Heineken Holding NV (HKHHF) Full Year 2025 Earnings Call Highlights: Strategic Growth Amidst …

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Thu, February 12, 2026 at 12:02 AM GMT+9 5 min read

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**Total Volume:** Declined by 1.2%, with softer volume markets in the Americas and Europe.

**Net Revenue:** Increased by 1.6%, with net revenue per hectoliter growing 3.8%.

**Operating Profit:** Grew by 4.4% with a 41 basis point margin expansion.

**Net Profit:** Increased by 4.9%.

**Diluted EPS:** 4.78.

**Dividend:** Proposed total dividend of 1.90 per share, a 2% increase.

**Free Operating Cash Flow:** $2.6 billion with a cash conversion of 87%.

**Heineken Brand Growth:** Increased by 2.7%, with Heineken Silver growing by almost 30%.

**Gross Savings:** Over $500 million, contributing to margin expansion.

**Net Debt to EBITDA Ratio:** 2.2, below the long-term target of below 2.5 times.

**ROIC:** Improved, contributing to capital efficiency.

**Regional Highlights:** Strong revenue growth in Africa and the Middle East; mixed performance in Europe.

**FIFCO Acquisition:** Expected to be accretive to EPS by 2-3% in 2026.

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Heineken Holding NV (HKHHF) achieved a well-balanced performance in challenging market conditions, with revenue growth driven by quality volume and solid market share gains.

The company delivered over $500 million in gross savings, contributing to a 41 basis point margin expansion and operating profit growth of 4.4%.

Heineken's global brands, including Heineken Silver, showed strong performance, with Silver growing by almost 30%, particularly in Vietnam and China.

The acquisition of Fisco is expected to enhance Heineken's operating profit margin and earnings per share, strengthening its strategic position in Central America.

Heineken's focus on sustainability is evident, with significant progress towards its 2030 net zero ambition, reducing emissions by 38% over the last three years.

Negative Points

Total volume declined by 1.2%, with softer volume markets in the Americas and Europe, partly offset by growth in APEC and resilience in Africa and the Middle East.

The Americas region saw a decline in net revenue by 1% and operating profit by 2%, impacted by tariffs and macroeconomic uncertainties.

In Europe, net revenue and total volume each declined by 3%, with operating profit declining by almost 5% due to volume deleverage and inflation.

Heineken 00 volumes were flat, with inventory adjustments in Brazil offsetting growth in other markets, indicating challenges in the alcohol-free segment.

The company remains cautious about the macroeconomic environment and consumer spending in 2026, which could impact growth prospects.

 






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Q & A Highlights

Q: Can you elaborate on the pricing actions in Q4 and how your market share responded? Is this related to your cautious volume outlook for 2026? Also, what is the status of distribution and shelf space in Europe following retailer disputes? A: In Europe, distribution and shelf space have been recovering, and we expect full recovery by spring. We are making progress in retail negotiations, and the outcomes have been acceptable. In the Americas, we increased pricing in response to input costs, and our market share in Brazil has been strong. In Mexico, market share was strong for the first nine months but came under pressure in the last quarter. We are happy with our current pricing and promotional levels and do not expect an overhang into 2026. Dolf van Den Brink, CEO, and Harold van den Broek, CFO.

Q: What is the role of the CEO over the next 2 to 5 years, considering the operational execution required with Fisco and brand challenges? Can you provide more color on Tiger’s positioning? A: There is alignment on the Evergreen 2030 strategy, focusing on accelerating disciplined execution. The governance model for brand Heineken, which led to systemic growth, is being applied to other global brands. Tiger is impacted by Vietnam’s market, but Tiger Crystal is growing and revitalizing the brand. We are confident in the potential for brand growth. Dolf van Den Brink, CEO.

Q: What factors will drive you to the upper or lower end of the 2 to 6% organic growth guidance for 2026? How will AI adoption impact marketing spending? A: The guidance reflects a cautious view on the consumer environment and economic uncertainty. We aim to continue investing in growth and digitization. AI, particularly through Freddie AI, will unlock significant savings in marketing, but the extent of reinvestment or savings realization is yet to be determined. We plan to increase marketing investments in absolute terms. Dolf van Den Brink, CEO, and Harold van den Broek, CFO.

Q: Can you elaborate on the differences in brand building for global brands compared to the Heineken brand? What changes are being implemented in Europe to avoid retailer disruptions, and do you expect volume growth in 2026? A: The Heineken brand is centrally governed, with positioning and campaigns developed globally. Other global brands are transitioning to this model for consistency and scale benefits. In Europe, about two-thirds of volume decline was market-related, and one-third was due to negotiations. We are focusing on growth pockets, innovation, and affordability to drive volume growth. Dolf van Den Brink, CEO, and Harold van den Broek, CFO.

Q: How did the Asia Pacific region perform in Q4, and what is the outlook for free cash flow? A: We are pleased with the Asia Pacific performance, particularly in Vietnam and India. Vietnam resumed market share gains, and India is showing strong market share performance. Cambodia remains a concern. We are focused on creating cash flow and return on capital, with continued investments in organic growth and the addition of Fisco. Dolf van Den Brink, CEO, and Harold van den Broek, CFO.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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