Amsterdam, 24 April 2024 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) publishes its trading update for the first quarter of 2024.

  Key Highlights  
  • Revenue €8,184 million, up 7.2%
  • Net revenue (beia) organic growth 9.4%; per hectolitre 4.9%
  • Beer volume organic growth 4.7%
  • Premium beer volume organic growth 7.3%
  • Heineken® volume growth 12.9%
  • Gross merchandise value captured via eB2B platforms +17%
  • Outlook for the full year unchanged; operating profit (beia) expected to grow organically low- to high-single-digit.

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 €8.2 billion, up 7.2%. Net revenue (beia) was €6.8 billion, up 9.4% organically. Total consolidated volume increased 4.3% and net revenue (beia) per hectolitre was up 4.9%. Price mix on a constant geographic basis increased by 6.0%, mainly driven by pricing and in line with inflation.

Currency translation reduced net revenue (beia) by €294 million or 4.6%, mainly driven by the devaluation of currencies in Africa, particularly the Nigerian Naira, and partially offset by a stronger Mexican Peso and Brazilian Real. Consolidation changes in net revenue (beia) contributed €164 million, driven by the integration of Distell and Namibia Breweries and partially offset by the sale of Vrumona in the Netherlands and HEINEKEN's exit from Russia.

IFRS Measures € million Total growth   BEIA Measures1 € million Organic growth
Revenue 8,184 7.2%   Revenue (beia) 8,184 8.8%
Net revenue 6,847 7.3%   Net revenue (beia) 6,847 9.4%

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 2 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 increased 4.7% organically with growth in all regions, a sequential improvement in the performance of the business, boosted by calendar and one-off effects. In particular, the Americas and Europe regions benefitted from the earlier timing of Easter and the Africa & Middle East and Asia Pacific regions from a soft comparable base last year due to one-off effects in Vietnam and Nigeria.

Beer volume            
(in mhl or %)   1Q23   1Q24   Organic growth
Heineken N.V.   54.8   55.4   4.7%

Premium beer volume grew by 7.3%, outperforming the total beer portfolio. The strong momentum in premiumisation was led by Heineken® and its line extensions, complemented by HEINEKEN's international and local premium brands, including Tiger, Desperados, Birra Moretti and Kingfisher Ultra.

Heineken® grew volume by 12.9%, with double-digit growth in more than 30 markets. Heineken® 0.0 grew volume in the high-teens, with double-digit growth in all regions, led by Brazil, Vietnam and China. Heineken® Silver grew volume by more than 50%, led by Vietnam and China.

Heineken® volume        
(in mhl or %) 1Q23 1Q24   Organic growth
Heineken N.V. 12.2 13.8   12.9%


HEINEKEN continues to see the economic environment as challenging and uncertain, and HEINEKEN will remain agile and focused on strengthening its business in line with its EverGreen strategy. Despite the solid start to the year, HEINEKEN cannot extrapolate the reported top-line growth to the rest of the year. As planned, HEINEKEN will increase its investment behind its brands, innovations, commercial capabilities and route-to-consumer. All in all, HEINEKEN continues to expect operating profit (beia) to grow organically by a low- to high-single-digit and net profit (beia) organic growth lower than the operating profit (beia) organic growth.

  Translational Currency Calculated Impact  

Based on the impact to date, and applying spot rates of 22 April 2024 to the 2023 financial results as a baseline for the remainder of the year, the calculated negative currency translational impact for the full year of 2024 would be approximately €640 million in net revenue (beia), €90 million at operating profit (beia) and positive €20 million at net profit (beia).

  Reconciliation of non-GAAP measures  

In internal managerial reports, HEINEKEN uses the metrics net revenue (beia) and net revenue (beia) organic growth.

Reconciliation net revenue (beia) and net revenue (beia) organic growth
1Q22 Reported Eia Beia Currency translation Consolidation impact Organic Growth Organic Growth %
Revenue 6,989 6,989 200 432 1,213 23.6%
Excise tax expense -1,236 -1,236 -13 -243 -142 -17.0%
Net revenue 5,753 5,753 186 189 1,071 24.9%
1Q23 Reported Eia Beia Currency translation Consolidation impact Organic Growth Organic Growth %
Revenue 7,632 -1 7,631 89 12 540 7.7%
Excise tax expense -1,253 -1,253 14 -3 -28 -2.3%
Net revenue 6,379 -1 6,378 103 10 512 8.9%
1Q24 Reported Eia Beia Currency translation Consolidation impact Organic Growth Organic Growth %
Revenue 8,184 8,184 -328 209 672 8.8%
Excise tax expense -1,337 -1,337 34 -45 -73 -5.8%
Net revenue 6,847 6,847 -294 164 599 9.4%

Note: due to rounding, this table will not always cast


Media Heineken Holding N.V.    
Kees Jongsma    
tel. +31 6 54 79 82 53    
Media   Investors
Joris Evers   José Federico Castillo Martinez
Director of Global Communication   Director of Investor Relations
Michael Fuchs   Mark Matthews / Chris Steyn
Corporate & Financial Communication Manager   Investor Relations Manager / Senior Analyst
E-mail:   E-mail:
Tel: +31-20-5239355   Tel: +31-20-5239590

  Conference Call Details  

HEINEKEN will host an analyst and investor conference call with Harold van den Broek, Chief Financial Officer, in relation to its First Quarter 2024 Trading Update 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: 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: +1 646 787 9445

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: 655905

Editorial information:
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.

HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 350 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 90,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on the websites: and and follow HEINEKEN on LinkedIn, Twitter and Instagram.

Market Abuse Regulation

This press release may contain price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains forward-looking statements based on current expectations and assumptions with regard to the financial position and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information in HEINEKEN’s non-financial reporting, such as HEINEKEN’s emissions reduction and other climate change related matters (including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN assumes no duty to and does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates.


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