Heineken NV (HEINY) Full Year 2025 Earnings Call Highlights: Strong Profit Growth Amid Volume …

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Thu, February 12, 2026 at 12:04 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:** Came in at 4.78.

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

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

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

**Global Brand Portfolio:** Delivered 1.9% total volume growth.

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

**Net Debt to EBITDA Ratio:** 2.2 at the end of the year.

**Capital Expenditure:** Amounted to 2.4 billion, representing 8.3% of net revenue.

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

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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 NV (HEINY) achieved a 4.4% growth in operating profits with a 41 basis point margin expansion, indicating strong financial performance.

The company reported a 2.6 billion free operating cash flow, demonstrating effective cash management and strong cash conversion.

Heineken NV (HEINY) expanded its global footprint with strategic acquisitions, including the acquisition of Fisco, enhancing its presence in Central America.

The Heineken brand grew by almost 3%, with significant contributions from Heineken Silver, which grew by nearly 30%, showcasing successful brand innovation.

The company delivered over $500 million in gross savings through productivity programs, supporting margin expansion and reinvestment in growth initiatives.

Negative Points

Total volume declined by 1.2%, with softer volume markets in the Americas and Europe, impacting overall growth.

The company faced challenges in the European market, with a 3% decline in net revenue and total volume due to retailer disruptions and inflationary pressures.

Heineken NV (HEINY) experienced a decline in operating profit in the Americas by 1.9%, affected by tariffs and a strong prior year comparison.

The Asia Pacific region saw a slowdown in beer volume growth in Q4, with challenges in markets like Cambodia impacting overall performance.

Despite growth in the Heineken brand, the company faced volume declines in some of its global brands, indicating potential challenges in brand positioning and market competition.

 






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Q & A Highlights

Q: Can you elaborate on the pricing actions in Q4 and how your market share responded? Are you cautious about volumes in 2026? Also, what is the status of distribution and shelf space in Europe after resolving 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. In the Americas, we adjusted 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 Q4. We are satisfied 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 in the next 2 to 5 years, considering the operational execution required with the Fisco acquisition and brand challenges? Can you provide more color on Tiger’s positioning? A: The Evergreen 2030 strategy is clear and compelling, and the focus is on accelerating disciplined execution. The brand governance model that worked for Heineken is being applied to other global brands like Amstel, which has shown significant growth. Tiger is impacted by Vietnam’s market dynamics, but Tiger Crystal is growing and revitalizing the brand. 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 savings? A: The guidance reflects a prudent view of the macroeconomic environment. We are investing in long-term growth and digitalization. AI, particularly through Freddie AI, will unlock marketing savings, 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: How does the brand building of global brands differ from the Heineken brand model? What commercial changes are being implemented in Europe to avoid retailer disruptions? A: The Heineken brand is centrally governed, with global positioning and campaigns. Other global brands are transitioning to this model for consistency and scale. In Europe, we are focusing on growth pockets, innovation, and premiumization while ensuring affordability. We are also increasing brand investments and cost efficiencies. Dolf van Den Brink, CEO, and Harold van den Broek, CFO.

Q: Can you provide more details on the Asia Pacific performance in Q4 and the outlook for free cash flow? A: We are pleased with our performance in Asia Pacific, particularly in Vietnam and India. Vietnam has resumed market share gains, and India is showing strong market share performance. Cambodia remains challenging. We are focusing on strategic growth in China. Regarding free cash flow, we are focused on cash flow delivery and capital returns, with continued investments in organic growth and the Fisco acquisition. 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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