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"heia:ReserveForOwnSharesMember", "unit": "iso4217:EUR" } }, "f-396": { "value": "19754000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-397": { "value": "17978000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-398": { "value": "2636000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-399": { "value": "20614000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-400": { "value": "
Heineken N.V. (the \u2018Company \u2019) is a public company domiciled in the Netherlands, with its head office in
Amsterdam. The address of the Company\u2019s registered office is Tweede Weteringplantsoen 21, 1017 ZD,
Amsterdam. The consolidated financial statements of the Company as at 31 December 2025 comprise the
Company, its subsidiaries (together referred to as \u2018HEINEKEN\u2019) and HEINEKEN\u2019s interests in joint ventures and
associates. The Company is registered in the Trade Register of Amsterdam No. 33011433. HEINEKEN is
primarily involv ed in the brewing and selling of beer and cider. Led by the Heineken \u00ae brand, HEINEKEN has a
range of more than 340 international, regional, local and speciality beers and ciders.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "Heineken N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "Tweede Weteringplantsoen 21, 1017 ZD, Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "HEINEKEN is primarily involv ed in the brewing and selling of beer and cider. Led by the Heineken \u00ae brand, HEINEKEN has a range of more than 340 international, regional, local and speciality beers and ciders", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
The consolidated financial statements are:
\u2013 Prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the
European Union (EU) and comply with the financial reporting requirements included in Part 9 of Book 2
of the Dutch Civil Code. All standards and interpretations issued by the International Accounting
Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC)
effective year-end 2025 have been adopted by the EU
\u2013 Prepared by the Executive Board of the Company and authorised for issue on\u00a010 February 2026 and will
be submitted for adoption to the Annual General Meeting of Shareholders on 23 April 2026
\u2013 Prepared on the historical cost basis unless otherwise indicated
\u2013 Prepared on a going concern basis
\u2013 Presented in Euro, which is the Company\u2019s functional currency
\u2013 Rounded to the nearest million unless stated otherwise
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "Prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the
European Union (EU) and comply with the financial reporting requirements included in Part 9 of Book 2
of the Dutch Civil Code. All standards and interpretations issued by the International Accounting
Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC)
effective year-end 2025 have been adopted by the EU", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "Prepared on a going concern basis", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
a) Significant accounting estimates and judgement
In preparing these consolidated financial statements, management is required to make estimates and
judgements that affect the application of accounting policies and the reported amounts of assets and
liabilities, income and expenses .
The application of accounting policies requires judgements that impact the amounts recognised.
Additionally, amounts recognised are based on factors that are by default associated with uncertainty. Actual
results may therefore differ from estimates. Where applicable, the estimates and judgements are described
per note within the consolidated financial\u00a0statements.
The following notes contain the most significant estimates and judgements:
Particular area involving significant estimates and judgements
Note
Significant judgements
Judgement on acting as principal versus agent with respect to
excise tax expense
6.1 Operating segments
Assessment of the recoverability of past tax losses
12.2 Deferred tax assets and liabilities
Significant estimates
Assumptions used in impairment testing
8.1 Intangible assets and 8.2 Property, plant
and equipment
Assumptions for discount rates, future pension increases and life
expectancy to calculate the defined benefit obligation
9.1 Post-retirement obligations
Estimating the likelihood and timing of potential cash outflows
relating to claims and litigations
9.2 Provisions and 9.3 Contingencies
(b) Climate change
In preparing the consolidated financial statements, HEINEKEN has considered climate change, including
climate change scenarios and the Brew a Better World (BaBW) ambitions, on the estimates and judgements
used in preparing the consolidated financial statements.
The following impacts were assessed in the consolidated financial statements:
\u2013 The impact of climate change on the residual values and useful lives of assets were considered in
determining the carrying value of non-current assets (refer to note 8.1 and 8.2)
\u2013 The impact of climate change was considered in relation to the recognition and measurement of
provisions and contingencies (refer to note 9.2 and 9.3)
\u2013 The impact of climate change was considered in relation to indications of impairment and the forecast of
cash flows used in the impairment assessments of non-current assets including goodwill (refer to note 8.1
and 8.2)
For the year ended 31 December 2025, no material impact on financial reporting judgement and estimates
arising from climate change was identified. As a result the valuations of assets or liabilities have not been
significantly impacted by climate change risks.
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether excise tax expenses are borne by HEINEKEN or collected on behalf of third parties.
HEINEKEN makes estimates when determining discount accruals in revenue at year-end, specifically for
conditional discounts. Refer to note 7.3 for more explanation on how discount accruals are estimated.
The grant date fair value is calculated by adjusting the share price at the grant date for estimated foregone
dividends during the performance period, as the participants are not entitled to receive dividends during that
period. The foregone dividends are estimated by applying HEINEKEN's dividend policy on the latest forecasts
of net profit (beia).
At each balance sheet date, HEINEKEN uses its latest forecasts to calculate the expected realisation on the
performance targets per plan. The number of shares is adjusted to the new target realisation and HEINEKEN
increases/decreases the total plan cost. The cumulative effect is recorded in the profit or loss, with a
corresponding adjustment to equity.
Expenses related to employees that voluntarily leave HEINEKEN are reversed as they will not receive any
shares from the LTIP. The expense calculation includes the estimated future forfeiture. HEINEKEN uses
historical information to estimate this forfeiture rate.
HEINEKEN determines on each reporting date the impairment of trade and other receivables using a model
(e.g. flow rate method) which estimates the lifetime expected credit losses that will be incurred on these
receivables. Individually significant financial assets are tested for impairment on an individual basis. The
remaining financial assets are assessed collectively in groups that share similar credit risk characteristics. Due
to the macro-economic environment and uncertainties including increasing inflationary pressure on
HEINEKEN\u2019s customers, judgement is required in the calculation of expected credit losses. As part of these
assessments, HEINEKEN has incorporated all reasonable and supportable information available such as
whether there has been a breach of payment terms or deterioration of payment against payment terms, a
request for extended payment terms or a request for waived payment terms. For more information on
HEINEKEN's credit risk exposure refer to note 11.5.
HEINEKEN makes estimates in the determination of discount accruals. When discounts are provided to
customers, these reduce the transaction price and consequently the revenue. The conditional discounts in
revenue (refer to note 6.1) are estimated based on accumulated experience supported by historical and current
sales information. Expected sales volumes are determined taking into account (historical) sales patterns and
other relevant information. A discount accrual is recognised for expected volume and discounts due to customers
in relation to sales made until the end of the reporting period.
The main accounting estimate relating to returnable packaging materials is determining the returnable
packaging materials in the market and the expected return thereof. This is based on circulation times and
losses of returnable packaging materials in the market.
The cash flow projections used in the VIU calculations for goodwill impairment testing contain various
judgements and estimations as described in the key assumptions for the VIU calculations. Such judgements
and estimates are subject to change because of changing economic conditions and climate impact and actual
cash flows may differ from forecasts. The below additional considerations have been applied by HEINEKEN
regarding the potential financial impact of the macro-economic environment and uncertainties including
increasing inflationary pressures worldwide:
\u2013 Changes in the interest rate environment are taken into consideration when determining the discount
rates
\u2013 Terminal growth rates do not exceed the long-term annual inflation rate of the country or region, thus
excluding any increased inflation growth experiences in the short term
\u2013 Sensitivity scenarios are applied to the key assumptions used in the impairment testing
The impact of climate change risk on future cash flows have also been considered at an CGU and asset level,
including committed capital expenditure and operational expenditure. No material financial impacts to the
current year impairment assessment were identified.
For intangible assets, other than goodwill, estimates are required to determine the (remaining) useful lives.
Useful lives are determined based on the market position (for brands), estimated remaining useful life of the
customer relationships or the period of the contractual arrangements, or estimates on technological and
commercial developments (for software/development expenditure).
Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. HEINEKEN
believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the
future economic benefits embodied in the intangible asset.
Estimates are required to determine the (remaining) useful lives of fixed assets. Useful lives are determined
based on an asset's age, the frequency of its use, repair and maintenance policy, technology changes in
production, redundancies or changes due to climate risks and expected restructuring.
HEINEKEN estimates the expected residual value per asset item. The residual value is the higher of the
expected sales price (based on recent market transactions of similar sold items) and its material scrap value.
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of items of
P,P&E. HEINEKEN believes that straight-line depreciation most closely reflects the expected pattern of
consumption of the future economic benefits embodied in the asset.
Judgement is required to determine the lease term. The assessment of whether HEINEKEN is reasonably certain
to exercise extension options or to make use of termination options impacts the lease term, which as a result
could affect the amount of lease liabilities and ROU assets recognised.
HEINEKEN determines each reporting date the impairment of loans and advances to customers using an
expected credit loss model, which estimates the credit losses over 12 months. If a significant increase in credit
risk occurs (e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from
the customer), credit losses over the lifetime of the asset are incurred. Individually significant financial assets
are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in
groups that share similar credit risk characteristics. Due to the macro-economic environment and
uncertainties including increasing inflationary pressure on HEINEKEN\u2019s customers, more judgement is
required for the calculation of expected credit losses compared to the prior years. For more information on
HEINEKEN's credit risk exposure refer to note 11.5.
HEINEKEN determines on each reporting date the impairment of other receivables using an expected credit
loss model, which estimates the credit losses over 12 months. Only in case of a significant increase in credit
risk occurs (e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from
the customer) the credit losses over the lifetime of the asset are incurred. Individually significant other
receivables are tested for impairment on an individual basis. The remaining financial assets are assessed
collectively in groups that share similar credit risk characteristics. For more information on HEINEKEN's credit
risk exposure refer to note 11.5.
To make the actuarial calculations for the defined benefit plans, HEINEKEN needs to make use of
assumptions for discount rates, future pension increases and life expectancy as described in this note. The
actuarial calculations are made by external actuaries based on inputs from observable market data, such as
corporate bond returns and yield curves to determine the discount rates used, mortality tables to determine
life expectancy and inflation numbers to determine future salary and pension growth assumptions.
In determining the likelihood and timing of potential cash outflows, HEINEKEN needs to make estimates. For
claims, litigation and tax provisions, HEINEKEN bases its assessment on internal and external legal assistance
and established precedents. For a large restructuring, management assesses the timing of the costs to be
incurred, which influences the classification as current or non-current liabilities.
HEINEKEN operates in a high number of jurisdictions and is subject to a wide variety of taxes per jurisdiction.
Tax legislation can be highly complex and subject to interpretation. As a result, HEINEKEN is required to
exercise significant judgement in the recognition of taxes payable and determination of tax contingencies.
Also for other contingencies including climate change, HEINEKEN is required to exercise judgement to
determine whether the risk of loss is possible but not probable. Contingencies involve inherent uncertainties
including, but not limited to, court rulings, negotiations between affected parties and governmental actions.
HEINEKEN classifies assets or disposal groups as held for sale when they are available for immediate sale in
their present condition, are expected to be sold within 1 year, and the sale is highly probable. HEINEKEN
should be committed to the sale and it should be unlikely that the plan to sell will be withdrawn. This might be
difficult to demonstrate in practice and involves judgement.
Judgement is required to determine the lease term and the incremental borrowing rate. The assessment of
whether HEINEKEN is reasonably certain to exercise extension options or not to make use of termination
options impacts the lease term, which as a result could affect the amount of lease liabilities recognised. The
assumptions used in the determination of the incremental borrowing rate could impact the rate used in
discounting future payments, which as a result could have an impact on the amount of lease
liabilities\u00a0recognised.
The tax legislation in the countries in which HEINEKEN operates is often complex and subject to
interpretation. In determining the current and deferred income tax position, judgement is required. New
information may become available that causes HEINEKEN to change its judgement regarding the adequacy
of existing tax liabilities; such changes to tax liabilities will impact the income tax expense in the period that
such a determination is made.
The different methods applied by HEINEKEN to determine the fair value require the use of estimates.
Investments in equity securities
The fair value of financial assets at fair value through profit or loss and fair value through OCI is determined
by reference to their quoted closing bid price at the reporting date or, if unquoted, determined using an
appropriate valuation technique. These valuation techniques maximise the use of observable market data
where available.
Derivative financial instruments
The fair value of derivative financial instruments is based on their listed market price, if available. If a listed
market price is not available, fair value is in general estimated by discounting the difference between the
cash flows based on contractual price and the cash flows based on the current price for the residual maturity
of the contract using observable interest yield curves, basis spread and foreign exchange rates. These
calculations are tested for reasonableness by comparing the outcome of the internal valuation with the
valuation received from the counterparty. Fair values include the instrument\u2019s credit risk and adjustments to
take account of the credit risk of the HEINEKEN entity and counterparty when appropriate.
Non-derivative financial instruments
Fair value, which is determined for disclosure purposes or when fair value hedge accounting is applied, is
calculated based on the present value of future principal and interest cash flows, discounted at the market
rate of interest at the reporting date. Fair values include the instrument\u2019s credit risk and adjustments to take
account of the credit risk of the HEINEKEN entity and counterparty when appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
(a) Changed accounting policies in 2025
No new standards or amendments to existing standards effective in 2025, had a significant impact on
HEINEKEN\u2019s consolidated financial statements.
(b) Upcoming changes in accounting policies for 2026
No new standards or amendments to existing standards, effective in 2026, will have a significant impact on
HEINEKEN\u2019s consolidated financial statements.
(c) New relevant standards and interpretations not yet adopted
The following new standard is effective for annual periods beginning after 1 January 2026, which HEINEKEN
has not applied in preparing these consolidated financial statements.
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies to annual reporting periods
beginning on or after 1 January 2027. This new accounting standard will lead to the following key changes:
\u2013 Income and expenses will be presented in specified categories and defined subtotals in the statement of
profit or loss. This will include the presentation of a newly defined operating profit subtotal, but net profit
will remain unchanged.
\u2013 This new operating profit subtotal will be used as the starting point for the statement of cash flows.
\u2013 Enhanced requirements will be applied concerning the aggregation and disaggregation of information.
\u2013 Management-defined performance measures (MPMs) will be disclosed in the notes to the
financial\u00a0statements.
HEINEKEN is still in the process of evaluating the impact of the new accounting standard, especially
concerning the structure of the HEINEKEN statement of profit or loss, the statement of cash flows, and the
additional disclosures required for MPMs.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
5.\u00a0 \u00a0 General accounting policies
General
The accounting policies described in these consolidated financial statements have been applied consistently
to all periods presented in these consolidated financial statements.
(a) Basis of consolidation
The consolidated financial statements are prepared as a consolidation of the financial statements of the
Company and its subsidiaries. Subsidiaries are entities controlled by HEINEKEN. HEINEKEN controls an entity
when it has power over the investee, is exposed or has the right to variable returns from its involvement with
that entity and can affect those returns through its power over the entity. Control is generally obtained by
ownership of more than 50% of the voting rights.
The financial statements of subsidiaries are included in the consolidated financial statements from the date
that control commences until the date that control ceases. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted and applied by HEINEKEN.
On consolidation, intra-HEINEKEN balances and transactions, and any unrealised gains and losses or income
and expenses arising from intra-HEINEKEN transactions, are eliminated. Unrealised gains arising from
transactions with associates and joint ventures (refer to note 10.3) are eliminated against the investment to
the extent of HEINEKEN\u2019s interest in the investee. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence of impairment.
(b) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary
economies, refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in
foreign currencies are re-translated to the functional currency using the exchange rates at the balance sheet
date. The resulting foreign currency differences are recognised in the income statement, except for foreign
currency differences arising on re-translation of Fair Value through Other Comprehensive Income (FVOCI)
investments and financial liabilities designated as a hedge of a net investment, which are recognised in other
comprehensive income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are re-
translated to the functional currency at the exchange rate at the date that the fair value was determined.
Non-monetary items in a foreign currency that are measured at cost are translated into the functional
currency at the exchange rate at the transaction date.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, and of intercompany loans with a permanent nature (quasi-equity) are translated to Euro at the
exchange rates at the reporting date. The income and expenses of foreign operations are translated to Euro at
the exchange rates that approximates the exchange rates ruling at the dates of the transactions, except for
foreign operations in hyperinflationary economies.
Foreign currency differences are recognised in other comprehensive income and are presented within equity
in the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant
proportionate share of the translation difference is allocated to the non-controlling interests. The cumulative
amount in the translation reserve is (either fully or partly) reclassified to the income statement upon disposal
(either fully or partly) or liquidation.
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were
used while preparing these consolidated financial statements:
In \u20ac
Year-end
2025
Year-end
2024
%
Average
2025
Average
2024
%
Brazilian Real (BRL)
0.1565
0.1556
0.6
0.1586
0.1723
(8.0)
Great Britain Pound (GBP)
1.1431
1.2060
(5.2)
1.1678
1.1818
(1.2)
Indian Rupee (INR)
0.0095
0.0112
(15.2)
0.0102
0.0111
(8.1)
Mexican Peso (MXN)
0.0472
0.0473
(0.2)
0.0462
0.0508
(9.1)
Nigerian Naira (NGN)
0.0006
0.0006
\u2014
0.0006
0.0006
\u2014
Polish Zloty (PLN)
0.2367
0.2340
1.2
0.2359
0.2324
1.5
Singapore Dollar (SGD)
0.6613
0.7060
(6.3)
0.6782
0.6920
(2.0)
United States Dollar (USD)
0.8536
0.9626
(11.3)
0.8870
0.9252
(4.1)
Vietnamese Dong in 1,000 (VND)
0.0324
0.0379
(14.5)
0.0341
0.0369
(7.6)
South African Rand (ZAR)
0.0507
0.0510
(0.6)
0.0496
0.0505
(1.8)
(c) Hyperinflation economies
To determine the existence of hyperinflation, HEINEKEN assesses the qualitative factors of the country's
economic environment, such as the dominance of foreign currency in the local market, and the quantitative
factors, such as the cumulative inflation rate over the previous three years.
The Haitian economy was designated as hyperinflationary since the period ended 31 December 2023 and
the Burundian economy was designated as hyperinflationary for the period ended 31 December 2025. As a
result, application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 has been applied to
Brasserie Nationale d'Haiti S.A., whose functional currency is the Haitian Gourde, and Brarudi S.A whose
functional currency is the Burundian Franc. Heineken Ethiopia ceased being hyperinflationary for the period
ended 31 December 2025. As a result, HEINEKEN stopped applying IAS 29 to Heineken Ethiopia, effective 1
January 2025.
On the application of IAS 29 to Brasserie Nationale d\u2019Haiti S.A., a cumulative inflation factor was applied
using the consumer price index (CPI) in Haiti, published by the L'Institut Ha\u00eftien de Statistique et
d'Informatique (IHSI). The movement in the CPI for the year ended 31 December 2025 was
26%\u00a0(2024:\u00a027%).
On the application of IAS 29 to Brarudi S.A., a cumulative inflation factor was applied using the consumer
price index (CPI) in Burundi, published by the Institut de Statistiques et d\u2019Etudes Economiques du Burundi.
The movement in the CPI for the year ended 31 December 2025 was 16%\u00a0(2024:\u00a036%).
The application of IAS 29 includes the following:
\u2013 Adjustment of historical cost of non-monetary assets and liabilities for the change in purchasing power
caused by inflation from the date of initial recognition to the balance sheet date
\u2013 Adjustment of the income statement for inflation during the reporting period
\u2013 The income statement is translated at the period-end foreign exchange rate instead of an average rate
\u2013 A net monetary gain/(loss) adjustment, recognised in the income statement, to reflect the impact of
inflation and exchange rate movement on holding monetary assets and liabilities in local currency
\u2013 Reduction of the restated amount of a non-monetary item, in accordance with the appropriate standards,
when it exceeds its recoverable amount
(d) Cash flow statement
The cash flow statement is prepared using the indirect method. Assets and liabilities acquired as part of a
business combination are included in investing activities (net of cash acquired). Dividends paid to
shareholders are included in financing activities. Dividends received are classified as operating activities, as
well as interest paid and interest received.
(e) Offsetting financial instruments
If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to
either to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and
liabilities are presented in the statement of financial position as a net amount.
\u00a0 Accounting policies
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Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive Board,
which is considered to be HEINEKEN\u2019s chief operating decision-maker. An operating segment is a component
of HEINEKEN that engages in business activities from which it may earn revenues and incur expenses,
including revenues and expenses that relate to transactions with any of HEINEKEN\u2019s other components. All
operating segments\u2019 operating results are reviewed regularly by the Executive Board to make decisions about
resources to be allocated to the segment and to assess its performance, and for which discrete financial
information is available.
The first four reportable segments as presented in the segmentation tables are HEINEKEN\u2019s business regions.
These business regions are each managed separately by a Regional President, who reports to the Executive
Board, and is directly accountable for the functioning of the segment\u2019s results, assets and liabilities. The Head
Office operating segment falls directly under the responsibility of the Executive Board. The Executive Board
reviews the performance of the segments based on internal management reports monthly.
Segment results, assets and liabilities that are reported to the Executive Board include items directly
attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated result
items comprise net finance expenses and income tax expenses. Unallocated assets mainly comprise deferred
tax assets. Unallocated liabilities mainly comprise borrowings and deferred tax liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment and intangible assets other than goodwill.
Performance is measured based on operating profit (beia), as included in the internal management reports
that are reviewed by the Executive Board. Beia stands for before exceptional items and amortisation of
acquisition-related intangibles. Exceptional items are defined as items of income and expense of such size,
nature or incidence, that in the view of management their disclosure is relevant to explain the performance
of HEINEKEN for the period. Exceptional items include, among others, impairments of goodwill and fixed
assets (and reversal of impairments), gains and losses from acquisitions and disposals, redundancy costs
following a restructuring, past service costs and curtailments, hyperinflation accounting adjustments, the tax
impact on exceptional items and tax rate changes (the one-off impact on deferred tax positions).
Operating profit and operating profit (beia) are not financial measures calculated in accordance with IFRS.
Operating profit (beia) is used to measure performance as management believes that this measurement is
the most relevant in evaluating the results of the segments. Beia adjustments are also applied to other
metrics. The presentation of these financial measures may not be comparable to similarly titled measures
reported by other companies due to differences in the ways the measures are calculated. Wherever
appropriate and practical, HEINEKEN provides reconciliations for relevant GAAP measures.
HEINEKEN has multiple distribution models to deliver goods to end customers. There is no reliance on major
clients. Deliveries to end consumers are country dependent and include deliveries via own wholesalers and
pubs, direct to customers and via third-party distribution. As such, distribution models are country-specific and
diverse across HEINEKEN. In addition, these various distribution models are not centrally managed or
monitored. Consequently, the Executive Board does not allocate resources or assess performance based on
business type information. Accordingly, no segment information on business type is provided.
Inter-segment transfers or transactions are determined on an arm\u2019s length basis. As net finance expenses
and income tax expenses are monitored on a consolidated level (and not on an individual regional basis) and
Regional Presidents are not accountable for that, net finance expenses and income tax expenses are not
provided for the reportable segments.
Revenue
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The
product range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced
finished goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from
HEINEKEN's wholesale activities. HEINEKEN's customer group can be split between on-trade customers like
caf\u00e9s, bars and restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global
footprint, its revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its
performance obligation to the customer. For the majority of the sales, control is transferred either
at delivery of the products or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in
profit or loss (consolidated income statement) on an accrual basis in accordance with the relevant
agreement. Rental income, income from wholesale activities, pub management services and technical
services are recognised in profit or loss when the services have been delivered.
Discounts
HEINEKEN uses different types of discounts depending on the nature of the customer. Some discounts
are unconditional, like cash discounts, early payment discounts and temporary promotional discounts.
Unconditional discounts are recognised at the same moment of the related sales transaction.
HEINEKEN also provides conditional discounts to customers. These contractually agreed conditions include
volume and promotional rebates. Conditional discounts are recognised based on estimated target
realisation. The estimation is based on accumulated experience supported by historical and current sales
information. A discount accrual is recognised at each reporting date for discounts payable to customers
based on their expected or actual volume up to that date.
Other discounts include listing and shelving visibility fees charged by the customer whereby the payments
to customers are closely related to the volumes sold. HEINEKEN assesses the substance of contracts with
customers to determine the classification of payments to customers as either discounts or
marketing\u00a0expenses.
Discounts are accounted for as a reduction of revenue. Only when these payments to customers relate to a
distinct service, the amount is classified as operating expense.
Excise tax expense
Local tax authorities impose multiple taxes, duties and fees. These include excise on the sale or production of
alcoholic beverages, environmental taxes on the use of certain raw materials or packaging materials, or the
energy consumption in the production process. Excise duties are common in the beverage industry but levied
differently amongst the countries HEINEKEN operates in. HEINEKEN performs a country by country analysis
to assess whether the excise duty is sales-related or effectively a production tax. In most countries, excise
duties are effectively a production tax as excise duties become payable when goods are moved from bonded
warehouses and are not based on the sales value. In these countries, increases in excise duties are not always
(fully) passed on to customers and HEINEKEN cannot, or can only partly, reclaim the excise duty in the case
products are eventually not sold to customers. Excise tax is borne by HEINEKEN for these countries and
shown as expenses. Only for those countries where excise is levied at the moment of the sales transaction
and excise is based on the sales value, the excise duties are collected on behalf of a tax authority and
consequently deducted from revenue. Due to the complexity and variety in tax legislation, significant
judgement is applied in the assessment of whether taxes are borne by HEINEKEN or collected on behalf
of a third party.
To provide transparency on the impact of the accounting for excise, HEINEKEN presents the excise tax
expense on a separate line below revenue in the consolidated income statement. A subtotal called Net
revenue is therefore included in the Income Statement. This Net revenue subtotal is revenue as defined
in IFRS 15 Accounting policies
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Gains on sale of property, plant and equipment or intangible assets are recognised in profit or loss when
control over the sold asset is transferred to the buyer. The amount recognised as other income equals the
proceeds obtained from the buyer minus the carrying value of the sold asset.
Tax credits are recognised as other income when they are not income-tax related, and it is virtually certain
that the conditions for receiving the credit are met. The amount recognised equals the amount expected to
be received from the tax authority.
Accounting policies
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Expenses are recognised based on accrual accounting. This means that expenses are recognised when the
product is received or the service is provided regardless of when cash outflow takes place. Costs related to
power purchase agreements are included as part of Energy and water if the own use exemption can be
applied. If not, power purchase agreements are accounted for as derivative financial instruments, refer to
note 11.6.
Accounting policies
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Personnel expenses
Personnel expenses are recognised when the related service is provided. For more details on accounting
policies related to post-retirements obligations and share-based payments refer to notes 9.1 and 6.5
respectively.
Accounting policies
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HEINEKEN's share-based compensation plans are equity-settled share rights granted to the Executive Board
and senior management.
The grant date fair value is calculated by deducting expected foregone dividends from the grant date during
the performance period share price. The costs of the share plans are adjusted for expected performance and
forfeiture and spread evenly over the service period.
Share-based compensation expenses are recorded in the profit or loss, with a corresponding adjustment to
equity.
Accounting policies
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Refer to note 8.1 for the accounting policy on impairments and amortisation, and to note 8.2 for the policy
on\u00a0depreciation.
Accounting policies
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HEINEKEN presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by
dividing the profit or loss attributable to shareholders of the Company by the weighted average number of
shares outstanding during the year, adjusted for the weighted average number of own shares held in the
year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted
average number of shares outstanding, adjusted for the weighted average number of own shares held in the
year and for the effects of all dilutive potential shares which comprise share rights granted to employees and
the Executive Board. The effects of anti-dilutive potential ordinary shares are ignored in calculating
diluted\u00a0EPS.
Accounting policies
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Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a
weighted average cost and includes expenditure incurred in acquiring the inventories, production or
conversion costs and other costs incurred in bringing them to their present location and condition. Cost of
inventories are generally updated on annual basis except if a structural change is identified during the period
such as the impact of inflationary pressure on input costs.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and selling expenses.
Accounting policies
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Trade and other receivables are held by HEINEKEN to collect the related cash flows. These receivables are
measured at fair value and subsequently at amortised cost minus any impairment losses. Trade and other
receivables are derecognised by HEINEKEN when substantially all risks and rewards are transferred or if
HEINEKEN does not retain control over the receivables.
Accounting policies
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Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade
payables are derecognised when the contractual obligation is either discharged, cancelled or expired. When
trade payables become subject to supplier financing arrangements, they are not derecognised, because
HEINEKEN is not legally released from its obligation to the supplier and the liabilities are not substantially
modified upon inception of the arrangements.
Accounting policies
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Returnable packaging materials
Returnable packaging materials may be classified as property, plant and equipment or inventory. The
classification mainly depends on whether ownership is transferred and if HEINEKEN has the legal or
constructive obligation to buy back the materials.
Refer to note 8.2 for the general accounting policy on property, plant and equipment. Specifically for
returnable packaging materials, the estimated useful life depends on the loss of the materials in the market
as well as on HEINEKEN's sites.
Returnable packaging deposit liability
HEINEKEN recognises a deposit liability when a legal or constructive obligation exists to reimburse the
customer for returnable packaging materials that are returned. The returnable packaging deposit liability is
based on the estimated returnable packaging materials in the market, the expected return thereof and the
deposit value.
In the event the deposit value is increased, the relating liability is remeasured through profit and loss taking into
account the returnable packaging materials which are already in the market.
Accounting policies
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Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price
of the acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the
carrying amount of the associates and joint ventures.
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups
of CGUs for impairment testing and is tested annually for impairment. Negative goodwill is recognised
directly in profit or loss as other income. An impairment loss in respect of goodwill cannot be reversed.
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are
recognised at fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the
estimated useful life of the individual brand, respectively over the remaining useful life of the customer
relationships or the period of the contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established
brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed
software is capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in
profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge,
is recognised in profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life
are amortised on a straight-line basis over their estimated useful lives from the date they are available for
use. The estimated useful lives are as follows:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software (including internally generated software)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3\u20137 years
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented
in profit or loss as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is
derecognised when the related CGU is sold.
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such
indication exists, the recoverable amount is estimated. The existence of any immediate or short-term physical
threats due to climate change were also considered in assessing for any indication of impairment.
Furthermore, HEINEKEN assesses goodwill and other intangible assets with an indefinite useful life annually
for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from
continuing use. The CGU for other non-financial assets is often the operating company on a country level.
The recoverable amount of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its
recoverable amount, except where IAS 29 requires entities that apply hyperinflation accounting for the first time
to recognise impairment related to prior periods in opening equity. Impairment losses are first allocated to
goodwill and intangible assets with an indefinite useful life. A remaining impairment loss is then allocated to the
other assets in the unit on a pro-rata basis. In respect of other assets, impairment losses recognised in prior
periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation if no impairment loss
had been recognised. Impairment losses recognised on goodwill are not reversed in subsequent periods.
Accounting policies
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Owned assets
A fixed asset is recognised when it is probable that future economic benefits associated with the P,P&E item
will flow to HEINEKEN and when the cost of the P,P&E can be reliably measured. The majority of the P,P&E of
HEINEKEN are owned assets, rather than leased assets.
P,P&E are recognised at historical cost less accumulated depreciation and impairment losses. Historical cost
includes all costs directly attributable to the purchase of an asset. The cost of self-constructed assets includes
all directly attributable costs to make the asset ready for its intended use. Spare parts that meet the definition
of P,P&E are capitalised and accounted for accordingly. If spare parts do not meet the recognition criteria of
P,P&E, they are either carried in inventory or consumed and recorded in profit or loss.
Subsequent costs are capitalised only when it is probable that the expenses will lead to future economic benefits
and can be measured reliably. The carrying amount of any component accounted for as a separate asset is
derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting
period in which they are incurred.
For the contractual commitments on ordered P,P&E refer to note 13.2.
Depreciation and impairments
Depreciation is calculated using the straight-line method, based on the estimated useful life of the asset class.
The\u00a0estimated useful lives of the main asset classes are as follows:
\u2013 Buildings15\u201340 years
\u2013 Plant and equipment\u00a0 5\u201330 years
\u2013 Other fixed assets\u00a0 3\u201310 years
Land and assets under construction are not depreciated. When assets under construction are ready for their
intended use, they are transferred to the relevant category and depreciation starts. All other P,P&E items are
depreciated over their estimated useful life to the asset's residual value.
The depreciation method, residual value and useful lives are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
HEINEKEN reviews whether indicators for impairment exist on a CGU level. When an indicator of impairment
exists, assets are tested for impairment. Impairment losses on assets, other than goodwill, recognised in prior
periods are assessed at each reporting date for any indication of a reversal, due to observable indications that
the asset's value has increased significantly or other significant changes with favourable effects.
Derecognition of Property, plant and equipment
P,P&E is derecognised when it is scrapped or sold. Gains on sale of P,P&E are presented in profit or loss as
other income (refer to note 6.2); losses on sale are included in depreciation.
Right of use (ROU) assets
Definition of a lease
A contract contains a lease if it provides the right to control the use of an identified asset for a period of time
in exchange for an amount payable to the lessor. The right to control the use of the identified asset exists
when having the right to obtain substantially all of the economic benefits from the use of that asset and
when having the right to direct the use of that asset.
HEINEKEN as a lessee
At the start date of the lease, HEINEKEN (lessee) recognises a ROU asset and a lease liability on the balance
sheet. The ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation
and impairment losses, and adjusted for certain remeasurements of the lease liability. Depreciation is
recognised on a straight-line basis over the shorter of the asset's useful life or the lease term. For
measurement of the lease liability, refer to note 11.3.
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013 The short-term lease exemption means that leases with a duration of less than a year are expensed in the
income statement on a straight-line basis.
\u2013 The low-value lease exemption, meaning that leased assets with an individual value of \u20ac5,000 or less if
bought new, are expensed in the income statement on a straight-line basis.
HEINEKEN as a lessor
A lease is classified as a finance lease when it transfers substantially all the risks and rewards relating to
ownership of the underlying asset to the lessee. For contracts where HEINEKEN acts as an intermediate
lessor, the subleases are classified with reference to the ROU asset.
Lease related notes
For lease liabilities, refer to note 11.3 Borrowings. For short-term and low-value leases, refer to other expenses
in note 6.3 Raw materials, consumables and services. For the lease receivables, refer to other receivables in
note 8.5 Other non-current assets and other receivables in note 7.2 Trade and other receivables. For the
contractual maturities of lease liabilities, refer to note 11.5 Credit, liquidity and market risk.
Accounting policies
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Loans and advances to customers are initially measured at fair value and subsequently at amortised cost
minus any impairment losses.
Accounting policies
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Non-current derivatives
Refer to the accounting policies on derivative financial instruments in note 11.6.
Other
The remaining non-current assets as presented in the previous table are initially measured at fair value and
subsequently at amortised cost minus any impairment losses.
Accounting policies
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Defined contribution plans
A defined-contribution plan is a post-retirement plan for which HEINEKEN pays fixed contributions to
a\u00a0separate entity. HEINEKEN has no legal or constructive obligation to pay further contributions if the fund
does not hold sufficient assets to pay out employees. Obligations for contributions to defined contribution
plans are expensed as the employee provides the related service.
Defined benefit plans
A defined benefit plan is a post-retirement plan that is not a defined contribution plan. Typically, defined
benefit plans define an amount of pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as age, years of service and compensation.
HEINEKEN\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan
by estimating the amount of future benefits that employees have earned in return for their service in the
current and prior periods; those benefits are discounted to determine its present value. The fair value of any
defined benefit plan assets is deducted. The discount rate is the yield at balance sheet date on high quality
credit-rated bonds that have maturity dates approximating to the terms of HEINEKEN\u2019s obligations and are
denominated in the same currency in which the benefits are expected to be paid.
The calculations are performed annually by qualified actuaries using the projected unit credit method. When
the calculation results in a benefit to HEINEKEN, the recognised asset is limited to the present value of
economic benefits available in the form of any future refunds from the plan or reductions in future
contributions to the plan. To calculate the present value of economic benefits, consideration is given to any
minimum funding requirements that apply to any plan in HEINEKEN. An economic benefit is available to
HEINEKEN if it is realisable during the life of the plan, or on settlement of the plan liabilities. When the
benefits of a plan are changed, the expense or benefit is recognised immediately in profit or loss.
HEINEKEN recognises all actuarial gains and losses arising from defined benefit plans immediately in other
comprehensive income and all expenses related to defined benefit plans in personnel expenses and other net
finance income and expenses in profit or loss.
For changes to a defined benefit plan, which result in a plan amendment or a curtailment or settlement,
HEINEKEN determines the amount of any past service cost, or gain or loss on settlement, by remeasuring the
net defined benefit liability before and after the amendment, using current assumptions and the fair value of
plan assets at the time of the amendment. In case the net defined benefit liability is remeasured to
determine the impact of the changes, current service cost and net interest for the remainder of the year are
remeasured using the same assumptions and the same fair value of plan assets.
Accounting policies
\"Financials-Icons-Policies.png\"
A provision is a liability of uncertain timing or amount. A provision is recognised when HEINEKEN has a
present legal or constructive obligation as a result of past events that can be estimated reliably, and it is
probable (>50%) that an outflow of economic benefits will be required to settle the obligation. In the case of
accounting for business combinations, provisions are also recognised when the likelihood is less than
probable but more than remote (>5%).
Provisions are measured at the present value of the expenditures expected to be required to settle the
obligation, using a pre-tax rate that reflects the time value of money and the risks specific to the obligation.
The increase in the provision due to the passage of time is recognised as part of net finance expenses.
The impact of climate change is also considered in identifying whether HEINEKEN has a present legal or
constructive obligation related to fines or penalties.
Restructuring
A provision for restructuring is recognised when HEINEKEN has approved a detailed and formal restructuring
plan, and the restructuring has either commenced or has been announced publicly. Future operating losses
are not provided for. The provision includes the benefit commitments in connection with early retirement and
redundancy schemes.
Onerous contracts
A provision for onerous contracts is recognised when the expected benefits to be received by HEINEKEN are
lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at
the present value of the lower of the expected cost of terminating the contract, and the expected net cost of
continuing with the contract. Before a provision is established, HEINEKEN recognises any impairment loss on
the assets associated with that contract.
Other provisions
A provision for guarantees is recognised at the time the guarantee is issued (refer to note 9.3 for the total
guarantees outstanding). The provision is initially measured at fair value and subsequently at the higher of the
amount determined in accordance with the expected credit loss model and the amount initially recognised.
Accounting policies
\"Financials-Icons-Policies.png\"
A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the
balance sheet because the existence can only be confirmed by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of HEINEKEN or because the risk of loss is
estimated to be possible (>5%) but not probable (<50%) or because the amount cannot be
measured\u00a0reliably.
Accounting policies
\"Financials-Icons-Policies.png\"
Assets or disposal groups comprising assets and liabilities, that are expected to be recovered primarily
through sale rather than through continuing use are classified as held for sale. Immediately before
classification as held for sale, the assets, or components of a disposal group, are measured at the lower of
their carrying amount and fair value less cost to sell.
Intangible assets and P,P&E once classified as held for sale are not amortised or depreciated. In addition,
equity accounting of equity-accounted investees ceases once classified as held for sale.
Accounting policies
\"Financials-Icons-Policies.png\"
Associates are entities in which HEINEKEN has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting
rights. Joint ventures (JVs) are the arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting,
meaning they are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s
share of the net profit or loss of the associates and JVs whereby the result is determined using the accounting
policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or JV, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an
obligation or has made a payment on behalf of the associate or JV.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there
is any indication of impairment. A significant or prolonged decline in the fair value of the investment below
its cost is also considered in assessing for any indication of impairment. If any such indication exists, an
impairment test is performed (refer to note 8.1).
Accounting policies
\"Financials-Icons-Policies.png\"
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive
payment is established, which is the ex-dividend date in the case of quoted securities.
Accounting policies
\"Financials-Icons-Policies.png\"
Cash and cash equivalents are initially recognised at fair value and subsequently at amortised cost.
HEINEKEN has cash pooling arrangements with legally enforceable rights to offset cash and overdraft
balances. Where there is an intention to settle on a net basis, cash and overdraft balances relating to the cash
pooling arrangements are reported on a net basis in the statement of financial position.
Accounting policies
\"Financials-Icons-Policies.png\"
Borrowings
Borrowings are initially measured at fair value less transaction costs. Subsequently, the borrowings are
measured at amortised cost using the effective interest rate method. Borrowings included in a fair value
hedge are stated at fair value in respect of the risk being hedged.
Borrowings for which HEINEKEN has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date are classified as non-current liabilities. For the accounting policy on cash
and cash equivalents and derivatives refer to notes 11.2 and 11.6, respectively.
Lease liabilities
Lease liabilities are measured at the present value of the lease payments to be paid during the lease term,
discounted using the incremental borrowing rate. Lease liabilities are subsequently increased by the interest
cost on the lease liabilities and decreased by lease payments made. The lease liabilities will be remeasured
when there is a change in the amount to be paid (e.g. due to indexation) or when there is a change in the
assessment of the lease terms.
The incremental borrowing rate (IBR) is determined on a country level. For each country, there are separate
rates depending on the contract currency and the term of the lease. The IBR is calculated based on the local
risk-free rate plus a country default spread and a credit spread.
The lease term is determined as the non-cancellable period of a lease, together with:
\u2013 Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to make use of
that option
\u2013 Periods covered by an option to terminate the lease if HEINEKEN is reasonably certain not to make use of
that option
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013 Apply a single discount rate per country to a portfolio of leases with reasonably similar characteristics
\u2013 Include non-lease components in the lease liability for equipment leases
Accounting policies
\"Financials-Icons-Policies.png\"
Shares are classified as equity. When share capital recognised as equity is repurchased, the amount of the
consideration paid, which includes directly attributable costs, is net of any tax effects recognised as a
deduction from equity. Repurchased shares recorded at purchase price are classified as treasury shares and
are presented in the reserve for own shares.
When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in
equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.
Dividends are recognised as a liability in the period in which they are declared.
Accounting policies
\"Financials-Icons-Policies.png\"
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives
depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or
net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as
liabilities. Refer to note 13.1 for fair value measurements.
A derivative embedded in a financial liability is separately accounted as a derivative when:
\u2013 the economic characteristics and risks are not closely related to the host financial liability;
\u2013 a separate instrument with the same terms as the embedded derivative would meet the definition of a
derivative; and
\u2013 the contract is not measured at fair value through profit or loss.
Virtual power purchase agreements
Virtual power purchase agreements (such as power purchase agreements with a net settlement mechanism
and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities. Reference is made to note 6.3 for the accounting policy on power purchase agreements
where the own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument are recognised in other comprehensive income and
presented in the hedging reserve within equity to the extent that the hedge is effective. The ineffective part is
recognised as other net finance income/(expense). When the hedged risk impacts the profit or loss, the
amounts previously recognised in other comprehensive income are recycled through other comprehensive
income and transferred to the same item in the profit or loss as the hedged item. When the hedged risk
subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount previously
recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive
income and presented within equity in the translation reserve. Any ineffectiveness is recognised in profit
or\u00a0loss.
Accounting policies
\"Financials-Icons-Policies.png\"
Income tax comprises current and deferred tax. Current tax is the expected income tax payable or receivable
in respect of taxable income or loss for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to income tax payable in respect of previous years.
HEINEKEN is within the scope of the OECD Pillar Two model rules. Under the legislation, a top-up tax for the
difference between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15%
minimum rate is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN
applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.
Deferred tax is a tax payable or receivable in the future and is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases.
Deferred tax is not recognised on temporary differences related to:
\u2013 The initial recognition of assets or liabilities in a transaction that is not a business combination and that
affects neither accounting nor taxable profit or loss
\u2013 Investments in subsidiaries, associates and joint ventures to the extent that HEINEKEN is able to control the
timing of the reversal of the temporary differences and it is probable (>50% chance) that they will not
reverse in the foreseeable future
\u2013 The initial recognition of non-deductible goodwill
The amount of deferred tax provided is based on the expected manner of recovery or settlement of the
carrying amount of assets and liabilities, using tax rates (substantively) enacted, at year-end.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available
against which they can be utilised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or
on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to
realise the assets and settle the liabilities simultaneously.
Current and deferred tax are recognised in the income statement (refer to note 12.1), except when it relates
to a business combination or for items directly recognised in equity or other comprehensive income (refer to
note 12.3).
Accounting policies
\"Financials-Icons-Policies.png\"
Off-balance sheet commitments are reported on an undiscounted basis.
Raw materials purchase contracts
Raw material purchase contracts include long-term purchase contracts with suppliers in which prices are fixed
or will be agreed upon based upon predefined price formulas.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "Basis of consolidation
The consolidated financial statements are prepared as a consolidation of the financial statements of the
Company and its subsidiaries. Subsidiaries are entities controlled by HEINEKEN. HEINEKEN controls an entity
when it has power over the investee, is exposed or has the right to variable returns from its involvement with
that entity and can affect those returns through its power over the entity. Control is generally obtained by
ownership of more than 50% of the voting rights.
The financial statements of subsidiaries are included in the consolidated financial statements from the date
that control commences until the date that control ceases. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted and applied by HEINEKEN.
On consolidation, intra-HEINEKEN balances and transactions, and any unrealised gains and losses or income
and expenses arising from intra-HEINEKEN transactions, are eliminated. Unrealised gains arising from
transactions with associates and joint ventures (refer to note 10.3) are eliminated against the investment to
the extent of HEINEKEN\u2019s interest in the investee. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
(b) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary
economies, refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in
foreign currencies are re-translated to the functional currency using the exchange rates at the balance sheet
date. The resulting foreign currency differences are recognised in the income statement, except for foreign
currency differences arising on re-translation of Fair Value through Other Comprehensive Income (FVOCI)
investments and financial liabilities designated as a hedge of a net investment, which are recognised in other
comprehensive income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are re-
translated to the functional currency at the exchange rate at the date that the fair value was determined.
Non-monetary items in a foreign currency that are measured at cost are translated into the functional
currency at the exchange rate at the transaction date.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, and of intercompany loans with a permanent nature (quasi-equity) are translated to Euro at the
exchange rates at the reporting date. The income and expenses of foreign operations are translated to Euro at
the exchange rates that approximates the exchange rates ruling at the dates of the transactions, except for
foreign operations in hyperinflationary economies.
Foreign currency differences are recognised in other comprehensive income and are presented within equity
in the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant
proportionate share of the translation difference is allocated to the non-controlling interests. The cumulative
amount in the translation reserve is (either fully or partly) reclassified to the income statement upon disposal
(either fully or partly) or liquidation.
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were
used while preparing these consolidated financial statements:
In \u20ac
Year-end
2025
Year-end
2024
%
Average
2025
Average
2024
%
Brazilian Real (BRL)
0.1565
0.1556
0.6
0.1586
0.1723
(8.0)
Great Britain Pound (GBP)
1.1431
1.2060
(5.2)
1.1678
1.1818
(1.2)
Indian Rupee (INR)
0.0095
0.0112
(15.2)
0.0102
0.0111
(8.1)
Mexican Peso (MXN)
0.0472
0.0473
(0.2)
0.0462
0.0508
(9.1)
Nigerian Naira (NGN)
0.0006
0.0006
\u2014
0.0006
0.0006
\u2014
Polish Zloty (PLN)
0.2367
0.2340
1.2
0.2359
0.2324
1.5
Singapore Dollar (SGD)
0.6613
0.7060
(6.3)
0.6782
0.6920
(2.0)
United States Dollar (USD)
0.8536
0.9626
(11.3)
0.8870
0.9252
(4.1)
Vietnamese Dong in 1,000 (VND)
0.0324
0.0379
(14.5)
0.0341
0.0369
(7.6)
South African Rand (ZAR)
0.0507
0.0510
(0.6)
0.0496
0.0505
(1.8)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
(b) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary
economies, refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in
foreign currencies are re-translated to the functional currency using the exchange rates at the balance sheet
date. The resulting foreign currency differences are recognised in the income statement, except for foreign
currency differences arising on re-translation of Fair Value through Other Comprehensive Income (FVOCI)
investments and financial liabilities designated as a hedge of a net investment, which are recognised in other
comprehensive income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are re-
translated to the functional currency at the exchange rate at the date that the fair value was determined.
Non-monetary items in a foreign currency that are measured at cost are translated into the functional
currency at the exchange rate at the transaction date.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, and of intercompany loans with a permanent nature (quasi-equity) are translated to Euro at the
exchange rates at the reporting date. The income and expenses of foreign operations are translated to Euro at
the exchange rates that approximates the exchange rates ruling at the dates of the transactions, except for
foreign operations in hyperinflationary economies.
Foreign currency differences are recognised in other comprehensive income and are presented within equity
in the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant
proportionate share of the translation difference is allocated to the non-controlling interests. The cumulative
amount in the translation reserve is (either fully or partly) reclassified to the income statement upon disposal
(either fully or partly) or liquidation.
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were
used while preparing these consolidated financial statements:
In \u20ac
Year-end
2025
Year-end
2024
%
Average
2025
Average
2024
%
Brazilian Real (BRL)
0.1565
0.1556
0.6
0.1586
0.1723
(8.0)
Great Britain Pound (GBP)
1.1431
1.2060
(5.2)
1.1678
1.1818
(1.2)
Indian Rupee (INR)
0.0095
0.0112
(15.2)
0.0102
0.0111
(8.1)
Mexican Peso (MXN)
0.0472
0.0473
(0.2)
0.0462
0.0508
(9.1)
Nigerian Naira (NGN)
0.0006
0.0006
\u2014
0.0006
0.0006
\u2014
Polish Zloty (PLN)
0.2367
0.2340
1.2
0.2359
0.2324
1.5
Singapore Dollar (SGD)
0.6613
0.7060
(6.3)
0.6782
0.6920
(2.0)
United States Dollar (USD)
0.8536
0.9626
(11.3)
0.8870
0.9252
(4.1)
Vietnamese Dong in 1,000 (VND)
0.0324
0.0379
(14.5)
0.0341
0.0369
(7.6)
South African Rand (ZAR)
0.0507
0.0510
(0.6)
0.0496
0.0505
(1.8)
Foreign currency risk
HEINEKEN is exposed to:
\u2013 Transactional risk on (future) sales, working capital, (future) purchases, deposits, borrowings and dividends
denominated in a currency other than the respective functional currencies of HEINEKEN entities
\u2013 Translational risk, which is the risk resulting from the translation of foreign operations into the reporting
currency of HEINEKEN.
The main currencies that give rise to this risk are the US Dollar, Mexican Peso, Brazilian Real, British Pound,
Vietnamese Dong, Indian Rupee, South African Rand, Ethiopian Birr, Nigerian Naira and Euro. In 2025, the
transactional foreign exchange risk was hedged in line with the hedging policy to the extent possible. The
overall transactional and translational impact on the reported numbers of HEINEKEN was negative.
In managing foreign currency risk, HEINEKEN aims to ensure the availability of foreign currencies and to
reduce the impact of short-term fluctuations on earnings. Over the longer term, however, permanent changes
in foreign exchange rates and the availability of foreign currencies, especially in emerging markets, will have
an impact on profit.
HEINEKEN hedges material cash flows in foreign currencies on the basis of rolling cash flow forecasts. For this
hedging, HEINEKEN mainly uses forward exchange contracts. The majority of the forward exchange
contracts have maturities of less than one year after the balance sheet date.
HEINEKEN has a clear policy on hedging transactional exchange risks. Translation exchange risks are hedged
to a limited extent, as the underlying currency positions are generally considered to be long-term in nature.
The result of the hedging of translation risk, using net investment hedges is recognised in the translation
reserve, as can be seen in the consolidated statement of comprehensive income.
HEINEKEN's policy is to hedge material recognised transactional exposure like trade payables, receivables,
borrowings and declared dividends. For material unrecognised transactional exposures like forecasted sales in
foreign currencies, HEINEKEN hedges the exposure between agreed percentages according to the policy.
It is HEINEKEN\u2019s policy to provide intra-HEINEKEN financing in the functional currency of subsidiaries where
possible to prevent foreign currency exposure on a subsidiary level. The resulting exposure at Group level is
hedged by means of foreign-currency denominated external debts and by forward exchange contracts.
Intra-HEINEKEN financing in foreign currencies is mainly in British Pound, US Dollar and Swiss Franc. In some
cases, HEINEKEN elects to treat intra-HEINEKEN financing with a permanent character as equity and does
not hedge the foreign currency exposure.
HEINEKEN has financial liabilities in foreign currencies like US Dollar and British Pound to hedge local operations,
which generate cash flows that have the same or closely correlated functional currencies. The corresponding
interest on these liabilities is also denominated in currencies that match the cash flows generated by the
underlying operations of HEINEKEN.
In respect of other monetary assets and liabilities denominated in currencies other than the functional
currencies of HEINEKEN, HEINEKEN ensures that its net exposure is kept to an acceptable level by buying or
selling foreign currencies at spot rates when necessary to address short-term imbalances.
Exposure to foreign currency risk
Based on notional amounts, HEINEKEN's transactional exposure to the US Dollar and Euro as at 31
December is as follows. The Euro column relates to transactional exposure to the Euro within subsidiaries
which are reporting in other currencies. The amounts below include intra-HEINEKEN cash flows.\u00a0
2025
2024
In millions
EUR
USD
EUR
USD
Financial assets
225
3,211
227
3,240
Financial liabilities
(1,993)
(3,436)
(2,217)
(3,433)
Gross balance sheet exposure
(1,768)
(225)
(1,990)
(193)
Estimated forecast sales next year
327
657
421
1,189
Estimated forecast purchases next year
(2,248)
(2,655)
(2,593)
(2,406)
Gross exposure
(3,689)
(2,223)
(4,162)
(1,410)
Net notional amounts foreign exchange contracts
770
1,335
598
669
Net exposure
(2,919)
(888)
(3,564)
(741)
Sensitivity analysis
Equity
(82)
78
(115)
38
Profit/(Loss)
(18)
(12)
(34)
(11)
The sensitivity analysis above shows the impact on equity and profit of a 10% strengthening of the US Dollar
against the Euro or, in the case of the Euro, a strengthening of the Euro against all other currencies as at 31
December 2025. This analysis assumes that all other variables, in particular interest rates, remain constant. In
the case of a 10% weakening, the effects are equal but with an opposite effect.
The table above covers operational exposures only. Exposures from foreign exchange contracts related to
acquisitions (FIFCO, refer to note 13.5) with a notional amount of US$2,723\u00a0million are not included. If these
contracts were included, it would increase the equity sensitivity by \u20ac191 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary
economies, refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in
foreign currencies are re-translated to the functional currency using the exchange rates at the balance sheet
date. The resulting foreign currency differences are recognised in the income statement, except for foreign
currency differences arising on re-translation of Fair Value through Other Comprehensive Income (FVOCI)
investments and financial liabilities designated as a hedge of a net investment, which are recognised in other
comprehensive income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are re-
translated to the functional currency at the exchange rate at the date that the fair value was determined.
Non-monetary items in a foreign currency that are measured at cost are translated into the functional
currency at the exchange rate at the transaction date.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, and of intercompany loans with a permanent nature (quasi-equity) are translated to Euro at the
exchange rates at the reporting date. The income and expenses of foreign operations are translated to Euro at
the exchange rates that approximates the exchange rates ruling at the dates of the transactions, except for
foreign operations in hyperinflationary economies.
Foreign currency differences are recognised in other comprehensive income and are presented within equity
in the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant
proportionate share of the translation difference is allocated to the non-controlling interests. The cumulative
amount in the translation reserve is (either fully or partly) reclassified to the income statement upon disposal
(either fully or partly) or liquidation.
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were
used while preparing these consolidated financial statements:
In \u20ac
Year-end
2025
Year-end
2024
%
Average
2025
Average
2024
%
Brazilian Real (BRL)
0.1565
0.1556
0.6
0.1586
0.1723
(8.0)
Great Britain Pound (GBP)
1.1431
1.2060
(5.2)
1.1678
1.1818
(1.2)
Indian Rupee (INR)
0.0095
0.0112
(15.2)
0.0102
0.0111
(8.1)
Mexican Peso (MXN)
0.0472
0.0473
(0.2)
0.0462
0.0508
(9.1)
Nigerian Naira (NGN)
0.0006
0.0006
\u2014
0.0006
0.0006
\u2014
Polish Zloty (PLN)
0.2367
0.2340
1.2
0.2359
0.2324
1.5
Singapore Dollar (SGD)
0.6613
0.7060
(6.3)
0.6782
0.6920
(2.0)
United States Dollar (USD)
0.8536
0.9626
(11.3)
0.8870
0.9252
(4.1)
Vietnamese Dong in 1,000 (VND)
0.0324
0.0379
(14.5)
0.0341
0.0369
(7.6)
South African Rand (ZAR)
0.0507
0.0510
(0.6)
0.0496
0.0505
(1.8)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
(c) Hyperinflation economies
To determine the existence of hyperinflation, HEINEKEN assesses the qualitative factors of the country's
economic environment, such as the dominance of foreign currency in the local market, and the quantitative
factors, such as the cumulative inflation rate over the previous three years.
The Haitian economy was designated as hyperinflationary since the period ended 31 December 2023 and
the Burundian economy was designated as hyperinflationary for the period ended 31 December 2025. As a
result, application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 has been applied to
Brasserie Nationale d'Haiti S.A., whose functional currency is the Haitian Gourde, and Brarudi S.A whose
functional currency is the Burundian Franc. Heineken Ethiopia ceased being hyperinflationary for the period
ended 31 December 2025. As a result, HEINEKEN stopped applying IAS 29 to Heineken Ethiopia, effective 1
January 2025.
On the application of IAS 29 to Brasserie Nationale d\u2019Haiti S.A., a cumulative inflation factor was applied
using the consumer price index (CPI) in Haiti, published by the L'Institut Ha\u00eftien de Statistique et
d'Informatique (IHSI). The movement in the CPI for the year ended 31 December 2025 was
26%\u00a0(2024:\u00a027%).
On the application of IAS 29 to Brarudi S.A., a cumulative inflation factor was applied using the consumer
price index (CPI) in Burundi, published by the Institut de Statistiques et d\u2019Etudes Economiques du Burundi.
The movement in the CPI for the year ended 31 December 2025 was 16%\u00a0(2024:\u00a036%).
The application of IAS 29 includes the following:
\u2013 Adjustment of historical cost of non-monetary assets and liabilities for the change in purchasing power
caused by inflation from the date of initial recognition to the balance sheet date
\u2013 Adjustment of the income statement for inflation during the reporting period
\u2013 The income statement is translated at the period-end foreign exchange rate instead of an average rate
\u2013 A net monetary gain/(loss) adjustment, recognised in the income statement, to reflect the impact of
inflation and exchange rate movement on holding monetary assets and liabilities in local currency
\u2013 Reduction of the restated amount of a non-monetary item, in accordance with the appropriate standards,
when it exceeds its recoverable amount
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "Cash flow statement
The cash flow statement is prepared using the indirect method. Assets and liabilities acquired as part of a
business combination are included in investing activities (net of cash acquired). Dividends paid to
shareholders are included in financing activities. Dividends received are classified as operating activities, as
well as interest paid and interest received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "Offsetting financial instruments
If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to
either to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and
liabilities are presented in the statement of financial position as a net amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to
either to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and
liabilities are presented in the statement of financial position as a net amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to
either to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and
liabilities are presented in the statement of financial position as a net amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
6.1\u00a0 \u00a0 Operating segments
HEINEKEN distinguishes five reportable segments: Europe; Americas; Africa & Middle East; Asia Pacific and Head Office & Other/Eliminations. Information about these reportable segments are provided in
the table below:
Europe
Americas
Africa & Middle East
Asia Pacific
Head Office &
Other/Eliminations
Consolidated
In millions of \u20ac
Note
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Net revenue (beia)1
11,457
11,845
9,542
10,407
4,282
4,133
4,121
4,226
(512)
(648)
28,890
29,964
Third party revenue2
13,527
13,895
9,740
10,632
5,260
5,004
5,655
6,346
75
78
34,257
35,955
Interregional revenue
581
720
4
5
1
\u2014
1
1
(587)
(726)
\u2014
\u2014
Revenue
14,108
14,615
9,744
10,637
5,261
5,004
5,656
6,347
(512)
(648)
34,257
35,955
Excise tax expense3
(2,651)
(2,825)
(195)
(211)
(978)
(977)
(1,680)
(2,121)
\u2014
\u2014
(5,504)
(6,134)
Net revenue
11,457
11,790
9,549
10,426
4,283
4,027
3,976
4,226
(512)
(648)
28,753
29,821
Other income
6.2
56
29
99
47
47
2
1
1
2
1
205
80
Net finance expenses
11.1
(666)
(805)
Share of profit of associates and joint ventures
10.3
28
24
65
96
45
(62)
117
(763)
\u2014
\u2014
255
(705)
Income tax expense
12.1
(857)
(846)
Profit
2,138
1,161
Variable cost (beia)4
(3,589)
(3,930)
(3,379)
(3,702)
(2,026)
(2,056)
(1,502)
(1,566)
127
148
(10,369)
(11,106)
Operating profit (beia) 1
1,276
1,354
1,665
1,830
550
423
904
914
(10)
(8)
4,385
4,512
1Note that this is a non-GAAP measure. Due to rounding, this balance will not always cast.
2Includes other revenue of \u20ac463 million (2024: \u20ac457 million).
3Next to the \u20ac5,504 million of excise tax expense included in revenue (2024: \u20ac6,134 million ), \u20ac1,957 million of excise tax expense is collected on behalf of third parties and excluded from revenue (2024: \u20ac2,056 million).
4Variable cost includes input costs (raw material, packaging material and inventory movements (variable)), transport, energy and water.
Europe
Americas
Africa & Middle East
Asia Pacific
Head Office &
Other/Eliminations
Consolidated
In millions of \u20ac
Note
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Current segment assets
2,911
2,699
2,861
3,197
2,118
2,325
1,847
1,911
2,813
541
12,550
10,673
Non-current segment assets
12,644
12,887
8,945
8,954
3,293
3,508
9,647
11,117
1,723
1,544
36,252
38,010
Investments in associates and joint ventures
209
213
845
884
182
179
2,002
2,224
\u2014
\u2014
3,238
3,500
Total segment assets
15,764
15,799
12,651
13,035
5,593
6,012
13,496
15,252
4,536
2,085
52,040
52,183
Unallocated assets
1,713
1,590
Total assets
53,753
53,773
Segment liabilities
4,495
4,356
3,394
3,465
1,596
1,760
1,431
1,540
1,694
1,759
12,610
12,880
Unallocated liabilities
20,529
18,491
Total equity
20,614
22,402
Total equity and liabilities
53,753
53,773
Purchases of owned property, plant and equipment
8.2
678
739
608
864
312
454
176
210
37
55
1,811
2,322
Acquisition of goodwill
8.1
\u2014
9
\u2014
\u2014
\u2014
7
\u2014
\u2014
(1)
\u2014
(1)
16
Purchased and internally generated intangible assets
8.1
44
65
34
39
13
5
10
5
168
167
269
281
Depreciation of owned property, plant and equipment
8.2
(553)
(555)
(486)
(492)
(262)
(246)
(170)
(186)
(12)
(14)
(1,483)
(1,493)
Impairment (net of reversal) of owned property, plant
and equipment and assets classified as held for sale
8.2/10.2
(139)
(22)
(4)
(187)
(149)
\u2014
\u2014
(2)
\u2014
\u2014
(292)
(211)
Amortisation of intangible assets
8.1
(97)
(100)
(71)
(87)
(29)
(31)
(173)
(185)
(42)
(43)
(412)
(446)
Impairment (net of reversal) of intangible assets
8.1
(15)
(1)
(7)
(12)
(1)
\u2014
\u2014
(50)
(5)
(25)
(28)
(88)
Reconciliation of segment profit or loss
The table below presents the reconciliation of operating profit before exceptional items and amortisation of
acquisition-related intangibles (operating profit beia) to profit before income tax.
In millions of \u20ac
2025
2024
Operating profit (beia)
4,385
4,512
Amortisation of acquisition-related intangible assets recorded in operating
profit
(298)
(337)
Exceptional items included in operating profit
(681)
(658)
Operating Profit
3,406
3,517
Share of profit of associates and joint ventures
255
(705)
Net finance expenses
(666)
(805)
Profit before income tax
2,995
2,007
The 2025 exceptional items and amortisation of acquisition-related intangibles recorded in operating profit
amount to \u20ac979 million net expense (2024: \u20ac995 million net expense). This amount consists of:
\u2013 \u20ac298 million of amortisation of acquisition-related intangibles in operating profit (2024: \u20ac337 million).
\u2013 \u20ac681 million net exceptional expense (2024: \u20ac658 million, net expense) recorded in operating profit.
This\u00a0includes:
\u2013 \u20ac145\u00a0million of revenue to present the sales from certain contract brewers in India on a net basis
which is offset by \u20ac145\u00a0million of cost in raw materials, consumables and services.
\u2013 a net impairment of \u20ac336\u00a0million recorded in amortisation, depreciation and impairments, of which
\u20ac157\u00a0million relates to Belgium and \u20ac113\u00a0million relates to DRC (2024: \u20ac305 million, net impairment).
\u2013 net restructuring expenses recorded in personnel expenses of \u20ac104\u00a0million (2024: \u20ac96\u00a0million).
\u2013 \u20ac37 million net exceptional expense relating to hyperinflation accounting adjustments (2024: \u20ac59
million, net expense), of which \u20ac7 million income recorded in revenue (2024: \u20ac87 million, expense),
\u20ac41 million expense in raw materials, consumables and services (2024: \u20ac28 million, income), \u20ac2 million
expense in amortisation, depreciation and impairments (2024: \u20ac3 million) and \u20ac1 million expense in
personnel expenses (2024: \u20ac3 million, income).
\u2013 \u20ac204\u00a0million of other net exceptional expenses, relating to the disposal and closure of breweries and
other net exceptional expenses (2024: \u20ac198\u00a0million, net expense).
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether excise tax expenses are borne by HEINEKEN or collected on behalf of third parties.
HEINEKEN makes estimates when determining discount accruals in revenue at year-end, specifically for
conditional discounts. Refer to note 7.3 for more explanation on how discount accruals are estimated.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive Board,
which is considered to be HEINEKEN\u2019s chief operating decision-maker. An operating segment is a component
of HEINEKEN that engages in business activities from which it may earn revenues and incur expenses,
including revenues and expenses that relate to transactions with any of HEINEKEN\u2019s other components. All
operating segments\u2019 operating results are reviewed regularly by the Executive Board to make decisions about
resources to be allocated to the segment and to assess its performance, and for which discrete financial
information is available.
The first four reportable segments as presented in the segmentation tables are HEINEKEN\u2019s business regions.
These business regions are each managed separately by a Regional President, who reports to the Executive
Board, and is directly accountable for the functioning of the segment\u2019s results, assets and liabilities. The Head
Office operating segment falls directly under the responsibility of the Executive Board. The Executive Board
reviews the performance of the segments based on internal management reports monthly.
Segment results, assets and liabilities that are reported to the Executive Board include items directly
attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated result
items comprise net finance expenses and income tax expenses. Unallocated assets mainly comprise deferred
tax assets. Unallocated liabilities mainly comprise borrowings and deferred tax liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment and intangible assets other than goodwill.
Performance is measured based on operating profit (beia), as included in the internal management reports
that are reviewed by the Executive Board. Beia stands for before exceptional items and amortisation of
acquisition-related intangibles. Exceptional items are defined as items of income and expense of such size,
nature or incidence, that in the view of management their disclosure is relevant to explain the performance
of HEINEKEN for the period. Exceptional items include, among others, impairments of goodwill and fixed
assets (and reversal of impairments), gains and losses from acquisitions and disposals, redundancy costs
following a restructuring, past service costs and curtailments, hyperinflation accounting adjustments, the tax
impact on exceptional items and tax rate changes (the one-off impact on deferred tax positions).
Operating profit and operating profit (beia) are not financial measures calculated in accordance with IFRS.
Operating profit (beia) is used to measure performance as management believes that this measurement is
the most relevant in evaluating the results of the segments. Beia adjustments are also applied to other
metrics. The presentation of these financial measures may not be comparable to similarly titled measures
reported by other companies due to differences in the ways the measures are calculated. Wherever
appropriate and practical, HEINEKEN provides reconciliations for relevant GAAP measures.
HEINEKEN has multiple distribution models to deliver goods to end customers. There is no reliance on major
clients. Deliveries to end consumers are country dependent and include deliveries via own wholesalers and
pubs, direct to customers and via third-party distribution. As such, distribution models are country-specific and
diverse across HEINEKEN. In addition, these various distribution models are not centrally managed or
monitored. Consequently, the Executive Board does not allocate resources or assess performance based on
business type information. Accordingly, no segment information on business type is provided.
Inter-segment transfers or transactions are determined on an arm\u2019s length basis. As net finance expenses
and income tax expenses are monitored on a consolidated level (and not on an individual regional basis) and
Regional Presidents are not accountable for that, net finance expenses and income tax expenses are not
provided for the reportable segments.
Revenue
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The
product range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced
finished goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from
HEINEKEN's wholesale activities. HEINEKEN's customer group can be split between on-trade customers like
caf\u00e9s, bars and restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global
footprint, its revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its
performance obligation to the customer. For the majority of the sales, control is transferred either
at delivery of the products or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in
profit or loss (consolidated income statement) on an accrual basis in accordance with the relevant
agreement. Rental income, income from wholesale activities, pub management services and technical
services are recognised in profit or loss when the services have been delivered.
Discounts
HEINEKEN uses different types of discounts depending on the nature of the customer. Some discounts
are unconditional, like cash discounts, early payment discounts and temporary promotional discounts.
Unconditional discounts are recognised at the same moment of the related sales transaction.
HEINEKEN also provides conditional discounts to customers. These contractually agreed conditions include
volume and promotional rebates. Conditional discounts are recognised based on estimated target
realisation. The estimation is based on accumulated experience supported by historical and current sales
information. A discount accrual is recognised at each reporting date for discounts payable to customers
based on their expected or actual volume up to that date.
Other discounts include listing and shelving visibility fees charged by the customer whereby the payments
to customers are closely related to the volumes sold. HEINEKEN assesses the substance of contracts with
customers to determine the classification of payments to customers as either discounts or
marketing\u00a0expenses.
Discounts are accounted for as a reduction of revenue. Only when these payments to customers relate to a
distinct service, the amount is classified as operating expense.
Excise tax expense
Local tax authorities impose multiple taxes, duties and fees. These include excise on the sale or production of
alcoholic beverages, environmental taxes on the use of certain raw materials or packaging materials, or the
energy consumption in the production process. Excise duties are common in the beverage industry but levied
differently amongst the countries HEINEKEN operates in. HEINEKEN performs a country by country analysis
to assess whether the excise duty is sales-related or effectively a production tax. In most countries, excise
duties are effectively a production tax as excise duties become payable when goods are moved from bonded
warehouses and are not based on the sales value. In these countries, increases in excise duties are not always
(fully) passed on to customers and HEINEKEN cannot, or can only partly, reclaim the excise duty in the case
products are eventually not sold to customers. Excise tax is borne by HEINEKEN for these countries and
shown as expenses. Only for those countries where excise is levied at the moment of the sales transaction
and excise is based on the sales value, the excise duties are collected on behalf of a tax authority and
consequently deducted from revenue. Due to the complexity and variety in tax legislation, significant
judgement is applied in the assessment of whether taxes are borne by HEINEKEN or collected on behalf
of a third party.
To provide transparency on the impact of the accounting for excise, HEINEKEN presents the excise tax
expense on a separate line below revenue in the consolidated income statement. A subtotal called Net
revenue is therefore included in the Income Statement. This Net revenue subtotal is revenue as defined
in IFRS 15 (after discounts) minus the excise tax expense for those countries where the excise is borne
by\u00a0HEINEKEN.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
6.1\u00a0 \u00a0 Operating segments
HEINEKEN distinguishes five reportable segments: Europe; Americas; Africa & Middle East; Asia Pacific and Head Office & Other/Eliminations. Information about these reportable segments are provided in
the table below:
Europe
Americas
Africa & Middle East
Asia Pacific
Head Office &
Other/Eliminations
Consolidated
In millions of \u20ac
Note
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Net revenue (beia)1
11,457
11,845
9,542
10,407
4,282
4,133
4,121
4,226
(512)
(648)
28,890
29,964
Third party revenue2
13,527
13,895
9,740
10,632
5,260
5,004
5,655
6,346
75
78
34,257
35,955
Interregional revenue
581
720
4
5
1
\u2014
1
1
(587)
(726)
\u2014
\u2014
Revenue
14,108
14,615
9,744
10,637
5,261
5,004
5,656
6,347
(512)
(648)
34,257
35,955
Excise tax expense3
(2,651)
(2,825)
(195)
(211)
(978)
(977)
(1,680)
(2,121)
\u2014
\u2014
(5,504)
(6,134)
Net revenue
11,457
11,790
9,549
10,426
4,283
4,027
3,976
4,226
(512)
(648)
28,753
29,821
Other income
6.2
56
29
99
47
47
2
1
1
2
1
205
80
Net finance expenses
11.1
(666)
(805)
Share of profit of associates and joint ventures
10.3
28
24
65
96
45
(62)
117
(763)
\u2014
\u2014
255
(705)
Income tax expense
12.1
(857)
(846)
Profit
2,138
1,161
Variable cost (beia)4
(3,589)
(3,930)
(3,379)
(3,702)
(2,026)
(2,056)
(1,502)
(1,566)
127
148
(10,369)
(11,106)
Operating profit (beia) 1
1,276
1,354
1,665
1,830
550
423
904
914
(10)
(8)
4,385
4,512
1Note that this is a non-GAAP measure. Due to rounding, this balance will not always cast.
2Includes other revenue of \u20ac463 million (2024: \u20ac457 million).
3Next to the \u20ac5,504 million of excise tax expense included in revenue (2024: \u20ac6,134 million ), \u20ac1,957 million of excise tax expense is collected on behalf of third parties and excluded from revenue (2024: \u20ac2,056 million).
4Variable cost includes input costs (raw material, packaging material and inventory movements (variable)), transport, energy and water.
Europe
Americas
Africa & Middle East
Asia Pacific
Head Office &
Other/Eliminations
Consolidated
In millions of \u20ac
Note
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Current segment assets
2,911
2,699
2,861
3,197
2,118
2,325
1,847
1,911
2,813
541
12,550
10,673
Non-current segment assets
12,644
12,887
8,945
8,954
3,293
3,508
9,647
11,117
1,723
1,544
36,252
38,010
Investments in associates and joint ventures
209
213
845
884
182
179
2,002
2,224
\u2014
\u2014
3,238
3,500
Total segment assets
15,764
15,799
12,651
13,035
5,593
6,012
13,496
15,252
4,536
2,085
52,040
52,183
Unallocated assets
1,713
1,590
Total assets
53,753
53,773
Segment liabilities
4,495
4,356
3,394
3,465
1,596
1,760
1,431
1,540
1,694
1,759
12,610
12,880
Unallocated liabilities
20,529
18,491
Total equity
20,614
22,402
Total equity and liabilities
53,753
53,773
Purchases of owned property, plant and equipment
8.2
678
739
608
864
312
454
176
210
37
55
1,811
2,322
Acquisition of goodwill
8.1
\u2014
9
\u2014
\u2014
\u2014
7
\u2014
\u2014
(1)
\u2014
(1)
16
Purchased and internally generated intangible assets
8.1
44
65
34
39
13
5
10
5
168
167
269
281
Depreciation of owned property, plant and equipment
8.2
(553)
(555)
(486)
(492)
(262)
(246)
(170)
(186)
(12)
(14)
(1,483)
(1,493)
Impairment (net of reversal) of owned property, plant
and equipment and assets classified as held for sale
8.2/10.2
(139)
(22)
(4)
(187)
(149)
\u2014
\u2014
(2)
\u2014
\u2014
(292)
(211)
Amortisation of intangible assets
8.1
(97)
(100)
(71)
(87)
(29)
(31)
(173)
(185)
(42)
(43)
(412)
(446)
Impairment (net of reversal) of intangible assets
8.1
(15)
(1)
(7)
(12)
(1)
\u2014
\u2014
(50)
(5)
(25)
(28)
(88)
Reconciliation of segment profit or loss
The table below presents the reconciliation of operating profit before exceptional items and amortisation of
acquisition-related intangibles (operating profit beia) to profit before income tax.
In millions of \u20ac
2025
2024
Operating profit (beia)
4,385
4,512
Amortisation of acquisition-related intangible assets recorded in operating
profit
(298)
(337)
Exceptional items included in operating profit
(681)
(658)
Operating Profit
3,406
3,517
Share of profit of associates and joint ventures
255
(705)
Net finance expenses
(666)
(805)
Profit before income tax
2,995
2,007
The 2025 exceptional items and amortisation of acquisition-related intangibles recorded in operating profit
amount to \u20ac979 million net expense (2024: \u20ac995 million net expense). This amount consists of:
\u2013 \u20ac298 million of amortisation of acquisition-related intangibles in operating profit (2024: \u20ac337 million).
\u2013 \u20ac681 million net exceptional expense (2024: \u20ac658 million, net expense) recorded in operating profit.
This\u00a0includes:
\u2013 \u20ac145\u00a0million of revenue to present the sales from certain contract brewers in India on a net basis
which is offset by \u20ac145\u00a0million of cost in raw materials, consumables and services.
\u2013 a net impairment of \u20ac336\u00a0million recorded in amortisation, depreciation and impairments, of which
\u20ac157\u00a0million relates to Belgium and \u20ac113\u00a0million relates to DRC (2024: \u20ac305 million, net impairment).
\u2013 net restructuring expenses recorded in personnel expenses of \u20ac104\u00a0million (2024: \u20ac96\u00a0million).
\u2013 \u20ac37 million net exceptional expense relating to hyperinflation accounting adjustments (2024: \u20ac59
million, net expense), of which \u20ac7 million income recorded in revenue (2024: \u20ac87 million, expense),
\u20ac41 million expense in raw materials, consumables and services (2024: \u20ac28 million, income), \u20ac2 million
expense in amortisation, depreciation and impairments (2024: \u20ac3 million) and \u20ac1 million expense in
personnel expenses (2024: \u20ac3 million, income).
\u2013 \u20ac204\u00a0million of other net exceptional expenses, relating to the disposal and closure of breweries and
other net exceptional expenses (2024: \u20ac198\u00a0million, net expense).
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
Due to the complexity and variety in tax legislation, significant judgement is applied in the assessment of
whether excise tax expenses are borne by HEINEKEN or collected on behalf of third parties.
HEINEKEN makes estimates when determining discount accruals in revenue at year-end, specifically for
conditional discounts. Refer to note 7.3 for more explanation on how discount accruals are estimated.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive Board,
which is considered to be HEINEKEN\u2019s chief operating decision-maker. An operating segment is a component
of HEINEKEN that engages in business activities from which it may earn revenues and incur expenses,
including revenues and expenses that relate to transactions with any of HEINEKEN\u2019s other components. All
operating segments\u2019 operating results are reviewed regularly by the Executive Board to make decisions about
resources to be allocated to the segment and to assess its performance, and for which discrete financial
information is available.
The first four reportable segments as presented in the segmentation tables are HEINEKEN\u2019s business regions.
These business regions are each managed separately by a Regional President, who reports to the Executive
Board, and is directly accountable for the functioning of the segment\u2019s results, assets and liabilities. The Head
Office operating segment falls directly under the responsibility of the Executive Board. The Executive Board
reviews the performance of the segments based on internal management reports monthly.
Segment results, assets and liabilities that are reported to the Executive Board include items directly
attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated result
items comprise net finance expenses and income tax expenses. Unallocated assets mainly comprise deferred
tax assets. Unallocated liabilities mainly comprise borrowings and deferred tax liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment and intangible assets other than goodwill.
Performance is measured based on operating profit (beia), as included in the internal management reports
that are reviewed by the Executive Board. Beia stands for before exceptional items and amortisation of
acquisition-related intangibles. Exceptional items are defined as items of income and expense of such size,
nature or incidence, that in the view of management their disclosure is relevant to explain the performance
of HEINEKEN for the period. Exceptional items include, among others, impairments of goodwill and fixed
assets (and reversal of impairments), gains and losses from acquisitions and disposals, redundancy costs
following a restructuring, past service costs and curtailments, hyperinflation accounting adjustments, the tax
impact on exceptional items and tax rate changes (the one-off impact on deferred tax positions).
Operating profit and operating profit (beia) are not financial measures calculated in accordance with IFRS.
Operating profit (beia) is used to measure performance as management believes that this measurement is
the most relevant in evaluating the results of the segments. Beia adjustments are also applied to other
metrics. The presentation of these financial measures may not be comparable to similarly titled measures
reported by other companies due to differences in the ways the measures are calculated. Wherever
appropriate and practical, HEINEKEN provides reconciliations for relevant GAAP measures.
HEINEKEN has multiple distribution models to deliver goods to end customers. There is no reliance on major
clients. Deliveries to end consumers are country dependent and include deliveries via own wholesalers and
pubs, direct to customers and via third-party distribution. As such, distribution models are country-specific and
diverse across HEINEKEN. In addition, these various distribution models are not centrally managed or
monitored. Consequently, the Executive Board does not allocate resources or assess performance based on
business type information. Accordingly, no segment information on business type is provided.
Inter-segment transfers or transactions are determined on an arm\u2019s length basis. As net finance expenses
and income tax expenses are monitored on a consolidated level (and not on an individual regional basis) and
Regional Presidents are not accountable for that, net finance expenses and income tax expenses are not
provided for the reportable segments.
Revenue
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The
product range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced
finished goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from
HEINEKEN's wholesale activities. HEINEKEN's customer group can be split between on-trade customers like
caf\u00e9s, bars and restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global
footprint, its revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its
performance obligation to the customer. For the majority of the sales, control is transferred either
at delivery of the products or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in
profit or loss (consolidated income statement) on an accrual basis in accordance with the relevant
agreement. Rental income, income from wholesale activities, pub management services and technical
services are recognised in profit or loss when the services have been delivered.
Discounts
HEINEKEN uses different types of discounts depending on the nature of the customer. Some discounts
are unconditional, like cash discounts, early payment discounts and temporary promotional discounts.
Unconditional discounts are recognised at the same moment of the related sales transaction.
HEINEKEN also provides conditional discounts to customers. These contractually agreed conditions include
volume and promotional rebates. Conditional discounts are recognised based on estimated target
realisation. The estimation is based on accumulated experience supported by historical and current sales
information. A discount accrual is recognised at each reporting date for discounts payable to customers
based on their expected or actual volume up to that date.
Other discounts include listing and shelving visibility fees charged by the customer whereby the payments
to customers are closely related to the volumes sold. HEINEKEN assesses the substance of contracts with
customers to determine the classification of payments to customers as either discounts or
marketing\u00a0expenses.
Discounts are accounted for as a reduction of revenue. Only when these payments to customers relate to a
distinct service, the amount is classified as operating expense.
Excise tax expense
Local tax authorities impose multiple taxes, duties and fees. These include excise on the sale or production of
alcoholic beverages, environmental taxes on the use of certain raw materials or packaging materials, or the
energy consumption in the production process. Excise duties are common in the beverage industry but levied
differently amongst the countries HEINEKEN operates in. HEINEKEN performs a country by country analysis
to assess whether the excise duty is sales-related or effectively a production tax. In most countries, excise
duties are effectively a production tax as excise duties become payable when goods are moved from bonded
warehouses and are not based on the sales value. In these countries, increases in excise duties are not always
(fully) passed on to customers and HEINEKEN cannot, or can only partly, reclaim the excise duty in the case
products are eventually not sold to customers. Excise tax is borne by HEINEKEN for these countries and
shown as expenses. Only for those countries where excise is levied at the moment of the sales transaction
and excise is based on the sales value, the excise duties are collected on behalf of a tax authority and
consequently deducted from revenue. Due to the complexity and variety in tax legislation, significant
judgement is applied in the assessment of whether taxes are borne by HEINEKEN or collected on behalf
of a third party.
To provide transparency on the impact of the accounting for excise, HEINEKEN presents the excise tax
expense on a separate line below revenue in the consolidated income statement. A subtotal called Net
revenue is therefore included in the Income Statement. This Net revenue subtotal is revenue as defined
in IFRS 15 (after discounts) minus the excise tax expense for those countries where the excise is borne
by\u00a0HEINEKEN.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "255000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-425": { "value": "-705000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-426": { "value": "-666000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-427": { "value": "-805000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-428": { "value": "
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive Board,
which is considered to be HEINEKEN\u2019s chief operating decision-maker. An operating segment is a component
of HEINEKEN that engages in business activities from which it may earn revenues and incur expenses,
including revenues and expenses that relate to transactions with any of HEINEKEN\u2019s other components. All
operating segments\u2019 operating results are reviewed regularly by the Executive Board to make decisions about
resources to be allocated to the segment and to assess its performance, and for which discrete financial
information is available.
