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1.\u00a0 \u00a0 Reporting entity
Heineken Holding\u00a0N.V. (the \u2018Company\u2019) is a public company domiciled in the Netherlands. The
address of the Company\u2019s registered office is Tweede Weteringplantsoen 5, 1017ZD, Amsterdam.
The Consolidated Financial Statements of the Company as at 31 December 2025 comprise
Heineken Holding\u00a0N.V., Heineken\u00a0N.V., 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. 33078624.
HEINEKEN is primarily involved 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "Heineken Holding\u00a0N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "Tweede Weteringplantsoen 5, 1017ZD, Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "HEINEKEN is primarily involved 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
2.\u00a0 \u00a0 Basis of preparation
The consolidated financial statements are:
\u25a0 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
\u25a0 Prepared by the Board of Directors and authorised for issue on 10 February 2026 and will be
submitted for adoption to the General Meeting of Shareholders on 23\u00a0April 2026.
\u25a0 Prepared on the historical cost basis unless otherwise indicated.
\u25a0 Prepared on a going concern basis
\u25a0 Presented in Euro, which is the Company\u2019s functional currency
\u25a0 Rounded to the nearest million unless stated otherwise
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "Prepared on a going concern basis", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
3.\u00a0 \u00a0 Significant accounting estimates and judgements
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:
\u2022 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)
\u2022 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)
\u2022 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:
\u25a0 Changes in the interest rate environment are taken into consideration when determining the
discount rates
\u25a0 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
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
4.\u00a0 \u00a0 Changes in accounting policies
(a) Changed accounting policies in 2025 \u00a0
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:
\u25a0 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.
\u25a0 This new operating profit subtotal will be used as the starting point for the statement of cash
flows.
\u25a0 Enhanced requirements will be applied concerning the aggregation and disaggregation of
information.
\u25a0 Management-defined performance measures (MPMs) will be disclosed in the notes to the
financial statements.
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "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:
\u25a0 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
\u25a0 Adjustment of the income statement for inflation during the reporting period
\u25a0 The income statement is translated at the period-end foreign exchange rate instead of an
average rate
\u25a0 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
\u25a0 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.
Accounting policies
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive
Board of Heineken\u00a0N.V., which is considered to be 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 of Heineken\u00a0N.V. 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 Heineken N.V. Executive Board, and is directly accountable for the functioning of the
segment\u2019s results, assets and liabilities. The Heineken\u00a0N.V. Head Office operating segment falls
directly under the responsibility of the Executive Board of Heineken N.V. The Executive Board of
Heineken\u00a0N.V. reviews the performance of the segments based on internal management reports
monthly.
Segment results, assets and liabilities that are reported to the Executive Board of Heineken\u00a0N.V.
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 of Heineken N.V. 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 of Heineken\u00a0N.V.
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 of Heineken\u00a0N.V. 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 expenses.\u00a0
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 HEINEKEN.
Accounting policies
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
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
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
HEINEKEN's share-based compensation plans are equity-settled share rights granted to
Heineken\u00a0N.V.'s 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
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
The Company 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 purchased or 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 purchased or held in the year.
Accounting policies
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
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
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
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
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:
Strategic brands
40 - 50 years
Other brands
5 - 25 years
Customer-related and contract-based intangibles
5 - 25 years
Re-acquired rights
3 - 12 years
Software (including internally generated software)
3 - 7 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
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:
Buildings
15 - 40 years
Plant and equipment
5 - 30 years
Other fixed assets
3 - 10 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:
\u25a0 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.
\u25a0 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
Loans and advances to customers are initially measured at fair value and subsequently at amortised
cost minus any impairment losses.
Accounting policies
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.
Accounting policies
Non-current derivatives
Refer to the accounting policies on derivative financial instruments in note 11.6.
Accounting policies
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
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
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
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
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
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
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:
\u25a0 Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to
make use of that option
\u25a0 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:
\u25a0 Apply a single discount rate per country to a portfolio of leases with reasonably similar
characteristics
\u25a0 Include non-lease components in the lease liability for equipment leases
Accounting policies
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
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:
\u25a0 the economic characteristics and risks are not closely related to the host financial liability;
\u25a0 a separate instrument with the same terms as the embedded derivative would meet. the
definition of a derivative; and
\u25a0 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
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:
\u25a0 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
\u25a0 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
\u25a0 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
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
(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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "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:
\u25a0 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
\u25a0 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\u00a0December 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 million 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "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:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "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:
\u25a0 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
\u25a0 Adjustment of the income statement for inflation during the reporting period
\u25a0 The income statement is translated at the period-end foreign exchange rate instead of an
average rate
\u25a0 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
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
(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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
(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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
(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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
(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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
6.1\u00a0 \u00a0 Operating segments
HEINEKEN distinguishes five reportable segments: Europe; Americas; Africa & Middle East; Asia Pacific and Heineken\u00a0N.V. Head Office\u00a0 &
Other/Eliminations. Information about these reportable segments are provided in the table below:
Europe
Americas
Africa & Middle East
Asia Pacific
Heineken\u00a0N.V.
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
1 Note that this is a non-GAAP measure. Due to rounding, this balance will not always cast.\u00a0
2 Includes other revenue of \u20ac463 million (2024: \u20ac457 million).\u00a0
3 Next 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).
4 Variable cost includes input costs (raw material, packaging material and inventory movements (variable)), transport, energy and water.
Europe
Americas
Africa & Middle East
Asia Pacific
Heineken N.V.
