Heineken Holding N.V. reports on 2025 first quarter trading
Heineken Holding N.V. (HKHHY) has reported its Q1 2025 trading results, showing mixed performance. Revenue decreased 4.9% to €7,784 million, while net revenue (beia) grew organically by 0.9%. Beer volume declined organically by 2.1%, primarily due to calendar effects including a later Easter and loss of an extra selling day compared to leap year 2024.
Premium beer volume increased by 1.8%, with Heineken® brand growing 4.6% and showing double-digit growth in 25 markets. The company's digital B2B platforms captured €3.1 billion in gross merchandise value, up 16% organically. Mainstream beer volume remained stable with strong performance in key markets.
The company maintains its full-year outlook, expecting operating profit (beia) to grow organically by 4-8%. A two-year share buyback programme of €750 million is underway, with €37.7 million worth of shares repurchased as of April 11, 2025. Currency translation is expected to negatively impact full-year results by approximately €1,720 million in net revenue.
Heineken Holding N.V. (HKHHY) ha comunicato i risultati commerciali del primo trimestre 2025, evidenziando una performance mista. Il fatturato è diminuito del 4,9% a €7.784 milioni, mentre i ricavi netti (beia) sono cresciuti organicamente dello 0,9%. Il volume di birra è calato organicamente del 2,1%, principalmente a causa di effetti di calendario, tra cui una Pasqua più tardiva e la perdita di un giorno di vendita rispetto all'anno bisestile 2024.
Il volume di birra premium è aumentato dell'1,8%, con il marchio Heineken® in crescita del 4,6% e con una crescita a doppia cifra in 25 mercati. Le piattaforme digitali B2B dell'azienda hanno raggiunto un valore lordo della merce di €3,1 miliardi, in crescita organica del 16%. Il volume di birra mainstream è rimasto stabile, con una solida performance nei mercati chiave.
L'azienda conferma le sue previsioni per l'intero anno, prevedendo una crescita organica del risultato operativo (beia) tra il 4% e l'8%. È in corso un programma biennale di riacquisto azionario da €750 milioni, con azioni per un valore di €37,7 milioni riacquistate al 11 aprile 2025. La conversione valutaria dovrebbe influire negativamente sui risultati annuali per circa €1.720 milioni in ricavi netti.
Heineken Holding N.V. (HKHHY) ha publicado sus resultados comerciales del primer trimestre de 2025, mostrando un desempeño mixto. Los ingresos disminuyeron un 4,9% hasta €7.784 millones, mientras que los ingresos netos (beia) crecieron orgánicamente un 0,9%. El volumen de cerveza disminuyó orgánicamente un 2,1%, principalmente debido a efectos del calendario, incluyendo una Pascua más tardía y la pérdida de un día adicional de venta en comparación con el año bisiesto 2024.
El volumen de cerveza premium aumentó un 1,8%, con la marca Heineken® creciendo un 4,6% y mostrando un crecimiento de dos dígitos en 25 mercados. Las plataformas digitales B2B de la compañía alcanzaron un valor bruto de mercancía de €3.100 millones, con un crecimiento orgánico del 16%. El volumen de cerveza mainstream se mantuvo estable con un rendimiento sólido en mercados clave.
La empresa mantiene su perspectiva para todo el año, esperando que el beneficio operativo (beia) crezca orgánicamente entre un 4% y un 8%. Está en marcha un programa de recompra de acciones a dos años por €750 millones, con €37,7 millones en acciones recompradas hasta el 11 de abril de 2025. Se espera que la traducción de divisas impacte negativamente los resultados anuales en aproximadamente €1.720 millones en ingresos netos.
Heineken Holding N.V. (HKHHY)는 2025년 1분기 실적을 발표했으며, 혼재된 성과를 보였습니다. 매출은 4.9% 감소한 77억 8,400만 유로를 기록했으나, 순매출(beia)은 유기적으로 0.9% 증가했습니다. 맥주 판매량은 주로 부활절이 늦어지고 2024년 윤년 대비 판매일이 하루 줄어드는 등 달력 효과로 인해 유기적으로 2.1% 감소했습니다.
프리미엄 맥주 판매량은 1.8% 증가했으며, 하이네켄® 브랜드는 4.6% 성장하여 25개 시장에서 두 자릿수 성장을 기록했습니다. 회사의 디지털 B2B 플랫폼은 총 상품 가치를 31억 유로로, 유기적으로 16% 증가시켰습니다. 주류 맥주 판매량은 주요 시장에서 견고한 성과를 보이며 안정적으로 유지되었습니다.
회사는 연간 전망을 유지하며, 영업이익(beia)이 유기적으로 4~8% 성장할 것으로 기대하고 있습니다. 7억 5천만 유로 규모의 2년 주식 자사주 매입 프로그램이 진행 중이며, 2025년 4월 11일 기준 3,770만 유로 상당의 주식을 재매입했습니다. 환율 변동은 연간 실적에 약 17억 2천만 유로의 순매출 부정적 영향을 미칠 것으로 예상됩니다.
