
-
-
-
-
-
-
-
-
10
10
(10)
-
Hyperinflation impact
-
-
-
-
-
-
-
-
70
70
-
70
Changes in consolidation
-
-
-
-
-
-
-
-
(7)
(7)
-
(7)
Balance as at 31 December 2024
922
2,701
(4,297)
100
(8)
(32)
1,978
(989)
19,206
19,581
2,821
22,402
Share
Translation
Hedging
Cost of hedging
Fair value
Other legal
Reserve for
Retained
Shareholders
of the
Non-controlling
In millions of €
Share capital
Premium
reserve
reserve
reserve
reserve
reserves
own shares
earnings
company
interests
Total equity
Balance as at 1 January 2025
922
2,701
(4,297)
100
(8)
(32)
1,978
(989)
19,206
19,581
2,821
22,402
Hyperinflation restatement to 1 January 2025
-
-
-
-
-
-
-
-
-
-
-
-
Balance as at 1 January 2025 after restatement
922
2,701
(4,297)
100
(8)
(32)
1,978
(989)
19,206
19,581
2,821
22,402
Profit
-
-
-
-
-
-
132
-
1,753
1,885
253
2,138
Other comprehensive income/(loss)
-
-
(1,700)
(122)
3
21
-
-
(48)
(1,846)
(277)
(2,123)
Total comprehensive income/(loss)
-
-
(1,700)
(122)
3
21
132
-
1,705
39
(24)
15
Realised hedge results from non-financial assets
-
-
-
38
-
-
-
-
-
38
-
38
Transfer to/from retained earnings
-
-
-
-
-
-
(202)
-
202
-
-
-
Dividends to shareholders
-
-
-
-
-
-
-
-
(1,066)
(1,066)
(212)
(1,278)
Purchase own shares or contributions received from NCI shareholders2
-
-
-
-
-
-
-
(352)
(349)
(701)
-
(701)
Own shares delivered
-
-
-
-
-
-
-
31
(31)
-
-
-
Share-based payments
-
-
-
-
-
-
-
-
29
29
-
29
Acquisition/disposal of non-controlling interests without losing control
-
-
-
-
-
-
-
-
(3)
(3)
37
34
Hyperinflation impact
-
-
-
-
-
-
-
-
61
61
14
75
Balance as at 31 December 2025
922
2,701
(5,997)
16
(5)
(11)
1,908
(1,310)
19,754
17,978
2,636
20,614
Includes impairment related to the hyperinflationary impact on the opening balance.
The payment made for Heineken N.V. shares repurchased from Heineken Holding N.V. but not yet legally transferred to HEINEKEN is presented as a deduction to retained earnings. Upon legal transfer, the shares repurchased will be reclassified to reserve for own shares.
NON-GAAP MEASURES 1
Throughout this report, several measures are used that are not defined by generally accepted accounting principles (GAAP). We believe this information is useful to all external stakeholders because it provides a clear and consistent view of the underlying operational performance of the Company's primary business activities and the execution of its strategy.
Our Executive Board, HEINEKEN's chief operations decision maker, uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating our operating performance and value creation.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS. Wherever appropriate and practical, we provide a reconciliation to relevant IFRS measures. The presentation of these financial measures may not be comparable to similarly titled measures reported by other companies due to differences in the ways the measure is calculated. The non-GAAP measures are not audited.
In internal management reports, HEINEKEN consistently measures its segmental performance primarily based on operating profit and operating profit beia (before exceptional items and amortisation of acquisition-related intangible assets).
Please refer to the Glossary on page 28 for more details on specific measures and definitions.
The 2025 exceptional items and amortisation of acquisition-related intangibles on net profit and loss amount to €777 million net expense (2024: €1,761 million net expense). This amount consists of:
€298 million of amortisation of acquisition-related intangibles in operating profit (2024: €337 million).