The first four reportable segments as presented in the segmentation tables are HEINEKEN\u2019s business regions.
These business regions are each managed separately by a Regional President, who reports to the Executive
Board, and is directly accountable for the functioning of the segment\u2019s results, assets and liabilities. The Head
Office operating segment falls directly under the responsibility of the Executive Board. The Executive Board
reviews the performance of the segments based on internal management reports monthly.
Segment results, assets and liabilities that are reported to the Executive Board include items directly
attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated result
items comprise net finance expenses and income tax expenses. Unallocated assets mainly comprise deferred
tax assets. Unallocated liabilities mainly comprise borrowings and deferred tax liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment and intangible assets other than goodwill.
Performance is measured based on operating profit (beia), as included in the internal management reports
that are reviewed by the Executive Board. Beia stands for before exceptional items and amortisation of
acquisition-related intangibles. Exceptional items are defined as items of income and expense of such size,
nature or incidence, that in the view of management their disclosure is relevant to explain the performance
of HEINEKEN for the period. Exceptional items include, among others, impairments of goodwill and fixed
assets (and reversal of impairments), gains and losses from acquisitions and disposals, redundancy costs
following a restructuring, past service costs and curtailments, hyperinflation accounting adjustments, the tax
impact on exceptional items and tax rate changes (the one-off impact on deferred tax positions).
Operating profit and operating profit (beia) are not financial measures calculated in accordance with IFRS.
Operating profit (beia) is used to measure performance as management believes that this measurement is
the most relevant in evaluating the results of the segments. Beia adjustments are also applied to other
metrics. The presentation of these financial measures may not be comparable to similarly titled measures
reported by other companies due to differences in the ways the measures are calculated. Wherever
appropriate and practical, HEINEKEN provides reconciliations for relevant GAAP measures.
HEINEKEN has multiple distribution models to deliver goods to end customers. There is no reliance on major
clients. Deliveries to end consumers are country dependent and include deliveries via own wholesalers and
pubs, direct to customers and via third-party distribution. As such, distribution models are country-specific and
diverse across HEINEKEN. In addition, these various distribution models are not centrally managed or
monitored. Consequently, the Executive Board does not allocate resources or assess performance based on
business type information. Accordingly, no segment information on business type is provided.
Inter-segment transfers or transactions are determined on an arm\u2019s length basis. As net finance expenses
and income tax expenses are monitored on a consolidated level (and not on an individual regional basis) and
Regional Presidents are not accountable for that, net finance expenses and income tax expenses are not
provided for the reportable segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Performance is measured based on operating profit (beia), as included in the internal management reports
that are reviewed by the Executive Board. Beia stands for before exceptional items and amortisation of
acquisition-related intangibles. Exceptional items are defined as items of income and expense of such size,
nature or incidence, that in the view of management their disclosure is relevant to explain the performance
of HEINEKEN for the period. Exceptional items include, among others, impairments of goodwill and fixed
assets (and reversal of impairments), gains and losses from acquisitions and disposals, redundancy costs
following a restructuring, past service costs and curtailments, hyperinflation accounting adjustments, the tax
impact on exceptional items and tax rate changes (the one-off impact on deferred tax positions).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
Revenue
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The
product range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced
finished goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from
HEINEKEN's wholesale activities. HEINEKEN's customer group can be split between on-trade customers like
caf\u00e9s, bars and restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global
footprint, its revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its
performance obligation to the customer. For the majority of the sales, control is transferred either
at delivery of the products or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in
profit or loss (consolidated income statement) on an accrual basis in accordance with the relevant
agreement. Rental income, income from wholesale activities, pub management services and technical
services are recognised in profit or loss when the services have been delivered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The
product range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced
finished goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from
HEINEKEN's wholesale activities. HEINEKEN's customer group can be split between on-trade customers like
caf\u00e9s, bars and restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global
footprint, its revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its
performance obligation to the customer. For the majority of the sales, control is transferred either
at delivery of the products or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in
profit or loss (consolidated income statement) on an accrual basis in accordance with the relevant
agreement. Rental income, income from wholesale activities, pub management services and technical
services are recognised in profit or loss when the services have been delivered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The
product range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced
finished goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from
HEINEKEN's wholesale activities. HEINEKEN's customer group can be split between on-trade customers like
caf\u00e9s, bars and restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global
footprint, its revenue is exposed to strategic and financial risks that differ per region.
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its
performance obligation to the customer. For the majority of the sales, control is transferred either
at delivery of the products or upon pickup by the customer from HEINEKEN's premises.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and
excise taxes collected on behalf of third parties.
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub
management services and technical services to third parties. Royalties are sales-based and recognised in
profit or loss (consolidated income statement) on an accrual basis in accordance with the relevant
agreement. Rental income, income from wholesale activities, pub management services and technical
services are recognised in profit or loss when the services have been delivered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
Discounts
HEINEKEN uses different types of discounts depending on the nature of the customer. Some discounts
are unconditional, like cash discounts, early payment discounts and temporary promotional discounts.
Unconditional discounts are recognised at the same moment of the related sales transaction.
HEINEKEN also provides conditional discounts to customers. These contractually agreed conditions include
volume and promotional rebates. Conditional discounts are recognised based on estimated target
realisation. The estimation is based on accumulated experience supported by historical and current sales
information. A discount accrual is recognised at each reporting date for discounts payable to customers
based on their expected or actual volume up to that date.
Other discounts include listing and shelving visibility fees charged by the customer whereby the payments
to customers are closely related to the volumes sold. HEINEKEN assesses the substance of contracts with
customers to determine the classification of payments to customers as either discounts or
marketing\u00a0expenses.
Discounts are accounted for as a reduction of revenue. Only when these payments to customers relate to a
distinct service, the amount is classified as operating expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
Excise tax expense
Local tax authorities impose multiple taxes, duties and fees. These include excise on the sale or production of
alcoholic beverages, environmental taxes on the use of certain raw materials or packaging materials, or the
energy consumption in the production process. Excise duties are common in the beverage industry but levied
differently amongst the countries HEINEKEN operates in. HEINEKEN performs a country by country analysis
to assess whether the excise duty is sales-related or effectively a production tax. In most countries, excise
duties are effectively a production tax as excise duties become payable when goods are moved from bonded
warehouses and are not based on the sales value. In these countries, increases in excise duties are not always
(fully) passed on to customers and HEINEKEN cannot, or can only partly, reclaim the excise duty in the case
products are eventually not sold to customers. Excise tax is borne by HEINEKEN for these countries and
shown as expenses. Only for those countries where excise is levied at the moment of the sales transaction
and excise is based on the sales value, the excise duties are collected on behalf of a tax authority and
consequently deducted from revenue. Due to the complexity and variety in tax legislation, significant
judgement is applied in the assessment of whether taxes are borne by HEINEKEN or collected on behalf
of a third party.
To provide transparency on the impact of the accounting for excise, HEINEKEN presents the excise tax
expense on a separate line below revenue in the consolidated income statement. A subtotal called Net
revenue is therefore included in the Income Statement. This Net revenue subtotal is revenue as defined
in IFRS 15 (after discounts) minus the excise tax expense for those countries where the excise is borne
by\u00a0HEINEKEN.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
6.2\u00a0 \u00a0 Other income
Other income includes the gain on sale from transactions that do not arise from contracts with customers
and are therefore presented separately from revenue.
In millions of \u20ac
2025
2024
Gain on sale of property, plant and equipment
72
37
Gain on sale of intangible assets
2
\u2014
Other operational income
37
\u2014
Tax credits
94
43
205
80
Accounting policies
\"Financials-Icons-Policies.png\"
Gains on sale of property, plant and equipment or intangible assets are recognised in profit or loss when
control over the sold asset is transferred to the buyer. The amount recognised as other income equals the
proceeds obtained from the buyer minus the carrying value of the sold asset.
Tax credits are recognised as other income when they are not income-tax related, and it is virtually certain
that the conditions for receiving the credit are met. The amount recognised equals the amount expected to
be received from the tax authority.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
6.3\u00a0 \u00a0 Raw materials, consumables and services
In millions of \u20ac
2025
2024
Raw materials
2,710
2,910
Non-returnable packaging
5,315
5,651
Goods for resale
1,878
1,917
Inventory movements
(83)
(15)
Marketing and selling expenses
2,855
2,940
Transport expenses
1,728
1,764
Energy and water
726
784
Repair and maintenance
651
640
Other expenses
2,685
2,722
18,465
19,313
The line Energy and water contains costs related to Power Purchase Agreements (PPA). As part of its Brew a
Better World (BaBW) ambitions, HEINEKEN enters into either physical PPAs or virtual PPAs. These
arrangements are usually entered into for periods up to 10 to 15 years and contain either fixed prices or
variable prices.
O ther expenses in raw materials, consumables and services mainly include consulting expenses of \u20ac305
million (2024:\u00a0\u20ac331 million), telecom and office automation of \u20ac392 million ( 2024: \u20ac375 million),
warehousing expenses of \u20ac191 million (2024: \u20ac212 million) , travel expenses of \u20ac119 million (2024: \u20ac134
million), other taxes of \u20ac187 million (2024: \u20ac179 million), short-term lease expenses of \u20ac73 million (2024:
\u20ac 95 million) and low-value lease expenses of \u20ac36\u00a0million (2024: \u20ac42 million).
Accounting policies
\"Financials-Icons-Policies.png\"
Expenses are recognised based on accrual accounting. This means that expenses are recognised when the
product is received or the service is provided regardless of when cash outflow takes place. Costs related to
power purchase agreements are included as part of Energy and water if the own use exemption can be
applied. If not, power purchase agreements are accounted for as derivative financial instruments, refer to
note 11.6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
Expenses are recognised based on accrual accounting. This means that expenses are recognised when the
product is received or the service is provided regardless of when cash outflow takes place. Costs related to
power purchase agreements are included as part of Energy and water if the own use exemption can be
applied. If not, power purchase agreements are accounted for as derivative financial instruments, refer to
note 11.6.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
6.4\u00a0 \u00a0 Personnel expenses
The average number of full-time equivalent (FTE) employees, excluding contractors, in 2025 was 87,870
( 2024: 88,497). FTE, excluding contractors, is divided per region as follows:
\"179\"
A total of 4,196 FTEs are based in the Netherlands (2024 : 4,135 FTE) .
HEINEKEN\u2019s employees receive compensations such as salaries and wages, pensions (refer to note 9.1) and
share-based payments (refer to note 6.5). Other personnel expenses include expenses for contractors of
\u20ac128\u00a0million (2024: \u20ac167\u00a0million) and net restructuring costs of \u20ac92\u00a0million (2024: \u20ac59\u00a0million). Refer to note
9.2 for the restructuring provisions.
In millions of \u20ac
Note
2025
2024
Wages and salaries
3,071
3,069
Compulsory social security contributions
471
468
Contributions to defined contribution plans
66
64
Expenses related to defined benefit plans
9.1
94
44
Expenses related to other long-term employee benefits
7
5
Equity-settled share-based payment plan
6.5
33
42
Other personnel expenses
736
774
4,478
4,466
Accounting policies
\"Financials-Icons-Policies.png\"
Personnel expenses
Personnel expenses are recognised when the related service is provided. For more details on accounting
policies related to post-retirements obligations and share-based payments refer to notes 9.1 and 6.5
respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
HEINEKEN\u2019s employees receive compensations such as salaries and wages, pensions (refer to note 9.1) and
share-based payments (refer to note 6.5). Other personnel expenses include expenses for contractors of
\u20ac128\u00a0million (2024: \u20ac167\u00a0million) and net restructuring costs of \u20ac92\u00a0million (2024: \u20ac59\u00a0million). Refer to note
9.2 for the restructuring provisions.
In millions of \u20ac
Note
2025
2024
Wages and salaries
3,071
3,069
Compulsory social security contributions
471
468
Contributions to defined contribution plans
66
64
Expenses related to defined benefit plans
9.1
94
44
Expenses related to other long-term employee benefits
7
5
Equity-settled share-based payment plan
6.5
33
42
Other personnel expenses
736
774
4,478
4,466
Accounting policies
\"Financials-Icons-Policies.png\"
Personnel expenses
Personnel expenses are recognised when the related service is provided. For more details on accounting
policies related to post-retirements obligations and share-based payments refer to notes 9.1 and 6.5
respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
Personnel expenses
Personnel expenses are recognised when the related service is provided. For more details on accounting
policies related to post-retirements obligations and share-based payments refer to notes 9.1 and 6.5
respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
6.5\u00a0 \u00a0 Share-based payments
HEINEKEN has the following share-based compensation plans: long-term incentive plan, extraordinary share
plan and matching share plan (as part of the Short-term incentive plan of the Executive Board).
Long-term incentive plan (LTIP)
HEINEKEN has a performance-based LTIP for the Executive Board and senior management. Under this LTIP,
share rights are conditionally awarded to participants on an annual basis. The vesting of these rights is
subject to the performance of Heineken N.V., on specific internal performance conditions and continued
service over a three-calendar year period by the employee. The share rights are not dividend-bearing during
the performance period.
At target performance, 100% of the awarded share rights vest. At threshold performance, 50% of the
awarded share rights vest and at maximum performance, 200% of the awarded share rights vest.
The grant date, fair market value (FMV) at the grant date, service period and vesting date for the LTIP are
visualised\u00a0below:
LTI Plan
2022
2023
2024
2025
2026
2027
grant date
FMV \u20ac82.06
performance period
2023-2025
vesting date
grant date
FMV \u20ac86.49
performance period
2024-2026
vesting date
grant date
FMV \u20ac63.14
performance period
2025-2027
Total LTIP
expenses
recognised in
2025
The number of outstanding share rights and the movement over the year under the LTIP of the Executive
Board and senior management is as follows:
Number of share
rights 2025
Number of share
rights 2024
Outstanding as at 1 January
1,385,929
1,379,471
Granted during the year
747,386
521,978
Forfeited during the year
(113,754)
(95,939)
Vested previous year
(529,760)
(676,215)
Performance adjustment
(377,788)
256,634
Outstanding as at 31 December
1,112,013
1,385,929
Share price as at 31 December
69.74
68.70
At vesting, HEINEKEN deducts a number of shares to cover payroll taxes and mandatory withholdings on
behalf of the individual employees. Therefore, the number of Heineken N.V. shares to be received by LTIP
participants is a net (after-tax) number. Ownership of the vested LTIP 2023-2025 shares will transfer to the
Executive Board members shortly after the publication of the annual results of 2025 and to senior
management on 1 April 2026.
Other share-based compensation plans
In 2025, under the Extraordinary share plans for senior management, 29,585 shares were granted (2024:
14,528) and 14,055 (gross) shares vested (2024: 10,828). These extraordinary grants only have a service
condition and vest between one and five years. The expenses relating to these additional grants are
recognised in profit or loss during the vesting period. In 2025, expenses amounted to \u20ac1 million (2024: \u20ac1
million).
Matching shares granted to the Executive Board are disclosed in note 13.3.
Personnel expenses
The total share-based compensation expense that is recognised in 2025 amounts to \u20ac33 million (2024: \u20ac42
million share-based compensation expense).
In millions of \u20ac
Note
2025
2024
Share rights granted in 2022
\u2014
25
Share rights granted in 2023
12
\u2014
Share rights granted in 2024
10
17
Share rights granted in 2025
11
\u2014
Total expense recognised in personnel expenses
6.4
33
42
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
The grant date fair value is calculated by adjusting the share price at the grant date for estimated foregone
dividends during the performance period, as the participants are not entitled to receive dividends during that
period. The foregone dividends are estimated by applying HEINEKEN's dividend policy on the latest forecasts
of net profit (beia).
At each balance sheet date, HEINEKEN uses its latest forecasts to calculate the expected realisation on the
performance targets per plan. The number of shares is adjusted to the new target realisation and HEINEKEN
increases/decreases the total plan cost. The cumulative effect is recorded in the profit or loss, with a
corresponding adjustment to equity.
Expenses related to employees that voluntarily leave HEINEKEN are reversed as they will not receive any
shares from the LTIP. The expense calculation includes the estimated future forfeiture. HEINEKEN uses
historical information to estimate this forfeiture rate.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
HEINEKEN's share-based compensation plans are equity-settled share rights granted to the Executive Board
and senior management.
The grant date fair value is calculated by deducting expected foregone dividends from the grant date during
the performance period share price. The costs of the share plans are adjusted for expected performance and
forfeiture and spread evenly over the service period.
Share-based compensation expenses are recorded in the profit or loss, with a corresponding adjustment to
equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
HEINEKEN's share-based compensation plans are equity-settled share rights granted to the Executive Board
and senior management.
The grant date fair value is calculated by deducting expected foregone dividends from the grant date during
the performance period share price. The costs of the share plans are adjusted for expected performance and
forfeiture and spread evenly over the service period.
Share-based compensation expenses are recorded in the profit or loss, with a corresponding adjustment to
equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
6.6\u00a0 \u00a0 Amortisation, depreciation and impairments
In millions of \u20ac
Note
2025
2024
Property, plant and equipment
8.2
2,127
2,015
Intangible assets
8.1
440
534
Assets classified as held for sale
10.2
\u2014
7
Other
42
49
2,609
2,605
Property, plant and equipment include depreciation and impairment of right of use (ROU) assets of \u20ac 352
million ( 2024 : \u20ac311 million).
For more information on impairment losses, refer to note 8.2.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Refer to note 8.1 for the accounting policy on impairments and amortisation, and to note 8.2 for the policy
on\u00a0depreciation.
Goodwill impairment testing
For impairment testing, goodwill in respect of Europe, Americas (excluding Brazil) and Asia Pacific (excluding
India) is allocated and monitored on a regional basis. For Brazil, India, Heineken Beverages and other
subsidiaries within Africa, Middle East and Head Office, goodwill is allocated and monitored on an individual
or combined country basis. The total amount of goodwill of \u20ac11,588 million (2024: \u20ac12,301 million) is
allocated to each (group of) Cash Generating Unit (CGU) as follows:
\"841\"
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The r ecoverable amounts
of the (group of) CGUs are based on the higher of the fair value less costs of disposal (FVLCD) and value in use
(VIU) calculations. CGUs for which the recoverable amount is based on a VIU model r epresent 95% of goodwill.
VIU is determined by discounting the future cash flows generated from the continuing use of the CGU using a
pre-tax discount rate.
The key assumptions used for the value in use calculations are as follows:
\u2013 Cash flows are projected based on actual operating results and the approved business plan. Cash flows
thereafter are extrapolated up to a 10-year period (Europe and Head Office 5-year) using an expected
annual volume growth rate per country, which is based on external sources. The extrapolated cash flows
are therefore projected using steady or progressively declining net cash flow growth rates. Based on past
experience, management considers this period to reflect the long-term development of the local beer and
cider business.
\u2013 The beer and cider price growth per year, after the forecast period, is assumed to be the expected country-
specific annual long-term inflation, which is based on external sources.
\u2013 Cash flows after the first 10-year period (Europe and Head Office 5-year) are extrapolated using a
perpetual growth rate equal to the expected 30-year average inflation to calculate the terminal
recoverable amount. For Europe, a return on inflation-linked bond rates is used to extrapolate cash flows.
\u2013 A CGU-specific pre-tax weighted average cost of capital (WACC) was applied per CGU in determining the
recoverable amount of the\u00a0units.
The values assigned to the key assumptions used for the VIU calculations are as follows:
In %
Pre-tax
WACC
Expected annual
long-term
inflation
applied for years
2029-2035
Expected volume
growth rates
applied for years
2029-2035
Europe
9.6
2.0
1.5
Americas (excluding Brazil)
12.1
3.2
4.0
Brazil
13.9
3.5
1.8
Africa & Middle East (excluding Heineken Beverages)
18.6-26.9
5.0-8.0
2.5-6.1
Heineken Beverages
13.8
3.2
4.1
Asia Pacific (excluding India)
13.0
3.5
1.7
Head Office
13.0
3.4
2.5
In 2025, there has been a general increase in the WACC applied across most CGUs, primarily due to increased
interest rates.
Impairment losses
The annual goodwill impairment test resulted in no impairment loss for the current year (2024: nil). In
addition, the asset impairment test required as a result of the identification of impairment indicators resulted
in an impairment of nil on goodwill and \u20ac28 million on intangible assets other than goodwill (2024: \u20ac88
million on intangible assets other than goodwill) (refer to note 8.2).
Sensitivity to changes in assumptions
The outcome of a sensitivity analysis of a 200 basis points adverse change in key assumptions (i.e. lower
growth rates or higher discount rates respectively) did not result in a materially different outcome for the
impairment test.
Brands, customer-related and contract-based intangibles
The main brands capitalised are the brands acquired in various acquisitions. The main customer-related and
contract-based intangibles relate to customer relationships (constituted either by way of a contractual
agreement or by way of non-contractual relations) and re-acquired rights.
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
The cash flow projections used in the VIU calculations for goodwill impairment testing contain various
judgements and estimations as described in the key assumptions for the VIU calculations. Such judgements
and estimates are subject to change because of changing economic conditions and climate impact and actual
cash flows may differ from forecasts. The below additional considerations have been applied by HEINEKEN
regarding the potential financial impact of the macro-economic environment and uncertainties including
increasing inflationary pressures worldwide:
\u2013 Changes in the interest rate environment are taken into consideration when determining the discount
rates
\u2013 Terminal growth rates do not exceed the long-term annual inflation rate of the country or region, thus
excluding any increased inflation growth experiences in the short term
\u2013 Sensitivity scenarios are applied to the key assumptions used in the impairment testing
The impact of climate change risk on future cash flows have also been considered at an CGU and asset level,
including committed capital expenditure and operational expenditure. No material financial impacts to the
current year impairment assessment were identified.
For intangible assets, other than goodwill, estimates are required to determine the (remaining) useful lives.
Useful lives are determined based on the market position (for brands), estimated remaining useful life of the
customer relationships or the period of the contractual arrangements, or estimates on technological and
commercial developments (for software/development expenditure).
Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. HEINEKEN
believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the
future economic benefits embodied in the intangible asset.
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such
indication exists, the recoverable amount is estimated. The existence of any immediate or short-term physical
threats due to climate change were also considered in assessing for any indication of impairment.
Furthermore, HEINEKEN assesses goodwill and other intangible assets with an indefinite useful life annually
for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from
continuing use. The CGU for other non-financial assets is often the operating company on a country level.
The recoverable amount of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its
recoverable amount, except where IAS 29 requires entities that apply hyperinflation accounting for the first time
to recognise impairment related to prior periods in opening equity. Impairment losses are first allocated to
goodwill and intangible assets with an indefinite useful life. A remaining impairment loss is then allocated to the
other assets in the unit on a pro-rata basis. In respect of other assets, impairment losses recognised in prior
periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation if no impairment loss
had been recognised. Impairment losses recognised on goodwill are not reversed in subsequent periods.
Impairment losses
Impairments of nil on goodwill (2024: nil), \u20ac403 million on owned property, plant and equipment (2024:
\u20ac211 million), \u20ac28 million on intangible assets with finite useful life (2024: \u20ac88 million) and \u20ac14 million on
right of use (ROU) assets (2024: \u20ac6 million) were recorded for the year ended 31 December 2025.
The impairments mainly relate to Alken-Maes N.V. (Belgium) for \u20ac157 million, included in the Europe
operating segment, Brasseries, Limonaderies et Malteries \u201cBralima\u201d, SA (DRC) for \u20ac113 million and Brasseries
et Limonaderies du Burundi \u201cBrarudi\u201d S.A. (Burundi) for \u20ac151 million, both included in the Africa & Middle
East operating segment.
The impairment for Belgium is driven by a deteriorating outlook, specifically for exports volume, influenced by
inflation and broader macro-economic challenges. The impairment for DRC reflects the impact of the
suspension of operations at the Bukavu brewery, due to the ongoing security issues in the region. The
impairment for Burundi relates to hyperinflation accounting, which was applied for the first time for the
period ended 31 December 2025. Fixed assets are revalued for the inflation since they were acquired, which
resulted in an increase in the carrying value of fixed assets.
IAS 29 requires entities that apply hyperinflation accounting for the first time to recognise impairment
related to prior periods in opening equity. The impairment for Burundi related to prior periods (\u20ac111 million)
is recorded in the retained earnings balance as at 1 January 2025. The charge relating to the current year
(\u20ac40 million) and other impairments are recorded on the line amortisation, depreciation and impairments in
the income statement.
The determination of the recoverable amount of the assets of Belgium, DRC, and Burundi is based on a VIU
valuation. For Belgium, this is based on a discounted five-year cash flow forecast, while for DRC and Burundi,
it is based on a discounted ten-year cash flow forecast. The key assumptions used to determine the cash
flows are based on market expectations and management's best estimates. Cash flows thereafter are
extrapolated using a perpetual growth rate equal to the expected 30-year compounded average inflation
rate, in order to calculate the terminal recoverable amount.
For a split per asset class, refer to the movement schedules in notes 8.1 and 8.2.
See the table below for the key assumptions:
Belgium
DRC
Burundi
In %
2025-2028
2029
2025-2028
2029-2034
2025-2028
2029-2034
Pre-tax WACC (in local currency)
8.8
8.8
23.7
23.7
40.5
40.5
Expected annual long-term
inflation
2.0
6.1
5.8
Expected volume growth
(1.3)
1.3
(8.2)
0.0
0.3
0.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
6.6\u00a0 \u00a0 Amortisation, depreciation and impairments
In millions of \u20ac
Note
2025
2024
Property, plant and equipment
8.2
2,127
2,015
Intangible assets
8.1
440
534
Assets classified as held for sale
10.2
\u2014
7
Other
42
49
2,609
2,605
Property, plant and equipment include depreciation and impairment of right of use (ROU) assets of \u20ac 352
million ( 2024 : \u20ac311 million).
For more information on impairment losses, refer to note 8.2.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Refer to note 8.1 for the accounting policy on impairments and amortisation, and to note 8.2 for the policy
on\u00a0depreciation.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
6.7\u00a0 \u00a0 Earnings per share
The calculation of earnings per share (EPS) for the period ended 31 December 2025 is based on the profit
attributable to the shareholders of the Company (net profit) and the weighted average number of shares
outstanding (basic and diluted) during the year ended 31 December 2025.
In \u20ac per share (basic or diluted) for the period ended 31 December
2025
2024
Basic earnings per share
3.39
1.75
Diluted earnings per share
3.38
1.74
Refer to the table below for the information used in the calculation of the basic and diluted earnings per
share.
Weighted average number of shares \u2013 basic and dilute d
2025
2024
Total number of shares issued
576,002,613
576,002,613
Effect of own shares held
(12,327,756)
(10,656,871)
Shares repurchased from Heineken Holding N.V. but not yet legally transferred
(1,743,142)
\u2014
Shares for which dividend is waived by Heineken Holding N.V.
(5,156,781)
(5,156,781)
Weighted average number of basic shares outstanding for the year
556,774,934
560,188,961
Dilutive effect of share-based payment plan obligations
249,808
450,069
Weighted average number of diluted shares outstanding for the year
557,024,742
560,639,030
On 13 February 2025, Heineken N.V. announced the start of the first \u20ac750 million tranche of its \u20ac1.5 billion
two-year share buyback programme.
Shares repurchased from stock exchange
From 13 February 2025 up to and including 31 December 2025, HEINEKEN bought back 4.9 million shares
for a total amount of \u20ac352 million from minority shareholders. As per 31 December 2025, the shares have
been delivered to HEINEKEN and are classified as treasury shares and presented in the reserve for own
shares.
Shares repurchased from Heineken Holding N.V. but not yet legally transferred
From 13 February 2025 up to and including 31 December 2025, HEINEKEN bought back 4.9 million shares
for a total amount of \u20ac349 million from Heineken Holding N.V. As per 31 December 2025, these shares are
not yet legally transferred to HEINEKEN and remain part of shares issued. The pre-payment for these shares
has been presented as a deduction to retained earnings. Heineken Holding N.V. has waived the voting and
dividend rights relating to these Heineken N.V. shares, therefore these shares are not part of the number of
outstanding ordinary shares of HEINEKEN.
Shares for which dividend is waived by Heineken Holding N.V.
In 2023, HEINEKEN entered into a cross-holding agreement with Heineken Holding N.V., which includes a
waiver by HEINEKEN of payment of any dividends on the Heineken Holding N.V. shares held by HEINEKEN
as well by Heineken Holding N.V., on an equivalent number of Heineken N.V. shares held by Heineken
Holding N.V, which were acquired from FEMSA as part of the accelerated bookbuild offering. The Heineken
N.V. shares for which dividends are waived by Heineken Holding N.V. are therefore not part of the number of
outstanding ordinary shares of HEINEKEN.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
HEINEKEN presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by
dividing the profit or loss attributable to shareholders of the Company by the weighted average number of
shares outstanding during the year, adjusted for the weighted average number of own shares held in the
year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted
average number of shares outstanding, adjusted for the weighted average number of own shares held in the
year and for the effects of all dilutive potential shares which comprise share rights granted to employees and
the Executive Board. The effects of anti-dilutive potential ordinary shares are ignored in calculating
diluted\u00a0EPS.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "3.39", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-447": { "value": "1.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-448": { "value": "3.38", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-449": { "value": "1.74", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-450": { "value": "556774934.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-451": { "value": "557024742.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-452": { "value": "560639030.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:AdjustedWeightedAverageShares", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-453": { "value": "
HEINEKEN presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by
dividing the profit or loss attributable to shareholders of the Company by the weighted average number of
shares outstanding during the year, adjusted for the weighted average number of own shares held in the
year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted
average number of shares outstanding, adjusted for the weighted average number of own shares held in the
year and for the effects of all dilutive potential shares which comprise share rights granted to employees and
the Executive Board. The effects of anti-dilutive potential ordinary shares are ignored in calculating
diluted\u00a0EPS.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
7.1\u00a0 \u00a0 Inventories
Inventories include raw and packaging materials, work in progress, spare parts, goods for resale and finished
products.
In millions of \u20ac
2025
2024
Raw materials
756
795
Work in progress
429
440
Finished products
993
983
Goods for resale
272
271
Non-returnable packaging
359
408
Other inventories and spare parts
454
675
3,263
3,572
In 2025 , the inventories written down to net realisable value amounted to \u20ac18 million ( 2024: \u20ac10 million, write-
down).
Accounting policies
\"Financials-Icons-Policies.png\"
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a
weighted average cost and includes expenditure incurred in acquiring the inventories, production or
conversion costs and other costs incurred in bringing them to their present location and condition. Cost of
inventories are generally updated on annual basis except if a structural change is identified during the period
such as the impact of inflationary pressure on input costs.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and selling expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a
weighted average cost and includes expenditure incurred in acquiring the inventories, production or
conversion costs and other costs incurred in bringing them to their present location and condition. Cost of
inventories are generally updated on annual basis except if a structural change is identified during the period
such as the impact of inflationary pressure on input costs.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of
completion and selling expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
7.2\u00a0 \u00a0 Trade and other receivables
Trade and other receivables arise during ordinary activities, mainly relating to the sale and delivery of
products to customers.
In millions of \u20ac
2025
2024
Trade receivables
3,056
3,118
Other receivables
898
901
Trade receivables due from associates and joint ventures
14
7
Prepayments
520
562
4,488
4,588
Trade and other receivables contain a net impairment loss o f \u20ac32 million (2024: \u20ac 86 million) from contracts
with customers, which is included in expenses for raw materials, consumables and services.
The ageing of trade and other receivables (excluding prepayments) as at 31 December 2025 is as follows:
2025
Past due
In millions of \u20ac
Total
Not past due
0-30 days
31-120 days
> 120 days
Gross
4,429
3,289
366
286
488
Allowance
(461)
(111)
(42)
(47)
(261)
3,968
3,178
324
239
227
2024
Past due
In millions of \u20ac
Total
Not past due
0-30 days
31-120 days
> 120 days
Gross
4,523
3,339
368
225
591
Allowance
(497)
(99)
(29)
(64)
(305)
4,026
3,240
339
161
286
The movement in allowance for credit losses for trade and other receivables during the year is as follows:
In millions of \u20ac
2025
2024
Balance as at 1 January
497
488
Addition to allowance
54
94
Allowance used
(65)
(62)
Allowance released
(22)
(8)
Effect of movements in exchange rates
(3)
(15)
Balance as at 31 December
461
497
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
HEINEKEN determines on each reporting date the impairment of trade and other receivables using a model
(e.g. flow rate method) which estimates the lifetime expected credit losses that will be incurred on these
receivables. Individually significant financial assets are tested for impairment on an individual basis. The
remaining financial assets are assessed collectively in groups that share similar credit risk characteristics. Due
to the macro-economic environment and uncertainties including increasing inflationary pressure on
HEINEKEN\u2019s customers, judgement is required in the calculation of expected credit losses. As part of these
assessments, HEINEKEN has incorporated all reasonable and supportable information available such as
whether there has been a breach of payment terms or deterioration of payment against payment terms, a
request for extended payment terms or a request for waived payment terms. For more information on
HEINEKEN's credit risk exposure refer to note 11.5.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Trade and other receivables are held by HEINEKEN to collect the related cash flows. These receivables are
measured at fair value and subsequently at amortised cost minus any impairment losses. Trade and other
receivables are derecognised by HEINEKEN when substantially all risks and rewards are transferred or if
HEINEKEN does not retain control over the receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
The ageing of trade and other receivables (excluding prepayments) as at 31 December 2025 is as follows:
2025
Past due
In millions of \u20ac
Total
Not past due
0-30 days
31-120 days
> 120 days
Gross
4,429
3,289
366
286
488
Allowance
(461)
(111)
(42)
(47)
(261)
3,968
3,178
324
239
227
2024
Past due
In millions of \u20ac
Total
Not past due
0-30 days
31-120 days
> 120 days
Gross
4,523
3,339
368
225
591
Allowance
(497)
(99)
(29)
(64)
(305)
4,026
3,240
339
161
286
The movement in allowance for credit losses for trade and other receivables during the year is as follows:
In millions of \u20ac
2025
2024
Balance as at 1 January
497
488
Addition to allowance
54
94
Allowance used
(65)
(62)
Allowance released
(22)
(8)
Effect of movements in exchange rates
(3)
(15)
Balance as at 31 December
461
497
The movement in allowance for impairment losses for loans and advances to customers during the year is as
follows:
In millions of \u20ac
2025
2024
Balance as at 1 January
53
60
Addition to allowance
9
6
Allowance used
(7)
(10)
Effect of movements in exchange rates
\u2014
(3)
Balance as at 31 December
55
53
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
Trade and other receivables are held by HEINEKEN to collect the related cash flows. These receivables are
measured at fair value and subsequently at amortised cost minus any impairment losses. Trade and other
receivables are derecognised by HEINEKEN when substantially all risks and rewards are transferred or if
HEINEKEN does not retain control over the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
7.3\u00a0 \u00a0 Trade and other payables
In the ordinary course of business, payable positions arise towards suppliers of goods and services, as well as
to other parties. Refer to the table below for the different types of trade and other payables.
In millions of \u20ac
2025
2024
Trade payables
5,830
5,986
Accruals
1,804
1,812
Taxation and social security contributions
1,279
1,427
Interest
234
230
Dividends
20
18
Other payables
381
439
9,548
9,912
Supplier finance arrangements
HEINEKEN has several supplier finance arrangements in place for its suppliers with multiple reputable banks with
a strong credit rating. The majority of supplier finance arrangements are used in Europe and Americas. Under a
supplier finance arrangement, a bank acts as agent for payments related to a certain invoice. In a fully
automated manner, the bank collects a payment from HEINEKEN at due date of the invoice and pays this
onwards to the supplier. HEINEKEN has an agency agreement with the bank, as such HEINEKEN is not required
to provide assets pledged as security or other forms of guarantees for the supplier finance arrangements. In case
the supplier desires to collect the payment before due date of the invoice, the supplier can indicate such to the
bank once HEINEKEN has confirmed the invoice. The supplier will then receive the invoice amount at a discount
from the bank. The discount represents the time value of money between due date and collection date of the
invoice by the supplier and is agreed in a separate arrangement between the supplier and the bank.
The carrying amounts of liabilities part of the arrangements are as follows:
In millions of \u20ac
2025
2024
Amount included in trade payables
1,760
1,804
Of which suppliers have been paid by paying agent
969
1,009
The effects of non cash changes did not have a material impact on the carrying amount of liabilities part of the
arrangements.
The range of payment due dates as at 31 December 2025 are as follows:
2025
2024
In days
Min
Max
Weighted
average
Min
Max
Weighted
average
Liabilities that are part of the arrangements
7
180
119
7
180
114
Comparable trade payables that are not
part of the arrangement1
7
180
111
7
180
103
1\u00a0 Comparable trade payables are payables outside of supplier finance arrangements, that falls within the same jurisdiction or business-line as payables that
form part of supplier finance arrangements.
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
HEINEKEN makes estimates in the determination of discount accruals. When discounts are provided to
customers, these reduce the transaction price and consequently the revenue. The conditional discounts in
revenue (refer to note 6.1) are estimated based on accumulated experience supported by historical and current
sales information. Expected sales volumes are determined taking into account (historical) sales patterns and
other relevant information. A discount accrual is recognised for expected volume and discounts due to customers
in relation to sales made until the end of the reporting period.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade
payables are derecognised when the contractual obligation is either discharged, cancelled or expired. When
trade payables become subject to supplier financing arrangements, they are not derecognised, because
HEINEKEN is not legally released from its obligation to the supplier and the liabilities are not substantially
modified upon inception of the arrangements.
Returnable packaging deposit liability
In certain markets, HEINEKEN has the legal or constructive obligation to take back the materials from the
market. A deposit value is generally charged upon the sale of the finished product, which is reimbursed when
the empty returnable packaging material is returned.
In millions of \u20ac
2025
2024
Returnable packaging deposits
543
525
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade
payables are derecognised when the contractual obligation is either discharged, cancelled or expired. When
trade payables become subject to supplier financing arrangements, they are not derecognised, because
HEINEKEN is not legally released from its obligation to the supplier and the liabilities are not substantially
modified upon inception of the arrangements.
Returnable packaging deposit liability
HEINEKEN recognises a deposit liability when a legal or constructive obligation exists to reimburse the
customer for returnable packaging materials that are returned. The returnable packaging deposit liability is
based on the estimated returnable packaging materials in the market, the expected return thereof and the
deposit value.
In the event the deposit value is increased, the relating liability is remeasured through profit and loss taking into
account the returnable packaging materials which are already in the market.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
7.4\u00a0 \u00a0 Returnable packaging materials
HEINEKEN uses returnable packaging materials such as glass bottles, crates and kegs in selling the finished
products to the customer.
Returnable packaging materials
The majority of returnable packaging materials are classified as property, plant and equipment. The category
\u2018Other fixed assets\u2019 in property, plant and equipment (refer to note 8.2 ) includes \u20ac1,135 million (2024: \u20ac1,128
million) of returnable packaging materials.
8.2\u00a0 \u00a0 Property, plant and equipment
Property, plant and equipment (P,P&E) are fixed assets that are owned by HEINEKEN, as well as ROU assets
under a lease agreement. Owned and ROU assets are held for use in HEINEKEN's operating activities. Refer to
the table below for the split between owned assets and ROU assets as per balance sheet date:
In millions of \u20ac
2025
2024
Property, plant and equipment \u2013 owned assets
13,285
13,573
Right of use assets
1,252
1,104
14,537
14,677
Owned assets
The table below details the historical cost per asset class and the movements during the year for owned assets.
2025
2024
In millions of \u20ac
Note
Land and
buildings
Plant and
equipment
Other
fixed assets
Under
construction
Total
Land and
buildings
Plant and
equipment
Other
fixed assets
Under
construction
Total
Cost
Balance as at 1 January
8,311
11,562
7,060
1,785
28,718
8,283
11,586
7,020
1,576
28,465
Hyperinflation restatement to 1 January
63
232
99
2
396
\u2014
\u2014
\u2014
\u2014
\u2014
Changes in consolidation and other transfers
(2)
(13)
154
\u2014
139
(3)
(13)
(24)
\u2014
(40)
Purchases
26
58
277
1,450
1,811
38
101
357
1,826
2,322
Transfer of completed projects under construction
517
952
427
(1,896)
\u2014
306
639
466
(1,411)
\u2014
Transfer (to)/from assets classified as held for sale
12
1
\u2014
(2)
11
(70)
(12)
(2)
(16)
(100)
Disposals
(48)
(86)
(272)
(74)
(480)
(115)
(298)
(392)
(39)
(844)
Hyperinflation adjustment
53
117
74
(1)
243
46
96
70
2
214
Effect of movements in exchange rates
(297)
(425)
(202)
(29)
(953)
(174)
(537)
(435)
(153)
(1,299)
Balance as at 31 December
8,635
12,398
7,617
1,235
29,885
8,311
11,562
7,060
1,785
28,718
Depreciation and impairment losses
Balance as at 1 January
(3,120)
(6,961)
(4,986)
(78)
(15,145)
(3,014)
(6,708)
(4,939)
(72)
(14,733)
Hyperinflation restatement to 1 January
(69)
(237)
(101)
(1)
(408)
\u2014
\u2014
\u2014
\u2014
\u2014
Changes in consolidation
\u2014
6
5
\u2014
11
2
3
16
3
24
Depreciation charge for the year
6.6
(189)
(597)
(697)
\u2014
(1,483)
(182)
(623)
(686)
(2)
(1,493)
Impairment losses
6.6
(48)
(101)
(115)
(28)
(292)
(114)
(93)
(25)
(10)
(242)
Reversals of impairments
6.6
\u2014
\u2014
\u2014
\u2014
\u2014
30
\u2014
1
\u2014
31
Transfer to/(from) assets classified as held for sale
2
\u2014
\u2014
\u2014
2
36
8
1
16
61
Disposals
34
82
246
64
426
78
279
385
(13)
729
Hyperinflation adjustment
(9)
(86)
(60)
\u2014
(155)
(11)
(51)
(47)
\u2014
(109)
Effect of movements in exchange rates
76
225
143
\u2014
444
55
224
308
\u2014
587
Balance as at 31 December
(3,323)
(7,669)
(5,565)
(43)
(16,600)
(3,120)
(6,961)
(4,986)
(78)
(15,145)
Carrying amount
As at 1 January
5,191
4,601
2,074
1,707
13,573
5,269
4,878
2,081
1,504
13,732
As at 31 December
5,312
4,729
2,052
1,192
13,285
5,191
4,601
2,074
1,707
13,573
Land and buildings include the breweries and offices of HEINEKEN as well as stores, pubs and bars. The plant
and machinery asset class contains all the assets needed in HEINEKEN's brewing, packaging and filling
activities. Other fixed assets mainly consist of returnable packaging materials, commercial fixed assets and
furniture, fixtures and fittings. Refer to note 7.4 for further information on returnable packaging materials
that are included in this category.
Impairment losses
Impairments of nil on goodwill (2024: nil), \u20ac403 million on owned property, plant and equipment (2024:
\u20ac211 million), \u20ac28 million on intangible assets with finite useful life (2024: \u20ac88 million) and \u20ac14 million on
right of use (ROU) assets (2024: \u20ac6 million) were recorded for the year ended 31 December 2025.
The impairments mainly relate to Alken-Maes N.V. (Belgium) for \u20ac157 million, included in the Europe
operating segment, Brasseries, Limonaderies et Malteries \u201cBralima\u201d, SA (DRC) for \u20ac113 million and Brasseries
et Limonaderies du Burundi \u201cBrarudi\u201d S.A. (Burundi) for \u20ac151 million, both included in the Africa & Middle
East operating segment.
The impairment for Belgium is driven by a deteriorating outlook, specifically for exports volume, influenced by
inflation and broader macro-economic challenges. The impairment for DRC reflects the impact of the
suspension of operations at the Bukavu brewery, due to the ongoing security issues in the region. The
impairment for Burundi relates to hyperinflation accounting, which was applied for the first time for the
period ended 31 December 2025. Fixed assets are revalued for the inflation since they were acquired, which
resulted in an increase in the carrying value of fixed assets.
IAS 29 requires entities that apply hyperinflation accounting for the first time to recognise impairment
related to prior periods in opening equity. The impairment for Burundi related to prior periods (\u20ac111 million)
is recorded in the retained earnings balance as at 1 January 2025. The charge relating to the current year
(\u20ac40 million) and other impairments are recorded on the line amortisation, depreciation and impairments in
the income statement.
The determination of the recoverable amount of the assets of Belgium, DRC, and Burundi is based on a VIU
valuation. For Belgium, this is based on a discounted five-year cash flow forecast, while for DRC and Burundi,
it is based on a discounted ten-year cash flow forecast. The key assumptions used to determine the cash
flows are based on market expectations and management's best estimates. Cash flows thereafter are
extrapolated using a perpetual growth rate equal to the expected 30-year compounded average inflation
rate, in order to calculate the terminal recoverable amount.
For a split per asset class, refer to the movement schedules in notes 8.1 and 8.2.
See the table below for the key assumptions:
Belgium
DRC
Burundi
In %
2025-2028
2029
2025-2028
2029-2034
2025-2028
2029-2034
Pre-tax WACC (in local currency)
8.8
8.8
23.7
23.7
40.5
40.5
Expected annual long-term
inflation
2.0
6.1
5.8
Expected volume growth
(1.3)
1.3
(8.2)
0.0
0.3
0.0
Right of use (ROU) assets
HEINEKEN leases stores, pubs, offices, warehouses, cars, (forklift) trucks and other equipment in the ordinary
course of business. HEINEKEN has around 37.000 leases with a wide range of different terms and conditions,
depending on local regulations and practices. Many leases contain extension and termination options, which
are included in the lease term if HEINEKEN is reasonably certain to exercise the option. Refer to the table
below for the carrying amount of ROU assets per asset class per balance sheet date:
In millions of \u20ac
2025
2024
Land and buildings
959
862
Equipment
293
242
Carrying amount ROU assets as at 31 December
1,252
1,104
In 2025, \u20ac585 million was added to the ROU assets as a result of entering into new lease contracts and the
remeasurement of existing leases (2024: \u20ac478 million). The depreciation and impairments of ROU assets for
the financial year ending 31 December is as follows:
In millions of \u20ac
2025
2024
Land and buildings
227
216
Equipment
125
95
Depreciation and impairments for ROU assets
352
311
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
Estimates are required to determine the (remaining) useful lives of fixed assets. Useful lives are determined
based on an asset's age, the frequency of its use, repair and maintenance policy, technology changes in
production, redundancies or changes due to climate risks and expected restructuring.
HEINEKEN estimates the expected residual value per asset item. The residual value is the higher of the
expected sales price (based on recent market transactions of similar sold items) and its material scrap value.
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of items of
P,P&E. HEINEKEN believes that straight-line depreciation most closely reflects the expected pattern of
consumption of the future economic benefits embodied in the asset.
Judgement is required to determine the lease term. The assessment of whether HEINEKEN is reasonably certain
to exercise extension options or to make use of termination options impacts the lease term, which as a result
could affect the amount of lease liabilities and ROU assets recognised.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Owned assets
A fixed asset is recognised when it is probable that future economic benefits associated with the P,P&E item
will flow to HEINEKEN and when the cost of the P,P&E can be reliably measured. The majority of the P,P&E of
HEINEKEN are owned assets, rather than leased assets.
P,P&E are recognised at historical cost less accumulated depreciation and impairment losses. Historical cost
includes all costs directly attributable to the purchase of an asset. The cost of self-constructed assets includes
all directly attributable costs to make the asset ready for its intended use. Spare parts that meet the definition
of P,P&E are capitalised and accounted for accordingly. If spare parts do not meet the recognition criteria of
P,P&E, they are either carried in inventory or consumed and recorded in profit or loss.
Subsequent costs are capitalised only when it is probable that the expenses will lead to future economic benefits
and can be measured reliably. The carrying amount of any component accounted for as a separate asset is
derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting
period in which they are incurred.
For the contractual commitments on ordered P,P&E refer to note 13.2.
Depreciation and impairments
Depreciation is calculated using the straight-line method, based on the estimated useful life of the asset class.
The\u00a0estimated useful lives of the main asset classes are as follows:
\u2013 Buildings15\u201340 years
\u2013 Plant and equipment\u00a0 5\u201330 years
\u2013 Other fixed assets\u00a0 3\u201310 years
Land and assets under construction are not depreciated. When assets under construction are ready for their
intended use, they are transferred to the relevant category and depreciation starts. All other P,P&E items are
depreciated over their estimated useful life to the asset's residual value.
The depreciation method, residual value and useful lives are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
HEINEKEN reviews whether indicators for impairment exist on a CGU level. When an indicator of impairment
exists, assets are tested for impairment. Impairment losses on assets, other than goodwill, recognised in prior
periods are assessed at each reporting date for any indication of a reversal, due to observable indications that
the asset's value has increased significantly or other significant changes with favourable effects.
Derecognition of Property, plant and equipment
P,P&E is derecognised when it is scrapped or sold. Gains on sale of P,P&E are presented in profit or loss as
other income (refer to note 6.2); losses on sale are included in depreciation.
Right of use (ROU) assets
Definition of a lease
A contract contains a lease if it provides the right to control the use of an identified asset for a period of time
in exchange for an amount payable to the lessor. The right to control the use of the identified asset exists
when having the right to obtain substantially all of the economic benefits from the use of that asset and
when having the right to direct the use of that asset.
HEINEKEN as a lessee
At the start date of the lease, HEINEKEN (lessee) recognises a ROU asset and a lease liability on the balance
sheet. The ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation
and impairment losses, and adjusted for certain remeasurements of the lease liability. Depreciation is
recognised on a straight-line basis over the shorter of the asset's useful life or the lease term. For
measurement of the lease liability, refer to note 11.3.
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013 The short-term lease exemption means that leases with a duration of less than a year are expensed in the
income statement on a straight-line basis.
\u2013 The low-value lease exemption, meaning that leased assets with an individual value of \u20ac5,000 or less if
bought new, are expensed in the income statement on a straight-line basis.
HEINEKEN as a lessor
A lease is classified as a finance lease when it transfers substantially all the risks and rewards relating to
ownership of the underlying asset to the lessee. For contracts where HEINEKEN acts as an intermediate
lessor, the subleases are classified with reference to the ROU asset.
Lease related notes
For lease liabilities, refer to note 11.3 Borrowings. For short-term and low-value leases, refer to other expenses
in note 6.3 Raw materials, consumables and services. For the lease receivables, refer to other receivables in
note 8.5 Other non-current assets and other receivables in note 7.2 Trade and other receivables. For the
contractual maturities of lease liabilities, refer to note 11.5 Credit, liquidity and market risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
Returnable packaging materials
Returnable packaging materials may be classified as property, plant and equipment or inventory. The
classification mainly depends on whether ownership is transferred and if HEINEKEN has the legal or
constructive obligation to buy back the materials.
Refer to note 8.2 for the general accounting policy on property, plant and equipment. Specifically for
returnable packaging materials, the estimated useful life depends on the loss of the materials in the market
as well as on HEINEKEN's sites.
Owned assets
A fixed asset is recognised when it is probable that future economic benefits associated with the P,P&E item
will flow to HEINEKEN and when the cost of the P,P&E can be reliably measured. The majority of the P,P&E of
HEINEKEN are owned assets, rather than leased assets.
P,P&E are recognised at historical cost less accumulated depreciation and impairment losses. Historical cost
includes all costs directly attributable to the purchase of an asset. The cost of self-constructed assets includes
all directly attributable costs to make the asset ready for its intended use. Spare parts that meet the definition
of P,P&E are capitalised and accounted for accordingly. If spare parts do not meet the recognition criteria of
P,P&E, they are either carried in inventory or consumed and recorded in profit or loss.
Subsequent costs are capitalised only when it is probable that the expenses will lead to future economic benefits
and can be measured reliably. The carrying amount of any component accounted for as a separate asset is
derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting
period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
8.1\u00a0 \u00a0 Intangible assets
Intangible assets within HEINEKEN are mainly goodwill, brands and customer-related intangibles such as customer lists. The majority of intangible assets have been recognised by HEINEKEN as part of acquisitions. Refer to
the table below for the historical cost per asset class and the movements during the year including amortisation.
2025
2024
In millions of \u20ac
Note
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Cost
Balance as at 1 January
13,339
9,704
1,894
1,069
1,738
27,744
13,258
9,556
1,980
1,063
1,562
27,419
Changes in consolidation
(1)
\u2014
\u2014
\u2014
(1)
(2)
16
3
(1)
(4)
(6)
8
Purchased/internally developed
\u2014
\u2014
4
3
262
269
\u2014
\u2014
3
15
263
281
Disposals
\u2014
\u2014
(2)
\u2014
(32)
(34)
\u2014
(4)
(81)
(3)
(54)
(142)
Hyperinflation adjustment
\u2014
6
\u2014
\u2014
1
7
17
6
\u2014
\u2014
1
24
Effect of movements in exchange rates
(709)
(900)
(155)
(69)
(16)
(1,849)
48
143
(7)
(2)
(28)
154
Balance as at 31 December
12,629
8,810
1,741
1,003
1,952
26,135
13,339
9,704
1,894
1,069
1,738
27,744
Amortisation and impairment losses
Balance as at 1 January
(1,038)
(2,317)
(1,288)
(405)
(995)
(6,043)
(1,020)
(2,031)
(1,299)
(392)
(896)
(5,638)
Changes in consolidation
\u2014
\u2014
\u2014
\u2014
1
1
\u2014
1
\u2014
9
\u2014
10
Amortisation charge for the year
6.6
\u2014
(202)
(74)
(8)
(128)
(412)
\u2014
(217)
(86)
(9)
(134)
(446)
Impairment losses
6.6
\u2014
(19)
\u2014
\u2014
(9)
(28)
\u2014
(53)
\u2014
(9)
(26)
(88)
Disposals
\u2014
\u2014
2
\u2014
29
31
\u2014
1
82
3
44
130
Hyperinflation adjustment
\u2014
(3)
\u2014
\u2014
(1)
(4)
\u2014
(3)
\u2014
\u2014
(1)
(4)
Effect of movements in exchange rates
(3)
176
106
41
11
331
(18)
(15)
15
(7)
18
(7)
Balance as at 31 December
(1,041)
(2,365)
(1,254)
(372)
(1,092)
(6,124)
(1,038)
(2,317)
(1,288)
(405)
(995)
(6,043)
Carrying amount
As at 1 January
12,301
7,387
606
664
743
21,701
12,238
7,525
681
671
666
21,781
As at 31 December
11,588
6,445
487
631
860
20,011
12,301
7,387
606
664
743
21,701
Goodwill impairment testing
For impairment testing, goodwill in respect of Europe, Americas (excluding Brazil) and Asia Pacific (excluding
India) is allocated and monitored on a regional basis. For Brazil, India, Heineken Beverages and other
subsidiaries within Africa, Middle East and Head Office, goodwill is allocated and monitored on an individual
or combined country basis. The total amount of goodwill of \u20ac11,588 million (2024: \u20ac12,301 million) is
allocated to each (group of) Cash Generating Unit (CGU) as follows:
\"841\"
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The r ecoverable amounts
of the (group of) CGUs are based on the higher of the fair value less costs of disposal (FVLCD) and value in use
(VIU) calculations. CGUs for which the recoverable amount is based on a VIU model r epresent 95% of goodwill.
VIU is determined by discounting the future cash flows generated from the continuing use of the CGU using a
pre-tax discount rate.
The key assumptions used for the value in use calculations are as follows:
\u2013 Cash flows are projected based on actual operating results and the approved business plan. Cash flows
thereafter are extrapolated up to a 10-year period (Europe and Head Office 5-year) using an expected
annual volume growth rate per country, which is based on external sources. The extrapolated cash flows
are therefore projected using steady or progressively declining net cash flow growth rates. Based on past
experience, management considers this period to reflect the long-term development of the local beer and
cider business.
\u2013 The beer and cider price growth per year, after the forecast period, is assumed to be the expected country-
specific annual long-term inflation, which is based on external sources.
\u2013 Cash flows after the first 10-year period (Europe and Head Office 5-year) are extrapolated using a
perpetual growth rate equal to the expected 30-year average inflation to calculate the terminal
recoverable amount. For Europe, a return on inflation-linked bond rates is used to extrapolate cash flows.
\u2013 A CGU-specific pre-tax weighted average cost of capital (WACC) was applied per CGU in determining the
recoverable amount of the\u00a0units.
The values assigned to the key assumptions used for the VIU calculations are as follows:
In %
Pre-tax
WACC
Expected annual
long-term
inflation
applied for years
2029-2035
Expected volume
growth rates
applied for years
2029-2035
Europe
9.6
2.0
1.5
Americas (excluding Brazil)
12.1
3.2
4.0
Brazil
13.9
3.5
1.8
Africa & Middle East (excluding Heineken Beverages)
18.6-26.9
5.0-8.0
2.5-6.1
Heineken Beverages
13.8
3.2
4.1
Asia Pacific (excluding India)
13.0
3.5
1.7
Head Office
13.0
3.4
2.5
In 2025, there has been a general increase in the WACC applied across most CGUs, primarily due to increased
interest rates.
Impairment losses
The annual goodwill impairment test resulted in no impairment loss for the current year (2024: nil). In
addition, the asset impairment test required as a result of the identification of impairment indicators resulted
in an impairment of nil on goodwill and \u20ac28 million on intangible assets other than goodwill (2024: \u20ac88
million on intangible assets other than goodwill) (refer to note 8.2).
Sensitivity to changes in assumptions
The outcome of a sensitivity analysis of a 200 basis points adverse change in key assumptions (i.e. lower
growth rates or higher discount rates respectively) did not result in a materially different outcome for the
impairment test.
Brands, customer-related and contract-based intangibles
The main brands capitalised are the brands acquired in various acquisitions. The main customer-related and
contract-based intangibles relate to customer relationships (constituted either by way of a contractual
agreement or by way of non-contractual relations) and re-acquired rights.
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
The cash flow projections used in the VIU calculations for goodwill impairment testing contain various
judgements and estimations as described in the key assumptions for the VIU calculations. Such judgements
and estimates are subject to change because of changing economic conditions and climate impact and actual
cash flows may differ from forecasts. The below additional considerations have been applied by HEINEKEN
regarding the potential financial impact of the macro-economic environment and uncertainties including
increasing inflationary pressures worldwide:
\u2013 Changes in the interest rate environment are taken into consideration when determining the discount
rates
\u2013 Terminal growth rates do not exceed the long-term annual inflation rate of the country or region, thus
excluding any increased inflation growth experiences in the short term
\u2013 Sensitivity scenarios are applied to the key assumptions used in the impairment testing
The impact of climate change risk on future cash flows have also been considered at an CGU and asset level,
including committed capital expenditure and operational expenditure. No material financial impacts to the
current year impairment assessment were identified.
For intangible assets, other than goodwill, estimates are required to determine the (remaining) useful lives.
Useful lives are determined based on the market position (for brands), estimated remaining useful life of the
customer relationships or the period of the contractual arrangements, or estimates on technological and
commercial developments (for software/development expenditure).
Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. HEINEKEN
believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the
future economic benefits embodied in the intangible asset.
Accounting policies
\"Financials-Icons-Policies.png\"
Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price
of the acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the
carrying amount of the associates and joint ventures.
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups
of CGUs for impairment testing and is tested annually for impairment. Negative goodwill is recognised
directly in profit or loss as other income. An impairment loss in respect of goodwill cannot be reversed.
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are
recognised at fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the
estimated useful life of the individual brand, respectively over the remaining useful life of the customer
relationships or the period of the contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established
brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed
software is capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in
profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge,
is recognised in profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life
are amortised on a straight-line basis over their estimated useful lives from the date they are available for
use. The estimated useful lives are as follows:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software (including internally generated software)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3\u20137 years
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented
in profit or loss as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is
derecognised when the related CGU is sold.
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such
indication exists, the recoverable amount is estimated. The existence of any immediate or short-term physical
threats due to climate change were also considered in assessing for any indication of impairment.
Furthermore, HEINEKEN assesses goodwill and other intangible assets with an indefinite useful life annually
for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from
continuing use. The CGU for other non-financial assets is often the operating company on a country level.
The recoverable amount of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its
recoverable amount, except where IAS 29 requires entities that apply hyperinflation accounting for the first time
to recognise impairment related to prior periods in opening equity. Impairment losses are first allocated to
goodwill and intangible assets with an indefinite useful life. A remaining impairment loss is then allocated to the
other assets in the unit on a pro-rata basis. In respect of other assets, impairment losses recognised in prior
periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation if no impairment loss
had been recognised. Impairment losses recognised on goodwill are not reversed in subsequent periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
8.1\u00a0 \u00a0 Intangible assets
Intangible assets within HEINEKEN are mainly goodwill, brands and customer-related intangibles such as customer lists. The majority of intangible assets have been recognised by HEINEKEN as part of acquisitions. Refer to
the table below for the historical cost per asset class and the movements during the year including amortisation.
2025
2024
In millions of \u20ac
Note
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Cost
Balance as at 1 January
13,339
9,704
1,894
1,069
1,738
27,744
13,258
9,556
1,980
1,063
1,562
27,419
Changes in consolidation
(1)
\u2014
\u2014
\u2014
(1)
(2)
16
3
(1)
(4)
(6)
8
Purchased/internally developed
\u2014
\u2014
4
3
262
269
\u2014
\u2014
3
15
263
281
Disposals
\u2014
\u2014
(2)
\u2014
(32)
(34)
\u2014
(4)
(81)
(3)
(54)
(142)
Hyperinflation adjustment
\u2014
6
\u2014
\u2014
1
7
17
6
\u2014
\u2014
1
24
Effect of movements in exchange rates
(709)
(900)
(155)
(69)
(16)
(1,849)
48
143
(7)
(2)
(28)
154
Balance as at 31 December
12,629
8,810
1,741
1,003
1,952
26,135
13,339
9,704
1,894
1,069
1,738
27,744
Amortisation and impairment losses
Balance as at 1 January
(1,038)
(2,317)
(1,288)
(405)
(995)
(6,043)
(1,020)
(2,031)
(1,299)
(392)
(896)
(5,638)
Changes in consolidation
\u2014
\u2014
\u2014
\u2014
1
1
\u2014
1
\u2014
9
\u2014
10
Amortisation charge for the year
6.6
\u2014
(202)
(74)
(8)
(128)
(412)
\u2014
(217)
(86)
(9)
(134)
(446)
Impairment losses
6.6
\u2014
(19)
\u2014
\u2014
(9)
(28)
\u2014
(53)
\u2014
(9)
(26)
(88)
Disposals
\u2014
\u2014
2
\u2014
29
31
\u2014
1
82
3
44
130
Hyperinflation adjustment
\u2014
(3)
\u2014
\u2014
(1)
(4)
\u2014
(3)
\u2014
\u2014
(1)
(4)
Effect of movements in exchange rates
(3)
176
106
41
11
331
(18)
(15)
15
(7)
18
(7)
Balance as at 31 December
(1,041)
(2,365)
(1,254)
(372)
(1,092)
(6,124)
(1,038)
(2,317)
(1,288)
(405)
(995)
(6,043)
Carrying amount
As at 1 January
12,301
7,387
606
664
743
21,701
12,238
7,525
681
671
666
21,781
As at 31 December
11,588
6,445
487
631
860
20,011
12,301
7,387
606
664
743
21,701
Goodwill impairment testing
For impairment testing, goodwill in respect of Europe, Americas (excluding Brazil) and Asia Pacific (excluding
India) is allocated and monitored on a regional basis. For Brazil, India, Heineken Beverages and other
subsidiaries within Africa, Middle East and Head Office, goodwill is allocated and monitored on an individual
or combined country basis. The total amount of goodwill of \u20ac11,588 million (2024: \u20ac12,301 million) is
allocated to each (group of) Cash Generating Unit (CGU) as follows:
\"841\"
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The r ecoverable amounts
of the (group of) CGUs are based on the higher of the fair value less costs of disposal (FVLCD) and value in use
(VIU) calculations. CGUs for which the recoverable amount is based on a VIU model r epresent 95% of goodwill.
VIU is determined by discounting the future cash flows generated from the continuing use of the CGU using a
pre-tax discount rate.
The key assumptions used for the value in use calculations are as follows:
\u2013 Cash flows are projected based on actual operating results and the approved business plan. Cash flows
thereafter are extrapolated up to a 10-year period (Europe and Head Office 5-year) using an expected
annual volume growth rate per country, which is based on external sources. The extrapolated cash flows
are therefore projected using steady or progressively declining net cash flow growth rates. Based on past
experience, management considers this period to reflect the long-term development of the local beer and
cider business.
\u2013 The beer and cider price growth per year, after the forecast period, is assumed to be the expected country-
specific annual long-term inflation, which is based on external sources.
\u2013 Cash flows after the first 10-year period (Europe and Head Office 5-year) are extrapolated using a
perpetual growth rate equal to the expected 30-year average inflation to calculate the terminal
recoverable amount. For Europe, a return on inflation-linked bond rates is used to extrapolate cash flows.
\u2013 A CGU-specific pre-tax weighted average cost of capital (WACC) was applied per CGU in determining the
recoverable amount of the\u00a0units.
The values assigned to the key assumptions used for the VIU calculations are as follows:
In %
Pre-tax
WACC
Expected annual
long-term
inflation
applied for years
2029-2035
Expected volume
growth rates
applied for years
2029-2035
Europe
9.6
2.0
1.5
Americas (excluding Brazil)
12.1
3.2
4.0
Brazil
13.9
3.5
1.8
Africa & Middle East (excluding Heineken Beverages)
18.6-26.9
5.0-8.0
2.5-6.1
Heineken Beverages
13.8
3.2
4.1
Asia Pacific (excluding India)
13.0
3.5
1.7
Head Office
13.0
3.4
2.5
In 2025, there has been a general increase in the WACC applied across most CGUs, primarily due to increased
interest rates.
Impairment losses
The annual goodwill impairment test resulted in no impairment loss for the current year (2024: nil). In
addition, the asset impairment test required as a result of the identification of impairment indicators resulted
in an impairment of nil on goodwill and \u20ac28 million on intangible assets other than goodwill (2024: \u20ac88
million on intangible assets other than goodwill) (refer to note 8.2).
Sensitivity to changes in assumptions
The outcome of a sensitivity analysis of a 200 basis points adverse change in key assumptions (i.e. lower
growth rates or higher discount rates respectively) did not result in a materially different outcome for the
impairment test.
Brands, customer-related and contract-based intangibles
The main brands capitalised are the brands acquired in various acquisitions. The main customer-related and
contract-based intangibles relate to customer relationships (constituted either by way of a contractual
agreement or by way of non-contractual relations) and re-acquired rights.
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
The cash flow projections used in the VIU calculations for goodwill impairment testing contain various
judgements and estimations as described in the key assumptions for the VIU calculations. Such judgements
and estimates are subject to change because of changing economic conditions and climate impact and actual
cash flows may differ from forecasts. The below additional considerations have been applied by HEINEKEN
regarding the potential financial impact of the macro-economic environment and uncertainties including
increasing inflationary pressures worldwide:
\u2013 Changes in the interest rate environment are taken into consideration when determining the discount
rates
\u2013 Terminal growth rates do not exceed the long-term annual inflation rate of the country or region, thus
excluding any increased inflation growth experiences in the short term
\u2013 Sensitivity scenarios are applied to the key assumptions used in the impairment testing
The impact of climate change risk on future cash flows have also been considered at an CGU and asset level,
including committed capital expenditure and operational expenditure. No material financial impacts to the
current year impairment assessment were identified.
For intangible assets, other than goodwill, estimates are required to determine the (remaining) useful lives.
Useful lives are determined based on the market position (for brands), estimated remaining useful life of the
customer relationships or the period of the contractual arrangements, or estimates on technological and
commercial developments (for software/development expenditure).
Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. HEINEKEN
believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the
future economic benefits embodied in the intangible asset.
Accounting policies
\"Financials-Icons-Policies.png\"
Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price
of the acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the
carrying amount of the associates and joint ventures.
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups
of CGUs for impairment testing and is tested annually for impairment. Negative goodwill is recognised
directly in profit or loss as other income. An impairment loss in respect of goodwill cannot be reversed.
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are
recognised at fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the
estimated useful life of the individual brand, respectively over the remaining useful life of the customer
relationships or the period of the contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established
brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed
software is capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in
profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge,
is recognised in profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life
are amortised on a straight-line basis over their estimated useful lives from the date they are available for
use. The estimated useful lives are as follows:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software (including internally generated software)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3\u20137 years
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented
in profit or loss as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is
derecognised when the related CGU is sold.
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such
indication exists, the recoverable amount is estimated. The existence of any immediate or short-term physical
threats due to climate change were also considered in assessing for any indication of impairment.
Furthermore, HEINEKEN assesses goodwill and other intangible assets with an indefinite useful life annually
for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from
continuing use. The CGU for other non-financial assets is often the operating company on a country level.
The recoverable amount of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its
recoverable amount, except where IAS 29 requires entities that apply hyperinflation accounting for the first time
to recognise impairment related to prior periods in opening equity. Impairment losses are first allocated to
goodwill and intangible assets with an indefinite useful life. A remaining impairment loss is then allocated to the
other assets in the unit on a pro-rata basis. In respect of other assets, impairment losses recognised in prior
periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation if no impairment loss
had been recognised. Impairment losses recognised on goodwill are not reversed in subsequent periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
8.1\u00a0 \u00a0 Intangible assets
Intangible assets within HEINEKEN are mainly goodwill, brands and customer-related intangibles such as customer lists. The majority of intangible assets have been recognised by HEINEKEN as part of acquisitions. Refer to
the table below for the historical cost per asset class and the movements during the year including amortisation.
2025
2024
In millions of \u20ac
Note
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Goodwill
Brands
Customer-
related
intangibles
Contract-
based
intangibles
Software,
research and
development
and other
Total
Cost
Balance as at 1 January
13,339
9,704
1,894
1,069
1,738
27,744
13,258
9,556
1,980
1,063
1,562
27,419
Changes in consolidation
(1)
\u2014
\u2014
\u2014
(1)
(2)
16
3
(1)
(4)
(6)
8
Purchased/internally developed
\u2014
\u2014
4
3
262
269
\u2014
\u2014
3
15
263
281
Disposals
\u2014
\u2014
(2)
\u2014
(32)
(34)
\u2014
(4)
(81)
(3)
(54)
(142)
Hyperinflation adjustment
\u2014
6
\u2014
\u2014
1
7
17
6
\u2014
\u2014
1
24
Effect of movements in exchange rates
(709)
(900)
(155)
(69)
(16)
(1,849)
48
143
(7)
(2)
(28)
154
Balance as at 31 December
12,629
8,810
1,741
1,003
1,952
26,135
13,339
9,704
1,894
1,069
1,738
27,744
Amortisation and impairment losses
Balance as at 1 January
(1,038)
(2,317)
(1,288)
(405)
(995)
(6,043)
(1,020)
(2,031)
(1,299)
(392)
(896)
(5,638)
Changes in consolidation
\u2014
\u2014
\u2014
\u2014
1
1
\u2014
1
\u2014
9
\u2014
10
Amortisation charge for the year
6.6
\u2014
(202)
(74)
(8)
(128)
(412)
\u2014
(217)
(86)
(9)
(134)
(446)
Impairment losses
6.6
\u2014
(19)
\u2014
\u2014
(9)
(28)
\u2014
(53)
\u2014
(9)
(26)
(88)
Disposals
\u2014
\u2014
2
\u2014
29
31
\u2014
1
82
3
44
130
Hyperinflation adjustment
\u2014
(3)
\u2014
\u2014
(1)
(4)
\u2014
(3)
\u2014
\u2014
(1)
(4)
Effect of movements in exchange rates
(3)
176
106
41
11
331
(18)
(15)
15
(7)
18
(7)
Balance as at 31 December
(1,041)
(2,365)
(1,254)
(372)
(1,092)
(6,124)
(1,038)
(2,317)
(1,288)
(405)
(995)
(6,043)
Carrying amount
As at 1 January
12,301
7,387
606
664
743
21,701
12,238
7,525
681
671
666
21,781
As at 31 December
11,588
6,445
487
631
860
20,011
12,301
7,387
606
664
743
21,701
Goodwill impairment testing
For impairment testing, goodwill in respect of Europe, Americas (excluding Brazil) and Asia Pacific (excluding
India) is allocated and monitored on a regional basis. For Brazil, India, Heineken Beverages and other
subsidiaries within Africa, Middle East and Head Office, goodwill is allocated and monitored on an individual
or combined country basis. The total amount of goodwill of \u20ac11,588 million (2024: \u20ac12,301 million) is
allocated to each (group of) Cash Generating Unit (CGU) as follows:
\"841\"
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The r ecoverable amounts
of the (group of) CGUs are based on the higher of the fair value less costs of disposal (FVLCD) and value in use
(VIU) calculations. CGUs for which the recoverable amount is based on a VIU model r epresent 95% of goodwill.
VIU is determined by discounting the future cash flows generated from the continuing use of the CGU using a
pre-tax discount rate.
The key assumptions used for the value in use calculations are as follows:
\u2013 Cash flows are projected based on actual operating results and the approved business plan. Cash flows
thereafter are extrapolated up to a 10-year period (Europe and Head Office 5-year) using an expected
annual volume growth rate per country, which is based on external sources. The extrapolated cash flows
are therefore projected using steady or progressively declining net cash flow growth rates. Based on past
experience, management considers this period to reflect the long-term development of the local beer and
cider business.
\u2013 The beer and cider price growth per year, after the forecast period, is assumed to be the expected country-
specific annual long-term inflation, which is based on external sources.
\u2013 Cash flows after the first 10-year period (Europe and Head Office 5-year) are extrapolated using a
perpetual growth rate equal to the expected 30-year average inflation to calculate the terminal
recoverable amount. For Europe, a return on inflation-linked bond rates is used to extrapolate cash flows.
\u2013 A CGU-specific pre-tax weighted average cost of capital (WACC) was applied per CGU in determining the
recoverable amount of the\u00a0units.
The values assigned to the key assumptions used for the VIU calculations are as follows:
In %
Pre-tax
WACC
Expected annual
long-term
inflation
applied for years
2029-2035
Expected volume
growth rates
applied for years
2029-2035
Europe
9.6
2.0
1.5
Americas (excluding Brazil)
12.1
3.2
4.0
Brazil
13.9
3.5
1.8
Africa & Middle East (excluding Heineken Beverages)
18.6-26.9
5.0-8.0
2.5-6.1
Heineken Beverages
13.8
3.2
4.1
Asia Pacific (excluding India)
13.0
3.5
1.7
Head Office
13.0
3.4
2.5
In 2025, there has been a general increase in the WACC applied across most CGUs, primarily due to increased
interest rates.
Impairment losses
The annual goodwill impairment test resulted in no impairment loss for the current year (2024: nil). In
addition, the asset impairment test required as a result of the identification of impairment indicators resulted
in an impairment of nil on goodwill and \u20ac28 million on intangible assets other than goodwill (2024: \u20ac88
million on intangible assets other than goodwill) (refer to note 8.2).
Sensitivity to changes in assumptions
The outcome of a sensitivity analysis of a 200 basis points adverse change in key assumptions (i.e. lower
growth rates or higher discount rates respectively) did not result in a materially different outcome for the
impairment test.
Brands, customer-related and contract-based intangibles
The main brands capitalised are the brands acquired in various acquisitions. The main customer-related and
contract-based intangibles relate to customer relationships (constituted either by way of a contractual
agreement or by way of non-contractual relations) and re-acquired rights.
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
The cash flow projections used in the VIU calculations for goodwill impairment testing contain various
judgements and estimations as described in the key assumptions for the VIU calculations. Such judgements
and estimates are subject to change because of changing economic conditions and climate impact and actual
cash flows may differ from forecasts. The below additional considerations have been applied by HEINEKEN
regarding the potential financial impact of the macro-economic environment and uncertainties including
increasing inflationary pressures worldwide:
\u2013 Changes in the interest rate environment are taken into consideration when determining the discount
rates
\u2013 Terminal growth rates do not exceed the long-term annual inflation rate of the country or region, thus
excluding any increased inflation growth experiences in the short term
\u2013 Sensitivity scenarios are applied to the key assumptions used in the impairment testing
The impact of climate change risk on future cash flows have also been considered at an CGU and asset level,
including committed capital expenditure and operational expenditure. No material financial impacts to the
current year impairment assessment were identified.
For intangible assets, other than goodwill, estimates are required to determine the (remaining) useful lives.
Useful lives are determined based on the market position (for brands), estimated remaining useful life of the
customer relationships or the period of the contractual arrangements, or estimates on technological and
commercial developments (for software/development expenditure).
Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. HEINEKEN
believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the
future economic benefits embodied in the intangible asset.
Accounting policies
\"Financials-Icons-Policies.png\"
Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price
of the acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the
carrying amount of the associates and joint ventures.
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups
of CGUs for impairment testing and is tested annually for impairment. Negative goodwill is recognised
directly in profit or loss as other income. An impairment loss in respect of goodwill cannot be reversed.
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are
recognised at fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the
estimated useful life of the individual brand, respectively over the remaining useful life of the customer
relationships or the period of the contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established
brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed
software is capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in
profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge,
is recognised in profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life
are amortised on a straight-line basis over their estimated useful lives from the date they are available for
use. The estimated useful lives are as follows:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software (including internally generated software)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3\u20137 years
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented
in profit or loss as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is
derecognised when the related CGU is sold.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price
of the acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the
carrying amount of the associates and joint ventures.
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups
of CGUs for impairment testing and is tested annually for impairment. Negative goodwill is recognised
directly in profit or loss as other income. An impairment loss in respect of goodwill cannot be reversed.
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are
recognised at fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the
estimated useful life of the individual brand, respectively over the remaining useful life of the customer
relationships or the period of the contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established
brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed
software is capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in
profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge,
is recognised in profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life
are amortised on a straight-line basis over their estimated useful lives from the date they are available for
use. The estimated useful lives are as follows:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software (including internally generated software)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3\u20137 years
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented
in profit or loss as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is
derecognised when the related CGU is sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price
of the acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the
carrying amount of the associates and joint ventures.
Goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to individual or groups
of CGUs for impairment testing and is tested annually for impairment. Negative goodwill is recognised
directly in profit or loss as other income. An impairment loss in respect of goodwill cannot be reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
Brands, customer-related and contract-based intangibles
Brands, customer-related and contract-based intangibles acquired as part of a business combination are
recognised at fair value. Otherwise, these acquired intangibles are recognised at cost and amortised over the
estimated useful life of the individual brand, respectively over the remaining useful life of the customer
relationships or the period of the contractual arrangements.
Strategic brands are well-known international/local brands with a strong market position and an established
brand name.
Software, research and development and other intangible assets
Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed
software is capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in
profit or loss when incurred.
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge,
is recognised in profit or loss when incurred.
Amortisation
Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life
are amortised on a straight-line basis over their estimated useful lives from the date they are available for
use. The estimated useful lives are as follows:
\u2013 Strategic brands 40\u201350 years
\u2013 Other brands 5\u201325 years
\u2013 Customer-related and contract-based intangibles 5\u201325 years
\u2013 Re-acquired rights 3\u201312 years
\u2013 Software (including internally generated software)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3\u20137 years
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
De-recognition of intangible assets
Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented
in profit or loss as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is
derecognised when the related CGU is sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such
indication exists, the recoverable amount is estimated. The existence of any immediate or short-term physical
threats due to climate change were also considered in assessing for any indication of impairment.
Furthermore, HEINEKEN assesses goodwill and other intangible assets with an indefinite useful life annually
for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from
continuing use. The CGU for other non-financial assets is often the operating company on a country level.
The recoverable amount of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its
recoverable amount, except where IAS 29 requires entities that apply hyperinflation accounting for the first time
to recognise impairment related to prior periods in opening equity. Impairment losses are first allocated to
goodwill and intangible assets with an indefinite useful life. A remaining impairment loss is then allocated to the
other assets in the unit on a pro-rata basis. In respect of other assets, impairment losses recognised in prior
periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation if no impairment loss
had been recognised. Impairment losses recognised on goodwill are not reversed in subsequent periods.
HEINEKEN reviews whether indicators for impairment exist on a CGU level. When an indicator of impairment
exists, assets are tested for impairment. Impairment losses on assets, other than goodwill, recognised in prior
periods are assessed at each reporting date for any indication of a reversal, due to observable indications that
the asset's value has increased significantly or other significant changes with favourable effects.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
Impairment of non-financial assets
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such
indication exists, the recoverable amount is estimated. The existence of any immediate or short-term physical
threats due to climate change were also considered in assessing for any indication of impairment.
Furthermore, HEINEKEN assesses goodwill and other intangible assets with an indefinite useful life annually
for impairment.
For impairment testing, assets are grouped into the smallest group of assets that generate cash inflows from
continuing use. The CGU for other non-financial assets is often the operating company on a country level.
The recoverable amount of an asset or CGU is the higher of an asset\u2019s FVLCD and VIU. In assessing the VIU,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and risks specific to the asset or CGU.
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its
recoverable amount, except where IAS 29 requires entities that apply hyperinflation accounting for the first time
to recognise impairment related to prior periods in opening equity. Impairment losses are first allocated to
goodwill and intangible assets with an indefinite useful life. A remaining impairment loss is then allocated to the
other assets in the unit on a pro-rata basis. In respect of other assets, impairment losses recognised in prior
periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation if no impairment loss
had been recognised. Impairment losses recognised on goodwill are not reversed in subsequent periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
Depreciation and impairments
Depreciation is calculated using the straight-line method, based on the estimated useful life of the asset class.
The\u00a0estimated useful lives of the main asset classes are as follows:
\u2013 Buildings15\u201340 years
\u2013 Plant and equipment\u00a0 5\u201330 years
\u2013 Other fixed assets\u00a0 3\u201310 years
Land and assets under construction are not depreciated. When assets under construction are ready for their
intended use, they are transferred to the relevant category and depreciation starts. All other P,P&E items are
depreciated over their estimated useful life to the asset's residual value.
The depreciation method, residual value and useful lives are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
HEINEKEN reviews whether indicators for impairment exist on a CGU level. When an indicator of impairment
exists, assets are tested for impairment. Impairment losses on assets, other than goodwill, recognised in prior
periods are assessed at each reporting date for any indication of a reversal, due to observable indications that
the asset's value has increased significantly or other significant changes with favourable effects.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
Right of use (ROU) assets
Definition of a lease
A contract contains a lease if it provides the right to control the use of an identified asset for a period of time
in exchange for an amount payable to the lessor. The right to control the use of the identified asset exists
when having the right to obtain substantially all of the economic benefits from the use of that asset and
when having the right to direct the use of that asset.
HEINEKEN as a lessee
At the start date of the lease, HEINEKEN (lessee) recognises a ROU asset and a lease liability on the balance
sheet. The ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation
and impairment losses, and adjusted for certain remeasurements of the lease liability. Depreciation is
recognised on a straight-line basis over the shorter of the asset's useful life or the lease term. For
measurement of the lease liability, refer to note 11.3.
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013 The short-term lease exemption means that leases with a duration of less than a year are expensed in the
income statement on a straight-line basis.
\u2013 The low-value lease exemption, meaning that leased assets with an individual value of \u20ac5,000 or less if
bought new, are expensed in the income statement on a straight-line basis.
HEINEKEN as a lessor
A lease is classified as a finance lease when it transfers substantially all the risks and rewards relating to
ownership of the underlying asset to the lessee. For contracts where HEINEKEN acts as an intermediate
lessor, the subleases are classified with reference to the ROU asset.
Lease related notes
For lease liabilities, refer to note 11.3 Borrowings. For short-term and low-value leases, refer to other expenses
in note 6.3 Raw materials, consumables and services. For the lease receivables, refer to other receivables in
note 8.5 Other non-current assets and other receivables in note 7.2 Trade and other receivables. For the
contractual maturities of lease liabilities, refer to note 11.5 Credit, liquidity and market risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
8.3\u00a0 \u00a0 Loans and advances to customers
Loans and advances to customers are inherent to HEINEKEN's business model. Loans to customers are repaid
in cash on fixed dates while the settlement of advances to customers is linked to the sales volume of the
customer. Loans and advances to customers are usually backed by collateral such as properties.
