Heineken N.V.

Investor
Presentation
March, 2024
 We’re mobilising the organisation
and deploying EverGreen at scale
as we pursue our dream to shape
the future of beer and beyond.

2
 Disclaimer
This presentation contains forward-looking statements based on current expectations and assumptions with regards to the financial position
and results of HEINEKEN’s activities, anticipated developments and other factors. All statements other than statements of historical facts are,
or may be deemed to be, forward-looking statements. Forward-looking statements also include, but are not limited to, statements and
information in HEINEKEN’s sustainability reporting, such as HEINEKEN’s emissions reduction and other climate change related matters
(including actions, potential impacts and risks associated therewith). These forward-looking statements are identified by their use of terms
and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”,
“outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. These forward-looking
statements, while based on management's current expectations and assumptions, are not guarantees of future performance since they are
subject to numerous assumptions, known and unknown risks and uncertainties, which may change over time, that could cause actual results
to differ materially from those expressed or implied in the forward-looking statements. Many of these risks and uncertainties relate to factors
that are beyond HEINEKEN’s ability to control or estimate precisely, such as but not limited to future market and economic conditions, the
behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and
achieve anticipated synergies, costs of raw materials and other goods and services, interest-rate and exchange-rate fluctuations, changes in
tax rates, changes in law, environmental and physical risks, change in pension costs, the actions of government regulators and weather
conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only of the date of this presentation. HEINEKEN assumes no duty to and does not
undertake any obligation to update these forward-looking statements contained in this presentation. Market share estimates contained in
this presentation are based on outside sources, such as specialised research institutes, in combination with management estimates.

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 Group Our Strategy Supporting
Overview — Evergreen Information
Brew a Better World Targets,
Strategy & Progress

Latest Results & Outlook

Leverage & Financial Policy

Our Markets

Governance, Ownership &

Shareholder Information

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Group Overview Our Strategy — Evergreen Supporting Information
 Group
Overview
Beer has been bringing people together for thousands
of years. Since 1864, HEINEKEN has been doing its part
to put a smile on consumers’ faces while continuously
renewing and adapting. Our best days are ahead of us
as we continue to deliver superior and balanced growth
with beer and beyond.

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Group Overview Our Strategy — Evergreen Supporting Information
 At a Glance 1

#1
Brewer in Europe >190 “ After a strong 2022, 2023 proved to be
challenging. I am proud of the resilience of our
business and our people and encouraged by
our progress on our EverGreen strategy.
Countries

#2
We continue to make progress on our EverGreen priorities, while
in which our brands
are present adapting to the macroeconomic and geopolitical volatility. We
built on momentum across our five key strategic pillars:
Brewer Globally
emphasising consumer and customer-centricity as we shape the
future of beer and beyond; growing productivity and a cost-
conscious culture; boosting decarbonisation of our production

242.6mhl network globally; boosting digitisation of all our processes to

become the best-connected brewer; and investing in our talent
Total beer volume and capabilities to ensure a workforce that is highly motivated
and capable, fostering the right culture and maintaining robust
Most trusted international
beer brand >160 organisational health.
In this way we are future-proofing HEINEKEN as a learning,
Breweries adapting and more agile company to deliver superior, balanced
growth in a fast-changing world.
As we continue to advance on our EverGreen journey, we remain
committed to our medium-term ambition to deliver superior
growth, balanced between volume and value, and to drive
>350 >90,000
continuous productivity improvements to fund investments
behind EverGreen and enable operating profit (beia) to grow
International

”
ahead of net revenue (beia) over time.
and local beer Direct employees
& cider brands
Dolf van den Brink
Chairman Executive Board / CEO

1. All info refers to FY2023 results. For Market Cap, it refers to status at 31 December 2023.

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Group Overview Our Strategy — Evergreen Supporting Information
 Superior Growth Company l A history of value creation
Total Shareholder Return

400

350
DIAGEO

300
Carlsberg
250
MSCI Europe
Consumer staples
200

Molson Coors
150
ABI

100Jan 12 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23

1. Factset and Bloomberg data until 31 December ’ 23 – indexed TSR from December 2011 = 100

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Group Overview Our Strategy — Evergreen Supporting Information
 Building on our strengths to deliver superior growth

Advantaged for growth Diversified footprint Powerful portfolio

> 40%
71 Revenues from premium
# 1 & 2 Positions1 > 20%
Heineken® % total volume

Strong brands
45% vs 55% Brand Power
100 – 150 bps Developed vs
Emerging markets
Market Share
Ahead of total beer Brand power pull

Entrepreneurial OpCo model Creative Brand Building Long-term customer relationships

1. Including Joint Ventures

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Group Overview Our Strategy — Evergreen Supporting Information
 Advantaged footprint l balanced, diversified & skewed for growth

Europe Americas AMEE APAC

33% Vol 33% Vol 18% Vol 16% Vol

31% OP 34% OP 10% OP 21% OP

18 #1&2 Positions 19 #1&2 Positions 18 #1&2 Positions 16 #1&2 Positions

Most diversified footprint: 20 OpCos ≈ 80% OP

All other information refers to the FY23 Results unless stated (rounded, excludes HO and eliminations)

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Group Overview Our Strategy — Evergreen Supporting Information
 Heineken :
® Shaping the category since 1864
Heineken® Ambition
Beer Brand
#1 by RSV 2022/3
Heineken Silver launches
in Europe and the USA