€681 million net exceptional expense (2024: €658 million net expense) recorded in operating profit. This includes:
€145 million of revenue to present the sales from certain contract brewers in India on a net basis which is offset by €145 million of cost in raw materials, consumables and services.
a net impairment of €336 million recorded in amortisation, depreciation and impairments, of which €157 million relates to Belgium and €113 million relates to DRC (2024: €305 million, net impairment).
net restructuring expenses recorded in personnel expenses of €104 million (2024: €96 million).
€37million net exceptional expense relating to hyperinflation accounting adjustments (2024:
€59 million, net expense), of which €7 million income recorded in revenue (2024: €87 million, expense), €41 million expense in raw materials consumables and services (2024: €28 million, income), €2 million expense in amortisation, depreciation and impairments (2024: €3 million) and €1 million expense in personnel expenses (2024: €3 million, income)
€204 million of other net exceptional expenses, relating to the disposal and closure of breweries and other net exceptional expenses (2024: €198 million, net expense).
€53 million of net exceptional finance benefit, mainly related to €32 million of net exceptional benefit related to the net monetary gain resulting from hyperinflation, and €21 million other exceptional net finance benefit (2024: €8 million, net exceptional finance benefit).
€58 million of net exceptional expense included in the share of profit of associates and joint ventures, mainly relating to the amortisation of acquisition-related intangible assets (2024:
€1,017 million, net expense.
€140 million of net exceptional benefit in income tax expense, mainly related to the tax benefit on exceptional items and amortization of acquisition-related intangibles (2024: €184 million of net exceptional benefit).
Total amount of eia allocated to non-controlling interests amounts to €66 million, net benefit (2024: €59 million, net benefit).
1 Note: due to rounding, tables might not always cast
The table below presents the reconciliation of operating profit before exceptional items and amortisation of acquisition-related intangibles (operating profit beia) to profit before income tax.
(In € million) 2025 2024
Operating profit (beia) | 4,385 | 4,512 |
Amortisation of acquisition-related intangible assets and exceptional items recorded in operating profit | -979 | -995 |
Share of profit/(loss) of associates and joint ventures | 255 | -705 |
Net finance expenses | -666 | -805 |
Profit before income tax (IFRS) | 2,995 | 2,007 |
Profit attributable to shareholders of the Company (net profit) (IFRS) | 1,885 | 978 |
Amortisation of acquisition-related intangible assets recorded in operating profit | 298 | 337 |
Exceptional items recorded in operating profit | 681 | 658 |
Exceptional items recorded in net finance expenses/(income) | -53 | -8 |
Exceptional items and amortisation of acquisition-related intangible assets recorded in share of profit of associates and joint ventures | 58 | 1,017 |
Exceptional items recorded in income tax expense | -140 | -184 |
Allocation of exceptional items and amortisation of acquisition-related intangibles to non-controlling interests | -66 | -59 |
Net profit (beia) | 2,662 | 2,739 |
Capital expenditure related to PP&E and intangible assets (capex)
(In € million) 2025 2024
Net debt
(in € million unless otherwise stated) 2025 2024