In millions of \u20ac
2025
2024
Loans to customers
49
48
Advances to customers
175
210
Loans and advances to customers
224
258
The movement in allowance for impairment losses for loans and advances to customers during the year is as
follows:
In millions of \u20ac
2025
2024
Balance as at 1 January
53
60
Addition to allowance
9
6
Allowance used
(7)
(10)
Effect of movements in exchange rates
\u2014
(3)
Balance as at 31 December
55
53
Accounting estimates
\"Financials-Icons-Policies.png\"
HEINEKEN determines each reporting date the impairment of loans and advances to customers using an
expected credit loss model, which estimates the credit losses over 12 months. If a significant increase in credit
risk occurs (e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from
the customer), credit losses over the lifetime of the asset are incurred. Individually significant financial assets
are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in
groups that share similar credit risk characteristics. Due to the macro-economic environment and
uncertainties including increasing inflationary pressure on HEINEKEN\u2019s customers, more judgement is
required for the calculation of expected credit losses compared to the prior years. For more information on
HEINEKEN's credit risk exposure refer to note 11.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
Loans and advances to customers are inherent to HEINEKEN's business model. Loans to customers are repaid
in cash on fixed dates while the settlement of advances to customers is linked to the sales volume of the
customer. Loans and advances to customers are usually backed by collateral such as properties.
In millions of \u20ac
2025
2024
Loans to customers
49
48
Advances to customers
175
210
Loans and advances to customers
224
258
Loans and advances to customers
HEINEKEN\u2019s loans and receivables include loans and advances to customers. Loans and advances to
customers are usually backed by collateral such as properties. HEINEKEN charges interest on loans to
its\u00a0customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
8.4\u00a0 \u00a0 Equity instruments
Equity instruments mainly consist of shares in Heineken Holding N.V. The investment is not held for trading
purposes.
In millions of \u20ac
2025
2024
Shares in Heineken Holding N.V.
322
298
Other
154
167
Equity instruments
476
465
Sensitivity analysis \u2013 equity securities
An increase or decrease of 1% in the share price of the equity securities at the reporting date would not have
a material\u00a0impact.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
HEINEKEN\u2019s investments in equity securities are classified as FVOCI. These investments are interests in
entities where HEINEKEN has less than significant influence. This is generally the case when ownership is less
than 20% of the voting rights. Upon the sale of these equity securities the accumulated fair value and
currency translation changes are transferred to retained earnings.
FVOCI investments are measured at fair value (refer to note 13.1). The fair value changes are recognised in
other comprehensive income (OCI) and presented within equity in the fair value reserve. Dividend income is
recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
HEINEKEN\u2019s investments in equity securities are classified as FVOCI. These investments are interests in
entities where HEINEKEN has less than significant influence. This is generally the case when ownership is less
than 20% of the voting rights. Upon the sale of these equity securities the accumulated fair value and
currency translation changes are transferred to retained earnings.
FVOCI investments are measured at fair value (refer to note 13.1). The fair value changes are recognised in
other comprehensive income (OCI) and presented within equity in the fair value reserve. Dividend income is
recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
8.5\u00a0 \u00a0 Other non-current assets
Other non-current assets mainly consist of long-term prepayments and other receivables with a duration
longer than 12 months.
In millions of \u20ac
Note
2025
2024
Fair value through OCI debt investments
15
14
Non-current derivatives
11.6
26
18
Loans to joint ventures and associates
14
4
Long-term prepayments
526
477
Other receivables
580
496
Other non-current assets
1,161
1,009
Other receivables include lease receivables of \u20ac 133 million (2024 : \u20ac112 million). The average outstanding
term of the lease receivables, including the short-term portion of lease receivables, is 2.6 years (2024: 2.7
years). The remainder of other receivables mainly originate from the acquisition of the beer operations of
FEMSA and represent a receivable on the Brazilian authorities on which interest is calculated in accordance
with Brazilian legislation. The collection of this receivable is expected to be beyond a period of five years. A
part of the aforementioned qualifies for indemnification towards FEMSA and is provided for.
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
HEINEKEN determines on each reporting date the impairment of other receivables using an expected credit
loss model, which estimates the credit losses over 12 months. Only in case of a significant increase in credit
risk occurs (e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from
the customer) the credit losses over the lifetime of the asset are incurred. Individually significant other
receivables are tested for impairment on an individual basis. The remaining financial assets are assessed
collectively in groups that share similar credit risk characteristics. For more information on HEINEKEN's credit
risk exposure refer to note 11.5.
Accounting policies
\"Financials-Icons-Policies.png\"
Non-current derivatives
Refer to the accounting policies on derivative financial instruments in note 11.6.
Other
The remaining non-current assets as presented in the previous table are initially measured at fair value and
subsequently at amortised cost minus any impairment losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
8.5\u00a0 \u00a0 Other non-current assets
Other non-current assets mainly consist of long-term prepayments and other receivables with a duration
longer than 12 months.
In millions of \u20ac
Note
2025
2024
Fair value through OCI debt investments
15
14
Non-current derivatives
11.6
26
18
Loans to joint ventures and associates
14
4
Long-term prepayments
526
477
Other receivables
580
496
Other non-current assets
1,161
1,009
Other receivables include lease receivables of \u20ac 133 million (2024 : \u20ac112 million). The average outstanding
term of the lease receivables, including the short-term portion of lease receivables, is 2.6 years (2024: 2.7
years). The remainder of other receivables mainly originate from the acquisition of the beer operations of
FEMSA and represent a receivable on the Brazilian authorities on which interest is calculated in accordance
with Brazilian legislation. The collection of this receivable is expected to be beyond a period of five years. A
part of the aforementioned qualifies for indemnification towards FEMSA and is provided for.
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
HEINEKEN determines on each reporting date the impairment of other receivables using an expected credit
loss model, which estimates the credit losses over 12 months. Only in case of a significant increase in credit
risk occurs (e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from
the customer) the credit losses over the lifetime of the asset are incurred. Individually significant other
receivables are tested for impairment on an individual basis. The remaining financial assets are assessed
collectively in groups that share similar credit risk characteristics. For more information on HEINEKEN's credit
risk exposure refer to note 11.5.
Accounting policies
\"Financials-Icons-Policies.png\"
Non-current derivatives
Refer to the accounting policies on derivative financial instruments in note 11.6.
Other
The remaining non-current assets as presented in the previous table are initially measured at fair value and
subsequently at amortised cost minus any impairment losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
9.1\u00a0 \u00a0 Post-retirement obligations
HEINEKEN makes contributions to pension plans that provide pension benefits to (former) employees upon
retirement, both via defined benefit as well as defined contribution plans. Other long-term employee benefits
include long-term bonus plans, termination benefits, medical plans and jubilee benefits. Refer to note 6.4 for
the contribution to defined contribution plans. This note relates to HEINEKEN's defined benefit pension plans.
Refer to the table below for the present value of the defined benefit plans.
In millions of \u20ac
2025
2024
Present value of unfunded defined benefit obligations
124
147
Present value of funded defined benefit obligations
3,450
8,428
Total present value of defined benefit obligations
3,574
8,575
Fair value of defined benefit plan assets
(3,274)
(8,330)
Present value of net obligations
300
245
Asset ceiling items
143
134
Defined benefit plans included under non-current assets
40
66
Recognised liability for defined benefit obligations
483
445
Other long-term employee benefits
59
74
542
519
The vast majority of benefit payments are from pension funds that are held in trusts (or equivalent),
however, there is a small portion where HEINEKEN fulfils the benefit payment obligation as it falls due. Plan
assets held in trusts are governed by Trustee Boards composed of HEINEKEN representatives and
independent and/or member representation, in accordance with local regulations and practice in each
country. The relationship and division of responsibility between HEINEKEN and the Trustee Board (or
equivalent) including investment decisions and contribution schedules are carried out in accordance with the
plan's regulations.
As at 31 December 2025, the United Kingdom (UK) defined benefit pension plan represented the majority
of the total defined benefit plan assets and the present value of the defined benefit obligations (2024: UK
and Netherlands (NL)). The defined benefit plan in the Netherlands is settled as per 31 December 2025, refer
to page 111.
Refer to the table below for the split of these plans in the total present value of the net obligations of
HEINEKEN.
2025
2024
2025
2024
2025
2024
2025
2024
In millions of \u20ac
UK
UK
NL
NL
Other
Other
Total
Total
Total present value of
defined benefit obligations
2,372
2,554
\u2014
4,805
1,202
1,216
3,574
8,575
Fair value of defined benefit
plan assets
(2,197)
(2,426)
\u2014
(4,798)
(1,077)
(1,106)
(3,274)
(8,330)
Present value of net
obligations
175
128
\u2014
7
125
110
300
245
Defined benefit plan in the Netherlands
In 2023, the Dutch Parliament enacted the \u201cWet toekomst pensioenen\u201d (Future Pensions Act), introducing
substantial reforms to Dutch pension schemes, transitioning from defined benefit to defined contribution
plans. In alignment with these regulatory changes, HEINEKEN agreed on a new pension plan with an
implementation date of 1 January 2026 onward. As a result HEINEKEN recognised a plan amendment in
2024.
As at 31 December 2025, a full plan settlement occurred. Following this settlement, all of HEINEKEN\u2019s
constructive and legal obligations relating to the Dutch defined benefit scheme were fully extinguished. As a
result, no defined benefit obligation or plan assets are recognised as at 31 December 2025. The settlement
did not lead to any profit or loss impact.
From 1 January 2026 onwards, the Dutch pension arrangement is accounted for as a defined contribution
plan.
Defined benefit plan in the United Kingdom
HEINEKEN\u2019s UK plan (Scottish & Newcastle pension plan \u2018SNPP\u2019) was closed to future accrual in 2011 and the
liabilities thus relate to past service before plan closure. As required by UK regulation, a full actuarial valuation
of the SNPP is conducted at least every three years (the triennial review) and updated annually between
triennial reviews, to determine the position of the plan on a funding basis. The last triennial review (as at 31
October 2024) was finalised in January 2026. A schedule of deficit recovery payments was agreed and
HEINEKEN will make deficit recovery payments until July 2027.
In addition to the triennial review on a funding basis, an annual valuation of the plan on an accounting basis
is carried out by a qualified actuary. Under the accounting basis, the obligations are measured by discounting
the best estimate of future cash flows to be paid out by SNPP, using the projected unit credit method.
In 2025, both the fair value of the defined benefit obligation and the fair value of the defined benefit plan
assets decreased. With the decrease in the fair value of the defined benefit plan assets being greater,
primarily driven by a fall in value of the plan\u2019s longevity swap, the overall net liability increased slightly.
Defined benefit plans in other countries
In a few other countries, HEINEKEN offers defined benefit plans, which are individually not significant to
HEINEKEN. The majority of these plans are closed for new participants.
Movement in net defined benefit obligation
The movement in the net defined benefit obligation during the year is as follows:
Present value of
defined benefit obligations
Fair value of defined
benefit plan assets
Present value
of net obligations
In millions of \u20ac
Note
2025
2024
2025
2024
2025
2024
Balance as at 1 January
8,575
8,360
(8,330)
(8,006)
245
354
Included in profit or loss
Current service cost
88
87
\u2014
\u2014
88
87
Past service cost/(credit)
2
(47)
\u2014
\u2014
2
(47)
Administration expense
\u2014
\u2014
4
4
4
4
Expense recognised in personnel expenses
6.4
90
40
4
4
94
44
Interest expense/(income)
11.1
359
356
(347)
(339)
12
17
449
396
(343)
(335)
106
61
Included in OCI
Remeasurement loss/(gain):
Actuarial loss/(gain) arising from
12.3
Demographic assumptions
19
(75)
\u2014
\u2014
19
(75)
Financial assumptions
(131)
221
\u2014
\u2014
(131)
221
Experience adjustments
44
(15)
\u2014
\u2014
44
(15)
Return on plan assets excluding interest\u00a0income1
\u2014
\u2014
122
(219)
122
(219)
Effect of movements in exchange rates
(130)
87
119
(83)
(11)
4
(198)
218
241
(302)
43
(84)
Other
Changes in consolidation and reclassification
(8)
2
2
9
(6)
11
Contributions paid:
By the employer
\u2014
\u2014
(88)
(97)
(88)
(97)
By the plan participants
25
23
(25)
(23)
\u2014
\u2014
Benefits paid
(434)
(424)
434
424
\u2014
\u2014
Settlements
(4,835)
\u2014
4,835
\u2014
\u2014
\u2014
(5,252)
(399)
5,158
313
(94)
(86)
Balance as at 31 December
3,574
8,575
(3,274)
(8,330)
300
245
1The total OCI impact for the current year also included movement resulting from asset ceiling increase between 2024 and 2025.
Defined benefit plan assets
2025
2024
In millions of \u20ac
Quoted
Unquoted
Total
Quoted
Unquoted
Total
Equity instruments:
Europe
95
\u2014
95
364
\u2014
364
Northern America
20
\u2014
20
1,165
\u2014
1,165
Japan
1
\u2014
1
118
\u2014
118
Asia other
2
\u2014
2
84
\u2014
84
Other
44
126
170
77
160
237
162
126
288
1,808
160
1,968
Debt instruments:
Bonds \u2013 investment grade
2,824
95
2,919
3,961
1,256
5,217
Bonds \u2013 non-investment
grade
272
345
617
305
412
717
3,096
440
3,536
4,266
1,668
5,934
Derivatives
46
(1,140)
(1,094)
51
(1,261)
(1,210)
Properties and real estate
215
147
362
226
784
1,010
Cash and cash equivalents
121
(26)
95
197
(31)
166
Investment funds
9
59
68
10
392
402
Other plan assets
67
(48)
19
78
(18)
60
458
(1,008)
(550)
562
(134)
428
Balance as at 31 December
3,716
(442)
3,274
6,636
1,694
8,330
The HEINEKEN pension funds monitor the mix of debt and equity securities in their investment portfolios
based on market expectations. Material investments within the portfolio are managed on an individual basis.
Through its defined benefit pension plans, HEINEKEN is exposed to several risks, the most significant are
detailed below.
Risks associated with defined benefit plans
As at 31 December 2025, the Dutch pension plan was fully settled; therefore, the risks described below are no
longer applicable to the Dutch plan.
Asset volatility
In the UK, the actuarial valuation is performed at least on a triennial basis. The valuation is the basis for the
funding plan, strategic investment policies and the (long-term) strategic investment mix. The valuation was
performed in 2024. As at 31 December 2025, the strategic mix of assets comprises 36% of plan assets in
liability-driven investments, 13% in corporate bonds, 16% in higher-yielding credit, 29% in private markets,
12% in cash and 4% in equities. As part of the Funding Agreement, the strategic asset mix will evolve
between now and 2030 to provide greater certainty of return, lower volatility and higher cash\u00a0generation.
Interest rate risk
A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an
increase in the value of the plans\u2019 fixed-rate instruments holdings. In the UK, interest rate risk is managed
through the use of a mixture of fixed income investments and interest rate swap instruments. These
investments and instruments target a match of 100% of the interest rate sensitivity of the total liabilities as
measured on a Gilts +1% liability basis (2024: 100% as measured on the same basis).
Inflation risk
Some of the pension obligations are linked to inflation. Higher inflation will lead to higher liabilities, although
in most cases, there are caps on the level of inflationary increases to protect the plan against extreme
inflation. The majority of the plan assets are either unaffected by or loosely correlated with inflation,
meaning that an increase in inflation will increase the deficit.
In the UK, inflation risk is partly managed through the use of a mixture of inflation-linked fixed income
investments and inflation-linked derivative instruments. These instruments target a match of 100% of the
inflation-linked liabilities as measured on a Gilts +1% liability basis (2024: 100% as measured on the same
basis).
Life expectancy
The majority of the plans\u2019 obligations are to provide benefits for the life of the member, so increases in life
expectancy will increase the plans\u2019 liabilities. This is particularly significant in the UK plan, where inflation-linked
increases result in higher sensitivity to changes in life\u00a0expectancy. In 2015, the Trustee of HEINEKEN UK's
pension plan implemented a longevity hedge to remove the risk of a higher increase in life expectancy than
anticipated for the 2015 population of pensioners.
Principal actuarial assumptions as at the balance sheet date
As at 31 December 2025, based on the significance of the UK pension plan (2024: UK and Dutch plans)
relative to the other plans, the table below presents the major actuarial assumptions for these plans as at 31
December.
The Netherlands1
UK2
In %
2025
2024
2025
2024
Discount rate as at 31 December
\u2014
3.6
5.5
5.5
Future salary increases
\u2014
4.0
\u2014
\u2014
Future pension increases
\u2014
3.4
2.9
3.1
1 The Netherlands plan was fully settled on 31 December 2025.
2 The UK plan is closed for future accrual, leading to certain assumptions being equal to zero.
For the other defined benefit plans, the following actuarial assumptions apply as at 31 December:
Europe
Americas
In %
2025
2024
2025
2024
Discount rate as at 31 December
1.3-4.3
1.0-3.6
9.9-10.0
9.5-10.7
Future salary increases
0.0-4.9
0.0-4.0
0.0-4.5
0.0-4.5
Future pension increases
0.0-2.5
0.3-3.0
0.0-3.5
0.0-3.5
Medical cost trend rate
0.0-4.5
0.0-2.3
5.1-9.5
5.1-8.5
Assumptions regarding future mortality rates are based on published statistics and mortality tables. For the
UK, the future mortality rates are obtained by applying the Continuous Mortality Investigation 2023
projection model.
The weighted average duration of the defined benefit obligation at the end of the reporting period is 10
years (2024:\u00a016\u00a0years).
HEINEKEN expects the contributions to be paid for the defined benefit plans for 2026 to be lower than in
2025, reflecting the settlement of the Dutch defined benefit plan.
Sensitivity analysis
As at 31 December, changes to one of the relevant actuarial assumptions that are considered reasonably
possible, holding other assumptions constant, would have affected the defined benefit obligation by the
following amounts:
2025
2024
Effect in millions of \u20ac
Increase in
assumption
Decrease in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate (0.5% movement)
(163)
179
(612)
700
Future salary growth (0.25% movement)
5
(6)
4
(5)
Future pension growth (0.25% movement)
52
(51)
278
(269)
Medical cost trend rate (0.5% movement)
7
(7)
6
(6)
Life expectancy (1 year)
114
(114)
389
(389)
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
To make the actuarial calculations for the defined benefit plans, HEINEKEN needs to make use of
assumptions for discount rates, future pension increases and life expectancy as described in this note. The
actuarial calculations are made by external actuaries based on inputs from observable market data, such as
corporate bond returns and yield curves to determine the discount rates used, mortality tables to determine
life expectancy and inflation numbers to determine future salary and pension growth assumptions.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Defined contribution plans
A defined-contribution plan is a post-retirement plan for which HEINEKEN pays fixed contributions to
a\u00a0separate entity. HEINEKEN has no legal or constructive obligation to pay further contributions if the fund
does not hold sufficient assets to pay out employees. Obligations for contributions to defined contribution
plans are expensed as the employee provides the related service.
Defined benefit plans
A defined benefit plan is a post-retirement plan that is not a defined contribution plan. Typically, defined
benefit plans define an amount of pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as age, years of service and compensation.
HEINEKEN\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan
by estimating the amount of future benefits that employees have earned in return for their service in the
current and prior periods; those benefits are discounted to determine its present value. The fair value of any
defined benefit plan assets is deducted. The discount rate is the yield at balance sheet date on high quality
credit-rated bonds that have maturity dates approximating to the terms of HEINEKEN\u2019s obligations and are
denominated in the same currency in which the benefits are expected to be paid.
The calculations are performed annually by qualified actuaries using the projected unit credit method. When
the calculation results in a benefit to HEINEKEN, the recognised asset is limited to the present value of
economic benefits available in the form of any future refunds from the plan or reductions in future
contributions to the plan. To calculate the present value of economic benefits, consideration is given to any
minimum funding requirements that apply to any plan in HEINEKEN. An economic benefit is available to
HEINEKEN if it is realisable during the life of the plan, or on settlement of the plan liabilities. When the
benefits of a plan are changed, the expense or benefit is recognised immediately in profit or loss.
HEINEKEN recognises all actuarial gains and losses arising from defined benefit plans immediately in other
comprehensive income and all expenses related to defined benefit plans in personnel expenses and other net
finance income and expenses in profit or loss.
For changes to a defined benefit plan, which result in a plan amendment or a curtailment or settlement,
HEINEKEN determines the amount of any past service cost, or gain or loss on settlement, by remeasuring the
net defined benefit liability before and after the amendment, using current assumptions and the fair value of
plan assets at the time of the amendment. In case the net defined benefit liability is remeasured to
determine the impact of the changes, current service cost and net interest for the remainder of the year are
remeasured using the same assumptions and the same fair value of plan assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
9.2\u00a0 \u00a0 Provisions
Provisions within HEINEKEN mainly relate to taxes, restructuring, and claims and litigation that arise in the
ordinary course of business. The outcome depends on future events, which are by nature uncertain.
In millions of \u20ac
Claims
and
litigation
Taxes
Restruc-
turing
Onerous
contracts
Other
Total
Balance as at 1 January 2025
134
293
202
7
126
762
Provisions made during the year
87
76
106
20
37
326
Provisions used during the year
(4)
\u2014
(72)
(6)
(20)
(102)
Provisions reversed during the year
(50)
(37)
(14)
(3)
(35)
(139)
Effect of movements in exchange rates
(2)
(6)
\u2014
\u2014
(3)
(11)
Unwinding of discounts
4
5
2
\u2014
1
12
Balance as at 31 December 2025
169
331
224
18
106
848
Non-current
119
236
119
4
68
546
Current
50
95
105
14
38
302
Claims and litigation
The provisions for claims and litigation of \u20ac169 million ( 2024: \u20ac134 million) mainly relate to civil and labour
claims in Brazil.
Taxes
The provisions for taxes of \u20ac331 million ( 2024: \u20ac293 million) relate to indirect taxes not within the scope of
IAS 12 and mainly relate to Brazil. Tax legislation in Brazil is highly complex and subject to interpretation,
therefore the timing of the cash outflows for these provisions is uncertain.
Other provisions
Included are, among others, provisions for credit risk on surety and guarantees issued of \u20ac31 million
(2024: \u20ac40 million).
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
In determining the likelihood and timing of potential cash outflows, HEINEKEN needs to make estimates. For
claims, litigation and tax provisions, HEINEKEN bases its assessment on internal and external legal assistance
and established precedents. For a large restructuring, management assesses the timing of the costs to be
incurred, which influences the classification as current or non-current liabilities.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
A provision is a liability of uncertain timing or amount. A provision is recognised when HEINEKEN has a
present legal or constructive obligation as a result of past events that can be estimated reliably, and it is
probable (>50%) that an outflow of economic benefits will be required to settle the obligation. In the case of
accounting for business combinations, provisions are also recognised when the likelihood is less than
probable but more than remote (>5%).
Provisions are measured at the present value of the expenditures expected to be required to settle the
obligation, using a pre-tax rate that reflects the time value of money and the risks specific to the obligation.
The increase in the provision due to the passage of time is recognised as part of net finance expenses.
The impact of climate change is also considered in identifying whether HEINEKEN has a present legal or
constructive obligation related to fines or penalties.
Restructuring
A provision for restructuring is recognised when HEINEKEN has approved a detailed and formal restructuring
plan, and the restructuring has either commenced or has been announced publicly. Future operating losses
are not provided for. The provision includes the benefit commitments in connection with early retirement and
redundancy schemes.
Onerous contracts
A provision for onerous contracts is recognised when the expected benefits to be received by HEINEKEN are
lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at
the present value of the lower of the expected cost of terminating the contract, and the expected net cost of
continuing with the contract. Before a provision is established, HEINEKEN recognises any impairment loss on
the assets associated with that contract.
Other provisions
A provision for guarantees is recognised at the time the guarantee is issued (refer to note 9.3 for the total
guarantees outstanding). The provision is initially measured at fair value and subsequently at the higher of the
amount determined in accordance with the expected credit loss model and the amount initially recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
9.2\u00a0 \u00a0 Provisions
Provisions within HEINEKEN mainly relate to taxes, restructuring, and claims and litigation that arise in the
ordinary course of business. The outcome depends on future events, which are by nature uncertain.
In millions of \u20ac
Claims
and
litigation
Taxes
Restruc-
turing
Onerous
contracts
Other
Total
Balance as at 1 January 2025
134
293
202
7
126
762
Provisions made during the year
87
76
106
20
37
326
Provisions used during the year
(4)
\u2014
(72)
(6)
(20)
(102)
Provisions reversed during the year
(50)
(37)
(14)
(3)
(35)
(139)
Effect of movements in exchange rates
(2)
(6)
\u2014
\u2014
(3)
(11)
Unwinding of discounts
4
5
2
\u2014
1
12
Balance as at 31 December 2025
169
331
224
18
106
848
Non-current
119
236
119
4
68
546
Current
50
95
105
14
38
302
Claims and litigation
The provisions for claims and litigation of \u20ac169 million ( 2024: \u20ac134 million) mainly relate to civil and labour
claims in Brazil.
Taxes
The provisions for taxes of \u20ac331 million ( 2024: \u20ac293 million) relate to indirect taxes not within the scope of
IAS 12 and mainly relate to Brazil. Tax legislation in Brazil is highly complex and subject to interpretation,
therefore the timing of the cash outflows for these provisions is uncertain.
Other provisions
Included are, among others, provisions for credit risk on surety and guarantees issued of \u20ac31 million
(2024: \u20ac40 million).
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
In determining the likelihood and timing of potential cash outflows, HEINEKEN needs to make estimates. For
claims, litigation and tax provisions, HEINEKEN bases its assessment on internal and external legal assistance
and established precedents. For a large restructuring, management assesses the timing of the costs to be
incurred, which influences the classification as current or non-current liabilities.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
A provision is a liability of uncertain timing or amount. A provision is recognised when HEINEKEN has a
present legal or constructive obligation as a result of past events that can be estimated reliably, and it is
probable (>50%) that an outflow of economic benefits will be required to settle the obligation. In the case of
accounting for business combinations, provisions are also recognised when the likelihood is less than
probable but more than remote (>5%).
Provisions are measured at the present value of the expenditures expected to be required to settle the
obligation, using a pre-tax rate that reflects the time value of money and the risks specific to the obligation.
The increase in the provision due to the passage of time is recognised as part of net finance expenses.
The impact of climate change is also considered in identifying whether HEINEKEN has a present legal or
constructive obligation related to fines or penalties.
Restructuring
A provision for restructuring is recognised when HEINEKEN has approved a detailed and formal restructuring
plan, and the restructuring has either commenced or has been announced publicly. Future operating losses
are not provided for. The provision includes the benefit commitments in connection with early retirement and
redundancy schemes.
Onerous contracts
A provision for onerous contracts is recognised when the expected benefits to be received by HEINEKEN are
lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at
the present value of the lower of the expected cost of terminating the contract, and the expected net cost of
continuing with the contract. Before a provision is established, HEINEKEN recognises any impairment loss on
the assets associated with that contract.
Other provisions
A provision for guarantees is recognised at the time the guarantee is issued (refer to note 9.3 for the total
guarantees outstanding). The provision is initially measured at fair value and subsequently at the higher of the
amount determined in accordance with the expected credit loss model and the amount initially recognised.
9.3\u00a0 \u00a0 Contingencies
HEINEKEN\u2019s contingencies are mainly in the area of tax, civil cases and guarantees.
Tax
The tax contingencies mainly relate to tax positions in Latin America and include a large number of cases
with a risk assessment lower than probable but possible. Assessing the amount of tax contingencies is highly
judgemental, and the\u00a0timing of possible outflows is uncertain. The best estimate of tax-related contingent
liabilities is \u20ac1,378 million (2024 : \u20ac1,118 million), out of which \u20ac 60 million (2024: \u20ac64 million) qualifies for
indemnification. For several tax contingencies that were part of acquisitions, an amount of \u20ac129 million
(2024 : \u20ac154 million) has been recognised as provisions (refer to note 9.2).
Other contingencies
Part of other contingencies relates to one follow-on damage case for a total amount claimed of \u20ac303 million,
which arose as a result of the fine imposed by the Greek Competition Commission in 2014 against our
subsidiary Athenian Brewery for alleged abuse of its dominant position. It is not possible to estimate the
outcome of this claim with any degree of certainty for a number of reasons, including but not limited to the
fact that (i) this case is still at a very early stage in the proceedings, and (ii) Athenian Brewery and HEINEKEN
will raise defences against this claim, both on procedural grounds and on the merits. The amount of the
potential liability (if any) can therefore not be measured with sufficient reliability. There are no
reimbursements applicable for this case. There is a second follow-on damage claim that arose because of the
same fine and which was disclosed as a contingent liability in previous years but is no longer disclosed as a
contingent liability since an immaterial provision has been taken.
Additionally, in 2024, our Portuguese subsidiary Sociedade Central de Cervejas e Bebidas S.A. (SCC), received
a civil class action claim from a private claims association for alleged harm to consumers due to alleged anti-
competitive behaviour. It is not possible to estimate the outcome of the claim with any degree of certainty as
it is disputed that SCC engaged in anti-competitive behaviour that resulted in the alleged harm. There is no
reimbursement applicable for this claim.
As at 31 December 2025, \u20ac9 million (2024: \u20ac24 million) of other contingencies related to acquisitions is
included in provisions (refer to note 9.2).
Guarantees
In millions of \u20ac
Total 2025
Less than 1 year
1-5 years
More than
5 years
Total 2024
Guarantees to banks for
loans (to third parties)
497
41
447
9
450
Other guarantees
877
423
331
123
971
Guarantees
1,374
464
778
132
1,421
Guarantees to banks for loans relate to loans and advances to customers, which are given to external parties
in the ordinary course of business of HEINEKEN. HEINEKEN provides guarantees to the banks to cover the
credit risk related to these loans (refer to note 9.2 for the provision for credit risk on these guarantees).
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
HEINEKEN operates in a high number of jurisdictions and is subject to a wide variety of taxes per jurisdiction.
Tax legislation can be highly complex and subject to interpretation. As a result, HEINEKEN is required to
exercise significant judgement in the recognition of taxes payable and determination of tax contingencies.
Also for other contingencies including climate change, HEINEKEN is required to exercise judgement to
determine whether the risk of loss is possible but not probable. Contingencies involve inherent uncertainties
including, but not limited to, court rulings, negotiations between affected parties and governmental actions.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the
balance sheet because the existence can only be confirmed by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of HEINEKEN or because the risk of loss is
estimated to be possible (>5%) but not probable (<50%) or because the amount cannot be
measured\u00a0reliably.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
A provision is a liability of uncertain timing or amount. A provision is recognised when HEINEKEN has a
present legal or constructive obligation as a result of past events that can be estimated reliably, and it is
probable (>50%) that an outflow of economic benefits will be required to settle the obligation. In the case of
accounting for business combinations, provisions are also recognised when the likelihood is less than
probable but more than remote (>5%).
Provisions are measured at the present value of the expenditures expected to be required to settle the
obligation, using a pre-tax rate that reflects the time value of money and the risks specific to the obligation.
The increase in the provision due to the passage of time is recognised as part of net finance expenses.
The impact of climate change is also considered in identifying whether HEINEKEN has a present legal or
constructive obligation related to fines or penalties.
Restructuring
A provision for restructuring is recognised when HEINEKEN has approved a detailed and formal restructuring
plan, and the restructuring has either commenced or has been announced publicly. Future operating losses
are not provided for. The provision includes the benefit commitments in connection with early retirement and
redundancy schemes.
Onerous contracts
A provision for onerous contracts is recognised when the expected benefits to be received by HEINEKEN are
lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at
the present value of the lower of the expected cost of terminating the contract, and the expected net cost of
continuing with the contract. Before a provision is established, HEINEKEN recognises any impairment loss on
the assets associated with that contract.
Other provisions
A provision for guarantees is recognised at the time the guarantee is issued (refer to note 9.3 for the total
guarantees outstanding). The provision is initially measured at fair value and subsequently at the higher of the
amount determined in accordance with the expected credit loss model and the amount initially recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
9.3\u00a0 \u00a0 Contingencies
HEINEKEN\u2019s contingencies are mainly in the area of tax, civil cases and guarantees.
Tax
The tax contingencies mainly relate to tax positions in Latin America and include a large number of cases
with a risk assessment lower than probable but possible. Assessing the amount of tax contingencies is highly
judgemental, and the\u00a0timing of possible outflows is uncertain. The best estimate of tax-related contingent
liabilities is \u20ac1,378 million (2024 : \u20ac1,118 million), out of which \u20ac 60 million (2024: \u20ac64 million) qualifies for
indemnification. For several tax contingencies that were part of acquisitions, an amount of \u20ac129 million
(2024 : \u20ac154 million) has been recognised as provisions (refer to note 9.2).
Other contingencies
Part of other contingencies relates to one follow-on damage case for a total amount claimed of \u20ac303 million,
which arose as a result of the fine imposed by the Greek Competition Commission in 2014 against our
subsidiary Athenian Brewery for alleged abuse of its dominant position. It is not possible to estimate the
outcome of this claim with any degree of certainty for a number of reasons, including but not limited to the
fact that (i) this case is still at a very early stage in the proceedings, and (ii) Athenian Brewery and HEINEKEN
will raise defences against this claim, both on procedural grounds and on the merits. The amount of the
potential liability (if any) can therefore not be measured with sufficient reliability. There are no
reimbursements applicable for this case. There is a second follow-on damage claim that arose because of the
same fine and which was disclosed as a contingent liability in previous years but is no longer disclosed as a
contingent liability since an immaterial provision has been taken.
Additionally, in 2024, our Portuguese subsidiary Sociedade Central de Cervejas e Bebidas S.A. (SCC), received
a civil class action claim from a private claims association for alleged harm to consumers due to alleged anti-
competitive behaviour. It is not possible to estimate the outcome of the claim with any degree of certainty as
it is disputed that SCC engaged in anti-competitive behaviour that resulted in the alleged harm. There is no
reimbursement applicable for this claim.
As at 31 December 2025, \u20ac9 million (2024: \u20ac24 million) of other contingencies related to acquisitions is
included in provisions (refer to note 9.2).
Guarantees
In millions of \u20ac
Total 2025
Less than 1 year
1-5 years
More than
5 years
Total 2024
Guarantees to banks for
loans (to third parties)
497
41
447
9
450
Other guarantees
877
423
331
123
971
Guarantees
1,374
464
778
132
1,421
Guarantees to banks for loans relate to loans and advances to customers, which are given to external parties
in the ordinary course of business of HEINEKEN. HEINEKEN provides guarantees to the banks to cover the
credit risk related to these loans (refer to note 9.2 for the provision for credit risk on these guarantees).
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
HEINEKEN operates in a high number of jurisdictions and is subject to a wide variety of taxes per jurisdiction.
Tax legislation can be highly complex and subject to interpretation. As a result, HEINEKEN is required to
exercise significant judgement in the recognition of taxes payable and determination of tax contingencies.
Also for other contingencies including climate change, HEINEKEN is required to exercise judgement to
determine whether the risk of loss is possible but not probable. Contingencies involve inherent uncertainties
including, but not limited to, court rulings, negotiations between affected parties and governmental actions.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the
balance sheet because the existence can only be confirmed by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of HEINEKEN or because the risk of loss is
estimated to be possible (>5%) but not probable (<50%) or because the amount cannot be
measured\u00a0reliably.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the
balance sheet because the existence can only be confirmed by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the control of HEINEKEN or because the risk of loss is
estimated to be possible (>5%) but not probable (<50%) or because the amount cannot be
measured\u00a0reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
10.1\u00a0 \u00a0 Acquisitions and disposals of subsidiaries and non-controlling interests
Acquisitions and disposals in 2025
During 2025, no significant acquisitions or disposals took place.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
10.2\u00a0 \u00a0 Assets or disposal groups classified as held for sale
The assets below are classified as held for sale for the year ended 31 December 2025:
In millions of \u20ac
2025
2024
Property, plant and equipment
22
55
Assets or assets of disposal group held for sale
22
55
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
HEINEKEN classifies assets or disposal groups as held for sale when they are available for immediate sale in
their present condition, are expected to be sold within 1 year, and the sale is highly probable. HEINEKEN
should be committed to the sale and it should be unlikely that the plan to sell will be withdrawn. This might be
difficult to demonstrate in practice and involves judgement.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Assets or disposal groups comprising assets and liabilities, that are expected to be recovered primarily
through sale rather than through continuing use are classified as held for sale. Immediately before
classification as held for sale, the assets, or components of a disposal group, are measured at the lower of
their carrying amount and fair value less cost to sell.
Intangible assets and P,P&E once classified as held for sale are not amortised or depreciated. In addition,
equity accounting of equity-accounted investees ceases once classified as held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
Assets or disposal groups comprising assets and liabilities, that are expected to be recovered primarily
through sale rather than through continuing use are classified as held for sale. Immediately before
classification as held for sale, the assets, or components of a disposal group, are measured at the lower of
their carrying amount and fair value less cost to sell.
Intangible assets and P,P&E once classified as held for sale are not amortised or depreciated. In addition,
equity accounting of equity-accounted investees ceases once classified as held for sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
10.3\u00a0 \u00a0 Investments in associates and joint ventures
HEINEKEN has interests in several joint ventures and associates. The total carrying amount of these
associates and joint ventures was \u20ac3,238 million as at 31 December 2025 ( 2024: \u20ac3,500 million) and the
total share of profit and other comprehensive income was a profit of \u20ac224 million in 2025 (2024 : \u20ac646
million loss). The share of profit of associates and joint ventures includes an impairment loss of \u20ac11 million
(2024: \u20ac918 million, impairment loss).
The associate CRH (Beer) Limited (\u2018CBL\u2019) is considered to be individually material. HEINEKEN holds a
shareholding of 40% in CBL as of 29 April 2019. CBL holds a controlling interest of 51.67% in China Resources
Beer (Holdings) Co. Ltd. ('CR\u00a0Beer'), a company incorporated in Hong Kong and listed on the Main Board of
The Stock Exchange of Hong Kong Limited, operating in the beer business in China. Consequently, HEINEKEN
has an effective 20.67% economic interest in CR Beer. Based on the closing share price of HKD26.22 as at
31 December 2025 (2024: HKD25.25), the fair value of this economic interest in CR Beer amounts to \u20ac1,922
million (2024: \u20ac2,098 m illion). The carrying amount of CBL as at 31\u00a0December 2025 amounts to \u20ac1,924
million (2024: \u20ac2,140 million).
Set out below is the summarised financial information of CR Beer, not adjusted for the percentage of
ownership held by HEINEKEN. The financial information has been amended to reflect adjustments made by
HEINEKEN when using the equity method (such as fair value adjustments). Due to a difference in reporting
timelines, the financial information is included with a two-month delay. This means that the financial
information included relates to the period November 2024-October 2025. The reconciliation of the
summarised financial information to the carrying amount of the effective interest in CR Beer is
also\u00a0presented.
In millions of \u20ac
31 October 2025
31 October 2024
Summarised balance sheet CR Beer (100%)
Non-current assets
8,918
10,844
Current assets
1,882
1,422
Non-current liabilities
(1,384)
(1,970)
Current liabilities
(2,824)
(3,013)
Net assets
6,592
7,283
Reconciliation to carrying amount
Opening net assets
7,283
6,764
Profit for the period
489
476
Other comprehensive income
(845)
496
Dividends paid
(334)
(429)
Other
(1)
(24)
Closing net assets
6,592
7,283
Company\u2019s share in %
20.67%
20.67%
Company\u2019s share
1,363
1,505
Goodwill
561
635
Carrying amount
1,924
2,140
In millions of \u20ac
November 2024
to October 2025
November 2023
to October 2024
Summarised income statement CR Beer (100%)
Revenue
4,752
5,009
Profit
489
476
Other comprehensive income
(845)
496
Total comprehensive income
(356)
972
Share of dividends received
69
89
Summarised financial information for equity-accounted joint ventures and associates
The following table includes, in aggregate, the carrying amount and HEINEKEN\u2019s share of profit and OCI of
joint ventures and associates (net of income tax):
Joint ventures
Associates\u00b9
In millions of \u20ac
2025
2024
2025
2024
Carrying amount of interests
929
957
2,309
2,543
Share of:
Profit from continuing operations
98
(1)
157
(704)
Other comprehensive income
(32)
58
1
1
66
57
158
(703)
1Includes the investment in CR Beer, which is considered to be individually material. The other joint ventures and associates are considered to be
individually\u00a0immaterial.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Associates are entities in which HEINEKEN has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting
rights. Joint ventures (JVs) are the arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting,
meaning they are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s
share of the net profit or loss of the associates and JVs whereby the result is determined using the accounting
policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or JV, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an
obligation or has made a payment on behalf of the associate or JV.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there
is any indication of impairment. A significant or prolonged decline in the fair value of the investment below
its cost is also considered in assessing for any indication of impairment. If any such indication exists, an
impairment test is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
10.3\u00a0 \u00a0 Investments in associates and joint ventures
HEINEKEN has interests in several joint ventures and associates. The total carrying amount of these
associates and joint ventures was \u20ac3,238 million as at 31 December 2025 ( 2024: \u20ac3,500 million) and the
total share of profit and other comprehensive income was a profit of \u20ac224 million in 2025 (2024 : \u20ac646
million loss). The share of profit of associates and joint ventures includes an impairment loss of \u20ac11 million
(2024: \u20ac918 million, impairment loss).
The associate CRH (Beer) Limited (\u2018CBL\u2019) is considered to be individually material. HEINEKEN holds a
shareholding of 40% in CBL as of 29 April 2019. CBL holds a controlling interest of 51.67% in China Resources
Beer (Holdings) Co. Ltd. ('CR\u00a0Beer'), a company incorporated in Hong Kong and listed on the Main Board of
The Stock Exchange of Hong Kong Limited, operating in the beer business in China. Consequently, HEINEKEN
has an effective 20.67% economic interest in CR Beer. Based on the closing share price of HKD26.22 as at
31 December 2025 (2024: HKD25.25), the fair value of this economic interest in CR Beer amounts to \u20ac1,922
million (2024: \u20ac2,098 m illion). The carrying amount of CBL as at 31\u00a0December 2025 amounts to \u20ac1,924
million (2024: \u20ac2,140 million).