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
2,856
541
12,593
10,673
Non-current segment assets
12,644
12,887
8,945
8,954
3,293
3,508
9,647
11,117
1,401
1,246
35,930
37,712
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
4,257
1,787
51,761
51,885
Unallocated assets
1,713
1,590
Total assets
53,474
53,475
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
20,335
22,104
Total equity and liabilities
53,474
53,475
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: \u00a0
\u25a0 \u20ac298 million of amortisation of acquisition-related intangibles in operating profit (2024: \u20ac337
million).
\u25a0 \u20ac681 million net exceptional expense (2024: \u20ac658 million net expense) recorded in operating
profit. This\u00a0includes:
\u2014 \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.
\u2014 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).
\u2014 net restructuring expenses recorded in personnel expenses of \u20ac104\u00a0million (2024: \u20ac96\u00a0million).
\u2014 \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).
\u2014 \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).
Accounting estimates and judgements
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.
Accounting policies
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive
Board of Heineken\u00a0N.V., which is considered to be 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 of Heineken\u00a0N.V. 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 Heineken N.V. Executive Board, and is directly accountable for the functioning of the
segment\u2019s results, assets and liabilities. The Heineken\u00a0N.V. Head Office operating segment falls
directly under the responsibility of the Executive Board of Heineken N.V. The Executive Board of
Heineken\u00a0N.V. reviews the performance of the segments based on internal management reports
monthly.
Segment results, assets and liabilities that are reported to the Executive Board of Heineken\u00a0N.V.
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 of Heineken N.V. 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 of Heineken\u00a0N.V.
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 of Heineken\u00a0N.V. 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 expenses.\u00a0
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 HEINEKEN.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
6.1\u00a0 \u00a0 Operating segments
HEINEKEN distinguishes five reportable segments: Europe; Americas; Africa & Middle East; Asia Pacific and Heineken\u00a0N.V. Head Office\u00a0 &
Other/Eliminations. Information about these reportable segments are provided in the table below:
Europe
Americas
Africa & Middle East
Asia Pacific
Heineken\u00a0N.V.
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
1 Note that this is a non-GAAP measure. Due to rounding, this balance will not always cast.\u00a0
2 Includes other revenue of \u20ac463 million (2024: \u20ac457 million).\u00a0
3 Next 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).
4 Variable cost includes input costs (raw material, packaging material and inventory movements (variable)), transport, energy and water.
Europe
Americas
Africa & Middle East
Asia Pacific
Heineken N.V.
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
2,856
541
12,593
10,673
Non-current segment assets
12,644
12,887
8,945
8,954
3,293
3,508
9,647
11,117
1,401
1,246
35,930
37,712
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
4,257
1,787
51,761
51,885
Unallocated assets
1,713
1,590
Total assets
53,474
53,475
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
20,335
22,104
Total equity and liabilities
53,474
53,475
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: \u00a0
\u25a0 \u20ac298 million of amortisation of acquisition-related intangibles in operating profit (2024: \u20ac337
million).
\u25a0 \u20ac681 million net exceptional expense (2024: \u20ac658 million net expense) recorded in operating
profit. This\u00a0includes:
\u2014 \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.
\u2014 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).
\u2014 net restructuring expenses recorded in personnel expenses of \u20ac104\u00a0million (2024: \u20ac96\u00a0million).
\u2014 \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).
\u2014 \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).
Accounting estimates and judgements
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.
Accounting policies
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive
Board of Heineken\u00a0N.V., which is considered to be 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 of Heineken\u00a0N.V. 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 Heineken N.V. Executive Board, and is directly accountable for the functioning of the
segment\u2019s results, assets and liabilities. The Heineken\u00a0N.V. Head Office operating segment falls
directly under the responsibility of the Executive Board of Heineken N.V. The Executive Board of
Heineken\u00a0N.V. reviews the performance of the segments based on internal management reports
monthly.
Segment results, assets and liabilities that are reported to the Executive Board of Heineken\u00a0N.V.
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 of Heineken N.V. 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 of Heineken\u00a0N.V.
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 of Heineken\u00a0N.V. 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 expenses.\u00a0
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 HEINEKEN.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "255000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-455": { "value": "-705000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-456": { "value": "-666000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-457": { "value": "-805000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-458": { "value": "
Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive
Board of Heineken\u00a0N.V., which is considered to be 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 of Heineken\u00a0N.V. 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 Heineken N.V. Executive Board, and is directly accountable for the functioning of the
segment\u2019s results, assets and liabilities. The Heineken\u00a0N.V. Head Office operating segment falls
directly under the responsibility of the Executive Board of Heineken N.V. The Executive Board of
Heineken\u00a0N.V. reviews the performance of the segments based on internal management reports
monthly.
Segment results, assets and liabilities that are reported to the Executive Board of Heineken\u00a0N.V.
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 of Heineken N.V. 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 of Heineken\u00a0N.V.
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 of Heineken\u00a0N.V. 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
Performance is measured based on operating profit (beia), as included in the internal management
reports that are reviewed by the Executive Board of Heineken N.V. 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "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:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
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 expenses.\u00a0
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "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 HEINEKEN.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "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
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "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.
Other 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: \u20ac 134 million), other taxes of \u20ac 187 million (2024: \u20ac179 million), short-term lease expenses of
\u20ac73 million (2024 : \u20ac95 million) and low-value lease expenses of \u20ac36\u00a0million (2024: \u20ac42 million).
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "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:
\"33\"
A tot al 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
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "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
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "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 of Heineken\u00a0N.V.).
Long-term incentive plan (LTIP)
HEINEKEN has a performance-based LTIP for Heineken\u00a0N.V.'s 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 of Heineken\u00a0N.V. 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 of Heineken N.V. 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 of Heineken\u00a0N.V. 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
Accounting estimates
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.