Non-current borrowings | 16,191 | 13,783 |
Current borrowings | 3,088 | 3,266 |
Total borrowings | 19,279 | 17,049 |
Market value of (cross-currency) interest rate swaps | 35 | 7 |
Other investments | -62 | -55 |
Cash and cash equivalents | -4,773 | -2,350 |
Net debt | 14,479 | 14,651 |
Main working capital
(in € million unless otherwise stated) 2025 2024
Inventory | 3,263 | 3,572 |
Trade receivables | 3,056 | 3,118 |
Excluding loans & advances to customers | -120 | -124 |
Prepayments | 520 | 562 |
Trade payables | -5,830 | -5,986 |
Accruals | -1,804 | -1,812 |
Excluding payroll related accruals | 411 | 436 |
Main working capital | -504 | -234 |
Net revenue (beia) | 28,890 | 29,964 |
Working capital as % of net revenue | -1.7% | -0.8% |
Purchase of property, plant and equipment | 2,133 | 2,184 |
Purchase of intangible assets | 269 | 281 |
Capital expenditure related to PP&E and intangible assets (capex) | 2,402 | 2,465 |
Variable cost
(in € million unless otherwise | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | growth | growth |
stated) | Reported | Eia | Beia | Reported | Eia | Beia | % | / hl % |
Organic
Organic
Invested capital
(in € million unless otherwise stated) 2025 2024
Raw materials | -2,710 | 32 | -2,678 | -2,910 | -27 | -2,937 | 2.2% -% |
Non-returnable packaging | -5,315 | 10 | -5,305 | -5,651 | 6 | -5,645 | 0.6% -1.6% |
Transport expenses | -1,728 | 5 | -1,722 | -1,764 | 5 | -1,759 | -2.7% -5.0% |
Inventory movements (variable) | 60 | 1 | 61 | 20 | - | 20 | 319.1% 328.4% |
Energy and water | -726 | - | -725 | -784 | - | -784 | 1.4% -0.8% |
Total variable cost | -10,419 | 49 | -10,369 | -11,089 | -17 | -11,106 | 1.1% -1.1% |
Inventory movements (variable) | 60 | 1 | 61 | 20 | - | 20 | 319.1% 328.4% |
Inventory movements (fixed) | 23 | 1 | 24 | -5 | - | -5 | 694.3% 707.5% |
Total inventory movements | 83 | 2 | 84 | 15 | - | 15 | |
Other net (expenses)/income
(in € million unless otherwise
2025
2025
2025
2024
2024
2024
Organic growth
Organic growth
Total assets | 53,753 | 53,773 |
Less | ||
Cash & cash equivalents | -4,773 | -2,350 |
Income tax receivables | -226 | -165 |
Deferred tax assets | -1,213 | -1,264 |
Investments in associates and joint ventures | -3,238 | -3,500 |
Other non-current assets1 | -929 | -786 |
Trade and other current payables (including deposits)2 | -9,982 | -10,241 |
Invested capital including goodwill and intangible assets | 33,392 | 35,467 |
Goodwill | -11,588 | -12,301 |
Intangible assets excluding software & goodwill | -8,170 | -9,109 |
Invested capital | 13,634 | 14,057 |
Return on invested capital (ROIC)
Average invested capital including goodwill and intangible assets | 34,523 | 36,443 |
Average invested capital | 14,243 | 15,078 |
Operating profit (beia) | 4,385 | 4,512 |
Nominal tax rate | 26.2% | 26.0% |
Operating profit (beia) after tax | 3,236 | 3,339 |
ROIC including goodwill and intangible assets | 9.4% | 9.2% |
ROIC | 22.7% | 22.1% |
(in € million unless otherwise stated) 2025 2024
stated)
Reported
Eia
Beia
Reported
Eia
Beia
% / hl %
Other income | 205 | -163 | 42 | 80 | -7 | 74 | 3.2% 5.5% |
Goods for resale | -1,878 | -128 | -2,006 | -1,917 | 16 | -1,901 | -9.5% -10.8% |
Repair and maintenance | -651 | 26 | -625 | -640 | 13 | -627 | -5.8% -8.1% |
Inventory movements (fixed) | 23 | 1 | 24 | -5 | - | -5 | 694.3% 707.5% |
Other expenses | -2,685 | 167 | -2,519 | -2,722 | 56 | -2,666 | -2.2% -4.5% |
Other net (expenses)/income | -4,986 | -97 | -5,084 | -5,204 | 79 | -5,126 | -4.7% -7.0% |
1 Includes investments in equity instruments, lease receivables, income tax receivables and other non-current assets.
2 Includes trade payables, accruals, taxes and social security, RPM deposit liability, derivatives and other payables.
RECONCILIATION OF REPORTED TO BEIA - CURRENT YEAR
Key figures1
2024 2025
(in € million unless otherwise stated) | Reported | Eia | Beia | Reported | Total growth % | Eia | Beia | Currency translation | Consolidation impact | Organic growth | Organic growth % |
Revenue | 35,955 | 122 | 36,077 | 34,257 | -4.7% | 138 | 34,395 | -1,678 | -84 | 80 | 0.2% |
Excise tax expense | -6,134 | 21 | -6,113 | -5,504 | 10.3% | - | -5,504 | 212 | - | 397 | 6.5% |
Net revenue | 29,821 | 143 | 29,964 | 28,753 | -3.6% | 138 | 28,890 | -1,466 | -84 | 476 | 1.6% |
Variable cost | -11,089 | -17 | -11,106 | -10,419 | 6.0% | 49 | -10,369 | 565 | 45 | 125 | 1.1% |
Marketing and selling expenses | -2,940 | 2 | -2,938 | -2,855 | 2.9% | 5 | -2,849 | 116 | 2 | -30 | -1.0% |
Personnel expenses | -4,466 | 44 | -4,422 | -4,478 | -0.3% | 137 | -4,341 | 135 | 9 | -63 | -1.4% |
Amortisation, depreciation and impairments | -2,605 | 744 | -1,861 | -2,609 | -0.4% | 747 | -1,862 | 98 | -30 | -69 | -3.7% |
Other net (expenses)/income | -5,204 | 79 | -5,126 | -4,986 | 4.3% | -97 | -5,084 | 262 | 21 | -242 | -4.7% |
Total net other (expenses)/income | -26,304 | 853 | -25,452 | -25,347 | 3.6% | 841 | -24,506 | 1,176 | 48 | -279 | -1.1% |
Operating profit | 3,517 | 995 | 4,512 | 3,406 | -3.2% | 979 | 4,385 | -290 | -36 | 198 | 4.4% |
Interest income | 110 | - | 110 | 108 | -1.8% | - | 108 | -10 | - | 7 | 6.5% |
Interest expense | -680 | 27 | -653 | -620 | 8.8% | -10 | -629 | 25 | - | -2 | -0.3% |
Net interest income/(expenses) | -570 | 27 | -543 | -512 | 10.2% | -10 | -522 | 16 | - | 5 | 1.0% |
Other net finance income/(expenses) | -235 | -36 | -271 | -154 | 34.5% | -44 | -199 | 39 | -14 | 48 | 17.7% |
Share of profit of associates and joint ventures | -705 | 1,017 | 312 | 255 | 136.2% | 58 | 314 | -14 | - | 17 | 5.3% |
Income tax expense | -846 | -184 | -1,031 | -857 | -1.3% | -140 | -997 | 75 | 6 | -47 | -4.6% |
Non-controlling interests | -183 | -59 | -241 | -253 | -38.3% | -66 | -319 | 19 | -11 | -85 | -35.4% |
Net profit | 978 | 1,761 | 2,739 | 1,885 | 92.7% | 777 | 2,662 | -156 | -55 | 135 | 4.9% |
EBITDA | 5,417 | 1,268 | 6,685 | 6,270 | 15.7% | 290 | 6,560 | ||||
Effective tax rate | 31.2% | 27.9% | 31.3% | 27.2% |
1 This table will not always cast due to rounding. This table contains a reconciliation between IFRS reported and certain Non-GAAP measures. Please refer to page 23 for an explanation of the use of Non-GAAP measures.