Heineken Holding N.V. (HKHHY) a publié ses résultats commerciaux du premier trimestre 2025, affichant une performance mitigée. Le chiffre d'affaires a diminué de 4,9 % pour s'établir à 7 784 millions d'euros, tandis que le chiffre d'affaires net (beia) a augmenté organiquement de 0,9 %. Le volume de bière a diminué organiquement de 2,1 %, principalement en raison d'effets calendaires, notamment un week-end de Pâques plus tardif et la perte d'une journée de vente supplémentaire par rapport à l'année bissextile 2024.
Le volume de bière premium a augmenté de 1,8 %, la marque Heineken® ayant progressé de 4,6 % et affichant une croissance à deux chiffres dans 25 marchés. Les plateformes numériques B2B de l'entreprise ont enregistré une valeur brute de marchandises de 3,1 milliards d'euros, en hausse organique de 16 %. Le volume de bière grand public est resté stable avec une solide performance sur les marchés clés.
L'entreprise maintient ses prévisions annuelles, s'attendant à une croissance organique du résultat opérationnel (beia) comprise entre 4 et 8 %. Un programme de rachat d'actions sur deux ans de 750 millions d'euros est en cours, avec 37,7 millions d'euros d'actions rachetées au 11 avril 2025. La traduction des devises devrait avoir un impact négatif d'environ 1 720 millions d'euros sur les résultats annuels en chiffre d'affaires net.
Heineken Holding N.V. (HKHHY) hat seine Handelsergebnisse für das erste Quartal 2025 veröffentlicht und zeigt eine gemischte Performance. Der Umsatz sank um 4,9 % auf 7.784 Millionen Euro, während der Nettoumsatz (beia) organisch um 0,9 % wuchs. Das Biervolumen ging organisch um 2,1 % zurück, hauptsächlich aufgrund von Kalendereffekten wie einem späteren Osterfest und dem Verlust eines zusätzlichen Verkaufstages im Vergleich zum Schaltjahr 2024.
Das Premium-Biervolumen stieg um 1,8 %, wobei die Marke Heineken® um 4,6 % wuchs und in 25 Märkten zweistelliges Wachstum verzeichnete. Die digitalen B2B-Plattformen des Unternehmens erzielten einen Bruttowarenwert von 3,1 Milliarden Euro, organisch ein Plus von 16 %. Das Volumen des Mainstream-Biers blieb stabil mit starker Performance in wichtigen Märkten.
Das Unternehmen hält seine Jahresprognose aufrecht und erwartet ein organisches Wachstum des operativen Gewinns (beia) von 4–8 %. Ein zweijähriges Aktienrückkaufprogramm über 750 Millionen Euro läuft, wobei bis zum 11. April 2025 Aktien im Wert von 37,7 Millionen Euro zurückgekauft wurden. Die Währungsumrechnung wird die Jahresergebnisse voraussichtlich um etwa 1.720 Millionen Euro im Nettoumsatz negativ beeinflussen.
- Premium beer volume grew 1.8% with Heineken® brand up 4.6%
- Digital B2B platforms showed strong 16% organic growth
- Net revenue per hectolitre increased 3.3%
- Share buyback program of €750 million initiated
- Company maintaining market share in over half of its markets
- Overall revenue declined 4.9% to €7,784 million
- Beer volume decreased 2.1% organically
- Negative currency translation impact of €345 million
- Expected negative currency impact of €1,720 million for full year
- Heineken® 0.0 showed low-single-digit decline
Heineken Holding N.V. reports on 2025 first quarter trading
Amsterdam, 16 April 2025 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) announces
First quarter performance as anticipated, full year outlook unchanged
| Key Highlights |
- Revenue
€7,784 million , decreasing4.9% - Net revenue (beia) organic growth up
0.9% ; per hectolitre increasing3.3% - Beer volume organic decrease of
2.1% - Premium beer volume organic growth of
1.8% ; Heineken® volume growth of4.6% - Outlook for the full year unchanged; operating profit (beia) expected to grow organically
4% to8%
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.
| Financial Summary |
Throughout this report figures refer to quarterly performance unless otherwise indicated.
Revenue in the first quarter was
Currency translation negatively impacted net revenue (beia) by
In HEINEKEN's business-to-business digital (eB2B) platforms, HEINEKEN captured
| IFRS Measures | € million | Total growth | | BEIA Measures1 | € million | Organic growth |
| Revenue | 7,784 | - | | Revenue (beia) | 7,788 | - |
| Net revenue | 6,542 | - | | Net revenue (beia) | 6,544 | |
1. Consolidated figures are used throughout this report, unless otherwise stated. Please refer to the Glossary for an explanation of non-GAAP measures and other terms. Page 3 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 N.V., as management believes that this measurement is the most relevant in evaluating the results and in performance management.
Beer volume decreased organically by
| Beer volume | | | | | | |
| (in mhl or %) | | 1Q24 | | 1Q25 | | Organic growth |
| Heineken N.V. | | 55.4 | | 54.1 | | - |
Premium beer volume increased organically by
Heineken® continued its favourable momentum and grew volume by
| Heineken® volume | | | | | | |
| (in mhl or %) | | 1Q24 | | 1Q25 | | Organic growth |
| Heineken N.V. | | 13.8 | | 14.4 | | |
Mainstream beer volume remained stable in the quarter, with key brands in major markets delivering strong growth. Larue led HEINEKEN's rapid mainstream category expansion in Vietnam, while Kingfisher solidified its position as India's leading brand. In the UK, Cruzcampo continued its strong growth despite a high comparison base. Amstel experienced solid growth, led by continued success in Brazil. In China, where Amstel is positioned as an affordable premium brand, it has achieved significant market presence, more than doubling its volume in the quarter.
| Outlook |
HEINEKEN anticipates ongoing macroeconomic volatility that may impact HEINEKEN's consumers, including weak sentiment, global inflationary pressures, and currency devaluations in relation to a stronger Euro. Additionally, there are broader uncertainties, including recent tariff adjustments and potential increases, as we go forward.
To navigate this fluctuating environment, HEINEKEN remains agile in its allocation of capital and resources. With over
Based on HEINEKEN's current assessment of risks and its ability to adapt, HEINEKEN confirms the key financial indicators of its 2025 guidance, including HEINEKEN's full-year expectations of
| Translational Currency Calculated Impact |
Based on the impact to date, and applying spot rates of 14 April 2025 to the 2024 financial results as a baseline for the remainder of the year, the calculated negative translational impact for the full year would be approximately
| Share Buyback Programme Heineken Holding N.V. |
As per our full year 2024 announcement on 12 February and subsequent press release on 13 February, we have commenced the implementation of the two-year programme to repurchase own shares for an aggregate amount of
Up to and including 11 April 2025, a total of 556,151 shares were repurchased under the share buyback programme for a total consideration of
| Reconciliation of non-GAAP measures |
In internal managerial reports, HEINEKEN uses the metrics net revenue (beia) and net revenue (beia) organic growth.
| These tables contain a reconciliation between IFRS reported and certain Non-GAAP measures1 | ||||||||
| 1Q23 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact | Organic Growth | Organic Growth % |
| Revenue | 7,632 | | -1 | 7,631 | 89 | 12 | 540 | |
| Excise tax expense | -1,253 | - | — | -1,253 | 14 | -3 | -28 | - |
| Net revenue | 6,379 | | -1 | 6,378 | 103 | 10 | 512 | |
| | | | | | | | | |
| 1Q24 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact | Organic Growth | Organic Growth % |
| Revenue | 8,184 | | — | 8,184 | -328 | 209 | 672 | |
| Excise tax expense | -1,337 | - | — | -1,337 | 34 | -45 | -73 | - |
| Net revenue | 6,847 | | — | 6,847 | -294 | 164 | 599 | |
| | | | | | | | | |
| 1Q25 | Reported | Total growth % | Eia2 | Beia | Currency translation | Consolidation impact | Organic Growth | Organic Growth % |
| Revenue | 7,784 | - | 3 | 7,788 | -353 | -16 | -27 | - |
| Excise tax expense | -1,242 | | -1 | -1,243 | 8 | — | 85 | |
| Net revenue | 6,542 | - | 2 | 6,544 | -345 | -16 | 59 | |
- Due to rounding, this table will not always cast.
- HEINEKEN applies hyperinflation accounting in Ethiopia and Haiti. All metrics in the income statement are restated to reflect the inflation level as per the reporting date. These impacts are recorded as exceptional items.
| Enquiries |
| Media Heineken Holding N.V. | |
| Kees Jongsma | |
| tel. +31 6 54 79 82 53 | |
| E-mail: cjongsma@spj.nl | |
| | |
| Media Heineken N.V. | Investors |
| Christiaan Prins | Tristan van Strien |
| Director of Global Communication | Global Director of Investor Relations |
| Marlie Paauw | Lennart Scholtus / Chris Steyn |
| Corporate Communications Lead | Investor Relations Manager / Senior Analyst |
| E-mail: pressoffice@heineken.com | E-mail: investors@heineken.com |
| Tel: +31-612200009 | Tel: +31-20-5239590 |
| Conference Call Details |
HEINEKEN will host an analyst and investor conference call with Harold van den Broek, Chief Financial Officer of Heineken N.V., in relation to its First Quarter 2025 Trading Update on 16 April at 14:00 CET/13:00 GMT. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: www.theheinekencompany.com. An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:
United Kingdom: +44 203 936 2999
Netherlands: +31 85 888 7233
United States: +1 646 664 1960
All other locations: +44 203 936 2999
For the full list of dial in numbers, please refer to the following link: Global Dial-In Numbers
Participation password for all countries: 522422
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FAQ
What is Heineken's (HKHHY) revenue performance in Q1 2025?
How is Heineken's premium beer segment performing in Q1 2025?
What is the status of Heineken's (HKHHY) share buyback program in 2025?
What is Heineken's (HKHHY) profit guidance for 2025?
How is Heineken's digital B2B platform performing in 2025?
