Financials Heineken Holding N.V.

Equities

Real-time Euronext Amsterdam Other stock markets 08:54:23 09/02/2026 GMT			5-day change	1st Jan Change
66.15 ^EUR	-0.38%		+4.17%	+6.01%

02-04	Carlsberg's shares rise on profit beat, possible Indian IPO	RE
02-02	Heineken Acquires Costa Rica-based Fifco's Beverage, Retail Businesses	MT

Fiscal Period: December	2020	2021	2022	2025	2026	2027
Net sales ¹	23,770	26,583	34,676	29,106	30,923	32,328
Change	-	11.83%	30.44%	-	6.24%	4.54%
EBITDA ¹	5,295	5,373	6,388	6,694	7,134	7,502
Change	-	1.47%	18.89%	-	6.59%	5.15%
EBIT ¹	2,421	3,414	4,502	3,652	4,688	5,093
Change	-	41.02%	31.87%	-	28.37%	8.64%
Interest Paid ¹	-497	-462	-458	-503	-547	-604
Earnings before Tax (EBT) ¹	157	4,334	-	3,229	4,263	4,639
Change	-	2,660.51%	-	-	32.02%	8.82%
Net income ¹	-102	1,663	1,343	1,892	2,739	2,974
Change	-	1,730.39%	-19.24%	-	44.77%	8.58%
Announcement Date	10/02/21	16/02/22	15/02/23	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2025	2026	2027
Net Debt	14,196	13,625	13,297	-	-	-
Change	-	-4.02%	-2.41%	-	-	-
Announcement Date	10/02/21	16/02/22	15/02/23	-	-	-

Estimates

Fiscal Period: December	2020	2021	2022	2025	2026	2027
CAPEX ¹	1,800	1,667	1,791	2,329	2,644	2,727
Change	-	-7.39%	7.44%	-	13.53%	3.14%
Free Cash Flow (FCF) ¹	1,513	2,514	2,409	-	-	-
Change	-	66.16%	-4.18%	-	-	-
Announcement Date	10/02/21	16/02/22	15/02/23	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	22.28%	20.21%	18.42%	-	-	23%	23.07%	23.2%
EBIT Margin (%)	-	10.19%	12.84%	12.98%	-	-	12.55%	15.16%	15.75%
EBT Margin (%)	-	0.66%	16.3%	-	-	-	11.09%	13.79%	14.35%
Net margin (%)	-	-0.43%	6.26%	3.87%	-	-	6.5%	8.86%	9.2%
FCF margin (%)	-	6.37%	9.46%	6.95%	-	-	-	-	-
FCF / Net Income (%)	-	-1,483.33%	151.17%	179.37%	-	-	-	-	-
Profitability
ROA	5.17%	2.81%	4.15%	4.75%	4.7%	4.49%	-	-	-
ROE	14.38%	-0.56%	20.74%	14.6%	10.84%	5.22%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	2.68x	2.54x	2.08x	-	-	-	-	-
Debt / Free cash flow	-	9.38x	5.42x	5.52x	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	7.57%	6.27%	5.16%	-	-	8%	8.55%	8.44%
CAPEX / EBITDA (%)	-	33.99%	31.03%	28.04%	-	-	34.79%	37.06%	36.35%
CAPEX / FCF (%)	-	118.97%	66.31%	74.35%	-	-	-	-	-
Items per share
Cash flow per share ¹	-	10.89	14.52	10.67	-	-	-	-	-
Change	-	-	33.32%	-26.51%	-	-	-	-	-
Dividend per Share ¹	-	0.7	1.24	1.73	-	-	1.95	2.05	2.15
Change	-	-	77.14%	39.52%	-	-	-	5.13%	4.88%
Book Value Per Share ¹	-	22.93	29.83	33.97	-	-	-	-	-
Change	-	-	30.12%	13.86%	-	-	-	-	-
EPS ¹	-	-0.36	5.77	4.66	4.12	1.76	3.41	5.05	5.67
Change	-	-	1,702.78%	-19.24%	-11.59%	-57.28%	93.75%	48.09%	12.28%
Nbr of stocks (in thousands)	-	288,030	288,030	288,030	288,030	282,873	278,661	278,661	278,661
Announcement Date	-	10/02/21	16/02/22	15/02/23	14/02/24	12/02/25	-	-	-