RECONCILIATION OF REPORTED TO BEIA - PRIOR YEAR
Key figures1 | 2023 | 2024 | ||||||||||
(in € million unless otherwise stated) | Reported | Eia | Beia | Reported | Total growth % | Eia | Beia | Currency translation | Consolidation impact | Organic growth | Organic growth % | |
Revenue | 36,375 | -65 | 36,310 | 35,955 | -1.2% | 122 | 36,077 | -1,718 | -313 | 1,799 | 5.0% | |
Excise tax expense | -6,013 | 12 | -6,001 | -6,134 | -2.0% | 21 | -6,113 | 62 | 120 | -294 | -4.9% | |
Net revenue | 30,362 | -54 | 30,308 | 29,821 | -1.8% | 143 | 29,964 | -1,656 | -193 | 1,505 | 5.0% | |
Variable cost | -12,028 | 73 | -11,955 | -11,089 | 7.8% | -17 | -11,106 | 866 | 81 | -98 | -0.8% | |
Marketing and selling expenses | -2,767 | 1 | -2,766 | -2,940 | -6.3% | 2 | -2,938 | 115 | 8 | -295 | -10.7% | |
Personnel expenses | -4,353 | 139 | -4,214 | -4,466 | -2.6% | 44 | -4,422 | 117 | - | -325 | -7.7% | |
Amortisation, depreciation and impairments | -3,096 | 1,268 | -1,828 | -2,605 | 15.9% | 744 | -1,861 | 94 | -11 | -116 | -6.3% | |
Other net (expenses)/income | -4,888 | -215 | -5,103 | -5,204 | -6.5% | 79 | -5,126 | 229 | 52 | -304 | -6.0% | |
Total net other (expenses)/income | -27,133 | 1,268 | -25,865 | -26,304 | 3.1% | 853 | -25,452 | 1,420 | 131 | -1,138 | -4.4% | |
Operating profit | 3,229 | 1,214 | 4,443 | 3,517 | 8.9% | 995 | 4,512 | -236 | -62 | 367 | 8.3% | |
Interest income | 90 | - | 90 | 110 | 22.2% | - | 110 | -11 | - | 30 | 33.7% | |
Interest expense | -640 | -4 | -644 | -680 | -6.3% | 27 | -653 | 99 | -7 | -101 | -15.7% | |
Net interest income/(expenses) | -550 | -4 | -554 | -570 | -3.6% | 27 | -543 | 88 | -7 | -71 | -12.7% | |
Other net finance income/(expenses) | -375 | 34 | -343 | -235 | 37.3% | -36 | -271 | 94 | 19 | -42 | -12.1% | |
Share of profit of associates and joint ventures | 218 | 52 | 270 | -705 | -423.4% | 1,017 | 312 | -4 | 1 | 45 | 16.7% | |
Income tax expense | -121 | -831 | -952 | -846 | -599.2% | -184 | -1,031 | 21 | 17 | -117 | -12.3% | |
Non-controlling interests | -97 | -136 | -233 | -183 | -88.7% | -59 | -241 | -18 | - | 9 | 3.8% | |
Net profit | 2,304 | 329 | 2,632 | 978 | -57.6% | 1,761 | 2,739 | -54 | -32 | 192 | 7.3% | |
EBITDA | 6,543 | -2 | 6,541 | 5,417 | -17.2% | 1,268 | 6,685 | |||||
Effective tax rate | 5.2% | 26.8% | 31.2% | 27.9% |
1 This table will not always cast due to rounding. This table contains a reconciliation between IFRS reported and certain Non-GAAP measures. Please refer to page 23 for an explanation of the use of Non-GAAP measures.
GLOSSARY
Acquisition-related intangible assets
Acquisition-related intangible assets are assets that HEINEKEN only recognises as part of a purchase price allocation following an acquisition. This includes, among others, brands, customer-related and certain contract-based intangibles.
Average effective interest rate
Net interest income and expenses related to the net debt position divided by the average net debt position calculated on a quarterly basis.
Beia
Before exceptional items and amortisation of acquisition-related intangible assets.
Whenever used in this report, the term "beia" refers to performance measures (EBITDA, net profit, effective tax rate, etc) before exceptional items and amortisation of acquisition related intangible assets. Next to the reported figures, management evaluates the performance of the business on a beia basis across several performance measures as it considers this enhances their understanding of the underlying performance. Managerial incentives are set mostly on beia performance measures and the dividend is set relative to the net profit (beia).
Beyond Beer
Alcoholic and non-alcoholic beverage propositions beyond core beer, which leverage natural ingredients and/or beer production process. This includes for example flavoured beer, ciders, ready-to-drink (RTDs) and malt-based drinks.
Capital expenditure related to PP&E and intangible assets (capex)
Sum of 'Purchase of property, plant and equipment' and 'Purchase of intangible assets' as included in the consolidated statement of cash flows.
Cash conversion ratio
Free operating cash flow divided by net profit (beia) before deduction of non-controlling interests, calculated on an annual basis.