>190 Countries

Be the most
1970s meaningful
Drives growth 2017
of lager in UK Heineken 0.0 reframes beer brand with
non-alcoholic beer
1950’s
young adult
2010
‘Beer can travel’ Created pure malt consumers
1886 segment in Brazil
Revolutionized
quality & taste of
beer
Rev. CAGR
+10% ’18 - ’23
1933
1864 (Re-)entered Gross Profit / HL
Introduced lager
beer in NL
the US as 1st
import beer
1.5x vs. Total Portfolio
1. Q2 2022 vs. Q2 2021
Source: GlobalData, Nielsen, internal data

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Group Overview Our Strategy — Evergreen Supporting Information
 Our dream is to shape the future of beer and beyond
Beyond beer Expand beer Core beer Expand beer Beyond beer

Lager

Energy Cider
Specialty

LAGER
ABV ABV

% HIGH ABV
0.0%
% NONE
% NONE

Craft
Flavoured
Malt

Seltzer
& RTDs

Note: Innovation revenue excludes packaging

Source: Internal data

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Group Overview Our Strategy — Evergreen Supporting Information
 Our Strategy
— EverGreen
EverGreen is a bold strategy to deliver superior
and balanced growth and the next evolution
of our HEINEKEN business. As a 158-year-old
company, we think in generations and deliver
long-term, sustainable value creation.

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Group Overview Our Strategy — Evergreen Supporting Information
 HEINEKEN has successfully navigated evolving SEASONS

Industrial International Mass Global Shape the Future of

Revolution Expansion Marketing Consolidation Beer & Beyond

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Group Overview Our Strategy — Evergreen Supporting Information
 Our next Growth Chapter | Renewal inspired by nature’s resilience

Future proof HEINEKEN

BUILDING ON SUSTAINING
STRENGTHS A MULTI-YEAR,
GROWTH
ADDRESSING MULTI-DIMENSIONAL
IN A FAST
CHALLENGES CHANGING WORLD
JOURNEY

Speed, Agility & External Orientation

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Group Overview Our Strategy — Evergreen Supporting Information
 Key EverGreen shifts

Superior Top-line Growth Company Superior & Balanced Growth Company

M&A driven, footprint expansion AND Accelerate Organic Growth

Premium leadership & market leader in Cider Scale Premiumisation & Consumer-centric innovation

Excellent execution & customer relations AND Data Driven & Digital Customer strategy

Value driven by volume growth Value Driven by all 4 Dimensions of Green Diamond*

Entrepreneurial OpCo-centric culture Networked Business & Disciplined Entrepreneurship

* Growth, Productivity, Capital Efficiency, Sustainability & Responsibility

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Group Overview Our Strategy — Evergreen Supporting Information
 Five Strategic Priorities

① SHAPE THE FUTURE OF BEER & BEYOND

• Advantaged footprint
• Scale premiumisation
• Pioneer Lo/No
• Explore beyond beer

② DIGITAL
Become the best connected brewer

③ PRODUCTIVITY
Fund the growth, fuel the profit

④ SUSTAINABILITY
Raise the bar on sustainability & responsibility

⑤ PEOPLE
Unlock the full potential of our people

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Group Overview Our Strategy — Evergreen Supporting Information
 EverGreen | Our Ambition
Strategic Priorities Growth Algorithm Green Diamond

Growth

① SHAPE THE FUTURE

OF BEER & BEYOND

Capital
Profitability
② DIGITAL efficiency

③ PRODUCTIVITY
Sustainability &
④ SUSTAINABILITY Responsibility

⑤ PEOPLE

What we focus on How we create value How we measure success

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Group Overview Our Strategy — Evergreen Supporting Information
 Beer is a great category

Consumers love Beer Big Opportunities

Accessible / Inclusive Big Emerging markets Under-served

consumers
Moderate Growing share of Premium
throat Under-represented
Natural
occasions
Profitable
Local

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Group Overview Our Strategy — Evergreen Supporting Information
 Big opportunities for growth
Under-represented Under-served Narrow taste Super
occasions consumers profile Premium

Beer share of high Beer penetration

energy occasions with men
>90% x 2.5
1.2x +20pp of beer category
Spirits category value
vs
share of low energy higher than with is lager Beer in Super Premium
occasions women

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Group Overview Our Strategy — Evergreen Supporting Information
 Beer is a growing & profitable category,
recovering post-pandemic
Beer volume growth 1999-20231, mhl Beer as % Total Alcohol Beverage2

+2%
CAGR +1%
+0%
CAGR
Volume1 Value
CAGR

39%
50%

Beer
1999 2019 2023 Cider
RTD
Covid Spirits
1. Converted to servings -19 Wine
Source: 1: GlobalData, 2: IWSR 2023

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Group Overview Our Strategy — Evergreen Supporting Information
 Premium Beer is a significant opportunity for growth
In both Developed & Emerging Markets

Premium Beer Premium Beer Premium Beer

>50%
is has grown

c.25% >2x gross profit/hl higher

of total beer market volume faster than mainstream than category
beer in last 20 years

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Group Overview Our Strategy — Evergreen Supporting Information
 Our Dream
Shape the future of beer & beyond
to win the hearts of consumers

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Group Overview Our Strategy — Evergreen Supporting Information
 Shape the future of beer & beyond
Priorities for segments and categories

1 2 3 4

Advantaged Scale Pioneer Explore

Footprint Premiumisation Lo/No Beyond Beer

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Group Overview Our Strategy — Evergreen Supporting Information
 Each region has a clearly defined role

Europe Americas AMEE APAC

Improve profitability Progressively capture Create more value Seize a larger share
and value creation a larger share of the from the large long- of the expected
by winning in premium profit pool by term growth potential growth at attractive
and leveraging our capitalising on our by delivering balanced profit margin by
scale advantage momentum and profitable growth premiumising
our portfolio

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Group Overview Our Strategy — Evergreen Supporting Information
 Scale Premiumisation
Led category premiumisation Drive premiumisation
with Heineken® at scale

>40% Revenues from premium Launch Heineken® Silver at scale across regions
Heineken® #1 beer brand by value Scale International brands [e.g. Tiger
12 markets where Heineken® >1mhl & Desperados] & replicate success
Local premium champions [e.g. Ichnusa
& Aguila] fewer bigger bets

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Group Overview Our Strategy — Evergreen Supporting Information
 Pioneer Lo/No

First mover with Heineken® 0.0 Widen portfolio to accelerate

Heineken® 0.0 #1 non-alcoholic beer globally Extend 0.0 options across entire portfolio
Heineken® 0.0 > 100 countries Innovate in flavoured, local & craft 0.0s
Build on #1 in malts with 20 non-alcoholic malt
brands, into energy malts

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Group Overview Our Strategy — Evergreen Supporting Information
 Explore Beyond Beer
Cider & Desperados™ Broaden & scale through
led portfolio Innovation

#1 Cider portfolio globally Consumer centric innovation, scaled through

innovation hubs
#1 Spirit Beer brand: Desperados -
expanded into flavoured beers Build on capabilities & experience from cider
#1 in Beyond Beer outside of the US Portfolio scale and learnings in different
segments

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Group Overview Our Strategy — Evergreen Supporting Information
 Digital | become the best connected brewer

Digitally transforming …whilst modernizing &

our business “front-end”... simplifying the “back-end”

Digitise our Data Driven Secure Digitally

Simplification
Route to Insights & Digital Enabled
& Automation
Consumer Foresights Backbone Organisation

Delivering €15 Billion in Enabling most future

Gross Merchandise Value productivity improvements
by 2025

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Group Overview Our Strategy — Evergreen Supporting Information
 Productivity | to fund the growth and fuel the profit
Deliver productivity Build cost conscious culture Rigorous capital & resource
savings capabilities allocation

Consistent value
Strategy
creation from
€2.5 Billion operations
Gross savings by end 2023

+€0.5 Billion Capability Culture

Ahead of target*
Opportunity
to further improve
€400 Million >9,000
Continuous productivity capital efficiency
Savings initiatives 2021-25
improvement p.a. from 2024

* Relative to cost base of 2019

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Group Overview Our Strategy — Evergreen Supporting Information
 Sustainability | raise the bar on sustainability & responsibility
Clear ambition 2030 Making good progress Operationalising

-34%
absolute carbon reduction
in production* vs 2018
(2022: 18%) *scope 1&2

New
Circularity strategy with targets on resuse,
recycled content and recyclability design

19% → 28%
Females in senior leadership
2017 vs Dec 2023

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Group Overview Our Strategy — Evergreen Supporting Information
 Shift | OpCo-centric Model to Disciplined Entrepreneurship

OpCo Siloed Networked Business Disciplined Entrepreneurship

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Group Overview Our Strategy — Evergreen Supporting Information
 People | unlock the full potential of our people & organisation

“By nurturing authentic human connections, cultivating a

culture of belonging and giving people the opportunity to
thrive we continue to unlock the full potential of our people
and organisation. Looking back at 2023, we continued to
invest behind our EverGreen priorities: future-proofing our
talent, strengthening our winning culture, and building
strategic priorities to anticipate the ever-changing demands of
our industry and world.”

Yolanda Talamo
Chief People Officer

See our 2023 Annual Report

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Group Overview Our Strategy — Evergreen Supporting Information
 EverGreen 2025
2020 - 2021 2022 - 2023 2024

Set EverGreen direction Mobilise organisation & Accelerate EverGreen transformation

& Build Team deliver EverGreen priorities & deliver long-term value creation

Growth

Capital
Profitability
efficiency

Sustainability &
Responsibility

Navigating Building
the Crisis the future

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Group Overview Our Strategy — Evergreen Supporting Information
 Delivering long term value creation l across the Green Diamond

Superior & balanced growth

Step up investment
Capex <9% net revenue (beia)
Growth Improve capital efficiency

Capital
Profitability
efficiency

€400 Million p.a. Gross Savings Sustainability &

Responsibility
Over time, operating profit growing
Net zero emissions in production
ahead of revenue (OG)
Water usage to 2.9 hl/hl
40% women in senior management

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Group Overview Our Strategy — Evergreen Supporting Information 34
 Capital allocation priorities

1 Invest for growth Organic growth and business expansion

Net Debt / EBITDA (beia) <2.5x

2 Strict financial discipline
Maintain long-term target

3 Consistent dividend policy Pay-out ratio 30-40% of net profit (beia)

4 Inorganic expansion Value-enhancing acquisitions

5 Other opportunities beyond When above priorities are fulfilled

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Group Overview Our Strategy — Evergreen Supporting Information
 Supporting Brew a Better World Targets,

Information Strategy & Progress

Latest Results & Outlook

We are building execution and operational

momentum to bring our Brew a Better World 2030 Leverage & Financial Policy
ambitions to life. This means weaving sustainability
into the fabric of how we run our business, in every Our Markets
decision we make and action we take.
Governance, Ownership &
Shareholder Information

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Brew a Better World 2030

Path to
zero impact

Path to an inclusive,
fair and equitable world

Path to moderation and

no harmful use

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Group Overview Our Strategy — Evergreen Supporting Information 37
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Building momentum on Brew a Better World

Environmental Social Responsible

34% 28% 14%

absolute carbon reduction in women in senior media spend Heineken®
production* vs 2018 leadership responsibility campaigns,
(2022: 18%) *scope 1&2 (2022 27%) reaching 0.9b consumers
(2022: >10% / 1.2)

28 100% 53%
breweries (of 32 in of direct employees earn of our business volume
water-stressed areas) have at least a fair wage offer two 0.0 options
water balancing programmes

New 100% 100%

circularity strategy with of in-scope markets have of in-scope markets have
targets on reuse, recycled a social impact initiative partnership to address
content and recycability design in place alcohol-related harm

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

More information on Brew a Better World

Our Policies

Our Benchmarks & Ratings

Our Brew a Better Our 2023

World Strategy Annual Report

39
Group Overview Our Strategy — Evergreen Supporting Information
 Supporting Brew a Better World Targets,

Information Strategy & Progress

Latest Results & Outlook

FY 2023 Results
Outlook 2024 Leverage & Financial Policy

Our Markets

Governance, Ownership &

Shareholder Information

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

FY 2023 financial highlights

+5.5% +10.8%
Net revenue (beia) OG Net revenue (beia) OG per hl

-4.7% +3.4%
Total beer volume OG Heineken volume® (exc Russia) OG

+1.7% +14.7%
Operating profit (beia) OG -100bps
Operating profit (beia) margin

-4.3% 4.67
Net profit (beia) OG Diluted EPS (beia) EUR

OG: Organic growth

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Africa & Middle East

Nigeria. Revenue growth from pricing

for inflation. Consumers purchasing
power affected by structural reforms.
+11.6% +17.4% Right-sized our cost base to adapt to
Net revenue (beia) OG Price mix1 challenging environment.
Ethiopia. Growth momentum
significantly ahead of the market,
sustaining #1 position.
-6.3% +2.8%
Beer volume OG Operating profit (beia) OG
South Africa. Distell acquisition
completed in April. Integration of
systems and sales force during the
second half to create a regional
champion.

1. Price Mix on a constant geographic basis

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Americas

Mexico. Outperforming the market

in the last year of OXXO mixing. Six
stores now 17k. New greenfield in
+7.4% +8.4% Yucatán.
Net revenue (beia) OG Price mix1
USA. Sales-to-retailers outperformed
the market. Heineken® Silver launch
promising. Heineken® 0.0 grew in
the low-teens.
-0.1% +6.2%
Beer volume OG Operating profit (beia) OG
Brazil. Beer volume outperformed
the market, led by Heineken® and
Amstel.

1. Price Mix on a constant geographic basis

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Asia Pacific

Vietnam. Market continues to be

impacted by external factors.
Mainstream portfolio outperformed
-5.9% +4.0% the market with Bia Viet, Bivinia and
Net Revenue (beia) OG Price Mix1 La Rue gaining share.

India. Improved in the second half

and outperformed the market.
-10.4% -20.0% Kingfisher reached record volume.
Beer Volume OG Operating profit (beia) OG

China. Heineken® continued strong

momentum. 2nd largest market
globally for Heineken®.

1. Price Mix on a constant geographic basis

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Europe

Volume performance improved to a

3.4% decline in Q4.

+6.3% +11.7% The volume perfomrance in the On Trade

Net revenue (beia) OG Price mix1 was better than in the Off Trade.

Premium beer volume outperformed, led

by our next generation brands.
-5.4% +11.9%
Beer volume OG Operating profit (beia) OG Non-alcoholic beer and cider portfolio
broadly stable

Significant cost savings from supply

chain transformation

1. Price mix on a constant geographic basis

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Heineken ® continues outperformance

Volume growth Heineken® 0.0

150 years
of Heineken®
+3.4% +5.7%
(excl. Russia) (excl. Russia)

Most Awarded
Food & Drink Brand
Cannes 2023
Heineken® Silver

39 markets +38% New 0.0

Contributing to growth Now present in 50 markets ambassador
Max Verstappen

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Price-led topline growth

Net Revenue (beia): +5.5% organic increase

Net Revenue (beia)

€m
Organic increase €1.591m

-1,350
2,941
-4.7% -864 887
Volume OG
Of which:
+10.2%
Price-Mix1 OG VN & Nig: -2.3%
All others: -2.4%
Of which:

Price: +9.1%
30,308
Mix: +1.1%

28,694

FY 2022 Price-Mix Total Volume Currency translation Consolidation impact FY 2023

1. Price Mix on a constant geographic basis

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Operating profit (beia)

returning to growth
Operating Profit (beia): +1.7% organic increase

Operating Profit (beia)

€m

78 -102
-35
Of which:
Vietnam: -32%
All others: +7.6%

4,502 4,443

FY 2022 Organic growth Currency translation Consolidation impact FY 2023

48
Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Other key financial metrics

€m unless otherwise stated - Beia

FY 2023 FY 2022 vs LY1

Operating Profit 4,443 4,502 +1.7%

Share of Profit 270 263 +4.3%

Net Interest Income & Expenses -554 -380 -44.8%

Other Net Finance Income & Expenses -343 -63 -537.3%

Net Profit 2,632 2,836 -4.3%

ETR 26.8% 27.7% -90bps

Diluted EPS (€) 4.67 4.92 -0.25

Dividend per share (€) 1.73 1.73 +0.0%

Net Debt/EBITDA 2.4x 2.1x +0.3x

1 Organic growth shown, except for ETR, Diluted EPS and Net Debt/EBITDA ratio which is total growth

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

FOCF delivery vs 2022

FOCF
€m

334
-46 -583

-355

2,409

1,759

FY 2022 Cash flow from Working capital Capex2 Interest, dividend FY 2023
operations1 & income tax

1. Cash flow from operations before changes in working capital and after provisions and post-retirement obligations
2. Cash flow used in operational investing activities

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Outlook 2024

EverGreen strategy progressing. Fully committed to return to balanced

growth with proportionate investments.
Variable costs to increase by a low-single-digit on a per hectoliter
basis, and higher than historical average wage inflation.

Continuous productivity programme to deliver at least €500m,

with full visibility of 2024 plans.
Low- to high-single-digit operating profit (beia) organic growth

Financing expenses and taxes are increasing leading to a lower net

profit (beia) organic growth than operating profit (beia) organic growth

51
Group Overview Our Strategy — Evergreen Supporting Information
 Supporting Brew a Better World Targets,

Information Strategy & Progress

Latest Results & Outlook

Our ambition is to deliver superior, balanced growth

to consistently create long-term shareholder value. Leverage & Financial Policy

Our Markets

Governance, Ownership &

Shareholder Information

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Overview of financial debt position (per 31 Dec 2023)

Total Interest Bearing Debt1 of €18.2 billion Funding Sources

7%
€ 14.7
13%

Bank financing and other

Heineken NV
Lease liabilities
Subsidiaries Bonds
€ 3.5 80%

• €20 billion Euro Medium Term Note program listed on Luxembourg stock exchange,
approximately €12.2 billion is outstanding under the programme (per 31 December 2023)
• USD 2.25 billion of outstanding 144a notes issued in the US debt capital markets
• Group Revolving Credit Facility of €3.5 billion (undrawn), refinanced with 18 banks in March
2023, is maturing in 2028 with two 1-year extension options
• Euro Commercial Paper program of €3 billion with a Short-Term European Paper (STEP) label
1. Includes € 0.5 billion of overdraft balances in cash pooling arrangements subject to legal offset rights, but not netted in the statement of financial position. If netted, Gross Interest-Bearing
Debt would have amounted to € 17.7 billion. Taking € 2.4 billion of cash balances into account, the Net Interest bearing Debt amounted to € 15.8 billion as per 31 December 2023.

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Committed to long term target <2.5x

Net Debt/EBITDA (beia) ratio

APB Punch, Kirin Brasil CR Beer Covid-19

Acquisition acquisitions Acquisition pandemic
3.4
2.8
Target 2.6 2.5 2.5 2.6 2.6
2.4 2.3 2.3 2.4
< 2.5x 2.1

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

• A conservative financial profile over the longer term with strong focus on cash flow generation
and working capital management
• The Net Debt/EBITDA (beia) ratio stood at 2.4x as per 31.12.2023
• HEINEKEN expects this ratio to reduce further, in line with operational performance. At the same time,
HEINEKEN could deploy capital for purposes beyond the organic growth and expansion of its business
which could taper this development.
• HEINEKEN currently has sufficient financing headroom to service debts maturing in 2024 & 2025

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

A well-balanced bond maturity profile

Optimise debt repayments via well balanced maturity profile

Bond maturity profile per 31 December 2023 (in €m)

incl. the currency effect of cross-currency interest rate swaps • In 2023, a total of €2.6 billion EMTN notes has
been issued with maturities in 2024, 2026, 2030
1.683
1.600 and 2035:
1.550
1.460 • €500 million 1.5-year with a coupon of 3.875%
• €750 million 7.5-year with a coupon of 3.875%
1.100 • €750 million 12-year with a coupon of 4.125%
995 1.009
930 • €600 million 3-year with a coupon of 3.625%
850
750 750 • From time to time Heineken may repurchase
notes maturing within 12 months for cash
588
500
management purposes
452
• On 27 November 2023 Moody’s affirmed A3/P-2
ratings with stable outlook. Standard & Poor’s
75
affirmed the BBB+/A-2 ratings with stable outlook
on 8 June 2023.
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2035 2040 2041 2042 2043 2047

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Conservative risk management policy

In both currencies and interest rates

Currency split of Net Debt (per 31 Dec 2023)

6%
6% • HEINEKEN hedges up to 90% of its net US dollar
cash flows on the basis of rolling forecasts, for a
period of up to 18 months
13%
• Approximately 94% of average net debt is at fixed
rates as per 31 December 2023

• The Group aims to match the currency split of net

debt with the currency split of the EBITDA (beia) in
75% order to match cash flows for certain currencies

EUR USD+USD proxy GBP Other

* Includes CCIRS deals associated with the relevant debt amounts and includes IFRS 16 lease liabilities

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Group Overview Our Strategy — Evergreen Supporting Information
 Supporting Brew a Better World Targets,

Information Strategy & Progress

Latest Results & Outlook

We take great pride in how balanced and diversified

our footprint is, advantaged for growth, with a broad Leverage & Financial Policy
portfolio of brands skewed to Premium.
Our Markets

Governance, Ownership &

Shareholder Information

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 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

A balanced footprint, skewed towards growth

Operating Companies

Joint Venture / Associates

Licenses

Export

Europe Americas AMEE APAC

Soren Hagh Marc Busain Roland Pirmez Jacco van der Linden
President, Europe President, Americas President, Africa, Middle President, Asia Pacific
“The majority of our operating companies in the East & Eastern Europe
“In another challenging year for our consumers “As we adjusted for challenging circumstances in
and customers, we continued to drive the Americas are gaining market share while 2023, our focus remains on value creation through
delivering profitable growth. Our focus remains on “We believe in the long-term future of Africa.
initiatives that fuel our EverGreen transformation. While operating in Africa brings many challenges, our balanced portfolio, consumer driven
As the market leader in Europe, we want to shape premiumisation, led by Heineken®, and innovations, and high-value product and
innovations in beer and beyond to meet the the opportunities to grow with the continent are
the future of beer. We continued to invest in and significant. We aim to be a partner for growth, packaging offerings.”
grow our premium brand portfolio and our digital evolving needs of our consumers and customers.
Additionally, we’ve made further progress in building long-term value chains, investing in
sales footprint while accelerating our productivity local economies and continuing to focus on good
initiatives to futureproof our market leadership expanding our digital routes, enhancing strategic
capabilities, and investing in Brew a Better World governance and social sustainability.”
in the region.”
initiatives.”

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Europe

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Group Overview Our Strategy — Evergreen Supporting Information
 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

Leadership in Europe
Improve profitability and value creation
by winning in premium and
leveraging our scale advantage

33%
of Total
40%
of Net Revenue
31%
of Operating Profit
Volumes1 (beia)1 (beia)1

16 mhl
Heineken volume ®
18
#1 or #2
18%
Market
FY’22 hl Markets2 Share2
Operating Companies
Joint Venture / Associates
Licenses

1. FY 23 results Export
2. Global Data, internal estimates FY22

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Our E2E Supply Chain Transformation in Europe

From an Opco-focused supply chain... ...to a Customer-focused Network
Operating Profit Margin - % of Revenue

Product and Lack of

Packaging economies of
2019 2021 2019 2021 2019 2021 Complexity scale
Competitor A Competitor B

Non-
Carbon intensive harmonized
set-up ways of
working

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Americas
USA Mexico Brazil

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 Brew a Better World Latest Results & Outlook Leverage & Financial Policy Our Markets Governance, Ownership & Shareholder Information

A strong presence in the most valuable global beer market

Progressively capture a larger share
of the profit pool by capitalising
on our momentum

33%
of Total
35%
of Net Revenue
34%
of Operating Profit
5 Markets Volumes1 (beia)1 (beia)1
LSD HEINEKEN
EPS contribution to

>20%from our brands

of CCU beer volume

24 mhl 19
Heineken® volume #1 or #2
FY’22 hl Markets2
Operating Companies
Joint Venture / Associates
Licenses
Export
#1 Region for Heineken®
1. FY 23 results
2. Global Data, internal estimates

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Built through successful acquisitions, winning

partnerships, and accelerated organic growth
Beer Volume 1
1999-2023 Brazil

c.14x
In 20 years
1% > 15%
HEINEKEN share of beer
in the Americas,
1999 and 20221 Mexico

Other

2000 2003 2010 2015 2017 2019 2023

1. Global data

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USA
#4 Market Position

€103bn
Beer Market Retail Sales Value

234 mhl
Beer Market Volume

+0.2%
Source: Global data volume & retail sales value FY22; Beer Market Volume Growth
2011-2022 Volume CAGR.

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Our priorities on our three Premium propositions

Heineken® Dos Equis Lagunitas

• Heineken® Original
• Top 10 position in draught • #3 IPA
• Heineken® 0.0 leadership in volume (Top 2 imported)
non-alcoholic at premium • #1 IPA draught, on premise
pricing • Expand with Flavors
• #2 in craft 0.0
• …and now Heineken® Silver

Our biggest Heineken® launch ever Scale XX innovations Regain leadership in IPA
Sources: Nielsen, Beer Board

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Mexico
#2 Market Position

€20bn
Beer Market Retail Sales Value

91 mhl
Beer Market Volume

+2.7%
Source: Global data volume & retail sales value FY22; Beer Market Volume Growth
2011-2022 Volume CAGR.

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Building a winning portfolio

… Premiumisation
Tecate: #2 brand nationally remains a BIG opportunity
Tecate volume growth Volume of premium portfolio in Mexico

1% 11%
1.7x of total of total

Amstel Ultra

Sol

Bohemia

Heineken®

2010 2023
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Source: Internal data

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Accelerating Six as a key driver of profitable share gain

The second largest retail chain in Mexico Our most profitable channel
>1,200 new stores per year since 2018

c17

11.2

7.7
2X
Six vs Off Trade Off Trade

Profitability,
Gross profit per hl

2005 2010 2015 2023

# of stores, ‘000
Source: Internal data, and estimates

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Brazil
#2 Market Position

€31bn
Beer Market Retail Sales Value

154 mhl
Beer Market Volume

+13%
Source: Global data volume & retail sales value FY22; Beer Market Volume Growth
2011-2022 Volume CAGR.

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Our business in Brazil has undergone

a massive transformation
From Economy to Premium-led Our ambition is to transform the market
Share of Beer Volume by Price Segment
% of total HEINEKEN
Lead in Premium, driving superior brand power
growth to capture value
Premium

Reshape our route-to-consumer, physically

and digitally
Mainstream

Improve profitability with intentional

Economy returnable packaging strategy and local
sourcing
2011 2016 2023

Source: GlobalData, internal data

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Winning in Premium and Pure Malt

Mainstream in Brazil
Heineken® and Amstel Brazil Volume Evolution,
2013-23 (mHL)

#1 #1
Off trade brand Pure Malt
by value1 +31% +68% Mainstream1
CAGR CAGR
’15-’23 ’15-’23 Brand
#1 Power
brand power2 > Share

#1 >10m
brand by
Volume, hl
penetration3
2015 2023 2015 2023

Source: Internal data, 1: Nielsen, 2: Kantar BGS Brand Power Q3’23 MAT 3: Homescan Nielsen

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Africa, Middle East

and Eastern Europe
Nigeria Ethiopia CC
South Africa

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A strong position in Africa’s largest profit pools

Create more value from the
large long-term growth potential by delivering
balanced and profitable growth

18%
of Total
14%
of Net Revenue
10%
of Operating Profit
Volumes1 (beia)1 (beia)1

6 mhl
Heineken volume ®
18
#1 or #2
Operating Companies FY’22 hl Markets2
Joint Venture / Associates
Licenses
Export

1. FY 22 results
2. Global Data, internal estimates

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Africa is the fastest growing region in global beer

HEINEKEN volume evolution Africa drives global beer growth

Growth over decades 5.9x

79%
Africa’s share of global beer
Others volume growth, 2015-221
Nigeria
DRC
Ethiopia
South Africa
11% > 20%
HEINEKEN share of beer in Africa,
1999 and 20211

1999 2005 2010 2015 2023

1. Global Data total Beer & Cider volume for HEINEKEN

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Nigeria
#1 Market Position

€2.6bn
Beer Market Retail Sales Value

16 mhl
Beer Market Volume

+2.8%
Source: Global data volume & retail sales value; FY22 Beer Market Volume Growth
2011-2022 Volume CAGR.

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A profound portfolio transformation in Nigeria

Completely reshaping our …And more than doubling
Mainstream portfolio… the size of Premium
Brand share of beer volumes1 Volumes of Heineken, Tiger
% of total and Desperados in Nigeria1

Premium Brands

2011 2015 2023 2017 2018 2019 2020 2021 2022

1. Internal Data
2. Ipsos Market Share data for Nigeria, MAT YTD 22

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2023: A tale of headwinds, a few tailwinds, and more headwinds

Q1 2023 Apr 2023 June 2023 July 2023 Aug 2023 Oct 2023 Nov 2023 Dec 2023

Currency Note Triple beer excise Fuel subsidy FX Crisis JP Morgan reports Oil production hits Inflation Dangote receives 1st
Scarcity rate announcement removal Zero allocation lower FX reserves => 1.35m bpd, highest @ ~32% batch of crude oil for
from the CBN Naira >1000 vs USD in 2023 local refining
(vs. 550 Jan ’22)

Election Tension Official

devaluation of Indefinite excise P&G announces
the Naira increase suspension GSK announces planned exit of local
planned exit from production from
Nigeria Nigeria
Food Inflation
@ ~24%

Continued FX
deterioration —
parallel >N1,200
vs USD

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Ethiopia
#1 Market Position

€2.6bn
Beer Market Retail Sales Value

16 mhl
Beer Market Volume

+16%
Source: Global data volume & retail sales value FY22; Beer Market Volume Growth
2011-2022 Volume CAGR.

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From entry to market leadership in a decade

We have captured With a unique, broad,
the growth potential in the market national portfolio of brands
Volume1 Portfolio by Brand1
#1 kHl

3X
Premium Brands
In 10 years
Bedele
Harar
In 4 years Walia
Sofi Malt
Economy Brands

5X In 3 years 2015 2023

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

1. Khl, Internal Data

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South Africa
#2 Market Position

€5.3bn
Beer Market Retail Sales Value

41 mhl
Beer Market Volume

+3.2%
Source: Global data volume & retail sales value; Beer Market Volume Growth
2011-2022E Volume CAGR.

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Distell acquisition will transform our Route to Consumer…

To unlock the expansion
Deepening our distribution Creating a new opportunity across
penetration Southern Africa champion the portfolio

+25%
Additional outlets serviced

Distell Trade Express: Operating Companies

Outlet penetration strength: HEINEKEN Joint Venture / Associates

High Low
Licensed market
High
DISTELL Export
Low
HNK Bev.1 markets

1. Heineken Beverages

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…add significant scale and unlock synergies

A larger scale #2 player With significant synergies
in Total Alcohol Beverage to drive value
Share of Total Alcohol Beverage1
%
ZAR 1,500 million
full run rate synergies
23% 26% Heineken Beverages

EPS
Market Leader in Beer accretive within the first year of
completion

Market Leader in Spirits

Others
Margin
accretive in the medium-term
Volume share Value Share

1. Newco position based upon combined entities of Heineken and Distell. IWSR data FY21
Synergies based on internal estimates

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Asia Pacific
South East Asia South Asia China JV Oceania North Asia

Continue growth Drive long-term category Lead market premium Expand the category Evolve our existing
momentum to growth and sustainable segment growth with in Pacific Islands and business models to seize
strengthen our leadership profitability Heineken® unlock growth in Australia a larger share of
in our stronghold profitable markets

Market focus
Market focus
Market focus

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HEINEKEN has a broad presence in the Asia Pacific region…

Seize a larger share of the expected growth at
attractive profit margins by premiumising our
portfolio

16%
of Total
14%
of Net Revenue
21%
of Operating Profit
Volumes1 (beia)1 (beia)1

11 mhl
Heineken volume ®
16
#1 or #2
Operating Companies FY’23 hl Markets2
Joint Venture / Associates
Licenses
Export

1. FY 23 results
2. Global Data, internal estimates

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…capturing the growth opportunity

Volume evolution1

India UBL

1% > 6% 10x
Vietnam
China (Licensed volume)
3% > 17% exc China Others
HEINEKEN share of beer in APAC2, In 10 years
2011 and 2022

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
1. Internal data, Total Consolidated Volume, except for China from 2019 which includes Licensed volumes
2. Global Data. Excluding China HEINEKEN share of beer in APAC increased from 3% in 2011 to 17% in 2022.

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… and our strategy is adapted to best capture future growth

Beer-led Sophisticated
Maintain beer Expand beer
relevance and and selectively
premiumise Domestic beer-led play beyond beer
Beer PCC

Expand the
international
Under penetrated premium segment Low alcohol relevance
with high beer SOT*
Expand beer
Drive beer to overcome
penetration barriers

Urbanisation %
*Share of throat

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Vietnam
#1 Market Position

€11bn
Beer Market Retail Sales Value

46 mhl
Beer Market Volume

+3.6%
Source: Global data volume & retail sales value FY22; Beer Market Volume Growth
2011-2022 Volume CAGR.

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Vietnam: from entry to market leadership in 30 years…

#1 Uncaging the full

potential of Vietnam
25%
Volume CAGR*
1 Strengthen our leadership in premium
Drivers for future growth:
▪ Urbanisation still low: 36%
2 Expand into mainstream
▪ Growing middle class
($4k GDP per capita)
3 Expand into the North and rural areas

2000 2010 2020

* Global Data 1999-2019

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Evolving our portfolio for broad market leadership

We will continue While strengthening our Regional brands growing >3X
to drive premium position in mainstream in size over five years
Volume of Heineken® & Tiger in Vietnam Share of Beer Volume by Price Segment Volume of Bia Viet, Bivina & Larue in Vietnam
kHL % of total kHL

Premium

c.50%
Mainstream & Economy

5%
3.7x
Market share 16%

c.90%
Market Share in
Premium Segment

2016 2017 2018 2019 2020 2021 2022 2016 2022 2016 2017 2018 2019 2020 2021 2022

Sources: Global Data for 3rd parties, internal data for HEINEKEN brands.

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Geographic, coverage and portfolio expansion opportunities

Asymmetric penetration To accelerate coverage Continued
represents an opportunity expansion via eB2B portfolio expansion
Outlets selling beer
North-East
& West

Hai Phong
Ha Noi Red River Delta

No availability
North
Central of our products
45%
Coast

HVN Volume share

With our products
>50%
Da Nang
available 10%
South Central
30-50% Coast
Central
<30% Highlands Visited by our
Nha Trang sales reps 45%
Mekong
Delta &
South HCMC

Can Tho

Source: Nielsen Retail Audit – Market share YTDOct’22; HEINEKEN trade census

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India
#1 Market Position

€10bn
Beer Market Retail Sales Value

28 mhl
Beer Market Volume

+3.7%
Source: Global data volume & retail sales value FY22; Beer Market Volume Growth
2011-2022 Volume CAGR.

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India is the last frontier of beer growth, yet to be unlocked

Strategy
and market profile to unlock future growth Obstacles to overcome

1.4 Billion Improve beer 10%

Population category Share of throat of beer in alcohol
penetration

2 litres 1.5 – 3x
Per Capita Consumption Extend market Beer price of pure alcohol vs spirits
leadership to the
premium segments
$2k 90k outlets
GDP Per Capita 10m in FMCG universe
Strive for a fair
Market Leader regulatory
1%
Strong network of breweries environment for beer
Iconic Kingfisher Alcohol penetration for Women
Sources: Global Data & IWSR, World Bank estimates FY21, Other internal data

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China
#1 Market Position

€65bn
Beer Market Retail Sales Value

488 mhl
Beer Market Volume

+6.2%
Source: Global data volume & retail sales value FY22; Beer Market Volume Growth
2011-2022 Volume CAGR.

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A strong growth partnership in China

Now our second largest Heineken® market globally

Volume growth momentum Generating meaningful contribution Significant distribution headroom

Heineken® volume, khl Contribution to EPS (beia) Points of sale

4.5x c.5m

c.1m

c.0.04m

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 <2019 2023

Source: Internal data, TMLA Report

EPS beia contribution from Share of Profit and Royalties

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 Supporting Brew a Better World Targets,

Information Strategy & Progress

Latest Results & Outlook

Leverage & Financial Policy

Our Markets

Governance, Ownership &

Shareholder Information

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HEINEKEN’s Executive Team

Dolf van den Brink Harold van den Broek
Chief Executive Officer & Chief Financial Officer &
Chairman of the Executive Board Member of the Executive Board
ET member since 2018 ET member since 2021

Marc Busain Roland Pirmez Bram Westenbrink

President Americas President AMEE Chief Commercial Officer
ET member since 2015 ET member since 2015 ET member since 2023

Glenn Caton Joanna Price Magne Setnes

President Europe Chief Corporate Affairs Officer Chief Supply Chain Officer
ET member since 2024 ET member since 2023 ET member since 2020

Jacco van der Linden Yolanda Talamo Ronald den Elzen

President Asia Pacific Chief People Officer Chief Digital & Technology Officer
ET member since 2020 ET member since 2021 ET member since 2020

1. Previous experience in HEINEKEN 2012-2015

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Ownership structure based on issued shares

L’Arche Green N.V. Public

53.171%

Heineken Holding N.V. 46.829%*

50.005%

Heineken N.V. 49.995%

*Including the 0.03% stake held directly by Mrs C.L. de Carvalho-Heineken

and 1,790% of Heineken Holding N.V. shares held by Heineken N.V.

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Sponsored Level 1 ADR Programmes

Heineken N.V. Heineken Holding N.V.
Bloomberg ticker: HEINY Bloomberg ticker: HKHHY
ISIN: US4230123014 ISIN: US4230081014
Cusip: 423012301 Cusip: 423008101
Exchange: OTCQX Exchange: OTCQX
Ratio: 2 ADRs: 1 Ordinary Share Ratio: 2 ADRs: 1 Ordinary Share

Depositary bank: Deutsche Bank Shareholder Services

c/o American Stock Transfer & Trust Company
ADR broker helpline:
+1 866 249 2593
E-mail: [email protected]
ADR website: www.astfinancial.com
Depositary Bank’s local custodian: Deutsche Bank, Amsterdam

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Contact Us
E-mail: [email protected]
Tel: +31-20-5239590

Federico Castillo Mark Matthews

Investor Relations Investor Relations
Director Manager

Chris Steyn Mirjam Koersen

Investor Relations Investor Relations
Senior Analyst Specialist

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