Set out below is the summarised financial information of CR Beer, not adjusted for the percentage of
ownership held by HEINEKEN. The financial information has been amended to reflect adjustments made by
HEINEKEN when using the equity method (such as fair value adjustments). Due to a difference in reporting
timelines, the financial information is included with a two-month delay. This means that the financial
information included relates to the period November 2024-October 2025. The reconciliation of the
summarised financial information to the carrying amount of the effective interest in CR Beer is
also\u00a0presented.
In millions of \u20ac
31 October 2025
31 October 2024
Summarised balance sheet CR Beer (100%)
Non-current assets
8,918
10,844
Current assets
1,882
1,422
Non-current liabilities
(1,384)
(1,970)
Current liabilities
(2,824)
(3,013)
Net assets
6,592
7,283
Reconciliation to carrying amount
Opening net assets
7,283
6,764
Profit for the period
489
476
Other comprehensive income
(845)
496
Dividends paid
(334)
(429)
Other
(1)
(24)
Closing net assets
6,592
7,283
Company\u2019s share in %
20.67%
20.67%
Company\u2019s share
1,363
1,505
Goodwill
561
635
Carrying amount
1,924
2,140
In millions of \u20ac
November 2024
to October 2025
November 2023
to October 2024
Summarised income statement CR Beer (100%)
Revenue
4,752
5,009
Profit
489
476
Other comprehensive income
(845)
496
Total comprehensive income
(356)
972
Share of dividends received
69
89
Summarised financial information for equity-accounted joint ventures and associates
The following table includes, in aggregate, the carrying amount and HEINEKEN\u2019s share of profit and OCI of
joint ventures and associates (net of income tax):
Joint ventures
Associates\u00b9
In millions of \u20ac
2025
2024
2025
2024
Carrying amount of interests
929
957
2,309
2,543
Share of:
Profit from continuing operations
98
(1)
157
(704)
Other comprehensive income
(32)
58
1
1
66
57
158
(703)
1Includes the investment in CR Beer, which is considered to be individually material. The other joint ventures and associates are considered to be
individually\u00a0immaterial.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Associates are entities in which HEINEKEN has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting
rights. Joint ventures (JVs) are the arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting,
meaning they are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s
share of the net profit or loss of the associates and JVs whereby the result is determined using the accounting
policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or JV, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an
obligation or has made a payment on behalf of the associate or JV.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there
is any indication of impairment. A significant or prolonged decline in the fair value of the investment below
its cost is also considered in assessing for any indication of impairment. If any such indication exists, an
impairment test is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
10.3\u00a0 \u00a0 Investments in associates and joint ventures
HEINEKEN has interests in several joint ventures and associates. The total carrying amount of these
associates and joint ventures was \u20ac3,238 million as at 31 December 2025 ( 2024: \u20ac3,500 million) and the
total share of profit and other comprehensive income was a profit of \u20ac224 million in 2025 (2024 : \u20ac646
million loss). The share of profit of associates and joint ventures includes an impairment loss of \u20ac11 million
(2024: \u20ac918 million, impairment loss).
The associate CRH (Beer) Limited (\u2018CBL\u2019) is considered to be individually material. HEINEKEN holds a
shareholding of 40% in CBL as of 29 April 2019. CBL holds a controlling interest of 51.67% in China Resources
Beer (Holdings) Co. Ltd. ('CR\u00a0Beer'), a company incorporated in Hong Kong and listed on the Main Board of
The Stock Exchange of Hong Kong Limited, operating in the beer business in China. Consequently, HEINEKEN
has an effective 20.67% economic interest in CR Beer. Based on the closing share price of HKD26.22 as at
31 December 2025 (2024: HKD25.25), the fair value of this economic interest in CR Beer amounts to \u20ac1,922
million (2024: \u20ac2,098 m illion). The carrying amount of CBL as at 31\u00a0December 2025 amounts to \u20ac1,924
million (2024: \u20ac2,140 million).
Set out below is the summarised financial information of CR Beer, not adjusted for the percentage of
ownership held by HEINEKEN. The financial information has been amended to reflect adjustments made by
HEINEKEN when using the equity method (such as fair value adjustments). Due to a difference in reporting
timelines, the financial information is included with a two-month delay. This means that the financial
information included relates to the period November 2024-October 2025. The reconciliation of the
summarised financial information to the carrying amount of the effective interest in CR Beer is
also\u00a0presented.
In millions of \u20ac
31 October 2025
31 October 2024
Summarised balance sheet CR Beer (100%)
Non-current assets
8,918
10,844
Current assets
1,882
1,422
Non-current liabilities
(1,384)
(1,970)
Current liabilities
(2,824)
(3,013)
Net assets
6,592
7,283
Reconciliation to carrying amount
Opening net assets
7,283
6,764
Profit for the period
489
476
Other comprehensive income
(845)
496
Dividends paid
(334)
(429)
Other
(1)
(24)
Closing net assets
6,592
7,283
Company\u2019s share in %
20.67%
20.67%
Company\u2019s share
1,363
1,505
Goodwill
561
635
Carrying amount
1,924
2,140
In millions of \u20ac
November 2024
to October 2025
November 2023
to October 2024
Summarised income statement CR Beer (100%)
Revenue
4,752
5,009
Profit
489
476
Other comprehensive income
(845)
496
Total comprehensive income
(356)
972
Share of dividends received
69
89
Summarised financial information for equity-accounted joint ventures and associates
The following table includes, in aggregate, the carrying amount and HEINEKEN\u2019s share of profit and OCI of
joint ventures and associates (net of income tax):
Joint ventures
Associates\u00b9
In millions of \u20ac
2025
2024
2025
2024
Carrying amount of interests
929
957
2,309
2,543
Share of:
Profit from continuing operations
98
(1)
157
(704)
Other comprehensive income
(32)
58
1
1
66
57
158
(703)
1Includes the investment in CR Beer, which is considered to be individually material. The other joint ventures and associates are considered to be
individually\u00a0immaterial.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Associates are entities in which HEINEKEN has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting
rights. Joint ventures (JVs) are the arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting,
meaning they are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s
share of the net profit or loss of the associates and JVs whereby the result is determined using the accounting
policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or JV, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an
obligation or has made a payment on behalf of the associate or JV.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there
is any indication of impairment. A significant or prolonged decline in the fair value of the investment below
its cost is also considered in assessing for any indication of impairment. If any such indication exists, an
impairment test is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "3238000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-492": { "value": "3500000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-495": { "value": "
Associates are entities in which HEINEKEN has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting
rights. Joint ventures (JVs) are the arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting,
meaning they are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s
share of the net profit or loss of the associates and JVs whereby the result is determined using the accounting
policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or JV, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an
obligation or has made a payment on behalf of the associate or JV.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there
is any indication of impairment. A significant or prolonged decline in the fair value of the investment below
its cost is also considered in assessing for any indication of impairment. If any such indication exists, an
impairment test is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
Associates are entities in which HEINEKEN has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting
rights. Joint ventures (JVs) are the arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting,
meaning they are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s
share of the net profit or loss of the associates and JVs whereby the result is determined using the accounting
policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or JV, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an
obligation or has made a payment on behalf of the associate or JV.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there
is any indication of impairment. A significant or prolonged decline in the fair value of the investment below
its cost is also considered in assessing for any indication of impairment. If any such indication exists, an
impairment test is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Associates are entities in which HEINEKEN has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting
rights. Joint ventures (JVs) are the arrangements in which HEINEKEN has joint control.
HEINEKEN\u2019s investments in associates and JVs are accounted for using the equity method of accounting,
meaning they are initially recognised at cost. The consolidated financial statements include HEINEKEN\u2019s
share of the net profit or loss of the associates and JVs whereby the result is determined using the accounting
policies of HEINEKEN.
When HEINEKEN\u2019s share of losses exceeds the carrying amount of the associate or JV, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN has an
obligation or has made a payment on behalf of the associate or JV.
At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there
is any indication of impairment. A significant or prolonged decline in the fair value of the investment below
its cost is also considered in assessing for any indication of impairment. If any such indication exists, an
impairment test is performed (refer to note 8.1).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and
bank loans (refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value
changes of financial assets and liabilities measured at fair value, transactional foreign exchange gains and
losses (on a net basis), monetary gain resulting from hyperinflation accounting, unwinding of discount on
provisions and interest on the net defined benefit obligation.
In millions of \u20ac
Note
2025
2024
Interest income
108
110
Interest expenses
(620)
(680)
Dividend income from fair value through OCI investments
8
18
Net change in fair value of derivatives
(106)
(38)
Net foreign exchange gain/(loss)1
(47)
(217)
Net monetary gain arising from hyperinflationary economies
32
73
Unwinding discount on provisions
9.2
(12)
(11)
Interest on the net defined benefit obligation
9.1
(12)
(17)
Other
(17)
(43)
Other net finance expenses
(154)
(235)
Net finance expenses
(666)
(805)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac84 million (2024 : \u20ac68 million).
In 2025, a net monetary gain was recognised related to applying hyperinflation accounting in Haiti and
Burundi.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive
payment is established, which is the ex-dividend date in the case of quoted securities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and
bank loans (refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value
changes of financial assets and liabilities measured at fair value, transactional foreign exchange gains and
losses (on a net basis), monetary gain resulting from hyperinflation accounting, unwinding of discount on
provisions and interest on the net defined benefit obligation.
In millions of \u20ac
Note
2025
2024
Interest income
108
110
Interest expenses
(620)
(680)
Dividend income from fair value through OCI investments
8
18
Net change in fair value of derivatives
(106)
(38)
Net foreign exchange gain/(loss)1
(47)
(217)
Net monetary gain arising from hyperinflationary economies
32
73
Unwinding discount on provisions
9.2
(12)
(11)
Interest on the net defined benefit obligation
9.1
(12)
(17)
Other
(17)
(43)
Other net finance expenses
(154)
(235)
Net finance expenses
(666)
(805)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac84 million (2024 : \u20ac68 million).
In 2025, a net monetary gain was recognised related to applying hyperinflation accounting in Haiti and
Burundi.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive
payment is established, which is the ex-dividend date in the case of quoted securities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and
bank loans (refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value
changes of financial assets and liabilities measured at fair value, transactional foreign exchange gains and
losses (on a net basis), monetary gain resulting from hyperinflation accounting, unwinding of discount on
provisions and interest on the net defined benefit obligation.
In millions of \u20ac
Note
2025
2024
Interest income
108
110
Interest expenses
(620)
(680)
Dividend income from fair value through OCI investments
8
18
Net change in fair value of derivatives
(106)
(38)
Net foreign exchange gain/(loss)1
(47)
(217)
Net monetary gain arising from hyperinflationary economies
32
73
Unwinding discount on provisions
9.2
(12)
(11)
Interest on the net defined benefit obligation
9.1
(12)
(17)
Other
(17)
(43)
Other net finance expenses
(154)
(235)
Net finance expenses
(666)
(805)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac84 million (2024 : \u20ac68 million).
In 2025, a net monetary gain was recognised related to applying hyperinflation accounting in Haiti and
Burundi.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive
payment is established, which is the ex-dividend date in the case of quoted securities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and
bank loans (refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value
changes of financial assets and liabilities measured at fair value, transactional foreign exchange gains and
losses (on a net basis), monetary gain resulting from hyperinflation accounting, unwinding of discount on
provisions and interest on the net defined benefit obligation.
In millions of \u20ac
Note
2025
2024
Interest income
108
110
Interest expenses
(620)
(680)
Dividend income from fair value through OCI investments
8
18
Net change in fair value of derivatives
(106)
(38)
Net foreign exchange gain/(loss)1
(47)
(217)
Net monetary gain arising from hyperinflationary economies
32
73
Unwinding discount on provisions
9.2
(12)
(11)
Interest on the net defined benefit obligation
9.1
(12)
(17)
Other
(17)
(43)
Other net finance expenses
(154)
(235)
Net finance expenses
(666)
(805)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac84 million (2024 : \u20ac68 million).
In 2025, a net monetary gain was recognised related to applying hyperinflation accounting in Haiti and
Burundi.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive
payment is established, which is the ex-dividend date in the case of quoted securities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and
bank loans (refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value
changes of financial assets and liabilities measured at fair value, transactional foreign exchange gains and
losses (on a net basis), monetary gain resulting from hyperinflation accounting, unwinding of discount on
provisions and interest on the net defined benefit obligation.
In millions of \u20ac
Note
2025
2024
Interest income
108
110
Interest expenses
(620)
(680)
Dividend income from fair value through OCI investments
8
18
Net change in fair value of derivatives
(106)
(38)
Net foreign exchange gain/(loss)1
(47)
(217)
Net monetary gain arising from hyperinflationary economies
32
73
Unwinding discount on provisions
9.2
(12)
(11)
Interest on the net defined benefit obligation
9.1
(12)
(17)
Other
(17)
(43)
Other net finance expenses
(154)
(235)
Net finance expenses
(666)
(805)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac84 million (2024 : \u20ac68 million).
In 2025, a net monetary gain was recognised related to applying hyperinflation accounting in Haiti and
Burundi.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive
payment is established, which is the ex-dividend date in the case of quoted securities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
11.1\u00a0 \u00a0 Net finance income and expense
Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and
bank loans (refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value
changes of financial assets and liabilities measured at fair value, transactional foreign exchange gains and
losses (on a net basis), monetary gain resulting from hyperinflation accounting, unwinding of discount on
provisions and interest on the net defined benefit obligation.
In millions of \u20ac
Note
2025
2024
Interest income
108
110
Interest expenses
(620)
(680)
Dividend income from fair value through OCI investments
8
18
Net change in fair value of derivatives
(106)
(38)
Net foreign exchange gain/(loss)1
(47)
(217)
Net monetary gain arising from hyperinflationary economies
32
73
Unwinding discount on provisions
9.2
(12)
(11)
Interest on the net defined benefit obligation
9.1
(12)
(17)
Other
(17)
(43)
Other net finance expenses
(154)
(235)
Net finance expenses
(666)
(805)
1Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings.
Interest expenses include the interest component of lease liabilities of \u20ac84 million (2024 : \u20ac68 million).
In 2025, a net monetary gain was recognised related to applying hyperinflation accounting in Haiti and
Burundi.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive
payment is established, which is the ex-dividend date in the case of quoted securities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive
payment is established, which is the ex-dividend date in the case of quoted securities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
Interest income and expenses are recognised as they accrue, using the effective interest method.
Dividend income is recognised in the income statement on the date that HEINEKEN\u2019s right to receive
payment is established, which is the ex-dividend date in the case of quoted securities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "Interest income and expenses are recognised as they accrue, using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
11.2\u00a0 \u00a0 Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. In general, bank overdrafts form an
integral part of HEINEKEN\u2019s cash management and are included as a component of cash and cash
equivalents in the statement of cash\u00a0flows.
In millions of \u20ac
Note
2025
2024
Cash and cash equivalents
11.3
4,773
2,350
Bank overdrafts
11.3
(461)
(597)
Cash and cash equivalents in the statement of cash flows
4,312
1,753
For more information on HEINEKEN's liquidity risk exposure refer to note 11.5.
The following table presents recognised Cash and cash equivalents and Bank overdrafts, and the impact of
the netting of gross amounts. The Net amount below refers to the impact on HEINEKEN\u2019s balance sheet if all
amounts subject to legal offset rights are netted.
2025
In millions of \u20ac
Gross
amounts
Net amounts
presented in
the statement
of financial
position
Amounts subject
to legal offset
rights
Net amount
Assets
Cash and cash equivalents
4,773
4,773
(310)
4,463
Liabilities
Bank overdrafts
(461)
(461)
310
(151)
2024
Assets
Cash and cash equivalents
2,350
2,350
(453)
1,897
Liabilities
Bank overdrafts
(597)
(597)
453
(144)
HEINEKEN operates in several territories where there is limited availability of foreign currency resulting in
restrictions on remittances. Mainly as a result of these restrictions, \u00a4317 million (2024: \u00a4317 million) of cash
included in cash and cash equivalents is restricted for use by HEINEKEN, yet available for use in the relevant
subsidiary\u2019s day-to-day operations.
Accounting policies
\"Financials-Icons-Policies.png\"
Cash and cash equivalents are initially recognised at fair value and subsequently at amortised cost.
HEINEKEN has cash pooling arrangements with legally enforceable rights to offset cash and overdraft
balances. Where there is an intention to settle on a net basis, cash and overdraft balances relating to the cash
pooling arrangements are reported on a net basis in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
HEINEKEN operates in several territories where there is limited availability of foreign currency resulting in
restrictions on remittances. Mainly as a result of these restrictions, \u00a4317 million (2024: \u00a4317 million) of cash
included in cash and cash equivalents is restricted for use by HEINEKEN, yet available for use in the relevant
subsidiary\u2019s day-to-day operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
Cash and cash equivalents are initially recognised at fair value and subsequently at amortised cost.
HEINEKEN has cash pooling arrangements with legally enforceable rights to offset cash and overdraft
balances. Where there is an intention to settle on a net basis, cash and overdraft balances relating to the cash
pooling arrangements are reported on a net basis in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
11.3\u00a0 \u00a0 Borrowings
HEINEKEN mainly uses bonds, commercial paper and bank loans to ensure sufficient financing to support its
operations. Net interest-bearing debt is the key metric for HEINEKEN to measure its indebtedness.
2025
2024
In millions of \u20ac
Note
Non-current
Current
Total
Non-current
Current
Total
Unsecured bond issues
14,408
1,599
16,007
12,103
1,682
13,785
Lease liabilities
1,170
346
1,516
1,030
314
1,344
Bank loans
552
171
723
547
73
620
Other interest-bearing
liabilities
61
11
72
103
107
210
Deposits from third
parties 1
\u2014
500
500
\u2014
493
493
Bank overdrafts
11.2
\u2014
461
461
\u2014
597
597
Total borrowings
16,191
3,088
19,279
13,783
3,266
17,049
Market value of (cross-
currency) interest rate
swaps
11.5
35
7
Other investments
(62)
(55)
Cash and cash
equivalents
11.2
(4,773)
(2,350)
Net debt
14,479
14,651
1Mainly employee deposits.
As at 31 December 2025 , \u20ac45 million of the \u20ac723 million of bank loans is secured ( 2024: \u20ac88 million).
In millions of \u20ac
Unsecured
bond issues
Lease
liabilities
Bank loans
Other
interest-
bearing
liabilities
Deposits
from third
parties
Derivatives
used for
financing
activities
Assets and
liabilities
used for
financing
activities
Balance as at
1\u00a0January 2025
13,785
1,344
620
210
493
7
16,459
Effect of movements
in exchange rates
(252)
(37)
(22)
(3)
\u2014
(17)
(331)
Addition of leases
\u2014
645
\u2014
\u2014
\u2014
\u2014
645
Proceeds
3,965
\u2014
971
1,487
122
\u2014
6,545
(Re)payments
(1,455)
(379)
(846)
(1,584)
(115)
\u2014
(4,379)
Interest paid over
lease liability
\u2014
(84)
\u2014
\u2014
\u2014
\u2014
(84)
Other
(36)
27
\u2014
(38)
\u2014
45
(2)
Balance as at
31\u00a0December 2025
16,007
1,516
723
72
500
35
18,853
In millions of \u20ac
Unsecured
bond issues
Lease
liabilities
Bank loans
Other
interest-
bearing
liabilities
Deposits
from third
parties
Derivatives
used for
financing
activities
Assets and
liabilities
used for
financing
activities
Balance as at
1\u00a0January 2024
14,209
1,267
526
793
491
(3)
17,283
Effect of movements
in exchange rates
128
(32)
11
(84)
\u2014
10
33
Addition of leases
\u2014
502
\u2014
\u2014
\u2014
\u2014
502
Proceeds
896
\u2014
560
1,538
81
\u2014
3,075
(Re)payments
(1,460)
(355)
(478)
(2,045)
(78)
\u2014
(4,416)
Interest paid over
lease liability
\u2014
(68)
\u2014
\u2014
\u2014
\u2014
(68)
Other
12
30
1
8
(1)
\u2014
50
Balance as at
31\u00a0December 2024
13,785
1,344
620
210
493
7
16,459
Changes in borrowings
In 2025, the increase in borrowings is mainly due to proceeds from new bonds, which exceeded the
repayments.
Cash flows from financing activities are mainly generated by bonds, commercial paper, bank loans and other
interest-bearing liabilities presented above. Additionally, HEINEKEN also uses derivatives related to its
financing, which can be recognised as assets or liabilities. The above table details the reconciliation of the
liabilities and assets arising from financing activities to the cash flow from financing activities. Bank
overdrafts form an integral part of HEINEKEN\u2019s cash management and are included as a component of cash
and cash equivalents in the statement of cash flows. For more information on derivatives refer to note 11.6.
The average effective interest rate on the net debt position as at 31 December 2025 was 3.4% (2024 : 3.5%).
The average maturity of the bonds as at 31 December 2025 was 7 years (2024: 7 years).
Centrally available financing headroom
The centrally available financing headroom at Group level was approximately \u20ac6.2 billion as at 31 December
2025 (2024: \u20ac3.8 billion) and consisted of the undrawn part of the committed \u20ac3.5 billion revolving credit
facility and centrally available cash.
New financing
During the year period ended 31 December 2025, HEINEKEN secured additional financing by issuing the
following notes, which are included in the unsecured bond issues:
Date of placement
Note
Date of maturity
22 April 2025
\u20ac900 million of 7.5-year Notes with a coupon of 3.276%
29 October 2032
25 September 2025
\u20ac500 million of 3-year Notes with a coupon of 2.565%
3 October 2028
25 September 2025
\u20ac750 million of 8.6-year Notes with a coupon of 3.505%
3 May 2034
25 September 2025
\u20ac750 million of 12-year Notes with a coupon of 3.872%
3 October 2037
3 November 2025
\u20ac550 million of 5.7-year Notes with a coupon of 2.990%
14 July 2031
3 November 2025
\u20ac750 million of 20-year Notes with a coupon of 4.242%
14 November 2045
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
Judgement is required to determine the lease term and the incremental borrowing rate. The assessment of
whether HEINEKEN is reasonably certain to exercise extension options or not to make use of termination
options impacts the lease term, which as a result could affect the amount of lease liabilities recognised. The
assumptions used in the determination of the incremental borrowing rate could impact the rate used in
discounting future payments, which as a result could have an impact on the amount of lease
liabilities\u00a0recognised.
Accounting policies
\"Financials-Icons-Policies.png\"
Borrowings
Borrowings are initially measured at fair value less transaction costs. Subsequently, the borrowings are
measured at amortised cost using the effective interest rate method. Borrowings included in a fair value
hedge are stated at fair value in respect of the risk being hedged.
Borrowings for which HEINEKEN has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date are classified as non-current liabilities. For the accounting policy on cash
and cash equivalents and derivatives refer to notes 11.2 and 11.6, respectively.
Lease liabilities
Lease liabilities are measured at the present value of the lease payments to be paid during the lease term,
discounted using the incremental borrowing rate. Lease liabilities are subsequently increased by the interest
cost on the lease liabilities and decreased by lease payments made. The lease liabilities will be remeasured
when there is a change in the amount to be paid (e.g. due to indexation) or when there is a change in the
assessment of the lease terms.
The incremental borrowing rate (IBR) is determined on a country level. For each country, there are separate
rates depending on the contract currency and the term of the lease. The IBR is calculated based on the local
risk-free rate plus a country default spread and a credit spread.
The lease term is determined as the non-cancellable period of a lease, together with:
\u2013 Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to make use of
that option
\u2013 Periods covered by an option to terminate the lease if HEINEKEN is reasonably certain not to make use of
that option
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013 Apply a single discount rate per country to a portfolio of leases with reasonably similar characteristics
\u2013 Include non-lease components in the lease liability for equipment leases", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
Borrowings
Borrowings are initially measured at fair value less transaction costs. Subsequently, the borrowings are
measured at amortised cost using the effective interest rate method. Borrowings included in a fair value
hedge are stated at fair value in respect of the risk being hedged.
Borrowings for which HEINEKEN has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date are classified as non-current liabilities. For the accounting policy on cash
and cash equivalents and derivatives refer to notes 11.2 and 11.6, respectively.
Lease liabilities
Lease liabilities are measured at the present value of the lease payments to be paid during the lease term,
discounted using the incremental borrowing rate. Lease liabilities are subsequently increased by the interest
cost on the lease liabilities and decreased by lease payments made. The lease liabilities will be remeasured
when there is a change in the amount to be paid (e.g. due to indexation) or when there is a change in the
assessment of the lease terms.
The incremental borrowing rate (IBR) is determined on a country level. For each country, there are separate
rates depending on the contract currency and the term of the lease. The IBR is calculated based on the local
risk-free rate plus a country default spread and a credit spread.
The lease term is determined as the non-cancellable period of a lease, together with:
\u2013 Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to make use of
that option
\u2013 Periods covered by an option to terminate the lease if HEINEKEN is reasonably certain not to make use of
that option
HEINEKEN applies the following practical expedients for the recognition of leases:
\u2013 Apply a single discount rate per country to a portfolio of leases with reasonably similar characteristics
\u2013 Include non-lease components in the lease liability for equipment leases", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
Borrowings
Borrowings are initially measured at fair value less transaction costs. Subsequently, the borrowings are
measured at amortised cost using the effective interest rate method. Borrowings included in a fair value
hedge are stated at fair value in respect of the risk being hedged.
Borrowings for which HEINEKEN has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date are classified as non-current liabilities. For the accounting policy on cash
and cash equivalents and derivatives refer to notes 11.2 and 11.6, respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
11.4\u00a0 \u00a0 Capital and reserves
Share capital
Refer to the table below for the issued share capital as at 31 December. All issued shares are fully paid.
2025
2024
Share capital
Shares of \u20ac1.60
Nominal value
in millions of \u20ac
Shares of \u20ac1.60
Nominal value in
millions of \u20ac
1 January
576,002,613
922
576,002,613
922
Changes
\u2014
\u2014
\u2014
\u2014
31 December
576,002,613
922
576,002,613
922
The Company\u2019s authorised capital amounts to \u20ac2,500 million, consisting of 1,562,500,000 shares.
The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote
per share at shareholder meetings of the Company. In respect of the treasury shares that are held by
HEINEKEN, rights are suspended.
Share premium
As at 31 December 2025, the share premium amounted to \u20ac2,701 million (2024 : \u20ac2,701 million).
Translation reserve
The translation reserve comprises foreign currency differences arising from the translation of the assets and
liabilities of foreign operations of HEINEKEN (excluding amounts attributable to non-controlling interests) as
well as value changes of the hedging instruments in the net investment hedges. HEINEKEN considers this a
legal reserve.
Hedging reserve
This reserve comprises the effective portion of the cumulative net change in the fair value of cash flow
hedging instruments where the hedged transaction has not yet occurred. HEINEKEN considers this a
legal\u00a0reserve.
Fair value reserve
This reserve comprises the cumulative net change in the fair value of FVOCI equity investments. HEINEKEN
transfers amounts from this reserve to retained earnings when the relevant equity securities are
derecognised. HEINEKEN considers this a legal reserve.
Other legal reserves
These reserves relate to the share of profit of joint ventures and associates over the distribution of which
HEINEKEN does not have control. The movement in these reserves reflects the share of profit of joint
ventures and associates minus dividends received. For retained earnings of subsidiaries that cannot be freely
distributed due to legal or other restrictions, a legal reserve is recognised.
Reserve for own shares
The reserve for own shares comprises the treasury shares held by HEINEKEN. The table below shows the
changes in 2025, which mainly relate to the HEINEKEN share buyback programme discussed in note 6.7.
Reserve for own shares
Number of
shares
1 January 2025
10,863,983
Changes
4,581,334
31 December 2025
15,445,317
Dividends
The following dividends were declared and paid by HEINEKEN:
In millions of \u20ac
2025
2024
Final dividend previous year \u20ac1.17, respectively \u20ac1.04 per qualifying share
654
583
Interim dividend current year \u20ac0.74, respectively \u20ac0.69 per qualifying share
412
386
Total dividend declared and paid
1,066
969
For 2025, a payment of a total cash dividend of \u20ac1.90 per share (2024: \u20ac1.86) will be proposed at the AGM
on 23 April 2026. If approved, the final dividend of \u20ac1.16 will be paid on 5 May 2026, as an interim dividend
of \u20ac0.74 per share was paid on 7 August 2025. The payment will be subject to a 15% Dutch withholding tax.
After the balance sheet date, the Executive Board proposed the following appropriation of profit. The
dividends, taking into account the interim dividends declared and paid, have not been provided for.
In millions of \u20ac
2025
2024
Dividend per qualifying share \u20ac1.90 (2024: \u20ac1.86)
1,046
1,042
Increase/(Decrease) of retained earnings
839
(64)
Net profit
1,885
978
Non-controlling interests
The non-controlling interests (NCI) relate to minority stakes held by third parties in HEINEKEN consolidated
subsidiaries. The total NCI as at 31 December 2025 amounted to \u20ac2,636 million (2024: \u20ac2,821 million), refer
to note 10.1 for more information.
Capital management
HEINEKEN defines capital as total equity, as presented in the consolidated statement of financial position.
There were no major changes in HEINEKEN\u2019s approach to capital management during the year. The
Executive Board\u2019s policy is to maintain a strong capital base by applying strict financial discipline, to maintain
investor, creditor and market confidence and to sustain future development of the business and acquisitions.
In practice, this means safeguarding access to funding for long-term growth and acquisitions, while at the
same time optimising value for shareholders. HEINEKEN aims to maintain an appropriate balance between
Net debt and total equity and to distribute cash to shareholders through dividends or share buy-back
programmes, ensuring that capital is allocated efficiently and sustainably.
HEINEKEN is not subject to externally imposed capital requirements other than the legal reserves. Shares are
purchased from time to time to meet the requirements of the share-based payment awards, as further
explained in note 6.5. In 2025, Heineken N.V. announced the start of its two-year share buyback programme,
as further explained in note 6.7.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Shares are classified as equity. When share capital recognised as equity is repurchased, the amount of the
consideration paid, which includes directly attributable costs, is net of any tax effects recognised as a
deduction from equity. Repurchased shares recorded at purchase price are classified as treasury shares and
are presented in the reserve for own shares.
When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in
equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.
Dividends are recognised as a liability in the period in which they are declared.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
11.4\u00a0 \u00a0 Capital and reserves
Share capital
Refer to the table below for the issued share capital as at 31 December. All issued shares are fully paid.
2025
2024
Share capital
Shares of \u20ac1.60
Nominal value
in millions of \u20ac
Shares of \u20ac1.60
Nominal value in
millions of \u20ac
1 January
576,002,613
922
576,002,613
922
Changes
\u2014
\u2014
\u2014
\u2014
31 December
576,002,613
922
576,002,613
922
The Company\u2019s authorised capital amounts to \u20ac2,500 million, consisting of 1,562,500,000 shares.
The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote
per share at shareholder meetings of the Company. In respect of the treasury shares that are held by
HEINEKEN, rights are suspended.
Share premium
As at 31 December 2025, the share premium amounted to \u20ac2,701 million (2024 : \u20ac2,701 million).
Translation reserve
The translation reserve comprises foreign currency differences arising from the translation of the assets and
liabilities of foreign operations of HEINEKEN (excluding amounts attributable to non-controlling interests) as
well as value changes of the hedging instruments in the net investment hedges. HEINEKEN considers this a
legal reserve.
Hedging reserve
This reserve comprises the effective portion of the cumulative net change in the fair value of cash flow
hedging instruments where the hedged transaction has not yet occurred. HEINEKEN considers this a
legal\u00a0reserve.
Fair value reserve
This reserve comprises the cumulative net change in the fair value of FVOCI equity investments. HEINEKEN
transfers amounts from this reserve to retained earnings when the relevant equity securities are
derecognised. HEINEKEN considers this a legal reserve.
Other legal reserves
These reserves relate to the share of profit of joint ventures and associates over the distribution of which
HEINEKEN does not have control. The movement in these reserves reflects the share of profit of joint
ventures and associates minus dividends received. For retained earnings of subsidiaries that cannot be freely
distributed due to legal or other restrictions, a legal reserve is recognised.
Reserve for own shares
The reserve for own shares comprises the treasury shares held by HEINEKEN. The table below shows the
changes in 2025, which mainly relate to the HEINEKEN share buyback programme discussed in note 6.7.
Reserve for own shares
Number of
shares
1 January 2025
10,863,983
Changes
4,581,334
31 December 2025
15,445,317
Dividends
The following dividends were declared and paid by HEINEKEN:
In millions of \u20ac
2025
2024
Final dividend previous year \u20ac1.17, respectively \u20ac1.04 per qualifying share
654
583
Interim dividend current year \u20ac0.74, respectively \u20ac0.69 per qualifying share
412
386
Total dividend declared and paid
1,066
969
For 2025, a payment of a total cash dividend of \u20ac1.90 per share (2024: \u20ac1.86) will be proposed at the AGM
on 23 April 2026. If approved, the final dividend of \u20ac1.16 will be paid on 5 May 2026, as an interim dividend
of \u20ac0.74 per share was paid on 7 August 2025. The payment will be subject to a 15% Dutch withholding tax.
After the balance sheet date, the Executive Board proposed the following appropriation of profit. The
dividends, taking into account the interim dividends declared and paid, have not been provided for.
In millions of \u20ac
2025
2024
Dividend per qualifying share \u20ac1.90 (2024: \u20ac1.86)
1,046
1,042
Increase/(Decrease) of retained earnings
839
(64)
Net profit
1,885
978
Non-controlling interests
The non-controlling interests (NCI) relate to minority stakes held by third parties in HEINEKEN consolidated
subsidiaries. The total NCI as at 31 December 2025 amounted to \u20ac2,636 million (2024: \u20ac2,821 million), refer
to note 10.1 for more information.
Capital management
HEINEKEN defines capital as total equity, as presented in the consolidated statement of financial position.
There were no major changes in HEINEKEN\u2019s approach to capital management during the year. The
Executive Board\u2019s policy is to maintain a strong capital base by applying strict financial discipline, to maintain
investor, creditor and market confidence and to sustain future development of the business and acquisitions.
In practice, this means safeguarding access to funding for long-term growth and acquisitions, while at the
same time optimising value for shareholders. HEINEKEN aims to maintain an appropriate balance between
Net debt and total equity and to distribute cash to shareholders through dividends or share buy-back
programmes, ensuring that capital is allocated efficiently and sustainably.
HEINEKEN is not subject to externally imposed capital requirements other than the legal reserves. Shares are
purchased from time to time to meet the requirements of the share-based payment awards, as further
explained in note 6.5. In 2025, Heineken N.V. announced the start of its two-year share buyback programme,
as further explained in note 6.7.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Shares are classified as equity. When share capital recognised as equity is repurchased, the amount of the
consideration paid, which includes directly attributable costs, is net of any tax effects recognised as a
deduction from equity. Repurchased shares recorded at purchase price are classified as treasury shares and
are presented in the reserve for own shares.
When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in
equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.
Dividends are recognised as a liability in the period in which they are declared.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
Share capital
Refer to the table below for the issued share capital as at 31 December. All issued shares are fully paid.
2025
2024
Share capital
Shares of \u20ac1.60
Nominal value
in millions of \u20ac
Shares of \u20ac1.60
Nominal value in
millions of \u20ac
1 January
576,002,613
922
576,002,613
922
Changes
\u2014
\u2014
\u2014
\u2014
31 December
576,002,613
922
576,002,613
922
The Company\u2019s authorised capital amounts to \u20ac2,500 million, consisting of 1,562,500,000 shares.
The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote
per share at shareholder meetings of the Company. In respect of the treasury shares that are held by
HEINEKEN, rights are suspended.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "2701000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-515": { "value": "
Reserve for own shares
The reserve for own shares comprises the treasury shares held by HEINEKEN. The table below shows the
changes in 2025, which mainly relate to the HEINEKEN share buyback programme discussed in note 6.7.
Reserve for own shares
Number of
shares
1 January 2025
10,863,983
Changes
4,581,334
31 December 2025
15,445,317
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
Dividends
The following dividends were declared and paid by HEINEKEN:
In millions of \u20ac
2025
2024
Final dividend previous year \u20ac1.17, respectively \u20ac1.04 per qualifying share
654
583
Interim dividend current year \u20ac0.74, respectively \u20ac0.69 per qualifying share
412
386
Total dividend declared and paid
1,066
969
For 2025, a payment of a total cash dividend of \u20ac1.90 per share (2024: \u20ac1.86) will be proposed at the AGM
on 23 April 2026. If approved, the final dividend of \u20ac1.16 will be paid on 5 May 2026, as an interim dividend
of \u20ac0.74 per share was paid on 7 August 2025. The payment will be subject to a 15% Dutch withholding tax.
After the balance sheet date, the Executive Board proposed the following appropriation of profit. The
dividends, taking into account the interim dividends declared and paid, have not been provided for.
In millions of \u20ac
2025
2024
Dividend per qualifying share \u20ac1.90 (2024: \u20ac1.86)
1,046
1,042
Increase/(Decrease) of retained earnings
839
(64)
Net profit
1,885
978
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "1.90", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-518": { "value": "1885000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-519": { "value": "
Non-controlling interests
The non-controlling interests (NCI) relate to minority stakes held by third parties in HEINEKEN consolidated
subsidiaries. The total NCI as at 31 December 2025 amounted to \u20ac2,636 million (2024: \u20ac2,821 million), refer
to note 10.1 for more information.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "2636000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-521": { "value": "
Capital management
HEINEKEN defines capital as total equity, as presented in the consolidated statement of financial position.
There were no major changes in HEINEKEN\u2019s approach to capital management during the year. The
Executive Board\u2019s policy is to maintain a strong capital base by applying strict financial discipline, to maintain
investor, creditor and market confidence and to sustain future development of the business and acquisitions.
In practice, this means safeguarding access to funding for long-term growth and acquisitions, while at the
same time optimising value for shareholders. HEINEKEN aims to maintain an appropriate balance between
Net debt and total equity and to distribute cash to shareholders through dividends or share buy-back
programmes, ensuring that capital is allocated efficiently and sustainably.
HEINEKEN is not subject to externally imposed capital requirements other than the legal reserves. Shares are
purchased from time to time to meet the requirements of the share-based payment awards, as further
explained in note 6.5. In 2025, Heineken N.V. announced the start of its two-year share buyback programme,
as further explained in note 6.7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in
equity, and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
Dividends are recognised as a liability in the period in which they are declared.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
11.5\u00a0 \u00a0 Credit, liquidity and market risk
This note summarises the financial risks that HEINEKEN is exposed to, and HEINEKEN\u2019s policies and processes
that are in place for managing these risks . For more information on derivatives used in managing risk refer to
note 11.6.
Risk management framework
The Executive Board sets rules and monitors the adequacy of HEINEKEN\u2019s risk management and control
systems. These systems are regularly reviewed to reflect changes in market conditions and HEINEKEN\u2019s
activities.
Managing the financial risks and financial resources includes the use of derivatives, primarily spot and
forward exchange contracts, options and interest rate swaps. It is HEINEKEN's policy not to enter into
speculative transactions.
In the normal course of business HEINEKEN is exposed to the following financial risks:
\u2013 Credit risk
\u2013 Liquidity risk
\u2013 Market risk
Credit risk
Credit risk is the risk of a loss to HEINEKEN when a customer or counterparty fails to pay.
All local operations are required to comply with the Global Credit Policy and develop local credit management
procedures accordingly. HEINEKEN reviews and updates the Global Credit Policy periodically to ensure that
adequate controls are in place to mitigate credit risk.
Credit risk arises mainly from HEINEKEN\u2019s receivables from customers like trade receivables, loans to
customers and advances to customers. At the balance sheet date, there were no significant concentrations of
credit risk.
Loans and advances to customers
HEINEKEN\u2019s loans and receivables include loans and advances to customers. Loans and advances to
customers are usually backed by collateral such as properties. HEINEKEN charges interest on loans to
its\u00a0customers.
Trade and other receivables
HEINEKEN\u2019s local management has credit policies in place and the exposure to credit risk is monitored on an
ongoing basis. Under these policies, all customers requiring credit above a certain amount are reviewed and
new customers are analysed individually for creditworthiness before HEINEKEN\u2019s standard payment and
delivery terms and conditions are offered. This review can include external ratings, where available, and in
some cases bank references. Credit limits are determined for each customer and are reviewed regularly.
Customers that fail to meet HEINEKEN\u2019s credit requirements transact only with HEINEKEN on either a
prepayment or cash on delivery basis.
Customers are monitored, on a country basis, according to their credit risk characteristics. A distinction is
made between individuals and legal entities, type of distribution channel, geographic location, ageing profile,
maturity and existence of previous financial difficulties.
HEINEKEN has a policy in place in respect of compliance with Anti-Money Laundering Laws. HEINEKEN
considers it important to know with whom business is done and from whom payments are received.
Allowances
HEINEKEN establishes allowances for impairment of loans and advances to customers, trade and other
receivables using an expected credit losses model. These allowances cover specific loss components that
relate to individual exposures, and a collective loss component established for groups of similar customers.
The collective loss allowance is determined based on historical data of payment statistics and updated
periodically to incorporate forward-looking information.
The loans and advances to customers, trade and other receivables are written off when there is no
reasonable expectation of recovery.
Due to the macro-economic environment and uncertainties including increasing inflationary pressure on
HEINEKEN\u2019s customers, judgement is required in the calculation of expected credit losses. As part of these
assessments, HEINEKEN has incorporated all reasonable and supportable information available such as
whether there has been a breach of payment terms or deterioration of payment against payment terms, a
request for extended payment terms or a request for waived payment terms.
Investments
HEINEKEN invests centrally available cash balances in deposits and liquid investments with various
counterparties that have strong credit ratings. HEINEKEN actively monitors these credit ratings.
Guarantees
HEINEKEN\u2019s policy is to avoid issuing guarantees unless this leads to substantial benefits for HEINEKEN. For
some loans to customers HEINEKEN does issue guarantees. In these cases, HEINEKEN aims to receive
security from the customer to limit the credit risk exposure.
Heineken N.V. has issued a joint and several liability statements to the provisions of Section 403, Part 9, Book
2 of the Dutch Civil Code with respect to legal entities established in the Netherlands. Refer to note A.1 of the
Company financial statements.