Cash flow (used in)/from operational investing activities
This represents the total of cash flow from sale and purchase of Property, plant and equipment and Intangible assets, proceeds and receipts of Loans to customers and Other investments.
Centrally available cash
Represents cash after the deduction of overdraft balances in the group cash pooling structure and other cash and cash equivalents owned at group level.
Centrally available financing headroom
This consists of the undrawn part of the committed €3.5 billion revolving credit facility and centrally available cash, minus centrally issued commercial paper and short-term bank borrowings at
Group level.
Consolidation changes
Changes as a result of acquisitions and disposals.
Depletions
Sales by distributors to the retail trade.
Dividend payout
Proposed dividend as percentage of net profit (beia).
Earnings per share (EPS)
Basic
Net profit/(loss) divided by the weighted average number of shares - basic - during the year.
Diluted
Net profit/(loss) divided by the weighted average number of shares - diluted - during the year.
Earnings per share (EPS) growth on constant currency basis
To calculate the growth on constant currency basis, Net profit(/loss) of the current year excluding the currency translation impact is divided by the weighted average number of shares. It is compared to last year's EPS and expressed in bps or %.
EBITDA
Earnings before interest, taxes, net finance expenses, depreciation, amortisation and impairment. EBITDA includes HEINEKEN's share in net profit of joint ventures and associates. For the calculation of net debt/EBITDA (beia) this includes acquisitions and excludes disposals on a 12-month proforma basis.
Effective tax rate
Income tax expense expressed as a percentage of the profit before income tax, adjusted for share of profit of associates and joint ventures.
Eia
Exceptional items and amortisation of acquisition-related intangible assets.
Exceptional items
Items of income and expense of such size, nature or incidence, that in the view of management their disclosure is relevant to explain the performance of HEINEKEN for the period.
Free operating cash flow
Total of cash flow from operating activities and cash flow from operational investing activities.
Gross merchandise value
Value of all products sold via our eB2B platforms. This includes our own and third-party products, including all duties and taxes. As part of its objective to become the best connected brewer, management has set as a key priority to scale up its eB2B platforms to better serve customers and improve sales force productivity. External stakeholders can assess the progress relative to this ambition and to the scale of other eB2B platforms.
Gross savings
Structural cost reductions resulting from targeted initiatives to improve efficiency and productivity, relative to the baseline of expenses of a previous period adjusted for inflation. The gross savings exclude cost-to-achieve, consolidation changes and decisions to reinvest. Gross savings is the leading metric used by management to measure productivity gains across the business in line with one of the top priorities of the EverGreen strategy and provide evidence to our external stakeholders of the progress at HEINEKEN to build a cost-conscious capability.
Invested capital
This consists of operating assets, operating liabilities, including working capital and long-term operating assets, and excluding non operating items such as cash, tax and investments in associates and joint ventures.
Main working capital
The sum of inventories, trade receivables, and prepayments less trade payables and accruals.
Net debt
Non-current and current interest-bearing borrowings (incl. lease liabilities), bank overdrafts and market value of (cross-currency) interest rate swaps less cash, cash equivalents and other investments.
Net interest expense
Total interest expense incurred minus interest income earned.
Net profit
Profit after deduction of non-controlling interests (profit attributable to shareholders' of the Company).
Net revenue
Revenue as defined in IFRS 15 (after discounts) minus the excise tax expense for those countries where the excise is borne by HEINEKEN.
Net revenue per hectolitre
Net revenue divided by total consolidated volume.
Operating profit margin
Operating profit represented as a percentage of net revenue.
Organic growth
Growth excluding the effect of foreign currency translational effects and consolidation changes. Whenever used in this report, the term refers to the organic growth of the related performance measures (revenue, operating profit, net profit etc.). Management evaluates the organic performance of operating companies as it reflects their performance in local currency. External stakeholders can separately assess the performance in local currency, the translational effects into euros and the consolidation changes.
Organic growth %
Organic growth divided by the related prior year beia amount. Whenever used in this report, the term 'organically' refers to the organic growth % of the related performance measures (revenue, operating profit, net profit etc.).
