KEY HIGHLIGHTS
- Revenue €35,955 million
- Net revenue (beia) 5.0% organic growth, per hectolitre 3.5%
- Beer volume 1.6% organic growth; Heineken® volume up 8.8%
- Operating profit €3,517 million; operating profit (beia) 8.3% organic growth
- Operating profit (beia) margin 15.1%, up 40 bps
- Net profit €978 million; net profit (beia) 7.3% organic growth
- Diluted EPS (beia) €4.89
- Free Operating Cash Flow €3,058 million
- HEINEKEN to launch two-year €1.5 billion share buyback programme
- Full year 2025 outlook: 4% to 8% operating profit (beia) organic growth
Dolf van den Brink, Chairman of the Executive Board / CEO said: “We delivered solid results with broad-based growth and profit expansion in 2024. Beer volume grew organically by 1.6%, and net revenue (beia) was up 5.0% with strong operating profit (beia) growth of 8.3%. Notably, our beer volume expanded in all four regions, across both developed and emerging markets. Our EverGreen strategy continued to shape operations. Premium volume grew 5%, led globally by Heineken®, which was up 9%. Mainstream beer volume rose 2%, spearheaded by the leading brands in our largest markets, including Amstel in Brazil, Cruzcampo in the UK, and Kingfisher in India. The beyond beer segment grew 4%, led by Desperados globally and Savanna cider in Southern Africa. Heineken® 0.0 grew 10%, reinforcing our global leadership in non-alcoholic beer. Gross savings exceeded €0.6 billion, supporting a 40 bps operating margin (beia) expansion. Marketing and selling investment increased by €0.3 billion, a double-digit organic increase, and we stepped up funding behind our digital and technology initiatives. Capital productivity focus helped deliver a strong free operating cash flow, exceeding €3 billion. Looking ahead, we are well-positioned to further increase our investment in marketing and selling and behind our EverGreen priorities in 2025. We expect to grow operating profit (beia) organically in the range of 4% to 8%.“
Financial Summary1
| IFRS Measures | € million | Total growth | BEIA Measures | € million | Organic growth2 |
| Revenue | 35,955 | -1.2% | Revenue (beia) | 36,077 | 5.0% |
| Net revenue | 29,821 | -1.8% | Net revenue (beia) | 29,964 | 5.0% |
| Operating profit | 3,517 | 8.9% | Operating profit (beia) | 4,512 | 8.3% |
| Operating profit (beia) margin (%) | 15.1% | ||||
| Net profit | 978 | -57.6% | Net profit (beia) | 2,739 | 7.3% |
| Diluted EPS (in €) | 1.74 | -57.5% | Diluted EPS (beia) (in €) | 4.89 | 4.7% |
| Free operating cash flow | 3,058 | ||||
| Net debt / EBITDA (beia)3 | 2.2x | ||||
1Consolidated figures are used throughout this report, unless otherwise stated. Tables will not always cast due to rounding. Please refer to the Glossary for an explanation of non-GAAP measures and other terms. Page 27 includes a reconciliation versus IFRS metrics. These non-GAAP measures are included in internal management reports that are reviewed by the Executive Board of HEINEKEN, as management believes that this measurement is the most relevant in evaluating the results and in performance management. Full year numbers are audited.
2Organic growth shown, except for Diluted EPS (beia), which is total growth.
3Includes acquisitions and excludes disposals on a 12-month pro-forma basis.
Outlook 2025
As we advance on our EverGreen journey, we remain committed to our medium-term ambition to deliver superior growth, balanced between volume and value, and continuous productivity improvements to fund investments and enable operating profit (beia) to grow ahead of net revenue (beia) over time. We anticipate ongoing macro-economic challenges that may affect our consumers, including weak consumer sentiment in Europe, volatility, inflationary pressures and currency devaluations across developing markets, and broader geopolitical fluctuations. Our 2025 outlook reflects our current assessment of these factors as we see them today. For the full year 2025, we anticipate continued volume and revenue growth. However, the first quarter will face a high comparison base and be impacted by technical factors such as fewer selling days and the timing of Easter and Tết. We expect our variable costs to rise by a mid-single-digit per hectolitre. Excluding Africa & Middle East, where higher local input cost inflation and currency devaluations persist, variable costs are expected to increase by a low-single-digit per hectolitre. Our continuous productivity programme aims to deliver at least €400 million of gross savings in 2025, funding growth, digital transformation, and sustainability initiatives. As it did this year, we intend to further increase in support of our brands and for marketing and selling investments to grow ahead of revenue. Overall, we expect to grow operating profit (beia) organically in the range of 4% to 8%, with
- An average effective interest rate (beia) of around 3.5% (2024: 3.5%)
- Other net finance expenses (beia) to be in the range of €225 to €275 million (2024: €271 million)
- An effective tax rate (beia) in the range of 27% to 28% (2024: 27.9%)
We expect net profit (beia) organic growth to be broadly in line with the operating profit (beia) organic growth. Lastly, we anticipate maintaining a similar level of capital expenditure this year (2024: 8.2% of net revenue (beia)).