Exposure to credit risk
The maximum exposure to credit risk as at 31 December is as follows:
In millions of \u20ac
Note
2025
2024
Cash and cash equivalents
11.2
4,773
2,350
Trade and other receivables, excluding prepayments
7.2
3,968
4,026
Derivative assets
11.6
147
187
Fair value through OCI investments
8.5
15
14
Loans and advances to customers
8.3
224
258
Other non-current receivables
380
331
Guarantees to banks for loans (to third parties)
9.3
497
450
10,004
7,616
The exposure to credit risk by segment for trade and other receivables excluding prepayments is as follows:
\"4939\"
Liquidity risk
Liquidity risk is the risk that HEINEKEN will have difficulties meeting payment obligations associated with its
financial liabilities, like payment of financial debt or trade payables when they are due. HEINEKEN\u2019s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient funds to meet its
liabilities when due without incurring unacceptable losses. HEINEKEN has strict credit policies in place, which
help safeguard liquidity especially in macro-economic downturn.
HEINEKEN remains focused on ensuring sufficient access to capital markets to finance long-term growth and
to refinance maturing debt obligations. HEINEKEN seeks to align the maturity profile of its long-term debts
with its forecasted cash flow generation. More information about borrowing facilities is presented in note
11.3. Furthermore, strong cost and cash management, as well as controls over investment proposals, are
in\u00a0place.
Contractual maturities
The following table presents an overview of the expected timing of cash-out and inflows of non-derivative
financial liabilities and derivative financial assets and liabilities, including interest payments. The disclosure
shows net cash flows when derivatives are net cash-settled and gross cash inflow and outflow for derivatives
that are gross cash-settled
2025
In millions of \u20ac
Carrying
amount
Contractual
cash flows
Less than
1 year
1-5 years
More than
5 years
Financial liabilities
Interest-bearing liabilities
(17,763)
(22,110)
(3,236)
(7,267)
(11,607)
Lease liabilities
(1,516)
(1,979)
(417)
(867)
(695)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(9,852)
(9,852)
(9,810)
(41)
(1)
Derivative financial assets and (liabilities)
Inflows
1,846
78
1,142
626
Outflows
(1,938)
(83)
(1,151)
(704)
(Cross-currency) interest rate swaps
(35)
(92)
(5)
(9)
(78)
Inflows
6,928
6,812
116
\u2014
Outflows
(7,067)
(6,942)
(125)
\u2014
Forward exchange contracts
(90)
(139)
(130)
(9)
\u2014
Commodity derivatives
59
45
50
(5)
\u2014
Other derivatives
16
29
3
18
8
Total
(29,181)
(34,098)
(13,545)
(8,180)
(12,373)
2024
Financial liabilities
Interest-bearing liabilities
(15,705)
(18,920)
(3,473)
(6,467)
(8,980)
Lease liabilities
(1,344)
(1,868)
(374)
(743)
(751)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(10,224)
(10,224)
(10,158)
(52)
(14)
Derivative financial assets and (liabilities)
Inflows
860
12
848
\u2014
Outflows
(947)
(20)
(927)
\u2014
(Cross-currency) interest rate swaps
(7)
(87)
(8)
(79)
\u2014
Inflows
1,623
1,608
15
\u2014
Outflows
(1,564)
(1,549)
(15)
\u2014
Forward exchange contracts
92
59
59
\u2014
\u2014
Commodity derivatives
25
26
26
\u2014
\u2014
Other derivatives
18
30
1
18
11
Total
(27,145)
(30,984)
(13,927)
(7,323)
(9,734)
For more information on the derivative assets and liabilities, refer to note 11.6.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, commodity
prices and equity prices, will adversely affect HEINEKEN\u2019s income or the value of its financial instruments.
Throughout 2025, ongoing volatility in financial and commodity markets continued to influence the
HEINEKEN\u2019s operating environment. The objective of HEINEKEN's market risk management is to manage
and control market risk exposures within acceptable\u00a0boundaries.
HEINEKEN enters into derivatives and other financial liabilities to manage market risks. Generally, HEINEKEN
seeks to apply hedge accounting or establish natural hedges to minimise the impact of market risks in profit
or loss. Foreign currency, interest rate and commodity hedging operations are governed by internal policies
and rules.
Foreign currency risk
HEINEKEN is exposed to:
\u2013 Transactional risk on (future) sales, working capital, (future) purchases, deposits, borrowings and dividends
denominated in a currency other than the respective functional currencies of HEINEKEN entities
\u2013 Translational risk, which is the risk resulting from the translation of foreign operations into the reporting
currency of HEINEKEN.
The main currencies that give rise to this risk are the US Dollar, Mexican Peso, Brazilian Real, British Pound,
Vietnamese Dong, Indian Rupee, South African Rand, Ethiopian Birr, Nigerian Naira and Euro. In 2025, the
transactional foreign exchange risk was hedged in line with the hedging policy to the extent possible. The
overall transactional and translational impact on the reported numbers of HEINEKEN was negative.
In managing foreign currency risk, HEINEKEN aims to ensure the availability of foreign currencies and to
reduce the impact of short-term fluctuations on earnings. Over the longer term, however, permanent changes
in foreign exchange rates and the availability of foreign currencies, especially in emerging markets, will have
an impact on profit.
HEINEKEN hedges material cash flows in foreign currencies on the basis of rolling cash flow forecasts. For this
hedging, HEINEKEN mainly uses forward exchange contracts. The majority of the forward exchange
contracts have maturities of less than one year after the balance sheet date.
HEINEKEN has a clear policy on hedging transactional exchange risks. Translation exchange risks are hedged
to a limited extent, as the underlying currency positions are generally considered to be long-term in nature.
The result of the hedging of translation risk, using net investment hedges is recognised in the translation
reserve, as can be seen in the consolidated statement of comprehensive income.
HEINEKEN's policy is to hedge material recognised transactional exposure like trade payables, receivables,
borrowings and declared dividends. For material unrecognised transactional exposures like forecasted sales in
foreign currencies, HEINEKEN hedges the exposure between agreed percentages according to the policy.
It is HEINEKEN\u2019s policy to provide intra-HEINEKEN financing in the functional currency of subsidiaries where
possible to prevent foreign currency exposure on a subsidiary level. The resulting exposure at Group level is
hedged by means of foreign-currency denominated external debts and by forward exchange contracts.
Intra-HEINEKEN financing in foreign currencies is mainly in British Pound, US Dollar and Swiss Franc. In some
cases, HEINEKEN elects to treat intra-HEINEKEN financing with a permanent character as equity and does
not hedge the foreign currency exposure.
HEINEKEN has financial liabilities in foreign currencies like US Dollar and British Pound to hedge local operations,
which generate cash flows that have the same or closely correlated functional currencies. The corresponding
interest on these liabilities is also denominated in currencies that match the cash flows generated by the
underlying operations of HEINEKEN.
In respect of other monetary assets and liabilities denominated in currencies other than the functional
currencies of HEINEKEN, HEINEKEN ensures that its net exposure is kept to an acceptable level by buying or
selling foreign currencies at spot rates when necessary to address short-term imbalances.
Exposure to foreign currency risk
Based on notional amounts, HEINEKEN's transactional exposure to the US Dollar and Euro as at 31
December is as follows. The Euro column relates to transactional exposure to the Euro within subsidiaries
which are reporting in other currencies. The amounts below include intra-HEINEKEN cash flows.\u00a0
2025
2024
In millions
EUR
USD
EUR
USD
Financial assets
225
3,211
227
3,240
Financial liabilities
(1,993)
(3,436)
(2,217)
(3,433)
Gross balance sheet exposure
(1,768)
(225)
(1,990)
(193)
Estimated forecast sales next year
327
657
421
1,189
Estimated forecast purchases next year
(2,248)
(2,655)
(2,593)
(2,406)
Gross exposure
(3,689)
(2,223)
(4,162)
(1,410)
Net notional amounts foreign exchange contracts
770
1,335
598
669
Net exposure
(2,919)
(888)
(3,564)
(741)
Sensitivity analysis
Equity
(82)
78
(115)
38
Profit/(Loss)
(18)
(12)
(34)
(11)
The sensitivity analysis above shows the impact on equity and profit of a 10% strengthening of the US Dollar
against the Euro or, in the case of the Euro, a strengthening of the Euro against all other currencies as at 31
December 2025. This analysis assumes that all other variables, in particular interest rates, remain constant. In
the case of a 10% weakening, the effects are equal but with an opposite effect.
The table above covers operational exposures only. Exposures from foreign exchange contracts related to
acquisitions (FIFCO, refer to note 13.5) with a notional amount of US$2,723\u00a0million are not included. If these
contracts were included, it would increase the equity sensitivity by \u20ac191 million.
Interest rate risk
Interest rate risk is the risk that changes in market interest rates affect the fair value or cash flows of a
financial instrument. The most significant interest rate risk for HEINEKEN relates to borrowings (note 11.3).
The lower interest rate environment across\u00a0 our markets during 2025 resulted in a slightly lower\u00a0 average
effective interest rate on the net debt position of HEINEKEN (note 11.3).
By managing interest rate risk, HEINEKEN aims to reduce the impact of short-term fluctuations on earnings.
Over the longer term, however, permanent changes in interest rates will have an impact on profit.
HEINEKEN opts for a mix of fixed and variable interest rate financial instruments like bonds, commercial
paper and bank loans, combined with the use of derivative interest rate instruments. Currently, HEINEKEN\u2019s
interest rate position is more weighted towards fixed than floating. Interest rate derivative instruments that
can be used are (cross-currency) interest rate swaps, forward rate agreements, caps and floors.
Interest rate risk \u2013 profile
At the reporting date, the interest rate profile of HEINEKEN\u2019s interest-bearing financial instruments is as
follows:
In millions of \u20ac
2025
2024
Fixed rate instruments
Financial assets
418
391
Financial liabilities
(16,691)
(14,698)
Interest rate swaps
2,000
\u2014
(14,273)
(14,307)
Variable rate instruments
Financial assets
5,122
2,690
Financial liabilities
(2,588)
(2,352)
Interest rate swaps
(2,000)
\u2014
534
338
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates constantly applied during the reporting period would not have
a material impact on equity and profit or loss.
Commodity price risk
Commodity price risk is the risk that changes in the prices of commodities will affect HEINEKEN\u2019s cost. The
objective of commodity price risk management is to manage and control commodity risk exposures within
acceptable parameters, giving forward guidance of key input costs to allow for business planning. The main
commodity exposure relates to the purchase of aluminium cans, glass bottles, malt and utilities. Commodity
price risk is in principle mitigated by negotiating fixed prices in supplier contracts with various
contract\u00a0durations.
Another method to mitigate commodity price risk is by entering into commodity derivatives. HEINEKEN
enters into commodity derivatives for hedging aluminium and natural gas, and to a certain extent other
derivatives for commodities like fuel, corn and sugar. HEINEKEN does not enter into commodity contracts
other than to meet HEINEKEN\u2019s expected usage and sale\u00a0requirements.
Sensitivity analysis for aluminium hedges
Despite the increased prices of aluminium, a 10% change in the market price of aluminium would not have a
material impact on equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
Credit risk
Credit risk is the risk of a loss to HEINEKEN when a customer or counterparty fails to pay.
All local operations are required to comply with the Global Credit Policy and develop local credit management
procedures accordingly. HEINEKEN reviews and updates the Global Credit Policy periodically to ensure that
adequate controls are in place to mitigate credit risk.
Credit risk arises mainly from HEINEKEN\u2019s receivables from customers like trade receivables, loans to
customers and advances to customers. At the balance sheet date, there were no significant concentrations of
credit risk.
Loans and advances to customers
HEINEKEN\u2019s loans and receivables include loans and advances to customers. Loans and advances to
customers are usually backed by collateral such as properties. HEINEKEN charges interest on loans to
its\u00a0customers.
Trade and other receivables
HEINEKEN\u2019s local management has credit policies in place and the exposure to credit risk is monitored on an
ongoing basis. Under these policies, all customers requiring credit above a certain amount are reviewed and
new customers are analysed individually for creditworthiness before HEINEKEN\u2019s standard payment and
delivery terms and conditions are offered. This review can include external ratings, where available, and in
some cases bank references. Credit limits are determined for each customer and are reviewed regularly.
Customers that fail to meet HEINEKEN\u2019s credit requirements transact only with HEINEKEN on either a
prepayment or cash on delivery basis.
Customers are monitored, on a country basis, according to their credit risk characteristics. A distinction is
made between individuals and legal entities, type of distribution channel, geographic location, ageing profile,
maturity and existence of previous financial difficulties.
HEINEKEN has a policy in place in respect of compliance with Anti-Money Laundering Laws. HEINEKEN
considers it important to know with whom business is done and from whom payments are received.
Allowances
HEINEKEN establishes allowances for impairment of loans and advances to customers, trade and other
receivables using an expected credit losses model. These allowances cover specific loss components that
relate to individual exposures, and a collective loss component established for groups of similar customers.
The collective loss allowance is determined based on historical data of payment statistics and updated
periodically to incorporate forward-looking information.
The loans and advances to customers, trade and other receivables are written off when there is no
reasonable expectation of recovery.
Due to the macro-economic environment and uncertainties including increasing inflationary pressure on
HEINEKEN\u2019s customers, judgement is required in the calculation of expected credit losses. As part of these
assessments, HEINEKEN has incorporated all reasonable and supportable information available such as
whether there has been a breach of payment terms or deterioration of payment against payment terms, a
request for extended payment terms or a request for waived payment terms.
Investments
HEINEKEN invests centrally available cash balances in deposits and liquid investments with various
counterparties that have strong credit ratings. HEINEKEN actively monitors these credit ratings.
Guarantees
HEINEKEN\u2019s policy is to avoid issuing guarantees unless this leads to substantial benefits for HEINEKEN. For
some loans to customers HEINEKEN does issue guarantees. In these cases, HEINEKEN aims to receive
security from the customer to limit the credit risk exposure.
Heineken N.V. has issued a joint and several liability statements to the provisions of Section 403, Part 9, Book
2 of the Dutch Civil Code with respect to legal entities established in the Netherlands. Refer to note A.1 of the
Company financial statements.
Exposure to credit risk
The maximum exposure to credit risk as at 31 December is as follows:
In millions of \u20ac
Note
2025
2024
Cash and cash equivalents
11.2
4,773
2,350
Trade and other receivables, excluding prepayments
7.2
3,968
4,026
Derivative assets
11.6
147
187
Fair value through OCI investments
8.5
15
14
Loans and advances to customers
8.3
224
258
Other non-current receivables
380
331
Guarantees to banks for loans (to third parties)
9.3
497
450
10,004
7,616
The exposure to credit risk by segment for trade and other receivables excluding prepayments is as follows:
\"4939\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
Liquidity risk
Liquidity risk is the risk that HEINEKEN will have difficulties meeting payment obligations associated with its
financial liabilities, like payment of financial debt or trade payables when they are due. HEINEKEN\u2019s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient funds to meet its
liabilities when due without incurring unacceptable losses. HEINEKEN has strict credit policies in place, which
help safeguard liquidity especially in macro-economic downturn.
HEINEKEN remains focused on ensuring sufficient access to capital markets to finance long-term growth and
to refinance maturing debt obligations. HEINEKEN seeks to align the maturity profile of its long-term debts
with its forecasted cash flow generation. More information about borrowing facilities is presented in note
11.3. Furthermore, strong cost and cash management, as well as controls over investment proposals, are
in\u00a0place.
Contractual maturities
The following table presents an overview of the expected timing of cash-out and inflows of non-derivative
financial liabilities and derivative financial assets and liabilities, including interest payments. The disclosure
shows net cash flows when derivatives are net cash-settled and gross cash inflow and outflow for derivatives
that are gross cash-settled
2025
In millions of \u20ac
Carrying
amount
Contractual
cash flows
Less than
1 year
1-5 years
More than
5 years
Financial liabilities
Interest-bearing liabilities
(17,763)
(22,110)
(3,236)
(7,267)
(11,607)
Lease liabilities
(1,516)
(1,979)
(417)
(867)
(695)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(9,852)
(9,852)
(9,810)
(41)
(1)
Derivative financial assets and (liabilities)
Inflows
1,846
78
1,142
626
Outflows
(1,938)
(83)
(1,151)
(704)
(Cross-currency) interest rate swaps
(35)
(92)
(5)
(9)
(78)
Inflows
6,928
6,812
116
\u2014
Outflows
(7,067)
(6,942)
(125)
\u2014
Forward exchange contracts
(90)
(139)
(130)
(9)
\u2014
Commodity derivatives
59
45
50
(5)
\u2014
Other derivatives
16
29
3
18
8
Total
(29,181)
(34,098)
(13,545)
(8,180)
(12,373)
2024
Financial liabilities
Interest-bearing liabilities
(15,705)
(18,920)
(3,473)
(6,467)
(8,980)
Lease liabilities
(1,344)
(1,868)
(374)
(743)
(751)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(10,224)
(10,224)
(10,158)
(52)
(14)
Derivative financial assets and (liabilities)
Inflows
860
12
848
\u2014
Outflows
(947)
(20)
(927)
\u2014
(Cross-currency) interest rate swaps
(7)
(87)
(8)
(79)
\u2014
Inflows
1,623
1,608
15
\u2014
Outflows
(1,564)
(1,549)
(15)
\u2014
Forward exchange contracts
92
59
59
\u2014
\u2014
Commodity derivatives
25
26
26
\u2014
\u2014
Other derivatives
18
30
1
18
11
Total
(27,145)
(30,984)
(13,927)
(7,323)
(9,734)
For more information on the derivative assets and liabilities, refer to note 11.6.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
Contractual maturities
The following table presents an overview of the expected timing of cash-out and inflows of non-derivative
financial liabilities and derivative financial assets and liabilities, including interest payments. The disclosure
shows net cash flows when derivatives are net cash-settled and gross cash inflow and outflow for derivatives
that are gross cash-settled
2025
In millions of \u20ac
Carrying
amount
Contractual
cash flows
Less than
1 year
1-5 years
More than
5 years
Financial liabilities
Interest-bearing liabilities
(17,763)
(22,110)
(3,236)
(7,267)
(11,607)
Lease liabilities
(1,516)
(1,979)
(417)
(867)
(695)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(9,852)
(9,852)
(9,810)
(41)
(1)
Derivative financial assets and (liabilities)
Inflows
1,846
78
1,142
626
Outflows
(1,938)
(83)
(1,151)
(704)
(Cross-currency) interest rate swaps
(35)
(92)
(5)
(9)
(78)
Inflows
6,928
6,812
116
\u2014
Outflows
(7,067)
(6,942)
(125)
\u2014
Forward exchange contracts
(90)
(139)
(130)
(9)
\u2014
Commodity derivatives
59
45
50
(5)
\u2014
Other derivatives
16
29
3
18
8
Total
(29,181)
(34,098)
(13,545)
(8,180)
(12,373)
2024
Financial liabilities
Interest-bearing liabilities
(15,705)
(18,920)
(3,473)
(6,467)
(8,980)
Lease liabilities
(1,344)
(1,868)
(374)
(743)
(751)
Trade and other payables and returnable
packaging deposits (excluding interest payable,
dividends and including non-current part)
(10,224)
(10,224)
(10,158)
(52)
(14)
Derivative financial assets and (liabilities)
Inflows
860
12
848
\u2014
Outflows
(947)
(20)
(927)
\u2014
(Cross-currency) interest rate swaps
(7)
(87)
(8)
(79)
\u2014
Inflows
1,623
1,608
15
\u2014
Outflows
(1,564)
(1,549)
(15)
\u2014
Forward exchange contracts
92
59
59
\u2014
\u2014
Commodity derivatives
25
26
26
\u2014
\u2014
Other derivatives
18
30
1
18
11
Total
(27,145)
(30,984)
(13,927)
(7,323)
(9,734)
For more information on the derivative assets and liabilities, refer to note 11.6.", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, commodity
prices and equity prices, will adversely affect HEINEKEN\u2019s income or the value of its financial instruments.
Throughout 2025, ongoing volatility in financial and commodity markets continued to influence the
HEINEKEN\u2019s operating environment. The objective of HEINEKEN's market risk management is to manage
and control market risk exposures within acceptable\u00a0boundaries.
HEINEKEN enters into derivatives and other financial liabilities to manage market risks. Generally, HEINEKEN
seeks to apply hedge accounting or establish natural hedges to minimise the impact of market risks in profit
or loss. Foreign currency, interest rate and commodity hedging operations are governed by internal policies
and rules.
Foreign currency risk
HEINEKEN is exposed to:
\u2013 Transactional risk on (future) sales, working capital, (future) purchases, deposits, borrowings and dividends
denominated in a currency other than the respective functional currencies of HEINEKEN entities
\u2013 Translational risk, which is the risk resulting from the translation of foreign operations into the reporting
currency of HEINEKEN.
The main currencies that give rise to this risk are the US Dollar, Mexican Peso, Brazilian Real, British Pound,
Vietnamese Dong, Indian Rupee, South African Rand, Ethiopian Birr, Nigerian Naira and Euro. In 2025, the
transactional foreign exchange risk was hedged in line with the hedging policy to the extent possible. The
overall transactional and translational impact on the reported numbers of HEINEKEN was negative.
In managing foreign currency risk, HEINEKEN aims to ensure the availability of foreign currencies and to
reduce the impact of short-term fluctuations on earnings. Over the longer term, however, permanent changes
in foreign exchange rates and the availability of foreign currencies, especially in emerging markets, will have
an impact on profit.
HEINEKEN hedges material cash flows in foreign currencies on the basis of rolling cash flow forecasts. For this
hedging, HEINEKEN mainly uses forward exchange contracts. The majority of the forward exchange
contracts have maturities of less than one year after the balance sheet date.
HEINEKEN has a clear policy on hedging transactional exchange risks. Translation exchange risks are hedged
to a limited extent, as the underlying currency positions are generally considered to be long-term in nature.
The result of the hedging of translation risk, using net investment hedges is recognised in the translation
reserve, as can be seen in the consolidated statement of comprehensive income.
HEINEKEN's policy is to hedge material recognised transactional exposure like trade payables, receivables,
borrowings and declared dividends. For material unrecognised transactional exposures like forecasted sales in
foreign currencies, HEINEKEN hedges the exposure between agreed percentages according to the policy.
It is HEINEKEN\u2019s policy to provide intra-HEINEKEN financing in the functional currency of subsidiaries where
possible to prevent foreign currency exposure on a subsidiary level. The resulting exposure at Group level is
hedged by means of foreign-currency denominated external debts and by forward exchange contracts.
Intra-HEINEKEN financing in foreign currencies is mainly in British Pound, US Dollar and Swiss Franc. In some
cases, HEINEKEN elects to treat intra-HEINEKEN financing with a permanent character as equity and does
not hedge the foreign currency exposure.
HEINEKEN has financial liabilities in foreign currencies like US Dollar and British Pound to hedge local operations,
which generate cash flows that have the same or closely correlated functional currencies. The corresponding
interest on these liabilities is also denominated in currencies that match the cash flows generated by the
underlying operations of HEINEKEN.
In respect of other monetary assets and liabilities denominated in currencies other than the functional
currencies of HEINEKEN, HEINEKEN ensures that its net exposure is kept to an acceptable level by buying or
selling foreign currencies at spot rates when necessary to address short-term imbalances.
Exposure to foreign currency risk
Based on notional amounts, HEINEKEN's transactional exposure to the US Dollar and Euro as at 31
December is as follows. The Euro column relates to transactional exposure to the Euro within subsidiaries
which are reporting in other currencies. The amounts below include intra-HEINEKEN cash flows.\u00a0
2025
2024
In millions
EUR
USD
EUR
USD
Financial assets
225
3,211
227
3,240
Financial liabilities
(1,993)
(3,436)
(2,217)
(3,433)
Gross balance sheet exposure
(1,768)
(225)
(1,990)
(193)
Estimated forecast sales next year
327
657
421
1,189
Estimated forecast purchases next year
(2,248)
(2,655)
(2,593)
(2,406)
Gross exposure
(3,689)
(2,223)
(4,162)
(1,410)
Net notional amounts foreign exchange contracts
770
1,335
598
669
Net exposure
(2,919)
(888)
(3,564)
(741)
Sensitivity analysis
Equity
(82)
78
(115)
38
Profit/(Loss)
(18)
(12)
(34)
(11)
The sensitivity analysis above shows the impact on equity and profit of a 10% strengthening of the US Dollar
against the Euro or, in the case of the Euro, a strengthening of the Euro against all other currencies as at 31
December 2025. This analysis assumes that all other variables, in particular interest rates, remain constant. In
the case of a 10% weakening, the effects are equal but with an opposite effect.
The table above covers operational exposures only. Exposures from foreign exchange contracts related to
acquisitions (FIFCO, refer to note 13.5) with a notional amount of US$2,723\u00a0million are not included. If these
contracts were included, it would increase the equity sensitivity by \u20ac191 million.
Interest rate risk
Interest rate risk is the risk that changes in market interest rates affect the fair value or cash flows of a
financial instrument. The most significant interest rate risk for HEINEKEN relates to borrowings (note 11.3).
The lower interest rate environment across\u00a0 our markets during 2025 resulted in a slightly lower\u00a0 average
effective interest rate on the net debt position of HEINEKEN (note 11.3).
By managing interest rate risk, HEINEKEN aims to reduce the impact of short-term fluctuations on earnings.
Over the longer term, however, permanent changes in interest rates will have an impact on profit.
HEINEKEN opts for a mix of fixed and variable interest rate financial instruments like bonds, commercial
paper and bank loans, combined with the use of derivative interest rate instruments. Currently, HEINEKEN\u2019s
interest rate position is more weighted towards fixed than floating. Interest rate derivative instruments that
can be used are (cross-currency) interest rate swaps, forward rate agreements, caps and floors.
Interest rate risk \u2013 profile
At the reporting date, the interest rate profile of HEINEKEN\u2019s interest-bearing financial instruments is as
follows:
In millions of \u20ac
2025
2024
Fixed rate instruments
Financial assets
418
391
Financial liabilities
(16,691)
(14,698)
Interest rate swaps
2,000
\u2014
(14,273)
(14,307)
Variable rate instruments
Financial assets
5,122
2,690
Financial liabilities
(2,588)
(2,352)
Interest rate swaps
(2,000)
\u2014
534
338
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates constantly applied during the reporting period would not have
a material impact on equity and profit or loss.
Commodity price risk
Commodity price risk is the risk that changes in the prices of commodities will affect HEINEKEN\u2019s cost. The
objective of commodity price risk management is to manage and control commodity risk exposures within
acceptable parameters, giving forward guidance of key input costs to allow for business planning. The main
commodity exposure relates to the purchase of aluminium cans, glass bottles, malt and utilities. Commodity
price risk is in principle mitigated by negotiating fixed prices in supplier contracts with various
contract\u00a0durations.
Another method to mitigate commodity price risk is by entering into commodity derivatives. HEINEKEN
enters into commodity derivatives for hedging aluminium and natural gas, and to a certain extent other
derivatives for commodities like fuel, corn and sugar. HEINEKEN does not enter into commodity contracts
other than to meet HEINEKEN\u2019s expected usage and sale\u00a0requirements.
Sensitivity analysis for aluminium hedges
Despite the increased prices of aluminium, a 10% change in the market price of aluminium would not have a
material impact on equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
11.6\u00a0 \u00a0 Derivative financial instruments
HEINEKEN uses derivatives in order to manage market risks. Refer to the table below for the fair value of
derivatives recorded on the balance sheet of HEINEKEN as per reporting date:
2025
2024
In millions of \u20ac
Asset
Liability
Asset
Liability
Current
121
(144)
169
(52)
Non-current1
26
(55)
18
(7)
147
(199)
187
(59)
1Non-current derivative assets and liabilities are part of \u2018Other non-current assets\u2019 (note 8.5) and \u2018Other non-current liabilities\u2019 respectively.
Generally, HEINEKEN seeks to apply hedge accounting or make use of natural hedges in order to minimise
profit and loss or cash flow volatility. Refer to the table below for derivatives that are used in hedge
accounting:
2025
2024
In millions of \u20ac
Asset
Liability
Asset
Liability
No hedge accounting - Other
37
(38)
28
(14)
Cash flow hedge - Forwards
20
(96)
123
(27)
Cash flow hedge - Commodity forwards
79
(20)
36
(11)
Fair value hedge - IRS
\u2014
(45)
\u2014
\u2014
Net investment hedge - CCIRS
10
\u2014
\u2014
(7)
Net investment hedge - Forwards
1
\u2014
\u2014
\u2014
147
(199)
187
(59)
Cash flow hedges
The hedging of future, highly probable forecasted transactions are designated as cash flow hedges. Cash
flow hedges are entered into to cover commodity price risk and transactional foreign exchange risk.
Net investment hedges
HEINEKEN hedges its investments in certain subsidiaries by entering into local currency-denominated
borrowings, forward contracts and cross-currency interest rate swaps, which mitigate the foreign currency
translation risk arising from the subsidiaries net assets. These borrowings, forward contracts and swaps are
designated as net investment hedges and fully effective, as such, there was no ineffectiveness recognised in
profit and loss in 2025 (2024: nil). As at 31 December 2025, the fair value of these borrowings was \u20ac96
million (2024: \u20ac123 million), the market value of forward contracts was\u00a0\u20ac1 million positive (2024: nil) and the
market value of these swaps was \u20ac10 million positive (2024:\u00a0\u20ac7\u00a0million negative).
Fair value hedges
To maintain a level of floating debt in line with HEINEKEN\u2019s interest management strategy, HEINEKEN
entered into several interest rate swaps which have been placed into a fair value hedge relationship with the
respective bonds. The swaps convert the fixed coupon payments on the bonds to floating rates. The bonds
and the interest rate swaps have the same critical terms. The accumulated loss arising on derivatives as
designated hedging instruments in fair value hedge relationship amounts to \u20ac46 million as at 31 December
2025. The gain arising on the adjustment for the hedged item attributable to the hedged risk in a designated
fair value hedge relationship amounts to \u20ac45 million as at 31 December 2025.
Hedge effectiveness
Hedge effectiveness is determined at the start of the hedge relationship and periodically through a
prospective effectiveness assessment to ensure that an economic relationship exists between the hedged
item and the hedging instrument. This assessment is done qualitatively by comparing the critical terms, and
if needed quantitative assessments are done using hypothetical derivatives. For the current hedges, no hedge
ineffectiveness is expected.
Accounting policies
\"Financials-Icons-Policies.png\"
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives
depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or
net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as
liabilities. Refer to note 13.1 for fair value measurements.
A derivative embedded in a financial liability is separately accounted as a derivative when:
\u2013 the economic characteristics and risks are not closely related to the host financial liability;
\u2013 a separate instrument with the same terms as the embedded derivative would meet the definition of a
derivative; and
\u2013 the contract is not measured at fair value through profit or loss.
Virtual power purchase agreements
Virtual power purchase agreements (such as power purchase agreements with a net settlement mechanism
and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities. Reference is made to note 6.3 for the accounting policy on power purchase agreements
where the own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument are recognised in other comprehensive income and
presented in the hedging reserve within equity to the extent that the hedge is effective. The ineffective part is
recognised as other net finance income/(expense). When the hedged risk impacts the profit or loss, the
amounts previously recognised in other comprehensive income are recycled through other comprehensive
income and transferred to the same item in the profit or loss as the hedged item. When the hedged risk
subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount previously
recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive
income and presented within equity in the translation reserve. Any ineffectiveness is recognised in profit
or\u00a0loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
11.6\u00a0 \u00a0 Derivative financial instruments
HEINEKEN uses derivatives in order to manage market risks. Refer to the table below for the fair value of
derivatives recorded on the balance sheet of HEINEKEN as per reporting date:
2025
2024
In millions of \u20ac
Asset
Liability
Asset
Liability
Current
121
(144)
169
(52)
Non-current1
26
(55)
18
(7)
147
(199)
187
(59)
1Non-current derivative assets and liabilities are part of \u2018Other non-current assets\u2019 (note 8.5) and \u2018Other non-current liabilities\u2019 respectively.
Generally, HEINEKEN seeks to apply hedge accounting or make use of natural hedges in order to minimise
profit and loss or cash flow volatility. Refer to the table below for derivatives that are used in hedge
accounting:
2025
2024
In millions of \u20ac
Asset
Liability
Asset
Liability
No hedge accounting - Other
37
(38)
28
(14)
Cash flow hedge - Forwards
20
(96)
123
(27)
Cash flow hedge - Commodity forwards
79
(20)
36
(11)
Fair value hedge - IRS
\u2014
(45)
\u2014
\u2014
Net investment hedge - CCIRS
10
\u2014
\u2014
(7)
Net investment hedge - Forwards
1
\u2014
\u2014
\u2014
147
(199)
187
(59)
Cash flow hedges
The hedging of future, highly probable forecasted transactions are designated as cash flow hedges. Cash
flow hedges are entered into to cover commodity price risk and transactional foreign exchange risk.
Net investment hedges
HEINEKEN hedges its investments in certain subsidiaries by entering into local currency-denominated
borrowings, forward contracts and cross-currency interest rate swaps, which mitigate the foreign currency
translation risk arising from the subsidiaries net assets. These borrowings, forward contracts and swaps are
designated as net investment hedges and fully effective, as such, there was no ineffectiveness recognised in
profit and loss in 2025 (2024: nil). As at 31 December 2025, the fair value of these borrowings was \u20ac96
million (2024: \u20ac123 million), the market value of forward contracts was\u00a0\u20ac1 million positive (2024: nil) and the
market value of these swaps was \u20ac10 million positive (2024:\u00a0\u20ac7\u00a0million negative).
Fair value hedges
To maintain a level of floating debt in line with HEINEKEN\u2019s interest management strategy, HEINEKEN
entered into several interest rate swaps which have been placed into a fair value hedge relationship with the
respective bonds. The swaps convert the fixed coupon payments on the bonds to floating rates. The bonds
and the interest rate swaps have the same critical terms. The accumulated loss arising on derivatives as
designated hedging instruments in fair value hedge relationship amounts to \u20ac46 million as at 31 December
2025. The gain arising on the adjustment for the hedged item attributable to the hedged risk in a designated
fair value hedge relationship amounts to \u20ac45 million as at 31 December 2025.
Hedge effectiveness
Hedge effectiveness is determined at the start of the hedge relationship and periodically through a
prospective effectiveness assessment to ensure that an economic relationship exists between the hedged
item and the hedging instrument. This assessment is done qualitatively by comparing the critical terms, and
if needed quantitative assessments are done using hypothetical derivatives. For the current hedges, no hedge
ineffectiveness is expected.
Accounting policies
\"Financials-Icons-Policies.png\"
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives
depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or
net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as
liabilities. Refer to note 13.1 for fair value measurements.
A derivative embedded in a financial liability is separately accounted as a derivative when:
\u2013 the economic characteristics and risks are not closely related to the host financial liability;
\u2013 a separate instrument with the same terms as the embedded derivative would meet the definition of a
derivative; and
\u2013 the contract is not measured at fair value through profit or loss.
Virtual power purchase agreements
Virtual power purchase agreements (such as power purchase agreements with a net settlement mechanism
and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities. Reference is made to note 6.3 for the accounting policy on power purchase agreements
where the own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument are recognised in other comprehensive income and
presented in the hedging reserve within equity to the extent that the hedge is effective. The ineffective part is
recognised as other net finance income/(expense). When the hedged risk impacts the profit or loss, the
amounts previously recognised in other comprehensive income are recycled through other comprehensive
income and transferred to the same item in the profit or loss as the hedged item. When the hedged risk
subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount previously
recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive
income and presented within equity in the translation reserve. Any ineffectiveness is recognised in profit
or\u00a0loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives
depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or
net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as
liabilities. Refer to note 13.1 for fair value measurements.
A derivative embedded in a financial liability is separately accounted as a derivative when:
\u2013 the economic characteristics and risks are not closely related to the host financial liability;
\u2013 a separate instrument with the same terms as the embedded derivative would meet the definition of a
derivative; and
\u2013 the contract is not measured at fair value through profit or loss.
Virtual power purchase agreements
Virtual power purchase agreements (such as power purchase agreements with a net settlement mechanism
and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities. Reference is made to note 6.3 for the accounting policy on power purchase agreements
where the own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument are recognised in other comprehensive income and
presented in the hedging reserve within equity to the extent that the hedge is effective. The ineffective part is
recognised as other net finance income/(expense). When the hedged risk impacts the profit or loss, the
amounts previously recognised in other comprehensive income are recycled through other comprehensive
income and transferred to the same item in the profit or loss as the hedged item. When the hedged risk
subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount previously
recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive
income and presented within equity in the translation reserve. Any ineffectiveness is recognised in profit
or\u00a0loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives
depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or
net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as
liabilities. Refer to note 13.1 for fair value measurements.
A derivative embedded in a financial liability is separately accounted as a derivative when:
\u2013 the economic characteristics and risks are not closely related to the host financial liability;
\u2013 a separate instrument with the same terms as the embedded derivative would meet the definition of a
derivative; and
\u2013 the contract is not measured at fair value through profit or loss.
Virtual power purchase agreements
Virtual power purchase agreements (such as power purchase agreements with a net settlement mechanism
and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities. Reference is made to note 6.3 for the accounting policy on power purchase agreements
where the own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument are recognised in other comprehensive income and
presented in the hedging reserve within equity to the extent that the hedge is effective. The ineffective part is
recognised as other net finance income/(expense). When the hedged risk impacts the profit or loss, the
amounts previously recognised in other comprehensive income are recycled through other comprehensive
income and transferred to the same item in the profit or loss as the hedged item. When the hedged risk
subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount previously
recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive
income and presented within equity in the translation reserve. Any ineffectiveness is recognised in profit
or\u00a0loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives
depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or
net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as
liabilities. Refer to note 13.1 for fair value measurements.
A derivative embedded in a financial liability is separately accounted as a derivative when:
\u2013 the economic characteristics and risks are not closely related to the host financial liability;
\u2013 a separate instrument with the same terms as the embedded derivative would meet the definition of a
derivative; and
\u2013 the contract is not measured at fair value through profit or loss.
Virtual power purchase agreements
Virtual power purchase agreements (such as power purchase agreements with a net settlement mechanism
and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives
assets and liabilities. Reference is made to note 6.3 for the accounting policy on power purchase agreements
where the own-use exemption can be applied.
Cash flow hedge
Changes in the fair value of the hedging instrument are recognised in other comprehensive income and
presented in the hedging reserve within equity to the extent that the hedge is effective. The ineffective part is
recognised as other net finance income/(expense). When the hedged risk impacts the profit or loss, the
amounts previously recognised in other comprehensive income are recycled through other comprehensive
income and transferred to the same item in the profit or loss as the hedged item. When the hedged risk
subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount previously
recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive
income and presented within equity in the translation reserve. Any ineffectiveness is recognised in profit
or\u00a0loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
Cash flow hedge
Changes in the fair value of the hedging instrument are recognised in other comprehensive income and
presented in the hedging reserve within equity to the extent that the hedge is effective. The ineffective part is
recognised as other net finance income/(expense). When the hedged risk impacts the profit or loss, the
amounts previously recognised in other comprehensive income are recycled through other comprehensive
income and transferred to the same item in the profit or loss as the hedged item. When the hedged risk
subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount previously
recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other
comprehensive income.
Fair value hedge
The fair value changes of derivatives used in fair value hedges are recognised in profit or loss.
Net investment hedge
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive
income and presented within equity in the translation reserve. Any ineffectiveness is recognised in profit
or\u00a0loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
12.1\u00a0 \u00a0 Income tax expense
Recognised in profit or loss
In millions of \u20ac
2025
2024
Current tax expense
Current year1
935
963
Under/(over) provided in prior years
(23)
52
912
1,015
Deferred tax expense
Origination and reversal of temporary differences, tax losses and tax credits
(58)
(132)
De-recognition/(recognition) of deferred tax assets
3
1
Effect of changes in tax rates
\u2014
2
Under/(over) provided in prior years
\u2014
(40)
(55)
(169)
Total income tax expense in profit or loss
857
846
1 The group\u2019s current tax expense related to Pillar Two income taxes is \u20ac8 million.
Reconciliation of the effective tax rate
In millions of \u20ac
2025
2024
Profit before income tax
2,995
2,007
Share of profit of associates and joint ventures
(255)
705
Profit before income tax excluding share of profit of associates and joint
ventures
2,740
2,712
%
2025
%
2024
Income tax using the Company\u2019s domestic tax rate
25.8
707
25.8
700
Effect of tax rates in foreign jurisdictions
0.5
14
0.2
5
Effect of non-deductible expenses
3.7
101
4.4
118
Effect of tax incentives and exempt income
(3.3)
(90)
(3.4)
(92)
De-recognition/(recognition) of deferred tax assets
0.1
3
\u2014
1
Effect of unrecognised current year losses
2.0
55
1.5
43
Effect of changes in tax rates
\u2014
\u2014
0.1
2
Withholding taxes
2.6
72
2.3
61
Under/(over) provided in prior years
(0.8)
(23)
0.4
12
Other reconciling items
0.7
18
(0.1)
(4)
31.3
857
31.2
846
The effective tax rate in 2025 was impacted by several one-off items. These included impairments in the
DRC for which no tax benefit could be recognised, as well as legal mergers in Brazil that resulted in a one-off
tax charge. The effective tax rate in 2024 included the impact of the tax law changes in Brazil that came into
effect on 1 January 2024, as well as additional provisions required for uncertain tax positions.
For the income tax impact on items recognised in other comprehensive income and equity, refer to note
12.3.
12.2\u00a0 \u00a0 Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following items:
Assets
Liabilities
Net
In millions of \u20ac
2025
2024
2025
2024
2025
2024
Property, plant and equipment
223
168
(965)
(983)
(742)
(815)
Intangible assets
89
41
(1,814)
(2,113)
(1,725)
(2,072)
Investments
78
90
(14)
(7)
64
83
Inventories
39
58
(10)
(34)
29
24
Borrowings
484
477
\u2014
(43)
484
434
Post-retirement obligations
180
201
(27)
(31)
153
170
Provisions
324
379
(20)
(19)
304
360
Other items
197
247
(174)
(204)
23
43
Tax losses carried forward
803
899
\u2014
(17)
803
882
Tax assets/(liabilities)
2,417
2,560
(3,024)
(3,451)
(607)
(891)
Set-off of tax
(1,204)
(1,296)
1,204
1,296
\u2014
\u2014
Net tax assets/(liabilities)
1,213
1,264
(1,820)
(2,155)
(607)
(891)
Of the total net deferred tax assets of \u20ac 1,213 million as at 31 December 2025 (2024: \u20ac1,264 million), \u20ac191
million (2024:\u00a0\u20ac226 million) is recognised in respect of subsidiaries in various countries where there have
been losses in the current or preceding period. Management\u2019s projections support the assumption that it is
probable that the results of future operations will generate sufficient taxable income to utilise these deferred
tax assets. This judgement is performed annually and based on budgets and business plans for the coming
years, including planned commercial initiatives.