Organic volume growth
Growth in volume, excluding the effect of consolidation changes.
Other net expenses
Includes other income, goods for resale, inventory movements (fixed), repair and maintenance and other expenses.
Price mix on a constant geographic basis
Refers to the different components that influence net revenue per hectolitre, namely the changes in the absolute price of each individual SKU and their weight in the portfolio. The weight of the countries in the total revenue in the base year is kept constant. The metric allows management and external stakeholders a clearer understanding of the underlying development of price-mix, a lever of value creation, which can be affected at a segment-level when combining operations that have structurally different net revenue per hectolitre, due to differences in value chains, business models and economic conditions.
Profit
Total profit of HEINEKEN before deduction of non-controlling interests.
Pro-forma 12-month rolling net debt/EBITDA (beia) ratio
Net debt divided by the 12-month rolling pro-forma EBITDA (beia), which includes acquisitions and excludes disposals on a 12-month pro-forma basis. Reconciliations of net debt and EBITDA (beia) are
provided separately in the release, but it's impracticable to reconcile the ratio since it's calculated on a 12-month pro-forma basis. Management uses this ratio to assess the overall levels of net debt in respect to the cash generation potential from the business, with the objective to be below 2.5x. The ratio is useful to external stakeholders to assess the financial profile of the business.
®
All brand names mentioned in this report, including those brand names not marked by an ®, represent registered trademarks and are legally protected.
Region
A region is defined as HEINEKEN's managerial classification of countries into geographical units.
Return on invested capital (ROIC)
Operating profit (beia) after deducting the nominal tax rate as a percentage of the average invested capital. Average invested capital is calculated as the 12-month average of the closing balances and excludes goodwill and intangible assets, but includes software.
Return on invested capital including goodwill and intangibles
Operating profit (beia) after deducting the nominal tax rate as a percentage of the average invested capital. Average invested capital is calculated as the 12-month average of the closing balances and includes goodwill and intangible assets.
Total borrowings
Sum of 'non-current borrowings' and 'current borrowings' as included in the consolidated statement of financial position.
Total net other expenses
The sum of variable cost, marketing and selling expenses, personnel expenses, amortisation, depreciation and impairments and other net expenses.
Variable cost
Includes input costs (raw material, packaging material and inventory movements (variable)), transport, energy and water.
Volume
Beer volume
Beer volume produced and sold by consolidated companies.
Brand-specific volume (Heineken® volume, Amstel volume etc.)
Brand volume produced and sold by consolidated companies plus 100% of brand volume sold under licence agreements by joint ventures, associates and third parties.
Licensed volume
100% of volume from HEINEKEN's brands sold under licence agreements by joint ventures, associates and third parties.
LoNo
Low- and non-alcoholic beer, cider and brewed soft drinks with an ABV <=3.5%.
Mainstream beer
Beer sold at a price index between 85 and 114 relative to the average market price of beer.
Non-beer volume
Cider, soft drinks and other non-beer volume produced and sold by consolidated companies.
Premium beer
Beer sold at a price index equal or greater than 115 relative to the average market price of beer.
Third-party products volume
Volume of third-party products (beer and non-beer) resold by consolidated companies.
Total consolidated volume
The sum of beer volume, non-beer volume and third-party products volume.
Total mainstream volume
Total volume sold at a price index between 85 and 114 relative to the average market price.
Total premium volume
Total volume sold at a price index equal or greater than 115 relative to the average market price.
Total volume
The sum of total consolidated volume and licensed volume.
Weighted average number of shares
Basic
Weighted average number of outstanding shares.
Diluted
Weighted average number of outstanding shares and the weighted average number of shares that would be issued on conversion of the dilutive potential shares into shares as a result of HEINEKEN's share-based payment plans.
Working capital
The sum of inventories and trade and other receivables less trade and other payables and returnable packaging deposits.
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Disclaimer
Heineken NV published this content on February 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 11, 2026 at 06:14 UTC.
