1) Strategy & Leadership
- Heineken continues to execute its multiyear strategy, EverGreen '25, focusing on delivering superior and balanced growth to create long-term value.
- The company is progressing on sustainability and responsibility initiatives, including a EUR 1.5 billion share buyback program.
- The upcoming Capital Markets Day in October will provide further updates on the EverGreen strategy and future plans.

2) Financial & Segment Results
- Net Revenue (beia): Grew 2.1% organically to EUR 14.2 billion.
- Operating Profit (beia): Increased by 7.4% to EUR 2 billion, with an operating margin of 14.3%.
- Net Profit (beia): Rose 7.5% to EUR 1.64 billion.
- Diluted EPS (beia): Stood at EUR 2.08 for the half year.
- Volume Trends: Total beer volume declined by 1.2%, with notable growth in the Heineken brand (4.5% volume growth).
- Regional Performance:
| Region | Net Revenue Growth | Volume Growth | Operating Profit Growth | |----------------------|--------------------|---------------|-------------------------| | Africa & Middle East | 19.8% | 1.1% | Doubled | | Americas | -0.8% | -1.2% | -2.3% | | APAC | 5.5% | 3% | 11% | | Europe | -4% | -4.7% | -5.2% |

3) Problems / Headwinds
- The company faced challenges due to prolonged retail negotiations in Europe, impacting volume and profit.
- Tariffs affecting the U.S. market are expected to create pressure in the second half of the year.
- Currency translation effects reduced reported revenue growth significantly, primarily due to the strengthening euro against other currencies.
- The security situation in the Democratic Republic of Congo has led to operational challenges.

4) Operational or Product Plans
- Heineken is investing in digital transformation and brand development, with a focus on premium and mainstream brands.
- The company is preparing for the opening of new breweries in Brazil (Passos) and Yucatán, which will enhance production capacity.
- Continued emphasis on sustainability initiatives, including achieving net-zero carbon emissions by 2030 and promoting responsible consumption through partnerships like Formula 1.

5) Guidance & Outlook / Investor Angle
- Heineken reaffirms its guidance for full-year operating profit (beia) growth in the range of 4% to 8%.
- The company expects stable volumes for the full year, with positive price/mix contributing to net revenue growth.
- Despite macroeconomic challenges, Heineken's diverse global footprint and strategic focus on quality growth position it well for the future.

Bottom line: Heineken's solid performance in the first half of 2025, driven by strong brand momentum and strategic initiatives, supports its outlook for continued growth despite facing headwinds from tariffs and macroeconomic pressures. The reaffirmed guidance and focus on long-term value creation make it an attractive proposition for shareholders.