No deferred tax liability has been recognised in respect of undistributed earnings of subsidiaries, joint
ventures and associates, with an impact of \u20ac591 million (2024: \u20ac668 million). This is because HEINEKEN is
able to control the timing of the reversal of the temporary differences, and it is probable that such differences
will not reverse in the foreseeable future.
Tax losses carried forward
HEINEKEN has tax losses carried forward of \u20ac3,572 million as at 31 December 2025 (2024: \u20ac4,196 million), out
of which \u20ac208 million (2024 : \u20ac256 million) expires in the following five years, \u20ac116 million (2024 : \u20ac549 million)
will expire after five years and \u20ac3,248 million (2024: \u20ac3,391 million) can be carried forward indefinitely. Deferred
tax assets have not been recognised in respect of tax losses carried forward of \u20ac851 million (2024: \u20ac1,206
million) as it is not probable that taxable profit will be available to offset these losses. Out of this \u20ac851 million
(2024: \u20ac1,206 million), \u20ac106 million (2024: \u20ac163 million) expires in the following five years, \u20ac4 million (2024:
\u20ac69 million) will expire after five years and \u20ac741 million (2024: \u20ac974 million) can be carried forward indefinitely.
Movement in deferred tax balances during the year
In millions of \u20ac
1 January 2025
Hyperinflation
restatement to
1 January 2025
Changes in
consolidation
Hyperinflation
adjustment
Effect of
movements
in foreign
exchange
Recognised in
income
Recognised in
OCI/equity
Transfers
31 December
2025
Property, plant and equipment
(815)
3
\u2014
(29)
37
49
(2)
15
(742)
Intangible assets
(2,072)
\u2014
\u2014
(1)
194
105
\u2014
49
(1,725)
Investments
83
\u2014
\u2014
\u2014
(2)
(16)
\u2014
(1)
64
Inventories
24
(3)
\u2014
6
2
1
\u2014
(1)
29
Borrowings
434
\u2014
\u2014
\u2014
(23)
38
\u2014
35
484
Post-retirement obligations
170
\u2014
\u2014
\u2014
(3)
(35)
20
1
153
Provisions
360
\u2014
\u2014
\u2014
(4)
(51)
(1)
\u2014
304
Other items
43
\u2014
(2)
\u2014
17
1
44
(80)
23
Tax losses carried forward
882
\u2014
(2)
\u2014
(16)
(37)
\u2014
(24)
803
Net tax assets/(liabilities)
(891)
\u2014
(4)
(24)
202
55
61
(6)
(607)
In millions of \u20ac
1 January 2024
Hyperinflation
restatement to
1 January 2024
Changes in
consolidation
Hyperinflation
adjustment
Effect of
movements
in foreign
exchange
Recognised in
income
Recognised in
OCI/equity
Transfers
31 December 2024
Property, plant and equipment
(826)
\u2014
\u2014
(18)
70
(18)
\u2014
(23)
(815)
Intangible assets
(2,124)
\u2014
\u2014
\u2014
(25)
65
\u2014
12
(2,072)
Investments
74
\u2014
\u2014
\u2014
(9)
17
\u2014
1
83
Inventories
27
\u2014
\u2014
(3)
3
(3)
\u2014
\u2014
24
Borrowings
398
\u2014
\u2014
\u2014
63
1
\u2014
(28)
434
Post-retirement obligations
179
\u2014
\u2014
\u2014
(1)
12
(20)
\u2014
170
Provisions
387
\u2014
\u2014
\u2014
(38)
14
\u2014
(3)
360
Other items
110
\u2014
\u2014
(1)
(44)
(24)
(50)
52
43
Tax losses carried forward
854
\u2014
\u2014
\u2014
(82)
105
(1)
6
882
Net tax assets/(liabilities)
(921)
\u2014
\u2014
(22)
(63)
169
(71)
17
(891)
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
The tax legislation in the countries in which HEINEKEN operates is often complex and subject to
interpretation. In determining the current and deferred income tax position, judgement is required. New
information may become available that causes HEINEKEN to change its judgement regarding the adequacy
of existing tax liabilities; such changes to tax liabilities will impact the income tax expense in the period that
such a determination is made.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Income tax comprises current and deferred tax. Current tax is the expected income tax payable or receivable
in respect of taxable income or loss for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to income tax payable in respect of previous years.
HEINEKEN is within the scope of the OECD Pillar Two model rules. Under the legislation, a top-up tax for the
difference between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15%
minimum rate is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN
applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.
Deferred tax is a tax payable or receivable in the future and is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases.
Deferred tax is not recognised on temporary differences related to:
\u2013 The initial recognition of assets or liabilities in a transaction that is not a business combination and that
affects neither accounting nor taxable profit or loss
\u2013 Investments in subsidiaries, associates and joint ventures to the extent that HEINEKEN is able to control the
timing of the reversal of the temporary differences and it is probable (>50% chance) that they will not
reverse in the foreseeable future
\u2013 The initial recognition of non-deductible goodwill
The amount of deferred tax provided is based on the expected manner of recovery or settlement of the
carrying amount of assets and liabilities, using tax rates (substantively) enacted, at year-end.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available
against which they can be utilised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or
on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to
realise the assets and settle the liabilities simultaneously.
Current and deferred tax are recognised in the income statement (refer to note 12.1), except when it relates
to a business combination or for items directly recognised in equity or other comprehensive income (refer to
12.3\u00a0 \u00a0 Income tax on other comprehensive income and equity
2025
2024
In millions of \u20ac
Amount
before tax
Tax
Amount
net of tax
Amount
before tax
Tax
Amount
net of tax
Items that will not be reclassified
to profit or loss:
Remeasurement of post-
retirement\u00a0obligations 1
(64)
20
(44)
88
(20)
68
Net change in fair value through
OCI\u00a0investments
8
13
21
(108)
2
(106)
Items that may be subsequently
reclassified to profit or loss:
Currency translation differences
(1,996)
41
(1,955)
(666)
99
(567)
Change in fair value of net
investment\u00a0hedges
1
\u2014
1
14
\u2014
14
Change in fair value of cash
flow\u00a0hedges
(145)
41
(104)
242
(76)
166
Cash flow hedges reclassified to
profit or loss 2
(19)
4
(15)
(12)
3
(9)
Net change in fair value through
OCI investments \u2013 debt
investments
1
\u2014
1
1
\u2014
1
Cost of hedging
4
(1)
3
(1)
\u2014
(1)
Share of other comprehensive
income of associates/joint
ventures
(31)
\u2014
(31)
59
\u2014
59
Other comprehensive income/
(loss)
(2,241)
118
(2,123)
(383)
8
(375)
1 Refer to note 9.1.
2An amount of \u20ac14 million, loss (2024: \u20ac21 million, loss) relates to tax on realised hedge results from non-financial assets reported directly in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "2995000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-537": { "value": "
12.2\u00a0 \u00a0 Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following items:
Assets
Liabilities
Net
In millions of \u20ac
2025
2024
2025
2024
2025
2024
Property, plant and equipment
223
168
(965)
(983)
(742)
(815)
Intangible assets
89
41
(1,814)
(2,113)
(1,725)
(2,072)
Investments
78
90
(14)
(7)
64
83
Inventories
39
58
(10)
(34)
29
24
Borrowings
484
477
\u2014
(43)
484
434
Post-retirement obligations
180
201
(27)
(31)
153
170
Provisions
324
379
(20)
(19)
304
360
Other items
197
247
(174)
(204)
23
43
Tax losses carried forward
803
899
\u2014
(17)
803
882
Tax assets/(liabilities)
2,417
2,560
(3,024)
(3,451)
(607)
(891)
Set-off of tax
(1,204)
(1,296)
1,204
1,296
\u2014
\u2014
Net tax assets/(liabilities)
1,213
1,264
(1,820)
(2,155)
(607)
(891)
Of the total net deferred tax assets of \u20ac 1,213 million as at 31 December 2025 (2024: \u20ac1,264 million), \u20ac191
million (2024:\u00a0\u20ac226 million) is recognised in respect of subsidiaries in various countries where there have
been losses in the current or preceding period. Management\u2019s projections support the assumption that it is
probable that the results of future operations will generate sufficient taxable income to utilise these deferred
tax assets. This judgement is performed annually and based on budgets and business plans for the coming
years, including planned commercial initiatives.
No deferred tax liability has been recognised in respect of undistributed earnings of subsidiaries, joint
ventures and associates, with an impact of \u20ac591 million (2024: \u20ac668 million). This is because HEINEKEN is
able to control the timing of the reversal of the temporary differences, and it is probable that such differences
will not reverse in the foreseeable future.
Tax losses carried forward
HEINEKEN has tax losses carried forward of \u20ac3,572 million as at 31 December 2025 (2024: \u20ac4,196 million), out
of which \u20ac208 million (2024 : \u20ac256 million) expires in the following five years, \u20ac116 million (2024 : \u20ac549 million)
will expire after five years and \u20ac3,248 million (2024: \u20ac3,391 million) can be carried forward indefinitely. Deferred
tax assets have not been recognised in respect of tax losses carried forward of \u20ac851 million (2024: \u20ac1,206
million) as it is not probable that taxable profit will be available to offset these losses. Out of this \u20ac851 million
(2024: \u20ac1,206 million), \u20ac106 million (2024: \u20ac163 million) expires in the following five years, \u20ac4 million (2024:
\u20ac69 million) will expire after five years and \u20ac741 million (2024: \u20ac974 million) can be carried forward indefinitely.
Movement in deferred tax balances during the year
In millions of \u20ac
1 January 2025
Hyperinflation
restatement to
1 January 2025
Changes in
consolidation
Hyperinflation
adjustment
Effect of
movements
in foreign
exchange
Recognised in
income
Recognised in
OCI/equity
Transfers
31 December
2025
Property, plant and equipment
(815)
3
\u2014
(29)
37
49
(2)
15
(742)
Intangible assets
(2,072)
\u2014
\u2014
(1)
194
105
\u2014
49
(1,725)
Investments
83
\u2014
\u2014
\u2014
(2)
(16)
\u2014
(1)
64
Inventories
24
(3)
\u2014
6
2
1
\u2014
(1)
29
Borrowings
434
\u2014
\u2014
\u2014
(23)
38
\u2014
35
484
Post-retirement obligations
170
\u2014
\u2014
\u2014
(3)
(35)
20
1
153
Provisions
360
\u2014
\u2014
\u2014
(4)
(51)
(1)
\u2014
304
Other items
43
\u2014
(2)
\u2014
17
1
44
(80)
23
Tax losses carried forward
882
\u2014
(2)
\u2014
(16)
(37)
\u2014
(24)
803
Net tax assets/(liabilities)
(891)
\u2014
(4)
(24)
202
55
61
(6)
(607)
In millions of \u20ac
1 January 2024
Hyperinflation
restatement to
1 January 2024
Changes in
consolidation
Hyperinflation
adjustment
Effect of
movements
in foreign
exchange
Recognised in
income
Recognised in
OCI/equity
Transfers
31 December 2024
Property, plant and equipment
(826)
\u2014
\u2014
(18)
70
(18)
\u2014
(23)
(815)
Intangible assets
(2,124)
\u2014
\u2014
\u2014
(25)
65
\u2014
12
(2,072)
Investments
74
\u2014
\u2014
\u2014
(9)
17
\u2014
1
83
Inventories
27
\u2014
\u2014
(3)
3
(3)
\u2014
\u2014
24
Borrowings
398
\u2014
\u2014
\u2014
63
1
\u2014
(28)
434
Post-retirement obligations
179
\u2014
\u2014
\u2014
(1)
12
(20)
\u2014
170
Provisions
387
\u2014
\u2014
\u2014
(38)
14
\u2014
(3)
360
Other items
110
\u2014
\u2014
(1)
(44)
(24)
(50)
52
43
Tax losses carried forward
854
\u2014
\u2014
\u2014
(82)
105
(1)
6
882
Net tax assets/(liabilities)
(921)
\u2014
\u2014
(22)
(63)
169
(71)
17
(891)
\u00a0 Accounting estimates and judgements
\"Financials-Icons-Estimates.png\"
The tax legislation in the countries in which HEINEKEN operates is often complex and subject to
interpretation. In determining the current and deferred income tax position, judgement is required. New
information may become available that causes HEINEKEN to change its judgement regarding the adequacy
of existing tax liabilities; such changes to tax liabilities will impact the income tax expense in the period that
such a determination is made.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Income tax comprises current and deferred tax. Current tax is the expected income tax payable or receivable
in respect of taxable income or loss for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to income tax payable in respect of previous years.
HEINEKEN is within the scope of the OECD Pillar Two model rules. Under the legislation, a top-up tax for the
difference between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15%
minimum rate is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN
applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.
Deferred tax is a tax payable or receivable in the future and is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases.
Deferred tax is not recognised on temporary differences related to:
\u2013 The initial recognition of assets or liabilities in a transaction that is not a business combination and that
affects neither accounting nor taxable profit or loss
\u2013 Investments in subsidiaries, associates and joint ventures to the extent that HEINEKEN is able to control the
timing of the reversal of the temporary differences and it is probable (>50% chance) that they will not
reverse in the foreseeable future
\u2013 The initial recognition of non-deductible goodwill
The amount of deferred tax provided is based on the expected manner of recovery or settlement of the
carrying amount of assets and liabilities, using tax rates (substantively) enacted, at year-end.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available
against which they can be utilised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or
on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to
realise the assets and settle the liabilities simultaneously.
Current and deferred tax are recognised in the income statement (refer to note 12.1), except when it relates
to a business combination or for items directly recognised in equity or other comprehensive income (refer to
note 12.3).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
Income tax comprises current and deferred tax. Current tax is the expected income tax payable or receivable
in respect of taxable income or loss for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to income tax payable in respect of previous years.
HEINEKEN is within the scope of the OECD Pillar Two model rules. Under the legislation, a top-up tax for the
difference between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15%
minimum rate is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN
applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.
Deferred tax is a tax payable or receivable in the future and is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases.
Deferred tax is not recognised on temporary differences related to:
\u2013 The initial recognition of assets or liabilities in a transaction that is not a business combination and that
affects neither accounting nor taxable profit or loss
\u2013 Investments in subsidiaries, associates and joint ventures to the extent that HEINEKEN is able to control the
timing of the reversal of the temporary differences and it is probable (>50% chance) that they will not
reverse in the foreseeable future
\u2013 The initial recognition of non-deductible goodwill
The amount of deferred tax provided is based on the expected manner of recovery or settlement of the
carrying amount of assets and liabilities, using tax rates (substantively) enacted, at year-end.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available
against which they can be utilised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or
on different taxable entities which intend either to settle current tax liabilities and assets on a net basis or to
realise the assets and settle the liabilities simultaneously.
Current and deferred tax are recognised in the income statement (refer to note 12.1), except when it relates
to a business combination or for items directly recognised in equity or other comprehensive income (refer to
note 12.3).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
Income tax comprises current and deferred tax. Current tax is the expected income tax payable or receivable
in respect of taxable income or loss for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to income tax payable in respect of previous years.
HEINEKEN is within the scope of the OECD Pillar Two model rules. Under the legislation, a top-up tax for the
difference between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15%
minimum rate is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN
applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "-44000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-541": { "value": "68000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-542": { "value": "21000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-543": { "value": "-106000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-544": { "value": "-1955000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-545": { "value": "-567000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-546": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-547": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-548": { "value": "-104000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-549": { "value": "166000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-550": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-551": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-552": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-553": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-554": { "value": "3000000.0", "decimals": -6, "dimensions": { "concept": "heia:CostOfHedging", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-555": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "heia:CostOfHedging", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-556": { "value": "-31000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-557": { "value": "59000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-559": { "value": "
13.1\u00a0 \u00a0 Fair value
In this note, more information is disclosed regarding the fair value and the different methods of determining
fair values.
Financial instruments \u2013 hierarchy
The financial instruments included on the HEINEKEN statement of financial position are measured at either
fair value or amortised cost. To measure the fair value, HEINEKEN generally uses external valuations with
market inputs. The measurement of fair value can be subjective in some cases and may be dependent on
inputs used in the calculations. The different valuation methods are referred to as \u2018hierarchies\u2019 as described
below.
\u2013 Level 1 \u2013 The fair value is determined using quoted prices (unadjusted) in active markets for identical assets
or liabilities
\u2013 Level 2 \u2013 The fair value is calculated using inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from
prices)
\u2013 Level 3 \u2013 The fair value is determined using inputs for the asset or liability that are not based on
observable market data (unobservable inputs)
The following table shows the carrying amounts and fair values of financial assets and liabilities according to
their fair value hierarchy.
2025
Carrying amount
Fair value
In millions of \u20ac
Note
Level 1
Level 2
Level 3
Fair value through OCI investments
8.4/8.5
491
358
\u2014
133
Non-current derivative assets
11.6
26
\u2014
11
15
Current derivative assets
11.6
121
\u2014
121
\u2014
Total
638
358
132
148
Non-current derivative liabilities
11.6
(55)
\u2014
(55)
\u2014
Borrowings1
11.3
(16,730)
(15,424)
(785)
\u2014
Current derivative liabilities
11.6
(144)
\u2014
(144)
\u2014
Total
(16,929)
(15,424)
(984)
\u2014
2024
Carrying amount
Fair value
In millions of \u20ac
Note
Level 1
Level 2
Level 3
Fair value through OCI investments
8.4/8.5
479
335
\u2014
144
Non-current derivative assets
11.6
18
\u2014
1
17
Current derivative assets
11.6
169
\u2014
169
\u2014
Total
666
335
170
161
Non-current derivative liabilities
11.6
(7)
\u2014
(7)
\u2014
Borrowings1
11.3
(14,405)
(13,088)
(788)
\u2014
Current derivative liabilities
11.6
(52)
\u2014
(52)
\u2014
Total
(14,464)
(13,088)
(847)
\u2014
1Borrowings excluding lease liabilities, deposits, bank overdrafts and other interest-bearing liabilities.
Refer to the table below for detail of the determination of level 3 fair value measurements as at 31
December:
In millions of \u20ac
2025
2024
Balance as at 1 January
161
168
Fair value adjustments recognised in other comprehensive income
(14)
(13)
Additions
3
30
Disposals
\u2014
(20)
Fair value adjustments recognised in profit and loss
(2)
(4)
Balance as at 31 December
148
161
The fair values for the level 3 fair value through OCI investments are based on the financial performance of
the investments and the market multiples of comparable equity securities.
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
The different methods applied by HEINEKEN to determine the fair value require the use of estimates.
Investments in equity securities
The fair value of financial assets at fair value through profit or loss and fair value through OCI is determined
by reference to their quoted closing bid price at the reporting date or, if unquoted, determined using an
appropriate valuation technique. These valuation techniques maximise the use of observable market data
where available.
Derivative financial instruments
The fair value of derivative financial instruments is based on their listed market price, if available. If a listed
market price is not available, fair value is in general estimated by discounting the difference between the
cash flows based on contractual price and the cash flows based on the current price for the residual maturity
of the contract using observable interest yield curves, basis spread and foreign exchange rates. These
calculations are tested for reasonableness by comparing the outcome of the internal valuation with the
valuation received from the counterparty. Fair values include the instrument\u2019s credit risk and adjustments to
take account of the credit risk of the HEINEKEN entity and counterparty when appropriate.
Non-derivative financial instruments
Fair value, which is determined for disclosure purposes or when fair value hedge accounting is applied, is
calculated based on the present value of future principal and interest cash flows, discounted at the market
rate of interest at the reporting date. Fair values include the instrument\u2019s credit risk and adjustments to take
account of the credit risk of the HEINEKEN entity and counterparty when appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
13.1\u00a0 \u00a0 Fair value
In this note, more information is disclosed regarding the fair value and the different methods of determining
fair values.
Financial instruments \u2013 hierarchy
The financial instruments included on the HEINEKEN statement of financial position are measured at either
fair value or amortised cost. To measure the fair value, HEINEKEN generally uses external valuations with
market inputs. The measurement of fair value can be subjective in some cases and may be dependent on
inputs used in the calculations. The different valuation methods are referred to as \u2018hierarchies\u2019 as described
below.
\u2013 Level 1 \u2013 The fair value is determined using quoted prices (unadjusted) in active markets for identical assets
or liabilities
\u2013 Level 2 \u2013 The fair value is calculated using inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from
prices)
\u2013 Level 3 \u2013 The fair value is determined using inputs for the asset or liability that are not based on
observable market data (unobservable inputs)
The following table shows the carrying amounts and fair values of financial assets and liabilities according to
their fair value hierarchy.
2025
Carrying amount
Fair value
In millions of \u20ac
Note
Level 1
Level 2
Level 3
Fair value through OCI investments
8.4/8.5
491
358
\u2014
133
Non-current derivative assets
11.6
26
\u2014
11
15
Current derivative assets
11.6
121
\u2014
121
\u2014
Total
638
358
132
148
Non-current derivative liabilities
11.6
(55)
\u2014
(55)
\u2014
Borrowings1
11.3
(16,730)
(15,424)
(785)
\u2014
Current derivative liabilities
11.6
(144)
\u2014
(144)
\u2014
Total
(16,929)
(15,424)
(984)
\u2014
2024
Carrying amount
Fair value
In millions of \u20ac
Note
Level 1
Level 2
Level 3
Fair value through OCI investments
8.4/8.5
479
335
\u2014
144
Non-current derivative assets
11.6
18
\u2014
1
17
Current derivative assets
11.6
169
\u2014
169
\u2014
Total
666
335
170
161
Non-current derivative liabilities
11.6
(7)
\u2014
(7)
\u2014
Borrowings1
11.3
(14,405)
(13,088)
(788)
\u2014
Current derivative liabilities
11.6
(52)
\u2014
(52)
\u2014
Total
(14,464)
(13,088)
(847)
\u2014
1Borrowings excluding lease liabilities, deposits, bank overdrafts and other interest-bearing liabilities.
Refer to the table below for detail of the determination of level 3 fair value measurements as at 31
December:
In millions of \u20ac
2025
2024
Balance as at 1 January
161
168
Fair value adjustments recognised in other comprehensive income
(14)
(13)
Additions
3
30
Disposals
\u2014
(20)
Fair value adjustments recognised in profit and loss
(2)
(4)
Balance as at 31 December
148
161
The fair values for the level 3 fair value through OCI investments are based on the financial performance of
the investments and the market multiples of comparable equity securities.
\u00a0 Accounting estimates
\"Financials-Icons-Estimates.png\"
The different methods applied by HEINEKEN to determine the fair value require the use of estimates.
Investments in equity securities
The fair value of financial assets at fair value through profit or loss and fair value through OCI is determined
by reference to their quoted closing bid price at the reporting date or, if unquoted, determined using an
appropriate valuation technique. These valuation techniques maximise the use of observable market data
where available.
Derivative financial instruments
The fair value of derivative financial instruments is based on their listed market price, if available. If a listed
market price is not available, fair value is in general estimated by discounting the difference between the
cash flows based on contractual price and the cash flows based on the current price for the residual maturity
of the contract using observable interest yield curves, basis spread and foreign exchange rates. These
calculations are tested for reasonableness by comparing the outcome of the internal valuation with the
valuation received from the counterparty. Fair values include the instrument\u2019s credit risk and adjustments to
take account of the credit risk of the HEINEKEN entity and counterparty when appropriate.
Non-derivative financial instruments
Fair value, which is determined for disclosure purposes or when fair value hedge accounting is applied, is
calculated based on the present value of future principal and interest cash flows, discounted at the market
rate of interest at the reporting date. Fair values include the instrument\u2019s credit risk and adjustments to take
account of the credit risk of the HEINEKEN entity and counterparty when appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
The different methods applied by HEINEKEN to determine the fair value require the use of estimates.
Investments in equity securities
The fair value of financial assets at fair value through profit or loss and fair value through OCI is determined
by reference to their quoted closing bid price at the reporting date or, if unquoted, determined using an
appropriate valuation technique. These valuation techniques maximise the use of observable market data
where available.
Derivative financial instruments
The fair value of derivative financial instruments is based on their listed market price, if available. If a listed
market price is not available, fair value is in general estimated by discounting the difference between the
cash flows based on contractual price and the cash flows based on the current price for the residual maturity
of the contract using observable interest yield curves, basis spread and foreign exchange rates. These
calculations are tested for reasonableness by comparing the outcome of the internal valuation with the
valuation received from the counterparty. Fair values include the instrument\u2019s credit risk and adjustments to
take account of the credit risk of the HEINEKEN entity and counterparty when appropriate.
Non-derivative financial instruments
Fair value, which is determined for disclosure purposes or when fair value hedge accounting is applied, is
calculated based on the present value of future principal and interest cash flows, discounted at the market
rate of interest at the reporting date. Fair values include the instrument\u2019s credit risk and adjustments to take
account of the credit risk of the HEINEKEN entity and counterparty when appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "
13.2\u00a0 \u00a0 Off-balance sheet commitments
The raw materials purchase contracts mainly relate to malt, bottles and cans which are used in the
production and sale of finished products.
In millions of \u20ac
Total 2025
Less than
1 year
1-5 years
More than
5 years
Total 2024
Property, plant and equipment ordered
346
269
50
27
471
Raw materials purchase contracts
12,889
4,748
6,992
1,149
14,260
Marketing and merchandising commitments
1,357
464
853
40
1,450
Other off-balance sheet obligations
2,771
667
1,303
801
2,171
Off-balance sheet obligations
17,363
6,148
9,198
2,017
18,352
Undrawn committed bank facilities
3,814
210
3,604
\u2014
4,317
Other off-balance sheet obligations include energy, distribution and service contracts.
Committed bank facilities are credit facilities on which generally a commitment fee is paid as compensation
for the bank\u2019s requirement to reserve capital. The bank is legally obliged to provide the facility under the
terms and conditions of the\u00a0agreement.
\u00a0 Accounting policies
\"Financials-Icons-Policies.png\"
Off-balance sheet commitments are reported on an undiscounted basis.
Raw materials purchase contracts
Raw material purchase contracts include long-term purchase contracts with suppliers in which prices are fixed
or will be agreed upon based upon predefined price formulas.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
13.3\u00a0 \u00a0 Related parties
Identification of related parties
The following parties are considered to be related to Heineken N.V.:
\u2013 Key management personnel: the Executive Board and the Supervisory Board
\u2013 Parent company Heineken Holding N.V . and ultimate controlling party Mrs. de Carvalho-Heineken (refer
to \u2018Shareholder Information\u2019)
\u2013 Associates and joint ventures of Heineken N.V.
\u2013 HEINEKEN pension funds (refer to note 9.1)
The shares in Heineken Holding N.V. are recognised as fair value through OCI investments and included in
the line Equity instruments in the statement of financial position (refer to note 8.4).
Key management remuneration
In millions of \u20ac
2025
2024
Executive Board
10
14
Supervisory Board
2
2
Total
12
16
Executive Board
The remuneration of the members of the Executive Board consists of a fixed component and a variable
component. The variable component is made up of a Short-term incentive (STI) and a Long-term incentive
(LTI). The STI is based on financial and operational measures (75%) and on individual leadership measures
(25%) as set by the Supervisory Board at the beginning of the year. Refer to note 6.5 for information related
to the LTI component. The separate Remuneration Report is stated on pages 70\u201381.
As at 31 December 2025, Mr. R.G.S. van den Brink held 111,774 Company shares and Mr. H.P.J. van den
Broek held 63,457 Company shares (2024: Mr. R.G.S. van den Brink 74,238 and Mr. H.P.J. van den Broek
43,681).
2025
2024
In thousands of \u20ac
R.G.S. van
den Brink
H.P.J. van
den
Broek
Total
R.G.S. van
den Brink
H.P.J. van
den Broek
Total
Fixed salary
1,467
988
2,455
1,398
950
2,348
Short-term incentive
1,959
968
2,927
3,291
1,641
4,932
Matching share entitlement
859
424
1,283
1,408
702
2,110
Long-term incentive
1,853
1,002
2,855
2,517
1,397
3,914
Extraordinary share award
\u2014
\u2014
\u2014
\u2014
38
38
Pension contributions
383
294
677
355
275
630
Other emoluments
30
\u2014
30
30
\u2014
30
Total
6,551
3,676
10,227
8,999
5,003
14,002
The matching share entitlements for each year are based on the performance in that year. The Executive Board
members receive 25% of their STI pay in (investment) shares. In addition, they have the opportunity to indicate
before year-end whether they wish to receive up to another 25% of their STI in (investment) shares. All
(investment) shares are restricted for sale for five calendar years, after which they are matched 1:1 by
(matching) shares. For 2025 the Executive Board members elected to receive additional (investment) shares,
hence the \u2018Matching share entitlement\u2019 in the table above is based on a 50% investment. The corresponding
matching shares vest immediately and as such a fair value of \u20ac1.4 million was recognised in the 2025 income
statement. The matching share entitlements are not dividend-bearing during the five-calendar year holding
period of the investment shares. Therefore, the fair value of the matching share entitlements has been adjusted
for missed expected dividends by applying a discount based on the dividend policy and vesting period.
Supervisory Board
The individual members of the Supervisory Board received the following remuneration:
In thousands of \u20ac
2025
2024
R.J.M.S. Hu\u00ebt1
148
305
M. Das1
58
115
M.R. de Carvalho
200
200
P. Mars Wright
205
215
M. Helmes
185
195
R.L. Ripley
220
220
N. Paranjpe
181
173
L.J. Hijmans van den Bergh
190
190
B. Pardo
203
178
P.T.F.M. Wennink2
292
138
A.A.C. de Carvalho3
112
\u2014
Total
1,994
1,929
1Stepped down on 17 April 2025
2Appointed on 25 April 2024
3Appointed on 17 April 2025
Mr. M.R. de Carvalho held 100,008 shares of Heineken N.V. as at 31 December 2025 (2024: 100,008 shares). As
at 31 December 2025 and 2024, the Supervisory Board members did not hold any of the Company\u2019s bonds or
option rights. Mr. M.R. de Carvalho held 100,008 shares of Heineken Holding N.V. as at 31 December 2025 (2024:
100,008 shares).
Heineken Holding N.V.
In 2025, an amount of \u20ac1.9 million (2024: \u20ac1.3 million) was paid to Heineken Holding N.V. for management
services for\u00a0HEINEKEN.
This payment is based on an agreement of 1977, as amended in 2001, providing that Heineken N.V.
reimburses Heineken Holding N.V. for its costs.
As at 31 December 2025, HEINEKEN holds approximately 5.2 million shares in Heineken Holding N.V.
Other related party transactions
Associates
Joint Ventures
Total
In millions of \u20ac
2025
2024
2025
2024
2025
2024
Sales
255
375
295
272
550
647
Purchase
99
95
100
90
199
185
Accounts receivables
73
107
74
98
147
205
Accounts payables and other liabilities
40
40
13
17
53
57
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "Heineken Holding N.V", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "Mrs. de Carvalho-Heineken", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
Key management remuneration
In millions of \u20ac
2025
2024
Executive Board
10
14
Supervisory Board
2
2
Total
12
16
Executive Board
The remuneration of the members of the Executive Board consists of a fixed component and a variable
component. The variable component is made up of a Short-term incentive (STI) and a Long-term incentive
(LTI). The STI is based on financial and operational measures (75%) and on individual leadership measures
(25%) as set by the Supervisory Board at the beginning of the year. Refer to note 6.5 for information related
to the LTI component. The separate Remuneration Report is stated on pages 70\u201381.
As at 31 December 2025, Mr. R.G.S. van den Brink held 111,774 Company shares and Mr. H.P.J. van den
Broek held 63,457 Company shares (2024: Mr. R.G.S. van den Brink 74,238 and Mr. H.P.J. van den Broek
43,681).
2025
2024
In thousands of \u20ac
R.G.S. van
den Brink
H.P.J. van
den
Broek
Total
R.G.S. van
den Brink
H.P.J. van
den Broek
Total
Fixed salary
1,467
988
2,455
1,398
950
2,348
Short-term incentive
1,959
968
2,927
3,291
1,641
4,932
Matching share entitlement
859
424
1,283
1,408
702
2,110
Long-term incentive
1,853
1,002
2,855
2,517
1,397
3,914
Extraordinary share award
\u2014
\u2014
\u2014
\u2014
38
38
Pension contributions
383
294
677
355
275
630
Other emoluments
30
\u2014
30
30
\u2014
30
Total
6,551
3,676
10,227
8,999
5,003
14,002
The matching share entitlements for each year are based on the performance in that year. The Executive Board
members receive 25% of their STI pay in (investment) shares. In addition, they have the opportunity to indicate
before year-end whether they wish to receive up to another 25% of their STI in (investment) shares. All
(investment) shares are restricted for sale for five calendar years, after which they are matched 1:1 by
(matching) shares. For 2025 the Executive Board members elected to receive additional (investment) shares,
hence the \u2018Matching share entitlement\u2019 in the table above is based on a 50% investment. The corresponding
matching shares vest immediately and as such a fair value of \u20ac1.4 million was recognised in the 2025 income
statement. The matching share entitlements are not dividend-bearing during the five-calendar year holding
period of the investment shares. Therefore, the fair value of the matching share entitlements has been adjusted
for missed expected dividends by applying a discount based on the dividend policy and vesting period.
Supervisory Board
The individual members of the Supervisory Board received the following remuneration:
In thousands of \u20ac
2025
2024
R.J.M.S. Hu\u00ebt1
148
305
M. Das1
58
115
M.R. de Carvalho
200
200
P. Mars Wright
205
215
M. Helmes
185
195
R.L. Ripley
220
220
N. Paranjpe
181
173
L.J. Hijmans van den Bergh
190
190
B. Pardo
203
178
P.T.F.M. Wennink2
292
138
A.A.C. de Carvalho3
112
\u2014
Total
1,994
1,929
1Stepped down on 17 April 2025
2Appointed on 25 April 2024
3Appointed on 17 April 2025
Mr. M.R. de Carvalho held 100,008 shares of Heineken N.V. as at 31 December 2025 (2024: 100,008 shares). As
at 31 December 2025 and 2024, the Supervisory Board members did not hold any of the Company\u2019s bonds or
option rights. Mr. M.R. de Carvalho held 100,008 shares of Heineken Holding N.V. as at 31 December 2025 (2024:
100,008 shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
13.4\u00a0 \u00a0 HEINEKEN entities
Control of HEINEKEN
The shares of the Company are traded on Euronext Amsterdam, where the Company is included in the main
AEX Index. Heineken Holding N.V. Amsterdam has an interest of 50.005% in the issued capital of the
Company and consolidates the financial information of the Company.
A declaration of joint and several liability pursuant to the provisions of Section 403, Part 9, Book 2, of the Dutch
Civil Code has been issued with respect to legal entities established in the Netherlands. The list of the legal entities
for which the declaration has been issued is disclosed in the Heineken N.V. stand-alone financial statements .
Pursuant to the provisions of Section 357 of the Republic of Ireland Companies Act 2014, the Company
irrevocably guarantees, in respect of the financial year from 1 January 2025 up to and including 31
December 2025, the liabilities referred to in Schedule 3 of the Republic of Ireland Companies Act 2014 of the
wholly-owned subsidiary companies Heineken Ireland Limited, Heineken Ireland Sales Limited, Beamish &
Crawford Limited and Comans Beverages Limited.
Significant subsidiaries
Set out below are HEINEKEN\u2019s significant subsidiaries at 31 December 2025. The subsidiaries as listed below
are held by the Company and the proportion of ownership interests held equals the proportion of the voting
rights held by HEINEKEN. The disclosed significant subsidiaries represent the largest subsidiaries and
represent an approximate total revenue of \u20ac20 billion and total asset value of \u20ac35 billion and are structural
contributors to the business.
There were no significant changes to the HEINEKEN structure and ownership interests.
Percentage of ownership
Country of
incorporation
2025
2024
Heineken International B.V.
The Netherlands
100.0
100.0
Heineken Brouwerijen B.V.
The Netherlands
100.0
100.0
Heineken Nederland B.V.
The Netherlands
100.0
100.0
Cuauht\u00e9moc Moctezuma Holding, S.A. de C.V.
Mexico
100.0
100.0
Cervejaria HNK BR LTDA.1
Brazil
100.0
100.0
Heineken France S.A.S.
France
100.0
100.0
Nigerian Breweries Plc.
Nigeria
72.9
72.9
Heineken USA Inc.
United States
100.0
100.0
Heineken UK Ltd
United Kingdom
100.0
100.0
Heineken Espa\u00f1a S.A.
Spain
99.8
99.8
Heineken Italia S.p.A.
Italy
100.0
100.0
Brau Union \u00d6sterreich AG
Austria
100.0
100.0
Grupa \u017bywiec Sp. z o.o.
Poland
100.0
100.0
Heineken Vietnam Brewery Limited Company
Vietnam
60.0
60.0
SCC \u2013 Sociedade Central de Cervejas e Bebidas S.A.
Portugal
100.0
100.0
United Breweries Limited
India
61.5
61.5
Heineken Beverages (South Africa) Proprietary Limited
South Africa
65.0
65.0
1 Cervejaria HNK BR LTDA is the successor in law of CKBR Bebidas Ltda since November 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
Significant subsidiaries
Set out below are HEINEKEN\u2019s significant subsidiaries at 31 December 2025. The subsidiaries as listed below
are held by the Company and the proportion of ownership interests held equals the proportion of the voting
rights held by HEINEKEN. The disclosed significant subsidiaries represent the largest subsidiaries and
represent an approximate total revenue of \u20ac20 billion and total asset value of \u20ac35 billion and are structural
contributors to the business.
There were no significant changes to the HEINEKEN structure and ownership interests.
Percentage of ownership
Country of
incorporation
2025
2024
Heineken International B.V.
The Netherlands
100.0
100.0
Heineken Brouwerijen B.V.
The Netherlands
100.0
100.0
Heineken Nederland B.V.
The Netherlands
100.0
100.0
Cuauht\u00e9moc Moctezuma Holding, S.A. de C.V.
Mexico
100.0
100.0
Cervejaria HNK BR LTDA.1
Brazil
100.0
100.0
Heineken France S.A.S.
France
100.0
100.0
Nigerian Breweries Plc.
Nigeria
72.9
72.9
Heineken USA Inc.
United States
100.0
100.0
Heineken UK Ltd
United Kingdom
100.0
100.0
Heineken Espa\u00f1a S.A.
Spain
99.8
99.8
Heineken Italia S.p.A.
Italy
100.0
100.0
Brau Union \u00d6sterreich AG
Austria
100.0
100.0
Grupa \u017bywiec Sp. z o.o.
Poland
100.0
100.0
Heineken Vietnam Brewery Limited Company
Vietnam
60.0
60.0
SCC \u2013 Sociedade Central de Cervejas e Bebidas S.A.
Portugal
100.0
100.0
United Breweries Limited
India
61.5
61.5
Heineken Beverages (South Africa) Proprietary Limited
South Africa
65.0
65.0
1 Cervejaria HNK BR LTDA is the successor in law of CKBR Bebidas Ltda since November 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
13.5\u00a0 \u00a0 Subsequent events
Changes in Executive Board composition
On 12 January 2026, HEINEKEN announced that its CEO and Chairman of the Executive Board, Dolf van den
Brink, has informed the Supervisory Board of his decision to step down from his position effective 31 May
2026.
Acquisition of FIFCO\u2019s beverage and retail businesses
On 30 January 2026, HEINEKEN announced the completion of the acquisition of Florida Ice and Farm
Company S.A.\u2019s (\u201cFIFCO\u201d) beverage and retail businesses, following the receipt of all regulatory and corporate
approvals.
The transaction includes the acquisition of the following equity stakes for a total cash consideration of
approximately US$3.2 billion:
\u2013 HEINEKEN obtained an additional 75% equity stake in Distribuidora La Florida S.A., taking its shareholding
from 25% to 100%
\u2013 HEINEKEN obtained an additional 75% stake in Nicaragua Brewing Holding S.A., taking its shareholding
from 25% to 100%
\u2013 HEINEKEN obtained an additional 25% stake in HEINEKEN Panama, taking its controlling shareholding
from 75% to 100%
\u2013 Additionally, HEINEKEN acquired controlling stakes in other businesses that are individually immaterial.
The acquisitions will strengthen HEINEKEN\u2019s position in the growing Central American region.
Distribuidora La Florida S.A.
HEINEKEN\u2019s existing 25% stake in Distribuidora La Florida is accounted for under the equity method.
Following the acquisition, it will be recognised as a subsidiary and consolidated. It is to be accounted for as a
business combination under IFRS 3.
Given the short period between the completion of the acquisition and the date of HEINEKEN\u2019s 2025
consolidated financial statements, HEINEKEN has not yet been able to complete the accounting for the
business combination and is progressing with the purchase price allocation. As a result, provisional fair values
of the net assets acquired, including any goodwill or identifiable intangible assets, are not yet available.
HEINEKEN will provide the required IFRS 3 acquisition disclosure in its consolidated interim financial
statements for the six-month period ended 30 June 2026.
As part of the purchase price allocation, fair value step-ups will be recognised for PP&E, inventory and
intangible assets. The acquired intangible assets primarily relate to brand names across beer, non-alcoholic
drinks, food and retail. Imperial and Pilsen represent the key beer brands driving the portfolio, and additional
brands acquired include Bavaria, Tropical, Ducal and Kern\u2019s. The purchase consideration consists of cash and
previously held equity interest.
\u20ac6 million of acquisition-related costs have been recognised in the income statement for the year ended 31
December 2025.
Nicaragua Brewing Holding S.A.
Following an increase in HEINEKEN\u2019s equity stake in Nicaragua Brewing Holding S.A., HEINEKEN\u2019s indirect
ownership in Compa\u00f1\u00eda Cervecera de Nicaragua, Nicaragua\u2019s leading beverage company, has increased
from 12.45% to 49.85%.
Prior to the transaction, HEINEKEN\u2019s existing interest was classified as an equity investment and valued at
Fair Value Through Other Comprehensive Income. Post acquisition, the investment will be accounted for
using the equity method and presented within investments in associates and joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500K5PTPSST86UQ23", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }