Heineken Analysis & Valuation

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Prior Heineken Posts

Disclosure: Long Heineken NV

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Highlights

Full year 2025:

• Consolidated volume of 234mhl (million hectoliters), -2.8%

  • Heineken volume of 62.7mhl, +2.6%

  • Volume increase in Asia Pacific offset by decreases in Africa and the Middle East, the Americas, and Europe

  • Licensed volume +17.%

• Consolidated net revenue of €28.75 billion, -3.6%

• Operating profit of €3.4 billion and €4.4 billion beia (before exceptional items and amortization of acquisition-related intangibles)

• Net profit of €2.66 billion (beia)

• €1.3 billion dividends and €701 million share repurchases

• Contracted to buy (closed in Jan. ‘26) the remaining 75% of Central America-based Florida Ice and Farm Company SA (FIFCO) for USD $3.2 billion, funding a portion of the acquisition with debt.

What’s Covered Below

1. Operating performance analysis

2. Capital allocation & balance sheet

3. Return on capital analysis

4. Valuation