Accounting policies
HEINEKEN's share-based compensation plans are equity-settled share rights granted to
Heineken\u00a0N.V.'s 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
HEINEKEN's share-based compensation plans are equity-settled share rights granted to
Heineken\u00a0N.V.'s 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "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
\u20ac352 million (2024 : \u20ac311 million).
For more information on impairment losses, refer to note 8.2.
Accounting policies
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:
\"35\"
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The recoverable
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 represent 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:
\u25a0 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.
\u25a0 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.
\u25a0 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.
\u25a0 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
Heineken N.V. 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.
Accounting estimates and judgements
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:
\u25a0 Changes in the interest rate environment are taken into consideration when determining the
discount rates
\u25a0 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
\u25a0 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.
F or 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)
\u2014
0.3
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "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
\u20ac352 million (2024 : \u20ac311 million).
For more information on impairment losses, refer to note 8.2.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "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
1.76
Diluted earnings per share
3.39
1.76
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 diluted
2025
2024
Total number of shares issued
282,873,387
283,965,488
Effect of own shares held
(1,762,353)
(1,092,101)
Weighted average number of basic shares outstanding for the year
281,111,034
282,873,387
On 13 February 2025, Heineken Holding N.V. announced the start of the first circa \u20ac375 million
tranche of its circa \u20ac750 million two-year share buyback programme, as further explained in note
11.4.
Shares for which dividend is waived by Heineken Holding N.V.
In 2023, Heineken Holding N.V. entered into a cross-holding agreement with Heineken N.V., which
includes a waiver by Heineken N.V. of payment of any dividends on the Heineken Holding N.V. shares
held by Heineken N.V. as well as 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 dividend is waived by Heineken Holding N.V.
are therefore not part of the number of outstanding ordinary shares of Heineken N.V.
Accounting policies
The Company 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 purchased or 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 purchased or held in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
The Company 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 purchased or 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 purchased or held in the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "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
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "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 of \u20ac32 million (2024: \u20ac86 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
Accounting estimates
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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "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
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "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 arrangement 1
7
180
111
7
180
103
1 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.
Accounting estimates
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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
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.
F or 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)
\u2014
0.3
\u2014
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
Accounting estimates and judgements
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.
Accounting policies
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:
Buildings
15 - 40 years
Plant and equipment
5 - 30 years
Other fixed assets
3 - 10 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:
\u25a0 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.
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "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.
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "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:
\"35\"
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The recoverable
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 represent 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:
\u25a0 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.
\u25a0 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.
\u25a0 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.
\u25a0 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
Heineken N.V. 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.
Accounting estimates and judgements
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:
\u25a0 Changes in the interest rate environment are taken into consideration when determining the
discount rates
\u25a0 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
\u25a0 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
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:
Strategic brands
40 - 50 years
Other brands
5 - 25 years
Customer-related and contract-based intangibles
5 - 25 years
Re-acquired rights
3 - 12 years
Software (including internally generated software)
3 - 7 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "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:
\"35\"
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The recoverable
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 represent 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:
\u25a0 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.
\u25a0 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.
\u25a0 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.
\u25a0 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
Heineken N.V. 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.
Accounting estimates and judgements
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:
\u25a0 Changes in the interest rate environment are taken into consideration when determining the
discount rates
\u25a0 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
\u25a0 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
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:
Strategic brands
40 - 50 years
Other brands
5 - 25 years
Customer-related and contract-based intangibles
5 - 25 years
Re-acquired rights
3 - 12 years
Software (including internally generated software)
3 - 7 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:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "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:
\"35\"
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The recoverable
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 represent 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:
\u25a0 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.
\u25a0 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.
\u25a0 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.
\u25a0 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
Heineken N.V. 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.
Accounting estimates and judgements
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:
\u25a0 Changes in the interest rate environment are taken into consideration when determining the
discount rates
\u25a0 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
\u25a0 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
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:
Strategic brands
40 - 50 years
Other brands
5 - 25 years
Customer-related and contract-based intangibles
5 - 25 years
Re-acquired rights
3 - 12 years
Software (including internally generated software)
3 - 7 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "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:
Strategic brands
40 - 50 years
Other brands
5 - 25 years
Customer-related and contract-based intangibles
5 - 25 years
Re-acquired rights
3 - 12 years
Software (including internally generated software)
3 - 7 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "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:
Strategic brands
40 - 50 years
Other brands
5 - 25 years
Customer-related and contract-based intangibles
5 - 25 years
Re-acquired rights
3 - 12 years
Software (including internally generated software)
3 - 7 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "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:
Buildings
15 - 40 years
Plant and equipment
5 - 30 years
Other fixed assets
3 - 10 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "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:
\u25a0 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.
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "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
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.
Accounting policies
Loans and advances to customers are initially measured at fair value and subsequently at amortised
cost minus any impairment losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
8.4\u00a0 \u00a0 Equity instruments
Equity instruments consists of various equity instruments held by Heineken N.V.
In millions of \u20ac
2025
2024
Other
154
167
Equity instruments
154
167
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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "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 \u20ac133 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.
Accounting estimates
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
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "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 \u20ac133 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.
Accounting estimates
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
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "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
1 The 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 per iod 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)
Accounting estimates
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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "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).
Accounting estimates
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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "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).
Accounting estimates
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.
Accounting policies
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 HEINEKEN's 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, HEINEKEN's 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\u00a0year
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).
Accounting estimates and judgements
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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "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 HEINEKEN's 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, HEINEKEN's 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\u00a0year
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).
Accounting estimates and judgements
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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "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
Accounting estimates and judgements
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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "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 million). 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
Heineken N.V.\u2019s share in %
20.67%
20.67%
Heineken N.V.\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)
1 Includes the investment in CR Beer, which is considered to be individually material. The other joint ventures and associates are
considered to be individually immaterial.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "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 million). 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
Heineken N.V.\u2019s share in %
20.67%
20.67%
Heineken N.V.\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)
1 Includes the investment in CR Beer, which is considered to be individually material. The other joint ventures and associates are
considered to be individually immaterial.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "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 million). 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
Heineken N.V.\u2019s share in %
20.67%
20.67%
Heineken N.V.\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)
1 Includes the investment in CR Beer, which is considered to be individually material. The other joint ventures and associates are
considered to be individually immaterial.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "3238000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-515": { "value": "3500000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-518": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "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)
1 Transactional 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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "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)
1 Transactional 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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "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)
1 Transactional 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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "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)
1 Transactional 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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "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)
1 Transactional 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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "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)
1 Transactional 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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "Interest income and expenses are recognised as they accrue, using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "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
4,816
2,350
Bank overdrafts
11.3
(461)
(597)
Cash and cash equivalents in the statement of cash flows
4,355
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
4,816
4,816
(310)
4,506
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
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "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
(4,816)
(2,350)
Net debt
14,436
14,651
1 Mainly 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
Accounting estimates and judgements
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
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:
\u25a0 Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to
make use of that option
\u25a0 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:
\u25a0 Apply a single discount rate per country to a portfolio of leases with reasonably similar
characteristics
\u25a0 Include non-lease components in the lease liability for equipment leases
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "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:
\u25a0 Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to
make use of that option
\u25a0 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:
\u25a0 Apply a single discount rate per country to a portfolio of leases with reasonably similar
characteristics
\u25a0 Include non-lease components in the lease liability for equipment leases
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
11.4\u00a0 \u00a0 Capital and reserves
Share capital
Refer\u00a0to the table below for the Company's issued share capital as at 31\u00a0December. 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
288,030,168
461
288,030,168
461
Changes
\u2014
\u2014
\u2014
\u2014
31 December
288,030,168
461
288,030,168
461
The Company\u2019s authorised capital amounts to \u20ac1.5 billion, consisting of 937,500,000\u00a0shares of
\u20ac1.60 nominal value (2024: 937,500,000 \u00a0shares of \u20ac1.60 nominal value).
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 Heineken Holding N.V.
shares that are held by Heineken N.V., rights are suspended.
Share premium
As at 31 December 2025, the share premium amounted to \u20ac1,257 million (31\u00a0December 2024:
\u20ac1,257 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.
Shares repurchased from stock exchange
From 13 February 2025 up to and including 31 December 2025, the Company bought back 4.9
million shares for a total amount of \u20ac306 million from minority shareholders. As per 31 December
2025, the shares have been delivered to the Company and are classified as treasury shares and
presented in the reserve for own shares.
Shares sold to Heineken N.V. but not yet legally transferred
From 13 February 2025 up to and including 31 December 2025, the Company sold 4.9 million
Heineken N.V. shares for a total amount of \u20ac349 million to Heineken N.V. As per 31 December 2025,
these shares are not yet legally transferred to Heineken N.V. and remain part of shares issued by
Heineken N.V. 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 N.V.
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.\u00a0
Own shares held
Number of shares
1 January 2025
5,156,781
Changes
4,907,556
31 December 2025
10,064,337
Purchase Heineken N.V. shares by Heineken\u00a0N.V.
Refer\u00a0to the table below with the changes in 2025 in Heineken N.V. shares held by Heineken\u00a0N.V.\u00a0
This results in an decreased interest in shareholding by Heineken Holding\u00a0N.V. The related dilution
effect has been recognised directly in equity.
Heineken N.V. shares held by Heineken N.V.
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 Holding\u00a0N.V.:
In millions of \u20ac
2025
2024
Final dividend previous year \u20ac1.17, respectively \u20ac1.04 per qualifying share
330
294
Interim dividend current year \u20ac0.74, respectively \u20ac0.69 per qualifying share
208
195
Total dividend declared and paid
538
489
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.
Pursuant to Article\u00a010, paragraph 6, of the Articles of Association of Heineken Holding\u00a0N.V., holders
of Heineken Holding\u00a0N.V. shares receive the same dividend as holders of Heineken\u00a0N.V. shares.
After the balance sheet date, the Board of Directors announced 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)
530
526
Increase/(Decrease) of retained earnings
422
(28)
Net profit
952
498
Non-controlling interests in the activities and cash flows of Heineken\u00a0N.V.
In millions of \u20ac
2025
2024
NCI percentage
49.506%
49.034%
Non-current assets
40,538
42,576
Current assets
12,893
10,899
Non-current liabilities
(19,207)
(17,133)
Current liabilities
(13,932)
(14,238)
Net assets
20,292
22,104
Carrying amount of NCI
9,069
9,737
Net revenue
28,753
29,821
Profit
2,138
1,161
OCI
(2,147)
(278)
Total comprehensive income
(9)
883
Profit allocated to NCI1
933
480
OCI allocated to NCI1
(925)
(135)
Cash flow from operating activities
5,012
5,503
Cash flow from investing activities
(2,455)
(2,435)
Cash flow from financing activities
153
(2,575)
Net increase (decrease) in cash and cash equivalents
2,710
493
Final dividend previous year
654
583
Interim dividend current year
412
386
Total dividend
1,066
969
Dividend allocated to NCI
529
480
1 Calculated based on 49.506% (2024: 49.034%) of the equity attributable to Heineken\u00a0N.V.
Non-controlling interests in Heineken\u00a0N.V. group companies
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 Holding\u00a0N.V.'s capital management is strongly related to Heineken\u00a0N.V.'s capital
management because every Heineken\u00a0N.V. share held by Heineken Holding\u00a0N.V. is matched by one
share issued at the level of Heineken Holding\u00a0N.V. This enables Heineken\u00a0N.V. to pursue its long-term
policy in the interest of the Heineken\u00a0N.V. shareholders.
There were no major changes in Heineken Holding\u00a0N.V.\u2019s approach to capital management during
the year. The policy of the Board of Directors of Heineken Holding\u00a0N.V. is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business and acquisitions of Heineken\u00a0N.V.
Heineken Holding\u00a0N.V. is not subject to externally imposed capital requirements other than the legal
reserves.
Pursuant to Article\u00a010, paragraph 6, of the Articles of Association of Heineken Holding\u00a0N.V., holders
of Heineken Holding\u00a0N.V. shares receive the same dividend as holders of Heineken\u00a0N.V. shares.
In 2025, the Company announced the start of its two-year share buyback programme, as further
explained in note 6.7.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
11.4\u00a0 \u00a0 Capital and reserves
Share capital
Refer\u00a0to the table below for the Company's issued share capital as at 31\u00a0December. 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
288,030,168
461
288,030,168
461
Changes
\u2014
\u2014
\u2014
\u2014
31 December
288,030,168
461
288,030,168
461
The Company\u2019s authorised capital amounts to \u20ac1.5 billion, consisting of 937,500,000\u00a0shares of
\u20ac1.60 nominal value (2024: 937,500,000 \u00a0shares of \u20ac1.60 nominal value).
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 Heineken Holding N.V.
shares that are held by Heineken N.V., rights are suspended.
Share premium
As at 31 December 2025, the share premium amounted to \u20ac1,257 million (31\u00a0December 2024:
\u20ac1,257 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.
Shares repurchased from stock exchange
From 13 February 2025 up to and including 31 December 2025, the Company bought back 4.9
million shares for a total amount of \u20ac306 million from minority shareholders. As per 31 December
2025, the shares have been delivered to the Company and are classified as treasury shares and
presented in the reserve for own shares.
Shares sold to Heineken N.V. but not yet legally transferred
From 13 February 2025 up to and including 31 December 2025, the Company sold 4.9 million
Heineken N.V. shares for a total amount of \u20ac349 million to Heineken N.V. As per 31 December 2025,
these shares are not yet legally transferred to Heineken N.V. and remain part of shares issued by
Heineken N.V. 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 N.V.
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.\u00a0
Own shares held
Number of shares
1 January 2025
5,156,781
Changes
4,907,556
31 December 2025
10,064,337
Purchase Heineken N.V. shares by Heineken\u00a0N.V.
Refer\u00a0to the table below with the changes in 2025 in Heineken N.V. shares held by Heineken\u00a0N.V.\u00a0
This results in an decreased interest in shareholding by Heineken Holding\u00a0N.V. The related dilution
effect has been recognised directly in equity.
Heineken N.V. shares held by Heineken N.V.
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 Holding\u00a0N.V.:
In millions of \u20ac
2025
2024
Final dividend previous year \u20ac1.17, respectively \u20ac1.04 per qualifying share
330
294
Interim dividend current year \u20ac0.74, respectively \u20ac0.69 per qualifying share
208
195
Total dividend declared and paid
538
489
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.
Pursuant to Article\u00a010, paragraph 6, of the Articles of Association of Heineken Holding\u00a0N.V., holders
of Heineken Holding\u00a0N.V. shares receive the same dividend as holders of Heineken\u00a0N.V. shares.
After the balance sheet date, the Board of Directors announced 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)
530
526
Increase/(Decrease) of retained earnings
422
(28)
Net profit
952
498
Non-controlling interests in the activities and cash flows of Heineken\u00a0N.V.
In millions of \u20ac
2025
2024
NCI percentage
49.506%
49.034%
Non-current assets
40,538
42,576
Current assets
12,893
10,899
Non-current liabilities
(19,207)
(17,133)
Current liabilities
(13,932)
(14,238)
Net assets
20,292
22,104
Carrying amount of NCI
9,069
9,737
Net revenue
28,753
29,821
Profit
2,138
1,161
OCI
(2,147)
(278)
Total comprehensive income
(9)
883
Profit allocated to NCI1
933
480
OCI allocated to NCI1
(925)
(135)
Cash flow from operating activities
5,012
5,503
Cash flow from investing activities
(2,455)
(2,435)
Cash flow from financing activities
153
(2,575)
Net increase (decrease) in cash and cash equivalents
2,710
493
Final dividend previous year
654
583
Interim dividend current year
412
386
Total dividend
1,066
969
Dividend allocated to NCI
529
480
1 Calculated based on 49.506% (2024: 49.034%) of the equity attributable to Heineken\u00a0N.V.
Non-controlling interests in Heineken\u00a0N.V. group companies
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 Holding\u00a0N.V.'s capital management is strongly related to Heineken\u00a0N.V.'s capital
management because every Heineken\u00a0N.V. share held by Heineken Holding\u00a0N.V. is matched by one
share issued at the level of Heineken Holding\u00a0N.V. This enables Heineken\u00a0N.V. to pursue its long-term
policy in the interest of the Heineken\u00a0N.V. shareholders.
There were no major changes in Heineken Holding\u00a0N.V.\u2019s approach to capital management during
the year. The policy of the Board of Directors of Heineken Holding\u00a0N.V. is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business and acquisitions of Heineken\u00a0N.V.
Heineken Holding\u00a0N.V. is not subject to externally imposed capital requirements other than the legal
reserves.
Pursuant to Article\u00a010, paragraph 6, of the Articles of Association of Heineken Holding\u00a0N.V., holders
of Heineken Holding\u00a0N.V. shares receive the same dividend as holders of Heineken\u00a0N.V. shares.
In 2025, the Company announced the start of its two-year share buyback programme, as further
explained in note 6.7.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
Share capital
Refer\u00a0to the table below for the Company's issued share capital as at 31\u00a0December. 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
288,030,168
461
288,030,168
461
Changes
\u2014
\u2014
\u2014
\u2014
31 December
288,030,168
461
288,030,168
461
The Company\u2019s authorised capital amounts to \u20ac1.5 billion, consisting of 937,500,000\u00a0shares of
\u20ac1.60 nominal value (2024: 937,500,000 \u00a0shares of \u20ac1.60 nominal value).
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 Heineken Holding N.V.
shares that are held by Heineken N.V., rights are suspended.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "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.\u00a0
Own shares held
Number of shares
1 January 2025
5,156,781
Changes
4,907,556
31 December 2025
10,064,337
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
Dividends
The following dividends were declared and paid by Heineken Holding\u00a0N.V.:
In millions of \u20ac
2025
2024
Final dividend previous year \u20ac1.17, respectively \u20ac1.04 per qualifying share
330
294
Interim dividend current year \u20ac0.74, respectively \u20ac0.69 per qualifying share
208
195
Total dividend declared and paid
538
489
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.
Pursuant to Article\u00a010, paragraph 6, of the Articles of Association of Heineken Holding\u00a0N.V., holders
of Heineken Holding\u00a0N.V. shares receive the same dividend as holders of Heineken\u00a0N.V. shares.
After the balance sheet date, the Board of Directors announced 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)
530
526
Increase/(Decrease) of retained earnings
422
(28)
Net profit
952
498
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "1.90", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-540": { "value": "
Non-controlling interests in Heineken\u00a0N.V. group companies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
Capital management
Heineken Holding\u00a0N.V.'s capital management is strongly related to Heineken\u00a0N.V.'s capital
management because every Heineken\u00a0N.V. share held by Heineken Holding\u00a0N.V. is matched by one
share issued at the level of Heineken Holding\u00a0N.V. This enables Heineken\u00a0N.V. to pursue its long-term
policy in the interest of the Heineken\u00a0N.V. shareholders.
There were no major changes in Heineken Holding\u00a0N.V.\u2019s approach to capital management during
the year. The policy of the Board of Directors of Heineken Holding\u00a0N.V. is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business and acquisitions of Heineken\u00a0N.V.
Heineken Holding\u00a0N.V. is not subject to externally imposed capital requirements other than the legal
reserves.
Pursuant to Article\u00a010, paragraph 6, of the Articles of Association of Heineken Holding\u00a0N.V., holders
of Heineken Holding\u00a0N.V. shares receive the same dividend as holders of Heineken\u00a0N.V. shares.
In 2025, the Company 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
Dividends are recognised as a liability in the period in which they are declared.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "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 of Heineken\u00a0N.V. 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:
\u25a0 Credit risk
\u25a0 Liquidity risk
\u25a0 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 Heineken\u00a0N.V. 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
4,816
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
10,047
7,616
The exposure to credit risk by segment for trade and other receivables excluding prepayments is as
follows:
\"272\"
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:
\u25a0 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
\u25a0 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\u00a0December 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 million 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 HEINEKEN's 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "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 Heineken\u00a0N.V. 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
4,816
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
10,047
7,616
The exposure to credit risk by segment for trade and other receivables excluding prepayments is as
follows:
\"272\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "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:
\u25a0 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
\u25a0 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\u00a0December 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 million 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 HEINEKEN's 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
11.6\u00a0 \u00a0 Derivative financial instruments
HEINEKEN uses derivatives in order to manage market risks. Refer\u00a0to 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)
1 Non-current derivative assets and liabilities are part of 'Other non-current assets' (note 8.5) and 'Other non-current liabilities'
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
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:
\u25a0 the economic characteristics and risks are not closely related to the host financial liability;
\u25a0 a separate instrument with the same terms as the embedded derivative would meet. the
definition of a derivative; and
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
11.6\u00a0 \u00a0 Derivative financial instruments
HEINEKEN uses derivatives in order to manage market risks. Refer\u00a0to 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)
1 Non-current derivative assets and liabilities are part of 'Other non-current assets' (note 8.5) and 'Other non-current liabilities'
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
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:
\u25a0 the economic characteristics and risks are not closely related to the host financial liability;
\u25a0 a separate instrument with the same terms as the embedded derivative would meet. the
definition of a derivative; and
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "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:
\u25a0 the economic characteristics and risks are not closely related to the host financial liability;
\u25a0 a separate instrument with the same terms as the embedded derivative would meet. the
definition of a derivative; and
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "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:
\u25a0 the economic characteristics and risks are not closely related to the host financial liability;
\u25a0 a separate instrument with the same terms as the embedded derivative would meet. the
definition of a derivative; and
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "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:
\u25a0 the economic characteristics and risks are not closely related to the host financial liability;
\u25a0 a separate instrument with the same terms as the embedded derivative would meet. the
definition of a derivative; and
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "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 \u20ac1,213 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 milli on (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)
Accounting estimates and judgements
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.
Accounting policies
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:
\u25a0 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
\u25a0 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
\u25a0 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).
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\u00a0obligations1
(64)
20
(44)
88
(20)
68
Net change in fair value through
OCI\u00a0investments
(16)
13
(3)
(11)
2
(9)
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 loss2
(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)
(2,265)
118
(2,147)
(286)
8
(278)
1 Refer to note 9.1.
2 An 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "2995000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-557": { "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 \u20ac1,213 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 milli on (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)
Accounting estimates and judgements
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.
Accounting policies
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:
\u25a0 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
\u25a0 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
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "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:
\u25a0 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
\u25a0 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
\u25a0 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "-44000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-561": { "value": "68000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-562": { "value": "-1955000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-563": { "value": "-567000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-564": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-565": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-566": { "value": "-104000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-567": { "value": "166000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-568": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-569": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-570": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-571": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-572": { "value": "3000000.0", "decimals": -6, "dimensions": { "concept": "heiho:CostOfHedging", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-573": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "heiho:CostOfHedging", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-574": { "value": "-31000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-575": { "value": "59000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-577": { "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.
\u25a0 Level 1 \u2013 The fair value is determined using quoted prices (unadjusted) in active markets for
identical assets or liabilities
\u25a0 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)
\u25a0 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
169
36
\u2014
133
Non-current derivative assets
11.6
26
\u2014
11
15
Current derivative assets
11.6
121
\u2014
121
\u2014
Total
316
36
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
181
37
\u2014
144
Non-current derivative assets
11.6
18
\u2014
1
17
Current derivative assets
11.6
169
\u2014
169
\u2014
Total
368
37
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
1 Borrowings 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\u00a0December:
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.
Accounting estimates
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "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.
\u25a0 Level 1 \u2013 The fair value is determined using quoted prices (unadjusted) in active markets for
identical assets or liabilities
\u25a0 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)
\u25a0 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
169
36
\u2014
133
Non-current derivative assets
11.6
26
\u2014
11
15
Current derivative assets
11.6
121
\u2014
121
\u2014
Total
316
36
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
181
37
\u2014
144
Non-current derivative assets
11.6
18
\u2014
1
17
Current derivative assets
11.6
169
\u2014
169
\u2014
Total
368
37
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
1 Borrowings 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\u00a0December:
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.
Accounting estimates
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "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.
Accounting policies
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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
13.3\u00a0 \u00a0 Related parties
Identification of related parties
The following parties are considered to be related to Heineken Holding\u00a0N.V.:
\u25a0 Its Board of Directors
\u25a0 The Executive Board and Supervisory Board of Heineken\u00a0N.V.
\u25a0 L\u2019Arche Green N.V.
\u25a0 L'Arche Holding\u00a0B.V.
\u25a0 Stichting Administratiekantoor Priores
\u25a0 Associates and Joint ventures of Heineken\u00a0N.V.
\u25a0 HEINEKEN pension funds (refer\u00a0to note\u00a09.1)
Heineken Holding\u00a0N.V.'s ultimate controlling party is C.L. de Carvalho-Heineken. For the structure of
HEINEKEN reference is made to the Report of the Board of Directors, page 11.
The shares in Heineken Holding N.V. held by Heineken N.V. are recognised as treasury shares, in the
reserve for own shares (refer to note 11.4).
Board of Directors of Heineken Holding\u00a0N.V. remuneration
The individual members of the Board of Directors received the following remuneration from
Heineken Holding\u00a0N.V.:
In thousands of \u20ac
2025
2024
C.L. de Carvalho-Heineken
115
115
M.R. de Carvalho
115
115
Total remuneration executive members
230
230
R.J.M.S. Hu\u00ebt 1
106
\u2014
M. Das2
45
150
C.M. Kwist
115
115
A.A.C. de Carvalho
115
115
A.M. Fentener van Vlissingen
115
115
L.L.H. Brassey
115
115
J.F.M.L. van Boxmeer
115
115
Total remuneration non-executive members
726
725
Total remuneration
956
955
1 Appointed as non-executive director of Heineken Holding N.V. as of 17 April 2025.
2 Appointed as non-executive director of Heineken Holding N.V. in 1994 and resigned with effect from 17 April 2025.
Refer\u00a0to the Remuneration Report on page 50 and further.
As at 31\u00a0December 2025, the Board of Directors represented 153.334.962 shares in the Company
(31\u00a0December 2024: 153.334.962 shares).
Heineken\u00a0N.V. key management remuneration
In millions of \u20ac
2025
2024
Executive Board of Heineken N.V.
10
14
Supervisory Board of Heineken N.V.
2
2
Total
12
16
Executive Board of Heineken\u00a0N.V. remuneration
The remuneration of the members of the Executive Board of Heineken\u00a0N.V. 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 of
Heineken\u00a0N.V. at the beginning of the year. Refer to note 6.5 for information related to the LTI
component. Also refer\u00a0to the separate Remuneration Report in the Heineken\u00a0N.V. Annual Report
2025.
As at 31 December 2025, Mr. R.G.S. van den Brink held 111,774 Heineken N.V. shares and Mr. H.P.J.
van den Broek held 63,457 Heineken N.V. 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 of Heineken\u00a0N.V. receive 25% of their STI pay in (investment)\u00a0shares. 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 of Heineken\u00a0N.V. 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\u00a0million 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 of Heineken\u00a0N.V. remuneration
The individual members of the Supervisory Board of Heineken\u00a0N.V. received the following
remuneration:
In thousands of \u20ac
2025
2024
R.J.M.S. Hu\u00ebt 1
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
1 Stepped down on 17 April 2025
2 Appointed on 25 April 2024
3 Appointed 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
Heineken N.V.'s 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).
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
There are no significant transactions with L'Arche Green N.V., L'Arche Holding\u00a0B.V. and Stichting
Administratiekantoor Priores.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "L\u2019Arche Green N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "C.L. de Carvalho-Heineken", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "
Board of Directors of Heineken Holding\u00a0N.V. remuneration
The individual members of the Board of Directors received the following remuneration from
Heineken Holding\u00a0N.V.:
In thousands of \u20ac
2025
2024
C.L. de Carvalho-Heineken
115
115
M.R. de Carvalho
115
115
Total remuneration executive members
230
230
R.J.M.S. Hu\u00ebt 1
106
\u2014
M. Das2
45
150
C.M. Kwist
115
115
A.A.C. de Carvalho
115
115
A.M. Fentener van Vlissingen
115
115
L.L.H. Brassey
115
115
J.F.M.L. van Boxmeer
115
115
Total remuneration non-executive members
726
725
Total remuneration
956
955
1 Appointed as non-executive director of Heineken Holding N.V. as of 17 April 2025.
2 Appointed as non-executive director of Heineken Holding N.V. in 1994 and resigned with effect from 17 April 2025.
Refer\u00a0to the Remuneration Report on page 50 and further.
As at 31\u00a0December 2025, the Board of Directors represented 153.334.962 shares in the Company
(31\u00a0December 2024: 153.334.962 shares).
Heineken\u00a0N.V. key management remuneration
In millions of \u20ac
2025
2024
Executive Board of Heineken N.V.
10
14
Supervisory Board of Heineken N.V.
2
2
Total
12
16
Executive Board of Heineken\u00a0N.V. remuneration
The remuneration of the members of the Executive Board of Heineken\u00a0N.V. 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 of
Heineken\u00a0N.V. at the beginning of the year. Refer to note 6.5 for information related to the LTI
component. Also refer\u00a0to the separate Remuneration Report in the Heineken\u00a0N.V. Annual Report
2025.
As at 31 December 2025, Mr. R.G.S. van den Brink held 111,774 Heineken N.V. shares and Mr. H.P.J.
van den Broek held 63,457 Heineken N.V. 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 of Heineken\u00a0N.V. receive 25% of their STI pay in (investment)\u00a0shares. 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 of Heineken\u00a0N.V. 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\u00a0million 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 of Heineken\u00a0N.V. remuneration
The individual members of the Supervisory Board of Heineken\u00a0N.V. received the following
remuneration:
In thousands of \u20ac
2025
2024
R.J.M.S. Hu\u00ebt 1
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
1 Stepped down on 17 April 2025
2 Appointed on 25 April 2024
3 Appointed 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
Heineken N.V.'s 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
13.4\u00a0 \u00a0 HEINEKEN entities
Control of HEINEKEN
The shares of the Company are traded on Euronext Amsterdam.
Heineken Holding\u00a0N.V. holds an interest in Heineken\u00a0N.V. of 50.005% of the issued capital (being
50.494% (2024 : 50.966%) of the outstanding capital following the purchase of own shares by
Heineken\u00a0N.V.).
L\u2019Arche Green N.V. holds 53.171% (2024: 53.171%) of the issued capital of Heineken Holding\u00a0N.V.
shares.
The Heineken family has an interest of 88.98% (2024: 88.98%) in L\u2019Arche Green N.V.
Mrs\u00a0C.L.\u00a0de\u00a0Carvalho-Heineken also owns a direct 0.03% stake in Heineken Holding\u00a0N.V.
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,
Heineken\u00a0N.V. 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 of Heineken\u00a0N.V.
Set out below are Heineken\u00a0N.V.\u2019s significant subsidiaries at 31 December 2025. The subsidiaries as
listed below are held by Heineken\u00a0N.V. 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
Significant subsidiaries of Heineken\u00a0N.V.
Set out below are Heineken\u00a0N.V.\u2019s significant subsidiaries at 31 December 2025. The subsidiaries as
listed below are held by Heineken\u00a0N.V. 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
13.5\u00a0 \u00a0 Subsequent events
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:
\u25a0 HEINEKEN obtained an additional 75% equity stake in Distribuidora La Florida S.A., taking its
shareholding from 25% to 100%
\u25a0 HEINEKEN obtained an additional 75% stake in Nicaragua Brewing Holding S.A., taking its
shareholding from 25% to 100%
\u25a0 HEINEKEN obtained an additional 25% stake in HEINEKEN Panama, taking its controlling
shareholding from 75% to 100%
\u25a0 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's
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's 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:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
Statement of the Board of Directors
The members of the Board of Directors signed the financial statements in order to comply with their
statutory obligation pursuant to Section 101, subsection 2, Book\u00a02, of the Dutch\u00a0Civil\u00a0Code and
Article\u00a05.25c, paragraph 2\u00a0sub\u00a0c, of the Financial Markets Supervision Act.
Amsterdam, 10 February 2026
Board of Directors
Mr R.J.M.S. Hu\u00ebt, non-executive director (Chair)
Mrs\u00a0C.L.\u00a0de\u00a0Carvalho-Heineken, executive director
Mr\u00a0M.R.\u00a0de\u00a0Carvalho, executive director
Mrs\u00a0C.M.\u00a0Kwist, non-executive director
Mr\u00a0A.A.C.\u00a0de\u00a0Carvalho, non-executive director
Mrs\u00a0A.M.\u00a0Fentener\u00a0van\u00a0Vlissingen, non-executive director
Mrs\u00a0L.L.H.\u00a0Brassey, non-executive director
Mr\u00a0J.F.M.L.\u00a0van\u00a0Boxmeer, non-executive director
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500M1WJLFM9TYBS04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }