2 In this year’s report

Heineken
Report of the Executive Board Sustainability Statements
N.V. Chief Executive’s Q&A 3 Contents 139
Annual
Performance highlights 5 Introduction 140
Report
2024 Key figures 6 General Information 148
Executive Team 7 Environmental 167
Our business model 8 – Climate Change 168
Our strategic framework 10 – Water 182
– Shape the future of beer and beyond 11 – Resource use and circular economy 189
– Fund the growth, fuel the profit 16 – Biodiversity 197
Read more about what we are – Raise the bar on sustainability
doing to raise the bar on sustainability and responsibility 18 EU Taxonomy 199
and responsibility
26 Social 206
Page 18 – Become the best-connected brewer
Introduction 30 – Own workforce 207
– Unlock the full potential of our people
Regional reviews 33 – Workers in the value chain 224
– Africa and Middle East 34 Responsible 232
Report – Americas 35 – Consumers and end-users 233
of the Appendices 242
Executive – Asia Pacific 36
Board – Europe 37
Other information
Read more on how we Risk management 38
Report fund the growth, fuel the profit Financial review 44 Appropriation of Results 287
of the Page 16 Independent Auditor’s Report 288
Supervisory Corporate Governance statement 49
Board Read more about
Limited Assurance Report of the Independent
Auditor on Sustainability Statements 295
how we become the
best-connected brewer
Report of the Supervisory Board
Shareholder information 297
Page 26 To the shareholders 59
Financial Bondholder information 300
Remuneration Report 2024 66
Statements Historical Summary 301
Financial statements Glossary 304
Disclaimer and Reference Information 306
Contents 80
Sustainability Consolidated Income Statement 81
Statements
Consolidated Statement of
Other Comprehensive Income 81
Read more on how we Consolidated Statement of Financial Position 82
unlock the full potential
Other of our people Consolidated Statement of Cash Flows 83
Information Page 30 The Sustainability Statements on pages 138 – 285 of the
Consolidated Statement of Changes in Equity 84
Annual Report form an integral part of the Report of the
Notes to the Consolidated Executive Board. The Sustainability Statements are
Financial Statements 85 covered by limited assurance.
Heineken N.V. Income Statement 132
Heineken N.V. Balance Sheet 133
Heineken N.V. Shareholders’ Equity 134 The PDF and iXBRL viewer copy of the annual report of
Heineken N.V. for the year 2024 is not in the ESEF-format as
Notes to the Heineken N.V. specified by the European Commission in Regulatory
Financial Statements 135 Technical Standard on ESEF (Regulation (EU) 2019/815).

The ESEF reporting package is available at:

Read more about how
theheinekencompany.com/investors/results-
we Shape the future
reports-webcasts-and-presentations
of beer and beyond
Page 11
 3 Chief Executive’s Q&A
Heineken
N.V. Our EverGreen What are your top reflections on 2024?
We delivered strong top and bottom-line
How is HEINEKEN delivering on its
EverGreen strategy?

formula for growth

Annual
Report performance while investing in the future. I’m proud
2024
Our EverGreen strategy aims to drive superior
of our 85,000 employees: volatility remains, but balanced growth while future-proofing the business.
we’re navigating it with agility and resilience.
We’re driving premiumisation at scale, led by
Beer volume grew organically in all regions, with net Heineken®. Alongside our sponsorship platforms,
revenue (beia) increasing organically by 5%. We investments in campaigns like ‘Heineken® The 1st
gained or held market share in more than half our Ahhh! and ‘The boring phone’ delivered premium
markets, driven by growth in Brazil, India, Mexico, organic beer volume growth of 5%.
Nigeria, South Africa and Vietnam. Led by
Heineken® and complemented by international and To fund growth, we delivered €0.6 billion in gross
local premium brands like Birra Moretti, Desperados savings in 2024, surpassing our €0.5 billion target.
Introduction
and Kingfisher Ultra, premium beer volume grew Productivity gains from supplier collaborations,
organically in the mid-single digits. procurement, digitalisation and transport
optimisation allowed reinvestment in innovation,
Report We continued to pioneer choice in low and no- brand strength, digital transformation and
of the alcohol (LONO) beverages, with portfolio volume
Executive
sustainability.
Board growth in high single-digits and Heineken® 0.0
further consolidating its position as the world’s #1 We made progress against our Brew a Better World
non-alcoholic beer brand. 2030 ambitions, reducing Scope 1 and 2 carbon
Report emissions by 34% and Scope 3 by 14%. In total 39%
of the
Supervisory
With operating profit (beia) growth of 8.3%, we’re of our volumes were sold in reusable format and we
Board delivering strong financials while also investing in the have 44% recycled content in bottles and cans.
future through big investments in marketing and
digitalisation. Our digital transformation continued in 2024 with
Financial
investment in our eBusiness platforms and our Digital
Statements Backbone (DBB). Leveraging data across almost all our
operating companies, we deployed Artificial
Intelligence (AI) to deliver insights that enhance
productivity, customer satisfaction and agility.
Sustainability
Statements People drive our success. To strengthen our winning
culture, we launched LEAD, our global people
manager initiative, and HEINEKEN’s Women’s

Our EverGreen strategy is

Summit, a development programme for senior
Other female leaders. These are accelerating our existing
Information
talent and leadership development initiatives.
delivering top and bottom-line
performance while investing
in the future.”
Dolf van den Brink Chief Executive Officer
 4 Chief Executive’s Q&A
What consumer trends are unfolding? How is HEINEKEN leaning into low and Elsewhere, digitalisation is improving customer In the social space, we met our 2025 goal of 30%
Heineken women in senior management a year early and
no-alcohol (LONO)? engagement. Our eB2B platform, eazle, reached
N.V. Consumers are increasingly intentional about their remain committed to reaching 40% by 2030,
Annual close to €13billion in gross merchandise value,
choices which is driving premiumisation. We’re When we launched Heineken® 0.0 in 2017, it was a strengthening our female talent pipeline.
Report connecting more than 670,000 active customers
2024 investing in this trend through Heineken® and other pioneering game-changer: it was the first 0.0 beer to Responsible consumption is an important aspect of
and driving 70% of fragmented trade revenue.
premium brands like Birra Moretti, Desperados and truly taste like the real thing. Introducing it as an how we do business and can also be a driver of
Kingfisher Ultra. In 2024, Heineken® led our premium extension of our leading brand and pricing it What about sustainability and growth. Our goal is to have a zero alcohol option for
portfolio with growth across 53 markets. Led by China accordingly positioned Heineken® 0.0 as a premium at least one strategic brand in the majority of our
and Vietnam, Heineken® Silver achieved volume
responsibility?
offering. Leveraging marketing platforms like our operating companies (representing 90% of our
growth of 34%. F1™ sponsorship and committing 10% of our Our Brew a Better World 2030 strategy drives our business) by 2025. In 2024, we achieved this, with
Heineken® media spend to responsible consumption sustainability and responsibility ambitions, addresses the number of markets with a zero alcohol option for
The trend toward moderation continues. We’re environmental and social challenges and helps us at least one strategic brand representing 91% of our
investing in making sure there’s always a choice to campaigns helped us break 0.0 beer into popular
culture. future proof our business. beer and cider volumes.
enjoy LONO options. We pioneered the category and
Introduction continue to lead it through our brands and We have made good progress against our 2030 We remain dedicated to delivering our sustainability
Our investment hasn’t gone unrewarded – we’ve
sponsorships. Our LONO portfolio saw high single-digit goals and recognise there is more to do. We have and responsibility goals, navigating delivery with
captured more than 40% of category growth since
growth globally in 2024, with double-digit growth in 21 reduced Scope 1 and 2 carbon emissions by 34% pragmatism, innovation and collaboration.
2018. This is only the beginning. Heineken® 0.0 is
Report markets including Brazil, South Africa and Vietnam. now available in 117 markets and we expanded zero since 2022. Last year 84% of the electricity used in
our operations came from renewable sources, which What’s the outlook for 2025?
of the
We’ve continued expanding beyond beer to meet alcohol variants across key market in 2024, including
Executive
Żywiec in Poland, Zlatý Bažant in Slovakia, and in many countries also protected us from volatile As we advance our EverGreen journey, we remain
Board evolving tastes, especially among Gen Z. Following a energy markets.
El Águila in Spain. committed to our medium-term ambition to deliver
successful 2023 launch in Vietnam and Singapore,
superior growth, balanced between volume and
Report Tiger Soju entered more markets. Dos Equis and Red Thermal heat, which is two thirds of our energy
What’s the latest on digital and consumption, is harder to replace with renewable
value, and continuous productivity improvements to
of the Stripe expanded their offerings, and we acquired a
Supervisory technology? fund investments and enable operating profit (beia)
minority stake in STËLZ, a Netherlands-based low- sources. Challenges vary across the globe from
Board to grow ahead of net revenue (beia) over time. We
calorie hard seltzer and spirits mixer. In the UK, we 2024 was pivotal for our digital transformation as inadequate energy infrastructure to gaps in
expect to grow operating profit (beia) organically in
launched a Beyond Beer incubation hub to scale-up we future proof the company. Three operating regulation and policy. These barriers limit available
the range of 4% to 8% in 2025.
beverage innovation. companies went live with our Digital Backbone solutions and make others financially unviable. But
Financial
Statements (DBB), replacing fragmented systems with a there are success cases; two of our largest operating 2025 will be a year of continued agility driven by the
We’re also elevating our vital mainstream brands, companies, Brazil and Vietnam, are using biomass
modular, standardised and cloud-based platform. dedication and creativity of our people, stakeholders
focusing resources on our biggest markets. The and two of our breweries in Spain are using and partners across the globe. We will continue
segment grew 1.8%, with Kingfisher strengthening We are increasingly deploying AI across all aspects concentrated solar thermal to harness the power of building great brands, brewing good times, driving
Sustainability its leadership in India, Larue and Bia Viet expanding of our business. By turning data into a strategic the sun. product innovation and accelerating digitalisation.
Statements in Vietnam, and Cruzcampo becoming the most asset, in 2024 we continued to unleash AI-driven
Here’s to the joy of true togetherness in the year
successful alcoholic beverage launch in the UK of the products that are streamlining our operations,
ahead!
decade. Amstel continued to deliver growth in Brazil. driving efficiencies, optimising engagement and
empowering growth.
Other
Information
 5 Performance highlights
Heineken
N.V.
Annual
Solid results with broad-based growth
and profit expansion in 2024
Report
2024

Net revenue (beia) Operating profit (beia) Consolidated beer volume

in millions of € in millions of € in millions of hectolitres

€29,964m €4,512m 240.7mhl

Introduction

Report Gender balance

30%
of the
Executive
Board
of our senior management positions
were held by women
Report
of the
Supervisory
Board
Carbon emissions
34%
reduction of Scope 1 and 2 emissions vs. 2022
Financial
Statements
Average water usage (hl/hl)
Heineken® volume
Operating profit margin
(beia)
Net profit
(beia) in millions of hectolitres 11%
61.1mhl
Sustainability
Statements in percentages in millions of € improvement compared to 2018

15.1% €2,739m
Other
Information

Responsible consumption
15%
of Heineken® media spend invested in our
responsible consumption campaigns
 6 Key figures1
Consolidated results Per share
Heineken
N.V. In millions of € 2024 2023 Change in % 2024 2023 Change in %
Annual
Revenue 35,955 36,375 (1.2%) Weighted average number of shares – basic 560,188,961 563,448,845 (0.6%)
Report
2024 Net revenue 29,821 30,362 (1.8%) Net profit 1.75 4.09 (57.2%)
Net revenue (beia) 29,964 30,308 (1.1%) Net profit (beia) 4.89 4.67 4.7%
Operating profit 3,517 3,229 8.9% Dividend (proposed) 1.86 1.73 7.5%
Operating profit (beia) 4,512 4,443 1.6% Free operating cash flow 5.46 3.12 75.0%
Net profit 978 2,304 (57.6%) Shareholders’ equity 34.95 35.60 (1.8%)
Net profit (beia) 2,739 2,632 4.1% Share price 68.70 91.94 (25.3%)
EBITDA (beia) 6,685 6,541 2.2% Weighted average number of shares – diluted 560,639,030 563,979,620 (0.6%)
Introduction Dividend (proposed) 1,042 969 7.5% Net profit (beia) – diluted 4.89 4.67 4.7%
Free operating cash flow 3,058 1,759 73.8%
Employees
Report
of the Balance sheet 2024 2023 Change in %
Executive
Board
In millions of € 2024 2023 Change in % Average number of employees (FTE) 88,497 89,732 (1.4%)
Total assets 53,773 55,153 (2.5%)
Report Shareholders’ equity 19,581 20,056 (2.4%) Ratios
of the
Supervisory Net debt position 14,651 15,835 (7.5%) 2024 2023 Change
Board
Market capitalisation 38,825 51,852 (25.1%) Operating profit (beia) as a % of net revenue (beia) 15.1% 14.7% 40 bps
Net profit as % of average equity attributable to 4.9% 11.6 % (6.7)
Financial equity holders of the Company
Statements Net debt/EBITDA (beia) 2.2 (0.2)
2.4
Dividend % payout 38.0% 36.8% 1.2
Cash conversion ratio 102.6% 61.4% 41.2
Sustainability
Statements
1 (beia) is before exceptional items and amortisation of acquisition-related intangible assets. Please refer to the Glossary section for an explanation of non-
GAAP measures and other terms used throughout this report.

Other
Information
 7 Executive Team
Heineken Working closely with our operating companies, From left to right: Dolf van den Brink Joanna Price
N.V.
Annual the Executive Team is responsible for the Magne Setnes Chairman Executive Board Chief Corporate Affairs Officer
and CEO
Report
2024 implementation of our global strategy. It consists Chief Supply Chain Officer Ronald den Elzen
of two members of the Executive Board, four Jacco van der Linden Glenn Caton Chief Digital and
President, Asia Pacific President, Europe Technology Officer
Regional Presidents and five Chief Officers.
Yolanda Talamo Bram Westenbrink Roland Pirmez
Chief People Officer Chief Commercial Officer President, Africa and Middle
Marc Busain Harold van den Broek East
President, Americas Member Executive Board and CFO

Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 8 Our business model
Heineken
N.V.
Annual
Report
From barley to bar
2024
We generate value by brewing
and selling premium beers,
ciders and more, bringing
people together for moments
of joy, sociability and
connectedness.
Introduction

Report
of the
Executive Agriculture Packaging Brewing
Board
HEINEKEN sources key ingredients like barley, hops, Most of our beer and cider is served in bottles, cans We operate 181 breweries, cider plants and other
corn and bittersweet apples (for cider) from farmers, and kegs, with glass and aluminium as primary production facilities worldwide. Currently, 90
Report packaging materials and plastic and paper for
working closely with suppliers to improve crop yields breweries are connected to our Connected Brewery
of the
Supervisory and quality. secondary packaging. Packaging plays a vital role in programme, enabling them to utilise Smart
Board protecting our products through preserving Brewery technology. This integration helps reduce
As one of the world’s top three users of malted freshness and in enhancing our marketing and waste and maximise output. Additionally, our
barley, our sourcing strategy is designed to bring branding with distinctive designs that convey their connected worker apps empower over 20,000
Financial flexibility to the supply chain. We obtain barley from premium nature. operators with smart instructions and support,
Statements across the world, including Western and Central further enhancing efficiency.
Europe, the UK, Scandinavia, Egypt, Ethiopia, In most cases our packaging is sourced from
Australia, the US, Argentina, Mexico and Brazil. suppliers, who compete in a competitive market on Elsewhere, Total Productivity Maintenance
price, capacity, volume and quality. Driving streamlines performance reporting and enhances
Sustainability In Africa, where barley is scarce, we primarily import efficiencies along our end-to-end supply chain is a equipment reliability, and robotics are increasingly
Statements malt and rely on local ingredients like cassava, key success factor: we are unifying, digitalising and used to automate and improve safety,
sorghum and rice, sourced from over 150,000 streamlining operations across all our breweries. maintenance and other critical tasks. By connecting
smallholder farmers. thousands of machines generating billions of data
Other points, we optimise productivity and quality while
Information delivering recurring cost savings.

~300
low carbon farming projects underway.
98%
of packaging recyclable by design at the end of 2024
~90
breweries where our Connected Brewery programme is live

As these pages show the full breadth of our influence along

the value chain, we’ve highlighted our Scope 1, 2 and 3
emissions. Scope 1 are direct emissions that are owned or
controlled by us. Scope 2 and 3 are indirect emissions as a
consequence of our activities and occur from sources we
don’t control, but do influence. We have sustainability
initiatives along our value chain and see this as another
crucial source of wider value creation.
 9 Our business model
Heineken
N.V.
Annual
Report
2024

Introduction

Report
of the
Executive Logistics Customers Consumers
Board
Most of our products are produced in the countries Our customers include retailers, wholesalers and Every day, millions of consumers across 190
where they’re consumed. We manage profitability distributors, bars, restaurants and clubs where countries enjoy one of our more than 500 brands.
Report
by enhancing productivity in our warehouses, consumers enjoy moments of connection and Our premium portfolio approach offers consumers
of the
Supervisory carefully selecting third-party carriers and celebration. In some countries, such as the UK, choice while strengthening pricing power and
Board optimising our transport network. Mexico and Egypt, we also own and operate bars driving revenues.
and retail outlets.
This is supported by our digital transformation Innovation, particularly in low and no-alcohol
Financial programme and the ongoing replacement of Our scale combined with new artificial intelligence categories, caters for evolving tastes. HEINEKEN’s
Statements existing fragmented technologies with a modern, (AI) solutions helps us continuously improve global scale allows us to sponsor major events like
modular architecture and standardised cloud-based customer experiences and grow revenues. Digital Formula 1 and the UEFA Champions League,
platforms. This helps us improve ways of working, innovation is providing insight that transforms sales enhancing brand visibility. We use digital tools and
transport planning, and warehouse management. representatives into strategic business advisors and apps to enrich the experiences of existing
Sustainability
Statements
Scaling these capabilities across our operations delivers personalised recommendations to consumers and win new ones, simultaneously
helps us improve customer experience, drive end-to- customers, boosting sales on our eB2B platform. delivering valuable data that informs ongoing
end efficiencies, reduce emissions and save costs. Elsewhere, increasingly connected outlets are marketing optimisation and boosts revenue.
helping customers automate stock replenishment
Other and optimise inventory.
Information

~4,700
logistics service providers used across our operations
190
countries where our brands can be enjoyed
500+
brands across our portfolio

Read more about our value chain

from a sustainability perspective
Page 157
 10 Our strategic framework
Heineken
N.V.
Annual
Report
Our strategy Our Purpose
Brewing the joy of true togetherness
2024
EverGreen is a bold multi-year strategy that empowers us to adapt to inspire a better world
to a fast-changing world and future-proof the business.
We brew more than just beer: we brew the joy of This strategy focuses on five business priorities:
true togetherness to inspire a better world. With enhancing our diverse portfolio of brands to cater
every pour, we create space for connection. With
every moment shared, we create space for joy.
for evolving tastes and needs; driving productivity
that frees resources for investment in balanced
Our Values
This is our purpose – our reason for being. It shapes growth; leveraging digital transformation to
Introduction streamline our operations and deepen consumer Passion Courage Care Enjoyment
both our values and our dream to win the hearts of
connections; weaving our Brew A Better World for consumers to dream for people of life
consumers by shaping the future of beer and
ambitions into decision making; and helping our and customers and pioneer and planet
beyond, guiding our actions in the short and long
Report term. We’re committed to empowering a more people thrive within a winning culture.
of the
Executive
open-minded, meaningfully connected world, and That’s EverGreen, and through it we are positioned
Board building a company that can constantly renew,
adapt and improve itself in service of this aim.
to meet short-term challenges, ensure the long- Our Dream
term sustainability of our business and create
Shaping the future of beer and beyond to win the hearts of consumers
Report Inspired by this purpose, EverGreen is our strategy lasting value for all our stakeholders.
of the
Supervisory to deliver superior and balanced growth, which puts
Board us on a journey of constant renewal and adaption.

Financial Our Green

Diamond
Statements

Delivering superior,
Sustainability
balanced growth
Statements

Other
Information

Our Business Priorities

Shape the Fund the Raise the bar Become the Unlock the
future of beer growth, on sustainability best-connected full potential
and beyond fuel the profit and responsibility brewer of our people

Read more Read more Read more Read more Read more
Page 11 Page 16 Page 18 Page 26 Page 30
 11 Business priority
Heineken
N.V.
Annual
Shape the
future of beer
Report
2024

and beyond
We innovate across beer to respond to market
opportunities and to grow the category. This
Introduction
includes a focus on premiumisation that is led
by Heineken® but driven across the breadth of
our portfolio. We continue to extend our
Report
of the
portfolio of low-calorie, flavoured and less bitter
Executive
Board
variants to meet emerging consumer demand
and build our leadership in low and no-alcohol
Report beverages.
of the
Supervisory
Board While beer remains fundamental to our
business, there are opportunities for growth
Financial
beyond the category. We continue to invest in
Statements cider and other refreshing line extensions to
keep our portfolio modern and relevant.
Sustainability
Statements
Culture Pulse spots trends in culture that
Heineken® can play an authentic part in and
delivers timely, relevant and provocative
Other
Information

campaigns. In this way, we deliver stories that

get people talking and bring our point of view on
socialising into the conversation.”
Guilherme Retz Global Communications Manager Heineken® Brand

Read more on how Heineken® is tapping

into cultural trends
 12 Shape the future of beer and beyond
The more refreshing your social life, On International Beer Day, our ‘Forgotten Beers’ Moderation matters
Heineken
N.V. Driving premiumisation the more rewarding campaign reminded consumers that the most
important part of enjoying Heineken® is the social
Heineken® continues to lead the way in promoting
Annual
Report
2024
at scale with Heineken® Our goal continues to be establishing Heineken® as
the undisputed leader in the beer category for brand
moments enjoyed with it. Launched in over 50
responsible consumption through its global
partnership with F1™ and the ‘When You Drive Never
markets, the campaign reached 150 million OTS
Present in over 190 countries and delivering growth value. We will achieve this by acting as a champion Drink’ initiative, amplified by Max Verstappen, now
through earned media, reinforcing the brand’s role
in 2024, Heineken® continues to solidify its position of quality socialising, inspiring a more open and a four-time world champion. With F1™ being one
in creating wonderful moments of socialisation.
as the world’s most global beer brand. This success inclusive social life. Our brand communications focus of the fastest-growing sports and entertainment
stems from a commitment to empower meaningful on tackling the barriers to meaningful social Through its sponsorships of both the UEFA platforms today, our efforts have significantly
consumer connections, champion ‘social life’ at the connections, as seen in groundbreaking campaigns Champions League and the UEFA Women’s expanded the audience for Heineken® 0.0 and
heart of our messaging and embrace creativity as a throughout 2024. Champions League, Heineken® has advanced its our ‘Always a Choice’ message.
cornerstone of our communications. mission to make football more inclusive and
During Milan Design Week, Heineken® introduced Present in 117 countries, Heineken® 0.0 remains at
welcoming for all fans, everywhere. Our ‘Cheers to
Key markets like Brazil and Vietnam led exceptional ‘The Boring Phone’ in collaboration with HMD and the forefront of the non-alcoholic beer (NAB)
the Real Hardcore Fans’ campaign challenged
Introduction brand growth, with more than half of operating BODEGA. This stripped-down mobile device category and is a driving force in making NAB
stereotypes about fandom while celebrating the
companies reporting volume increases and more encouraged consumers to stay present during nights options accessible and desirable for everyone,
passion and behaviour of true supporters.
than a quarter achieving double-digit growth. out, resonating with younger audiences who often everywhere. In 2024, innovation in draught systems
Report find themselves distracted by ‘doomscrolling’. With Tackling the barriers to socialising isn’t just about to make sure Heineken 0.0® can be served from the
of the Our creativity was celebrated globally. Heineken® 9.5 billion organic opportunities to see (OTS) across social issues – it’s about protecting social tap alongside alcoholic beers was crucial to
Executive earned the title of the most creative alcoholic drinks 120 countries, the campaign boosted the brand’s environments, too. In Ireland, the ‘PubMuseums’ normalising its consumption.
Board brand and the second most creative brand across all associations with innovation and uniqueness, driving campaign, part of our Back the Bars initiative, aimed
categories at the prestigious Cannes Lions, taking Addressing social stigmas around low and no-alcohol
sales in key markets with the key message ‘there’s to provide pubs with opportunities and resources
Report home a record 22 awards in 2024. The power of beverages, Heineken® launched research with
more to social life when there’s less on your phone.’ usually reserved for other cultural landmarks.
of the creativity was evident in the brand growing in value Professor Spence of the University of Oxford
Supervisory Supporting pubs with a digital twist to preserve their
by 18% across the year. revealing that 21% of Gen Z conceal drinking NAB
Board heritage in a fresh, modern way, we garnered global
due to fear of judgement. We’ll challenge this stigma
But premiumisation isn’t just about creativity: it’s also acclaim for advertising rooted in this genuine
in 2025 with our ‘0.0 Reasons Needed’ campaign,
about a deep and consistent commitment to quality. cultural insight.
Financial
empowering consumers to enjoy Heineken® 0.0 for
Statements
Our ‘The First Ahhh!’ campaign highlighted our its great taste – no reason needed!
dedication to the craft of brewing and the joy and
refreshment of the first sip of a crisp Heineken®.

Sustainability
Statements

Other
Information
 13 Shape the future of beer and beyond
Elsewhere in Latin America, our sponsorships of the In 2024, we launched a new Enjoy Life’s Simple In 2024, Tiger embraced the power of the collective
Heineken
N.V. International brands Copa Libertadores and Copa Sudamericana
celebrated the passions that unite friends and how
Pleasures campaign highlighting how Italians, with a
touch of playful ingenuity, find joy in even the
through a new brand platform, You Never Roar
Alone, built on a belief that progress isn’t a solo
Annual
Report
2024
Amstel – share your true selves and the act of cheering shows your genuine self. Music simplest moments. To further boost perceptions, we journey, but one fuelled by the strength and support
bond with friends also played a pivotal role, with the Friends of Amstel unveiled a product-focused campaign highlighting of your community.
event in the Netherlands and South Africa how Birra Moretti’s taste, refreshment and
Amstel is HEINEKEN’s second-largest international This platform inspired a refresh of the iconic Tiger
beer brand and one of the fastest-growing globally. combining entertainment and brand storytelling. craftsmanship is ‘worth pulling up a chair for’. Later in
visual identity, with striking packaging updates
Available in more than 80 markets, it continues to the year, our first-ever Christmas campaign –
Product innovations expanded Amstel’s appeal to rolling out across key Asian markets, and a series of
resonate with consumers through offering an featuring a decorated ape and the tagline ‘Enjoy innovative partnerships. Tiger became the Official
underserved consumers, including launches of
accessible premium experience that turns ordinary Life’s Simple Pleasures this Festive Season’ – helped Beer Partner of Manchester United, launching with
Amstel Grande in India, Amstel Extra in China,
gatherings into meaningful moments of connection. Amstel Rosé 0.0% in the Netherlands and Amstel drive growth at this critical calendar moment. 2024 co-branded watch parties, exclusive matchday
Fuelled by strong volume and equity gains across our Radler in South Africa, and relaunches of Amstel also marked the international expansion of our experiences and, in 2025, the first-of-its-kind street
Introduction Americas, Africa and Middle East regions, Amstel Original in Peru and Paraguay. We will continue our portfolio with the launch of Sale di Mare in the UK football events across Asia and beyond. In
achieved mid single-digit revenue growth in 2024. focus on boosting brand power in 2025, offering a and Romania. December, Tiger further expanded its football
premium proposition at an accessible price, presence by becoming the Official International
We reinforced Amstel’s brand strength through Looking ahead, Birra Moretti will continue to bring
extending our footprint and welcoming even Beer Partner of Tottenham Hotspur.
Report innovative campaigns and product launches. Two loved ones together to share moments of good
of the activations celebrated our brand’s heritage. In Brazil, more consumers into Amstel’s world of
food, good company and great beer. From igniting consumers, their passions and
Executive
‘I Amstel’ promoted authenticity and freedom, genuine connections.
Board communities to uncaging bold new designs, Tiger
encouraging people to be themselves among Tiger – you never roar alone continues to redefine the beer category with an
friends, while ‘Amstel Spirit of Amsterdam’ offered a
Birra Moretti – enjoy life’s simple
Since its launch in 1932 on the streets of Singapore, unwavering focus on ‘uncaging your Tiger’ through
Report
of the tribute to Dutch King’s Day. pleasures connection, innovation and progress, making sure its
Tiger has been inspiring boldness and progress,
Supervisory Since 1859, Birra Moretti has stood as a symbol of earning its place as the #1 international premium roar is heard across its 60 markets and beyond.
Board
authentic Italian heritage, building relevance beer in Asia.
through celebrating life’s simple pleasures. As one of
Europe’s fastest-growing premium beer brands, it
Financial
Statements
continues to expand its presence globally, delighting
consumers in more than 40 markets beyond Italy.

Sustainability
Statements

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Information
 14 Shape the future of beer and beyond
Desperados – the beer with Latin vibe The new positioning will deepen connections with Alongside these innovations, the brand is refreshing We continued to drive growth for Heineken® 0.0
Heineken
Gen Z and pave the way for new consumer its visual identity with a bold, legacy-inspired design, across 2024, building engagement with consumers
N.V. Desperados is a unique product that offers the spirit
Annual recruitment across the HEINEKEN portfolio. starting in South Africa and set for a global roll-out through communications, sponsorships and
of experimentation, spontaneity and self-expression,
Report in 2025. heavyweight media investment. Evidence of our
2024 engaging with young consumers across more than
30 markets globally. In 2024, the brand embarked
Sol – sun-powered positivity With a new campaign launching in 2025, Sol is
commitment and belief in the category is the
ongoing wide-scale roll-out of 0.0 on draught in
on a review of its DNA to ensure even greater Sol spreads positivity and brightens the world poised to strengthen its connection with consumers
Spain, France, the Netherlands, the UK and Ireland.
relevance with Gen Z audiences and enhance with optimism, encouraging carefree enjoyment by offering vibrant, versatile experiences that meet
A significant driver in the democratisation of non-
consistency across its markets. since 1899. the evolving demands of modern beer drinkers.
alcoholic beer, this is breaking down lingering stigma
This reflection culminated in a bold new positioning, Present in over 50 markets, Sol continued to shine in and boosting accessibility.
The Beer with a Latin Vibe, set to launch in January
2025. Inspired by the belief that a life constrained is
2024, achieving single-digit growth outside its home
market of Mexico and strong performance in Brazil, Pioneering choice in Elsewhere, innovation continued to fuel our portfolio.

Introduction
a life unlived, the positioning will come to fruition
through a complete brand reset (campaign, visual
South Africa, Chile and Colombia. low and no-alcohol In Poland, Żywiec 0.0, HEINEKEN’s third-largest 0.0
brand, grew by 36% in 2024, driven by its botanical
Innovation played a key role, with the launch of Sol The drivers of moderation are evolving. As wellbeing flavoured zero range, which nearly doubled volumes
identity, below the line, experiential and innovation)
0.0% in Brazil – a no-alcohol beer enriched with becomes more holistic, positive and lifestyle- with raspberry and mint line extensions.
igniting moments of connection and celebration.
vitamins for health-conscious consumers – and Sol oriented, consumers want choices that align with
Report This reset will tap into a series of culturally relevant
Mix, a range of cocktail-inspired flavoured lagers, in diverse needs and occasions.
of the passion points, empowering Gen Z to sidestep life’s
Executive Chile. In Mexico, Sol Mezclas now leads the flavoured
uncertainties and live it to the full. The 0.0 beer category is one of the fastest-growing,
Board beer category.
expanding at 5% annually over the past five years.
HEINEKEN leads the way, shaping and driving the
Report
of the
category’s growth. Now available in 117 countries,
Supervisory Heineken® 0.0 is the global leader in the low and no-
Board alcohol space.

Financial
Statements

Sustainability
Statements

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Information
 15 Shape the future of beer and beyond
Following our investment in 2023, UK-based ready- Cider returns to growth
Heineken
N.V. Stretching beyond beer to-drink (RTD) brand SERVED introduced premium
cocktails and broadened its on and off-trade
After years of decline, the cider category is back on
Annual
In 2024, we continued to make strategic track, closing 2024 at 8mhl – up organically 2% year-
Report distribution. We also acquired a small minority stake
2024 investments and expand our portfolio of refreshing on-year. Momentum was strong in South Africa,
in Netherlands-based STËLZ, whose low-calorie hard Mozambique, Ireland, Spain and the
brands beyond beer, particularly in markets where
beer faces challenges or where significant growth seltzers and spirit mixers resonate with Gen Z Czech Republic.
potential exists. This strategy reflects shifting consumers. Additionally, a small investment in G
Spot, a startup founded by actress Gillian Anderson In the UK, our cider portfolio continued to grow,
consumer preferences and evolving drinking powered by the success of Inch’s and Old Mout. In “We continued to drive
behaviours, largely driven by Gen Z. offering alternatives to traditional wellness brands, is
helping us learn about the evolution of functional
South Africa, our cider portfolio outperformed the premiumisation with Heineken®
Red Stripe, for example, tapped into their heritage to category thanks to the exceptional performance of leading the way, delivering growth
beverages in the UK.
stretch beyond beer with the expansion of Rum Savanna. Innovations including the launch of a
through creativity, quality and
Stripe beyond the US and Jamaica to the UK. With an eye on the future, we launched a Beyond premium, whisky-flavoured cider, Savanna Neat,
Introduction further solidified our leadership position. We meaningful consumer connections.
Building on its successful launch in Vietnam and Beer incubation hub in the UK to nurture and grow
Singapore in 2023, Tiger Soju expanded into yet our Beyond Beer portfolio through separate sales successfully pushed the boundaries of the cider From 0.0 innovation to expanding
more markets in 2024. and marketing channels. This unit has already category in Spain, with Ladrón de Verano beyond beer, we’re shaping inclusive
Report introduced Desperados Cocktails and Rum Stripe in contributing significantly to growth. and rewarding social experiences for
of the select London channels.
Executive
consumers worldwide.”
Board Bram Westenbrink
Chief Commercial Officer
Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 16 Business priority
Heineken
N.V.
Annual
Fund the growth,
fuel the profit
Report
2024

We target strong, balanced growth through

investments in innovation, brand power, digital
transformation, capabilities and sustainability.
To fund this, we continuously drive productivity
Introduction and efficiency across all parts of our business.

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
In Indonesia, our programme delivered
Statements
another solid year of gross savings which
we used to fund transformation projects
and fuel operating profit growth. This was
Other
Information

achieved through radical collaboration

across functions, aligning our cost structure
with our strategy.”
Stephanie Peregrin Finance Director, Multi Bintang Indonesia

Read more on how tackling bottle return

rates led to financial efficiencies
 17 Fund the growth, fuel the profit
Successful delivery of our agenda We also made significant investments in growing We’re proud of the steps teams across HEINEKEN
Heineken
the returnable bottles market in Spain, South Africa, have made to deliver on our ambitions and to learn,
N.V. With strong contributions from all teams across
Annual Indonesia and elsewhere to offer better, more share and reapply experiences from and with
HEINEKEN, we delivered more than €600 million in
Report sustainable choices to consumers and improve colleagues around the world. It is this culture of
2024 gross savings in 2024, exceeding our ambition of
capital productivity. continuous improvement that will keep these crucial
€500 million. This enabled us to invest more in
capabilities sustainable for the long term.
incremental marketing and sales as well as helped In addition to local projects, the roll-out of eazle, our
fund the digitalisation of our business, and improve eB2B platform (read more about this on page 27), Looking ahead
profitability. has exponentially grown the proportion of customers
connecting with us digitally. This is not only driving A pipeline of initiatives, including continued network
Approximately 40% of the gross savings were consolidation in Europe, AI-enabled transport and
better and more competitive customer service but
enabled by supplier collaboration and new brewery planning, increasing automation powered
also helping to deliver the cost efficiencies we “In 2022 and 2023, our
procurement initiatives, 40% from digitally enabled by our common IT infrastructure (read more about
supply chain productivity and transport network
continue to unlock through digitalisation. commitment to this agenda
our Digital Backbone on page 29) and the delivery
Introduction optimisations, and 20% from other fixed cost of further synergies in South Africa, will continue to helped us navigate global supply
Building sustainable, cost-conscious
reductions.
capabilities and culture deliver efficiencies in 2025 and beyond. challenges and counteract
While in 2022 and 2023 gross savings mitigated the While we’ve already over-delivered on our Fund the
soaring inflation. We shifted our
A key focus in 2024 has been embedding cost-
Report impact of rising inflation, in 2024 we’ve used gross conscious culture and capabilities within all teams. Growth, Fuel the Profit ambitions for gross savings, focus in 2024, reinvesting in
of the
Executive savings to unlock growth and margin expansion Our new F&F2WIN (‘Fuel the Growth, Fund the Profit the next stage is to make sure we continue to deliver growth by fuelling brands,
Board through smart investments in marketing, sales and 2WIN’) framework ensures that cost-consciousness is superior and balanced growth, shifting from advancing digitalisation and
other strategic initiatives. In Algeria, for example, a at the heart of all business decisions. managing volatility to truly funding growth and supporting sustainability. A range
Report cross-team approach to cost efficiency enabled fuelling profit. We will continue to use efficiencies to:
of the sustainable, profitable growth of the Heineken® The framework provides practical guidance for step up investments in brands, customers and
of smart investments has made
Supervisory
brand. In Mexico, we opened a new canning facility teams to implement locally. Digital tools allow consumers in key markets to deliver long-term sure we uphold the quality
Board
to enable a more cost-efficient, end-to-end value operating companies to benchmark performance sustainable growth; invest in sustainability through customers trust while driving cost
chain and further expanded our Six retail store against each other, search for relevant projects renewable energy sources, returnable bottles and efficiencies.”
footprint, investing in digital solutions to further drive implemented elsewhere and learn best practices. water reduction; and maintain our investments in
Financial
Statements long-term sustainable productivity. From Brazil to Hungary and Nigeria to Papua New becoming the best-connected brewer, leveraging Magne Setnes
Guinea, this is enabling quicker and easier transfer of the power of data and AI in processes across Chief Supply Chain Officer
experience and knowledge across the world. our business.
Sustainability
Statements

Other
Information
 18 Business priority
Heineken
N.V.
Annual
Raise the bar
on sustainability
Report
2024

and responsibility
We recognise that our activities have both
negative and positive impacts on the
Introduction environment and society. Since 2021, our Brew a
Better World 2030 strategy has been the
foundation for driving progress towards a net
Report
of the zero, fairer and more balanced world.
Executive
Board
As we achieved some of our 2023 goals, we
Report
refined our approach. We remain focused on our
of the three pillars – Environmental, Social and
Supervisory
Board Responsible, and continue working within our
business and across our value chain to drive
Financial transformational and long-term change.
Statements

What began as a vision to decarbonise our

Sustainability
Statements operations is now starting to become a reality,
thanks to the dedication of our teams and
Other
Information
partners to innovative solutions. If all goes to
plan, our Vialonga brewery will reach 100%
renewable energy in production by 2030 – a
major ambition for us in Portugal.”
Pedro Sousa Supply Chain Investment and Innovation Projects
Sociedade Central de Cervejas
For more information on our Brew a Better World ambitions and goals,
and the disclosures required under CSRD refer to the sustainability statements
Read more about the zero emissions
ambition in Portugal on page 146–147 which are part of the Report of the Executive Board
 19 Raise the bar on sustainability and responsibility
In 2024, we invested in strategic projects including Decarbonising Scope 3 is complex, with challenges Currently involving 200 farmers, the project will
Heineken
N.V. Environmental an electric boiler in Ethiopia, a heat pump in
Hungary and renewable thermal solutions in
including inconsistent emission methodologies and
data quality. While we are making progress, there is
measure its impact through key indicators focused
on carbon emissions, soil health and resilience, and
Annual
Report Making steady progress on Portugal. much work still to do. biodiversity. We are working with our suppliers to
2024 comply with SBTi FLAG guidance.
the path to net zero We continue to implement a toolkit to increase the In 2024, we reduced Scope 3 emissions by 14% with a
Climate change and nature loss are changing how adoption of renewable electricity, including power contribution from both agricultural and energy-based For packaging, we are launching initiatives to
we operate and shaping our plans for the decades to purchase agreements (PPAs), on-site solutions, emissions (FLAG 23% and non-FLAG 11%) compared support glass and aluminium suppliers with site-
come. We have accelerated efforts to reduce energy certificates and other mechanisms. After six to the 2022 baseline. The integration of our recent specific roadmaps focused on energy efficiency and
years of development, we secured two strategic PPAs acquisitions in South Africa and India have reshaped renewable energy. We are increasing the recycled
emissions, support a circular economy, and protect
in Nigeria and implemented renewable electricity our raw material portfolio, using more apples for cider content in our glass and cans to reduce carbon
the health of local watersheds and nature.
solutions in smaller markets like Suriname, the in South Africa and more rice in India. This new emissions. In 2024, we conducted six
Our Net Zero strategy focuses on achieving net zero portfolio has a lower carbon intensity and contributes
Democratic Republic of Congo (DRC) and Peru. In decarbonisation workshops with strategic glass
across our value chain (Scope 1, 2 and 3) by 20401. greatly to reducing our FLAG emissions. In contrast,
2024, we used 84% renewable electricity across our suppliers and mapped over 100 initiatives across
Introduction We are driving towards net zero Scope 1 and 2 integrating these businesses increased packaging
global operations. Some of our Renewable Electricity Europe, Americas and Africa & Middle East.
emissions by 20302 alongside reducing Scope 3 emissions, affecting our non-FLAG results. Our
projects allow us to identify cost savings and packaging supplier decarbonisation programme has
emissions by 26%. We aim to reduce Scope 3 by We also continue to engage in industry initiatives like
manage volatile energy prices. softened the impact of these integrations.
Report decreasing forest, land and agriculture (FLAG) the Coolition to advance refrigeration standards and
of the emissions by 30% and energy-based emissions (non- While our holistic approach has enabled us to Through the Supplier Leadership on Climate Transition promote energy efficiency. In logistics, we partnered
Executive decouple growth from Scope 1 and 2 emissions, the with Einride to deploy our first cross-border electric
Board FLAG) by 25%. These goals were validated by the (‘Supplier LOCT’) initiative, we have successfully
Science Based Targets initiative (SBTi) in 2023. All road ahead is not smooth and we anticipate that equipped suppliers to set Science-Based Targets. To freight journey powered by renewable electricity.
performance on carbon is now measured against a future carbon reductions will not be linear. date, 56 suppliers have established targets, with an Scaling such partnerships across our global operations
Report
2022 baseline. additional 18 suppliers joining the program in 2024. remains a challenge.
of the Access to renewable thermal energy remains a
Supervisory
significant challenge. Barriers vary across the globe We launched the REfresh Alliance with 10 beverage Laying the groundwork for carbon removals
Board Accelerating a reduction in Scope 1 and 2
from fragmented energy infrastructure to gaps in companies to support suppliers in accelerating the
We have reduced Scope 1 and 2 emissions by 34% Achieving net zero will require access to high-
regulation and policy. These obstacles limit available adoption of renewable electricity.
compared to the 2022 baseline (2023: 19%). We integrity carbon removals. These solutions take
Financial cannot use a one size fits all approach, and solutions, and make some financially unviable. For agriculture, the third season of our low-carbon carbon directly out of the atmosphere and store it in
Statements decarbonisation requires precise planning and tailored farming programme saw almost 300 projects a durable way, addressing residual emissions we
It is too early to determine the impact of such
solutions. We are developing custom strategies for underway, trialling sustainable practices around cannot otherwise eliminate. In 2024, we did not
challenges on our ability to achieve our goals. Despite
each location which account for geographical, socio- cover cropping, no-tillage, organic matter use, and purchase carbon removals but focused on assessing
this, we remain steadfast in our ambitions and will
political, technological and economic variations. seed and fertiliser application. Recognising the opportunities on our own land, with our agricultural
Sustainability continue to engage with policymakers to advocate for
potential of low-carbon fertilisers, we provided suppliers and third-parties. We will continue to
Statements
With hundreds of projects to develop, we must invest removing barriers to decarbonisation and explore
strategic guidance to FertigHy for its upcoming plant evaluate emerging standards and implement
strategically in the most cost-efficient and impactful innovative solutions with our partners.
in France. Project Transitions – our first large-scale consistent practices across the business, securing
initiatives. We have developed a financial model to Establishing the foundations to scale regenerative agriculture programme with Malteurop carbon removals through a mix of insetting projects
Other evaluate projects and prioritise investments, Scope 3 reductions Vivescia – will supply its first barley to the French and external carbon credits.
Information strengthening cost management and helping us We aim to reduce Scope 3 emissions by market in 2025.
define future investments. This enabled us to review collaborating with strategic suppliers to facilitate the
our technology portfolio and deprioritise solutions transition to renewable energy, low-carbon Read more about the Net Zero
where cost trends remain too high. Our approach technologies, circular packaging and sustainable programme and our external partners
combines in-house expertise with strategic external agricultural practices. Our updated Scope 3 strategy
partnerships. We are collaborating with Siemens, Royal focuses on our largest emissions sources –
HaskoningDHV, NIRAS, Engie and Arcadis to drive agriculture and packaging – alongside enhancing
decarbonisation efforts across nearly 181 sites globally. supplier capabilities and fostering partnerships.

1
Net zero is defined by SBTi as reducing a minimum of 90% of emissions across Scope 1, 2 and 3. The residual emissions (maximum of 10%)
must be neutralised with permanent carbon removal solutions. Read more about our regenerative
2
agriculture programme Transitions
Based on the SBTi definition, we have defined our 2030 goal as a 90% emissions reductions across Scope 1 and 2. A maximum of 10% residual
emissions that cannot be eliminated otherwise must be covered with permanent carbon removal and storage solutions.
 20 Raise the bar on sustainability and responsibility
Developing our global Reusable packaging brings greater complexity in Closing the loop on recycled content Embedding recyclable by design
Heineken
circularity strategy quality management, logistics and value chain Our goal is to increase the percentage of recycled We are working towards 99% of our packaging
N.V.
Annual operations, requiring a significant capability shift to content in our bottles and cans to 50% by 2030. being recyclable by design by integrating
Report For our packaging we use finite resources, which are achieve the goal. Wider adoption demands a We will work with others – including suppliers and recyclability criteria into our global innovation
2024 not always managed well after the product has been systemic transformation, involving collaboration to environmental organisations – to close the loop by process. This begins with designing packaging and
consumed. Transitioning to a circular economy is co-create efficient return infrastructures, drive improving recycling rates and increasing the procuring materials that are compatible with a
therefore central to our efforts to reduce emissions, consumer participation, and address logistical and availability of high-quality recycled content for our recycling stream that has been successfully proven
manage input costs and prevent waste. We launched operational challenges. Expanding our reusable bottles and cans. We reached 44% recycled content to work at scale. 98% of our packaging was
our circularity strategy in 2024, prioritising three areas portfolio requires us to ensure reusable packaging is in our bottles and cans in 2024. recyclable by design by the end of 2024. To achieve
– Reuse, Recycled content and Recyclable by design – appealing and convenient for consumers, featuring meaningful results, it is essential that our packaging
to embed a closed loop approach in packaging efficient and attractive design. One of the challenges in increasing recycled content
is recycled upon reaching the market, which will be
development. We have set new goals for packaging, is the lack of infrastructure for efficient collection
supported by our other circularity goals.
while continuing to enhance the circularity of We continue to explore opportunities to expand our and high-quality recycling. This underscores the
production waste and water in our operations. reusable portfolio. One example is the launch of the need for well-designed and harmonised extended
Introduction Towards healthy watersheds
innovative Heineken Returnable ® STAR bottle, producer responsibility (EPR) legislation that
Driving reusable packaging developed by our operating company in South and nature
improves collection rates, enable closed-loop
We are focused on growing the volume of the Africa. This 650 ml returnable bottle is unique in recycling and reduce downcycling and Our approach prioritises the health of local
Report reusable packaging we use for our products, reducing design, featuring the brand’s iconic star embossed waste leakage. watersheds and nature, extending beyond our
of the the need for new packaging. Our goal is to increase
Executive on its body and the Heineken® name etched into breweries. Water is essential to our products: without
Board the percentage of volumes sold in reusable format to the glass. In Brazil we are developing a circular system water, there is no beer. Factors such as climate
43% by 2030. Increasing the use of reusable together with Ambipar to recycle more glass bottles change and population growth are reducing the
packaging allows us to reduce dependency on virgin than we introduce into the market in the country. availability of this precious resource, and this is
Report
of the materials, lower production costs over time, and build Purpose-built centres will collect, sort and process affecting society in different ways, with developing
Supervisory a more sustainable and commercially attractive glass in areas that currently lack infrastructure. The countries among the worst impacted. Therefore, it is
Board business model. In 2024, 39% of our volumes were intention is to explore opportunities to scale the key to build resilience through an integrated and
sold in reusable packaging formats. model to other operating companies, applying inclusive approach. At HEINEKEN, we recognise that
insights gained from this project. water is a shared resource and we understand the
Financial
Statements importance of taking action in both our operations
and targeted communities where we operate.
Our water strategy focuses on water efficiency and
Sustainability long-term restoration of priority watersheds,
Statements especially in water-stressed areas. Many of our water
replenishment efforts promote biodiversity and
soil health.

Other
Information

Read more about the innovative

returnable Heineken® STAR bottle
 21 Raise the bar on sustainability and responsibility
Reducing water use in production Water balancing in water-stressed areas Improving water access with communities We aim to increase the proportion of our key
Heineken ingredients – barley and hops – that are sustainably
N.V. Our goal for 2030 is to reduce average water intake Our goal is to fully balance the water we put in our Our water access projects aim to support local
Annual in our breweries to 2.6 hl/hl in water-stressed areas products in water-stressed areas by 2030. communities in priority regions to have reliable sourced to 100% by 2030, based on the globally
Report and 2.9 hl/hl globally. In 2024, our average water access to clean and safe water, aligning with our recognised Farm Sustainability Assessment by the
2024 Following water risk assessments in India and Sustainable Agriculture Initiative (SAI) platform. In
usage was 3.0 hl/hl (2023: 3.0) in water-stressed water and social ambitions.
France, we increased the number of water-stressed 2024, 94% of our hops and 74% of our barley
areas and 3.1 hl/hl (2023: 3.2) across all our
sites from 32 in 2023 to 41 in 2024. Of these 41 In Burundi, we partnered with Amazi Water to qualify as sustainably sourced in accordance with
breweries achieving an 11% reduction (12%
sites, 36 have started water balancing projects and enhance access to clean water for communities near the SAI bronze standard or higher.
adjusted for acquisitions and divestitures) versus the
29% are fully water balanced. As the number of sites our brewery. The initiative will install water tanks, In Mexico, we started our journey to sustainably
2018 baseline.
in scope increases, it is harder to achieve our goals solar panels and a solar-powered pump with sourced barley in 2018. This year, 40 suppliers
We expanded our water efficiency acceleration and we are challenged to think creatively and to capacity to serve up to 1,000 households. applying sustainable farm practices delivered 62% of
programme in collaboration with cleaning and partner with diverse stakeholders to identify projects the volume. The local production plan involves
In Tunisia we installed over 400 water counters to
disinfection suppliers. The programme is active at 56 and drive collective action. training, on-site consulting and internal audits, with
help families in Leglime access clean water. Multiple
Introduction
sites spanning all regions and is delivering results, 275 more suppliers to start certification to progress
Many projects support biodiversity and involve projects are underway in India including the
such as in Italy and Brazil, where water use per the journey. Mexico also partners with Malteurop,
conservation and reforestation initiatives. All three improvement of water storage in Karnataka. We also
hectolitre of beer is down by 13% and 9%, aiming to reduce the volume of water used to
sites in Indonesia achieved 100% water balancing by continue to support projects that improve
respectively. We shared best practices from the irrigate barley while respecting yield and quality.
Report restoring 490 hectares within the Brantas and community access to water near our production sites
programme on our global platform, enabling After three years, water savings of around 25% and
of the Cisadane watersheds. In Nigeria, our collaboration in Vietnam, Nigeria and Brazil.
Executive production sites to learn, share and reapply them a stable, high yield of 8.5 tonnes per hectare were
with the International Institute of Tropical Agriculture
Board within the Company. Advanced technologies and Maintaining the focus on sustainability recorded.
(IITA) expanded to cover the reforestation of 292
water treatment optimisation are also delivering and agriculture
hectares (48 hectares in 2024), contributing to Developing our position on nature
Report results across many sites, including in Mexico and Our sustainable sourcing programme contributes to
increased water infiltration and reducing soil erosion.
of the Ethiopia. In Myanmar, a shift in water treatment many of our environmental goals, as well as Protecting and restoring biodiversity is linked to
Supervisory We also launched the Heiforest Project in Brazil, a
Board
saved around 1.0 hl/hl, and in Cambodia adjusting delivering social and business benefits. many of our environmental initiatives. We have
large-scale reforestation effort with Rizoma which
the source of water withdrawal delivered a 0.4 hl/hl carried out a nature assessment of our breweries
aims to restore pastureland and introduce
reduction in water use. and supply chain to better understand the extent of
agroforestry practices in citrus cultivation through
Financial nature-related impacts and dependencies across our
regenerative agriculture. Reforestation efforts also
Statements value chain. We will develop our approach by
continue in Ethiopia, Malaysia and Mexico.
focusing on biodiversity-sensitive locations where we
operate and by working with stakeholders in our
agricultural supply chain.
Sustainability
Statements

Read more about Indonesia’s

water balancing efforts
Other
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 22 Raise the bar on sustainability and responsibility
Embracing diversity, equity and inclusion We achieved our 2025 goal a year early by having We work to ensure equal pay for equal work (or work
Heineken
N.V. Social Embracing diversity, equity and inclusion fosters true
togetherness and drives meaningful connections
30% of women in senior management in 2024.
While we celebrate this important milestone, we still
of equal value) between female and male
colleagues. We first achieved our goal of having
Annual
Report
2024
On the path to an inclusive, with our employees, consumers and customers. A have work to do to achieve 40% by 2030 on the 100% of our operating companies assessed and
fair and equitable world diverse and inclusive workforce is good for our path to gender balance. We are strengthening our 100% action plans in place in 2023. In 2024, we
people and business as it sparks innovation and pipeline of women talent below senior management continued to assess all operating companies and to
We are working to create a fair and safe workplace leads to better performance.
for everyone. This means moving towards gender levels and ensuring performance based fair and track action plans to close any pay gaps. We also
balance at senior levels, paying our employees We believe everyone plays a role in championing a equal opportunities in attracting, developing and focused on ensuring equal representation,
globally a fair wage and creating fair living and culture of belonging at HEINEKEN. Inclusion starts with promoting talent. Our global leadership addressing new hires and opportunities for
working standards for third-party employees and courageous leadership, and we continue to foster an development programme – Women Interactive promotion. Actions included embedding structural
Brand Promoters. Our safety, health and well-being inclusive environment through training for leaders and Network or WIN – in partnership with IMD, has seen checks and controls in processes to drive gender-
strategy is focused on embedding a safety culture colleagues on inclusive practices and a comprehensive 290 women participate to date. In 2024, we neutral pay decisions. These efforts resulted in a pay
Introduction while our social impact initiatives align with the UN engagement calendar. Employee resource groups like launched the Women Summit, a leadership gap of 2.3% in favour of men at the global level in
Sustainable Development Goals to ensure we have a HEINEKEN Open and Proud (HOP), inclusion councils development programme for senior female talent in 2024. This figure is significantly lower than the 5%
meaningful impact on communities. and ambassadors play key roles. They conduct collaboration with WeQual. threshold established by the EU Pay Transparency
listening and dialogue sessions with colleagues and Directive and is in line with other industry leaders in
Report We are ranked #1 in the industry (#4 in 2023) and #67 help to fully embed our strategy across our operating Our operating companies play a key role in
of the overall (#78 in 2023) in the Forbes World’s Best the fast-moving consumer goods (FMCG) sector.
Executive companies. In 2024, 88% of HEINEKEN’s operating developing the female talent pipeline towards senior
Board Employers ranking 2024, based on the views of more companies had an inclusion council in place. leadership. For example, UBL India has been on a
than 300,000 workers from over 50 countries. journey from having zero women in senior
Report management in 2021 to 27% in 2024. The
of the Queenfisher campaign was initiated for female
Supervisory employees, recognising their talent, empowering
Board
them and even launching a limited edition of beer
brewed and designed by women. In Mexico, the
Inspirame programme is supporting women
Financial
Statements returning to work after a career break.

Sustainability
Statements

Other
Information

Read more about our Queenfisher

campaign in India
 23 Raise the bar on sustainability and responsibility
A fair and safe workplace Extending our efforts beyond employees, we continue Delivering positive impact in These areas align with our purpose and business,
Heineken
to work towards our goal to create fair living and working our communities while addressing needs in our communities:
N.V. We are dedicated to maintaining a fair and safe
Annual
workplace for our employees and those of third standards for third-party employees and Brand
Report With operations spanning the globe, our local – Joy of True Togetherness: Promote and
parties. In 2023, we achieved our goal of having Promoters by 2030. 43% of operating companies have encourage the power of human connections to
2024 presence makes an important social impact. As a
100% of employees earning a fair wage, according now been assessed for compliance with our global major employer and purchaser of raw materials, our foster social cohesion.
to the Fair Wage Network. Ensuring a fair wage is a standards for third-party employees and Brand biggest contribution to social and economic well- – Access to Employment: Help underserved
dynamic and ongoing process, as the cost of living Promoters. In 2024, we continued to expand the being is through our core business – the jobs we communities access decent jobs and economic
and other economic factors can change. We programme beyond the Africa & Middle East and Asia create, the businesses we support and the taxes we opportunities.
therefore assess wages across all operating Pacific regions, assessing several operating companies in pay. We contributed over €15.6 billion in taxes, – Water for our Communities: Support access to
companies against the Fair Wage Network annually. the Americas and Europe region in line with our goal to including excises, in 2024. More details on our tax safe water for communities where needed.
have all operating companies in scope globally assessed. approach is available on our company website.
In 2024, we assessed 99.2% of our employees against
Worlds Together is HEINEKEN’s grassroots social
the Fair Wage Network benchmark. Our findings Our Health and Safety strategy is focused on shaping Many of our Brew a Better World goals, such as impact campaign. In collaboration with the Social
Introduction indicated that 99.7% of the assessed employees earned a proactive safety culture. We are committed to doing ensuring a fair wage and protecting local watersheds Gastronomy Movement, we bring people from
at least a fair wage, with the remaining 0.3% being the utmost to ensure that every one of our colleagues and nature, directly impact local communities. In diverse backgrounds together over beer and food to
located in Singapore. and contractors returns home safely every day. We Africa, our efforts to increase local sourcing of break down barriers and build mutual
Report Our investigation revealed that the wage increase deeply regret that two people lost their lives while agricultural ingredients have created jobs, supported understanding, one conversation at a time. We
of the
proposed by the Fair Wage Network for Singapore in working for us in 2024 (2023: 3). An independent the development of the agricultural sector and expanded the initiative to 16 markets in 2024.
Executive
Board 2024 significantly surpassed changes in the investigation team thoroughly investigates every improved the lives of rural communities. Our
fatality to identify and understand the root cause. We approach covers 33 value chains across 12 operating In the UK, HEINEKEN partnered with the Marmalade
consumer price index and other relevant indicators.
take action to prevent recurrence and share learnings, companies. In 2024, 61.7% of agricultural Trust to raise awareness of loneliness, while
Report Consequently, some HEINEKEN employees who had
with corrective and improvement actions followed up ingredients were purchased locally with a total value highlighting the role of pubs as community hubs
of the earned above the Fair Wage Network amount in
Supervisory until closure. of over €300 million. that bring together people from all walks of life.
2023 fell below it in 2024. To ensure fair
Board
compensation, we conducted an additional Several activities were carried out to shape a leading Social impact initiatives Our partnership with Orange Corners is now active in
benchmark analysis using Singapore’s Progressive health and safety culture in 2024. We launched and In 2024, 100% of our markets in scope had a social seven African countries: Burundi, Côte d’Ivoire, the
Financial
Wage Model, which was developed by a tripartite implemented the Hearts and Minds programme, impact initiative in place (2023: 100%), investing DRC, Egypt, Mozambique, Nigeria and South Africa.
Statements committee consisting of unions, employers and the aiming to enable operating companies to assess over €6 million in total. To increase our impact, we Initiated by the Dutch Ministry of Foreign Affairs
Singapore government. This confirmed that 100% their current safety cultural level, identify gaps and have refined our strategy to focus on the three key and managed by the Netherlands Enterprise Agency
of our employees earn a fair wage according to this develop improvement plans to close them. We also areas where we believe we can make the (RVO), this initiative supports young entrepreneurs
model. continued with the regional turnaround most difference. with training, mentorship, funding and facilities to
Sustainability start and grow businesses that contribute to more
Statements Moving forward, our goal remains to continue programme, launched in 2023, as an immediate call
to action to improve safety performance where it is inclusive and prosperous societies.
assessing our entire workforce and ensure all our
employees worldwide earn a fair wage. needed most. The measures we took helped improve
our Total Recordable injury Rate (TRR) for
Other employees and temporary workers from 1.2 per
Information 200,000 hours worked in 2023 to 0.9 in 2024.

Read more about HEINEKEN’s

Worlds Together impact campaign
 24 Raise the bar on sustainability and responsibility
Always a choice El Aguila is the fifth strategic brand of HEINEKEN By the end of 2024, all markets except HEINEKEN
Heineken
N.V. Responsible The future of socialising is undergoing a shift as the
Spain that launched a zero alcohol option, bringing
the total number of 0.0 options that we offer our
Brazil had clear and transparent consumer information
on their products in scope. As a result, 83% of our
Annual
trend towards moderation continues in markets
Report A consumer-centric approach Spanish consumers to twelve. El Águila Sin Filtrar products had labels that fully meet our criteria (2023:
2024 around the world. Young adults are transforming the
on the path to moderation and 0.0 is a groundbreaking zero alcohol beer that 53%). By the first quarter of 2025, HEINEKEN Brazil’s
social drinking landscape, contributing to the rise in
exemplifies our dedication to innovation and always labelling stock will have been used and their products
no harmful use non-alcoholic beverages.
providing a choice with our expanding no- will contain all the required information.
Beer is a beverage that, when enjoyed in We are giving consumers more choice with our 0.0 alcohol portfolio.
moderation, can be part of a balanced lifestyle. Partnerships to address harmful use of alcohol
portfolio of beer and cider brands and empowering
However, when alcohol is not consumed responsibly Consumer transparency Addressing harmful alcohol use is a critical priority.
them with clear and transparent information. As the
there are clear health and behavioural risks. That is leader in the low- and no-alcohol category, we have Providing a choice is also about giving people the Harmful patterns of alcohol consumption pose
why we have always been committed to advocating been investing and innovating since 2017 to fuel right information in an accessible way. We advocate substantial health and social risks, making responsible
for responsible consumption and supporting efforts increasing demand for alcohol-free alternatives, for consumer transparency so that people can make drinking practices essential to our approach.
Introduction to address harmful consumption. We aim to lead the tackling the stigmas around social acceptance of an informed choice about our products. Our labels
We aim to foster responsible practices and support
debate on responsible consumption and support choosing low- and no-alcohol beverages. include on-pack information about ingredients,
initiatives that reduce harmful drinking worldwide.
actions that decrease harmful consumption. Our nutrition, calories, alcohol by volume, allergens and
Our goal is to always provide consumers with a Our goal is to engage in partnerships that contribute
purpose is to brew the joy of true togetherness, and packaging recycling symbols. In terms of responsible
Report choice, by offering a 0.0 line extension of our to reducing the harmful use of alcohol in 100% of
we believe that drinking in moderation is the best drinking, consumers are informed with on-pack
of the
strategic brands in the majority of our markets, led markets every year. In 2024, 100% of our markets in
Executive way to experience that joy. pictograms not to drink and drive, not to drink
by our global brand Heineken® 0.0, available in 117 scope had a partnership in place, making this the
Board underage and not to drink during pregnancy. This is
In 2024, we launched our company moderation markets with launches in 3 markets in 2024. third consecutive year in which we met our goal.
complemented with a QR code linking to further
Report mantra: Low. Slow. No. This mantra focuses on information on alcohol and health. In South Africa, we are partnering with the NGO ‘I
of the providing information on ‘low’ alcohol intake, We aim to have a zero alcohol option for one
strategic brand in the majority of our markets CAN 4 IR’ to tackle harmful use of alcohol at targeted
Supervisory encouraging ’slow’ and moderate consumption, and Our goal is to provide clear and transparent consumer
Board (accounting for 90% of our business by volume) by vocational colleges and provide vital referral support
expanding ‘no’ alcohol options to give consumers information on 100% of our products by 2024. The
2025. In 2024, operating companies with a zero for those in need. This educational programme aims
greater choice. goal was defined to allow enough time for operating
alcohol option for one strategic brand represented to reach 5,000 students, empowering them to make
companies to manage the labelling transition in a
Financial 91% of our total beer and cider volume. responsible drinking choices and fostering a culture of
sustainable way.
Statements safety and awareness.

Sustainability
Statements Read more on the launch of ‘El Águila
Sin Filtrar 0.0.’ in Spain

Other
Information
 25 Raise the bar on sustainability and responsibility
HEINEKEN Vietnam is partnering with the National Making moderation cool ‘When You Drive, Never Drink’ is our long-standing
Heineken
Traffic Safety Committee to address drinking and flagship campaign. Building on last year, we
N.V. We have a long history of using our brands to make
Annual driving through its ‘When You Drive, Never Drink’ leveraged ‘The Best Driver’ campaign, featuring four-
moderation and responsible consumption cool. We
Report programme. The programme is delivered in time Formula 1 World Champion Max Verstappen,
2024 use the strength of our brands – particularly our
universities, office buildings, commercial centres and with Player 0.0 – HEINEKEN’s first global gaming
global Heineken® brand – to ensure that this
shopping malls. It invites people to engage in programme that uses a bespoke mobile game as an
message resonates with consumers through
educational activities with two main objectives: activation layer.
campaigns that shape the debate.
raising awareness of drinking and driving and Our player 0.0 initiative reinforces the message that
providing resources and tools to change behaviours.
Our goal is to reach 1 billion unique consumers
‘The Best Driver is not the fastest driver, but the one
“Four years into developing and
yearly with a responsible consumption message. executing our Brew a Better
who is not drinking’. We continued to scale Player
Our active engagement in the International Alliance We aim to accomplish this by investing 10% of World 2030 strategy,
0.0, with activations in over 20 markets this year.
for Responsible Drinking (IARD) highlights our our Heineken® media spend in responsible
dedication to promoting responsible consumption on consumption campaigns. In 2024, 15% of In Mexico, we created a local spin-off of the Max
sustainability and responsibility
Introduction a global scale. Through IARD, we collaborate with Heineken® media spend has been invested by our Verstappen campaign, leveraging Sergio Pérez to are now an integral part of how
leading producers of beer, wine and spirits to elevate operating companies to deliver this important deliver the ‘When You Drive, Never Drink’ message. we operate. I am proud of the
standards in online sales and digital marketing. IARD’s message to consumers, reaching 1.1 billion unique You can see one of the videos here. progress we’ve made but I know
Report new Digital Guiding Principles contain five safeguards consumers worldwide. there is more for us to do as we
of the that, as an industry, we need to apply on all digital
Executive communication channels such as social media
navigate challenges and trade-
Board
profiles, websites and apps. The industry commitment offs. Brew a Better World
is to be 95% compliant by end of 2024. HEINEKEN is remains the foundation as we
Report
of the
98% compliant with the principles. continue to learn, evolve and
Supervisory partner with others to deliver our
Board
goals.”
Joanna Price
Financial
Statements
Chief Corporate Affairs Officer

Read more about our ‘The Best

Driver’ campaign
Sustainability
Statements

Other
Information
 26 Business priority
Heineken
N.V.
Annual
Become the
best-connected
Report
2024

brewer
We’re continuing to increase our investment in
digital transformation to build a future-proof
company. To become the best-connected
Introduction
brewer, HEINEKEN needs to digitalise its route-
to-consumer, unlock the value of data, simplify
Report and automate end-to-end processes, build a
of the
Executive secure and modern technology landscape, and
Board
create a digitally enabled organisation.
Report
of the
This year we’ve successfully gone live with our
Supervisory
Board
Digital Backbone – our biggest ever digital
transformation – which enables us to
standardise and modernise our business and
Financial
ways of working.
Statements
To maximise AI's impact, we prioritise
Sustainability
customer-centric AI products that are
Statements
seamlessly integrated into our operations
and widely adopted by end-users at
HEINEKEN. Supported with robust
Other
Information

capabilities that enhance AI literacy, this

will pave the way for a shift from everyday
AI to game-changing AI.”
Andrea Diebold Head of Global Analytics Products
 27 Become the best-connected brewer
Revolutionising customer engagement Crucially, our success in driving up the number of Deepening consumer connections
Heineken
N.V. Digitalising our route In 2024, we continued to put our customers at the
customers engaging with us through digital channels
is supporting the acceleration of wider data-driven
Alongside our customer initiatives, we’re harnessing
Annual
Report
2024
to consumer centre of everything we do, reimagining how they
interact with us across every touchpoint: through
innovation to deliver better service for customers
digital innovation to help create richer, more
meaningful and personalised experiences for
and growth for HEINEKEN.
HEINEKEN has cherished its relationships with eB2B platforms, sales representatives, customer consumers – and deliver growth.
customers and consumers for more than 150 years. service agents and distributors. Beyond engagement, we continued to pioneer
In 2024, we supported our brand teams in launching
In a world where customers expect instant, smart solutions to drive efficiencies for both
‘eazle’, the brand name and identity for our eB2B consumer-facing applications that resonate with our
personalised service online and consumers demand customers and our business. Experiments with
platforms, aims to make our customers’ business diverse global audiences. The Player 0.0 app, for
Netflix-style experiences across their interactions connected outlets allowed us to automate stock
easy. As part of our journey to create an integrated, example, embedded HEINEKEN in the gaming
with all brands, we’re building new digital capabilities replenishment in bars, while continued investment in
end-to-end platform across all key touchpoints and community by leveraging our ambassador Max
to keep these connections strong. shelf image recognition technology is helping
reimagine the customer experience, eazle has so far Verstappen through our Formula 1 campaign.
retailers optimise their inventory.
This involves developing innovative online platforms been launched in four markets. The approach is Elsewhere, Hei! helped consumers in cities organise
Introduction for customers and embracing new digital consumer already bearing fruit: over the course of 2024, the Our digitisation of customer experience is social events effortlessly and discover new
engagement models. Crucially, this digitisation platform achieved close to €13 billion in gross dramatically improving our customer relationships. experiences and venues. Initiatives such as these not
journey is giving us access to better, richer data that merchandise value, connecting with 670,867 active Our customer NPS scores have increased steadily only delivered brand growth, but also generated
Report we’re using to further improve our service, optimise customers and accounting for 70% of fragmented over the years to 68 in 2024. valuable first-party consumer data that we use to
of the engagement and empower growth. While this trade revenue – up from 60% in 2023. optimise media spend and marketing activations.
Executive
Board
journey is far from over, 2024 was a pivotal year. As we digitise, our stakeholders’ privacy is our priority.
We have continued to invest in providing the
Report necessary privacy protection around our consumers
of the and their data in all our markets.
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 28 Become the best-connected brewer
Generative AI At the heart of this effort is our Connected Brewery We linked the programme with Total Productive
Heineken
N.V. Unlocking the We piloted Generative AI (GenAI) with promising
programme, which modernises breweries with a
future-fit digital ecosystem. By integrating machine
Maintenance to improve equipment and
maintenance reliability and standardised
Annual
Report
2024
value of data results in various areas across HEINEKEN.
data and Internet of Things (IoT) connectivity, performance reporting across all breweries to cut
Our Knowledge and Insights Management platform Connected Brewery optimises productivity, quality administration workloads. We also made substantial
The cornerstone of all value generated by actionable (KIM) unlocks consumer and customer research and and sustainability while delivering recurring cost investments to further enhance our Connected
insights, foresights and – of course – AI is a solid insights across all markets, making it easily accessible savings. It combines Smart Brewery, which connects
foundation of robust, trustworthy data. We have Worker Apps, which now include a personal skills
to our Commerce operations. machines to the cloud to reduce waste and
onboarded more than 70 operating companies on development module for operators. Currently over
maximise output, with Connected Worker apps that
DataPrime, our foundational data platform, Hoppy is a GenAI chatbot and integrates data from 80% of our global production workforce has access
empower operators with tools like QR code scanning
empowering us to connect data across our business multiple internal sources to navigate global to these shopfloor tools.
for instructions and augmented reality for remote
and use it to greater effect, at scale. standards, ways of working and processes, boosting support and problem-solving capabilities. Connected Brewery now operates in over 90
productivity within our Finance teams.
Building on this, we advanced our data and AI We significantly enhanced Connected Brewery in breweries and plays a pivotal role in broader
Introduction capabilities in 2024, embedding AI-driven products And finally: HeiFi leverages 10 years of data on the 2024. A key focus was on further incorporating transformation initiatives including Sequoia,
across our operations and rolling out literacy consumer-packaged goods (CPG) sector to offer robotics for crucial shop floor tasks including bringing HEINEKEN’s leading supply chain programme in
programmes to ensure adoption. By treating data strategic insights to leadership teams for better, our first Boston Dynamics Spot into full operation Europe. With more than 7,000 connected machines
Report and insights as a strategic asset, we’re creating AI quicker decision-making. (‘Spot’ is a robotic dog that reduces energy generating billions of data points, Connected Brewery
of the with measurable impact on business performance. consumption and prevents unplanned downtime is key to creating the most sustainable and
Executive Ethical AI competitive supply chain in Europe.
Board through autonomous maintenance inspections to
Data-driven commerce Our Code of Business Conduct and our AI Ethics detect air leaks, heat emissions and mechanical Meanwhile, robotic process automation is
Report AI products are transforming our Global Commerce Principles offer guardrails to manage our ongoing anomalies). We also launched our first trials of streamlining repetitive tasks across all our support
of the operations, helping us create incremental revenue use of AI and we continuously review our practices automated bottle pickers. functions. In 2024, we saved more than 260,000
Supervisory opportunities and build a winning portfolio. as technology evolves. working hours - up from 200,000 in 2023 - putting
Board
Artificial Intelligence Data-Driven Advisor (AIDDA) us well on track to achieve our target of 1million

Financial
predicts the best actions to take with customers,
accelerating the transformation of our sales
Simplifying and cumulative hours by 2025. This is freeing teams to
focus on higher-value activities and scale innovation
Statements
representatives into true business advisors. In 2024, automating our faster than ever before.
it scaled to eight markets, enhancing productivity
with 490,000 daily customer engagements. end-to-end business
Similarly, Product Recommender, now live in seven
Sustainability We’re transforming the way we work by digitising,
Statements markets, analyses customer preferences and
simplifying and automating our end-to-end
behaviours, delivering personalised suggestions to
processes. This commitment drives efficiency,
enhance user experience and drive sales on eazle.
enhances customer experience and keeps us
Falcon, our image recognition product, simplifies
Other
competitive and sustainable for the long term.
retail audits by checking planogram compliance.
Information
MERCURY is an AI product that optimises the impact
of marketing spend across brands and channels.
Having put it to use for above and below-the-line
spend across all brands in 2024, it’s delivering
incremental gross profit across three markets.
Promo Advisor is our AI product suite for revenue
management that enables the planning, simulation
and optimisation of targeted promotions, boosting
sales and ROI - all aligned with our promo strategy.
 29 Become the best-connected brewer
User feedback post-launch reinforced the positive This year we began to set up a global Commerce
Heineken
N.V. Building a modern impact of the new architecture’s experience.
Similar outcomes followed in Serbia and Egypt,
DevOps hub to support our strategic e-commerce
operations and a Technology Platforms & Sourcing
Annual
Report
2024
Digital Backbone solidifying the Digital Backbone’s readiness for Hub for Europe in Krakow. We also enhanced
broader implementation. existing hubs with additional capabilities, including
HEINEKEN is on a journey to become the world’s Data & Analytics, for example.
best-connected brewer, powered by a cutting-edge With our consolidated future digital landscape in
Digital Backbone. This transformation replaces our mind, we’ve stepped up our cybersecurity and We also formally established and expanded Tiger
previously fragmented technology landscape with a system resilience to make sure we’re best placed to Tribe, our global innovation and digital product
modern, modular architecture that combines a lean protect the business against ever-increasing global development team, at our hub in Ho Chi Minh City.
Digital CORE with standardised cloud-based digital threats. Our ‘Tigers’ collaborate with internal and external
platforms. The resulting industry-leading technology partners to address critical business challenges, from
enables new ways of working, enhanced customer enhancing customer experience to optimising supply
Introduction service, end-to-end efficiencies and rapid scaling of Creating a digitally chains. The team is a game changer for HEINEKEN
“Our digital transformation merges
capabilities globally – all the while staying agile for
future innovation.
enabled organisation and is already leveraging GenAI to deliver product
development and innovation cost-effectively at HEINEKEN’s deep understanding of
speed and scale. local consumers, customers and
2024 was a pivotal year marked by the successful It’s crucial that we have the right skills and
Report
of the capabilities both within our global Digital and By the end of 2024, our hubs were powered by more
communities with the power of global
deployment of pilots in three operating companies.
Executive
These pilots tested the integration of all 35 of our Technology function and across all of HEINEKEN. In than 700 tech-specialists, up from 20 in 2021. This scale, big data and enterprise
Board
Digital Backbone applications across diverse 2024, we continued to step up these capabilities, remarkable growth underscores our commitment to knowledge. Through data and AI,
business models, markets and tech starting points. In empowering teams with skills and tools that enable creating a digitally enabled organisation that we’re not just optimising operations –
Report an agile, future-fit business.
our pilot operating company, the system exceeded attracts, develops and retains diverse talents within we’re fostering smarter, more
of the
Supervisory expectations, going live without disruption. HEINEKEN’s Digital and Technology function.
Board
Our global digital hubs are at the heart of this meaningful connections worldwide,
Within two months, the operating company transformation, serving as engines of innovation and enabling our business to thrive in a
achieved record-breaking sales and production, delivery. These hubs ensure consistent, cost-effective
rapidly changing world.”
Financial underscoring the system’s potential to boost implementation of capabilities across our
Statements efficiency and performance. operating companies. Ronald den Elzen
Chief Digital and Technology Officer

Sustainability
Statements

Other
Information
 30 Business priority
Heineken
N.V.
Annual
Unlock the
full potential
Report
2024

of our people
Our people are at the heart of our success and
are our top priority. With this in mind, our
Introduction strategy is grounded in four areas: future-
proofing our talent and organisation; driving
excellence to enhance processes and
Report
of the competitiveness; unifying our people
Executive
Board approach globally; and protecting and
respecting every individual.
Report
of the
Supervisory
These areas guide our efforts to build a winning
Board culture where everyone thrives. We are
nurturing exceptional leaders, developing
Financial inspired and purpose-driven teams, and
Statements
fostering an inclusive, equitable environment.

Sustainability
Taking part in the Women Interactive Crucially, we are committed to our people’s
health, safety and wellbeing, and we will
Statements
Network was a game-changer: it’s given me continue working on our social sustainability

Other
renewed confidence and a fresh and human rights agenda.
Information
perspective on women in leadership.
There’s still work to do, but HEINEKEN is
the first company I’ve worked for that’s
deliberate about gender equality.”
Tsholo Moripe Regional Trade Marketing Manager

Read more on how we’re levelling

the playing field for women leaders
 31 Unlock the full potential of our people
Though still in its early stages, the programme Flagship programmes like the Heineken Unleashing diverse talent
Heineken
N.V. Strengthening our reflects our commitment to empower our leaders to
build winning teams where everyone thrives.
International Management Course (HIMAC),
ACCELERATE and Women Interactive Network
Nurturing an inclusive and equitable environment
Annual
Report
2024
winning culture These efforts contributed to a positive, healthy and
(WIN) continued to equip senior and middle
where all employees can thrive is good for our
business as it helps make sure our brands reflect and
managers with the skills they need to drive progress.
We continue to evolve and improve our culture future-ready culture, as reflected in our 2024 climate communicate authentically with our diversifying
across the business as an enabler of all aspects of survey. With more than 74,000 employees across 85 We launched two new initiatives in 2024: LEAD, our consumer base.
our EverGreen strategy. operating companies participating, we achieved a Global People Manager programme; and
We launched Queenfisher in India, an initiative
92% response rate. The results outperformed HEINEKEN’s Women’s Summit, a development
At our head office, where global functions converge, developed by an all-female team to celebrate
external benchmarks, with 90% of employees programme for our senior female leaders.
fostering a strong, collaborative culture is vital. To sisterhood. Alongside a new beer with fresh
expressing pride in working at HEINEKEN and an Preparations were also underway for an additional
address the challenges of hybrid working, siloed packaging, we created safe spaces for honest
employee engagement score of 86%. Further offer. Having reflected on the successes of Thrive, an
thinking and people with diverse experiences coming conversations about female empowerment.
recognition came in October, when Forbes named us 18-month programme aimed at our top 160 leaders,
together, we launched the Together We Thrive Elsewhere, Strongbow took further steps towards
the world’s best employer in the food, beverages, Thrive Forward will take its learnings to
Introduction Handshakes programme. Through focused two-hour becoming the UK’s most inclusive cider. Supporting
alcohol and tobacco industry. management teams worldwide in 2025.
workshops, teams define and commit to a purpose, the Heineken Open & Proud (HOP) network, it
principles and concrete ways of working. Since its Talent and leadership development These initiatives are working. Our research suggests introduced Pride-inspired packaging and hosted
Report launch, nearly 1,300 people across more than 100 participants are 33% more likely to be retained in the activations that resonated with a new generation of
of the We’re committed to cultivating exceptional leaders business and twice as likely to be promoted versus diverse consumers.
teams have participated, reporting improvements
Executive that unlock the full potential of our people to deliver peers. They’ve also earned external recognition,
Board
in collaboration, wellbeing and work–life balance Meanwhile, 66% of management team roles in our
on our EverGreen strategy. In 2024, we took bold including two prestigious Brandon Hall Group
as well as a stronger sense of identity across operating companies are now held by local talent,
steps to expand and democratise access to formal Human Capital Management Excellence Awards:
head office. demonstrating our focus on making sure teams
Report leadership development programmes, scaling these one for Best Learning Program Supporting a Change
of the Elsewhere, we introduced the ‘Climate Winning initiatives to benefit more than 16,000 participants reflect the markets, customers and consumers we
Supervisory Transformation Business Strategy (HIMAC) and
Recipe’ initiative, a set of best practice guidelines with a truly global offering. serve. Cultural diversity is a cornerstone of our
Board another for Best Leadership Development for
designed to help management teams operate as strategy, and a new global graduate programme is
Women (WIN).
one and inspire their people. By consolidating part of a range of efforts that are helping attract
Financial insights from operating companies worldwide into a and develop the next generation of talent from
Statements clear and actionable ‘recipe’ format, the initiative increasingly diverse backgrounds.
builds trust, unity and shared purpose. Lastly, advancing gender balance remains a key
priority. Initiatives like WIN and Women in Sales are
Sustainability supporting our 2025 goal of 30% women in senior
Statements management one year ahead of schedule.

Other
Information
 32 Unlock the full potential of our people
We extended our transformation programme that This year, we ran training in two critical areas: fraud Areas for improvement, particularly in inland
Heineken
N.V. Safety, health supports select functions and operational companies
based on safety performance. In Mexico for
and human rights. logistics, were addressed through collaboration with
suppliers to enhance safety and working conditions.
Annual
Report
2024
and wellbeing example, a heat stress initiative was introduced after
We made significant progress on including waste
pickers in the citizenship agenda of economically In more volatile regions, we refined our approach to
an exceptionally hot summer affected employee developing countries, improving their working protecting people and communities near our
Nothing matters more than the safety and wellbeing
health. Measures such as additional breaks, conditions and supporting our circularity strategy. In breweries through a refreshed approach to our
of our people. We believe every single person who
works for and with us should benefit from a positive improved awareness of the importance of hydration, Brazil, the HEINEKEN Institute partnered with local ongoing training for security forces in key Africa and
and nourishing working environment and, above all, adjusted shift management and facility upgrades authorities to enhance visibility and boost conditions Middle East markets.
return home safely each day. A range of activities in addressed and improved both safety and well being. for waste pickers. What began as a state-level
These efforts underscore our commitment to social
2024 supported our ambition to shape a leading initiative has evolved into a best practice model that
While we have significantly reduced the severity of sustainability. Looking ahead to 2025, we’ll focus on
health and safety culture. is receiving support from the Federal Government
incidents across our business, we deeply regret that strengthening value chain due diligence, making
for replication across six additional states as a
Every year we run Safety Week, a global HEINEKEN two persons lost their lives while working for us in sure we remain future-ready while upholding our
national public policy.
Introduction event that highlights our ongoing commitment to 2024. An independent investigation team dedication to human rights.
safety, helping to raise awareness and embed the thoroughly investigates every fatality to understand As the world’s most international brewer, our
right practices. This year’s theme was ‘Safety at Heart!’ the root cause, and we take action to prevent operations span diverse geographies including high-
Report A variety of initiatives emphasised the importance of recurrence and share learnings. Looking ahead, we’ll risk and, at times, conflict-affected areas. In
of the treating our own safety and that of our colleagues continue to strengthen and embed an empowering Myanmar, heightened Human Rights Due Diligence
Executive health and safety culture and integrate leadership (hHRDD) was conducted across our value chain,
Board
with the same care we show for loved ones.
on safety across our business. covering conflict risk, human rights evaluations and
Elsewhere, the introduction of a cultural programme management systems reviews. The findings
Report in 2024 empowered all operating companies to confirmed our ability to operate responsibly through
of the
Supervisory
assess their health and safety culture, identify gaps
and develop improvement plans to close them. So
Social robust management systems while contributing to
“By empowering leaders and fostering
Board
far, 49 locations have embraced the initiative with sustainability the safety and economic stability of our employees,
their families and local communities. inclusion, we’re not just building a
more to follow in 2025. future-ready organisation – we’re
We continued to advance our social sustainability
Financial
Statements ambition in 2024 in pursuit of an ever fairer, more creating a culture where innovation
equal and safer company – and society. and collaboration drive impact. Our
One initiative was the expansion of our global goal is to be a true enabler of our
Trusted Representatives programme, which fosters a EverGreen strategy, helping
Sustainability
Statements global community of more than 500 employees HEINEKEN better connect with
dedicated to supporting colleagues who are consumers, deliver sustainable growth
witnessing or experiencing potential misconduct.
and lead with purpose in a dynamic,
Other ever-changing world.”
Information
Yolanda Talamo
Chief People Officer
 33 Regional reviews
Heineken
N.V.
Annual
Report
2024

Africa and Americas Asia Pacific Europe

Middle East Read more
Page 34
Read more
Page 35
Read more
Page 36
Read more
Page 37

Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information

Contribution Contribution Contribution Contribution

2024 2023 2024 2023 2024 2023 2024 2023
to Group 2024 to Group 2024 to Group 2024 to Group 2024

Africa and Middle East 29.5mhl 34.8mhl 12.3% 5.6mhl 5.7mhl 9.2% €423 €450m 9.4% €4,133 €4,229m 13.5%

Americas 89.3mhl 88.4mhl 37.1% 25.3mhl 23.7mhl 41.5% €1,830 €1,531m 40.5% €10,407 €10,469m 34.0%

Asia Pacific 45.3mhl 43.0mhl 18.8% 14.1mhl 11.4mhl 23.1% €914 €926m 20.2% €4,226 €4,157m 13.8%

Europe 76.6mhl 76.4mhl 31.8% 16.0mhl 15.5mhl 26.2% €1,354 €1,353m 29.9% €11,845 €12,211m 38.7%
 34 Africa and Middle East
Heineken
N.V. Challenges Nigerian Breweries activated its Business Recovery
Plan, including a successful rights issue, company-
In South Africa, we made important steps to
complete the integration of the acquired Distell
Sustainability
Most of the beer we sell in AME is in returnable glass

and growth
Annual wide reorganisation and the temporary suspension business, with encouraging results across the
bottles. In 2024 we made a further step in our carbon
Report of two of its nine breweries. portfolio. Strong growth in cider was led by Savanna,
2024 reduction journey with the launch of the Heineken®
It also completed the acquisition of Distell Nigeria, including the launch of a premium, whisky-flavoured
‘Star’ returnable bottle in South Africa and introduced
2024 was a year of resilience and providing access to a complementary portfolio of cider, Savanna Neat. The launch of a new spritzer,
public spaces called ‘Green Zones’ across the country.
growth for the Africa Middle East fast-growing wine and spirit brands. These steps Bernini Mimosa, reinforced the brand’s strong
In Nigeria, we celebrated an important milestone with
helped achieve volume growth and laid the position with women. It was a positive year of growth
(AME) region. To manage significant foundations for a return to profitability. for Namibia Breweries, which also benefited from the
the signing of a PPA to supply two off-grid breweries
economic volatility, social instability integration of the Distell portfolio.
with 100% renewable electricity. Our agricultural
and inflationary pressures, HEINEKEN We further optimised our footprint with the sale of footprint in Africa continues to grow, with over 60% of
Champion Breweries in Nigeria and the announcement Elsewhere, we took significant steps forward to raw materials locally sourced, including five OpCos
focused on courageous pricing,
of the construction of a state-of-the-art brewery in Dubai become the best-connected brewer with the that sourced more than 75% locally for the first time.
disciplined cost management, prudent through Sirocco, our long-standing joint venture with successful roll-out of pilots of our new Digital We continued to invest in our people with 75% of
Introduction
investments and innovative brand Maritime and Mercantile International. This first large- Backbone (more on this on page 29) in two AME senior managers being from the region and 30%
building to deliver balanced scale facility in the Gulf region will support Dubai’s operating companies that simplify our IT landscape being women.
performance and position our business burgeoning tourism industry. and drive productivity.
Report
for long-term growth. HEINEKEN Africa Foundation
of the
Executive
Premiumisation and innovation The HEINEKEN Africa Foundation continued its
Board Navigating a tough environment We drove premiumisation at scale led by the mission to empower small-scale farmers through
We remain committed to our long-term vision for Heineken® brand, which enjoyed consistent volume regenerative agriculture. Pilot projects in Burundi and
Report AME, however, we faced significant headwinds in growth across the region. Our affordable premium Ethiopia progressed significantly in 2024 and there
of the
2024 including major currency devaluations in brands expanded into new markets with launches are plans underway for a new initiative in
Supervisory
Board Nigeria, Ethiopia and Egypt, and widespread like Amstel in Algeria and Tiger in the DRC. Mozambique in 2025. By 2027, the Foundation
inflation that pressurised consumer purchasing Desperados continued its upward trajectory, aims to impact over 47,000 farming families across
power. Social unrest further complicated operations particularly in Nigeria. these countries, fostering climate resilience and
“I’m proud of all our teams who sustainable livelihoods.
Financial in countries like Ethiopia, the DRC, Kenya and
Statements demonstrated resilience and Local icons also played a pivotal role in
Mozambique. HEINEKEN mitigated these challenges strengthening HEINEKEN’s presence. Life and
with courageous pricing, strict cost management resourcefulness in the face of a
Goldberg delivered impressive growth in Nigeria,
and a prudent approach to investment, enabling the volatile macro-economic environment. while Maltina’s ‘Share Kindness-Share Happiness’
Sustainability region to achieve both organic profit growth and Courageous pricing, cost campaign revitalised consumer engagement. A
Statements volume growth. management and smart investments refreshed identity for Turbo King resonated strongly,
helped us navigate the storm and achieving solid growth in key markets.
deliver organic profit growth.
Other Crucially, our strong brand portfolio
Information
and focus on consumers helped return
AME to organic volume growth.”
Roland Pirmez
Regional President, Africa Middle East
 35 Americas
Heineken
N.V.
Unlocking Innovating in beer and beyond
We continued expanding our portfolio to meet
Investing in growth
We made a range of strategic investments. In Mexico,
Always a choice
Our low and no-alcohol portfolio continues to
Annual
Report
2024
profitable growth evolving consumer preferences. Heineken® Silver,
our fresh, world-class light beer, is delivering
the Meoqui Can Factory became operational in June,
a key milestone in supply chain integration. In Brazil,
achieve double-digit growth, led by Heineken® 0.0,
now available in all our 14 operating companies and
encouraging results and promising progress in we advanced construction of the Passos brewery, set eight export markets, and Tecate 0.0. In Brazil, we
Driven by its size and increasing Panama and South America. to become one of our most sustainable facilities in the launched Sol Zero, a no-alcohol beer enriched with
demand in some key markets, the region. And in Panama, brewery upgrades enabled vitamins D and B.
In the RTD segment, Amstel Vibes demonstrated
Americas presents a unique local production of Heineken® to begin.
strong momentum in Brazil, while Rum Stripe, Piton Programmes promoting moderation, such as
opportunity for us. We’re strengthening Vibes and Ricardo gained traction in the Caribbean. We also made significant progress on our digital Carnival initiatives in the Caribbean and our
our competitive position by scaling Our non-alcoholic beverage portfolio in Brazil journey, with a growing share of fragmented trade ‘LOVE.LOVE’ tennis-themed campaign for Heineken®
premiumisation led by Heineken®, achieved remarkable growth, driven by FYS, our revenue now coming through digital channels. As of 0.0 in the US, strengthened our responsible
accelerating innovation, digitising our low-sugar soft drink. 2024, more than two thirds of customers use our consumption message while showcasing our
Introduction route-to-consumer and other strategic digital platforms, reflecting the impact of this innovative approach to consumer engagement.
Making meaningful connections with consumers
investments. transformation programme on our business.
remained a priority. The UEFA Champions League Sustainability
and Formula 1 were key platforms once again:
Report Exceptional performance Heineken® activations such as Chec0.0 Perez in In Brazil, SPIN, an innovative partnership ecosystem,
of the was launched to drive sustainable models for
Executive Despite high inflation, currency devaluation in Mexico and Senna in Brazil shared the brand’s spirit
Board Mexico and Brazil, instability in Haiti and Ecuador, with local audiences. In Jamaica, a partnership with packaging circularity, regenerative agriculture,
and reduced consumer purchasing power in the US, Usain Bolt highlighted Red Stripe’s connection to the energy transition and impact brands.
Report HEINEKEN Americas delivered exceptional island. Our campaigns were once again recognised The roll-out of our decarbonisation programme
of the performance in 2024. at Cannes, with the Americas earning five Lions for gained momentum, with Suriname, Peru and
Supervisory
The Gaming Fridge (Brazil), Out of Home Matches Lagunitas transitioning to 100% renewable
Board Our premiumisation strategy continued to drive (Brazil), Backing the Bars (Brazil and Argentina) and electricity. A new PPA contract for a wind farm in
strong results, with the Heineken® brand leading 0.0 Prohibition (Argentina). “We continued to grow in the Bahia State, Brazil, solar projects, biomethane
with high single-digit growth. Amstel® also showed
Financial impressive high single-digit growth, with particularly Americas through premiumisation, adoption, biomass boiler installations and vehicle
Statements
strong results in Brazil and Ecuador. In Panama, innovation and strategic investments. electrification initiatives all demonstrated our
Cristal reinforced its position as a differentiated Despite macroeconomic challenges, ambition to scale renewable energy. Water
premium brand. stewardship also improved, with water efficiency
we delivered impressive results, with reaching record low levels. New water reclamation
Sustainability
Statements
Heineken® leading the way in plants in Mexico and Brazil neared completion.
premium growth. Our commitment to
We remain focused on diversifying leadership,
expanding digital capabilities and our building talent pipeline and fostering inclusivity. Our
Brew a Better World agenda leadership development programmes are equipping
Other
Information underscores our dedication to colleagues with career opportunities and supporting
sustainable, long-term growth.” the delivery of our EverGreen strategy.

Marc Busain
President, Americas
 36 Asia Pacific
Heineken
N.V. A year of solid Despite facing social volatility and natural disasters
in some markets, we recorded healthy topline
We have either maintained or grown our market
share across most of our markets, with notable
Our commitment to building distributors' and
wholesalers' management capability and refining

performance
Annual growth while also investing in our strategic turnarounds in several markets. our frontline sales force is vital to achieving long-
Report power brands. term sustainable growth.
2024 Innovation and strengthening route
Our regional performance surpassed competitors' Overall, our focus on brand innovation and
In 2024, HEINEKEN demonstrated a to consumers
topline growth, supported by increased productivity enhancing our route to consumers has positioned us
solid recovery with a volume growth of and effective cost control. We continued our efforts to drive category growth for continued growth and success in the region, and
4.1% (excluding China). This was driven and consumer penetration through our brands and we are committed to doing this sustainably.
Our strategic focus has been on balancing a healthy innovation. We strengthened our innovation
by good performance in a broad range mix of premiumisation opportunities led by
of markets. capabilities by establishing a Regional Innovation Sustainability
Heineken®, innovative products and local jewel brands Hub in Singapore that is tasked with shaping the
such as Tiger, Kingfisher, Bia Viet and Larue, which This year we successfully reduced carbon emissions
beer category, enhancing the relevance of our brand and improved water efficiency across the region. For
have also significantly contributed to the solid results. propositions, and creating diverse and meaningful
Introduction example, we have made great progress in the
experiences for our consumers. Golconda brewery in India and the Vung Tao
Premiumisation
Our sessionable offerings including Heineken Silver brewery in Vietnam. We have also progressed water
Heineken® achieved an impressive 24% volume
and Tiger Crystal resonate strongly with younger balance across the region, with 3 sites in Indonesia
Report growth across total markets. Notably, it experienced
of the adult consumers. These brands fortify our portfolio now fully water balanced. Meanwhile, we continued
extraordinary growth of 53% in Vietnam alongside
Executive and connect us with a new generation of beer to foster an inclusive environment that celebrates
Board continued growth in China, India and Laos.
enthusiasts. Additionally, we launched innovations diversity. A diverse workforce drives innovation and
Heineken®’ strong premium positioning, combined like Tiger Soju, Queenfisher and other flavoured success, and we are dedicated to making sure every
Report
“We achieved solid performance due with the appeal of Heineken® Silver to a new propositions to satisfy unmet consumer needs. individual feels valued and respected.
of the
generation of premium drinkers, has allowed us to
Supervisory to our well-balanced portfolio with This year, we also enhanced our execution As we approach 2025, we focus on sustained quality
Board win in the market. The success was further bolstered
robust growth of the Heineken® brand in China by Amstel’s significant volume growth. capabilities across numerous markets. By growth through improved consumer engagement
strengthening our distribution power and execution with our premium and mainstream brands.
of 30% (excluding China) and
We are on a consistent growth path in India, with excellence, we make sure our products reach
Financial continued strong growth of the brand double-digit revenue growth driven primarily by
Statements consumers in the most impactful and relevant ways.
in China. We not only experienced Kingfisher and our premium portfolio, and enhanced
solid to strong growth across various operational performance within a challenging
markets, but also made significant business and regulatory landscape.
Sustainability
Statements investments in our brands and
capabilities, which further enhanced
our competitiveness.”
Other Jacco van der Linden
Information President, Asia Pacific
 37 Europe
Heineken
N.V. Shaping the Our mainstream brands saw stabilised volumes,
while our Premium brands like Birra Moretti,
Growing in beer and beyond
Growth in 2024 was fuelled by innovation across
Through great collaboration of these country led
initiatives, we are running ahead of our original plan,

future of beer
Annual Desperados and Heineken® outperformed the delivering significant gross savings across Europe.
Report
our portfolio and iconic brand activations to make
category in most markets. Birra Moretti continued to sure our brands reflect the tastes, values and Elsewhere, we focused on deploying future-fit,
2024

and beyond
grow in the UK driven by the launch of its line lifestyles of consumers. repeatable capabilities to maximise commercial value
extension, Sale di Mare, a new unfiltered lager with a and HEINEKEN’s Digital Backbone initiative is on track
pinch of Italian sea salt. Next-generation brands In Spain, we grew brand power with Cruzcampo
to modernise our fragmented technology systems
Despite a challenging market, we including Texels, Ichnusa and El Aguila further through an impactful campaign, Gitana, which
(read more on this on page 29). Serbia piloted the
touched the hearts of a younger generation in
strengthened our position in Europe boosted our performance.
Andalusia. The brand continued to perform strongly
programme, showing promising signs of improved
over 2024 by investing in our brands Elsewhere, we continued to grow our world-class no- in the UK, ranking as the most successful launch in
production, sales, customer service and efficiency.
and driving innovation across our alcohol portfolio. Alongside our ‘always a choice’ alcoholic beverages over the past decade. In Italy, Sustainability
portfolio. From transforming our supply message that positions beers for different occasions our Ichnusa brand stays true to its Sardinian soul.
Introduction chain to enhancing digital capabilities, for all consumers, Heineken® 0.0 is shaping the future With the campaign ‘se deve finire così, non beveteci We continue to work on our sustainability agenda.
of the category and stimulating segment growth. nemmeno’, we inspired people to act more Following our inauguration of Europe’s largest
we’re delivering on our strategy to industrial thermal plant in Seville, we opened a
grow, win and transform. thoughtfully: if you drink Ichnusa and leave the
bottle behind, we’d rather you hadn’t drunk at all. second solar thermal facility in Valencia. In France,
Report
of the our regenerative agriculture project yielded its first
Executive
Driving growth and winning Beyond beer, we announced a small minority stake barley harvest, with 420 farmers adopting
Board amid headwinds investment in the fast-growing Dutch brand STËLZ, practices to improve soil health, biodiversity
After a solid start to 2024, we faced a challenging whose seltzer and RTD propositions appeal to Gen Y and carbon reduction.
Report summer marked by a slowdown in consumer and Z consumers. In the UK, we innovated in the
of the cider category by offering a fresh perspective, Water stewardship also advanced in 2024, with a
demand, adverse weather and competitive
Supervisory
exciting consumers with a diverse range of strong performance on water efficiencies across
Board pressures. We began to regain momentum over the
adventurous fruit combinations. the region
second half of the year, however. Improved
competitiveness drove volume growth, while Q3 “Against a challenging economic Our social impact ambition continues. In Spain, the
Investing in transformation
Financial share gains signalled a shift to stronger backdrop, we successfully stabilised Cruzcampo Foundation drives economic and social
Statements performance, particularly in the off-trade. We continue to modernise our business through development, tackling youth unemployment
beer volumes and grew operating
various initiatives including the bold transformation through hospitality-focused training. Its Hospitality
The prevailing macro-economic uncertainties profit while stepping up investment of our European supply chain. By unifying, School achieved a 90% job placement rate in 2024,
affected consumer spending and impacted growth, in our brands, strengthening our digitalising and streamlining operations across our equipping over 350 individuals with skills in kitchen
Sustainability particularly in the on-trade. Higher promotional organisation and accelerating
Statements European operating companies, we’re creating a and service, as well as digital marketing customer
pressures and weaker than expected pricing put
pressure on profitability and meant winning proved
EverGreen transformation to build more sustainable, efficient and connected network. centric technics.
more challenging, particularly in established markets a more connected, more resilient
Other
like Italy, Spain and France. and future-fit business.”
Information
Glenn Caton
President, Europe
 38 Risk management
Integrated approach As part of the Risk Assessment Cycle, operating companies and their Management Teams review and update Risk appetite
Heineken their risks on a continuous basis throughout the year. The Code of Business Conduct and its underlying policies
N.V. At HEINEKEN, Risk Management is an integral part of HEINEKEN’s risk appetite is the result of its wide
set out HEINEKEN’s commitment to conduct business with integrity and fairness, and respect for the law and
Annual doing business, supported by clear governance. Risks geographical spread, prudent financial
Report our values. The HEINEKEN Rules articulate how we work and the Standards to which we commit. They are a
are an essential element when opportunities are management and commitment to long-term value
2024 key element for managing the risks faced by our Company and translating our objectives into clear
assessed and strategies are set. Management creation. Risks are taken consciously, assessing their
instructions on how to conduct our daily business.
decisions are made in line with HEINEKEN’s risk impact on HEINEKEN’s objectives. The level of risk
appetite. Risks are identified, mitigated and monitored HEINEKEN’s systems of risk management and internal control, which are based on the COSO Enterprise HEINEKEN is willing to take depends on the type of
on an ongoing basis, as part of business routines. The Risk Management and Internal Control Reference model, form a fundamental part of the HEINEKEN objective it impacts (reputational, financial or
increased volatility in recent years due to an uncertain Business Framework. business continuity related).
geopolitical landscape has elevated the importance of
active risk management. Our Business Framework Reputational
HEINEKEN’s risk management approach addresses HEINEKEN is reliant on the reputation of its brands
the risks the Company faces in achieving its strategy; and the protection of its intellectual property rights.
Introduction
managing these risks in a conscious manner Reputation management is of utmost importance
increases the likelihood of meeting our business to HEINEKEN. We have invested considerable effort
objectives. A proactive approach ensures risk in protecting our brands, including the registration
Report of trademarks and domain names. We aim to
of the management is part of our executive conversations
Executive and is embedded in our processes. This benefits our reduce the risks that could negatively impact our
Board decision-making and is essential to create and reputation to the furthest extent possible, accepting
preserve long-term value. that this may come at a cost.
Report
of the Risk Management is part of the Financial
Supervisory
Board HEINEKEN Business Framework HEINEKEN is keen on pursuing commercial
opportunities to deliver superior and balanced
The HEINEKEN business framework articulates the
growth, accepting uncertainties linked to its
key elements that the Company relies on to operate
Financial strategic choices and the context of the individual
effectively and deliver long-term value creation while
Statements markets in which it operates.
protecting its people, assets and reputation.
Our Purpose, Our Dream and Our Values underpin our Business continuity
EverGreen strategy, enabled by our organisational HEINEKEN makes the availability of its brands a
Sustainability
Statements structure and strong governance. The behaviours give priority, accepting only minimal disruptions to its
clear guidance to all employees on how to act and Risk profile operations. In addition, HEINEKEN continuously and
foster a culture of achievement, collaboration and consciously makes focused investments to future-
growth, underpinned by a Behaviours Framework that HEINEKEN is predominantly a single-product business, operating throughout the world in the alcohol
industry. HEINEKEN is present in more than 70 countries, with a growing share of its revenues originating proof the organisation and ensure the sustainability
Other reflects the expected attitudes in decision-making. of the business.
Information from emerging markets.
Continuous Risk Management supports the
achievement of business objectives, based on our Risk HEINEKEN has undertaken business activities with other market parties in the form of joint ventures and
Assessment Cycle, the HEINEKEN Code of Business strategic partnerships and with independent distributors. Where HEINEKEN does not have effective control,
Conduct and the HEINEKEN Rules. decisions taken by these entities may not be fully harmonised with HEINEKEN’s strategic objectives. Moreover,
HEINEKEN may not be able to identify and manage risks to the same extent as in the rest of the Group.
 39 Risk management
Heineken
Internal control Organisation Processes Main risks
N.V. HEINEKEN’s internal control activities aim to provide For the organisation of risk management activities, HEINEKEN’s risk management activities seek to The risk overview on the next page highlights the
Annual
Report
insights into the effectiveness of internal processes HEINEKEN applies a ‘three lines of defence’ model. identify and appropriately address any significant main risks that could hinder HEINEKEN in achieving
2024 with regards to the accuracy of financial First and most important is the quality and threat to the achievement of the Company’s its strategy and business objectives.
information, non-financial disclosures, and the behaviour of operational management, the first line strategy and business objectives, its reputation and
This is not a full overview of all risks and uncertainties
Company’s compliance with applicable laws and of defence. They have the ownership, responsibility the continuity of its operations.
that may affect the Company. As new risks emerge
internal policies. and accountability for assessing and mitigating risks.
HEINEKEN’s risk management system enables and existing immaterial risks evolve, timely discovery
Internal controls have been defined at operating Operational management is supported by the management to identify, assess, prioritise and and accurate evaluation of risks are at the core of
entity level (HEINEKEN Rules – comprising all second line of defence, functions that oversee manage risks on a continuous and systematic basis, HEINEKEN’s risk management system.
mandatory standards and procedures) and at compliance with HEINEKEN’s policies, processes and and covers all subsidiaries across regions, countries,
Financial risks are reported separately in note 11.5
process level (Process and Control Standards) for key controls, facilitate the implementation of risk markets and corporate functions. Ongoing
in the Financial Statements on pages 120–123.
processes, including financial and non-financial management practices and drive continuous identification and assessment of risks, including new
Introduction reporting, IT and Tax. improvements of internal controls. risks arising from changes in the global or local The Statement of the Executive Board is included
business environment, are part of HEINEKEN’s in the Corporate Governance statement on
Compliance with company policies is periodically As third line of defence, the internal audit function
planning, performance and risk management cycles. pages 49-58.
assessed. Deviations from the defined standards (Global Audit) is mandated to perform Group-wide
Report Risk assessments are performed by every subsidiary
are included in the global monitoring and follow-up reviews of key processes, projects and systems, The ways we manage risks related to Responsible
of the and all global functions. The implementation of
Executive processes, supporting management in addressing based on HEINEKEN’s strategic priorities and most Consumption, Business Conduct and Human Rights
responses and progress of risk mitigating measures
Board these deviations. Management is responsible for significant risk areas. Global Audit provides are further detailed in the Sustainability Statements
is monitored on a quarterly basis.
the definition and timely implementation of action independent and objective assurance and section of our Annual Report on pages 138-285.
Report plans to remediate any deficiency identified as part consultancy services. It employs a systematic and Risk assessment outcomes are aggregated at a
of the of these assessments. The results are reported to the disciplined approach to evaluate and improve the global level and serve as basis for determining
Supervisory
Board
Executive Board. organisation’s governance and risk management HEINEKEN’s risk exposure and risk management
process including reliability of information, priorities by the Risk Committee. Accountability for
The HEINEKEN Rules, policies and controls are
compliance with laws, regulations and procedures, mitigating, monitoring and reporting on the most
periodically updated to reflect both the Company
Financial and efficient and effective use of resources. The significant risks is assigned to functional directors
key risks and the extent to which the Company is
Statements methodology followed by Global Audit is in who report on progress and residual risk levels three
willing and able to mitigate them.
accordance with the standards of the Institute of times per year to the Risk Committee.
Internal Auditors.
Risk Committee HEINEKEN continues to evolve risk management in
Sustainability The Executive Board of HEINEKEN is accountable for To support the Executive Board’s external the Company, reflecting new and emerging risks.
Statements
risk management, risk oversight and the protection representations, a formal bi-annual Letter of Building on the existing risk and controls
of HEINEKEN’s reputation, value of assets Representation process is in place. It requires mechanisms, improvements are aimed at driving
and brands. management to take responsibility for accurate and business ownership of risks, increasing business
complete reporting on financial and non-financial involvement in risk management and expanding the
Other The Board is assisted by the Risk Committee, chaired
Information
reporting disclosures, financial reporting controls and integrated view of risks.
by the CFO, in regular reviews of the Group risk on compliance with the Code of Conduct and other
assessment cycle that summarises the Company’s HEINEKEN Rules, as well as identifying and reporting
key risks, associated mitigating actions and on fraud and irregularities.
monitoring activities. These reviews consider the
level of risk that HEINEKEN is willing to take and the
type of HEINEKEN’s objectives it impacts.
The Risk Committee identifies changes to the
Company’s risk exposure and proposes interventions
if required.
 40 Risk management
Regulatory changes related to alcohol Economic and political environment Environmental legislation Changing consumer & beverage trends
Heineken
N.V.
Annual
What could happen? What could happen? What could happen? What could happen?
Report The topic of alcohol and health is under scrutiny in many Throughout the world, local or regional economic and HEINEKEN may not be able to respond promptly to the Consumers have an ever-expanding choice of beverages
2024 markets. This may prompt regulators to take further political uncertainties could impact our business and that impact of environment-related changes on our operations. and brands available to meet their needs. There is an
measures limiting HEINEKEN’s freedom to operate, for of our customers. In particular, the risk of an economic The introduction of new environmental legislation and increasing risk of non-beer competitors reaching the same
example, through restrictions or bans on advertising and recession, change of law, trade restrictions, inflation, developments in case law could lead to legal claims, consumers and occasions as beer players. This requires
marketing, sponsorship, availability of products, adding fluctuations in exchange rates, devaluation, increased compliance costs, restrictions on our production, HEINEKEN to constantly adapt its product offering,
health warnings to labels, increased taxes and duties or nationalisation, financial crisis or social unrest could packaging, distribution, selling and marketing activities. innovate and invest to maintain the relevance and
imposing minimum unit pricing. This could lead to lower adversely affect our revenues and profits. This could also damage our reputation, limit our license to strength of its brands, while meeting new and evolving
overall consumption or to consumers switching to different operate and negatively impact our business. consumer needs. Failure to do so would, in the longer term,
product categories. Recent developments affect our revenues, market share and, possibly, our
The global economy could trend to a slow down due to an Recent developments brand equity.
Recent developments uncertain geopolitical landscape impacted by the war in The global economy may slow down due to an uncertain
Authorities and regulators continue to introduce restrictive Ukraine, conflicts in Africa and Middle East, and trade political landscape. Meanwhile the pace and scale of Recent developments
measures on alcohol consumption and sales such as blocks and tariff risks due to tension between US and environment-related changes on our operations are The beverage landscape is rapidly changing, with some
Introduction restrictions on marketing and labelling requirements in China. Prior years of elevated inflation and tightening of accelerating. This creates tension between adapting categories growing faster than beer. There's a significant
some markets. These measures can have a negative monetary policy have led to increased risks to global swiftly to avoid restrictions and the financial impact of the risk of losing market share to other beverages, as long-held
impact on our business in the affected markets. growth. While global monetary policy may start to ease, significant sustainability investments needed to boundaries between beer, wine, spirits and non-alcoholic
structural shifts in industries, and reduction in real ensure compliance. beverages are blurring, changing the face of competition
Report What are we doing to manage this risk? disposable income and consumer sentiment may lead to a and stretching brands into new domains.
of the prolonged recession of the global economy, decline in What are we doing to manage this risk?
Responsible consumption is an important element of our Within the beer category, the rise of low- and no-alcohol
Executive consumer spending and adverse movement in exchange
Brew a Better World 2030 strategy, because HEINEKEN Environmental sustainability is a key priority of products have been the most noticeable changes due to
Board
strongly believes in the importance of reducing alcohol- rates. Public debt, the disruption of global value chains and HEINEKEN’s Brew a Better World sustainable development an increased consumer focus on health and well-being.
related harm. By using the power and reach of our brands barriers to the cross-border movement of people and strategy. HEINEKEN continuously monitors existing and Beyond beer, the significant diversification of choice in
Report through campaigns like the award-winning ‘When You goods are other key risk factors. Anticipating risks and emerging environmental issues and regulations globally to ready to drink beverages is remarkable but volatile. Thus, it
of the Drive Never Drink’, HEINEKEN strives to make responsible business agility has become a priority to enable our ensure compliance and to prepare the business for future is crucial to offer relevant propositions that resonate with
Supervisory consumption aspirational for all consumers. We aim to businesses to navigate subsequent changes in laws, challenges. We regularly assess current and upcoming consumers and meet their evolving needs.
Board invest at least 10% of Heineken® media spend into currency movements, import restrictions, scarcity of hard regulations, looking at technical feasibility and financial
responsible consumption campaigns each year, aiming to currencies, commodity pricing and their impact on the impact, with cross-functional teams in place to implement
Company’s profit.
What are we doing to manage this risk?
reach one billion consumers. the necessary actions.
The evolving beverage landscape presents both
Financial We also work closely with stakeholders to prevent and What are we doing to manage this risk? Beyond this, HEINEKEN closely works with experts, opportunities and risks for HEINEKEN. To succeed,
Statements reduce the harm caused by abuse such as underage including NGOs, universities, governments and suppliers HEINEKEN needs to focus on brand building,
drinking or drinking and driving. Our operating companies HEINEKEN has set up various tools to limit the impact of
across the value chain. We also partner with peer premiumisation, differentiation from other beverage
are engaging in formal partnerships with local such events on its business. They include strategic supplier
companies through international and national platforms categories, and adapting to changing consumer
stakeholders (like governments, NGOs or specialists) to management, short-term liquidity management, active
such as The Brewers of Europe, the Beverage Industry preferences and behaviours. The key commercial levers
tackle harmful drinking. foreign exchange monitoring, and prudent balance sheet
Environmental Roundtable and the Dutch Sustainable that are considered priorities for every market are: brand
Sustainability measures. There is a quarterly risk management process in
We also stepped up our product labelling guidelines to Growth Coalition. power increase for strategic and game changer brands,
Statements place to review and anticipate material risks to our
provide consumers with more information about our innovation boost in beer including low- and no-alcohol and
businesses, a review in respect to resource allocation,
products. We are aiming for clear and transparent Explore further: Sustainability Statements - beyond beer, maximisation of distribution and value
various cost and value optimisation initiatives, and risks
consumer information on 100% of our products in scope, Environmental section, pages 167–198 creation through smart pricing, promotions, pack/price
and opportunity assessments. We conduct monthly
including full nutritional information and ingredients on architecture and trade terms.
business performance review, and a monthly rolling
Other pack, recycling and legal drinking age symbols and a QR forecast instead of fixed forecasts updates throughout the HEINEKEN is constantly working to maintain, develop and
Information code on pack that links to further information on alcohol year. We also expressly introduced much more mid and strengthen its portfolio and competitive advantages, in
and health. long-term scenario planning and contingency particular, in Premium spaces, through an integrated
management. Brand Building Process, making it more appealing to
Explore further: Raise the bar on sustainability consumers. HEINEKEN has also embarked on an extensive
and responsibility – Responsible, pages 24–25 HEINEKEN has monitoring mechanisms in place globally
Consumer Inspired Growth programme, helping us move
and locally to allow us to monitor, report and engage
from knowing beer to knowing consumers. By thoroughly
proactively on political risks. For events which could
understanding consumer needs in beer and beyond and
threaten the continuity of the business, contingency plans
comparing them within and across markets, we can
are in place. With our strategic priority of ‘Fund the growth,
uncover scalable innovation opportunities.
fuel the profit’, HEINEKEN continuously reviews its cost
base to drive productivity and increase operating leverage. Explore further: Shape the future of beer and
beyond, pages 11–15
Explore further: Fund the growth, fuel the profit,
pages 16–17
 41 Risk management
Heineken
Leadership, talent and capabilities Health and safety Product safety and integrity Supply chain continuity
N.V.
Annual What could happen? What could happen? What could happen? What could happen?
Report Our EverGreen ambition requires us to unlock the full HEINEKEN aims to provide a healthy and safe workplace Poor quality or contamination of HEINEKEN products, be it Supply chain disruptions such as those for the Red Sea
2024 potential of our people and organisation. If HEINEKEN is for all employees, temporary workers and contractors. accidental or malicious, could lead to health risks, shipping routes can have far-reaching consequences,
not successful in intentionally attracting, developing, Despite the controls in place, HEINEKEN employees, reputational damage, financial liabilities, supply chain including the potential inability to fulfil orders for crucial
retaining and promoting diverse talent to build strong temporary workers, contractors and visitors may be disruption and product recalls. clients, financial setbacks, harm to brand reputation, and a
succession for leadership and other critical management impacted by uncontrolled events in the brewery, supply decline in market presence. Substantial fluctuations in the
roles, it could have an impact on business continuity chain, route-to-market or in our offices, which could lead to Recent developments accessibility or pricing of essential inputs such as raw
and results. illnesses, serious injuries or fatalities potentially followed by The environment we operate in is constantly evolving. materials, commodities, transportation, energy and water
business disruption, losses, reputational or legal claims. Changes in our product portfolio, increasing awareness of may precipitate either shortages in supply or elevated
Recent developments (new) potential food hazards, rising consumer concerns operational expenses.
We are on a journey of continued investment in leadership Recent developments over food safety, social media and a more complex legal
development while further strengthening our internal Despite our continuous efforts to provide safe working framework require ongoing efforts to adapt and respond. Recent developments
talent review processes and local talent acquisition conditions, in 2024 we still experienced incidents with Ensuring food safety for our consumers remains a The global supply chain landscape continues to deal with
functions and empowering our people to build skills for significant safety impact on our premises, including events top priority. disruptions and risk of further escalation, e.g. Suez Canal
Introduction today & the future. This will ensure we have a strong talent resulting in two fatal accidents, involving one employee closure. Throughout the year, we have observed several
pipeline to deliver the right talent in the right roles at the and one contractor, underlining the importance of What are we doing to manage this risk? instances where our suppliers have been adversely affected
right time supported by leaders who can drive sustainable realizing further improvements in the area of safety, HEINEKEN has established a comprehensive Company- by these events, resulting in price volatility and contractual
business growth. health and well-being. wide Quality Assurance program that addresses employee challenges. The availability of certain critical resources has
Report become constrained, driven by factors like climate change,
competencies, production standards, recipe management,
of the What are we doing to manage this risk? What are we doing to manage this risk? supplier governance and production material risk and the prevailing global political instability.
Executive
Board
Talent Management remains one of the strategic Our Safety, Health and Well-being strategy reflects our management. Continuous improvement is driven Furthermore, the growing concerns of climate change and
capabilities to deliver our EverGreen Strategy. Our potential company value of Care. We focus on shaping a pro-active through global compliance monitoring and systematic increasing water shortages are starting to have effects on
model remains our common language for understanding Health & Safety culture fully embedded in our ways of gap-analysis. how much crops can grow, the availability of resources and
Report strengths and growth opportunities for our talents. In working, counting on everyone’s leadership, engagement the prices of grains. Considering these developments, it is
2024, we refreshed our Talent Review process powered by All our production units, including outsourced production of
of the and participation. Throughout the Company, the imperative for both markets and governments to
this model improving both our ability to identify talent, HEINEKEN brands, are required to implement an external
Supervisory HEINEKEN Life Saving Commitments target the activities proactively address these challenges, implementing
Board and also our ability to help them realise their potential certified Food Safety Management System in compliance
that carry the greatest safety risks to employees, measures to adapt and respond effectively.
through their personal development plans. This translated with GFSI (Global Food Safety Initiative) standards. In
temporary workers and contractors. In 2024 we have also
into proactive identification, validation & acceleration 2024 97% of our breweries have a certified Food Safety
deployed significant resources in both time and effort to What are we doing to manage this risk?
of global talent pools through intentional System with the rest also applying the HACCP
remove potential risks to safety, such as the switch from
Financial methodology. The same requirement is in place for HEINEKEN has effectively minimised the impact of
development opportunities. motorbikes to cars and introduction of pedestrian ‘no
Statements implementation of a Quality Management System disruptions by leveraging its extensive global presence and
We launched our Global Graduate Program in 2024 to crossing’ zones and road bridges in breweries.
certified under ISO9001 and as at the end of 2024 over strong supplier relationships across various regions and
further strengthen our pipeline of high-calibre, As the availability of quality (emergency) healthcare 90% of our breweries have an ISO9001 certificate, with product categories. Our agile sourcing approach (including
homegrown, diverse talent for senior roles and continued services varies across the large number of countries and more expected to be certified next year. All raw, auxiliary our geographic spread of sourcing and local sourcing),
utilizing our Senior Leader Assessment & Development regions in which we operate, ensuring access to quality and packaging materials must be sourced from approved combined with the adaptability of our breweries
Sustainability Centre. Our Talent Acquisition & Talent Management medical care to our national and international employees worldwide, has ensured the uninterrupted flow of supplies
suppliers and meet our Production Material Specifications.
Statements Global Communities of Practice have been further and their family members remains a priority. Every product must follow a Basic Recipe, adhering to our across our global operations.
embedded to build and strengthen talent capability across Recipe Governance standards.
To ensure healthcare coverage, HEINEKEN counts on a We've taken proactive measures to safeguard business
our operating companies.
number of health professionals in countries and regions In the event of a risk, global recall and crisis procedures are continuity by devising comprehensive plans for
In 2024 we rolled out LEAD – a new global People where healthcare services are not adequate. Those in place to mitigate the impact. Every production unit, HEINEKEN’s flagship brands in all critical markets, along
Other Manager program – designed to support our ~15,000 employees and dependents have access to broad medical including outsourced production of HEINEKEN brands, has with implementing contingency plans within our
Information people managers to become even more effective at services including screening and lab tests, medicines and the capability to block and/or recall products and complies operational entities. Our resilience is further reinforced by
developing their people and building strong talent pharmacy, health benefits, disease prevention and health to the HEINEKEN Traceability standard. Compliance to our our ownership of strategic malt production facilities, long-
pipelines for the future. promotion projects, emergency evacuations, health standards is ensured through self-assessments and Global term procurement contracts, meticulous water
In addition, our inclusion and diversity network continues training and education. Supply Chain compliance audits, while annual integrity management strategies, and centralised oversight of
to build an inclusive and equitable environment in Within the health area, mental health has been identified surveys check final products for known contaminants to global insurance policies.
HEINEKEN where everyone feels valued. We also achieved as an area of continued focus. To address this risk, we keep verify the effectiveness of these standards. HEINEKEN has adopted a watershed-centric strategy
external recognition by the World Economic Forum who investing in our internal well-being programs to ensure the Additionally, HEINEKEN stays ahead of emerging aimed at preserving water resources. Sustainable sourcing
selected HEINEKEN’s Women in Sales initiative as a wellbeing of our employees and contractors. legislation and risks by working closely with partners, is a top priority within our Brew a Better World 2030
Diversity, Equity and Inclusion Lighthouse. suppliers and external scientific institutions to implement initiative, reflecting our dedication to making a positive
Explore further: Raise the bar on sustainability proactive measures that prevent such risks. impact on the environment and society.
Explore further: Unlock the full potential of our and responsibility – Social, pages 22-23
people, pages 30–32 Explore further: Raise the bar on sustainability
and responsibility – Environmental, pages 19-21
 42 Risk management
Heineken
Increased scrutiny and expectations Distribution channel transformation Information security Digital transformation
N.V. of society on multinationals
Annual What could happen? What could happen? What could happen?
Report What could happen? The digital disruption is creating new routes to customers HEINEKEN’s business increasingly relies on technology, In recent years, HEINEKEN has engaged in several
2024 Public and employee scrutiny of HEINEKEN, should it not and consumers/shoppers, which is potentially a threat if we both in the office environment and in the industrial control significant digital transformation programmes. Our large
conform to society’s expectations to mitigate our potential would be disintermediated and lose connection to domain of its breweries. Failure of our systems as well as number of operating companies and fragmented data
negative impacts on the world and maximise our positive transactions and consequently have less direct influence cybersecurity incidents could lead to business disruption, and technology landscape represent specific challenges to
contribution, can lead to significant reputational damage on customer buying behaviour. loss of confidential information, unauthorised access to these programmes. As we address this fragmentation by
to the Company or to the brands. our data, as well as a breach of data privacy regulations. All further centralizing technology solutions, there is an
Recent developments of this might lead to financial or reputational damage. increased risk for IT continuity as an incident on these
New B2B and B2C players continue to enter the market central systems will immediately impact multiple OpCos.
Recent developments
although this has slowed down following increased Recent developments Furthermore, the pace of change (e.g. disruptive
Stakeholder expectations, including those of employees, technologies such as (Gen)AI) is constantly increasing.
financing cost. Some key consumer packaged goods HEINEKEN’s digital footprint is expanding rapidly, in line
towards corporate Environmental, Social and Governance These strategic transformation programmes may not
players, including major competitors in our category, are with the strategy to become the best-connected brewer.
(ESG) strategies and performance, are on the rise. At the deliver the expected benefits or may incur significant cost
accelerating their investments in the digitization of their Our Company is and will be more connected with our
same time, shareholders are concerned about the impact or time overruns.
route to market. Major online retailers continue to customers, consumers, suppliers and employees than ever.
Introduction these expectations might have on the financial viability of
strengthen their omnichannel strategy, owning on- and Attacks are becoming more sophisticated and potential
the organisation. Recent developments
off-line retail. Electronic point of sales systems are consequences are more punitive and destructive in nature.
Companies also face growing pressure to increase the increasingly used to collect and leverage customer and The world becomes more digital, and more
A growing number of attacks, most notably increasing
positive contribution they make, including measures to consumer data. (inter)connected. Data is more and more an asset and
Report cases of malware and phishing, are actively blocked by our
address societal and environmental issues, and to share technological developments and its opportunities quickly
of the Cyber Defense Operations (CDO) team. Geopolitical
consistent and transparent information that allows What are we doing to manage this risk? evolve. HEINEKEN will need to continue to develop its
Executive tensions have led to an increase of hacktivism as well as a
stakeholders to assess their sustainability performance and HEINEKEN has accelerated digitalisation in both capabilities to stay engaged with its consumers, seamlessly
Board slow increase of cyber warfare activities. Both will increase
benchmark them versus peers in their industry. fragmented trade and more traditional retail eCommerce. serve its customers and ensure its processes are as efficient
the likelihood of a cyber incident. We observe an increase
For fragmented trade we have shaped a clear vision, as possible.
in cyberattacks on our customers as well as key suppliers
Report What are we doing to manage this risk? strategy and organisational set-up which is structured leading to security of supplies concerns.
of the At HEINEKEN, we are raising the bar. Our Brew a Better around the customer, powered by a future-fit technology What are we doing to manage this risk?
Supervisory World 2030 strategy consists of three pillars and nine strategy and a newly developed omni-channel ecosystem On top of this, regulations continue to place stricter The Digital and Technology Function, with representation
Board ambition areas, each with concrete, measurable goals. with our B2B platform eazle at the center. The goal is to security requirements on data processing by HEINEKEN on the Executive Team, has the objective to deliver business
Brew a Better World remains our foundation and create a seamless experience for our customers which will and its ecosystem of partners. value through digital transformation of our route-to-
framework for collaboration with others, elevating our result in a strengthened customer relationship, more consumer, while implementing a Digital Backbone to
ambitions on climate, circularity, and water action. We are impactful customer promotions and more tailored advice.
What are we doing to manage this risk? modernise and simplify our data and technology landscape
Financial committed to translating this framework to drive delivery Cybersecurity remains a top priority within HEINEKEN. All across all operating companies. We are taking additional
Statements through focused actions aiming to achieve our The acceleration has resulted in significant scale of functions collaborate closely to act promptly and aligned in measures to address the continuity risk that the Digital
environmental goals. We continue our efforts to support transactions on our owned digital platforms giving us in case of cyber incidents at HEINEKEN or one of our Backbone brings due to further centralization.
the social agenda and promote moderate consumption many markets an online leadership position, which suppliers or customers. The portfolio of cybersecurity
happened in combination by a structural increase in the initiatives, which is evaluated regularly, is executed to The Global Transformation Office is put in place to ensure
of alcohol.
customer satisfaction scores (NPS). We are also constantly address cybersecurity threats in both our office systems prioritisation, de-bottlenecking and value delivery across
Sustainability The Green Diamond continues to guide us towards ‘what improving our e-retail capability level through clear both the entire value chain and Operating companies. The
Statements and Industrial Control Domain. Our Cyber Defence and
winning looks like’: we aim to strike the right balance playbooks and training methods. This supports our Operations teams monitor and act upon cyberattacks Digital and Technology Function also continuously scans
between short-term delivery and long-term sustainability, ambition to be the #1 partner of choice for our 24/7 globally. the external market for upcoming opportunities and
between top-line growth and overall stakeholder value retail partners. threats as well as new technologies.
creation. ‘Sustainability and Responsibility’ is one of the Our main focus is to enhance the resilience of the current
four priorities alongside growth, profitability and Explore further: Become the best-connected and future technology landscape of HEINEKEN, while Explore further: Become the best-connected
Other
capital efficiency. brewer, pages 26–29 continuously increasing employee security/privacy brewer, pages 26–29
Information
awareness. Mandatory trainings on Information Security
We disclose our sustainability performance in a combined are in place for all employees.
Annual Report, on our website and via social media
channels. HEINEKEN monitors trends and developments in Explore further: Become the best-connected
the ESG area across the globe, to make sure we respond brewer, pages 26–29
adequately and in a timely manner to increasing
societal expectations.
Explore further: Our EverGreen strategy, page 10;
Our Brew a Better World pillars, ambitions and
goals, pages 140-145; Brew a Better World
strategy overview and links to CSRD, page 146–
147; Interests and views of stakeholders, pages
158–159.
 43 Risk management
Heineken
Reporting Non-compliance Climate risks
N.V.
Annual What could happen? What could happen? What could happen?
Report Deviations from the common reporting processes and Changes in the legal and regulatory environment tend to Climate changes could negatively impact the availability
2024 related controls could impair the accuracy of financial and increase the risk of non-compliance with local and global of natural resources such as water and agricultural
non-financial data used for Group reporting and laws and regulations. Failure to comply with applicable commodities which can lead to interruption of production
external communications. laws and regulations could lead to enforcement, fines, civil and loss of revenue. In addition, HEINEKEN will be
(damage) claims and reputational damage. Across many impacted by carbon taxation.
Recent developments geographies, law enforcement has increased over the past
External non-financial reporting requirements are years, in particular with regard to anti-bribery and Recent developments
changing fast. Developments in CSRD are closely corruption, competition and data privacy laws. This leads Our Brew a Better World 2030 strategy, announced in
monitored and when effective, being embedded in the to increased risk of allegations of violations of laws and 2021 and updated in 2024, raises the bar on HEINEKEN’s
control environment. As of 1 January 2024, HEINEKEN is regulations by law enforcers as well as by private parties. environmental, social and responsible consumption
reporting in compliance with CSRD, having related ambitions. The strategy underpins our focus on climate
governance, reporting processes and controls in place. Recent developments action and translates our ambition into goals and action
In respect of alleged competition law violations, there is an plans to reduce emissions, maximise circularity and restore
Introduction What are we doing to manage this risk? increasing trend of private parties pursuing civil claims for healthy functioning watersheds.
HEINEKEN is utilising enhanced techniques and damages. In addition to these trends, continuously The implementation of the ‘Task Force on Climate-related
technology to continue to drive the improvement and expanding sanctions and export controls are posing Financial Disclosures (TCFD)’ framework, which is now
standardisation of its reporting processes and controls and increased compliance risks. linked to CSRD’s reporting standards for climate, supported
Report to harmonise its system landscape.
of the us in defining the climate-related risks that are more
HEINEKEN implemented a common framework across its
What are we doing to manage this risk? significant for our business. These are: the impact of
Executive
Board operating companies which includes Internal Control over HEINEKEN is constantly looking to enhance its internal carbon pricing on our value chain and own operations,
Financial Reporting, Common Accounting Policies, compliance system and resilience to adapt to changes in water stress impact on our own operations and climate-
Standard Chart of Accounts and periodic mandatory the legal environment. related barley yield losses. Our first disclosure following
Report training. The related assurance model includes active TCFD recommendations was included in the Annual
HEINEKEN has embedded legal compliance in its risk and
of the monitoring of control execution, critical access and Report 2022. In 2023, we engaged with two of our
controls system and has established processes and
Supervisory markets, Brazil and the UK, to validate the risks quantified
segregation of duties. governance to drive implementation and compliance with
Board in those markets. We have also reviewed and updated key
Starting in 2023, the internal controls framework and the Company Rules and the HEINEKEN Code of Business
Conduct. Our anti-corruption and sanctions compliance parameters included in our model with the support of our
assurance model have been expanded to cover CSRD
framework includes due diligence and ongoing monitoring internal global experts and external experts.
reporting. Controls related to in scope metrics were
Financial deployed and active monitoring of their effectiveness is of business partners, as well as screening of transactions
Statements against sanctions lists. Our focus on competition law What are we doing to manage this risk?
being implemented. Moreover, HEINEKEN continues to
strengthen the governance, reporting procedures and training and compliance has increased, including new We understand the impact of climate change on the
control framework of the Brew a Better World programme, training initiatives which have been launched in tandem natural resources we use and we collaborate with
and the new regulatory non-financial reporting with the sales function. stakeholders and suppliers to secure their supply and
frameworks like CSRD, to further improve the monitoring protect our licence to operate. We continue to focus on
Sustainability Explore further: Corporate Governance statement, delivering our water strategy to protect the watersheds
Statements over the quality of the reported data. pages 49–57 from which we source our water and build resilience to
Explore further: Notes to the Consolidated water availability. In parallel, we are adapting our
Financial Statements, pages 85–131. Sustainability processes, materials, and sourcing/production regions to
Statements, pages 138–285. create the agility required to ensure continuity of supply
Other and we are reducing carbon emissions in line with our net
Information zero carbon strategy across the value chain.

Explore further: Sustainability Statements -

Climate change section, pages 167–181
 44 Financial review
Heineken
N.V.
Annual A solid year on the
path to sustainable
Report
2024

value creation “In 2024, we made good progress against our EverGreen strategy.
I'm proud of how we navigated challenging economic conditions,
exceeded productivity goals on cost and cash, and delivered profit
expansion. It enabled significant investment in our brands and in
Introduction future proofing HEINEKEN in the pursuit of sustainable long-term
value creation.”
Harold van den Broek
Report Member of the Executive Board and Chief Financial Officer
of the
Executive
Board Key figures1 2023 2024
Total growth Currency Consolidation Organic
Report (in € million unless otherwise stated) Reported Eia Beia Reported % Eia Beia translation impact growth Organic growth %
of the
Revenue 36,375 (65) 36,310 35,955 (1.2)% 122 36,077 (1,718) (313) 1,799 5.0 %
Supervisory
Board Excise tax expense (6,013) 12 (6,001) (6,134) (2.0)% 21 (6,113) 62 120 (294) (4.9)%
Net revenue 30,362 (54) 30,308 29,821 (1.8)% 143 29,964 (1,656) (193) 1,505 5.0 %
Financial Variable cost (12,028) 73 (11,955) (11,089) 7.8 % (17) (11,106) 866 81 (98) (0.8)%
Statements
Marketing and selling expenses (2,767) 1 (2,766) (2,940) (6.3)% 2 (2,938) 115 8 (295) (10.7)%
Personnel expenses (4,353) 139 (4,214) (4,466) (2.6)% 44 (4,422) 117 0 (325) (7.7)%
Amortisation, depreciation and impairments (3,096) 1,268 (1,828) (2,605) 15.9 % 744 (1,861) 94 (11) (116) (6.3)%
Sustainability
Statements Other net (expenses)/income (4,888) (215) (5,103) (5,204) (6.5)% 79 (5,126) 229 52 (304) (6.0)%
Total net other (expenses)/income (27,133) 1,268 (25,865) (26,304) 3.1 % 853 (25,452) 1,420 131 (1,138) (4.4)%
Operating profit 3,229 1,214 4,443 3,517 8.9 % 995 4,512 (236) (62) 367 8.3 %
Other Interest income 90 0 90 110 22.2 % 0 110 (11) 0 30 33.7 %
Information
Interest expense (640) (4) (644) (680) (6.3)% 27 (653) 99 (7) (101) (15.7)%
Net interest income/(expenses) (550) (4) (554) (570) (3.6)% 27 (543) 88 (7) (71) (12.7)%
Other net finance income/(expenses) (375) 34 (343) (235) 37.3 % (36) (271) 94 19 (42) (12.1)%
Share of profit of associates and joint ventures 218 52 270 (705) (423.4)% 1,017 312 (4) 1 45 16.7 %
Income tax expense (121) (831) (952) (846) (599.2)% (184) (1,031) 21 17 (117) (12.3)%
Non-controlling interests (97) (136) (233) (183) (88.7)% (59) (241) (18) 0 9 3.8 %
Net profit 2,304 329 2,632 978 (57.6)% 1,761 2,739 (54) (32) 192 7.3 %
2
EBITDA 6,543 (2) 6,541 5,417 (17.2)% 1,268 6,685
1 This table will not always cast due to rounding. This table contains a reconciliation between IFRS reported and certain Non-GAAP measures. Please refer to note 6.1 and the glossary for an explanation of the use of Non-GAAP measures.
2 EBITDA is calculated as earnings before interest, taxes, net finance expenses, depreciation, amortisation and impairment. EBITDA includes HEINEKEN’s share in net profit of joint ventures and associates.
 45 Financial review
Main changes in consolidation Expenses
Heineken
N.V. On 1 February 2023, HEINEKEN acquired a majority stake in Davidov Hram, a wholesale business in Slovenia. Total net other expenses reduced by 3.1% to €26,304 million (2023: €27,133 million).
Annual
Report On 14 April 2023, HEINEKEN obtained control of NBL and on 26 April 2023 of Distell. NBL and Distell have Total net other expenses (beia) were €25,452 million, up 4.4% on an organic basis due to increased
2024 been combined with Heineken South Africa into a new HEINEKEN majority-owned business ‘Heineken personnel expenses, increased cost of raw materials in our AME region, particularly Nigeria, and a material
Beverages’. Distell and NBL are consolidated within HEINEKEN as from those dates. step up in investments behind our brands.
On 1 June 2023, HEINEKEN disposed of its licence to brew a brand in the UK.
Variable cost and Other net (expenses)/income
On 25 August 2023, HEINEKEN announced it completed its exit from Russia.
In millions of € 2024 2023
On 29 September 2023, HEINEKEN completed the sale of soft-drink producer Vrumona in the Netherlands.
Raw materials (2,910) (3,097)
Other changes in consolidation in 2024 include the sale of our entire shareholding in Champion Breweries in Non-returnable packaging (5,651) (6,114)
Nigeria, the disposal of a merchant services company in South Africa and the disposal of our business in Sri
Lanka. Transport expenses (1,764) (1,891)
Introduction
HEINEKEN applies hyperinflation accounting in Ethiopia and Haiti. Fixed assets are revalued for the inflation Inventory movements (variable) 20 42
from the time of acquisition to date. The prior year impact from depreciation resulting from the revaluation Energy and water (784) (968)
of previous years is recorded as a change in consolidation and is excluded from the organic growth
Report calculation. At the same time, all metrics in the income statement are restated to reflect the inflation level as Total variable cost (11,089) (12,028)
of the per the reporting date. These impacts are recorded as exceptional items.
Executive
Board
Revenue Other income 80 393
Revenue for the full year was €36.0 billion (2023: €36.4 billion) a total decrease of 1.2%. Goods for resale (1,917) (1,997)
Report
of the Repair and maintenance (640) (622)
Supervisory
Net revenue (beia) increased organically by a solid 5.0% to €30.0 billion, supported in particular by the strong
Board growth of our largest operating companies in Brazil, Mexico, Nigeria, South Africa, Vietnam and India. Total Inventory movements (fixed) (5) (42)
consolidated volume increased by 1.4% with net revenue (beia) per hectolitre up 3.5%. The underlying price-
mix on a constant geographic basis was up 4.1%, with a positive contribution from all regions. Other expenses (2,722) (2,621)
Financial Other net (expenses)/income (5,204) (4,888)
Statements Net revenue (beia) was dampened by a negative translation impact of €1,656 million, 5.5%, mainly due to
the devaluation of the Nigerian Naira, and depreciation of the Brazilian Real and Mexican Peso. The
consolidation effect, primarily our exit from Russia and the sale of Vrumona more than offsetting the Inventory movements (variable) 20 42
acquisition benefit of Distell and Namibian Breweries, had a net negative impact of €193 million, or 0.6%.
Sustainability Inventory movements (fixed) (5) (42)
Statements Total inventory movements 15 —

30,308 1,505 29,964 143 29,821 1 This table will not always cast due to rounding. This table contains a reconciliation between IFRS reported and certain Non-GAAP measures. Please refer to
note 6.1 and the glossary for an explanation of the use of Non-GAAP measures.
Other (1,656) (193)
Information

FY 2023 Organic Currency Consolidation FY 2024 Eia FY 2024

Net revenue growth translation impact Net revenue Net revenue
beia beia IFRS
 46 Financial review
Operating profit Net profit
Heineken
N.V. Operating profit landed at €3.5 billion (2023: €3.2 billion), higher than previous year due to strong organic Net profit was €1.0 billion (2023: €2.3 billion). The decrease is due to the impact of exceptional items and
Annual
profit growth and lower exceptional items. amortisation of acquisition related intangibles on net profit which increased to €1,761 million (2023: €329
Report
2024 million), mainly caused by the non-cash impairment of our investment in China Resources Beer in the first
Operating profit (beia) grew organically by 8.3% with growth delivered across all four regions. Improved
half of the year.
portfolio mix, pricing, and productivity savings more than offset inflationary pressures in our cost base and
funded incremental investments to support the power of our brands and our digitalisation and sustainability Net profit (beia) increased organically7.3% to €2.7 billion (2023: €2.6 billion), with the growth coming mainly
agendas. Currency translation negatively impacted operating profit (beia) by €236 million, or 5.3%, mainly from the strong performance in operating profit. Higher profits from associates and joint ventures including
due to the devaluation of currencies in emerging markets particularly the Nigerian Naira. CCU in Chile, FIFCO in Costa Rica, and China Resources Beer, were more than offset by higher financing and
tax expenses.

Earnings per share – diluted

995
4,443 367 4,512
3,517 Earnings per share – diluted decreased to 1.74 (2023: 4.09). Earnings per share – diluted (beia) decreased by
Introduction 4.7% from €4.67 to €4.89.
(236) (62)

Exceptional items and amortisation of acquisition-related intangibles (eia)

Report FY 2023 Organic Currency Consolidation FY 2024 Eia FY 2024
Operating growth translation impact Operating Operating The 2024 exceptional items and amortisation of acquisition-related intangibles on net profit and loss
of the
Executive profit beia profit beia profit IFRS amount to €1,761 million net expense (2023: €329 million net expense). This amount consists of:
Board – €337 million of amortisation of acquisition-related intangibles in operating profit (2023: €385 million).
Net finance expenses – €658 million net exceptional expense (2023: €829 million, net expense) recorded in operating profit.
Report This includes:
of the Net interest expenses increased 3.6% to €570 million (2023: €550 million).
Supervisory – a net impairment of €305 million recorded in amortisation, depreciation and impairments, including
Board Net interest expenses (beia) increased organically by 12.7% to €543 million primarily due to higher interest impairment of €158 million for Haiti (2023: €683 million, net impairment).
expenses in Nigeria. The average effective interest rate (beia) in 2024 was 3.5% (2023: 3.4%).
– net restructuring expenses recorded in personnel expenses of €96 million (2023: €130 million).
Other net finance expenses decreased by 37.3% to €235 million (2023: €375 million). – €59 million net exceptional expense relating to hyperinflation accounting adjustments (2023: €50
Financial
Statements Other net finance expenses (beia) increased organically by 12.1% to €271 million, mainly caused by million, net expense), of which €87 million expense recorded in revenue (2023: €55 million, income),
transactional foreign currency effects resulting from the devaluation of the Nigerian Naira and Ethiopian Birr, €28 million income in raw materials consumables and services (2023: €69 million, expense), €3 million
and depreciation of the Brazilian Real and Mexican Peso. expense in amortisation, depreciation and impairments (2023: €32 million, expense) and €3 million
income in personnel expenses (2023: €4 million, expense).
Sustainability
Statements Share of profit of associates and joint ventures – €198 million of other net exceptional expenses, mainly relating to the disposal and closure of breweries
The share of profit of associates and joint ventures decreased to a loss of €705 million (2023: €218 million (2023: €8 million, net benefits).
profit) and includes the attributable profit from China Resources Beer (Holdings) Co. Ltd. (CR Beer) with a – €8 million of net exceptional finance benefits, mainly related to €73 million of net exceptional benefit
two-month delay (November 2023 to October 2024) and the impairment of €874 million of HEINEKEN's related to the net monetary gain resulting from hyperinflation, and €65 million other exceptional net
Other finance expenses (2023: €30 million, net exceptional finance benefit).
Information
investment in CR Beer taken during the first half of this year.
– €1,017 million of net exceptional expense included in the share of profit of associates and joint ventures,
Share of profit of associates and joint ventures (beia) amounted to €312 million, an organic increase of 16.7%
mainly relating to impairment of the investment in CR Beer of €874 million (2023: €52 million, net
reflecting the strong profit growth of our associate and joint venture partners in Chile, Costa Rica, and China.
expense).
Income tax expense – €184 million of net exceptional benefit in income tax expense, mainly related to the tax benefit on
exceptional items and amortization of acquisition-related intangibles (2023: €831 million of net
Total income tax expense increased from €121 million in 2023 to €846 million in 2024. As a result, the
exceptional benefit).
reported effective tax rate increased from 5.2% to 31.2%. Last year's income tax expense included a
significant one-off benefit for the recognition of previously unrecognised deferred tax assets in Brazil. – Total amount of eia allocated to non-controlling interests amounts to €59 million, net benefit (2023: €136
million, net benefit).
The effective tax rate (beia) was 27.9% (2023: 26.8%). The increase is primarily due to the tax law changes
in Brazil that came into effect on 1 January 2024.
 47 Financial review
Capital expenditure and cash flow Financial structure and liquidity
Heineken
N.V.
In millions of € 2024 2023 In millions of € 2024 % 2023 %
Annual
Report Cash flow from operations before changes in working capital and Total equity 22,402 42 22,789 41
2024 provisions 6,058 6,127
Deferred tax liabilities 2,155 4 2,213 4
Total change in working capital 851 (146)
Post-retirement obligations 519 1 586 1
Change in provisions and post-retirement obligations (6) (32)
Provisions 762 1 833 2
Cash flow from operations 6,903 5,949
Total borrowings 17,049 32 18,238 33
Cash flow related to interest, dividend and income tax (1,400) (1,519)
Other liabilities 10,886 20 10,494 19
Cash flow from operating activities 5,503 4,430
Total equity and liabilities 53,773 100 55,153 100
Cash flow used in operational investing activities (2,445) (2,671)
Introduction Free operating cash flow 3,058 1,759 Net debt/EBITDA (beia) ratio*
Cash flow used in acquisitions and disposals 10 (905)
Cash flow used in financing activities (2,574) (816) 3.4
Report
of the Net cash flow 494 38
2.6
Executive 2.4
Board 2.1 2.2
Cash conversion ratio 103% 61%
Report
of the Capital expenditure related to property, plant and equipment and intangible assets (CAPEX) amounted to
Supervisory €2,465 million (2023: €2,677 million) representing 8.2% (2023: 8.8%) of net revenue (beia). Significant
Board
investments in the year include capacity expansion in Brazil, returnable packaging materials across several
markets including South Africa, and a packaging factory in Mexico.
2020 2021 2022 2023 2024
Financial Free operating cash flow amounted to €3,058 million (2023: €1,759 million) and is higher than 2023 mainly
Statements
due to a substantially improved working capital position, especially in Europe and Americas. Net debt/EBITDA (beia) proforma ratio Long-term target

* Includes acquisitions and excludes disposals on a 12-month pro-forma basis.

Capital expenditure related to PP&E and intangible assets (capex)
Sustainability In millions of € 2023 2023
Statements Shareholders' equity decreased by €475 million to 19,581 million, mainly driven by the net profit of €978
Purchase of property, plant and equipment 2,184 2,434 million offset by the negative other comprehensive income of €472 million, and dividend payments to
shareholders of €969 million.
Purchase of intangible assets 281 243
Capital expenditure related to PP&E and intangible assets (capex) 2,465 2,677 Total borrowings amounted to €17,049 million (2023: €18,238 million). Net debt decreased to €14,651
Other
Information million (2023: €15,835 million) as the strong free operating cash flow exceeded dividend payments and
negative foreign currency effects on net debt. Including the effect of cross-currency swaps, 77% of net debt is
Euro-denominated, and 12% is US dollar and US dollar proxy currencies.
The pro-forma 12-month rolling net debt/EBITDA (beia) ratio was 2.2x on 31 December 2024 (2023: 2.4x),
in line with the Company's long-term target net debt/EBITDA (beia) ratio of below 2.5x.
The centrally available financing headroom at Group level was approximately €3.8 billion at 31 December
2024 (2023: €3.2 billion) and consisted of the undrawn part of the committed €3.5 billion revolving credit
facility and centrally available cash minus centrally issued commercial paper and short-term bank borrowings
at group level.
 48 Financial review
In millions of € 2024 2023 Average number of shares
Heineken
N.V. Operating profit 3,517 3,229 HEINEKEN has 576,002,613 shares in issue. In the calculation of basic EPS, the weighted effect of own
Annual
Share of profit of associates and joint ventures (705) 218 shares held in treasury (10,656,871) shares) and shares for which dividend is waived by Heineken Holding
Report
2024 N.V. (5,156,781) shares) has been excluded. As a result, the weighted average number of shares outstanding
Amortization, depreciation and impairments 2,605 3,096
was 560,188,961 (2023: 563,448,845).
EBITDA 5,417 6,543
In the calculation of 2024 diluted EPS (beia), shares to be delivered under the employee incentive
Exceptional items 1,268 (2) programme (450,069 shares) are added to the weighted average shares outstanding. The weighted average
EBITDA (beia) 6,685 6,541 diluted number of shares outstanding was 560,639,030 (2023: 563,979,620).

Heineken N.V. was assigned solid investment grade credit ratings by Moody’s Investor Service and Standard
Total dividend for 2024
& Poor’s. On 20 November 2024 Moody’s affirmed A3/P-2 ratings with stable outlook. Standard & Poor’s The HEINEKEN dividend policy is to pay a ratio of 30% to 40% of full year net profit (beia). For 2024, a total
affirmed the BBB+/A-2 ratings with stable outlook on 8 June 2023. cash dividend of €1.86 per share, a 7.5% increase to last year (2023: €1.73), for an aggregate amount of
Introduction
€1,042 million. This represents a payout ratio of 38.0%, within the range of our policy, and will be proposed to
Currency split of net debt the Annual General Meeting on 17 April 2025. If approved, a final dividend of €1.17 per share will be paid on
This currency breakdown includes the effect of derivatives, which are used to hedge intercompany lending 2 May 2025, as an interim dividend of €0.69 per share was paid on 8 August 2024. The payment will be
Report denominated in currencies other than Euro. Of total net interest-bearing debt, 77% is denominated in Euro, subject to a 15% Dutch withholding tax. The ex-dividend date for HEINEKEN shares will be 23 April 2025.
of the
Executive
12% in US Dollar and US Dollar proxy currencies and 6% in British Pound. This is including the effect of cross-
Board currency interest rate swaps and lease liabilities under IFRS 16. The fair value of the cross-currency interest
rate swaps forms part of net debt.
Report Currency split of net debt Bond maturity profile
of the
Supervisory (incl. the currency effect of cross-
Board currency interest rate swaps)
in millions of €

Financial 2025 1,681

Statements 2026 1,600
5%
6%
2027 1,100
12% 2028 1,059
Sustainability 2029 1,048
Statements
2030 1,550

77% 2031 750

2032 500
Other
Information 2033 930
2034 0
EUR 2035 750
USD + USD proxy
GBP 2036 900
Other >2037 2,032
 49 Corporate Governance statement
Introduction Throughout the year, members of the Executive
Heineken
N.V. Heineken N.V. (the ‘Company’) is a public company Executive Board Team and other senior managers were invited to
give presentations to the Supervisory Board.
Annual
with limited liability incorporated under the laws of
Report
2024 the Netherlands. Its shares are listed on the General A two-day meeting was held in June 2024 between
Amsterdam Stock Exchange, Euronext Amsterdam. The role of the Executive Board is to manage the the Supervisory Board and the Executive Team to
Company. This means, among other things, that it is discuss the Company’s strategic priorities and main
The Company’s management and supervision
responsible for setting and achieving the operational risks and opportunities in the context of sustainable
structure is organised in a so-called two-tier system,
and financial objectives of the Company, the long-term value creation. During this meeting,
consisting of an Executive Board of two executive
strategy to achieve these objectives, the parameters members of the Executive Team also presented their
members) and a Supervisory Board (made up of ten
to be applied in relation to the strategy (for example, respective strategic topics and the risks and
non-executive members).
in respect of the financial ratios), the Company opportunities per region or function, as the case
The Supervisory Board supervises the Executive culture aimed at sustainable long-term value may be.
Board and ensures that external experience and creation, the associated risk profile, the development
Introduction In October 2024, the Executive Board and the
knowledge are embedded in the Company’s way of of results, and sustainability matters that are
Supervisory Board undertook a four-day visit to São
operating. The two Boards are independent of one relevant to the Company.
Paulo, Brazil. The visit focused on enhancing the
another and accountable to the Annual General
Report The Executive Board is accountable to the understanding of the Company’s operations,
Meeting (the ‘AGM’).
of the Supervisory Board and to the AGM. performance and market dynamics in Brazil and the
Executive The Company complies with, among other broader Americas region. The visit also included
Board In discharging its role, the Executive Board shall be presentations by local management, by the
regulations, the Dutch Corporate Governance Code
guided by the interests of the Company and its President of the Americas region and by managing
of 20 December 2022 (the ‘Code’). Deviations from
Report affiliated enterprises, taking into consideration the directors of the Company’s operating companies in
of the
the Code are explained in this report in accordance
interests of the Company’s stakeholders. Mexico, Peru and the Bahamas on their respective
Supervisory with the Code’s ‘comply or explain’ principle.
Board The Executive Board is responsible for complying strategic priorities, business performance, outlook,
This report includes the information that the people topics, and risks and opportunities.
with all primary and secondary legislation, for
Company is required to disclose pursuant to the Additionally, various trade visits were concluded as
managing the risks associated with the Company’s
Financial Dutch governmental decree on Article 10 Takeover well as a local brand experience was organized,
activities and for financing the Company.
Statements Directive and the governmental decree on Corporate which allowed for engagement with customers and
Governance. Substantial changes in the Company’s The Company identifies four operating regions: consumers.
corporate governance structure and in the Africa & Middle East, Americas, Asia Pacific and
Company’s compliance with the Code, if any, will be Europe. Each region is headed by a President.
Sustainability
submitted to the AGM for discussion under a
Statements The two members of the Executive Board and the
separate agenda item.
four regional Presidents together with the five
functional Chief Officers (i.e. Commerce, Corporate
Affairs, Digital and Technology, People and Supply
Other
Information Chain), jointly form the Executive Team. The
decision to work with an Executive Team is to ensure
effective implementation of key priorities and
strategies across the organisation.
 50 Corporate Governance statement
Composition of the Executive Board Other Appointments
Heineken
N.V. Executive Board members are appointed by the Internal regulations prescribe that members of the
Annual
AGM from a non-binding nomination drawn up by Executive Board of the Company will not accept
Report
2024 the Supervisory Board. more than two supervisory board memberships or
non-executive directorships in a Large Dutch Entity.
The Supervisory Board appoints one of the Executive
Board members as Chair/CEO. The AGM can dismiss Prior to accepting an external board membership of
a Large Dutch Entity or a foreign equivalent, the Dolf (R.G.S.) van den Brink Harold (H.P.J.) van den Broek
members of the Executive Board by a majority of
votes cast if the subject majority at least represents proposal will be discussed with the other member of Chair/CEO CFO
one-third of the issued capital. the Executive Board. The proposal will subsequently Appointment Appointment
be submitted to the Chair of the Supervisory Board. First appointment in 2020* Initial appointment in 2021*
The Executive Board consists of two members, Chair/ The Chair will obtain approval from the Selection Current four-year term ends in 2028 First four-year term ends in 2025 (a proposal for re-
CEO Dolf (R.G.S.) van den Brink and CFO Harold and Appointment Committee of the Supervisory Career background
appointment for a next four year term will be submitted to
(H.P.J.) van den Broek. the Annual General Meeting of Shareholders in April 2025)
Introduction Board and will inform the other members of the Prior to his tenure as Chair of the Executive Board and
Supervisory Board, in line with the regulations of the Chief Executive Officer, Mr. Van den Brink had a Career background
Best practice provision 2.2.1 of the Code successful 22-year career at the Company, working on all Prior to his tenure as Member of the Executive Board and
recommends that an Executive Board member is Selection and Appointment Committee.
continents. Chief Financial Officer, Mr. Van den Broek had a
Report appointed for a maximum period of four years and Furthermore, prior to accepting any other external successful 30-year career in fast-moving consumer goods,
of the that a member may be re-appointed for a term of Mr. Van den Brink started his career in 1998 in the holding various business and finance roles across Europe
Executive functions, such proposal will also be discussed with Netherlands as a commercial management trainee, and and Asia.
Board not more than four years at a time. In compliance the other member of the Executive Board. If there worked in various marketing and commercial roles at
with this best practice provision, the Supervisory are no objections, the proposal will be submitted to HEINEKEN’s former subsidiary Vrumona and Global Mr. Van den Broek started his career at Unilever in 1991
Board has drawn up a rotation schedule to avoid, the Chair of the Supervisory Board for approval. With Commerce. From 2005 until 2009, Mr. Van den Brink was and held various finance roles during his 14 years-tenure,
Report
of the as much as possible, a situation in which Executive approval of the Chair the function can be accepted. Commercial Director at Bralima, in the Democratic including Vice President Finance for the Central & Eastern
Supervisory Board members retire at the same time. Republic of Congo (DRC). In 2009 he became Managing Europe region, Vice President Finance in China and Senior
The Chair of the Supervisory Board will inform the Director of HEINEKEN USA. After serving in this role for six Vice President Finance Global Supply Chain. He joined
Board
Mr. Van den Brink and Mr. Van den Broek are, members of the Supervisory Board. years, he was appointed as Managing Director of Reckitt Benckiser in 2014, and successively held the roles
HEINEKEN Mexico (Cuauhtémoc Moctezuma). In the fall of Senior Vice President Finance for Europe and North
respectively, in their second and first four-year term The Chair/CEO has no external board membership of 2018 Mr. Van den Brink moved to Singapore, to head America, CFO of the Hygiene & Home division and Chief
Financial as members of the Executive Board, being of a Large Dutch Entity or a foreign equivalent and the the Company’s APAC region as Regional President Operating Officer.
Statements reappointed in 2024 and appointed in 2021. A until his appointment as Chief Executive Offer in 2020.
has a few external positions. The CFO has no
proposal for the re-appointment of Mr. Van den external board membership of a Large Dutch entity Other positions** Other positions**
Broek for a second four-year term as member of the or a foreign equivalent or other external positions. Edesia Inc. (Board of Directors), International Alliance for No other positions.
Executive Board was decided by the Supervisory Responsible Drinking, member of the IMD Foundation
Sustainability
Board on 1 October 2024 and will be submitted to The Supervisory Board ascertains that the members Board
Statements
the AGM in 2025 for approval. of the Executive Board (i) comply with the Dutch Act
No supervisory board seats (or non-executive board No supervisory board seats (or non-executive board
on Management and Supervision as regards the
memberships) in Large Dutch Entities*** memberships) in Large Dutch Entities***
maximum number of supervisory board seats and
non-executive board memberships in Large Dutch Age: 51 Age: 57
Other
Nationality: Dutch Nationality: Dutch
Information Entities and (ii) have sufficient time to devote to
Gender: Male Gender: Male
their duties and responsibilities, as provided by
Principle 2.4 of the Code.
* For the maximum period of four years.
** Under ‘Other positions’, functions are listed that may be relevant to
The Supervisory Board has concluded that each the performance of the duties of the Executive Board.
member of the Executive Board has sufficient time *** Large Dutch Entities are Dutch N.V.s, B.V.s or Foundations (that are
required to prepare annual accounts pursuant to Chapter 9 of Book 2
to discharge its duties as director of the Company, of the Dutch Civil Code or similar legislation) that meet two of the
taking into account the Chair/CEO’s limited other following criteria (on a consolidated basis) on two consecutive
balance sheet dates:
external positions, and also recognizing that these (i) The value of the assets (according to the balance sheet with
positions are not materially time consuming. the explanatory notes and on the basis of acquisition and
manufacturing costs) exceeds €25 million;
(ii) The net turnover exceeds €50 million;
(iii) The average number of employees is at least 250.
 51 Corporate Governance statement
Diversity More details on diversity and inclusion in the Conflict of Interest
Heineken
Company and in the senior management group of
N.V. We strive to embrace diversity in everything we do, The Articles of Association and the Code prescribe
Annual the Company can be found in the Raise the Bar
as also recognised and described in the Diversity how to deal with (apparent) conflicts of interest
Report section as well as the Sustainability Statements in
2024 Policy of the Supervisory Board, Executive Board and between the Company and members of the
this Annual Report. These sections also set out the
Executive Team. The Policy was updated in Executive Board.
goals of the diversity and inclusion policy, the
December 2021 and is available on our corporate
strategy to achieve the goals and more details of the A member of the Executive Board shall not take part
website. The Policy considers the elements of a
results of the strategy. in any discussion or decision-making that involves a
diverse composition in terms of nationality, gender,
subject or transaction in relation to which he has a
age and background, including expertise and
personal conflict of interest with the Company.
experience. It is the aim of the Company to reflect
this in the composition of the Supervisory Board, Decisions to enter into transactions under which
Executive Board and Executive Team. members of the Executive Board have conflicts of
interest that are of material significance to the
Introduction For the Executive Board, appropriate weight is
Company and/or the relevant member(s) of the
placed on diversity considerations in the selection
Executive Board require the approval of the
and appointment process, while taking into account
Supervisory Board.
Report the overall profile and selection criteria for the
of the appointments of suitable candidates to the Any such decision shall be published in the Annual
Executive Executive Board. The aim is that the Executive Board Report for the relevant year, along with a reference
Board
comprises of at least 30% male and at least 30% to the conflict of interest and a declaration that the
female members, as set out in the Diversity Policy. relevant best practice provisions of the Code have
Report Currently, the Executive Board is composed of two
of the
been complied with.
Supervisory male members. It is recognised that the current
Board composition of the Executive Board leaves room for In 2024, no transactions were reported under which
improvement on gender diversity. However, the a member of the Executive Board had a conflict of
composition is also impacted by the limited size of interest that was of material significance.
Financial the Executive Board. In the event of succession
Statements
planning, we will continue to look for opportunities to
Remuneration
strengthen the gender diversity in the In line with the remuneration policy adopted by the
Executive Board. AGM, the remuneration of members of the
Executive Board is determined by the Supervisory
Sustainability For the Supervisory Board, the diversity details are
Statements Board, upon recommendation of the Remuneration
set out on page 52 of this Annual Report as well as in Committee.
the Report of the Supervisory Board in this
Annual Report. The remuneration policy and the elements of the
Other
remuneration of Executive Board members are set
With respect to diversity within Company, increasing out in the Remuneration Report and Notes 6.5 and
Information
the gender diversity in the Company’s senior 13.3 to the Financial Statements.
management is an important ambition. The
Executive Team consists of two female members The main elements of the service agreements with
and 9 male members (18% women and 82% men). Mr. Van den Brink and Mr. Van den Broek are
In 2024 27% of new hires in the Company were available on our corporate website.
women and 73% men, 22% of the total attrition
were women and 78% men, and 31% of promotions
were women compared to 69% men.
 52 Corporate Governance statement
Composition of the Supervisory Board However, the Supervisory Board has ascertained that Profile and diversity
Heineken
N.V. Supervisory Board The Supervisory Board consists of ten members since
Mr. de Carvalho and Mr. Das in fact act critically and
independently. Since Mr. de Carvalho and Mr. Das
The Supervisory Board has prepared a profile of its
Annual
the AGM in 2024: Jean-Marc Huët (Chair), Maarten size and composition, taking account of the nature
Report
2024
General Das, Michel de Carvalho, Pamela Mars Wright, are representing or are affiliated with Heineken of the business, its activities and the desired
The role of the Supervisory Board is to supervise the Marion Helmes, Rosemary Ripley, Nitin Paranjpe, Holding N.V. , that holds more than 10% of the expertise and background of the Supervisory Board
management of the Executive Board and the Beatriz Pardo, Lodewijk Hijmans van den Bergh and shares in the Company, the maximum of one members. The profile deals with the aspects of
general affairs of the Company and its affiliated Peter Wennink (Vice-Chair). representative or affiliate per such shareholder of diversity in the composition of the Supervisory Board
enterprises, as well as to assist the Executive Board best practice provision 2.1.7 sub iii of the Code is not that are relevant to the Company and states what
The Supervisory Board endorses the principle that
by providing advice. complied with. As a consequence, the Company also specific objective is pursued by the Supervisory
the composition of the Supervisory Board shall be
does not comply with best practice provision 2.1.10 Board in relation to diversity.
In discharging its role, the Supervisory Board shall be such that its members are able to act critically and
of the Code, to the extent that this provision
guided by the interests of the Company and its independently of one another and of the Executive At least one member of the Supervisory Board shall be
Board and any particular interests. Each Supervisory provides that the Supervisory Board report shall state a financial expert with relevant knowledge and
affiliated enterprises and shall take into account the
Introduction relevant interest of the Company’s stakeholders. Board member is capable of assessing the broad that best practice provision 2.1.7 through 2.1.9 has experience of financial administration and accounting
outline of the overall strategy of the Company and been fulfilled. for listed companies or other large legal entities. The
The supervision of the Executive Board by the its businesses and carrying out its duties properly. composition of the Supervisory Board shall be such
Supervisory Board includes the achievement of the In line with the belief that the focus on sustainable
Report long-term value creation is best ensured by a fair that it is able to carry out its duties properly. The profile
Company’s objectives, the culture in the Company, Given the structure of the Heineken Group, the
of the
and adequate representation of persons who are is available on our corporate website.
Executive the corporate strategy and the risks inherent in the Company is of the opinion that, in the context of
Board business activities, the design and effectiveness of preserving the continuity of the Heineken Group and related by blood or affinity in the direct line descent The importance of diversity in the composition of
the internal risk and control system, the financial ensuring a focus on sustainable long-term value to the late Mr. A.H. Heineken (former Chair of the the Supervisory Board is described in the Diversity
Report reporting process, compliance with primary and creation, it is in its best interest and that of its Executive Board), or who are members of the Board Policy of the Supervisory Board, Executive Board and
of the secondary legislation, the Company-shareholder stakeholders that the Supervisory Board includes a of Directors of Heineken Holding N.V., best practice Executive Team and in the Profile of the Supervisory
Supervisory provision 2.2.2 of the Code, which provides that a
relationship and corporate social responsibility fair and adequate representation of persons who are Board (that is part of the regulations of the
Board
matters that are relevant to the Company. related by blood or affinity in the direct line descent person may be appointed to the Supervisory Board Supervisory Board). These policies emphasise
to the late Mr. A.H. Heineken (former Chair of the for a maximum of two four-year terms, followed by elements of a diverse composition in terms of
The Supervisory Board evaluates at least once a year Executive Board), or who are members of the Board two terms of two years each with an explanation in nationality, gender, age and background including
Financial the corporate strategy and main risks to the
Statements of Directors of Heineken Holding N.V., even if those the Corporate Governance statement, is not applied expertise and experience.
business, the result of the assessment by the persons would not, formally speaking, be considered to Mr. de Carvalho and Mr. Das. In the interest of
Executive Board of the design and effectiveness of preserving the core values and the structure of the Dutch law stipulates that supervisory boards of large
‘independent’ within the meaning of best practice
the internal risk management and control system, Heineken Group, the Company does not apply the Dutch public companies, such as the Company, are
provision 2.1.8 of the Code.
Sustainability and any significant changes thereto. maximum appointment period to members who are deemed to have a balanced composition if they
Statements Currently, the vast majority of the Supervisory Board related by blood or affinity in the direct line descent consist of at least one-third female and one-third
Supervisory Board members are appointed by the (i.e. eight of its ten members) qualify as ‘independent’ male members. The Supervisory Board consists of
AGM from a non-binding nomination drawn up by to Mr. A.H. Heineken or who are members of the
as per best practice provision 2.1.8 of the Code. There Board of Directors of Heineken Holding N.V. ten members, six male (60%) and four female (40%)
the Supervisory Board. are two members who in a strictly formal sense do not members. The Supervisory Board will continue to
Other The Supervisory Board has drawn up a rotation
The AGM can dismiss members of the Supervisory meet the applicable criteria for being ‘independent’ as take the balanced composition requirements into
Information
Board by a majority of the votes cast, if the subject set out in the Code: Mr. de Carvalho (who is the schedule to avoid, as far as possible, a situation in account when nominating and selecting new
majority at least represents one-third of the spouse of Mrs. C.L. de Carvalho-Heineken, the which many Supervisory Board members retire at candidates for the Supervisory Board.
issued capital. daughter of the late Mr. A.H. Heineken, and who is the same time. The rotation schedule is available on
our corporate website. The Supervisory Board notes that, in its opinion,
also an Executive Director of Heineken Holding N.V.)
gender is only one element of diversity, and that
and Mr. Das (who is the Chair of the Board of
experience, background, knowledge, skills and insight
Directors of Heineken Holding N.V.).
are equally important and relevant criteria in
selecting new members as is also reflected in its
profile. The Supervisory Board has updated its profile
in December 2023. The profile is published on our
corporate website as part of the regulations (terms
of reference) of the Supervisory Board.
 53 Corporate Governance statement
Regulations of the Supervisory Board Induction and training Any such decision shall be published in the Annual Also, decisions to enter into transactions under which
Heineken
Report for the relevant year, along with a reference Executive Board or Supervisory Board members
N.V. The tasks, responsibilities and internal procedural After appointment to the Supervisory Board,
Annual to the conflict of interest and a declaration that the would have conflicts of interest that are of material
matters for the Supervisory Board are addressed in the members receive an induction programme drawn up
Report relevant best practice provisions of the Code have significance to the Company and/or to the relevant
2024 regulations (terms of reference) of the Supervisory by the Company in consultation with the Chair of
been complied with. Note 13.3 of the 2024 Financial Executive Board member/Supervisory Board
Board and are available on our corporate website. the Supervisory Board.
Statements sets out the related party transactions member require the approval of the
The Supervisory Board appoints a Chair from among Mr. Wennink followed the introduction programme in 2024. Supervisory Board.
its members (currently Mr. Huët). The Chair of the in 2024. The programme included a general
In 2024, no transactions were reported under which Further reference is made to Article 8 paragraph 6 of
Supervisory Board may not be a former member of information package in respect of the Company and
a Supervisory Board member had a conflict of the Articles of Association, which contains a list of
the Executive Board. The Chair of the Supervisory its corporate governance. It also included various
interest that was of material significance. resolutions of the Executive Board that require
Board determines the agenda, chairs the meetings meetings with members of the Executive Team and
Supervisory Board approval.
of the Supervisory Board, ensures the proper other senior management leaders. Furthermore, in Remuneration
functioning of the Supervisory Board and its addition to attending the Supervisory Board Delegated Member
Introduction Committees, arranges for the adequate provision of meetings including the strategy meeting and the Supervisory Board members receive a fixed annual
information to its members and acts on behalf of visit to Brazil, the introduction programme also remuneration fee determined by the AGM. The AGM may appoint one of the Supervisory Board
the Supervisory Board as the main contact for the included a visit to the breweries in Zoeterwoude and members as Delegated Member. Mr. Das currently
More information on the remuneration of
Executive Board and for shareholders regarding the Den Bosch. acts as the Delegated Member. The delegation to
Report Supervisory Board members can be found in Note
of the functioning of the Executive Board and the the Delegated Member does not extend beyond the
13.3 to the 2024 Financial Statements.
Executive Supervisory Board members. The Chair also ensures Information duties of the Supervisory Board and does not
Board comprise the management of the Company. It
the orderly and efficient conduct of the AGM. The Executive Board provides regular updates to the Other Appointments
intends to effect a more intensive supervision and
The Chair of the Supervisory Board is assisted in his Supervisory Board on the Company’s operations, While the Supervisory Board has not adopted a
Report advice and more regular consultation with the
of the role by the Company Secretary. All members of the results, legal matters, corporate governance, policy with regard to the maximum number of Executive Board.
Supervisory
Supervisory Board have access to the advice and accounting, sustainability and compliance. This takes (other) appointments of its members, it does
Board place in the scheduled Supervisory Board The Delegated Member has a veto right concerning
services of the Company Secretary. The Company ascertain that its members (i) comply with the Dutch
Secretary is responsible for ensuring that due meetings as well as via email in case of ad hoc Act on Management and Supervision as regards the resolutions of the Supervisory Board to approve the
procedures are followed and that the Supervisory material developments. maximum number of supervisory board seats and resolutions of the Executive Board referred to in
Financial
Statements Board acts in accordance with its statutory non-executive board memberships in Large Dutch Article 8 paragraph 6 under a, b and c of the Articles
obligations as well as its obligations under the
Conflict of Interest Entities and (ii) have sufficient time to devote to of Association of the Company.
Articles of Association. The Articles of Association and the regulations their duties and responsibilities, as provided by The role of the Delegated Member is consistent with
(terms of reference) of the Supervisory Board Principle 2.4 of the Code. best practice provision 2.3.8 of the Code, except
Sustainability The Supervisory Board appoints a Vice-Chair from prescribe how to deal with (apparent) conflicts of
among its members (currently Mr. Wennink). The insofar that the delegation is not temporary but is
Statements
interest between the Company and members of the Resolutions subject to Supervisory held for the term for which the member concerned is
Vice-Chair serves as the deputy for the Chair and Supervisory Board. Board approval appointed by the AGM. The Company is of the
acts as a point of contact for individual Supervisory
Board members and Executive Board members A member of the Supervisory Board shall not take Certain resolutions of the Executive Board are opinion that the position of Delegated Member,
Other
regarding the functioning of the Chair. part in any discussion or decision-making that subject to the approval of the Supervisory Board. which has been in existence since 1952, befits the
Information structure of the Company.
involves a subject or transaction in relation to Examples are resolutions concerning the operational
The Supervisory Board can only adopt resolutions in which he has a personal conflict of interest with and financial objectives of the Company, the
a meeting if the majority of its members are present the Company. strategy designed to achieve the objectives, the
or represented at that meeting. In such meetings, parameters to be applied in relation to the strategy
resolutions must be adopted by absolute majority of Decisions to enter into transactions under which (for example, in respect of the financial ratios) and
the votes cast. In addition, approval of a resolution Supervisory Board members have conflicts of corporate social responsibility matters that are
by the Supervisory Board, as referred to in Article 8 interest that are of material significance to the relevant to the Company (including the
paragraph 6 under a, b and c of the Articles of Company and/or the relevant member(s) of the sustainability strategy).
Association, requires the affirmative vote of the Supervisory Board require the approval of the
Delegated Member. Supervisory Board.
 54 Corporate Governance statement
Committees Audit Committee Remuneration Committee Sustainability and
Heineken
N.V. The Supervisory Board comprises five committees: The Audit Committee focuses on supervising the The Remuneration Committee, inter alia, makes the Responsibility Committee
Annual
the Preparatory Committee, the Audit Committee, activities of the Executive Board with respect to: (i) proposal to the Supervisory Board for the The Sustainability and Responsibility Committee
Report
2024 the Remuneration Committee, the Selection and the operation of the internal risk management and remuneration policy for the Executive Board and focuses on: (i) the periodic review and evaluation of
Appointment Committee and the Sustainability and control systems, including the enforcement of the Supervisory Board to be pursued, and makes a the Company’s sustainability and responsibility
Responsibility Committee. These committees are relevant primary and secondary legislation and proposal for the remuneration of the individual strategy and related objectives and the performance
responsible for preparing the decision-making supervising the operation of codes of conduct; (ii) members of the Executive Board for adoption by the on these objectives, including in the areas of the
processes of the Supervisory Board. the provision of financial and sustainability Supervisory Board. environment, social and responsible consumption;
information by the Company; (iii) compliance with The Remuneration Committee may not be chaired (ii) the relationships of the Company with its
The Supervisory Board has drawn up regulations
recommendations and observations of internal and by the Chair of the Supervisory Board or by a former stakeholders on sustainability and responsibility
(terms of reference) for each committee, setting out
external auditors; (iv) the role and functioning of member of the Executive Board. However, given the matters; (iii) external sustainability and
the role and responsibility of the committee
Global Audit, the internal audit function; (v) the structure of the Heineken Group and the character responsibility-related developments relevant for the
concerned, its composition and the manner in which
policy of the Company on tax risk management; (vi) of the Board of Directors of Heineken Holding N.V., Company; and (iv) such other matters concerning
Introduction it discharges its duties. These regulations (terms of
relations with the external auditor, including, in the regulations of the Remuneration Committee the Company’s sustainability and responsibility
reference) are available on our corporate website.
particular, its independence, remuneration and any permit that the Remuneration Committee is chaired matters as the Committee shall see fit and proper or
In 2024, more than half of the members of the non-audit services for the Company; (vii) the by a Supervisory Board member who is a member of as shall be referred by the Executive Board or
Report Audit Committee, of the Remuneration Committee, financing of the Company; and (viii) the applications the Board of Directors of Heineken Holding N.V. Supervisory Board from time to time.
of the
Executive of the Selection and Appointment Committee and of information and communication technology.
Board of the Sustainability and Responsibility Committee The current Chair of the Remuneration Committee is The current Chair of the Sustainability and
The Audit Committee acts as the principal contact Mr. Hijmans van den Bergh. Responsibility Committee is Mr. Paranjpe.
were independent within the meaning of best
for the external auditor if the external auditor
Report practice provision 2.1.8 of the Code. The Report of
discovers irregularities in the content of the financial Selection and Appointment Committee
of the the Supervisory Board states the composition of the
Supervisory reporting. The Audit Committee meets with the
committees, the number of committee meetings The Selection and Appointment Committee focuses
Board external auditor as often as it considers necessary,
and the main items discussed. on: (i) drawing up selection criteria and appointment
but at least once a year, without the Executive Board
members being present. procedures for Supervisory Board members and
Financial
Preparatory Committee Executive Board members; (ii) periodically assessing
Statements The Preparatory Committee prepares decision- The Audit Committee may not be chaired by the the size and composition of the Supervisory Board
making of the Supervisory Board on matters not Chair of the Supervisory Board or by a former and the Executive Board, and making a proposal for
already handled by any of the other committees, member of the Executive Board. At least one member a composition profile of the Supervisory Board; (iii)
such as in relation to acquisitions and investments. of the Audit Committee shall be a financial expert periodically assessing the functioning of individual
Sustainability with relevant knowledge and experience of financial Supervisory Board members and Executive Board
Statements The current Chair of the Preparatory Committee is administration and accounting for listed companies members, and reporting on this to the Supervisory
Mr. Huët. or other large legal entities. Board; (iv) drawing up a plan for the succession of
Supervisory Board members and Executive Board
The current Chair of the Audit Committee is
Other members; (v) making proposals for appointments
Mrs. Helmes.
Information and re-appointments of Supervisory Board and
Executive Board members; (vi) supervising the policy
of the Executive Board regarding the selection
criteria and appointment procedures for senior
management; (vii) drawing up a diversity policy for
the composition of the Executive Board, the
Supervisory Board and the Executive Team; and (viii)
deciding on a request from Executive Board
members to accept an external board membership
of a Large Dutch Entity or foreign equivalent.
The current Chair of the Selection and Appointment
Committee is Mr. Huët.
 55 Corporate Governance statement
General Meeting Right to include items on the agenda Record date Chair of the AGM
Heineken
N.V. Annually, within six months after the end of the If the Executive Board has been requested in writing For each AGM, Dutch law provides a record date for The AGM shall be presided over by the Chair or the
Annual
financial year, the AGM shall be held, in which, inter not later than 60 days prior to the date of the AGM the exercise of the voting rights and participation in Vice-Chair of the Supervisory Board or, in its absence,
Report
2024 alia, the following items shall be brought forward: (i) to deal with an item by one or more shareholders the meeting, which record date shall be the 28th day by one of the Supervisory Board members present at
the discussion of the management report; (ii) the who solely or jointly represent at least 1% of the prior to the date of the meeting. The record date the meeting, to be designated by them in mutual
adoption of the Executive Board’s and Supervisory issued capital, the item will be included in the shall be included in the convocation notice, as well as consultation. If no members of the Supervisory
Board’s remuneration policy insofar as adjustments convocation or announced in a similar way. the manner in which those entitled to attend and/or Board are present, the meeting shall appoint its
to those policies lead to a new policy or four years vote in the meeting can be registered and the own chair.
A request of a shareholder for an item to be included
after adoption; (iii) the Remuneration Report of the manner in which they may exercise their rights.
members of the Executive Board and members of
on the agenda of the AGM needs to be Voting
substantiated. The principles of reasonableness and Only persons who are shareholders on the record
the Supervisory Board; (iv) the discussion and All resolutions of the AGM shall be adopted by an
fairness may allow the Executive Board to refuse date may participate and vote in the AGM.
adoption of the financial statements; (v) the absolute majority of the votes cast, except for those
the request.
discharge of the members of the Executive Board for cases in which the law or the Articles of Association
Introduction Participation in person, by proxy or
their management; (vi) the discharge of the The Code provides the following in best practice prescribe a larger majority.
members of the Supervisory Board for their
through electronic communication
provision 4.1.6: “A shareholder should only exercise
supervision of the management; and (vii) the Each shareholder is entitled, either personally or by Each share confers the right to one vote. Blank votes
the right to put items on the agenda after they have
Report appropriation of profits. proxy authorised in writing, to attend the AGM, to shall be considered as not having been cast.
consulted with the management board on this. If
of the
Executive one or more shareholders intend to request that an address the meeting and to exercise his or her The Executive Board may determine in the
According to the Articles of Association, the AGM voting rights.
Board item be put on the agenda that may result in a convocation notice that any vote cast prior to the
shall be held in Amsterdam. The AGM reflecting on
change in the Company’s strategy, for example as a The Executive Board may determine that the powers AGM by means of electronic communication shall be
the financial year 2023 was held on 25 April 2024 in
Report result of the dismissal of one or several set out in the previous sentence may also be deemed to be a vote cast in the AGM. Such a vote
DeLaMar Theatre in Amsterdam. Shareholders could
of the management board or supervisory board members, exercised by means of electronic communication. may not be cast prior to the record date. A
Supervisory attend in person or virtually.
the management board should be given the shareholder who has cast his or her vote prior to the
Board
Convocation opportunity to stipulate a reasonable period in which If a shareholder wants to exercise his or her rights by AGM by means of electronic communication
to respond (the response time).” proxy authorised in writing, the written power of remains entitled, whether or not represented by a
Pursuant to Dutch law, the Executive Board or the attorney must be received by the Company no later holder of a written power of attorney, to participate
Financial The opportunity to stipulate the response time
Statements
Supervisory Board shall convene the AGM with a than on the date indicated for that purpose in the in the AGM.
convocation period of at least 42 days (excluding should also apply to an intention as referred to convocation notice. Through its corporate website,
the date of the meeting, but including the above for judicial leave to call an AGM pursuant to the Company generally facilitates that shareholders Minutes
convocation date). Section 2:110 of the Dutch Civil Code. The relevant can give electronic voting instructions.
shareholder should respect the response time The proceedings in the AGM shall be recorded in
Sustainability
The Executive Board and the Supervisory Board are stipulated by the management board, within the minutes taken by a secretary to be designated by
Statements
obliged to convene an AGM upon request of
Attendance list the chair of the meeting. Upon request, the record of
meaning of best practice provision 4.1.7 of the Code.
shareholders individually or collectively owning at Each person entitled to vote or otherwise entitled to the proceedings of the AGM shall be submitted to
least 10% of the shares issued. Such meeting shall be If the Executive Board invokes a response time, such attend a meeting, or such person’s representative, shareholders, ultimately within three months after
Other held within eight weeks of the request and shall deal period shall not exceed 180 days from the moment shall have to sign the attendance list, stating the the conclusion of the meeting.
Information with the subjects as stated by those who wish to the Executive Board is informed by one or more number of shares and votes represented by
hold the meeting, failing which the shareholders shareholders of their intention to put an item on the such person.
may seek judicial leave to call a general meeting. agenda to the day of the AGM at which the item is
to be dealt with. The Executive Board shall use the
response time for further deliberation and
constructive consultation. This shall be monitored by
the Supervisory Board. The response time shall be
invoked only once for any given AGM and shall not
apply to an item in respect of which the response
time has been previously invoked.
 56 Corporate Governance statement
Resolutions to be adopted by the AGM Resolutions on a major change in the identity or Law on the Conversion of Bearer Shares Share plans
Heineken
character of the Company or enterprise shall be As of 1 July 2019, the Dutch Law on the Conversion There is a share-based Long-Term Incentive Plan
N.V. The AGM has authority to adopt resolutions
Annual subject to the approval of the AGM. This would at of Bearer Shares (Wet omzetting aandelen aan (LTIP) for both the Executive Board members and
concerning, inter alia, the following matters:
Report least include (a) the transfer of the enterprise or the toonder) has entered into effect. All (bearer) shares senior management. Eligibility for participation in
2024 – Issue of shares by the Company or rights on transfer of practically the entire enterprise of the in the Company’s authorised capital have already the LTIP by senior management is based on
shares (and to authorise the Executive Board to Company to a third party, (b) the entering into or been registered as per earlier amendment of the objective criteria.
resolve that the Company issues shares or rights the termination of a lasting co-operation of the Articles of Association. However, there still are share
on shares); Company or a subsidiary with another legal entity or certificates for bearer shares circulating which are Each year, performance shares are awarded to the
– Authorisation of the Executive Board to resolve company or a fully liable partner in a limited eligible for submission with the Company. participants. Depending on the fulfilment of certain
that the Company acquires its own shares; partnership or general partnership, if such co- predetermined performance conditions during a
operation or termination is of fundamental Pursuant to Dutch law, the Company received three-year performance period, the performance
– Cancellation of shares and reduction of
importance to the Company and (c) acquiring or 12,037 certificates for bearer shares without shares will vest and the participants will receive
share capital;
disposing of a participation in the capital of a consideration on 31 December 2020. Heineken N.V. shares.
– Appointment of Executive Board members;
Introduction company by the Company or a subsidiary Any holder of certificates for bearer shares
– The remuneration policy for Executive Shares received by Executive Board members upon
amounting to at least one-third of the amount of submitting its share certificates with the Company
Board members; vesting under the LTIP are subject to a holding
assets according to the Company’s consolidated before 2 January 2026, shall receive a corresponding period of five years as from the date of award of the
– Suspension and dismissal of Executive balance sheet plus explanatory notes as laid down amount of registered shares by the Company as per
Report respective performance shares, which is
of the Board members; in the last adopted Financial Statements of the transitory provisions laid down in Article 18 of approximately two years from the vesting date.
Executive
– Appointment of Supervisory Board members; the Company. the Articles of Association.
Board
Under the Short-Term Incentive Plan (STIP) for the
– The remuneration policy for Supervisory
Article 10 of the EU Take-Over Substantial shareholdings Executive Board, Executive Board members are
Board members;
Report
of the
Directive Decree Based on the Financial Supervision Act (Wet op het
entitled to receive a cash bonus subject to the
– The remuneration of Supervisory Board members; fulfilment of predetermined
Supervisory Shares financieel toezicht) and the Decree on Disclosure of
Board – Suspension and dismissal of Supervisory Major Holdings and Capital Interests in Issuing performance conditions.
Board members; The issued capital of the Company amounts to
Institutions (Besluit melding zeggenschap en Executive Board members are obliged to invest at
€921,604,180.80, consisting of 576,002,613 shares
– Appointment of the Delegated Member of the kapitaalbelang in uitgevende instellingen) the least 25% of their STIP payout in Heineken N.V.
Financial of €1.60 each. Each share carries one vote. The Netherlands Authority for the Financial Markets has
Supervisory Board; shares (‘investment shares’) to be delivered by the
Statements shares are listed on Euronext Amsterdam. been notified about substantial shareholdings
– Adoption of the financial statements; Company; the maximum they can invest in
All shares carry equal rights and are freely regarding the Company. Based on such filings, and
– Granting discharge to Executive and Supervisory to the best of the Company’s knowledge, as Heineken N.V. shares is 50% of their STIP payout (at
transferable (unless provided otherwise below). their individual discretion).
Board members; applicable at 31 December 2024 the following
Sustainability shareholders held a substantial shareholding in the
Statements – Dividend distributions; Shares repurchased by the Company for the share- The investment shares (which are acquired by the
based Long-Term Incentive Plan (LTIP) or for any Company:
– A material change in the corporate – Mrs. C.L. de Carvalho-Heineken indirectly holds Executive Board members in the year after the year
governance structure; other purpose do not carry any voting rights and over which the STIP payout is calculated) are subject
dividend rights. 50.005% of the issued share capital of the
– Appointment of the external auditor; Company; the direct 50.005% shareholder is to a holding period of five years as from 1 January of
Other the year in which the investment shares
Information – Amendment of the Articles of Association; and Shareholders who hold shares on a predetermined Heineken Holding N.V.). Further details can be
record date are entitled to attend and vote at the found in the Annual Report of Heineken are acquired.
– Liquidation. AGM. The record date for the AGM of 17 April 2025 Holding N.V. Executive Board members are entitled to receive one
is 28 days before the AGM, i.e. on 20 March 2025. – Massachusetts Financial Services Company holds additional Heineken N.V. share (a ‘matching share’)
(directly and indirectly combined) 2.09% of the for each investment share held by them at the end
issued share capital of the Company and holds of the respective holding period.
(directly and indirectly combined) 3.07% of the
voting rights in the share capital of the Company.
 57 Corporate Governance statement
The entitlement to receive matching shares shall Appointment and dismissal of Transactions may be executed on the stock Compliance with the
Heineken
N.V.
lapse upon the termination by the Company of the Supervisory and Executive exchange or otherwise. Corporate Governance Code
Annual service agreements of Mr. Van den Brink and Mr. Board members
Report The authorisation may be used in connection with The Code was first adopted in 2003 and was
Van den Broek, as the case may be, for an urgent
2024 Members of the Supervisory Board and the the LTIP and the STIP for the members of the amended in 2008, 2016 and 2022. In the years
reason (‘dringende reden’) within the meaning of
Executive Board are appointed by the AGM on the Executive Board and the LTIP for senior since the last revision of the Code in 2016, a number
the law or in case of dismissal for cause (‘ontslag met management, but may also serve other purposes, of important developments have been observed in
basis of a non-binding nomination by the
gegronde redenen’) whereby the cause for dismissal such as acquisitions. A new authorisation will be the field of governance, such as the greater
Supervisory Board.
concerns unsatisfactory functioning of the Executive submitted for approval at the next AGM on emphasis on sustainability and digitisation and
Board member. The AGM can dismiss members of the Supervisory 17 April 2025. diversity and inclusion as well as addressing changed
Board and the Executive Board by a majority of the legislation and regulations. These developments
In exceptional situations, extraordinary share votes cast, if the subject majority at least represents Issue of shares have been addressed in the latest update of the
entitlements may be awarded by the Executive one-third of the issued capital.
On 25 April 2024, the AGM authorised the Executive Code. The Code is available via http://www.mccg.nl.
Board to employees. These share entitlements are
Introduction usually non-performance-related and the employees Amendment of the Articles of Board (for a period of 18 months) to issue shares or The Code contains principles and best practice
involved are usually entitled to receive Heineken N.V. grant rights to subscribe for shares and to restrict or
Association provisions that regulate relations between the
shares after the expiry of a period of time. exclude shareholders’ pre-emption rights, with due management board, the supervisory board and the
The Articles of Association can be amended by observance of the law and Articles of Association
Report general meeting/shareholders. The principles in the
The shares required for the LTIP, the STIP and the resolution of the AGM in which at least half of the (which require the approval of the
of the Code may be regarded as reflecting widely held
Executive extraordinary share entitlements will be acquired by issued capital is represented and exclusively either at Supervisory Board). general views on good corporate governance. The
Board the Company on the basis of an authorisation the proposal of the Supervisory Board or at the
The authorisation is limited to 10% of the principles have been expressed in the form of best
granted by the AGM and subject to approval of the proposal of the Executive Board that has been
Company’s issued capital as per 25 April 2024. practice provisions. These provisions contain
Report Supervisory Board of the Company. approved by the Supervisory Board, or at the
of the standards for the conduct of management board
proposal of one or more shareholders representing The authorisation may be used in connection with
Supervisory Change of control members, supervisory board members and
Board at least half of the issued capital. the LTIP and the STIP for the members of the shareholders. They reflect best practices and
There are no important agreements to which the Executive Board and the LTIP for senior supplement the general principles of good corporate
Company is a party and that will automatically Acquisition of own shares management, but may also serve other purposes, governance.
Financial come into force, be amended or be terminated On 25 April 2024, the AGM authorised the Executive such as funding of acquisitions.
Statements under the condition of a change of control over the Board (for the statutory maximum period of 18 As stated in the Code, there should be a basic
Company as a result of a public offer. A new authorisation will be submitted for approval recognition that corporate governance must be
months) to acquire own shares subject to the
to the AGM at 17 April 2025. tailored to the company-specific situation and,
following conditions and with due observance of the
However, the contractual conditions of most of the therefore, that non-application of individual
law and the Articles of Association (which require the
Sustainability Company’s important financing agreements and provisions by a company may be justified.
Statements approval of the Supervisory Board):
notes issued (potentially) entitle the banks and
noteholders respectively to claim early repayment of The maximum number of shares which may be
the amounts borrowed by the Company in the acquired is 10% of the issued capital of the
Other
situation of a change of control over the Company Company as per 25 April 2024.
Information (as defined in the respective agreement).
Transactions must be executed at a price between
Also, some of the Company’s important joint venture the nominal value of the shares and 110% of the
agreements provide that in case of a change of opening price quoted for the shares in the Official
control over the Company (as defined in the Price List (Officiële Prijscourant) of Euronext
respective agreement), the other party to such Amsterdam on the date of the transaction or, in the
agreement may exercise its right to purchase the absence of such a price, the latest price
Company’s shares in the joint venture, as a result of quoted therein.
which the respective joint venture agreement
will terminate.
 58 Corporate Governance statement
The Company, in principle, endorses the Code’s In respect of transactions with related parties as In accordance with Article 5:25c paragraph 2 sub c
Heineken
principles and applies virtually all best practice disclosed in note 13.3, best practice provisions 2.7.3, of the Financial Markets Supervision Act, we confirm
N.V.
Annual provisions. However, given the structure of the 2.7.4 and 2.7.5 of the Code have been observed. that, to the best of our knowledge:
Report Heineken Group and, specifically, the relationship
2024 Various topics included in the updated Code are – the financial statements in this Annual Report
between the Company and its controlling
addressed in detail in other sections of this Annual 2024 give a true and fair view of our assets and
shareholder Heineken Holding N.V., the Company
Report, including with respect to sustainable long- liabilities, our financial position at 31 December
does not (fully) apply the following best
term value creation, company culture, diversity and 2024, and the results of our consolidated
practice provisions: operations for the financial year 2024; and
inclusion and a policy for an effective dialogue with
– 2.1.7, 2.1.8 and 2.1.10 4: Number of independent stakeholders with regard to sustainability aspects of – the Report of the Executive Board includes a fair
Supervisory Board members; in that light the the Company’s strategy. Please refer to these review of the position at 31 December 2024 and
Supervisory Board report does not state that best dedicated sections to read more about these topics. the development and performance during the
practice provisions 2.1.7 through 2.1.9 have financial year 2024 of Heineken N.V. and the
been fulfilled; Statement of the Executive Board undertakings included in the consolidation taken
Introduction
– 2.2.2: Maximum terms of appointment This Report of the Executive Board, together with the as a whole, and describes the principal risks that
Supervisory Board members; and Sustainability Review, serves as the management Heineken N.V. faces.
– 2.3.8: Temporary nature of appointing a report for the purpose of Section 391, Book 2 of the This statement cannot be construed as a statement
Report
of the delegated Supervisory Board member. Dutch Civil Code. in accordance with the requirements of Section 404
Executive of the US Sarbanes-Oxley Act, which Act is not
Board The agreement with Mr. Van den Brink and Mr. Van In accordance with best practice provision 1.4.3 of
den Broek with regards to their terms comply with the the Code, we are of the opinion that: applicable to Heineken N.V.

Report Code. For more information please see the – This report provides sufficient insights into any Executive Board
of the Remuneration Report. major failings in the effectiveness of the internal R.G.S. van den Brink
Supervisory risk management and control systems H.P.J. van den Broek
Board Other best practice provisions which are not applied
relate to the fact that these principles and/or best – The aforementioned systems provide reasonable Amsterdam, 11 February 2025
practice provisions are not applicable to the Company: assurance that the financial reporting does not
Financial contain any material inaccuracies
– 2.8.1: This best practice provision situation has not
Statements
arisen; – Based on the current state of affairs, it is justified
that the financial reporting is prepared on a going
– 3.1.2: sub vii: The Company does not grant
concern basis
options on shares;
Sustainability – This report states those material risks and
– 4.1.5: This best practice provision relates
Statements uncertainties that are relevant to the expectation
to shareholders;
of the Company’s continuity for the period of 12
– 4.2.6: The Company has no anti- months after the preparation of this report
takeover measures;
Other
It should be noted that the foregoing does not imply
Information
– 4.3.1: This best practice provision relates that these systems and these procedures provide
to shareholders; absolute assurance as to the realisation of
– 4.3.4: The Company has no financing operational and strategic business objectives, or that
preference shares; they can prevent all misstatements, inaccuracies,
– 4.3.5 and 4.3.6: This best practice provision relates errors, fraud and non-compliance with legislation,
to institutional investors; rules and regulations.
– 4.5: The Company has no depositary receipts of For a detailed description of the risk management
shares, nor a trust office; and system and the principal risks identified, please refer
– 4.3.3 and 5.1: The Company does not have a one- to the Risk Management section.
tier management structure.
 59 To the shareholders
Heineken
During 2024, the Supervisory Board Supervisory Board composition, skills, Supervisory Board composition
N.V. performed its duties in accordance with independence and remuneration Nationality %
Annual
Report
primary and secondary legislation and Composition American 20%
2024 the Articles of Association of Heineken The Supervisory Board started the year 2024 with
N.V. and supervised and advised the British 20%
9 members: Jean-Marc Huët (Chair), Maarten Das,
Executive Board on an ongoing basis. Michel de Carvalho, Pamela Mars Wright, Marion Dutch 40%
Helmes, Rosemary Ripley, Nitin Paranjpe, Lodewijk
Financial statements German 10%
Hijmans van den Bergh and Beatriz Pardo.
and results appropriation
Spanish 10%
At the Annual General Meeting of Shareholders
The Supervisory Board hereby submits to the
(AGM) on 25 April 2024, both Mr. Huët and Mrs.
shareholders the financial statements and the
Mars Wright were re-appointed for a period of two
report of the Executive Board for the financial year
years and Mr. Peter Wennink was appointed for a Gender Weighed average* %
Introduction 2024, as prepared by the Executive Board and
period of four years as members of the Male 59% 60%
approved by the Supervisory Board in its meeting
Supervisory Board.
of 11 February 2025. Female 41% 40%
Report Deloitte Accountants B.V. audited the financial
of the
Executive statements. Its report can be found in the Other
Board Information section. Tenure %

The Supervisory Board recommends that 0–4 years 40%

Report
of the
shareholders, in accordance with the Articles of 5–8 years 20%
Supervisory Association, adopt these financial statements.
Board 9–12 years 20%
The underlying principle of the dividend policy is that
30–40% of net profit before exceptional items and >12 years 20%
Financial amortisation of acquisition-related intangible assets
Statements (net profit beia) is placed at the disposal of
shareholders for distribution as dividend.
The proposed dividend amounts to €1.86 per share
Sustainability of €1.60 nominal value, of which €0.69 was paid as
Statements an interim dividend on 8 August 2024.
HEINEKEN intends to implement a two-year
programme to repurchase own shares for an
Other aggregate amount of €1.5 billion. Heineken Holding
Information N.V., the Company’s majority shareholder, intends to
participate pro rata in this share buyback
programme. The Company’s share buyback
programme will be executed within the authority
granted by the Annual General Meeting of
Shareholders on 25 April 2024 and the authority
granted by future general meetings. All shares
repurchased under the programme will be cancelled.
The share buyback programme may be suspended,
modified, or discontinued at any time.

* The weighed average reflects changes in the composition of the Supervisory Board during the reporting year.
 60 To the shareholders
Heineken Jean-Marc (R.J.M.S.) Maarten (M.) Michel (M.R.) Pamela (P.) Marion (M.)
N.V. Huët Das de Carvalho Mars Wright Helmes
Annual
Report 1969 Dutch Male 1948 Dutch Male 1944 British Male 1960 American Female 1965 German Female
2024 nationality nationality nationality nationality nationality
Appointed in 2014; Chair (as of 2019); latest Appointed in 1994; latest re-appointment Appointed in 1996; latest re-appointment Appointed in 2016; latest re-appointment Appointed in 2018; latest re-appointment in
re-appointment in 2024* in 2021** in 2023** in 2024* 2022**
Delegated Member (as of 1995)
Profession: Profession: Profession: Profession: Profession:
Company Director Lawyer Chair Capital Generation Partners Company Director Company Director
Supervisory board seats (or non-executive board Supervisory board seats (or non-executive No supervisory board seats (or non-executive Supervisory board seats (or non-executive board No supervisory board seats (or non-executive
memberships) in Large Dutch Entities***: board memberships) in Large Dutch board memberships) in Large Dutch memberships) in Large Dutch Entities***: board memberships) in Large Dutch
Vermaat Groep (Chair Supervisory Board) Entities***: Entities*** SHV Holdings N.V. (Member Supervisory Board) Entities***
Introduction Heineken Holding N.V. (Chair)
Other positions****: Other positions****: Other positions****: Other positions****: Other positions****:
Lonza Group Ltd. (Chair) L’Arche Green N.V. (Chair), Heineken Holding N.V. (Executive Director), Moffitts National Board of Advisors Siemens Healthineers AG, Lonza Group Ltd
Report L’Arche Holding B.V. L’Arche Green N.V., Koç Holding A.Ş.
of the
Executive
Board Rosemary (R.L.) Nitin (N.) Lodewijk (L.J.) Beatriz (B.) Peter (P.T.F.M.)
Ripley Paranjpe Hijmans van den Bergh Pardo Wennink
Report 1954 American Female 1963 British Male 1963 Dutch Male 1969 Spanish Female 1957 Dutch Male
of the
Supervisory
nationality nationality nationality nationality nationality
Board Appointed in 2019; latest re-appointment in Appointed in 2021** Appointed in 2023** Appointed in 2023** Appointed in 2024**
2023**
Profession: Profession: Profession: Profession: Profession:
Financial
Managing Director at NGEN Chief Transformation Officer and Chief Lawyer, Company Director General Manager of Starbucks Reserve (until CEO of ASML (until 24 April 2024). Company
Statements
People Officer of Unilever (until 1 June February 2024). Company Director. Director.
2024). Company Director.
No supervisory board seats (or non-executive No supervisory board seats (or non-executive Supervisory board seats (or non-executive No supervisory board seats (or non-executive Supervisory board seats (or non-executive
board memberships) in Large Dutch board memberships) in Large Dutch board memberships) in Large Dutch board memberships) in Large Dutch board memberships) in Large Dutch
Sustainability
Entities*** Entities*** Entities***: Entities*** Entities***:
Statements
ING Groep N.V. (Member Supervisory Board), VDL Groep B.V. (Member Supervisory Board)
HAL Holding N.V. (Vice-Chair Supervisory Board)
Other positions****: Other positions****: Other positions****: Other positions****: Other positions****:
Other Zevia PBC, Ripley Waterfowl Conservancy, Hindustan Unilever Ltd (Chair), Infosys Utrecht Universiteitsfonds (Chair), Apheon (Member of the Advisory Board) Eindhoven University of Technology (Chair),
Information Better World Acquisition Corp (CEO and Limited (Independent Director), Indian Vereniging Aegon (Chair) Dutch National Growth Fund (Vice-Chair
Director) School of Business, Kedaara Capital, Advisory Board), Eindhoven Manufacturers
Chinmaya Mission Advisory Council Circle (Chair),

* For a term of two years, in line with the Corporate Governance Code.
** For the maximum term of four years.
*** Large Dutch Entities are Dutch N.V.s, B.V.s or Foundations (that are required to prepare annual accounts pursuant to Chapter 9 of Book 2 of the Dutch Civil Code or similar legislation) that meet two of the following criteria (on a consolidated basis) on two consecutive balance sheet dates:
(i) The value of the assets (according to the balance sheet with the explanatory notes and on the basis of acquisition and manufacturing costs) exceeds €20 million;
(ii) The net turnover exceeds €40 million;
(iii) The average number of employees is at least 250.
**** Under ‘Other positions’, other functions are mentioned that may be relevant to the performance of the duties of the Supervisory Board.
 61 To the shareholders
Heineken Supervisory Board composition and skills matrix
N.V.
Annual
Report Jean-Marc Maarten Michel Pamela Marion Rosemary Nitin Lodewijk (L.J.) Beatriz Peter
2024
(R.J.M.S.) (M.) (M.R.) (P.) (M.) (R.L.) (N.) Hijmans van (B.) (P.T.F.M.)
Huët Das de Carvalho Mars Wright Helmes Ripley Paranjpe den Bergh Pardo Wennink *
Year of birth 1969 1948 1944 1960 1965 1954 1963 1963 1969 1957
Gender Male Male Male Female Female Female Male Male Female Male

Nationality
Dutch Dutch British American German American British Dutch Spanish Dutch
Introduction
Committee AC, PC (Chair), PC PC, RC, SAC, SRC SAC, SRC AC (Chair), RC RC, SRC SRC (Chair) RC (Chair), SRC SAC AC, RC, SAC
memberships RC, SAC (Chair)
Report
of the
Executive Skills and experience
Board
Business leadership
Report
of the
Supervisory
Board
International business

Financial Consumer goods

Statements

Finance / Governance
Sustainability
Statements

Marketing / Innovation

Other
Information Sustainability

Digital / Technology

AC – Audit Committee, PC – Preparatory Committee, RC – Remuneration Committee, SAC – Selection and Appointment Committee, SRC – Sustainability and Responsibility Committee
* Appointed at the AGM 2024.
 62 To the shareholders
The Supervisory Board has a diverse composition in Composition and AGM 2025 or who are members of the Board of Directors of – An update of the operationalisation and progress
Heineken
terms of experience, gender, nationality and age. Heineken Holding N.V., even if those persons would made in the execution of the Brew a Better
N.V. Mr. Huët will resign as Chair and member of the
Annual Four out of ten members are women and six out of not, formally speaking, be considered ‘independent’ World strategy;
Supervisory Board at the 2025 AGM after being
Report ten members are non-Dutch. There are six within the meaning of best practice provision 2.1.8 – Large investment proposals, as well as the overall
2024 member of the Supervisory Board for eleven years, six
nationalities (American, British, Dutch, German, of the Code. business development and acquisition landscape,
of which as its Chair. The Supervisory Board has
Indian and Spanish) and the age of the members taking into account the geographical footprint of
resolved to appoint Mr. Wennink as Chair of the Currently, the majority of the Supervisory Board
ranges between 55 and 80. the Company;
Supervisory Board, effective upon conclusion of the (i.e., eight of its ten members) qualify as
The Supervisory Board is of the opinion that a 2025 AGM. ‘independent’ as per best practice provision 2.1.8 of – The annual budget and plan as well as the three-
diversity of experience and skills is represented on its the Code. year strategic plan;
Mr. Das will retire from the Supervisory Board when
board. The elements of a diverse composition of the – The Company’s people strategy and priorities,
his current term ends at the 2025 AGM, after being There are two members who in a strictly formal sense
Supervisory Board are laid down in the Diversity including employee engagement, retention and
member of the Supervisory Board for more than three do not meet the applicable criteria for being
Policy of the Supervisory Board, Executive Board and talent management, succession planning,
decades, and chairing the Remuneration Committee ‘independent’ as set out in the Code: Mr. de Carvalho
Executive Team (available on our corporate website) inclusion and diversity strategy;
Introduction for 20 years. (who is the spouse of Mrs. C.L. de Carvalho-Heineken,
as per best practice provision 2.1.5 of the Code. – Succession planning for the Executive Board,
the daughter of the late Mr. A.H. Heineken, and who
Currently, 40% (i.e. four out of ten) of the A non-binding nomination for the re-appointment of Supervisory Board and senior management;
also is an executive director of Heineken Holding
Supervisory Board members are female. Mr. Paranjpe as member of the Supervisory Board
Report N.V.), Mr. Das (who is the Chair of the Board of – The internal risk management and control system;
for a period of four years shall be submitted to the
of the The profile of the Supervisory Board and the Directors of Heineken Holding N.V.). However, the – An update on investor relations reflecting on the
Executive 2025 AGM.
Diversity Policy of the Supervisory Board, Executive Supervisory Board has ascertained that Company’s shareholder base, related
Board
Board and Executive Team provides that a minimum A non-binding nomination for the appointment of Mr. de Carvalho and Mr. Das in fact act critically engagements and developments;
of one-third of the seats of the Supervisory Board Mr. Alexander de Carvalho as member of the and independently.
Report – A deep dive on capital return priorities;
shall be held by women and a minimum of one-third Supervisory Board for a period of four years shall be
of the
Supervisory of the seats shall be held by men. The composition submitted to the 2025 AGM. Subject to his re- Remuneration – The agenda for the 2025 Annual General
Board of the Supervisory Board of the Company is appointment, Mr. Paranjpe will become Vice-Chair of Meeting of Shareholders.
The AGM determines the remuneration of the
compliant with the Diversity Policy and Dutch law. the Supervisory Board. members of the Supervisory Board. Details of the During the year, several representatives of senior
remuneration can be found in Note 13.3 to the management and the Executive Team were invited
Diversity and gender are important drivers in the It is the aim of the Supervisory Board that its
Financial
Financial Statements. to give presentations to the Supervisory Board.
Statements selection process. With reference thereto, the composition, also in terms of skills and expertise,
Supervisory Board is committed to retain an active supports the Company in its goal to future-proof the The external auditor attended the meeting in which
and open attitude as regards selecting female business and deliver superior and balanced growth
Meetings and activities of the the annual results were discussed.
candidates. The Supervisory Board is keen to with greater focus on meeting the needs of Supervisory Board
Sustainability The Supervisory Board also had a two-day meeting
embrace diversity at large and considers gender, consumers and customers. In 2024, the Supervisory Board held six meetings
Statements with the Executive Team in Ermelo, the Netherlands,
experience, background, nationality, knowledge, skills with the Executive Board. Five meetings were held
to discuss the Company’s strategic priorities.
and insight equally important and relevant criteria in Independence in person and one meeting was held virtually. The
Additionally, each Regional President provided an
selecting new members. The Supervisory Board endorses the principle that agenda for the Supervisory Board regularly included
overview of the performance, growth, productivity
Other the composition of the Supervisory Board shall be topics such as:
More details on the skills and experience of the and sustainability developments in their regions and
Information
various Supervisory Board members are provided on such that its members are able to act critically and – The business and financial performance of key markets. The various functional Chiefs presented
the previous page. independently of one another and of the Executive the Company; about boosting growth, stepping up productivity,
Board and any particular interests. supply chain optimization, leveraging technology,
– The Company’s EverGreen strategy aimed at
Given the structure of the Heineken Group, the sustainable long-term value creation, as well as and carbon reduction.
Company is of the opinion that, in the context of the manner in which the Executive Board
preserving the continuity of the Heineken Group and implements the Company’s strategy;
ensuring a focus on long-term value creation, it is in – The financial position of the Company, including
its best interest and that of its stakeholders that the the financing, liquidity position, dividend policy
Supervisory Board includes a fair and adequate and credit rating;
representation of persons who are related by blood
or affinity in the direct line of descent to the late Mr.
A.H. Heineken (former Chair of the Executive Board),
 63 To the shareholders
The Supervisory Board furthermore visited Brazil The Chairs of the various Committees of the fosters an inclusive, effective, and positive Preparatory Committee
Heineken
together with the Executive Board and the President Supervisory Board provided an update of each of the environment. Additionally, the evaluation
N.V. Composition: Mr. Huët (Chair), Mr. de Carvalho, and
Annual Americas. The Managing Directors of the operating Committee meetings to the full Supervisory Board, highlighted the highly appreciated and valued
Mr. Das. The Preparatory Committee met six times
Report companies in Brazil, Mexico, Peru and the Bahamas focusing on the key topics and developments that fruitful and constructive relationship between the
2024 in 2024.
presented an update on business performance and were discussed. Supervisory Board and the Executive Board.
the organisational risks and opportunities in their local The Committee prepares decision-making by the
The Chair of the Supervisory Board met frequently To further enhance the ways of working of the
organisation and markets. In addition, a market visit Supervisory Board on matters not already handled
with the CEO throughout the year and kept the Supervisory Board, several suggestions resulting from
and engagements with customers and consumers by any of the other committees, such as in relation
Supervisory Board informed. the evaluations will be implemented in the course of
to acquisitions and investments. The Chair of the
provided insights in the local commercial 2025. As an example, the Supervisory Board has
Regular Executive Sessions were held without the Executive Board also attends the Preparatory
environment. The Supervisory Board was able to suggested deep dives on various strategic and
Executive Board being present. The purpose of these Committee meetings.
interact with many colleagues in the business. The emerging topics with the Executive Board, including
sessions was to evaluate the Supervisory Board
Chief People Officer also attended the programme in in the commerce area and developments in the Audit Committee
meetings and, where relevant, further reflect on
Brazil and presented an update on various topics. alcohol landscape. The Supervisory Board would also
Introduction particular subjects discussed in the meetings. Composition: Mrs. Helmes (Chair), Mr. Huët,
appreciate a continuation of the internal and
To ensure permanent education, the Supervisory One Executive Session was dedicated to the external education, including on topics such as Mrs. Ripley and Mr. Wennink (as per 2024 AGM).
Board is provided with regular deep dives on evaluation of the Supervisory Board relating to the sustainability and digital and technology including The Audit Committee met five times in 2024.
Report strategic topics of the Company, both in the performance, working methods, procedures and responsible AI. Furthermore, a few changes in the
of the meetings of the Supervisory Board as well as in the The members collectively have the experience and
Executive functioning of the Supervisory Board, its Committees set-up of the Committees were implemented to
Board meetings of the committees of the Supervisory and its individual members as well as the functioning align the skills and expertise of all members to the financial expertise to supervise the Executive Board
Board. The education is provided by internal as well of the Executive Board and its individual members. right Committees. Furthermore, the Supervisory in its activities in relation to the publication of
Report
as external experts. By way of external education a Board is implementing new ways of working Financial Statements and operation of the internal
of the presentation on future-fit leadership was provided The evaluations were conducted on the basis of including preparation materials as a video opposed risk management and control systems, including the
Supervisory by a professor related to (amongst others) the individual interviews of the Supervisory Board to presenting in the meeting itself, to enable more risk profile of the Company.
Board
University of Cambridge. members with the Chair. The individual interviews time for debate and discussion in the meetings on
facilitated open dialogue and allowed for a deep The Executive Board attended all meetings, and so
In addition to the foregoing, the following deep such topic. did the external auditor, the Executive Director
and broad discussion. The periodic engagement of
Financial dives were discussed in 2024: an external facilitator to guide the evaluation will Global Audit, as well as the Senior Director Global
Statements Committees
continue to be taken into consideration. Accounting and Risk Management.
– Sustainability, hosted by a professor of the The Supervisory Board has five Committees: the
International Institute for Management The evaluation encompassed various topics, Preparatory Committee, the Audit Committee, the The Executive Director Global Audit has direct access
Development (IMD); including the composition and expertise of the Selection and Appointment Committee, the to the Audit Committee, primarily through its Chair.
Sustainability – Business development related projects; Supervisory Board, the execution of its advisory and Remuneration Committee and the Sustainability During the year, the Audit Committee met once with
Statements
supervisory roles, the role and responsibilities of the and Responsibility Committee. The regulations the external auditors and once with the Executive
– The Company’s People strategy, particularly on
Chair of the Supervisory Board, the subjects (terms of reference) for the Committees are Director Global Audit, in both instances without
talent management, employee engagement and
addressed in the meetings, the frequency and available on our corporate website. management being present. In addition, the Chair
succession planning;
Other quality of these meetings, the quality and timeliness of the Audit Committee and the Executive Director
– The strategy of Global Commerce, with specific The function of the Committees is to prepare the Global Audit held regular update meetings during
Information of the meeting materials, the relationship and
attention to the Company’s portfolio in various decision-making of the full Supervisory Board. The the year.
regions and markets; collaboration with the Executive Board and the
company culture. full Supervisory Board retains overall responsibility for
– Digital & Technology, with specific attention to the activities of the Committees.
the (progress in the) Company’s digital The results of the evaluations were discussed during
transformation programs and cybersecurity; and a meeting of the Supervisory Board. The findings
– Share price developments of the Company, also were highly positive, indicating that the Supervisory
compared to competitors and peers in the Board members believe the Board functions very
FMCG industry. well. It was collectively concluded that there is ample
opportunity for open and constructive discussions,
which are effectively facilitated by the Chair of the
Supervisory Board. The members emphasized that
the Chair promotes harmony within the Board and
 64 To the shareholders
The Audit Committee supervises the activities of the – Specific updates in the area of sustainability In 2024, the following subjects were on the agenda: alignment of the Company’s remuneration practices
Heineken
Executive Board with respect to the publication of reporting and the Company’s preparations for, – The profile, composition, performance and rotation with its remuneration principles, provide an overview
N.V.
Annual financial information. The Committee reviews, in the and progress on, reporting in line with the schedule of the members of the Executive Board. of the Company’s competitive remuneration
Report presence of the Executive Board and the external European Union’s Corporate Sustainability This review has resulted in the recommendation for positioning in the market, assess the relationship
2024 Reporting Directive. between actual remuneration and performance, and
auditor, the appropriateness of the half year the nomination for reappointment of Mr. Van den
reporting and the annual financial statements, – The Company’s governance, risk and compliance Broek for another four year term as CFO and update the Committee on trends in executive
focusing on: (GRC) activities, including the HEINEKEN member of the Executive Board; compensation, regulatory developments (including in
Company Rules and the HEINEKEN Code of the context of the Corporate Sustainability Reporting
– The decisions made on the selection and – The profile, composition and rotation schedule of
Business Conduct; Directive), and perspectives of investors and external
application of accounting policies; the members of the Supervisory Board. This
– The outcome of the internal audit activities; review has resulted in recommendations to stakeholders, including public opinion.
– The reliability and completeness of disclosures;
– The outcome of the annual Letter of nominate Mr. Alexander de Carvalho for Furthermore, the Committee discussed the payment
– Compliance with financial and sustainability appointment and the nomination for principles in the remuneration policy in light of the
Representation process and the report from the
reporting requirements; and reappointment of Mr. Paranjpe at the AGM 2025; actual remuneration level of the Executive Board.
Integrity Committee related to fraud reporting
Introduction
– Significant judgements, estimates and and the Speak Up policy; – The composition of the committees of the Governance related elements of this topic was also
assumptions used in preparing the reports in Supervisory Board, considering the skills and discussed with shareholder interest organisations.
– A dedicated separate meeting on themes and
respect of, among others, accounting for expertise of the various members and the focus Subsequently, the Supervisory Board, with advice from
developments affecting the role and scope of the
Report acquisitions and divestments, the annual areas of the various committees. This review has the Committee, decided to propose several changes to
of the audit committee, presented by the external auditor
impairment test and determining the level resulted in several proposed changes throughout the remuneration policy for voting at the AGM 2024.
Executive as of book year 2025, KPMG Accountants N.V.
Board of provisions. the year in the committee composition; The adjusted remuneration policy for the Executive
– The developments in the area of the Statement
At the beginning of the year, the Audit Committee – The evaluation of the Supervisory Board and the Board and adjusted remuneration policy for the
on Risk Management (Verklaring omtrent
Report reviews and approves the audit plans of the external Executive Board; and Supervisory Board were adopted at the AGM 2024.
Risicobeheersing), that is proposed to be added to
of the auditor as well as the internal audit function. The the Corporate Governance Code, were also – The Company’s Global People strategy, with a
Supervisory The details of the remuneration practices and
Committee focuses mainly on the scoping, key risks, discussed. The discussions on this topic included particular focus on retention, (next generation)
Board outcome of 2024 are in the 2024 remuneration
staffing and budget. associated actions taken by the Company in light talent management and succession planning. report, which is included in this Annual Report.
During the year, the Audit Committee reviews the of the preparation and implementation thereof;
Financial reports of the external auditor and Global Audit. – The evaluation of the current external auditor, Remuneration Committee Sustainability and Responsibility
Statements
Deloitte Accountants B.V.; and Composition: Mr. Hijmans van den Bergh (Chair), Committee
The Chair of the Audit Committee held regular
– A post investment review of material asset and Mr. de Carvalho, Mr. Huët, Mrs. Helmes and Composition: Mr. Paranjpe (Chair), Mr. de Carvalho,
update meetings with the CFO and other
equity investments that have been operationally Mr. Wennink (member as per 1 July 2024). Mrs. Mars Wright, Mrs. Ripley, and Mr. Hijmans van
senior executives.
Sustainability live for a certain period of time. The Remuneration Committee met four times den Bergh.
Statements During the year, the Chair of the Audit Committee The selection process for the Company’s new in 2024. The Sustainability and Responsibility Committee
informed the Supervisory Board of the discussions external auditor was finalized in the course of 2023.
held in the Audit Committee. The Committee made recommendations to the met three times in 2024.
The 2024 AGM approved the Supervisory Board’s
proposal to appoint KPMG Accountants N.V. as the Supervisory Board regarding the achievement of the In 2024, the following subjects were on the agenda:
Other Furthermore, in the course of 2024 the Audit
Information Company’s external auditor for the financial year 2023 targets and associated compensation of the
Committee discussed recurring topics, including: – The operationalisation of the Brew a Better World
2025. Representatives of KPMG Accountants N.V. Executive Board as well as the target setting for 2024.
2030 strategy and the progress made against the
– The effectiveness and the outcome of the internal attended the meetings of the Audit Committee The recommendations were endorsed by the
KPIs across the three key pillars of the strategy,
control and risk management systems, as well as since that moment, in preparation of the hand-over. Supervisory Board. In formulating its recommendations,
being environmental, social and
changes made and improvements planned to the Remuneration Committee considered the Executive
responsible consumption;
these systems; Selection and Appointment Committee Board members’ perspectives on the amount and
structure of their own remuneration. – Various deep dives within the three pillars,
– Functional updates in respect of Business Conduct Composition: Mr. Huët (Chair), Mr. de Carvalho, including on responsible consumption, carbon
and Global Legal Affairs, Global Digital & Mrs. Mars Wright, Mrs. Pardo and Mr. Wennink The Remuneration Committee furthermore received reduction, biodiversity, social impact strategy and
Technology, Global Tax, Global Procurement, (member as per the 2024 AGM). a report detailing the status and trends in executive value chain due diligence; and
Global Treasury & Insurance, Pensions, as well as remuneration and related governance and legislation,
Risk Management; The Selection and Appointment Committee met – The update of the Brew a Better World goals,
in order to fulfil its responsibilities in this field. The triggered by the fact that various goals were set or
– A dedicated deep dive in respect of Global Digital three times in 2024. report aimed, among other things, to review 2023, including the principles guiding this update.
& Technology, including on cyber security;
 65 To the shareholders
Attendance Executive Board composition and remuneration
Heineken
N.V. The Supervisory Board confirms that all Supervisory Board members have adequate time available to give Composition
Annual
sufficient attention to the concerns of the Company. Best practice provision 2.2.1 of the Code recommends that an Executive Board member is appointed for a
Report
2024
In 2024, the attendance rate was 100% for the Supervisory Board meetings and 97.6% for the committee period of four years and that a member may be reappointed for a term of not more than four years at
meetings. In case of absence, members are fully informed in advance, enabling them to provide input to the a time.
Chair of the meeting in advance, and they are also updated on the meeting outcome. In compliance with this best practice provision, the Supervisory Board has drawn up a rotation schedule to
The table below provides an overview of the attendance record of the individual members of the Supervisory avoid, as much as possible, a situation in which Executive Board members retire at the same time.
Board. Attendance is expressed as a number of meetings attended out of the number eligible to attend. Mr. Dolf van den Brink was appointed for a period of four years during the AGM in 2024 as Chair and CEO of
the Executive Board.
Selection and Sustainability and
Supervisory Preparatory Audit Appointment Remuneration Responsibility Mr. Harold van den Broek was appointed for a period of four years during the AGM in 2021 as CFO and
Board Committee Committee Committee Committee Committee
member of the Executive Board. As announced on 1 October 2024, the Supervisory Board has decided to
Introduction Mr. Huët 6/6 6/6 4/5 3/3 4/4 nominate Mr. Van den Broek for re-appointment as member of the Executive Board at the 2025 AGM.
Mr. Das 6/6 5/6 Remuneration
Report Mr. de Carvalho 6/6 6/6 3/3 4/4 3/3 The AGM approved the current remuneration policy for the Executive Board in 2024.
of the
Executive Appreciation
Mrs. Mars Wright 6/6 3/3 3/3
Board The Supervisory Board wishes to express its gratitude to the members of the Executive Board and all
Mrs. Ripley 6/6 5/5 3/3 HEINEKEN employees for their hard work and dedication in 2024.
Report
of the Mrs. Helmes 6/6 5/5 4/4 Supervisory Board Heineken N.V.
Supervisory Huët Helmes
Board Mr. Paranjpe 6/6 2/3
Das Paranjpe
Mrs. Pardo 6/6 3/3
de Carvalho Pardo
Financial Mr. Hijmans van den Bergh 6/6 4/4 3/3
Statements Mars Wright Hijmans van den Bergh
Mr. Wennink* 5/5 4/4 2/2 3/3 Ripley Wennink
* Mr. Wennink’s term started on 25 April 2024 at the AGM. Amsterdam, 11 February 2025
Sustainability
Statements

Other
Information
 66 Remuneration Report 2024
Annual statement from the Remuneration Committee Chair
Heineken
N.V. Dear Shareholder,
Annual Executive Board remuneration in 2024
Report I am pleased to present our remuneration report for 2024. This report outlines our remuneration policies for Base salary adjustments
2024
the Executive Board and the Supervisory Board and details how these policies were put into practice. During its annual review of executive board remuneration, the Remuneration Committee found that the
Support in society target salary levels for both the CEO and CFO were considerably lower than the median target established by
Our remuneration policies have received strong support from our shareholders. During the Annual General the policy. To address this disparity in competitiveness and begin closing the gap with the median of the peer
Meeting on April 25, 2024, the Executive Board remuneration policy was adopted by 97.36% of shareholders, group, both the CEO and CFO were awarded a 7.5% increase in their base salaries in January of 2024.
while the Supervisory Board remuneration policy saw an approval rate of 99.51%. 2024 Short-term incentive outcomes and vesting of 2022-2024 Long-term incentive
Our remuneration policies are rooted in our long-standing remuneration principles and aim to support Continued investment in premium brand building along with our focus on improving productivity have
sustainable growth in the diverse markets where we operate. In developing and implementing our policies, helped us achieve strong top and bottom-line growth in 2024. This is reflected in the results of the 2024
the Supervisory Board has considered feedback from internal and external stakeholders, alongside public Short-term incentive, which achieved an overall payout of 157% of target. We exceeded the targets for all
Introduction opinion, to the best of its ability . financial metrics. Furthermore, due to the substantial progress made in cost savings and the acceleration of
the EverGreen strategy, the performance on the individual leadership objectives set for the CEO and CFO also
Recognising the societal sensitivity surrounding executive remuneration, the Supervisory Board is committed exceeded the target level.
to setting remuneration levels that fairly reflect market practice and company performance. Through this
Report
approach, we aim to foster maximum support within society for our remuneration practices. The overall achievement for the 2022-2024 Long-term Incentive was 161% of target. We exceeded the
of the
Executive targets for all financial metrics. This Long-term Incentive is our first to incorporate the ESG metrics introduced
Board Stakeholder engagement to the Executive Board remuneration policy in 2021. These metrics are aligned with our Brew a Better World
Throughout the year, we actively engaged with major shareholders, proxy advisors, and other stakeholders strategy, reflecting our commitment to achieving net-zero emissions and promoting an inclusive, fair, and
Report regarding remuneration and related topics. Leading up to the Annual General Meeting, we had extensive equitable world. We surpassed our targets for carbon emissions reduction, water efficiency improvement, and
of the engagements with stakeholders on potential adjustments to our remuneration policies. After carefully the representation of women at the Senior Manager level. Our progress highlights our dedication to these
Supervisory considering their feedback, the Supervisory Board, upon the recommendation of the Remuneration
Board
important topics, and we look forward to driving further positive change.
Committee, decided to present the Executive Board remuneration policy, which included recommended
increases in short-term and long-term incentive opportunities, for a vote at the General Meeting. Part III of this report includes further details of the Executive Board’s remuneration in 2024.
Subsequently, the remuneration policy was adopted with strong support during the 2024 Annual Supervisory Board remuneration in 2024
Financial
Statements General Meeting. The Committee thoroughly reviewed the remuneration for the Supervisory Board to ensure it remains
We also received positive feedback on improvements to our remuneration report, most notably the competitive and attractive to highly qualified international candidates. The last adjustment to the fixed
introduction of a new "At a Glance" page. annual remuneration and Committee fees had been made in 2019. As part of this review, the Committee
performed a benchmark analysis, considering the increased complexity and time commitment associated
Sustainability We greatly appreciate the ongoing dialogue and support from our shareholders and stakeholders and will
Statements with the role of the Supervisory Board. Based on this assessment, the Supervisory Board, upon the
continue to consider their valuable input when shaping future updates to our remuneration policies. Committee's recommendation, proposed adjustments to the fixed annual remuneration and Committee
Scenario analyses fees effective January 2024. These changes were later approved by the Annual General Meeting.
The Remuneration Committee annually reviews various company performance scenarios to assess their Part IV of this report includes further details of the Supervisory Board’s remuneration in 2024.
Other
Information
potential impact on individual remuneration outcomes. After the financial year ends, the Committee
performs an additional pay-for-performance analysis. This evaluation determines whether the payouts for Looking forward
short-term and long-term incentives are aligned with the company’s performance in comparison to its peers. Part V of this report outlines any proposed changes to the remuneration policies and their implementation
The company’s performance and incentive payouts linked to financial metrics are evaluated against our for 2025.
Global Peer Group, positioning the company within a specific percentile range relative to that group. Any I want to thank our shareholders for their continued support and look forward to presenting this
discrepancies between relative performance and payout will prompt the Committee to investigate the remuneration report at the 2025 AGM.
underlying causes and decide if any adjustments are necessary. Both analyses contribute to the Committee’s
discussions about potential future policy changes as well as incentive target setting. Lodewijk Hijmans van den Bergh
Chairman of the Remuneration Committee
 67 Remuneration Report 2024
Heineken This Remuneration Report includes five sections: Summary overview of remuneration elements
N.V. Part I The Executive Board remuneration policy is simple and transparent in design, and consists of the following
Annual
Report Describes the prevailing Executive Board remuneration policy, as adopted by the AGM in 2024, and as it has been key elements:
2024 implemented in 2024.
Remuneration
Part II element Description Strategic role
Describes the prevailing Supervisory Board remuneration policy, as adopted by the AGM in 2024, and as it has Base salary – Involves fixed cash compensation – Facilitates attraction and is the
been implemented in 2024. – Aims for the median of the labour market peer group basis for competitive pay
Part III – Rewards performance of day-
Provides details of the Executive Board’s actual remuneration for performance ending in, or at year-end, 2024. to-day activities
Part IV Short-term – Is based on achievements of annual measures, of – Drives and rewards sound
Provides details of the Supervisory Board’s actual remuneration ending in, or at year-end 2024. incentive which 75% relate to financial and operational business decisions for the long-
measures for Heineken N.V. and 25% to individual term health of HEINEKEN
Introduction Part V leadership measures – Aligns Executive Board and
Outlines adjustments to the remuneration policy and implementation in 2025. – Aims, at target level, for the median of the labour shareholder interests
market peer group
– Is partly paid in cash, and partly in investment shares
Report Part I – Executive Board remuneration policy
of the with a holding period of five calendar years:
Executive Remuneration principles – the part paid in shares is between 25% and
Board 50% of the full before-tax Short-term incentive
The Executive Board remuneration policy is designed to meet four key principles:
amount, depending on the individual’s choice
Report – Support the business strategy whether, and to what extent, to exceed the
of the We align our remuneration policy with business strategies focused on creating long-term sustainable mandatory 25% share investment
Supervisory growth and shareholder value while maintaining a tight focus on short-term financial results. – the part paid in cash is paid net of taxes (i.e.,
Board
– Pay for performance after deduction of withholding tax due on the
We set clear and measurable targets for our short-term and long-term incentive plans, and we pay higher full before-tax Short-term incentive amount)
remuneration when targets are exceeded and lower remuneration when targets are not met. – Investment shares are matched on a 1:1 basis after
Financial the holding period
Statements – Pay competitively
We set target remuneration to be competitive with other relevant multinational corporations of similar size Long-term – Is based on achievements of three-year targets for – Drives and rewards sound
and complexity. incentive Heineken N.V., of which 75% relate to financial business decisions for the long-
measures and 25% relate to ESG measures term health of HEINEKEN
– Pay fairly
Sustainability – Aims, at target level, for the median of the labour – Aligns Executive Board and
We set target remuneration to be internally consistent and fair; we regularly review internal pay relativities
Statements market peer group shareholder interests
between the Executive Board and the wider employee population and aim to achieve consistency and
– Is awarded through the vesting of shares, net of – Supports Executive Board
alignment in, amongst others, remuneration changes, salary structures and the design of variable taxes (i.e., after deduction of withholding tax due on retention
compensation where possible. the full before-tax Long-term incentive amount)
Other – Vested shares are blocked for another two years, to
Information arrive at a five-year holding restriction after the date
of the conditional performance grant
Pensions – Defined Contribution Pension Plan and/or Capital – Provides for employee welfare
Creation Plan and retirement needs
Benefits – Provides a range of benefits, including, but not – Provides market competitive
limited to, company car, fuel and health insurance benefits to aid retention
– Aims to be in line with local market practice
 68 Remuneration Report 2024
Labour market peer group Individual leadership measures (weight: 25%). The individual leadership objectives are tied to the
Heineken A global labour market peer group was adopted by the AGM in 2011 and subsequently adjusted in 2012 and achievement of our EverGreen strategy.
N.V.
Annual 2017. The median target remuneration of this peer group is a reference point for the target remuneration of
Report the CEO and CFO. Each year, the Remuneration Committee validates the peer group to ensure relevance and For each performance measure, a threshold, target and maximum performance level are set with the
2024 recommends adjustments to the Supervisory Board if needed, for final adoption by the AGM. following STI payout, as a percentage of target payout:

The peer group consists of the following companies: Threshold performance

50% of target payout
Anheuser-Busch InBev (BE) Diageo (UK) Nestlé (CH)
Target performance
Carlsberg (DK) Henkel (DE) PepsiCo (US) 100% of target payout
Coca-Cola (US) Kimberly-Clark (US) Pernod Ricard (FR)
Maximum performance
Colgate-Palmolive (US) Mondelēz International (US) Unilever (UK)
200% of target payout.
Danone (FR) L’Oréal (FR)
Introduction For each measure, payout in between these performance levels is on a straight-line basis; below threshold
Base salary performance, the payout is zero, whereas beyond maximum performance it is capped at 200% of payout
at target.
Every year, the peer group and base salary levels are reviewed, and the Remuneration Committee may
Report
propose adjustments to the Supervisory Board. HEINEKEN aims to compensate at median on-target In line with policy, 25% of the STI payout is paid out in shares, referred to as investment shares. At their
of the
Executive remuneration of the peer group. However, when changes in base salary are considered, broader factors are discretion, the Executive Board members have the opportunity to indicate before the end of the performance
Board taken into account, including but not limited to individual and business performance and internal year whether they wish to receive up to another 25% of their STI payout in additional investment shares. All
pay relativities. investment shares thus received are then blocked and cannot be sold under any circumstance, including
Report resignation, for five calendar years to link the value of the investment shares to long-term Company
of the
Short-term incentive
performance. Withholding tax on the investment shares and on the cash part of the STI payout is settled
Supervisory The Short-term incentive (STI) is designed to drive and reward the achievement of HEINEKEN’s annual
Board with the cash part at the time of payout. After the blocking period is completed after five calendar years, the
performance targets. Through its payout in both cash and investment shares it also drives and rewards sound
Company will match the investment shares 1:1 in the first weeks of the following year, i.e., one matching
business decisions for HEINEKEN’s long-term health while aligning Executive Board and shareholder interests
share is granted for each investment share. As of then, there are no holding requirements on these
at the same time. The target STI opportunities are 150% of base salary for the CEO and 110% of base salary
Financial investment shares anymore, and there are no holding requirements on the resulting matching shares that
for the CFO.
Statements remain after withholding tax on these shares.
The STI opportunities are for a weighted 75% based on financial and operational measures for Heineken
According to plan rules, matching entitlements will be forfeited in case of dismissal by the Company for an
N.V., and for a weighted 25% on individual leadership measures. At the beginning of each year, the
urgent reason within the meaning of the law (‘dringende reden’), or in case of dismissal for cause (‘gegronde
Supervisory Board establishes the performance measures, their relative weights and corresponding targets
Sustainability reden’) whereby the cause for dismissal concerns unsatisfactory functioning of the Executive Board member.
Statements based on HEINEKEN’s business priorities for that year. The Supervisory Board ensures that a balanced mix of
With this ‘deferral-and-matching’ proposition a significant share ownership by the Executive Board is ensured,
financial, operational and individual performance measures is selected, which incentivises executives to
creating an increased alignment with the interests of shareholders. The Supervisory Board has the power to
achieve our annual business strategy and the growth of shareholder value.
revise the amount of the STI payout to an appropriate amount if the STI payout that would have been
The financial and operational measures and their relative weights are reported in the Remuneration Report payable in accordance with the agreed payment schedule would be unacceptable according to standards of
Other
Information upfront (ex-ante); the numerical performance targets are disclosed after the close of the financial year (ex- reasonableness and fairness. The Supervisory Board is entitled to claw back all or part of the STI payout (in
post) as they are considered commercially sensitive. In the first weeks of the following year, the Supervisory cash, investment shares or matching shares) insofar as it has been made on the basis of incorrect
Board reviews Company and individual performance against the pre-set targets and approves the STI information about achieving the performance conditions.
payout levels based on the performance achieved. The performance on the financial measures will be
reported on actual measure achievement results.(cf. Part III).
The STI payout for 2024 is subject to four performance measures: Organic Net Revenue Growth (weight:
35%), Organic Operating Profit beia Growth (weight: 15%), Free Operating Cash Flow (weight: 25%) and
Individual Leadership measures (weight: 25%). The individual leadership objectives were tied to the
achievement of our EverGreen strategy and are detailed in Part III of this report. The STI payout for 2025 will
be subject to the same four performance measures: Organic Net Revenue Growth (weight: 35%), Organic
Operating Profit beia Growth (weight: 15%), Free Operating Cash Flow (weight: 25%) and
 69 Remuneration Report 2024
Long-term incentive For each performance measure, a threshold, target and maximum performance level are set with the
Heineken
N.V. The Long-term incentive (LTI) is designed to drive and reward sound business decisions for HEINEKEN’s long- following performance share vesting schedule:
Annual term health, and to align the Executive Board with shareholder interests by linking rewards to HEINEKEN’s
Report Threshold performance
share price performance. The target LTI opportunities are 170% of base salary for the CEO and 135% of
2024
base salary for the CFO. 50% of performance shares vests

Each year, a target number of performance shares is conditionally granted based on the aforementioned Target performance
target LTI opportunity percentage, the base salary of that year, and the closing share price of 31 December 100% of performance shares vests
of the preceding year. The vesting of these performance shares is contingent on HEINEKEN’s performance
Maximum performance
over a period of three years on four fundamental financial performance measures:
200% of performance shares vests.
Organic Net Revenue Growth (25%)
For each measure, vesting in between these performance levels is on a straight-line basis; below threshold
To drive top line growth
performance the vesting is zero, whereas beyond maximum performance it is capped at 200% of vesting
Introduction Earnings Per Share (EPS) beia Growth (25%) at target.
To drive overall long-term Company performance The Supervisory Board has the power to revise the amount of performance shares that will vest to an
Free Operating Cash Flow (25%) appropriate number if the number of performance shares that would have vested under the agreed vesting
Report schedule would be unacceptable according to standards of reasonableness and fairness. The Supervisory
of the To drive focus on cash
Board is entitled to claw back all or part of the shares transferred to the Executive Board members upon
Executive
Board ESG measures (25%) vesting (or the value thereof) insofar as vesting occurred on the basis of incorrect information about
To drive the Sustainability & Responsibility agenda achieving the performance conditions. The vested performance shares that remain after withholding tax are
Report
subject to an additional holding restriction of two years, to arrive at a five-year holding restriction after the
These four performance measures have equal weight to minimise the risk that participants over-emphasise date of the conditional performance grant.
of the
Supervisory one performance measure to the detriment of others. At the beginning of each performance period, the
Board Supervisory Board establishes the corresponding numerical targets for these performance measures based Pay mix
on HEINEKEN’s business priorities. The financial targets are not disclosed upfront as they are considered to be The mix between fixed pay and variable pay for various levels of performance is illustrated below. In these
commercially sensitive. charts, fixed pay refers to base salary only, excluding pensions and other emoluments, and variable pay
Financial consists of the aforementioned Short-term and Long-term incentive opportunities, including the ‘deferral-
Statements In the first weeks after the end of the performance period, the Supervisory Board reviews the Company’s
and-matching’ proposition. Share price movements during performance and holding periods are hereby not
performance against the pre-set targets, and approves the LTI vesting based on the performance achieved.
included since these are unknown in the context of target remuneration.
The performance on each of the measures is reported on actual measure achievement results in the
Remuneration Report after the performance period has been completed. CEO target pay mix 2024
Sustainability
Statements The ESG measures and corresponding performance targets for the 2024-2026 Long-term incentive were set
in line with our Brewing a Better World ambitions. They are as follows:

ESG Measures Weight Threshold Target1 Maximum

Other Below threshold At threshold At target At/beyond max
Information
Carbon emissions reduction in scope 1&2 % vs 2022 baseline 8.33 % -44.0 % -47.0 % ≥50.0 %
performance performance performance performance
Water efficiency improvement % vs 2018 baseline 8.33 % -12.0 % -15.0 % ≥18.0 %
CFO target pay mix 2024
Women at senior manager level % in 2026 8.33 % 30.0 % 32.0 % ≥34.0 %
1 Target to have been achieved at the end of the 2024-2026 performance period.

Below threshold At threshold At target At/beyond max

performance performance performance performance

Fixed pay Variable pay

 70 Remuneration Report 2024
Pensions Derogation clause
Heineken The Supervisory Board, upon recommendation of the Remuneration Committee, may temporarily deviate
N.V. The members of the Executive Board participate in a defined contribution Capital Creation Plan. As of 2015,
Annual following pension reforms in the Netherlands, new members of the Executive Board receive the same from any sections of the Policy based on its discretion in the circumstances described below:
Report contribution as new executives under Dutch employment contract below the Executive Board, which is – Upon change of the Executive Board member in accordance with the new hire policy
2024
currently 18% of base salary. This applies to our current CEO and CFO. Both Executive Board members have – In any other circumstance where the deviation may be required to serve the long-term interests and
chosen to receive their full pension contributions as taxable income, as opposed to applying tax deferral to sustainability of the Company as a whole or to assure its viability
the maximum amount possible.
New hire policy
Benefits
Our recruitment policy is to offer a compensation package that allows HEINEKEN to attract, retain and
The members of the Executive Board are eligible to receive benefits in line with HEINEKEN’s most senior motivate the individual with the right skills for the required role. When determining remuneration for an
employees. The benefits include, but are not limited to, company car, fuel and health insurance. Other Executive Board member, the Supervisory Board will, at the recommendation of the Remuneration
benefits could be offered in circumstances where this allows executives to successfully fulfil the responsibilities Committee, consider the role’s requirements, business needs, the individual’s skills and experience and the
of their role. For example, in case of a relocation the appropriate relocation support is provided. The levels of relevant external talent market.
Introduction the benefits will be competitive in the relevant local market and could be changed year on year.
Where an individual is recruited externally for an Executive Board member position, the remuneration
Loans package in their prior role will be taken into account. The Supervisory Board will seek to align the new
HEINEKEN does not provide loans to the members of the Executive Board. member’s remuneration package with the Executive Board Remuneration Policy. The Company may offer
Report
Term of appointment compensation to buy out awards or other lost compensation which the candidate held prior to joining
of the
Executive HEINEKEN, but which lapsed upon leaving their previous employer. The rationale of any such award will be
New members of the Executive Board are appointed by the AGM for the duration of 4 years, subject to
Board disclosed in the Remuneration Report.
reappointment by the AGM.
Where an individual is appointed to the Executive Board through internal promotion or following a corporate
Report Notice period
of the transaction (e.g., an acquisition), the Board retains the ability to honour any legally binding legacy
The service agreement may either be terminated by the member of the Executive Board or by the Company. arrangements agreed prior to the appointment.
Supervisory
Board The notice period will not be more than 12 months for both the Company and the individual.
Remuneration Governance
Compensation rights on termination of employment/service agreement
The Remuneration Committee makes the proposal to the Supervisory Board for the Remuneration Policy to
If the Company gives notice of termination of the employment agreement of a member of the Executive be pursued and makes a proposal for the remuneration of the individual members of the Executive Board for
Financial
Statements Board for a reason which is not an urgent reason (‘dringende reden’) within the meaning of the law, or adoption by the Supervisory Board. In accordance with Dutch Law, the remuneration policy will be submitted
decides not to extend the service agreement upon its expiry, or if the AGM does not re-appoint them as for approval to the AGM at least every four years, or in case of material amendments to the policy. The
member of the Executive Board for a subsequent term, the Company shall pay an amount equal to one year Executive Board members shall not participate in the decision making regarding their own remuneration to
of base salary. avoid conflict of interest.
Sustainability
Statements The treatment of incentive awards will depend on the circumstances of departure. A proposal will be made
by the Remuneration Committee to be pursued by the Supervisory Board. In case of dismissal by the
Company for an urgent reason within the meaning of the law (‘dringende reden’), or in case of dismissal for
cause (‘gegronde reden’) whereby the cause for dismissal concerns unsatisfactory functioning of the
Other Executive Board member, the unvested incentive awards will be forfeited.
Information
 71 Remuneration Report 2024
Part II – Supervisory Board remuneration policy Summary overview of remuneration elements
Heineken
N.V. Remuneration principles The Supervisory Board remuneration policy is simple and transparent in design, and consists of the following
Annual
Report The Supervisory Board remuneration policy is designed to attract and retain high-class and diverse profiles key elements:
2024 with relevant skills and experience that are required to perform the Supervisory Board’s duties and it ensures
Element Purpose Description
appropriate corporate governance by meeting the following key principles:
Base Board Fees – Supervisory Board members receive – The Remuneration Committee is responsible
– Support the business strategy
a fixed cash compensation for for reviewing the compensation levels on a
We align our remuneration policy with business strategies focused on creating long-term sustainable
their services. regular basis and to bring forward proposals
growth and shareholder value. – In line with the Dutch Corporate (if any) to the Supervisory Board. Proposals
– Pay for purpose Governance code, no variable pay are submitted to the Annual General Meeting
We align our remuneration policy to promote the independence and objectivity of our Supervisory Board and/or equity awards are offered. for approval.
members, which is a key element to best serve the long-term interest of the company. – In order to provide a fee level that is – This review is done through a benchmark
– Pay competitively competitive with other companies assessment against a pan-European peer
Introduction comparable to HEINEKEN, reviews group consisting of companies that are of
We set remuneration levels to be competitive with other relevant multinational corporations of similar size
are conducted on a regular basis. comparable size to HEINEKEN.
and complexity.
Committee Fees – Supervisory Board members are – Members are eligible to receive additional
Report
While establishing and implementing the policy, the perspective and input of internal and external compensated for additional fees in respect of serving as a Chairman or
of the stakeholders and the external environment in which HEINEKEN operates, are taken into consideration. responsibilities such as Member of a Committee.
Executive HEINEKEN is also committed to an ongoing dialogue with shareholders and seeks the views of significant Committee membership. – Fee levels between Committees can differ if
Board
shareholders before any material changes to remuneration arrangements are put forward for approval. – In order to provide a fee level that is this is deemed appropriate depending on the
competitive with other companies time commitment and responsibilities
Report comparable to HEINEKEN, reviews associated with the Committee membership.
of the are conducted on a regular basis. – Fees are additive; if a Board member serves in
Supervisory
Board
multiple Committees, the compensation will
consist of the Board membership fee and the
sum of the corresponding Committee fees.
Financial Allowances and – Supervisory Board members are – Members receive reimbursement of travel
Statements Benefits reimbursed and compensated for expenses and are compensated for
additional efforts that enable them intercontinental travel required to exercise
to exercise their role. their role.
– Small benefits such as retirement gifts may
Sustainability also be provided.
Statements

Other
Information
 72 Remuneration Report 2024
Heineken
N.V.
Annual
Report
2024

Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 73 Remuneration Report 2024
The following table provides an overview of the Executive Board actual remuneration that became unconditional in, or at year-end of, 2024. For disclosures in line with IFRS reporting requirements, which are ‘accrual-based’
Heineken
over earning/performance periods and partly depend on estimations/assumptions, see note 13.3 ‘Related parties’ on page 129.
N.V.
Annual
Report
As part of its annual agenda, the Remuneration Committee conducted scenario analyses to evaluate the potential financial outcomes of meeting different performance levels. These analyses considered how such
2024 outcomes would affect the structure and value of the Executive Board’s total remuneration and whether they would align with our remuneration policy principles. Further details on these analyses can be found in the Annual
Statement from the Remuneration Committee Chair.

2022-2024 Long-term incentive Matching entitlements Extraordinary Share Grants

(6) Value of
(3) No. of (4) Value of (5) No. of matching matching (8) No. of (9) Value of
(2) 2024 Short-term performance shares performance shares entitlements entitlements extraordinary extraordinary (10) Other
(1) Base salary in € incentive in € vesting vesting in € vesting vesting in € (7) Pension cost in € shares vesting1 shares vesting in € emoluments in € (11) Total in €
Van den Brink 1,397,500 3,291,113 30,537 2,097,892 — — 354,695 — — 29,943 7,171,143
Van den Broek 950,300 1,641,168 17,305 1,188,854 — — 274,665 3,321 228,153 — 4,283,140
Introduction
1 See details on Mr. Van den Broek's extraordinary share grant under point ad(8).

ad (1) – Base salary The resulting STI payout for 2024 is 157% of the target opportunity for both members of the Executive
Report
of the
These base salaries have been paid to the members of the Executive Board for 2024. Board. In line with policy, 25% of the STI payout is paid out in investment shares against the closing share
Executive price of 12 February 2025, the publication date of the full year results. In addition, the Executive Board
Board
ad (2) – 2024 Short-term incentive
members had the opportunity to indicate before the end of the 2024 performance year whether they
The 2024 Short-term incentive (STI) relates to the performance year 2024 and becomes payable in 2025. wished to receive up to another 25% of their STI payout in additional investment shares. For 2024, both
Report
The target opportunities were 150% of base salary for the CEO and 110% of base salary for the CFO. Executive Board members elected to receive an additional 25% investment shares beyond the mandatory
of the 25% share investment.
Supervisory
The 2024 STI was subject to four performance measures: Organic Net Revenue Growth (weight: 35%),
Board Organic Operating Profit beia Growth (weight: 15%), Free Operating Cash Flow (weight: 25%) and Individual The investment shares are restricted for sale for five calendar years, after which they are matched 1:1 by
leadership measures (weight: 25%). The following table shows the performance targets and intervals, as well matching shares. Revision and clawback provisions apply to the STI, including the related matching share
as the actual achievements as determined by the Supervisory Board for each of these measures. entitlement. The table below provides an overview of the investment shares at year-end that were awarded
Financial
Statements Performance Measure Weight Threshold Target Maximum Achievement Payout
as part of STI payouts in the past, and that have remained blocked and await 1:1 matching
by the Company, provided the conditions thereto are met. Only when the holding period of the investment
Organic Net Revenue Growth (%) 35 % 2.0 % 4.5 % 6.5 % 5.0 % 43 % shares has been completed will the matching share entitlements be converted into shares and transferred to
Operating Profit beia Growth (%) 15 % 3.0 % 6.5 % 10.0 % 8.3 % 23 % the recipient.
Sustainability Free Operating Cash Flow (€ m) 25 % 1,900 2,300 2,600 3,058 50 %
Statements % of STI No. of Value of Value of
Individual leadership measures 25 % - - - - 41 % STI payout investment investment shares End of investment shares
payout invested Award shares as of the award blocking as of 31.12.20241
Total 100 % 157 % for in shares date awarded date in € period in €

Other The Individual leadership measures were a mix of quantitative and qualitative measures tied to the Van den Brink 2024 50 % 12.02.2025 t.b.d. ca. 1,645,556 31.12.2029 n/a
Information achievement of our EverGreen strategy. They included Organic Net Profit beia Growth (weight: 10%), Fixed 2023 50 % 15.02.2024 1,984 186,060 31.12.2028 136,301
cost as a percentage of revenue (weight: 3.75%), Embedding a cost-conscious culture (weight: 3.75%) and
2022 50 % 15.02.2023 15,674 1,469,908 31.12.2027 1,076,804
Accelerating the EverGreen Strategic Plan delivery (weight: 7.5%). Performance on all four measures
exceeded targets, leading to a combined outcome for the Individual leadership measures of 41%. 2021 50 % 16.02.2022 16,327 1,583,719 31.12.2026 1,121,665
Van den Broek 2024 50 % 12.02.2025 t.b.d. ca. 820,584 31.12.2029 n/a
2023 50 % 15.02.2024 963 90,310 31.12.2028 66,158
2022 50 % 15.02.2023 7,613 713,947 31.12.2027 523,013
2021 50 % 16.02.2022 4,626 448,722 31.12.2026 317,806
1 The closing share price on 31 December 2024 was €68.70.
 74 Remuneration Report 2024
ad (3) – 2022-2024 Long-term incentive: Number of performance shares vesting Performance Measure Weight Threshold Target Maximum Achievement Vesting
Heineken The 2022-2024 Long-term incentive (LTI) relates to the performance period 2022-2024 and vests shortly
N.V. Organic Net Revenue Growth (%) 25 % 5.5 % 7.0 % 8.5 % 10.6 % 50 %
Annual after 12 February 2025, the publication date of the full year 2024 results. The target LTI opportunities at
Report grant were 150% of base salary for the CEO and 125% of base salary for the CFO. EPS beia Growth (%) 25 % 7.0 % 11.5 % 16.0 % 12.8 % 32 %
2024
The vesting of the LTI award for performance period 2022-2024 was subject to company performance on Free Operating Cash Flow (€ m) 25 % 6,500 7,000 7,500 7,227 36 %
three financial measures with equal weight and three ESG measures with equal weight. The table to the right Carbon emissions reduction (%) 8.33 % 28.0 % 33.0 % 38.0 % 43.0 % 17 %
shows the weights, performance targets and intervals, as well as the actual achievements as determined by Water efficiency improvement (%)1 8.33 % 9.0 % 12.0 % 15.0 % 12.1 % 9%
the Supervisory Board for each of these measures.
Women at Senior Manager level (%) 8.33 % 27.0 % 28.5 % 30.0 % 30.4 % 17 %
As a result, the vesting of the LTI grant for performance period 2022-2024 will be equal to 161% of the Total 100 % 161 %
vesting at target level. For the CEO, this performance implies that 30,537 shares will vest shortly after 12
February 2025, as a result of the 18,967 conditional performance shares granted to him in 2022 as CEO and 1 Adjusted to account for acquisitions and divestitures in the period.
Member of the Executive Board. For the CFO, this performance implies that 17,305 shares will vest as a result
Introduction of the 10,748 conditional performance shares granted to him in 2022 as CFO and Member of the Executive
Board. The resulting share awards are defined in before-tax terms (i.e., before the deduction of withholding
tax due). Revision and clawback provisions apply to this award.
Report
of the
Executive The table below provides an overview of outstanding LTI awards (awards granted but not yet vested, or awards vested but still blocked) as of 31 December 2024.
Board
Value of
No. of shares No. of shares No. of shares unvested or
Report
conditionally Value of shares vesting on the vesting on the blocked shares
of the
Grant granted at conditionally Vesting vesting date3 vesting date4 End of as of 31.12.20245
Supervisory
date target level1 granted in € date2 (before tax) (after tax) blocking period in €
Board
Van den Brink 2024 25,841 2,375,822 02.2027 t.b.d. t.b.d. 15.02.2029 943,182
2023 22,190 1,950,057 02.2026 t.b.d. t.b.d. 16.02.2028 809,904
Financial
Statements 2022 18,967 1,875,078 12.02.2025 30,537 16,224 17.02.2027 1,114,589
2021 20,555 1,875,027 14.02.2024 40,699 21,623 15.02.2026 1,485,500
2020 12,144 1,021,310 15.02.2023 22,588 12,000 14.02.2025 824,400
Sustainability Van den Broek 2024 13,954 1,282,931 02.2027 t.b.d. t.b.d. 15.02.2029 509,273
Statements
2023 12,574 1,105,003 02.2026 t.b.d. t.b.d. 16.02.2028 458,916
2022 10,748 1,062,547 12.02.2025 17,305 9,194 17.02.2027 631,628
2021 10,030 914,937 14.02.2024 19,860 10,551 15.06.2026 724,854
Other
Information 1 Determined according to plan rules, using the closing share price on 31 December of the year preceding the grant date.
2 The vesting date is shortly after the publication of the financial statements after completion of the performance period.
3 Vested shares are disclosed in before-tax terms (i.e., before deduction of withholding tax due).
4 Vested shares are disclosed in after-tax terms (i.e., after deduction of withholding tax due).
5 The values for the grants in 2020, 2021 and 2022 are based on the actual number of shares vesting on the vesting date after tax withholding, i.e., after applying the relevant income tax rate, whereas the values for the grants in 2023 and 2024 are based on the number of performance shares conditionally granted at
target level (since the number of performance shares vesting is yet unknown) after applying the currently prevailing income tax rate. The closing share price on 31 December 2024 was €68,70.
 75 Remuneration Report 2024
ad (4) – 2022-2024 Long-term incentive: Value of performance shares vesting ad (8) – Extraordinary Share Grants: Number of extraordinary shares vesting
Heineken
N.V. The value of performance shares vesting is based on the closing share price on 31 December 2024 The table below provides an overview of Extraordinary Share grants as of 31 December 2024.
Annual of €68.70.
Report As compensation for lost long-term incentive remuneration that Mr. Van den Broek held with his previous
2024 ad (5) – Matching entitlements: Number of matching entitlements vesting employer, an Extraordinary Share Award of 39,466 shares of Heineken N.V. (gross) was granted as of the
These entries refer to the number of matching share entitlements that vested after year-end 2024 as a result moment of his appointment as CFO and member of the Executive Board by the 2021 annual general
of the investment in shares of part of the STI payout for performance year 2019 and the holding of these meeting. This was a time-vested conditional grant, of which 6,578 shares vested on 1 June 2021, 13,155
investment shares until year-end 2024. Since neither Mr. Van den Brink nor Mr. Van den Broek were part of shares vested on 1 June 2022, and 13,155 shares vested on 1 June 2023. The remainder vested on
Executive board in 2019, no matching shares entitlements vested after year-end 2024. 1 March 2024.

ad (6) – Matching entitlements: Value of matching entitlements vesting In line with the retention requisite of best practice provision 3.1.2 of the Dutch Corporate Governance Code,
The value of matching share entitlements vesting is based on the closing share price on 31 December 2024 Mr. Van den Broek has an obligation to retain and hold the shares for a period of five years from the date of
of €68.70. Since neither Mr. Van den Brink nor Mr. Van den Broek were part of Executive board in 2019, no the award. This holding period will continue to apply in respect of vested shares after termination of the
matching shares entitlements vested after year-end 2024. Assignment Agreement for whatever reason.
Introduction
ad (7) – Pension cost
The pension costs involve the employer contributions paid in the Capital Creation Plan as well as the
Report employer contributions to the risk insurances for death and disability.
of the
Executive Value of unvested or
Board Value of shares blocked shares as of
No. of the shares conditionally granted as No. of shares vesting on 31.12.2024
Award Grant date granted1 of the grant date in € Vesting date the vesting date2 End of blocking period in €3
Report
of the Van den Broek Extraordinary share award 01.06.2021 6,578 642,144 01.06.2021 3,321 01.06.2026 228,153
Supervisory
Board
Extraordinary share award 01.06.2021 13,155 1,284,191 01.06.2022 6,643 01.06.2026 456,374
Extraordinary share award 01.06.2021 13,155 1,284,191 01.06.2023 6,643 01.06.2026 456,374
Extraordinary share award 01.06.2021 6,578 642,144 01.03.2024 3,321 01.06.2026 228,153
Financial
Statements 1 The ‘Number of shares granted’ refers to the grant in before-tax terms (i.e., before tax withholding).
2 Vested shares are disclosed in after-tax terms (i.e., after deduction of withholding tax due).
3 The closing share price on 31 December 2024 was €68.70.

Sustainability
Statements

Other
Information
 76 Remuneration Report 2024
ad (9) – Extraordinary Share Grants: Value of shares vesting Pay Ratio
Heineken
N.V. The value of the share awards is based on the ‘No. of shares vesting’ against the closing share price on In 2024, the ratio between the CEO’s annual total remuneration and the average annual total remuneration
Annual 31 December 2024 of €68.70. for HEINEKEN employees was 186. For the CFO, this ratio was 103. Both ratios increased in comparison to
Report 2023, when ratios were significantly lower due to the low payout of the 2023 Short-term incentive.
2024 ad (10) – Other emoluments
The amounts primarily concern car benefits-in-kind. The ratios were calculated by dividing the 2024 total remuneration for the CEO and CFO by the 2024
average total remuneration of all other employees worldwide. As per the revised Dutch Corporate
ad (11) – Total Governance Code, the average total remuneration of all other employees worldwide is derived from note 6.4
The sum of all remuneration elements as described in points (1) to (10). on page 93 by dividing the 2024 total personnel expense (after subtracting the expense for the Executive
Actual remuneration paid to former members of the Executive Board Board and external contractors) by the reported FTE (minus two, and excluding external contractors), leading
to an amount of 48,427 (versus 46,476 in 2023). The total remuneration for the CEO and CFO is retrieved
Mr. Van Boxmeer stepped down as CEO and Chairman of the Executive Board of Heineken on 1 June 2020.
from note 13.3 on page 129.
Mrs. Debroux stepped down as CFO and member of the Executive Board of Heineken on 30 April 2021.
In line with contractual obligations, Mr. Van Boxmeer’s and Mrs. Debroux’s existing investment shares/share In accordance with the Dutch Corporate Governance Code, the Supervisory Board takes into account the
Introduction matching entitlements are subject to a holding period of 5 years. As a result of the investment in shares of internal pay ratios as one factor to determine the appropriateness of the implementation of the
part of the STI payout for the performance year 2019, the following number of matching shares will vest remuneration policy. However, pay ratios are affected by various factors such as a company’s industry,
shortly after year-end 2024. geographical reach, and organisational structure. HEINEKEN has a wide geographical footprint, with the
Report majority of its business and employees in emerging markets where pay levels and structures differ widely
of the No. of matching entitlements vesting1 Value of matching entitlements vesting in €2 from those in the Netherlands and Europe. The company also has a large number of breweries and in-house
Executive
Board
van Boxmeer 5,402 371,117 sales forces across the world, which further adds to the diversity of pay within the organization. This will
Debroux 2,623 180,200 differ for other companies in other industries. Therefore, external comparison of pay ratios will not always
be meaningful.
Report
of the 1 The ‘number of matching entitlements vesting’ are before-tax (i.e. before tax withholding).
2 The share price on 31 December 2024 was €68.70. Moreover, pay ratios can also be highly variable over time due to factors such as fluctuations in exchange
Supervisory
Board rates, and are heavily influenced by the Company’s annual performance, which impacts the Executive Board’s
remuneration more significantly than it does for all other employees. To address these limitations, the
Supervisory Board evaluates not only the actual pay ratios but also their evolution, particularly in relation to
Financial the Company’s performance.
Statements
Comparative overview of remuneration and company performance
The following table provides a comparative overview since 2020 of annual Executive Board remuneration,
average employee remuneration, Executive Board pay ratio, and company performance:
Sustainability
Statements Total remuneration in
Average employee Organic net
thousands of €1 Pay ratio3
total remuneration in revenue growth
Year CEO CFO thousands of €2 CEO CFO %4
2024 8,998 5,003 48.4 186 103 5.0 %
Other
Information 2023 3,879 2,902 46.5 83 62 5.5 %
2022 8,944 5,794 45.3 198 128 21.2%
2021 8,437 4,228 40.8 207 104 12.2%
2020 1261 835 41.9 30 20 (11.9)%

1 Total remuneration for the CEO and CFO as per note 13.3 Related Parties (i.e., fixed salary, short-term and long-term incentives, pension contributions and
other emoluments).
2 Total personnel expense in thousands of € (after subtracting the expense for the Executive Board and external contractor) divided by the reported FTE
(minus two).
3 Total remuneration for the CEO and CFO divided by the average total remuneration of all other employees worldwide.
4 Organic net revenue growth percentage for the financial year (performance measure for Short-term and Long-term incentives).
 77 Remuneration Report 2024
Part IV – The Supervisory Board actual remuneration for performance ending in, or at year-end, 2024
Heineken
N.V. In accordance with the Supervisory Board remuneration policy, the Members of the Supervisory Board receive a fixed remuneration for their services. Members are also compensated for intercontinental travel required to
Annual exercise their role. The following table provides an overview of the Supervisory Board actual remuneration for year-end, 2024. In alignment with IFRS reporting requirements, this disclosure can also be found in note 13.3
Report Related Parties.
2024
In thousands of € 2024 Base Board Fee 2024 Committee Fees 2024 Allowances and Benefits 2024 Total Remuneration 2023 Total Remuneration 2022 Total Remuneration 2021 Total Remuneration 2020 Total Remuneration
J.M. Huët 150 145 10 305 231 225 225 225
M.R. de Carvalho 115 75 10 200 141 135 135 135
P. Mars-Wright 115 50 50 215 144 144 126 126
M. Helmes 115 70 10 195 146 133 125 125
R.L. Ripley 115 55 50 220 148 148 125 110

Introduction
N.K. Paranjpe1 115 35 23 173 119 110 78 —
2
B. Pardo 115 25 38 178 91 — — —
L.J. Hijmans van den Bergh2 115 65 10 190 83 — — —
Report P.T.F.M. Wennink 3
78 50 10 138 — — — —
of the
Executive M. Das4 115 — — 115 130 130 130 130
Board
I.H. Arnold5 — — — — 55 110 110 115
6
Report J.A. Fernández Carbajal — — — — 33 166 142 154
of the F.J. Camacho Beltran6 — — — — 28 100 — —
Supervisory
7
Board J.G. Astaburuaga Sanjinés — — — — — 55 122 116
V.C.O.B.J. Navarre8 — — — — — — 45 105

Financial 1,148 570 211 1,929 1,349 1,456 1,363 1,341

Statements
1 Appointed on 22 April 2021
2 Appointed on 20 April 2023
3 Appointed on 25 April 2024
4 Stepped down on 25 April 2024
5 Stepped down on 20 April 2023
Sustainability 6 Stepped down on 15 February 2023
Statements 7 Stepped down on 21 April 2022
8 Stepped down on 22 April 2021

Other
Information
 78 Remuneration Report 2024
Part V – Adjustments to the remuneration policy and implementation in 2025
Heineken
N.V. Policy
Annual
Report No changes to the remuneration policies for the Executive Board and Supervisory Board will be proposed to
2024 the Annual General Meeting in 2025.
Implementation
To maintain alignment with the policy target level of the median target remuneration of the labour market
peer group, the base salary for the CEO was increased by 5% from €1,397,500 to €1,467,375, effective
January 1, 2025. Similarly, the base salary for the CFO was increased by 4% from €950,300 to €988,312,
effective on the same date. These salary adjustments are consistent with the increases received by other
HEINEKEN employees based in the Netherlands and pay developments in the external market.

Introduction Supervisory Board Heineken N.V.

Amsterdam, 11 February 2025

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 79
Heineken
N.V.
Annual
Report
2024

Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 80 Contents
Heineken Financial Statements 81 – 137
N.V. 10. Acquisitions, disposals and investments 114
Consolidated Income Statement 81
Annual
Report Consolidated Statement of Other Comprehensive Income 81 10.1. Acquisitions and disposals of subsidiaries and non-controlling interests 114
2024
Consolidated Statement of Financial Position 82 10.2. Assets or disposal groups classified as held for sale 114
10.3. Investments in associates and joint ventures 114
Consolidated Statement of Cash Flows 83
11. Financing and capital structure 116
Consolidated Statement of Changes in Equity 84
11.1. Net finance income and expense 116
Notes to the Consolidated Financial Statements 85
11.2. Cash and cash equivalents 116
1. Reporting entity 85 11.3. Borrowings 117
2. Basis of preparation 85 11.4. Capital and reserves 118
3. Significant events in the period and accounting estimates and judgements 85 11.5. Credit, liquidity and market risk 120
Introduction 4. Changes in accounting policies 86 11.6. Derivative financial instruments 123
5. General accounting policies 86 12. Tax 124
6. Operating activities 88 12.1. Income tax expense 124
Report 6.1. Operating segments 88
of the 12.2. Deferred tax assets and liabilities 125
Executive 6.2. Other income 92 12.3. Income tax on other comprehensive income and equity 127
Board 6.3. Raw materials, consumables and services 92 13. Other 128
6.4. Personnel expenses 93 13.1. Fair value 128
Report
6.5. Share-based payments 93 13.2. Off-balance sheet commitments 129
of the
Supervisory 6.6. Amortisation, depreciation and impairments 95 13.3. Related parties 129
Board
6.7. Earnings per share 95 13.4. HEINEKEN entities 130
7. Working capital 96 13.5. Subsequent events 131
Financial 7.1. Inventories 96
Heineken N.V. Income Statement 132
Statements 7.2. Trade and other receivables 96
Heineken N.V. Balance Sheet 133
7.3. Trade and other payables 97
Heineken N.V. Shareholders’ Equity 134
7.4. Returnable packaging materials 98
Sustainability 8. Non-current assets 99 Notes to the Heineken N.V. Financial Statements 135
Statements A. Company disclosures 135
8.1. Intangible assets 99
8.2. Property, plant and equipment 102 A.1. Investments 135
8.3. Loans and advances to customers 105 A.2. Borrowings 136
Other 8.4. Equity instruments 106 B. Other 137
Information
8.5. Other non-current assets 107 B.1. Auditor fees 137
B.2. Off-balance sheet commitments 137
9. Provisions and contingent liabilities 107
B.3. Subsequent events 137
9.1. Post-retirement obligations 107
B.4. Other disclosures 137
9.2. Provisions 112
9.3. Contingencies 113
 81 Consolidated Income Statement Consolidated Statement of Other Comprehensive Income
Heineken For the year ended 31 December For the year ended 31 December
N.V. In millions of € Note 2024 2023 In millions of € Note 2024 2023
Annual
Report Revenue 6.1 35,955 36,375 Profit 1,161 2,401
2024
Excise tax expense 6.1 (6,134) (6,013) Other comprehensive income, net of tax:
Net revenue 6.1 29,821 30,362 Items that will not be reclassified to profit or loss:
Other income 6.2 80 393 Remeasurement of post-retirement obligations 12.3 68 (66)
Raw materials, consumables and services 6.3 (19,313) (20,077) Net change in fair value through OCI investments 12.3 (106) —
Personnel expenses 6.4 (4,466) (4,353) Items that may be subsequently reclassified to profit or loss:
Amortisation, depreciation and impairments 6.6 (2,605) (3,096) Currency translation differences 5(b)/12.3 (567) (170)
Total other expenses (26,384) (27,526) Change in fair value of net investment hedges 12.3 14 (28)
Introduction Operating profit 3,517 3,229 Change in fair value of cash flow hedges 12.3 166 (135)
Interest income 11.1 110 90 Cash flow hedges reclassified to profit or loss 12.3 (9) 12
Interest expenses 11.1 (680) (640) Net change in fair value through OCI investments – debt
Report
investments 12.3 1 1
of the Other net finance income/(expenses) 11.1 (235) (375)
Executive Cost of hedging 11.6/12.3 (1) 2
Board Net finance expenses (805) (925)
Share of other comprehensive income of associates/joint ventures 10.3/12.3 59 (75)
Share of profit/(loss) of associates and joint ventures 10.3 (705) 218
Report Other comprehensive income/(expense), net of tax 12.3 (375) (459)
Profit before income tax 2,007 2,522
of the
Total comprehensive income/(expense) 786 1,942
Supervisory Income tax expense 12.1 (846) (121)
Board Attributable to:
Profit 1,161 2,401
Shareholders of the Company 506 2,032
Attributable to:
Financial Non-controlling interests 280 (90)
Shareholders of the Company (net profit) 978 2,304
Statements Total comprehensive income/(expense) 786 1,942
Non-controlling interests 183 97
Profit 1,161 2,401

Sustainability
Statements Weighted average number of shares – basic 6.7 560,188,961 563,448,845
Weighted average number of shares – diluted 6.7 560,639,030 563,979,620
Basic earnings per share (€) 6.7 1.75 4.09
Other
Information
Diluted earnings per share (€) 6.7 1.74 4.09
 82 Consolidated Statement of Financial Position
Heineken As at 31 December
N.V. In millions of € Note 2024 2023 In millions of € Note 2024 2023
Annual
Report Intangible assets 8.1 21,701 21,781 Shareholders' equity 11.4 19,581 20,056
2024
Property, plant and equipment 8.2 14,677 14,772 Non-controlling interests 11.4 2,821 2,733
Investments in associates and joint ventures 10.3 3,500 4,130 Total equity 22,402 22,789
Loans and advances to customers 8.3 258 239
Deferred tax assets 12.2 1,264 1,292 Borrowings 11.3 13,783 14,046
Equity instruments 8.4 465 562 Post-retirement obligations 9.1 519 586
Other non-current assets 8.5 1,009 978 Provisions 9.2 586 627
Total non-current assets 42,874 43,754 Deferred tax liabilities 12.2 2,155 2,213
Introduction Other non-current liabilities 11.6 90 67
Inventories 7.1 3,572 3,721 Total non-current liabilities 17,133 17,539
Trade and other receivables 7.2 4,588 5,019
Report
of the Current tax assets 165 196 Borrowings 11.2/11.3 3,266 4,192
Executive
Board Derivative assets 11.6 169 58 Trade and other payables 7.3 9,912 9,432
Cash and cash equivalents 11.2 2,350 2,377 Returnable packaging deposits 7.4 525 531
Report Assets classified as held for sale 10.2 55 28 Provisions 9.2 176 206
of the
Supervisory Total current assets 10,899 11,399 Current tax liabilities 307 332
Board
Derivative liabilities 11.6 52 132
Total current liabilities 14,238 14,825
Financial
Statements

Sustainability Total assets 53,773 55,153 Total equity and liabilities 53,773 55,153
Statements

Other
Information
 83 Consolidated Statement of Cash Flows
Heineken For the year ended 31 December
N.V. In millions of € Note 2024 2023 In millions of € Note 2024 2023
Annual
Report Operating activities Investing activities
2024
Profit 1,161 2,401 Proceeds from sale of property, plant and equipment and 152 154
intangible assets
Adjustments for:
Amortisation, depreciation and impairments 6.6 2,605 3,096 Purchase of property, plant and equipment (2,184) (2,434)
Net interest expenses 11.1 570 550 Purchase of intangible assets (281) (243)
Other income 6.2 (37) (352) Loans issued to customers and other investments (221) (244)
Share of profit of associates and joint ventures and dividend income 687 (226) Repayment on loans to customers and other investments 89 96
on fair value through OCI investments Cash flow used in operational investing activities (2,445) (2,671)
Introduction Income tax expenses 846 121 Free operating cash flow 3,058 1,759
12.1

Other non-cash items 226 537 Acquisition of subsidiaries, net of cash acquired (4) (806)
Cash flow from operations before changes in working capital 6,058 6,127 Acquisition of/additions to associates, joint ventures and other (44) (409)
Report
of the and provisions investments
Executive Change in inventories (39) (4) Disposal of subsidiaries, net of cash disposed of 14 257
Board
Change in trade and other receivables 347 (42) Disposal of associates, joint ventures and other investments 44 53
Report Change in trade and other payables and returnable packaging deposits 543 (100) Cash flow used in acquisitions and disposals 10 (905)
of the
Total change in working capital 851 (146) Cash flow used in investing activities (2,435) (3,576)
Supervisory
Board Change in provisions and post-retirement obligations (6) (32) Financing activities
Cash flow from operations 6,903 5,949 Proceeds from borrowings 3,076 6,751
Financial Interest paid (668) (624) Repayment of borrowings (4,091) (4,614)
Statements Interest received 120 118 Payment of principal portion of lease commitments (355) (390)
Dividends received 199 147 Dividends paid (1,199) (1,335)
Income taxes paid (1,051) (1,160) Purchase own shares and shares issued (5) (942)
Sustainability
Statements Cash flow related to interest, dividend and income tax (1,400) (1,519) Acquisition of non-controlling interests — (286)
Cash flow from operating activities 5,503 4,430 Cash flow used in financing activities (2,574) (816)
Net cash flow 494 38
Other Cash and cash equivalents as at 1 January 1,425 1,618
Information
Effect of movements in exchange rates (166) (231)
Cash and cash equivalents as at 31 December 11.2 1,753 1,425
 84 Consolidated Statement of Changes in Equity
Cost of Shareholders Non-
Heineken Share Share Translation Hedging hedging Fair value Other legal Reserve for Retained of the controlling
N.V. In millions of € Note capital Premium reserve reserve reserve reserve reserves own shares earnings company interests Total equity
Annual
Report Balance as at 1 January 2023 922 2,701 (3,619) (47) (9) 70 1,242 (60) 18,351 19,551 2,369 21,920
2024 1
Hyperinflation restatement to 1 January 2023 5(c) — — — — — — — — 40 40 — 40
Balance as at 1 January 2023 after restatement 922 2,701 (3,619) (47) (9) 70 1,242 (60) 18,391 19,591 2,369 21,960
Profit — — — — — — 204 — 2,100 2,304 97 2,401
Other comprehensive income/(loss) 12.3 — — (86) (123) 2 1 — — (66) (272) (187) (459)
Total comprehensive income/(loss) — — (86) (123) 2 1 204 — 2,034 2,032 (90) 1,942
Realised hedge results from non-financial assets 12.3 — — — 156 — — — — — 156 — 156
Transfer to/from retained earnings — — — — — — 534 — (534) — — —
Introduction Dividends to shareholders — — — — — — — — (1,080) (1,080) (270) (1,350)
Purchase own shares or contributions received from NCI shareholders 11.4 — — — — — — — (943) — (943) 1 (942)
Own shares delivered — — — — — — — 37 (37) — — —
Report
of the Share-based payments — — — — — — — — 2 2 — 2
Executive
Board Acquisition/disposal of non-controlling interests without losing control — — — — — — — — (214) (214) (9) (223)
Hyperinflation impact — — — — — — — — 163 163 — 163
Report Changes in consolidation — — — — — — — — 349 349 732 1,081
of the
Supervisory Balance as at 31 December 2023 922 2,701 (3,705) (14) (7) 71 1,980 (966) 19,074 20,056 2,733 22,789
Board
Cost of Shareholders Non-
Share Share Translation Hedging hedging Fair value Other legal Reserve for Retained of the controlling Total
In millions of € Note capital Premium reserve reserve reserve reserve reserves own shares earnings company interests equity
Financial
Statements Balance as at 1 January 2024 922 2,701 (3,705) (14) (7) 71 1,980 (966) 19,074 20,056 2,733 22,789
Profit — — — — — — (8) — 986 978 183 1,161
Other comprehensive income/(loss) 12.3 — — (592) 157 (1) (103) — — 67 (472) 97 (375)
Sustainability
Total comprehensive income/(loss) — — (592) 157 (1) (103) (8) — 1,053 506 280 786
Statements
Realised hedge results from non-financial assets 12.3 — — — (43) — — — — — (43) — (43)
Transfer to/from retained earnings — — — — — — 6 — (6) — — —
Other Dividends to shareholders — — — — — — — — (969) (969) (237) (1,206)
Information Purchase own shares or contributions received from NCI shareholders — — — — — — — (60) — (60) 55 (5)
11.4

Own shares delivered — — — — — — — 37 (37) — — —

Share-based payments — — — — — — — — 18 18 — 18
Acquisition/disposal of non-controlling interests without losing control — — — — — — — — 10 10 (10) —
Hyperinflation impact — — — — — — — — 70 70 — 70
Changes in consolidation — — — — — — — — (7) (7) — (7)
Balance as at 31 December 2024 922 2,701 (4,297) 100 (8) (32) 1,978 (989) 19,206 19,581 2,821 22,402
1 Includes impairment related to the hyperinflationary impact on the opening balance.
 85 Notes to the Consolidated Financial Statements
1. Reporting entity 3. Significant events in the period and accounting estimates and judgements
Heineken
N.V. Heineken N.V. (the ‘Company’) is a public company domiciled in the Netherlands, with its head office in a) Significant accounting estimates and judgement
Annual
Report Amsterdam. The address of the Company’s registered office is Tweede Weteringplantsoen 21, 1017 ZD, In preparing these consolidated financial statements, management is required to make estimates and
2024 Amsterdam. The consolidated financial statements of the Company as at 31 December 2024 comprise the judgements that affect the application of accounting policies and the reported amounts of assets and
Company, its subsidiaries (together referred to as ‘HEINEKEN’) and HEINEKEN’s interests in joint ventures and liabilities, income and expenses.
associates. The Company is registered in the Trade Register of Amsterdam No. 33011433. HEINEKEN is
primarily involved in the brewing and selling of beer and cider. Led by the Heineken® brand, HEINEKEN has a The application of accounting policies requires judgements that impact the amounts recognised.
range of more than 340 international, regional, local and speciality beers and ciders. 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
2. Basis of preparation per note within the consolidated financial statements.
The consolidated financial statements are: The following notes contain the most significant estimates and judgements:
– Prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the Particular area involving significant estimates and judgements Note
Introduction European Union (EU) and comply with the financial reporting requirements included in Part 9 of Book 2 of Significant judgement
the Dutch Civil Code. All standards and interpretations issued by the International Accounting Standards
Judgement on acting as principal versus agent with respect to 6.1 Operating segments
Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) effective year-
excise tax expense
Report end 2024 have been adopted by the EU.
of the Judgement used in assessing significant or prolonged decline in 10.3 Investments in associates and joint
– Prepared by the Executive Board of the Company and authorised for issue on 11 February 2025 and will
Executive the fair value of the investment for indication of impairment ventures
Board be submitted for adoption to the Annual General Meeting of Shareholders on 17 April 2025.
Assessment of the recoverability of past tax losses 12.2 Deferred tax assets and liabilities
– Prepared on the historical cost basis unless otherwise indicated.
Significant estimates
Report – Prepared on a going concern basis.
of the Assumptions used in impairment testing 8.1 Intangible assets and 8.2 Property, plant
Supervisory – Presented in Euro, which is the Company’s functional currency. and equipment
Board – Rounded to the nearest million unless stated otherwise.
Assumptions for discount rates, future pension increases and life 9.1 Post-retirement obligations
expectancy to calculate the defined benefit obligation
Financial Estimating the likelihood and timing of potential cash flows relating 9.2 Provisions and 9.3 Contingencies
Statements to claims and litigations
All estimates and judgements are disclosed in the notes to the consolidated financial statements (if applicable).

Sustainability (b) Climate change

Statements 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.
Other The following impacts were assessed in the consolidated financial statements:
Information
– 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).
– 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).
– 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 2024, 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.
 86 Notes to the Consolidated Financial Statements
4. Changes in accounting policies 5. General accounting policies
Heineken
N.V. (a) Changed accounting policies in 2024 General
Annual
Report The following accounting policy changes have been adopted in 2024 and are reflected in the consolidated The accounting policies described in these consolidated financial statements have been applied consistently
2024 financial statements: to all periods presented in these consolidated financial statements.
Amendments to IAS 7 and IFRS 7 – Supplier finance arrangement (a) Basis of consolidation
HEINEKEN has adopted the amendments to IAS 7 and IFRS 7 relating to supplier finance arrangements. The consolidated financial statements are prepared as a consolidation of the financial statements of the
These amendments introduce new disclosure requirements with regard to supplier finance arrangements, Company and its subsidiaries. Subsidiaries are entities controlled by HEINEKEN. HEINEKEN controls an entity
relating to the effect on liabilities, cash flows and the exposure to liquidity risk. 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
HEINEKEN has supplier finance arrangements in place, to which the disclosure requirements apply. Refer to
ownership of more than 50% of the voting rights.
note 7.3 ‘Trade and other payables’.
The financial statements of subsidiaries are included in the consolidated financial statements from the date
No other new standards or amendments to existing standards effective in 2024, had a significant impact on
Introduction that control commences until the date that control ceases. Accounting policies of subsidiaries have been
HEINEKEN’s consolidated financial statements.
changed where necessary to ensure consistency with the policies adopted and applied by HEINEKEN.
(b) Upcoming changes in accounting policies for 2025 .
On consolidation, intra-HEINEKEN balances and transactions, and any unrealised gains and losses or income
Report No new standards or amendments to existing standards, effective in 2025, will have a significant impact on and expenses arising from intra-HEINEKEN transactions, are eliminated. Unrealised gains arising from
of the HEINEKEN 's consolidated financial statements.
Executive transactions with associates and joint ventures (refer to note 10.3) are eliminated against the investment to
Board (c) New relevant standards and interpretations not yet adopted the extent of HEINEKEN’s interest in the investee. Unrealised losses are eliminated in the same way as
The following new standard is effective for annual periods beginning after 1 January 2025, which HEINEKEN unrealised gains, but only to the extent that there is no evidence of impairment.
Report has not applied in preparing these consolidated financial statements. (b) Foreign currency
of the
Supervisory IFRS 18 – Presentation and Disclosure in Financial Statements Foreign currency transactions
Board
IFRS 18, Presentation and Disclosure in Financial Statements, was issued in April 2024, replacing IAS 1, Transactions in foreign currencies are translated to the respective functional currencies of HEINEKEN entities
Presentation of Financial Statements. The standard will be effective on 1 January 2027. HEINEKEN is in the using the exchange rates at the transaction date, except for HEINEKEN entities in hyperinflationary
process of reviewing the impact of this new standard. economies, refer to note 5(c). Receivables, payables and other monetary assets and liabilities denominated in
Financial
Statements 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
Sustainability comprehensive income.
Statements
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
Other currency at the exchange rate at the transaction date.
Information
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.
 87 Notes to the Consolidated Financial Statements
Foreign currency differences are recognised in other comprehensive income and are presented within equity The application of IAS 29 includes the following:
Heineken
in the translation reserve. However, if the operation is not a wholly-owned subsidiary, the relevant
N.V. – Adjustment of historical cost non-monetary assets and liabilities for the change in purchasing power
Annual proportionate share of the translation difference is allocated to the non-controlling interests. The cumulative
caused by inflation from the date of initial recognition to the balance sheet date
Report amount in the translation reserve is (either fully or partly) reclassified to the income statement upon disposal
2024 (either fully or partly) or liquidation. – Adjustment of the income statement for inflation during the reporting period
– The income statement is translated at the period-end foreign exchange rate instead of an average rate
Exchange rates of key currencies
The following exchange rates, for the most important countries in which HEINEKEN has operations, were – A net monetary gain/(loss) adjustment, recognised in the income statement, to reflect the impact of
used while preparing these consolidated financial statements: inflation and exchange rate movement on holding monetary assets and liabilities in local currency
– Reduction of the restated amount of a non-monetary item, in accordance with the appropriate standards,
Year-end Year-end Average Average
when it exceeds its recoverable amount
In € 2024 2023 % 2024 2023 %
Brazilian Real (BRL) 0.1556 0.1865 (16.6) 0.1723 0.1852 (7.0) (d) Cash flow statement
Great Britain Pound (GBP) 1.2060 1.1507 4.8 1.1818 1.1497 2.8 The cash flow statement is prepared using the indirect method. Assets and liabilities acquired as part of a
Introduction business combination are included in investing activities (net of cash acquired). Dividends paid to
Indian Rupee (INR) 0.0112 0.0109 2.8 0.0111 0.0112 (0.9) shareholders are included in financing activities. Dividends received are classified as operating activities, as
Mexican Peso (MXN) 0.0473 0.0532 (11.1) 0.0508 0.0521 (2.5) well as interest paid and interest received.
Report Nigerian Naira (NGN) 0.0006 0.0010 (40.0) 0.0006 0.0015 (60.0) (e) Offsetting financial instruments
of the
Executive Polish Zloty (PLN) 0.2340 0.2300 1.7 0.2324 0.2203 5.5 If HEINEKEN has a legal right to offset financial assets with financial liabilities and if HEINEKEN intends to
Board either to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and
Singapore Dollar (SGD) 0.7060 0.6854 3.0 0.6920 0.6886 0.5
liabilities are presented in the statement of financial position as a net amount.
United States Dollar (USD) 0.9626 0.9050 6.4 0.9252 0.9246 0.1
Report
of the Vietnamese Dong in 1,000 (VND) 0.0379 0.0373 1.6 0.0369 0.0388 (4.9)
Supervisory
Board South African Rand (ZAR) 0.0510 0.0492 3.7 0.0505 0.0502 0.6

(c) Hyperinflation economies

Financial To determine the existence of hyperinflation, HEINEKEN assesses the qualitative factors of the country's
Statements 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. For Egypt and Nigeria,
HEINEKEN’s assessment of the quantitative characteristics indicates potential hyperinflation; however, the
qualitative factors were inconclusive as of 31 December 2024. Therefore, these countries are not considered
Sustainability
Statements hyperinflationary for the year ended 31 December 2024.
The Ethiopian economy was designated as hyperinflationary from the period ended 31 December 2022 and
the Haitian economy was designated as hyperinflationary for the period ended 31 December 2023. As a
Other
result, application of IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ has been applied to
Information Heineken Ethiopia, whose functional currency is the Ethiopian Birr and Brasserie Nationale d'Haiti S.A., whose
functional currency is the Haitian Gourde.
On the application of IAS 29 to Heineken Ethiopia, a cumulative inflation factor was applied using the
consumer price index (CPI) in Ethiopia, published by the Central Statistics Agency of Ethiopia. The movement
in the CPI for the year ended 31 December 2024 was 17% (2023: 29%).
On the application of IAS 29 to Brasserie Nationale d’Haiti S.A., a cumulative inflation factor was applied
using the consumer price index (CPI) in Haiti, published by the L'Institut Haïtien de Statistique et
d'Informatique (IHSI). The movement in the CPI for the year ended 31 December 2024 was
27% (2023: 21%).
 88 Notes to the Consolidated Financial Statements
6. Operating activities
Heineken
N.V.
Annual 6.1 Operating segments
Report HEINEKEN distinguishes five reportable segments: Europe; Americas; Africa & Middle East; Asia Pacific and Head Office & Other/Eliminations. Information about these reportable segments are provided in
2024
the table below:
Head Office &
Europe Americas Africa & Middle East Asia Pacific Other/Eliminations Consolidated
In millions of € Note 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
1
Net revenue (beia) 11,845 12,211 10,407 10,469 4,133 4,229 4,226 4,157 (648) (758) 29,964 30,308
Third party revenue2 13,895 14,185 10,632 10,700 5,004 5,260 6,346 6,179 78 51 35,955 36,375
Interregional revenue 720 803 5 5 — — 1 — (726) (808) — —
Revenue 14,615 14,988 10,637 10,705 5,004 5,260 6,347 6,179 (648) (757) 35,955 36,375
Introduction
Excise tax expense3 (2,825) (2,777) (211) (211) (977) (1,002) (2,121) (2,023) — — (6,134) (6,013)
Net revenue 11,790 12,211 10,426 10,494 4,027 4,258 4,226 4,156 (648) (757) 29,821 30,362
Report Other income 6.2 29 302 47 53 2 36 1 2 1 — 80 393
of the
Executive
Board
Operating profit 1,093 1,439 1,526 1,382 251 (487) 658 737 (11) 158 3,517 3,229

Report
of the Net finance expenses 11.1 (805) (925)
Supervisory
Board Share of profit of associates and joint ventures4 10.3 24 22 96 69 (62) 25 (763) 102 — — (705) 218
Income tax expense 12.1 (846) (121)
Profit 1,161 2,401
Financial
Statements Attributable to:
Shareholders of the Company (net profit) 978 2,304
Non-controlling interests 183 97
Sustainability
Statements
Operating profit reconciliation
Operating profit 1,093 1,439 1,526 1,382 251 (487) 658 737 (11) 158 3,517 3,229

Other Eia1 261 (86) 304 149 172 937 256 189 3 25 995 1,214
Information Operating profit (beia) 1
1,354 1,353 1,830 1,531 423 450 914 926 (8) 183 4,512 4,443
1 Note that this is a non-GAAP measure. Due to rounding, this balance will not always cast.
2 Includes other revenue of €457 million (2023: €509 million).
3 Next to the €6,134 million of excise tax expense included in revenue (2023: €6,013 million), €2,056 million of excise tax expense is collected on behalf of third parties and excluded from revenue (2023: €2,190 million).
4 Asia Pacific includes the impairment of the investment in CR Beer of €874 million (2023: nil). Refer to note 10.3.
 89 Notes to the Consolidated Financial Statements
Head Office &
Heineken
Europe Americas Africa & Middle East Asia Pacific Other/Eliminations Consolidated
N.V.
Annual In millions of € Note 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Report
2024 Current segment assets 2,699 2,917 3,197 3,292 2,325 2,341 1,911 1,798 541 687 10,673 11,035
Non-current segment assets 12,887 12,494 8,954 9,430 3,508 3,772 11,117 11,003 1,544 1,582 38,010 38,281
Investments in associates and joint ventures 213 200 884 794 179 227 2,224 2,909 — — 3,500 4,130
Total segment assets 15,799 15,611 13,035 13,516 6,012 6,340 15,252 15,710 2,085 2,269 52,183 53,446
Unallocated assets 1,590 1,707
Total assets 53,773 55,153

Segment liabilities 4,356 4,292 3,465 3,640 1,760 2,008 1,540 1,373 1,759 2,324 12,880 13,637
Introduction
Unallocated liabilities 18,491 18,727
Total equity 22,402 22,789
Report Total equity and liabilities 53,773 55,153
of the
Executive Purchases of owned property, plant and equipment 8.2 739 784 864 778 454 496 210 176 55 21 2,322 2,255
Board
Acquisition of goodwill 8.1 9 11 — — 7 652 — 21 — — 16 684
Purchases of intangible assets 8.1 65 60 39 41 5 7 5 10 167 123 281 241
Report
of the Depreciation of owned property, plant and equipment 8.2 (555) (541) (492) (459) (246) (288) (186) (165) (14) (11) (1,493) (1,464)
Supervisory
Board Impairment (net of reversal) of owned property, plant
and equipment and assets classified as held for sale 8.2, 10.2 (22) (7) (187) (70) — (60) (2) — — — (211) (137)
Amortisation of intangible assets 8.1 (100) (94) (87) (98) (31) (24) (185) (188) (43) (44) (446) (448)
Financial
Statements Impairment (net of reversal) of intangible assets 8.1 (1) — (12) (41) — (491) (50) — (25) — (88) (532)

Sustainability
Statements

Other
Information
 90 Notes to the Consolidated Financial Statements
Reconciliation of segment profit or loss
Heineken
N.V. The table below presents the reconciliation of operating profit before exceptional items and amortisation of
Annual acquisition-related intangibles (operating profit beia) to profit before income tax. Accounting policies
Report
2024 In millions of € 2024 2023 Segment reporting
Operating segments are reported consistently with the internal reporting provided to the Executive Board,
Operating profit (beia) 4,512 4,443
which is considered to be HEINEKEN’s chief operating decision-maker. An operating segment is a component
Amortisation of acquisition-related intangible assets recorded in operating (337) (385) of HEINEKEN that engages in business activities from which it may earn revenues and incur expenses,
profit including revenues and expenses that relate to transactions with any of HEINEKEN’s other components. All
Exceptional items included in operating profit (658) (829) operating segments’ operating results are reviewed regularly by the Executive Board to make decisions about
Share of profit of associates and joint ventures (705) 218 resources to be allocated to the segment and to assess its performance, and for which discrete financial
information is available.
Net finance expenses (805) (925)
Profit before income tax 2,007 2,522
The first four reportable segments as presented in the segmentation tables are HEINEKEN’s business regions.
Introduction These business regions are each managed separately by a Regional President, who reports to the Executive
The 2024 exceptional items and amortisation of acquisition-related intangibles recorded in operating profit Board, and is directly accountable for the functioning of the segment’s results, assets and liabilities. The Head
amount to €995 million, net expense (2023: €1,214 million, net expense). This amount consists of: Office operating segment falls directly under the responsibility of the Executive Board. The Executive Board
reviews the performance of the segments based on internal management reports monthly.
Report
of the – €337 million (2023: €385 million) of amortisation of acquisition-related intangibles recorded in operating
profit. Segment results, assets and liabilities that are reported to the Executive Board include items directly
Executive
Board attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated result
– €658 million net exceptional expense (2023: €829 million, net expense) recorded in operating profit.
items comprise net finance expenses and income tax expenses. Unallocated assets mainly comprise deferred
This includes:
Report tax assets. Unallocated liabilities mainly comprise borrowings and deferred tax liabilities.
of the – a net impairment of €305 million recorded in amortisation, depreciation and impairments, of which
Supervisory €158 million relates to Haiti (2023: €683 million, net impairment) Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
Board equipment and intangible assets other than goodwill.
– net restructuring expenses recorded in personnel expenses of €96 million (2023: €130 million)
– €59 million net exceptional expense relating to hyperinflation accounting adjustments (2023: €50 Performance is measured based on operating profit (beia), as included in the internal management reports
million, net expense), of which €87 million expense recorded in revenue (2023: €55 million, income), that are reviewed by the Executive Board. Beia stands for 'before exceptional items and amortisation of
Financial
Statements €28 million income in raw materials consumables and services (2023: €69 million, expense), €3 million acquisition-related intangibles'. Exceptional items are defined as items of income and expense of such size,
expense in amortisation, depreciation and impairments (2023: €32 million) and €3 million income in nature or incidence, that in the view of management their disclosure is relevant to explain the performance
personnel expenses (2023: €4 million, expense) of HEINEKEN for the period. Exceptional items include, among others, impairments of goodwill and fixed
– €198 million of other net exceptional expenses, mainly relating to the disposal and closure of breweries assets (and reversal of impairments), gains and losses from acquisitions and disposals, redundancy costs
Sustainability
(2023: €8 million, net benefits) following a restructuring, past service costs and curtailments, hyperinflation accounting adjustments, the tax
Statements
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.
Accounting estimates and judgements Operating profit (beia) is used to measure performance as management believes that this measurement is
Other the most relevant in evaluating the results of the segments. Beia adjustments are also applied to other
Information
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. 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
HEINEKEN makes estimates when determining discount accruals in revenue at year-end, specifically for appropriate and practical, HEINEKEN provides reconciliations for relevant GAAP measures.
conditional discounts. Refer to note 7.3 for more explanation on how discount accruals are estimated.
HEINEKEN has multiple distribution models to deliver goods to end customers. There is no reliance on major
clients. Deliveries to end consumers are country dependent and include deliveries via own wholesalers and
pubs, direct to customers and via third-party distribution. As such, distribution models are country-specific and
diverse across HEINEKEN. In addition, these various distribution models are not centrally managed or
monitored. Consequently, the Executive Board does not allocate resources or assess performance based on
business type information. Accordingly, no segment information on business type is provided.
 91 Notes to the Consolidated Financial Statements
Inter-segment transfers or transactions are determined on an arm’s length basis. As net finance expenses Excise tax expense
Heineken
and income tax expenses are monitored on a consolidated level (and not on an individual regional basis) and Local tax authorities impose multiple taxes, duties and fees. These include excise on the sale or production of
N.V.
Annual Regional Presidents are not accountable for that, net finance expenses and income tax expenses are not alcoholic beverages, environmental taxes on the use of certain raw materials or packaging materials, or the
Report provided for the reportable segments. energy consumption in the production process. Excise duties are common in the beverage industry but levied
2024
Revenue differently amongst the countries HEINEKEN operates in. HEINEKEN performs a country by country analysis
The majority of HEINEKEN's revenue is generated by the sale and delivery of products to customers. The to assess whether the excise duty is sales-related or effectively a production tax. In most countries, excise
product range of HEINEKEN mainly consists of beer, soft drinks and cider. Products are mostly own-produced duties are effectively a production tax as excise duties become payable when goods are moved from bonded
finished goods from HEINEKEN's brewing activities, but also contain purchased goods for resale from warehouses and are not based on the sales value. In these countries, increases in excise duties are not always
HEINEKEN's wholesale activities. HEINEKEN's customer group can be split between on-trade customers like (fully) passed on to customers and HEINEKEN cannot, or can only partly, reclaim the excise duty in the case
cafés, bars and restaurants and off-trade customers like retailers and wholesalers. Due to HEINEKEN's global products are eventually not sold to customers. Excise tax is borne by HEINEKEN for these countries and
footprint, its revenue is exposed to strategic and financial risks that differ per region. 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
Revenue is recognised when control over products has been transferred and HEINEKEN fulfilled its consequently deducted from revenue. Due to the complexity and variety in tax legislation, significant
Introduction performance obligation to the customer. For the majority of the sales, control is transferred either judgement is applied in the assessment of whether taxes are borne by HEINEKEN or collected on behalf
at delivery of the products or upon pickup by the customer from HEINEKEN's premises. of a third party.
Revenue is recognised based on the price specified in the contract, net of returns, discounts, sales taxes and To provide transparency on the impact of the accounting for excise, HEINEKEN presents the excise tax
Report excise taxes collected on behalf of third parties.
of the expense on a separate line below revenue in the consolidated income statement. A subtotal called 'Net
Executive
Other revenues include rental income from pubs and bars, royalties, income from wholesale activities, pub revenue' is therefore included in the Income Statement. This 'Net revenue' subtotal is 'revenue' as defined
Board in IFRS 15 (after discounts) minus the excise tax expense for those countries where the excise is borne by
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 HEINEKEN.
Report
of the
agreement. Rental income, income from wholesale activities, pub management services and technical
Supervisory services are recognised in profit or loss when the services have been delivered.
Board
Discounts
HEINEKEN uses different types of discounts depending on the nature of the customer. Some discounts
Financial are unconditional, like cash discounts, early payment discounts and temporary promotional discounts.
Statements 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
Sustainability realisation. The estimation is based on accumulated experience supported by historical and current sales
Statements 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
Other to customers are closely related to the volumes sold. HEINEKEN assesses the substance of contracts with
Information customers to determine the classification of payments to customers as either discounts or marketing
expenses.
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.
 92 Notes to the Consolidated Financial Statements
6.2 Other income 6.3 Raw materials, consumables and services
Heineken
N.V. Other income includes the gain on sale from transactions that do not arise from contracts with customers In millions of € 2024 2023
Annual and are therefore presented separately from revenue.
Report Raw materials 2,910 3,097
2024 In millions of € 2024 2023 Non-returnable packaging 5,651 6,114
Gain on sale of property, plant and equipment 37 47 Goods for resale 1,917 1,997
Gain on sale of intangible assets — 86 Inventory movements (15) —
Gain on sale of subsidiaries, joint ventures and associates — 196 Marketing and selling expenses 2,940 2,767
Gain on previously held equity-interests — 23 Transport expenses 1,764 1,891
Tax credits 43 41 Energy and water 784 968
80 393 Repair and maintenance 640 622
Introduction In 2023, other income mainly relates to a gain on sale of Vrumona B.V. (Vrumona) of €195 million (refer to Other expenses 2,722 2,621
note 10.1). 19,313 20,077

Report The decrease in raw materials, consumables and services in 2024 was mainly driven by stabilisation of
of the
Accounting policies inflation in commodity prices related to raw materials and non-returnable packaging.
Executive
Board Other income is recognised in profit or loss when control over the sold asset is transferred to the buyer. The The line 'Energy and water' contains costs related to Power Purchase Agreements (PPA). As part of its Brew a
amount recognised as other income equals the proceeds obtained from the buyer minus the carrying value Better World (BaBW) ambitions, HEINEKEN enters into either physical PPAs or virtual PPAs. These
Report of the sold asset. arrangements are usually entered into for periods up to 10 to 15 years and contain either fixed prices or
of the variable prices.
Supervisory As part of a step acquisition, any previously held equity interest in the acquiree is remeasured to fair value on
Board the date of the acquisition. The difference between the carrying value and the fair value of the previously Other expenses in raw materials, consumables and services mainly include consulting expenses of €331
held equity interest is recognised in other income. million (2023: €339 million), telecom and office automation of €375 million (2023: €319 million),
warehousing expenses of €212 million (2023: €235 million), travel expenses of €134 million (2023: €121
Financial
Statements
million), other taxes of €179 million (2023: €197 million), short-term lease expenses of €95 million (2023:
€110 million) and low-value lease expenses of €42 million (2023: €42 million).

Sustainability Accounting policies

Statements
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
Other applied. If not, power purchase agreements are considered to be derivative financial instruments, refer to
Information note 11.6.
 93 Notes to the Consolidated Financial Statements
6.4 Personnel expenses In millions of € Note 2024 2023
Heineken
N.V. The average number of full-time equivalent (FTE) employees, excluding contractors, in 2024 was 88,497 Wages and salaries 3,069 2,950
Annual (2023: 89,732). FTE, excluding contractors, is divided per region as follows:
Report Compulsory social security contributions 468 443
2024
Average number of FTE per region Contributions to defined contribution plans 64 60
Expenses related to defined benefit plans 9.1 44 76
35,142 Expenses related to other long-term employee benefits 5 8
34,541
Equity-settled share-based payment plan 6.5 42 31
27,978 28,362 Other personnel expenses 774 785
4,466 4,353
Number of FTE

Introduction
14,621 14,334
11,894
Accounting policies
11,357
Personnel expenses
Report Personnel expenses are recognised when the related service is provided. For more details on accounting
of the policies related to post-retirements obligations and share-based payments refer to notes 9.1 and 6.5
Executive
Board respectively.
Europe Americas Africa & Middle East Asia Pacific
Report 6.5 Share-based payments
of the
Supervisory HEINEKEN has the following share-based compensation plans: long-term incentive plan, extraordinary share
Board 2024 2023 plan and matching share plan (as part of the Short-term incentive plan of the Executive Board).
Long-term incentive plan (LTIP)
A total of 4,135 FTEs are based in the Netherlands (2023: 4,341 FTE, revised for comparative purposes).
Financial HEINEKEN has a performance-based LTIP for the Executive Board and senior management. Under this LTIP,
Statements HEINEKEN’s employees receive compensations such as salaries and wages, pensions (refer to note 9.1) and share rights are conditionally awarded to participants on an annual basis. The vesting of these rights is
share-based payments (refer to note 6.5). Other personnel expenses include expenses for contractors of subject to the performance of Heineken N.V., on specific internal performance conditions and continued
€167 million (2023: €176 million) and net restructuring costs of €59 million (2023: €94 million). Refer to note service over a three-calendar year period by the employee. The share rights are not dividend-bearing during
9.2 for the restructuring provisions. the performance period.
Sustainability
Statements 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.

Other
Information
 94 Notes to the Consolidated Financial Statements
The grant date, fair market value (FMV) at the grant date, service period and vesting date for the LTIP are Other share-based compensation plans
Heineken visualised below:
N.V. In 2024, under the Extraordinary share plans for senior management, 14,528 shares were granted (2023:
Annual 13,900) and 10,828 (gross) shares vested (2023: 23,805). These extraordinary grants only have a service
Report LTI Plan 2021 2022 2023 2024 2025 2026
2024 condition and vest between one and five years. The expenses relating to these additional grants are
grant date performance period recognised in profit or loss during the vesting period. In 2024, expenses amounted to €1 million (2023: €1
2022-2024 vesting date
FMV €93.81 million).
Matching shares granted to the Executive Board are disclosed in note 13.3.
Personnel expenses
performance period
2023-2025
grant date vesting date The total share-based compensation expense that is recognised in 2024 amounts to €42 million (2023: €31
FMV €82.06
million share-based compensation expense).
In millions of € Note 2024 2023
Introduction Share rights granted in 2021 — 20
grant date performance period Share rights granted in 2022 25 4
2024-2026
FMV €86.49
Share rights granted in 2023 — 7
Report Total LTIP
of the expenses Share rights granted in 2024 17 —
Executive recognised in
Board 2024 Total expense recognised in personnel expenses 6.4 42 31

Report
of the The number of outstanding share rights and the movement over the year under the LTIP of the Executive
Supervisory Accounting estimates
Board Board and senior management is as follows:
The grant date fair value is calculated by adjusting the share price at the grant date for estimated foregone
Number of share Number of share dividends during the performance period, as the participants are not entitled to receive dividends during that
rights 2024 rights 2023 period. The foregone dividends are estimated by applying HEINEKEN's dividend policy on the latest forecasts
Financial
Statements Outstanding as at 1 January 1,379,471 2,163,618 of net profit (beia).
Granted during the year 521,978 539,901 At each balance sheet date, HEINEKEN uses its latest forecasts to calculate the expected realisation on the
Forfeited during the year (95,939) (122,526) 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
Sustainability Vested previous year (676,215) (639,523)
Statements corresponding adjustment to equity.
Performance adjustment 256,634 (561,999)
Expenses related to employees that voluntarily leave HEINEKEN are reversed as they will not receive any
Outstanding as at 31 December 1,385,929 1,379,471
shares from the LTIP. The expense calculation includes the estimated future forfeiture. HEINEKEN uses
Share price as at 31 December 68.70 91.94 historical information to estimate this forfeiture rate.
Other
Information
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 Accounting policies
participants is a net (after-tax) number. Ownership of the vested LTIP 2022-2024 shares will transfer to the HEINEKEN's share-based compensation plans are equity-settled share rights granted to the Executive Board
Executive Board members shortly after the publication of the annual results of 2024 and to senior and senior management.
management on 1 April 2025.
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.
 95 Notes to the Consolidated Financial Statements
6.6 Amortisation, depreciation and impairments In 2023, HEINEKEN entered into a cross-holding agreement with Heineken Holding N.V., which includes a
Heineken
N.V. In millions of € Note 2024 2023 waiver by HEINEKEN of payment of any dividends on the Heineken Holding N.V. shares held by HEINEKEN
Annual as well as by Heineken Holding N.V. on an equivalent number of HEINEKEN shares held by Heineken Holding
Report Property, plant and equipment 8.2 2,015 1,896
N.V. The HEINEKEN shares for which dividend is waived by Heineken Holding N.V. are therefore not part of
2024 Intangible assets 8.1 534 980 the number of outstanding ordinary shares of HEINEKEN.
Assets classified as held for sale 7 220
Other 49 —
2,605 3,096 Accounting policies
HEINEKEN presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by
Property, plant and equipment include depreciation and impairment of right of use (ROU) assets of €311 dividing the profit or loss attributable to shareholders of the Company by the weighted average number of
million (2023: €304 million). shares outstanding during the year, adjusted for the weighted average number of own shares held in the
For more information on impairment losses, refer to note 8.2. year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted
Introduction average number of shares outstanding, adjusted for the weighted average number of own shares held in the
year and for the effects of all dilutive potential shares which comprise share rights granted to employees and
Accounting policies the Executive Board. The effects of anti-dilutive potential ordinary shares are ignored in calculating diluted
Report Refer to note 8.1 for the accounting policy on impairments and amortisation, and to note 8.2 for the policy on EPS.
of the depreciation.
Executive
Board
6.7 Earnings per share
Report The calculation of earnings per share (EPS) for the period ended 31 December 2024 is based on the profit
of the attributable to the shareholders of the Company (net profit) and the weighted average number of shares
Supervisory outstanding (basic and diluted) during the year ended 31 December 2024.
Board
In € per share (basic or diluted) for the period ended 31 December 2024 2023
Basic earnings per share 1.75 4.09
Financial
Statements Diluted earnings per share 1.74 4.09

Refer to the table below for the information used in the calculation of the basic and diluted earnings per
share.
Sustainability
Statements Weighted average number of shares – basic and diluted
2024 2023
Total number of shares issued 576,002,613 576,002,613
Other Effect of own shares held (10,656,871) (8,489,088)
Information
Shares for which dividend is waived by Heineken Holding N.V. (5,156,781) (4,064,680)
Weighted average number of basic shares outstanding for the year 560,188,961 563,448,845
Dilutive effect of share-based payment plan obligations 450,069 530,775
Weighted average number of diluted shares outstanding for the year 560,639,030 563,979,620
 96 Notes to the Consolidated Financial Statements
7. Working capital 7.2 Trade and other receivables
Heineken
N.V. Trade and other receivables arise during ordinary activities, mainly relating to the sale and delivery of
7.1 Inventories
Annual products to customers.
Report Inventories include raw and packaging materials, work in progress, spare parts, goods for resale and finished
2024 products. In millions of € 2024 2023
Trade receivables 3,118 3,368
In millions of € 2024 2023
Other receivables 901 1,111
Raw materials 795 815
Trade receivables due from associates and joint ventures 7 8
Work in progress 440 493
Prepayments 562 532
Finished products 983 765
4,588 5,019
Goods for resale 271 481
Non-returnable packaging 408 472 Trade and other receivables contain a net impairment loss of €86 million (2023: €36 million) from contracts
Introduction Other inventories and spare parts 675 695 with customers, which is included in expenses for raw materials, consumables and services.
3,572 3,721 The ageing of trade and other receivables (excluding prepayments) as at 31 December 2024 is as follows:
2024 Past due
Report In 2024, the inventories written down to net realisable value amounted to €10 million (2023: €11 million, write-
of the down). In millions of € Total Not past due 0-30 days 31-120 days > 120 days
Executive
Board
Gross 4,523 3,339 368 225 591
Allowance (497) (99) (29) (64) (305)
Report Accounting policies 4,026 3,240 339 161 286
of the
Supervisory
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on a
2023 Past due
Board weighted average cost and includes expenditure incurred in acquiring the inventories, production or
In millions of € Total Not past due 0-30 days 31-120 days > 120 days
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 Gross 4,975 3,824 390 235 526
Financial such as the impact of inflationary pressure on input costs. Allowance (488) (123) (27) (44) (294)
Statements
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of 4,487 3,701 363 191 232
completion and selling expenses.
The movement in allowance for credit losses for trade and other receivables during the year is as follows:
Sustainability
Statements Allowance for credit losses 2024 - Trade and other receivables

1,000

In millions of €
Other
94
488 — — 497
Information 500
(62) (8) (15)

0
Balance Changes in Addition Allowance Allowance Other Effect of Balance
as at 1 consolidation to used released movements as at 31
January allowance in exchange December
rates
 97 Notes to the Consolidated Financial Statements
In millions of € 2024 2023 7.3 Trade and other payables
Heineken
N.V. Balance as at 1 January 488 488 In the ordinary course of business, payable positions arise towards suppliers of goods and services, as well as
Annual
Report Changes in consolidation — 14 to other parties. Refer to the table below for the different types of trade and other payables.
2024
Addition to allowance 94 51 In millions of € 2024 2023
Allowance used (62) (42) Trade payables 5,986 5,735
Allowance released (8) (15) Accruals 1,812 1,728
Other — (1) Taxation and social security contributions 1,427 1,420
Effect of movements in exchange rates (15) (7) Interest 230 216
Balance as at 31 December 497 488 Dividends 18 13
Other payables 439 320
Introduction 9,912 9,432
Accounting estimates
HEINEKEN determines on each reporting date the impairment of trade and other receivables using a model Supplier finance arrangements
Report (e.g. flow rate method) which estimates the lifetime expected credit losses that will be incurred on these HEINEKEN has several supplier finance arrangements in place for its suppliers with multiple reputable banks with
of the receivables. Individually significant financial assets are tested for impairment on an individual basis. The
Executive a strong credit rating. The majority of supplier finance arrangements are used in Europe and Americas. Under a
Board remaining financial assets are assessed collectively in groups that share similar credit risk characteristics. Due supplier finance arrangement, a bank acts as agent for payments related to a certain invoice. In a fully
to the macro-economic environment and uncertainties including increasing inflationary pressure on automated manner, the bank collects a payment from HEINEKEN at due date of the invoice and pays this
Report
HEINEKEN’s customers, judgement is required in the calculation of expected credit losses. As part of these onwards to the supplier. HEINEKEN has an agency agreement with the bank, as such HEINEKEN is not required
of the assessments, HEINEKEN has incorporated all reasonable and supportable information available such as to provide assets pledged as security or other forms of guarantees for the supplier finance arrangements. In case
Supervisory whether there has been a breach of payment terms or deterioration of payment against payment terms, a the supplier desires to collect the payment before due date of the invoice, the supplier can indicate such to the
Board
request for extended payment terms or a request for waived payment terms. For more information on bank once HEINEKEN has confirmed the invoice. The supplier will then receive the invoice amount at a discount
HEINEKEN's credit risk exposure refer to note 11.5. from the bank. The discount represents the time value of money between due date and collection date of the
Financial invoice by the supplier and is agreed in a separate arrangement between the supplier and the bank.
Statements
Accounting policies The carrying amounts of liabilities part of the arrangements are as follows:
Trade and other receivables are held by HEINEKEN to collect the related cash flows. These receivables are In millions of € 2024
measured at fair value and subsequently at amortised cost minus any impairment losses. Trade and other 1
Sustainability Amount included in trade payables 1,804
Statements
receivables are derecognised by HEINEKEN when substantially all risks and rewards are transferred or if
HEINEKEN does not retain control over the receivables. Of which suppliers have been paid by paying agent 1,009

1 In 2023: €1,690 million.

Other The effects of non cash changes did not have a material impact on the carrying amount of liabilities part of the
Information
arrangements.
The range of payment due dates are as follows:

Weighted
In days Min Max average
Liabilities that are part of the arrangements 7 180 114
Comparable trade payables that are not part of the
arrangement1 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.
 98 Notes to the Consolidated Financial Statements
Heineken
N.V.
Annual
Accounting estimates Accounting policies
Report HEINEKEN makes estimates in the determination of discount accruals. When discounts are provided to
2024
Returnable packaging materials
customers, these reduce the transaction price and consequently the revenue. The conditional discounts in
Returnable packaging materials may be classified as property, plant and equipment or inventory. The
revenue (refer to note 6.1) are estimated based on accumulated experience supported by historical and current
classification mainly depends on whether ownership is transferred and if HEINEKEN has the legal or
sales information. Expected sales volumes are determined taking into account (historical) sales patterns and
constructive obligation to buy back the materials.
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. 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.
Accounting policies
Returnable packaging deposit liability
Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade
Introduction HEINEKEN recognises a deposit liability when a legal or constructive obligation exists to reimburse the
payables are derecognised when the contractual obligation is either discharged, cancelled or expired.
customer for returnable packaging materials that are returned. The returnable packaging deposit liability is
7.4 Returnable packaging materials based on the estimated returnable packaging materials in the market, the expected return thereof and the
Report HEINEKEN uses returnable packaging materials such as glass bottles, crates and kegs in selling the finished deposit value.
of the products to the customer.
Executive
In the event the deposit value is increased, the relating liability is remeasured through profit and loss taking into
Board Returnable packaging materials account the returnable packaging materials which are already in the market.
The majority of returnable packaging materials are classified as property, plant and equipment. The category
Report 'Other fixed assets' in property, plant and equipment (refer to note 8.2) includes €1,128 million (2023: €1,103
of the million) of returnable packaging materials.
Supervisory
Board 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
Financial
Statements the empty returnable packaging material is returned.
In millions of € 2024 2023
Returnable packaging deposits 525 531
Sustainability
Statements

Accounting estimates
The main accounting estimate relating to returnable packaging materials is determining the returnable
Other packaging materials in the market and the expected return thereof. This is based on circulation times and
Information
losses of returnable packaging materials in the market.
 99 Notes to the Consolidated Financial Statements
8. Non-current assets
Heineken
N.V. 8.1 Intangible assets
Annual
Report 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
2024 the table below for the historical cost per asset class and the movements during the year including amortisation.
2024 2023
Software, Software,
Customer- Contract- research and Customer- Contract- research and
related based development related based development
In millions of € Note Goodwill Brands intangibles intangibles and other Total Goodwill Brands intangibles intangibles and other Total
Cost
Balance as at 1 January 13,258 9,556 1,980 1,063 1,562 27,419 12,718 8,942 2,302 1,068 1,364 26,394
Hyperinflation restatement to 1 January — — — — — — 51 11 — — 1 63
Introduction
Changes in consolidation 16 3 (1) (4) (6) 8 684 784 32 — 11 1,511
Purchased/internally developed — — 3 15 263 281 1 — 1 13 226 241
Report Transfer (to)/from assets classified as held for sale — — — — — — (50) (5) — — (6) (61)
of the
Executive Disposals — (4) (81) (3) (54) (142) — — (340) — (39) (379)
Board
Hyperinflation adjustment 17 6 — — 1 24 44 6 — — 2 52

Report
Effect of movements in exchange rates 48 143 (7) (2) (28) 154 (190) (182) (15) (18) 3 (402)
of the Balance as at 31 December 13,339 9,704 1,894 1,069 1,738 27,744 13,258 9,556 1,980 1,063 1,562 27,419
Supervisory
Board
Amortisation and impairment losses
Balance as at 1 January (1,020) (2,031) (1,299) (392) (896) (5,638) (468) (1,782) (1,536) (400) (800) (4,986)
Financial
Statements Hyperinflation restatement to 1 January — — — — — — — (4) — — (1) (5)
Changes in consolidation — 1 — 9 — 10 7 — — — — 7
Amortisation charge for the year 6.6 — (217) (86) (9) (134) (446) — (216) (94) (10) (128) (448)
Sustainability Impairment losses 6.6 — (53) — (9) (26) (88) (559) (41) — — (1) (601)
Statements
Transfer to/(from) assets classified as held for sale — — — — — — — 3 — — 5 8
Disposals — 1 82 3 44 130 — — 339 — 32 371
Hyperinflation adjustment — (3) — — (1) (4) — (4) — — (2) (6)
Other
Information Effect of movements in exchange rates (18) (15) 15 (7) 18 (7) — 13 (8) 18 (1) 22
Balance as at 31 December (1,038) (2,317) (1,288) (405) (995) (6,043) (1,020) (2,031) (1,299) (392) (896) (5,638)

Carrying amount
As at 1 January 12,238 7,525 681 671 666 21,781 12,250 7,160 766 668 564 21,408
As at 31 December 12,301 7,387 606 664 743 21,701 12,238 7,525 681 671 666 21,781
 100 Notes to the Consolidated Financial Statements
Goodwill impairment testing – Cash flows after the first 10-year period (Europe and Head Office 5-year) are extrapolated using a
Heineken
For impairment testing, goodwill in respect of Europe, Americas (excluding Brazil) and Asia Pacific (excluding perpetual growth rate equal to the expected 30-year average inflation to calculate the terminal
N.V.
Annual India) is allocated and monitored on a regional basis. For Brazil, India, Heineken Beverages and other recoverable amount. For Europe, a return on inflation-linked bond rates is used to extrapolate cash flows.
Report subsidiaries within Africa, Middle East and Head Office, goodwill is allocated and monitored on an individual – A CGU-specific pre-tax weighted average cost of capital (WACC) was applied per CGU in determining the
2024
or combined country basis. The total amount of goodwill of €12,301 million (2023: €12,238 million) is recoverable amount of the units.
allocated to each (group of) Cash Generating Unit (CGU) as follows: The values assigned to the key assumptions used for the VIU calculations are as follows:

Goodwill per (group of) CGU Expected annual

long-term Expected volume
inflation growth rates
7,500
Pre-tax applied for years applied for years
In % WACC 2028-2034 2028-2034
5,010 4,919
In millions of €

5,000 Europe 9.0 1.9 0.9

Introduction 2,976 2,910 Americas (excluding Brazil) 11.2 3.2 2.0

2,366 2,298
2,500 Brazil 13.2 3.5 1.2
401 481 229 345 211 197
628 608 480 480 Africa & Middle East (excluding Heineken Beverages) 21.5-26.6 7.5-12.7 1.8-2.3
Report 0 Heineken Beverages 14.4 4.9 2.4
of the
Europe Americas Brazil Africa & Heineken Asia Pacific India Head
Executive
(excluding Middle East Beverages (excluding Office
Asia Pacific (excluding India) 11.9 3.0 1.3
Board
Brazil) (excluding India) Head Office 12.0 3.4 1.6
Heineken
Report Beverages)
In 2024, there has been a general decrease in the WACC applied across most CGUs, primarily due to decreased
of the
Supervisory interest rates.
2024 2023
Board
Impairment losses
The annual goodwill impairment test resulted in no impairment loss for the current year (2023: €491 million).
The carrying amount of a CGU is compared to the recoverable amount of the CGU. The recoverable amounts In addition, the asset impairment test required as a result of the identification of impairment indicators
Financial
Statements of the (group of) CGUs are based on the higher of the fair value less costs of disposal (FVLCD) and value in use resulted in an impairment of nil on goodwill and €88 million on intangible assets other than goodwill (2023:
(VIU) calculations. CGUs for which the recoverable amount is based on a VIU model represent 95% of goodwill. €68 million on goodwill and €42 million on intangible assets other than goodwill) (refer to note 8.2).
VIU is determined by discounting the future cash flows generated from the continuing use of the CGU using a
pre-tax discount rate. Sensitivity to changes in assumptions
Sustainability HEINEKEN assesses that a reasonably possible adverse change in a key assumption
Statements The key assumptions used for the value in use calculations are as follows:
(i.e. lower growth rates or higher discount rates respectively) would cause the carrying amount to exceed the
– Cash flows are projected based on actual operating results and the approved business plan. Cash flows recoverable amount.
thereafter are extrapolated up to a 10-year period (Europe and Head Office 5-year) using an expected
Brands, customer-related and contract-based intangibles
Other annual volume growth rate per country, which is based on external sources. The extrapolated cash flows
Information are therefore projected using steady or progressively declining net cash flow growth rates. Based on past The main brands capitalised are the brands acquired in various acquisitions. The main customer-related and
experience, management considers this period to reflect the long-term development of the local beer and contract-based intangibles relate to customer relationships (constituted either by way of a contractual
cider business. agreement or by way of non-contractual relations) and re-acquired rights.
– 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.
 101 Notes to the Consolidated Financial Statements
Heineken
N.V.
Annual
Accounting estimates and judgements Accounting policies
Report The cash flow projections used in the VIU calculations for goodwill impairment testing contain various Goodwill
2024
judgements and estimations as described in the key assumptions for the VIU calculations. Such judgements
Goodwill represents the difference between the fair value of the net assets acquired and the transaction price
and estimates are subject to change because of changing economic conditions and climate impact and actual
of the acquisition. Goodwill arising on the acquisition of associates and joint ventures is included in the
cash flows may differ from forecasts. The below additional considerations have been applied by HEINEKEN
carrying amount of the associates and joint ventures.
regarding the potential financial impact of the macro-economic environment and uncertainties including
increasing inflationary pressures worldwide: 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
– Changes in the interest rate environment are taken into consideration when determining the discount
directly in profit or loss as other income. An impairment loss in respect of goodwill cannot be reversed.
rates
– Terminal growth rates do not exceed the long-term annual inflation rate of the country or region, thus Brands, customer-related and contract-based intangibles
excluding any increased inflation growth experiences in the short term Brands, customer-related and contract-based intangibles acquired as part of a business combination are
Introduction – Sensitivity scenarios are applied to the key assumptions used in the impairment testing 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
The impact of climate change risk on future cash flows have also been considered at an CGU and asset level,
including committed capex and operational expenditure. No material financial impacts to the current year relationships or the period of the contractual arrangements.
Report impairment assessment were identified. Strategic brands are well-known international/local brands with a strong market position and an established
of the
Executive brand name.
For intangible assets, other than goodwill, estimates are required to determine the (remaining) useful lives.
Board
Useful lives are determined based on the market position (for brands), estimated remaining useful life of the Software, research and development and other intangible assets
customer relationships or the period of the contractual arrangements, or estimates on technological and Purchased software is measured at cost less accumulated amortisation. Expenditure on internally developed
Report commercial developments (for software/development expenditure).
of the software is capitalised when the expenditure qualifies as development activities, otherwise, it is recognised in
Supervisory
Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. HEINEKEN profit or loss when incurred.
Board
believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge,
future economic benefits embodied in the intangible asset. is recognised in profit or loss when incurred.
Financial
Statements
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:
Sustainability
Statements
– 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
Other – Software (including internally generated software) 3–7 years
Information
The amortisation method, useful lives and residual values are reassessed annually. Changes in useful lives or
residual value are recognised prospectively.
 102 Notes to the Consolidated Financial Statements
De-recognition of intangible assets 8.2 Property, plant and equipment
Heineken
N.V. Intangible assets are derecognised when disposed of or sold. Gains on sale of intangible assets are presented Property, plant and equipment (P,P&E) are fixed assets that are owned by HEINEKEN, as well as ROU assets
Annual in profit or loss as other income (refer to note 6.2); losses on sale are included in amortisation. Goodwill is under a lease agreement. Owned and ROU assets are held for use in HEINEKEN's operating activities. Refer to
Report derecognised when the related CGU is sold. the table below for the split between owned assets and ROU assets as per balance sheet date:
2024
Impairment of non-financial assets In millions of € 2024 2023
At each reporting date, HEINEKEN reviews the carrying amounts of its non-financial assets (except for
Property, plant and equipment - owned assets 13,573 13,732
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 Right of use assets 1,104 1,040
threats due to climate change were also considered in assessing for any indication of impairment. 14,677 14,772
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
Introduction 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’s 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
Report reflects current market assessments of the time value of money and risks specific to the asset or CGU.
of the
An impairment loss is recognised in profit or loss if the carrying amount of an asset or its CGU exceeds its
Executive
Board 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
Report
goodwill and intangible assets with an indefinite useful life. A remaining impairment loss is then allocated to the
of the other assets in the unit on a pro-rata basis. In respect of other assets, impairment losses recognised in prior
Supervisory periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.
Board
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’s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation if no impairment loss
Financial
Statements had been recognised. Impairment losses recognised on goodwill are not reversed in subsequent periods.

Sustainability
Statements

Other
Information
 103 Notes to the Consolidated Financial Statements
Owned assets
Heineken
N.V. The table below details the historical cost per asset class and the movements during the year for owned assets.
Annual
Report 2024 2023
2024
Land and Plant and Other Under Land and Plant and Other Under
In millions of € Note buildings equipment fixed assets construction Total buildings equipment fixed assets construction Total
Cost
Balance as at 1 January 8,283 11,586 7,020 1,576 28,465 7,765 10,770 6,682 1,387 26,604
Hyperinflation restatement to 1 January — — — — — 66 143 89 1 299
Changes in consolidation and other transfers (3) (13) (24) — (40) 172 286 102 96 656
Purchases 38 101 357 1,826 2,322 26 88 289 1,852 2,255
Transfer of completed projects under construction 306 639 466 (1,411) — 306 760 574 (1,640) —
Introduction
Transfer (to)/from assets classified as held for sale (70) (12) (2) (16) (100) (51) (108) (42) (8) (209)
Disposals (115) (298) (392) (39) (844) (46) (110) (460) (11) (627)
Report Hyperinflation adjustment 46 96 70 2 214 67 140 99 3 309
of the
Executive Effect of movements in exchange rates (174) (537) (435) (153) (1,299) (22) (383) (313) (104) (822)
Board
Balance as at 31 December 8,311 11,562 7,060 1,785 28,718 8,283 11,586 7,020 1,576 28,465

Report
of the Depreciation and impairment losses
Supervisory
Board Balance as at 1 January (3,014) (6,708) (4,939) (72) (14,733) (2,850) (6,352) (4,732) (60) (13,994)
Hyperinflation restatement to 1 January — — — — — (12) (62) (80) — (154)

Financial
Changes in consolidation and other transfers 2 3 16 3 24 — — 1 1 2
Statements Depreciation charge for the year 6.6 (182) (623) (686) (2) (1,493) (180) (575) (709) — (1,464)
Impairment losses 6.6 (114) (93) (25) (10) (242) (52) (73) (24) (13) (162)
Reversals of impairments 6.6 30 — 1 — 31 2 2 — — 4
Sustainability
Transfer to/(from) assets classified as held for sale 36 8 1 16 61 33 87 34 — 154
Statements
Disposals 78 279 385 (13) 729 33 110 453 — 596
Hyperinflation adjustment (11) (51) (47) — (109) (14) (59) (75) — (148)
Other Effect of movements in exchange rates 55 224 308 — 587 26 214 193 — 433
Information
Balance as at 31 December (3,120) (6,961) (4,986) (78) (15,145) (3,014) (6,708) (4,939) (72) (14,733)

Carrying amount
As at 1 January 5,269 4,878 2,081 1,504 13,732 4,915 4,418 1,950 1,327 12,610
As at 31 December 5,191 4,601 2,074 1,707 13,573 5,269 4,878 2,081 1,504 13,732
 104 Notes to the Consolidated Financial Statements
Land and buildings include the breweries and offices of HEINEKEN as well as stores, pubs and bars. The plant In 2024, €478 million was added to the ROU assets as a result of entering into new lease contracts and the
Heineken
and machinery asset class contains all the assets needed in HEINEKEN's brewing, packaging and filling remeasurement of existing leases (2023: €350 million). The depreciation and impairments of ROU assets for
N.V.
Annual activities. Other fixed assets mainly consist of returnable packaging materials, commercial fixed assets and the financial year ending 31 December is as follows:
Report furniture, fixtures and fittings. Refer to note 7.4 for further information on returnable packaging materials
2024 that are included in this category. In millions of € 2024 2023
Land and buildings 216 213
Impairment losses
Impairments of nil on goodwill (2023: €68 million), €211 million on owned property, plant and equipment Equipment 95 91
(2023: €158 million), €88 million on intangible assets with finite useful life (2023: €42 million) and €6 million Depreciation and impairments for ROU assets 311 304
on right of use (ROU) assets (2023: €14 million) were recorded for the year ended 31 December 2024. The
impairments mainly relate to Brasserie Nationale d’Haiti S.A. (Haiti) for €158 million which is included in the
Americas operating segment.
Accounting estimates and judgements
The impairment for Haiti is primarily driven by the country's deteriorated economic outlook due to political Estimates are required to determine the (remaining) useful lives of fixed assets. Useful lives are determined
Introduction unrest and insecurity, and the continued application of hyperinflation accounting. 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.
The determination of the recoverable amount of the assets of Haiti is based on a VIU valuation, which is
based on a discounted 10-year cash flow forecast. The key assumptions used to determine the cash flows are HEINEKEN estimates the expected residual value per asset item. The residual value is the higher of the
Report
of the based on market expectations and management's best estimate. Cash flows thereafter are extrapolated expected sales price (based on recent market transactions of similar sold items) and its material scrap value.
Executive using a perpetual growth rate equal to the expected 30-year compounded average inflation, in order to
Board calculate the terminal recoverable amount. 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
Report
Impairment (reversals) are recorded on the line 'amortisation, depreciation and impairments' in the income consumption of the future economic benefits embodied in the asset.
of the statement. For a split per asset class, refer to the movement schedules in notes 8.1 and 8.2.
Supervisory Judgement is required to determine the lease term. The assessment of whether HEINEKEN is reasonably certain
Board See the table below for the key assumptions: 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.
Haiti
Financial 2024 2023
Statements In % 2024-2027 2022-2033 2023-2026 2027-2032
Pre-tax WACC (in local currency) 36.9 36.9 33.5 33.5 Accounting policies
Expected annual long-term inflation 13.2 13.2 5.9 5.9 Owned assets
Sustainability
Statements Expected volume growth 0.1 2.7 5.5 4.4 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
Right of use (ROU) assets HEINEKEN are owned assets, rather than leased assets.
HEINEKEN leases stores, pubs, offices, warehouses, cars, (forklift) trucks and other equipment in the ordinary P,P&E are recognised at historical cost less accumulated depreciation and impairment losses. Historical cost
Other
course of business. HEINEKEN has around 35.000 leases with a wide range of different terms and conditions, includes all costs directly attributable to the purchase of an asset. The cost of self-constructed assets includes
Information
depending on local regulations and practices. Many leases contain extension and termination options, which all directly attributable costs to make the asset ready for its intended use. Spare parts that meet the definition
are included in the lease term if HEINEKEN is reasonably certain to exercise the option. Refer to the table of P,P&E are capitalised and accounted for accordingly. If spare parts do not meet the recognition criteria of
below for the carrying amount of ROU assets per asset class per balance sheet date: P,P&E, they are either carried in inventory or consumed and recorded in profit or loss.
In millions of € 2024 2023 Subsequent costs are capitalised only when it is probable that the expenses will lead to future economic benefits
Land and buildings 862 836 and can be measured reliably. The carrying amount of any component accounted for as a separate asset is
Equipment 242 204 derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting
period in which they are incurred.
Carrying amount ROU assets as at 31 December 1,104 1,040
For the contractual commitments on ordered P,P&E refer to note 13.2.
 105 Notes to the Consolidated Financial Statements
Depreciation and impairments HEINEKEN as a lessor
Heineken
N.V. Depreciation is calculated using the straight-line method, based on the estimated useful life of the asset class. A lease is classified as a finance lease when it transfers substantially all the risks and rewards relating to
Annual The estimated useful lives of the main asset classes are as follows: ownership of the underlying asset to the lessee. For contracts where HEINEKEN acts as an intermediate
Report
2024 – Buildings 15–40 years lessor, the subleases are classified with reference to the ROU asset.
– Plant and equipment 5–30 years Lease related notes
– Other fixed assets 3–10 years For lease liabilities, refer to note 11.3 Borrowings. For short-term and low-value leases, refer to other expenses
Land and assets under construction are not depreciated. When assets under construction are ready for their in note 6.3 Raw materials, consumables and services. For the lease receivables, refer to other receivables in
intended use, they are transferred to the relevant category and depreciation starts. All other P,P&E items are note 8.5 Other non-current assets and other receivables in note 7.2 Trade and other receivables. For the
depreciated over their estimated useful life to the asset's residual value. contractual maturities of lease liabilities, refer to note 11.5 Credit, liquidity and market risk.

The depreciation method, residual value and useful lives are reassessed annually. Changes in useful lives or 8.3 Loans and advances to customers
residual value are recognised prospectively. Loans and advances to customers are inherent to HEINEKEN's business model. Loans to customers are repaid
Introduction in cash on fixed dates while the settlement of advances to customers is linked to the sales volume of the
HEINEKEN reviews whether indicators for impairment exist on a CGU level. When an indicator of impairment
customer. Loans and advances to customers are usually backed by collateral such as properties.
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 In millions of € 2024 2023
Report the asset's value has increased significantly or other significant changes with favourable effects.
of the Loans to customers 48 60
Executive Derecognition of Property, plant and equipment Advances to customers 210 179
Board
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 Loans and advances to customers 258 239
other income (refer to note 6.2); losses on sale are included in depreciation.
Report
of the The movement in allowance for impairment losses for loans and advances to customers during the year is as
Right of use (ROU) assets
Supervisory follows:
Board 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 Allowance for credit losses 2024 – Loans and advances to customers
in exchange for an amount payable to the lessor. The right to control the use of the identified asset exists
Financial when having the right to obtain substantially all of the economic benefits from the use of that asset and 80
Statements
when having the right to direct the use of that asset. 6
HEINEKEN as a lessee 60 —
60 —
At the start date of the lease, HEINEKEN (lessee) recognises a ROU asset and a lease liability on the balance 53
Sustainability

In millions of €
sheet. The ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation (10)
(3)
Statements
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 40
measurement of the lease liability, refer to note 11.3.
Other
Information
HEINEKEN applies the following practical expedients for the recognition of leases: 20
– 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.
– The low-value lease exemption, meaning that leased assets with an individual value of €5,000 or less if 0
bought new, are expensed in the income statement on a straight-line basis. Balance as Transfers Addition to Allowance Allowance Effect of Balance as
at 1 allowance used released movements at 31
January in December
exchange
rates
 106 Notes to the Consolidated Financial Statements
In millions of € 2024 2023 8.4 Equity instruments
Heineken
N.V. Balance as at 1 January 60 69
Equity instruments mainly consist of shares in Heineken Holding N.V. The investment is not held for trading
Annual purposes.
Report Transfers — 2
2024 In millions of € 2024 2023
Addition to allowance 6 4
Allowance used (10) (12) Shares in Heineken Holding N.V. 298 395
Allowance released — (6) Other 167 167
Effect of movements in exchange rates (3) 3 Equity instruments 465 562
Balance as at 31 December 53 60
Sensitivity analysis – 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 impact.
Introduction
Accounting estimates
HEINEKEN determines at each reporting date the impairment of loans and advances to customers using an Accounting policies
Report expected credit loss model, which estimates the credit losses over 12 months. If a significant increase in credit HEINEKEN’s investments in equity securities are classified as FVOCI. These investments are interests in
of the risk occurs (e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from
Executive entities where HEINEKEN has less than significant influence. This is generally the case when ownership is less
Board the customer), credit losses over the lifetime of the asset are incurred. Individually significant financial assets than 20% of the voting rights. Upon the sale of these equity securities the accumulated fair value and
are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in currency translation changes are transferred to retained earnings.
groups that share similar credit risk characteristics. Due to the macro-economic environment and
Report
of the uncertainties including increasing inflationary pressure on HEINEKEN’s customers, more judgement is FVOCI investments are measured at fair value (refer to note 13.1). The fair value changes are recognised in
Supervisory required for the calculation of expected credit losses compared to the prior years. For more information on other comprehensive income (OCI) and presented within equity in the fair value reserve. Dividend income is
Board HEINEKEN's credit risk exposure refer to note 11.5. recognised in profit or loss.

Financial
Statements Accounting policies
Loans and advances to customers are initially measured at fair value and subsequently at amortised cost
minus any impairment losses.

Sustainability
Statements

Other
Information
 107 Notes to the Consolidated Financial Statements
Heineken
8.5 Other non-current assets 9. Provisions and contingent liabilities
N.V. Other non-current assets mainly consist of long-term prepayments and other receivables with a duration
Annual longer than 12 months. 9.1 Post-retirement obligations
Report HEINEKEN makes contributions to pension plans that provide pension benefits to (former) employees upon
2024 In millions of € Note 2024 2023 retirement, both via defined benefit as well as defined contribution plans. Other long-term employee benefits
Fair value through OCI debt investments 14 14 include long-term bonus plans, termination benefits, medical plans and jubilee benefits. Refer to note 6.4 for
Non-current derivatives 11.6 18 33 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.
Loans to joint ventures and associates 4 10
In millions of € 2024 2023
Long-term prepayments 477 504
Present value of unfunded defined benefit obligations 147 167
Other receivables 496 417
Present value of funded defined benefit obligations 8,428 8,193
Other non-current assets 1,009 978
Total present value of defined benefit obligations 8,575 8,360
Introduction
Other receivables include lease receivables of €112 million (2023: €115 million). The average outstanding Fair value of defined benefit plan assets (8,330) (8,006)
term of the lease receivables, including the short-term portion of lease receivables, is 2.7 years (2023: 3.0
Present value of net obligations 245 354
years). The remainder of other receivables mainly originate from the acquisition of the beer operations of
Report FEMSA and represent a receivable on the Brazilian authorities on which interest is calculated in accordance Asset ceiling items 134 145
of the
Executive with Brazilian legislation. The collection of this receivable is expected to be beyond a period of five years. A Defined benefit plans included under non-current assets 66 39
Board part of the aforementioned qualifies for indemnification towards FEMSA and is provided for.
Recognised liability for defined benefit obligations 445 538
Other long-term employee benefits 74 48
Report
of the 519 586
Supervisory Accounting estimates
Board HEINEKEN determines on each reporting date the impairment of other receivables using an expected credit The vast majority of benefit payments are from pension funds that are held in trusts (or equivalent),
loss model, which estimates the credit losses over 12 months. Only in case of a significant increase in credit however, there is a small portion where HEINEKEN fulfils the benefit payment obligation as it falls due. Plan
risk occurs (e.g. more than 30 days overdue, change in credit rating, payment delays in other receivables from assets held in trusts are governed by Trustee Boards composed of HEINEKEN representatives and
Financial the customer) the credit losses over the lifetime of the asset are incurred. Individually significant other
Statements independent and/or member representation, in accordance with local regulations and practice in each
receivables are tested for impairment on an individual basis. The remaining financial assets are assessed country. The relationship and division of responsibility between HEINEKEN and the Trustee Board (or
collectively in groups that share similar credit risk characteristics. For more information on HEINEKEN's credit equivalent) including investment decisions and contribution schedules are carried out in accordance with the
risk exposure refer to note 11.5. plan's regulations.
Sustainability
Statements The defined benefit pension plans in the Netherlands (NL) and the United Kingdom (UK) represent the
Accounting policies majority of the total defined benefit plan assets and the present value of the defined benefit obligations.
Non-current derivatives
Other Refer to the accounting policies on derivative financial instruments in note 11.6.
Information
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.
 108 Notes to the Consolidated Financial Statements
Refer to the table below for the split of these plans in the total present value of the net obligations of Defined benefit plan in the United Kingdom
Heineken
HEINEKEN.
N.V. HEINEKEN’s UK plan (Scottish & Newcastle pension plan 'SNPP') was closed to future accrual in 2011 and the
Annual liabilities thus relate to past service before plan closure. As required by UK regulation, a full actuarial valuation
Report 2024 2023 2024 2023 2024 2023 2024 2023
2024 of the SNPP is conducted at least every three years (the triennial review) and updated annually between
In millions of € UK UK NL NL Other Other Total Total
triennial reviews, to determine the position of the plan on a funding basis. The last triennial review (as at
Total present value of 31 October 2021) was finalised in April 2022. A schedule of deficit recovery payments was agreed and
defined benefit obligations 2,554 2,717 4,805 4,386 1,216 1,257 8,575 8,360 HEINEKEN made deficit recovery payment until May 2023 when the schedule ended. The triennial review as
Fair value of defined benefit at 31 October 2024 is underway and is expected to be finalised in 2025.
plan assets (2,426) (2,581) (4,798) (4,324) (1,106) (1,101) (8,330) (8,006)
In addition to the triennial review on a funding basis, an annual valuation of the plan on an accounting basis
Present value of net is carried out by a qualified actuary. Under the accounting basis, the obligations are measured by discounting
obligations 128 136 7 62 110 156 245 354 the best estimate of future cash flows to be paid out by SNPP, using the projected unit credit method.

Defined benefit plan in the Netherlands In 2024, the decrease in the fair value of the defined benefit obligation is mainly due to a higher discount
Introduction rate assumption and updates to the mortality assumption. The decrease in the fair value of the defined
HEINEKEN provides employees in the Netherlands with an average pay pension plan based on earnings up
to the legal tax limit. Indexation of accrued benefits is conditional on the funded status of the pension fund. benefit plan assets is mainly due to a decrease in the value of the plan’s invested assets, which was slightly
HEINEKEN pays contributions to the fund up to a maximum level agreed with the Board of the pension fund offset by an increase in the value of the plan’s longevity swap.
Report and has no obligation to make additional contributions in case of a funding deficit.
of the Defined benefit plans in other countries
Executive During 2024, the coverage ratio of the Dutch pension fund improved slightly. The interest rates showed a In a few other countries, HEINEKEN offers defined benefit plans, which are individually not significant to
Board small decrease that increased the fund’s net defined benefit obligations. The fund’s financial position allowed HEINEKEN. The majority of these plans are closed for new participants.
for pension indexation in 2024.
Report
of the
In 2024, the increase in the fair value of the defined benefit plan assets is mainly due to an increase in the
Supervisory value of equities and alternative credits. The higher defined benefit obligation is mainly due to higher
Board indexation assumption, partially offset by a higher discount rate assumption. HEINEKEN’s cash contribution
to the Dutch pension plan was at the maximum level. The same level will apply in 2025.

Financial In 2023, the Dutch Parliament enacted the “Wet toekomst pensioenen” (Future Pensions Act), introducing
Statements 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 a targeted
implementation date of 1 January 2026 onward. As a result HEINEKEN recognised a plan amendment in
2024. The plan amendment did not have a material impact.
Sustainability
Statements

Other
Information
 109 Notes to the Consolidated Financial Statements
Movement in net defined benefit obligation
Heineken
N.V. The movement in the net defined benefit obligation during the year is as follows:
Annual
Report Present value of Fair value of defined Present value
2024 defined benefit obligations benefit plan assets of net obligations
In millions of € Note 2024 2023 2024 2023 2024 2023
Balance as at 1 January 8,360 7,922 (8,006) (7,569) 354 353
Included in profit or loss
Current service cost 87 78 — — 87 78
Past service cost/(credit) (47) (4) — — (47) (4)
Administration expense — — 4 4 4 4
Effect of any settlement — (2) — — — (2)
Introduction
Expense recognised in personnel expenses 6.4 40 72 4 4 44 76
Interest expense/(income) 11.1 356 360 (339) (339) 17 21
Report 396 432 (335) (335) 61 97
of the
Executive
Included in OCI
Board Remeasurement loss/(gain):
Actuarial loss/(gain) arising from 12.3
Report
of the Demographic assumptions (75) (46) — — (75) (46)
Supervisory
Board
Financial assumptions 221 336 — — 221 336
Experience adjustments (15) (47) — — (15) (47)
1
Return on plan assets excluding interest income — — (219) (169) (219) (169)
Financial
Statements Effect of movements in exchange rates 87 45 (83) (40) 4 5
218 288 (302) (209) (84) 79
Other
Sustainability Changes in consolidation and reclassification 2 93 9 (136) 11 (43)
Statements
Contributions paid:
By the employer — — (97) (132) (97) (132)
By the plan participants 23 26 (23) (26) — —
Other
Information Benefits paid (424) (401) 424 401 — —
Settlements — — — — — —
(399) (282) 313 107 (86) (175)
Balance as at 31 December 8,575 8,360 (8,330) (8,006) 245 354
1 The total OCI impact for the current year also included movement resulting from asset ceiling increase between 2023 and 2024.
 110 Notes to the Consolidated Financial Statements
Defined benefit plan assets Risks associated with defined benefit plans
Heineken
N.V. 2024 2023 Asset volatility
Annual The plan liabilities are calculated using a discount rate set with reference to AA corporate bond yields. If the
In millions of € Quoted Unquoted Total Quoted Unquoted Total
Report
2024 Equity instruments: return on the plan assets is less than the return on the liabilities implied by this assumption, this will create a
deficit. The plan in the Netherlands holds a significant proportion of equities, which are expected to
Europe 364 — 364 348 — 348 outperform corporate bonds in the long-term while providing volatility and risk in the short term.
Northern America 1,165 — 1,165 900 — 900
In the Netherlands, an Asset-Liability Matching (ALM) study is performed at least on a triennial basis. The last
Japan 118 — 118 132 — 132 ALM study was performed in 2021. Due to the upcoming transition to the new pension plan, the Board
Asia other 84 — 84 70 — 70 decided to postpone the ALM study by 1 year to 2025. The ALM study is the basis for the strategic
Other 77 160 237 76 151 227 investment policies and the (long-term) strategic investment mix. As at 31 December 2024, the strategic
asset mix comprises 32% of plan assets in equity securities, 20% in bonds and swaps, 18% in alternative
1,808 160 1,968 1,526 151 1,677
investments, 15% in mortgage and 15% in real estate.
Introduction Debt instruments:
In the UK, the actuarial valuation is performed at least on a triennial basis. The valuation is the basis for the
Bonds – investment grade 3,961 1,256 5,217 4,278 1,167 5,445 funding plan, strategic investment policies and the (long-term) strategic investment mix. The valuation was
Bonds – non-investment performed in 2021. As at 31 December 2024, the strategic mix of assets comprises 33% of plan assets in
Report grade 305 412 717 233 442 675 liability-driven investments, 12.5% in corporate bonds, 15% in higher-yielding credit, 23.5% in private markets,
of the
Executive 4,266 1,668 5,934 4,511 1,609 6,120 10% in long lease property and 6% in equities. As part of the Funding Agreement, the strategic asset mix will
Board evolve between now and 2030 to provide greater certainty of return, lower volatility and higher cash
generation.
Derivatives 51 (1,261) (1,210) 43 (1,314) (1,271)
Report Interest rate risk
of the Properties and real estate 226 784 1,010 222 688 910 A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an
Supervisory
Board Cash and cash equivalents 197 (31) 166 186 18 204 increase in the value of the plans’ fixed-rate instruments holdings.
Investment funds 10 392 402 26 368 394 In the Netherlands, interest rate risk is managed through fixed-income investments and interest rate swap
Other plan assets 78 (18) 60 82 (110) (28) instruments. These investments and instruments match the liabilities by 56% as at 31 December 2024
Financial
Statements 562 (134) 428 559 (350) 209 (2023: 54%). 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%
Balance as at 31 December 6,636 1,694 8,330 6,596 1,410 8,006 of the interest rate sensitivity of the total liabilities as measured on a Gilts +1% liability basis (2023: 100% as
measured on the same basis).
Sustainability
The HEINEKEN pension funds monitor the mix of debt and equity securities in their investment portfolios
Statements based on market expectations. Material investments within the portfolio are managed on an individual basis. Inflation risk
Through its defined benefit pension plans, HEINEKEN is exposed to several risks, the most significant are Some of the pension obligations are linked to inflation. Higher inflation will lead to higher liabilities, although
detailed below. 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,
Other meaning that an increase in inflation will increase the deficit.
Information
HEINEKEN provides employees in the Netherlands with an average pay pension plan, whereby indexation of
accrued benefits is conditional on the funded status of the pension fund. 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 (2023: 100% as measured on the same basis).
 111 Notes to the Consolidated Financial Statements
Life expectancy Sensitivity analysis
Heineken
The majority of the plans’ obligations are to provide benefits for the life of the member, so increases in life As at 31 December, changes to one of the relevant actuarial assumptions that are considered reasonably
N.V.
Annual expectancy will increase the plans’ liabilities. This is particularly significant in the UK plan, where inflation-linked possible, holding other assumptions constant, would have affected the defined benefit obligation by the
Report increases result in higher sensitivity to changes in life expectancy. In 2015, the Trustee of HEINEKEN UK's following amounts:
2024 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. 2024 2023
Increase in Decrease in Increase in Decrease in
Principal actuarial assumptions as at the balance sheet date Effect in millions of € assumption assumption assumption assumption
Based on the significance of the Dutch and UK pension plans compared with the other plans, the table below Discount rate (0.5% movement) (612) 700 (588) 671
refers to the major actuarial assumptions for those two plans as at 31 December:
Future salary growth (0.25% movement) 4 (5) 9 (9)
The Netherlands UK1
Future pension growth (0.25% movement) 278 (269) 276 (254)
In % 2024 2023 2024 2023
Medical cost trend rate (0.5% movement) 6 (6) 7 (6)
Discount rate as at 31 December 3.6 3.5 5.5 4.8
Introduction Life expectancy (1 year) (389) 389 356 (357)
Future salary increases 4.0 2.0 — —
Future pension increases 3.4 2.9 3.1 3.0
Report 1 The UK plan is closed for future accrual, leading to certain assumptions being equal to zero. Accounting estimates
of the
Executive For the other defined benefit plans, the following actuarial assumptions apply as at 31 December:
Board
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
Europe Americas
actuarial calculations are made by external actuaries based on inputs from observable market data, such as
Report In % 2024 2023 2024 2023
of the corporate bond returns and yield curves to determine the discount rates used, mortality tables to determine
Supervisory Discount rate as at 31 December 1.0-3.6 1.5-3.5 9.5-10.7 9.8-11.0 life expectancy and inflation numbers to determine future salary and pension growth assumptions.
Board
Future salary increases 0.0-4.0 0.0-2.3 0.0-4.5 0.0-4.5
Future pension increases 0.3-3.0 0.3-2.3 0.0-3.5 0.0-3.5
Accounting policies
Financial Medical cost trend rate 0.0-2.3 0.0-2.3 5.1-8.5 5.1-9.0
Statements Defined contribution plans
A defined-contribution plan is a post-retirement plan for which HEINEKEN pays fixed contributions to
Assumptions regarding future mortality rates are based on published statistics and mortality tables. For the a separate entity. HEINEKEN has no legal or constructive obligation to pay further contributions if the fund
Netherlands, the rates are obtained from the ‘AG-Prognosetafel 2022’, fully generational. For the UK, the does not hold sufficient assets to pay out employees.
Sustainability future mortality rates are obtained by applying the Continuous Mortality Investigation 2023 projection
Statements Defined benefit plans
model.
A defined benefit plan is a post-retirement plan that is not a defined contribution plan. Typically, defined
The weighted average duration of the defined benefit obligation at the end of the reporting period is 16 benefit plans define an amount of pension benefit that an employee will receive on retirement, usually
years (2023: 16 years). dependent on one or more factors such as age, years of service and compensation.
Other
Information HEINEKEN expects the contributions to be paid for the defined benefit plans for 2025 to be in line with 2024. HEINEKEN’s 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’s obligations and are
denominated in the same currency in which the benefits are expected to be paid.
 112 Notes to the Consolidated Financial Statements
The calculations are performed annually by qualified actuaries using the projected unit credit method. When Other provisions
Heineken
the calculation results in a benefit to HEINEKEN, the recognised asset is limited to the present value of Included are, among others, provisions for credit risk on surety and guarantees issued of €40 million
N.V.
Annual economic benefits available in the form of any future refunds from the plan or reductions in future (2023: €41 million).
Report contributions to the plan. To calculate the present value of economic benefits, consideration is given to any
2024 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
Accounting estimates
benefits of a plan are changed, the expense or benefit is recognised immediately in profit or loss.
In determining the likelihood and timing of potential cash outflows, HEINEKEN needs to make estimates. For
HEINEKEN recognises all actuarial gains and losses arising from defined benefit plans immediately in other claims, litigation and tax provisions, HEINEKEN bases its assessment on internal and external legal assistance
comprehensive income and all expenses related to defined benefit plans in personnel expenses and other net and established precedents. For a large restructuring, management assesses the timing of the costs to be
finance income and expenses in profit or loss. incurred, which influences the classification as current or non-current liabilities.
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
Introduction net defined benefit liability before and after the amendment, using current assumptions and the fair value of Accounting policies
plan assets at the time of the amendment. In case the net defined benefit liability is remeasured to A provision is a liability of uncertain timing or amount. A provision is recognised when HEINEKEN has a
determine the impact of the changes, current service cost and net interest for the remainder of the year are present legal or constructive obligation as a result of past events that can be estimated reliably, and it is
Report remeasured using the same assumptions and the same fair value of plan assets. probable (>50%) that an outflow of economic benefits will be required to settle the obligation. In the case of
of the accounting for business combinations, provisions are also recognised when the likelihood is less than
Executive probable but more than remote (>5%).
Board
9.2 Provisions
Provisions are measured at the present value of the expenditures expected to be required to settle the
Provisions within HEINEKEN mainly relate to restructuring, and claims and litigation that arise in the ordinary obligation, using a pre-tax rate that reflects the time value of money and the risks specific to the obligation.
Report
of the course of business. The outcome depends on future events, which are by nature uncertain. The increase in the provision due to the passage of time is recognised as part of net finance expenses.
Supervisory
Board Claims The impact of climate change is also considered in identifying whether HEINEKEN has a present legal or
and Restruc- Onerous
In millions of € litigation Taxes turing contracts Other Total
constructive obligation related to fines or penalties.

Financial Balance as at 1 January 2024 140 330 219 12 132 833 Restructuring
Statements A provision for restructuring is recognised when HEINEKEN has approved a detailed and formal restructuring
Changes in consolidation (3) — — — — (3)
plan, and the restructuring has either commenced or has been announced publicly. Future operating losses
Provisions made during the year 47 29 75 8 64 223 are not provided for. The provision includes the benefit commitments in connection with early retirement and
Provisions used during the year (3) (4) (76) (12) (14) (109) redundancy schemes.
Sustainability
Statements Provisions reversed during the year (37) (16) (17) (2) (50) (122) Onerous contracts
Effect of movements in exchange rates (17) (48) (1) 1 (6) (71) A provision for onerous contracts is recognised when the expected benefits to be received by HEINEKEN are
Unwinding of discounts 7 2 2 — — 11
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
Other Balance as at 31 December 2024 134 293 202 7 126 762
Information
continuing with the contract. Before a provision is established, HEINEKEN recognises any impairment loss on
Non-current 121 254 132 3 76 586 the assets associated with that contract.
Current 13 39 70 4 50 176 Other provisions
A provision for guarantees is recognised at the time the guarantee is issued (refer to note 9.3 for the total
Claims and litigation guarantees outstanding). The provision is initially measured at fair value and subsequently at the higher of the
The provisions for claims and litigation of €134 million (2023: €140 million) mainly relate to civil and labour amount determined in accordance with the expected credit loss model and the amount initially recognised.
claims in Brazil.
Taxes
The provisions for taxes of €293 million (2023: €330 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.
 113 Notes to the Consolidated Financial Statements
9.3 Contingencies Guarantees
Heineken
N.V. HEINEKEN’s contingencies are mainly in the area of tax, civil cases and guarantees.
More than
Annual In millions of € Total 2024 Less than 1 year 1-5 years 5 years Total 2023
Report Tax
2024 The tax contingencies mainly relate to tax positions in Latin America and include a large number of cases Guarantees to banks for
with a risk assessment lower than probable but possible. Assessing the amount of tax contingencies is highly loans (to third parties) 450 48 393 9 381
judgemental, and the timing of possible outflows is uncertain. The best estimate of tax-related contingent Other guarantees 971 343 506 122 1,115
liabilities is €1,118 million (2023: €1,233 million), out of which €64 million (2023: €78 million) qualifies for Guarantees 1,421 391 899 131 1,496
indemnification. For several tax contingencies that were part of acquisitions, an amount of €154 million
(2023: €188 million) has been recognised as provisions and other non-current liabilities in the balance sheet Guarantees to banks for loans relate to loans and advances to customers, which are given to external parties
(refer to notes 9.2 and 8.5). in the ordinary course of business of HEINEKEN. HEINEKEN provides guarantees to the banks to cover the
Other contingencies credit risk related to these loans (refer to note 9.2 for the provision for credit risk on these guarantees).

Introduction
Brazil civil cases
Part of other contingencies relates to civil cases in Brazil. Management's best estimate of the potential
financial impact for these cases is €43 million (2023: €52 million). Accounting estimates and judgements
HEINEKEN operates in a high number of jurisdictions and is subject to a wide variety of taxes per jurisdiction.
Report Other
Tax legislation can be highly complex and subject to interpretation. As a result, HEINEKEN is required to
of the Part of other contingencies relate to two follow-on damage cases for a total amount claimed of €478 million,
Executive exercise significant judgement in the recognition of taxes payable and determination of tax contingencies.
which arose as a result of the fine imposed by the Greek Competition Commission in 2014 against our
Board
subsidiary Athenian Brewery for alleged abuse of its dominant position. It is not possible to estimate the Also for other contingencies including climate change, HEINEKEN is required to exercise judgement to
outcome of these claims with any degree of certainty for a number of reasons, including but not limited to determine whether the risk of loss is possible but not probable. Contingencies involve inherent uncertainties
Report
of the
the fact that (i) the question whether the Dutch courts can assume (international) jurisdiction over these including, but not limited to, court rulings, negotiations between affected parties and governmental actions.
Supervisory claims, insofar they are made against Athenian Brewery, is pending before the Dutch Supreme Court, and (ii)
Board Athenian Brewery and HEINEKEN have raised defences against these claims, both on procedural grounds
and on the merits. The amount of these potential liabilities (if any) can therefore not be measured with Accounting policies
sufficient reliability. There are no reimbursements applicable for these cases.
Financial
A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the
Statements Additionally, in late December 2024, our Portuguese subsidiary Sociedade Central de Cervejas e Bebidas S.A. balance sheet because the existence can only be confirmed by the occurrence or non-occurrence of one or
(SCC), received a civil class action claim from a private claims association for alleged harm to consumers due more uncertain future events not wholly within the control of HEINEKEN or because the risk of loss is
to alleged anti-competitive behaviour. It is not possible to estimate the outcome of the claim with any estimated to be possible (>5%) but not probable (<50%) or because the amount cannot be measured
degree of certainty as it is disputed that SCC engaged in anti-competitive behaviour that resulted in the reliably.
Sustainability alleged harm. There is no reimbursement applicable for this claim.
Statements
As at 31 December 2024, €24 million (2023: €26 million) of other contingencies related to acquisitions is
included in provisions (refer to note 9.2).
Other
Information
 114 Notes to the Consolidated Financial Statements
10. Acquisitions, disposals and investments 10.3 Investments in associates and joint ventures
Heineken
N.V. HEINEKEN has interests in several joint ventures and associates. The total carrying amount of these
10.1 Acquisitions and disposals of subsidiaries and non-controlling interests
Annual associates and joint ventures was €3,500 million as at 31 December 2024 (2023: €4,130 million) and the
Report Acquisitions and disposals in 2024 total share of profit and other comprehensive income was a loss of €646 million in 2024 (2023: €143
2024
During 2024, no significant acquisitions or disposals took place. million). The share of profit of associates and joint ventures includes an impairment loss of €918 million
(2023: €8 million, impairment loss).
Prior year adjustments
During 2024, all the provisional accounting periods of the 2023 acquisitions have been closed without The associate CRH (Beer) Limited (‘CBL’) is considered to be individually material. HEINEKEN holds a
material adjustments. 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 Beer'), a company incorporated in Hong Kong and listed on the Main Board of
10.2 Assets or disposal groups classified as held for sale The Stock Exchange of Hong Kong Limited, operating in the beer business in China. Consequently, HEINEKEN
The assets below are classified as held for sale for the year ended 31 December 2024: has an effective 20.67% economic interest in CR Beer. Based on the closing share price of HKD25.25 as at
31 December 2024 (2023: HKD34.20), the fair value of this economic interest in CR Beer amounts to €2,098
In millions of € 2024 2023 million (2023: €2,657 million). The carrying amount of CBL as at 31 December 2024 amounts to €2,140
Introduction
Property, plant and equipment 55 28 million (2023: €2,832 million).
Assets or assets of disposal group held for sale 55 28 In accordance with IFRS, a significant or prolonged decline in the fair value of the investment below its cost
Report is considered in assessing for any indication of impairment. If any such indication exists, an impairment
of the test should be performed. At 30 June 2024, a significant decline in the fair value of the investment below
Executive
its cost was identified. The decline was driven by concerns on the macroeconomic environment in China
Board Accounting estimates and judgements
and a negative view on consumer goods companies seen as more exposed to soft consumer demand.
HEINEKEN classifies assets or disposal groups as held for sale when they are available for immediate sale in At 31 December 2024, the fair value of the investment in CR Beer, based on the share price, was below
Report their present condition, are expected to be sold within 1 year, and the sale is highly probable. HEINEKEN
of the its cost. The lower valuation was, however, not considered significant or prolonged.
Supervisory
should be committed to the sale and it should be unlikely that the plan to sell will be withdrawn. This might be
Board difficult to demonstrate in practice and involves judgement. The recoverable amount of a cash generating unit is based on the higher of the fair value less costs of
disposal (FVLCD) and value-in-use (VIU). The determination of the recoverable amount of CBL is based
on a FVLCD valuation, which is based on the share price (level 1 hierarchy) of CR Beer.
Financial Accounting policies In June 2024, an impairment of €874 million was recognised against the carrying amount of CBL, which is
Statements
Assets or disposal groups comprising assets and liabilities, that are expected to be recovered primarily included in the Asia Pacific operating segment. The impairment charge is recorded on the line 'share of profit
through sale rather than through continuing use are classified as held for sale. Immediately before of associates and joint ventures' in the income statement. The carrying amount of CBL as at 30 June 2024
classification as held for sale, the assets, or components of a disposal group, are measured at the lower of amounted to €2,106 million (31 December 2023: €2,832 million).
Sustainability their carrying amount and fair value less cost to sell.
Statements Set out below is the summarised financial information of CR Beer, not adjusted for the percentage of
Intangible assets and P,P&E once classified as held for sale are not amortised or depreciated. In addition, ownership held by HEINEKEN. The financial information has been amended to reflect adjustments made by
equity accounting of equity-accounted investees ceases once classified as held for sale. 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
Other information included relates to the period November 2023-October 2024. The reconciliation of the
Information summarised financial information to the carrying amount of the effective interest in CR Beer is also
presented.
 115 Notes to the Consolidated Financial Statements
Heineken
In millions of € 31 October 2024 31 October 2023 Summarised financial information for equity-accounted joint ventures and associates
N.V. Summarised balance sheet (100%) The following table includes, in aggregate, the carrying amount and HEINEKEN’s share of profit and OCI of
Annual joint ventures and associates (net of income tax):
Report Non-current assets 10,844 10,206
2024 Joint ventures Associates¹
Current assets 1,422 1,692
Non-current liabilities (1,970) (2,390) In millions of € 2024 2023 2024 2023

Current liabilities (3,013) (2,744) Carrying amount of interests 957 934 2,543 3,196

Net assets 7,283 6,764 Share of profit before impairment 43 71 170 155
Impairment (44) — (874) (8)
Share of profit after impairment (1) 71 (704) 147
Reconciliation to carrying amount
Other comprehensive income 58 (56) 1 (19)
Opening net assets 6,764 6,342
Introduction 57 15 (703) 128
Profit for the period 476 466
1 Includes the investment in CR Beer, which is considered to be individually material. The other joint ventures and associates are considered to be
Other comprehensive income 496 (311) individually immaterial.
Dividends paid (429) (250)
Report
of the Other (24) 517
Executive
Board Closing net assets 7,283 6,764 Accounting policies
Associates are entities in which HEINEKEN has significant influence, but not control or joint control.
Report Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting
of the Company’s share in % 20.67% 20.67 % rights. Joint ventures (JVs) are the arrangements in which HEINEKEN has joint control.
Supervisory Company’s share 1,505 1,398
Board HEINEKEN’s investments in associates and JVs are accounted for using the equity method of accounting,
Goodwill 635 1,434 meaning they are initially recognised at cost. The consolidated financial statements include HEINEKEN’s
Carrying amount 2,140 2,832 share of the net profit or loss of the associates and JVs whereby the result is determined using the accounting
Financial policies of HEINEKEN.
Statements
November 2023 November 2022 When HEINEKEN’s share of losses exceeds the carrying amount of the associate or joint venture, the carrying
In millions of € to October 2024 to October 2023 amount is reduced to nil and recognition of further losses is discontinued except to the extent that HEINEKEN
Summarised income statement (100%) has an obligation or has made a payment on behalf of the associate or JV.
Sustainability
Statements Revenue 5,009 5,023 At each reporting date, HEINEKEN reviews its investments in associates and JVs to determine whether there
Profit 476 466 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
Other comprehensive income 496 (311)
impairment test is performed (refer to note 8.1).
Other Total comprehensive income 972 155
Information

Dividends received 89 52
 116 Notes to the Consolidated Financial Statements
11. Financing and capital structure 11.2 Cash and cash equivalents
Heineken
N.V. Cash and cash equivalents comprise cash balances and call deposits. In general, bank overdrafts form an
Annual 11.1 Net finance income and expense integral part of HEINEKEN’s cash management and are included as a component of cash and cash
Report Interest expenses are mainly related to interest charges over the outstanding bonds, commercial paper and equivalents in the statement of cash flows.
2024
bank loans (refer to note 11.3). Other net finance income and expenses comprise dividend income, fair value
In millions of € Note 2024 2023
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 Cash and cash equivalents 2,350 2,377
provisions and interest on the net defined benefit obligation. Bank overdrafts 11.3 (597) (952)
Cash and cash equivalents in the statement of cash flows 1,753 1,425
In millions of € Note 2024 2023
Interest income 110 90 For more information on HEINEKEN's liquidity risk exposure refer to note 11.5.
Interest expenses (680) (640)
The following table presents recognised 'Cash and cash equivalents' and 'Bank overdrafts', and the impact of
Introduction the netting of gross amounts. The 'Net amount' below refers to the impact on HEINEKEN's balance sheet if all
Dividend income from fair value through OCI investments 18 7 amounts subject to legal offset rights are netted.
Net change in fair value of derivatives (38) (85) 2024
Report 1
of the Net foreign exchange gain/(loss) (217) (323) Net amounts
presented in
Executive Net monetary gain arising from hyperinflationary economies 73 79 the statement Amounts subject
Board
Gross of financial to legal offset
Unwinding discount on provisions 9.2 (11) (13) In millions of € amounts position rights Net amount
Report Interest on the net defined benefit obligation 9.1 (17) (21) Assets
of the
Supervisory Other (43) (19) Cash and cash equivalents 2,350 2,350 (453) 1,897
Board Other net finance income/(expenses) (235) (375) Liabilities
Bank overdrafts (597) (597) 453 (144)
Financial Net finance income/(expenses) (805) (925)
Statements
1 Transactional foreign exchange effects of working capital and foreign currency-denominated borrowings. 2023
Assets
Interest expenses include the interest component of lease liabilities of €68 million (2023: €58 million).
Cash and cash equivalents 2,377 2,377 (512) 1,865
Sustainability In 2024, a net monetary gain was recognised related to applying hyperinflation accounting in Ethiopia and
Statements Liabilities
Haiti.
Bank overdrafts (952) (952) 512 (440)

Other Accounting policies HEINEKEN operates in several territories where there is limited availability of foreign currency resulting in
Information restrictions on remittances. Mainly as a result of these restrictions, ¤317 million (2023: ¤478 million) of cash
Interest income and expenses are recognised as they accrue, using the effective interest method.
included in cash and cash equivalents is restricted for use by the Company, yet available for use in the
Dividend income is recognised in the income statement on the date that HEINEKEN’s right to receive relevant subsidiary’s day-to-day operations.
payment is established, which is the ex-dividend date in the case of quoted securities.

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.
 117 Notes to the Consolidated Financial Statements
11.3 Borrowings Assets and
Heineken
N.V. HEINEKEN mainly uses bonds, commercial paper and bank loans to ensure sufficient financing to support its Other Derivatives liabilities
operations. Net interest-bearing debt is the key metric for HEINEKEN to measure its indebtedness. interest- Deposits used for used for
Annual
Unsecured Lease bearing from third financing financing
Report
2024 2023 In millions of € bond issues liabilities Bank loans liabilities parties activities activities
2024
In millions of € Note Non-current Current Total Non-current Current Total Balance as at
1 January 2024 14,209 1,267 526 793 491 (3) 17,283
Unsecured bond issues 12,103 1,682 13,785 12,751 1,458 14,209
Effect of movements
Lease liabilities 1,030 314 1,344 961 306 1,267 in exchange rates 128 (32) 11 (84) — 10 33
Bank loans 547 73 620 240 286 526 Addition of leases — 502 — — — — 502
Other interest-bearing
Proceeds 896 — 560 1,538 81 — 3,075
liabilities 103 107 210 94 699 793
(Re)payments (1,460) (355) (478) (2,045) (78) — (4,416)
Deposits from third
Introduction parties1 — 493 493 — 491 491 Interest paid over
lease liability — (68) — — — — (68)
Bank overdrafts — 597 597 — 952 952
Other 12 30 1 8 (1) — 50
Total borrowings 13,783 3,266 17,049 14,046 4,192 18,238
Report Balance as at
of the Market value of cross- 31 December 2024 13,785 1,344 620 210 493 7 16,459
Executive currency interest rate
Board swaps 11.5 7 (3)
Other investments (55) (23) Assets and
Report Other Derivatives liabilities
of the Cash and cash
interest- Deposits used for used for
Supervisory equivalents 11.2 (2,350) (2,377) Unsecured Lease bearing from third financing financing
Board In millions of € bond issues liabilities Bank loans liabilities parties activities activities
Net debt 14,651 15,835
Balance as at
1 Mainly employee deposits.
1 January 2023 12,766 1,241 311 355 557 (17) 15,213
Financial
Statements As at 31 December 2024, €88 million of the €620 million of bank loans is secured (2023: €87 million). Other Consolidation
interest-bearing liabilities includes €0 million of centrally issued commercial paper (2023: €500 million). changes — 66 201 3 1 — 271
Effect of movements
in exchange rates (82) 26 (27) (227) — 17 (293)
Sustainability
Statements Addition of leases — 348 — — — — 348
Proceeds 2,598 — 1,104 2,991 58 — 6,751
(Re)payments (1,087) (390) (1,067) (2,325) (126) (3) (4,998)
Other Interest paid over
Information lease liability — (58) — — — — (58)
Other 14 34 4 (4) 1 — 49
Balance as at
31 December 2023 14,209 1,267 526 793 491 (3) 17,283
 118 Notes to the Consolidated Financial Statements
Changes in borrowings Borrowings for which HEINEKEN has an unconditional right to defer settlement of the liability for at least 12
Heineken
In 2024, the decrease in borrowings is mainly due to repayments of bonds and commercial paper, which months after the balance sheet date are classified as non-current liabilities. For the accounting policy on cash
N.V.
Annual exceeded the proceeds. and cash equivalents and derivatives refer to notes 11.2 and 11.6, respectively.
Report
2024 Cash flows from financing activities are mainly generated by bonds, commercial paper, bank loans and other Lease liabilities
interest-bearing liabilities presented above. Additionally, HEINEKEN also uses derivatives related to its Lease liabilities are measured at the present value of the lease payments to be paid during the lease term,
financing, which can be recognised as assets or liabilities. The above table details the reconciliation of the discounted using the incremental borrowing rate. Lease liabilities are subsequently increased by the interest
liabilities and assets arising from financing activities to the cash flow from financing activities. Bank cost on the lease liabilities and decreased by lease payments made. The lease liabilities will be remeasured
overdrafts form an integral part of HEINEKEN’s cash management and are included as a component of cash when there is a change in the amount to be paid (e.g. due to indexation) or when there is a change in the
and cash equivalents in the statement of cash flows. For more information on derivatives refer to note 11.6. assessment of the lease terms.
The average effective interest rate on the net debt position as at 31 December 2024 was 3.5% (2023: 3.4%). The incremental borrowing rate (IBR) is determined on a country level. For each country, there are separate
The average maturity of the bonds as at 31 December 2024 was 7 years (2023: 7 years). 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.
Introduction Centrally available financing headroom
The centrally available financing headroom at Group level was approximately €3.8 billion as at 31 December The lease term is determined as the non-cancellable period of a lease, together with:
2024 (2023: €3.2 billion) and consisted of the undrawn part of the committed €3.5 billion revolving credit – Periods covered by a unilateral option to extend the lease if HEINEKEN is reasonably certain to make use of
Report
facility and centrally available cash minus centrally issued commercial paper and short-term bank borrowings that option
of the at group level. – Periods covered by an option to terminate the lease if HEINEKEN is reasonably certain not to make use of
Executive
Board In 2024, HEINEKEN used one of its 1 year extension options to extend its €3.5 billion revolving credit facility. that option
The credit facility is now set to mature in May 2029 and has one 1-year extension period remaining. The HEINEKEN applies the following practical expedients for the recognition of leases:
Report facility is committed by a group of 18 banks.
– Apply a single discount rate per country to a portfolio of leases with reasonably similar characteristics
of the
Supervisory New financing – Include non-lease components in the lease liability for equipment leases
Board During the year period ended 31 December 2024, HEINEKEN secured additional financing by issuing the
following notes, which are included in the unsecured bond issues: 11.4 Capital and reserves
Share capital
Financial
Date of placement Note Date of maturity Refer to the table below for the issued share capital as at 31 December. All issued shares are fully paid.
Statements
24 June 2024 €900 million of 12-year Notes with a coupon of 3.812% 4 July 2036 2024 2023
Nominal value Nominal value in
Share capital Shares of €1.60 in millions of € Shares of €1.60 millions of €
Sustainability
Statements Accounting estimates and judgements 1 January 576,002,613 922 576,002,613 922
Judgement is required to determine the lease term and the incremental borrowing rate. The assessment of Changes — — — —
whether HEINEKEN is reasonably certain to exercise extension options or not to make use of termination 31 December 576,002,613 922 576,002,613 922
options impacts the lease term, which as a result could affect the amount of lease liabilities recognised. The
Other
Information assumptions used in the determination of the incremental borrowing rate could impact the rate used in The Company’s authorised capital amounts to €2,500 million, consisting of 1,562,500,000 shares.
discounting future payments, which as a result could have an impact on the amount of lease liabilities
recognised. The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote
per share at shareholder meetings of the Company. In respect of the treasury shares that are held by
HEINEKEN, rights are suspended.
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.
 119 Notes to the Consolidated Financial Statements
Share premium For 2024, a payment of a total cash dividend of €1.86 per share (2023: €1.73) will be proposed at the AGM
Heineken
N.V. As at 31 December 2024, the share premium amounted to €2,701 million (2023: €2,701 million). on 17 April 2025. If approved, the final dividend of €1.17 will be paid on 2 May 2025, as an interim dividend
Annual of €0.69 per share was paid on 8 August 2024. The payment will be subject to a 15% Dutch withholding tax.
Report Translation reserve
2024 The translation reserve comprises foreign currency differences arising from the translation of the assets and After the balance sheet date, the Executive Board proposed the following appropriation of profit. The
liabilities of foreign operations of HEINEKEN (excluding amounts attributable to non-controlling interests) as dividends, taking into account the interim dividends declared and paid, have not been provided for.
well as value changes of the hedging instruments in the net investment hedges. HEINEKEN considers this a
In millions of € 2024 2023
legal reserve.
Dividend per qualifying share €1.86 (2023: €1.73) 1,042 969
Hedging reserve
Increase/(Decrease) of retained earnings (64) 1,335
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 Net profit 978 2,304
reserve.
Non-controlling interests
Introduction Fair value reserve The non-controlling interests (NCI) relate to minority stakes held by third parties in HEINEKEN consolidated
This reserve comprises the cumulative net change in the fair value of FVOCI equity investments. HEINEKEN subsidiaries. The total NCI as at 31 December 2024 amounted to €2,821 million (2023: €2,733 million), refer
transfers amounts from this reserve to retained earnings when the relevant equity securities are to note 10.1 for more information.
Report derecognised. HEINEKEN considers this a legal reserve.
of the Capital management
Executive Other legal reserves There were no major changes in HEINEKEN’s approach to capital management during the year. The
Board
These reserves relate to the share of profit of joint ventures and associates over the distribution of which Executive Board’s policy is to maintain a strong capital base to maintain investor, creditor and market
HEINEKEN does not have control. The movement in these reserves reflects the share of profit of joint confidence and to sustain future development of the business and acquisitions.
Report ventures and associates minus dividends received. For retained earnings of subsidiaries that cannot be freely
of the HEINEKEN is not subject to externally imposed capital requirements other than the legal reserves. Shares are
Supervisory distributed due to legal or other restrictions, a legal reserve is recognised. Furthermore, part of the reserve
Board comprises a legal reserve for capitalised development costs. purchased from time to time to meet the requirements of the share-based payment awards, as further
explained in note 6.5.
Reserve for own shares
Financial The reserve for own shares comprises the treasury shares held by HEINEKEN. Refer to the table below with
Statements the changes in 2024. Accounting policies
Number of Shares are classified as equity. When share capital recognised as equity is repurchased, the amount of the
Reserve for own shares shares consideration paid, which includes directly attributable costs, is net of any tax effects recognised as a
Sustainability 1 January 2024 10,575,645 deduction from equity. Repurchased shares recorded at purchase price are classified as treasury shares and
Statements are presented in the reserve for own shares.
Changes 288,338
31 December 2024 10,863,983 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.
Other Dividends
Information
Dividends are recognised as a liability in the period in which they are declared.
The following dividends were declared and paid by HEINEKEN:

In millions of € 2024 2023

Final dividend previous year €1.04, respectively €1.23 per qualifying share 583 693
Interim dividend current year €0.69, respectively €0.69 per qualifying share 386 387
Total dividend declared and paid 969 1,080
 120 Notes to the Consolidated Financial Statements
11.5 Credit, liquidity and market risk Allowances
Heineken
This note summarises the financial risks that HEINEKEN is exposed to, and HEINEKEN’s policies and processes HEINEKEN establishes allowances for impairment of loans and advances to customers, trade and other
N.V.
Annual that are in place for managing these risks. For more information on derivatives used in managing risk refer to receivables using an expected credit losses model. These allowances cover specific loss components that
Report note 11.6. relate to individual exposures, and a collective loss component established for groups of similar customers.
2024 The collective loss allowance is determined based on historical data of payment statistics and updated
Risk management framework periodically to incorporate forward-looking information.
The Executive Board sets rules and monitors the adequacy of HEINEKEN’s risk management and control
systems. These systems are regularly reviewed to reflect changes in market conditions and HEINEKEN’s The loans and advances to customers, trade and other receivables are written off when there is no
activities. reasonable expectation of recovery.

Managing the financial risks and financial resources includes the use of derivatives, primarily spot and Due to the macro-economic environment and uncertainties including increasing inflationary pressure on
forward exchange contracts, options and interest rate swaps. It is HEINEKEN's policy not to enter into HEINEKEN’s customers, judgement is required in the calculation of expected credit losses. As part of these
speculative transactions. 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
Introduction In the normal course of business HEINEKEN is exposed to the following financial risks: request for extended payment terms or a request for waived payment terms.
– Credit risk
Investments
– Liquidity risk HEINEKEN invests centrally available cash balances in deposits and liquid investments with various
Report counterparties that have strong credit ratings. HEINEKEN actively monitors these credit ratings.
of the
– Market risk
Executive Guarantees
Board
Credit risk
Credit risk is the risk of a loss to HEINEKEN when a customer or counterparty fails to pay. HEINEKEN’s 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
Report All local operations are required to comply with the Global Credit Policy and develop local credit management
of the
security from the customer to limit the credit risk exposure.
Supervisory
procedures accordingly. HEINEKEN reviews and updates the Global Credit Policy periodically to ensure that
Board adequate controls are in place to mitigate credit risk. 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
Credit risk arises mainly from HEINEKEN’s receivables from customers like trade receivables, loans to Company financial statements.
customers and advances to customers. At the balance sheet date, there were no significant concentrations of
Financial Exposure to credit risk
Statements credit risk.
The maximum exposure to credit risk as at 31 December is as follows:
Loans and advances to customers
HEINEKEN’s loans and receivables include loans and advances to customers. Loans and advances to In millions of € Note 2024 2023

Sustainability
customers are usually backed by collateral such as properties. HEINEKEN charges interest on loans to its Cash and cash equivalents 11.2 2,350 2,377
Statements customers.
Trade and other receivables, excluding prepayments 7.2 4,026 4,487
Trade and other receivables Derivative assets 11.6 187 91
HEINEKEN’s local management has credit policies in place and the exposure to credit risk is monitored on an
Fair value through OCI investments 8.5 14 14
Other ongoing basis. Under these policies, all customers requiring credit above a certain amount are reviewed and
Information new customers are analysed individually for creditworthiness before HEINEKEN’s standard payment and Loans and advances to customers 8.3 258 239
delivery terms and conditions are offered. This review can include external ratings, where available, and in Other non-current receivables 331 331
some cases bank references. Credit limits are determined for each customer and are reviewed regularly. Guarantees to banks for loans (to third parties) 450 381
9.3
Customers that fail to meet HEINEKEN’s credit requirements transact only with HEINEKEN on either a
prepayment or cash on delivery basis. 7,616 7,920

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.
 121 Notes to the Consolidated Financial Statements
The exposure to credit risk by segment for trade and other receivables excluding prepayments is as follows: Contractual maturities
Heineken
N.V. The following table presents an overview of the expected timing of cash-out and inflows of non-derivative
Annual Exposure to credit risk financial liabilities and derivative financial assets and liabilities, including interest payments.
Report
2024
5,000 2024
Carrying Contractual Less than More than
In millions of € amount cash flows 1 year 1-5 years 5 years
241
Financial liabilities
4,000 506
113
Interest-bearing liabilities (15,705) (18,920) (3,473) (6,467) (8,980)
622 Lease liabilities (1,344) (1,868) (374) (743) (751)
664
Trade and other payables and returnable
3,000
In millions of €

661 packaging deposits (excluding interest payable,

Introduction dividends and including non-current part) (10,224) (10,224) (10,158) (52) (14)
Derivative financial assets and (liabilities)
1,678
2,000 Cross-currency interest rate swaps (7) (87) (8) (79) —
Report 1,437
of the Forward exchange contracts 92 59 59 — —
Executive
Board Commodity derivatives 25 26 26 — —
1,000 Other derivatives 18 30 1 18 11
Report Total (27,145) (30,984) (13,927) (7,323) (9,734)
1,398
of the 1,193
Supervisory
Board 2023
0
2024 2023 Financial liabilities
Financial Interest-bearing liabilities (16,972) (19,955) (4,322) (6,711) (8,922)
Statements Europe Lease liabilities (1,267) (1,756) (350) (704) (702)
Americas
Africa & Middle East Trade and other payables and returnable
Asia Pacific packaging deposits (excluding interest payable,
Sustainability Head Office & Other/eliminations dividends and including non-current part) (9,749) (9,749) (9,698) (49) (2)
Statements
Derivative financial assets and (liabilities)
Cross-currency interest rate swaps 3 (50) (7) (27) (16)
Liquidity risk Forward exchange contracts (55) (99) (99) — —
Other Liquidity risk is the risk that HEINEKEN will have difficulties meeting payment obligations associated with its
Information Commodity derivatives (10) (10) (10) — —
financial liabilities, like payment of financial debt or trade payables when they are due. HEINEKEN’s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient funds to meet its Other derivatives 17 32 5 15 12
liabilities when due without incurring unacceptable losses. HEINEKEN has strict credit policies in place, which Total (28,033) (31,587) (14,481) (7,476) (9,630)
help safeguard liquidity especially in macro-economic downturn.
For more information on the derivative assets and liabilities, refer to note 11.6.
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
place.
 122 Notes to the Consolidated Financial Statements
Market risk It is HEINEKEN’s policy to provide intra-HEINEKEN financing in the functional currency of subsidiaries where
Heineken
N.V. Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, commodity possible to prevent foreign currency exposure on a subsidiary level. The resulting exposure at Group level is
Annual prices and equity prices, will adversely affect HEINEKEN’s income or the value of its financial instruments. In hedged by means of foreign-currency denominated external debts and by forward exchange contracts.
Report 2024, HEINEKEN continued to witness volatility in financial and commodity markets. The objective of Intra-HEINEKEN financing in foreign currencies is mainly in British Pound, US Dollar and Swiss Franc. In some
2024 HEINEKEN's market risk management is to manage and control market risk exposures within acceptable cases, HEINEKEN elects to treat intra-HEINEKEN financing with a permanent character as equity and does
boundaries.
not hedge the foreign currency exposure.
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 HEINEKEN has financial liabilities in foreign currencies like US Dollar and British Pound to hedge local operations,
or loss. Foreign currency, interest rate and commodity hedging operations are governed by internal policies which generate cash flows that have the same or closely correlated functional currencies. The corresponding
and rules. interest on these liabilities is also denominated in currencies that match the cash flows generated by the
underlying operations of HEINEKEN.
Foreign currency risk
HEINEKEN is exposed to: In respect of other monetary assets and liabilities denominated in currencies other than the functional
Introduction
currencies of HEINEKEN, HEINEKEN ensures that its net exposure is kept to an acceptable level by buying or
– Transactional risk on (future) sales, working capital, (future) purchases, deposits, borrowings and dividends selling foreign currencies at spot rates when necessary to address short-term imbalances.
denominated in a currency other than the respective functional currencies of HEINEKEN entities
– Translational risk, which is the risk resulting from the translation of foreign operations into the reporting Exposure to foreign currency risk
Report currency of HEINEKEN Based on notional amounts, HEINEKEN's transactional exposure to the US Dollar and Euro as at 31
of the December is as follows. The Euro column relates to transactional exposure to the Euro within subsidiaries
Executive The main currencies that give rise to this risk are the US Dollar, Mexican Peso, Brazilian Real, British Pound, which are reporting in other currencies. The amounts below include intra-HEINEKEN cash flows.
Board
Vietnamese Dong, South African Rand, Ethiopian Birr, Nigerian Naira and Euro. In 2024, the transactional
foreign exchange risk was hedged in line with the hedging policy to the extent possible. The overall 2024 2023
Report transactional and translational impact on the reported numbers of HEINEKEN was negative. In millions EUR USD EUR USD
of the
Supervisory Financial assets 227 3,240 146 3,506
In managing foreign currency risk, HEINEKEN aims to ensure the availability of foreign currencies and to
Board
reduce the impact of short-term fluctuations on earnings. Over the longer term, however, permanent changes Financial liabilities (2,217) (3,433) (2,373) (3,323)
in foreign exchange rates and the availability of foreign currencies, especially in emerging markets, will have Gross balance sheet exposure (1,990) (193) (2,227) 183
an impact on profit.
Financial Estimated forecast sales next year 421 1,189 180 1,221
Statements
HEINEKEN hedges up to 90% of its net US Dollar export cash flows on the basis of rolling cash flow forecasts Estimated forecast purchases next year (2,593) (2,406) (2,559) (2,590)
of sales and purchases. Material cash flows in other foreign currencies are also hedged on the basis of rolling
Gross exposure (4,162) (1,410) (4,606) (1,186)
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. Net notional amounts foreign exchange contracts 598 669 573 697
Sustainability
Statements Net exposure (3,564) (741) (4,033) (489)
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. Sensitivity analysis
The result of the hedging of translation risk, using net investment hedges is recognised in the translation Equity (115) 38 (136) 66
Other reserve, as can be seen in the consolidated statement of comprehensive income.
Profit/(Loss) (34) (11) (37) (13)
Information
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 The sensitivity analysis above shows the impact on equity and profit of a 10% strengthening of the US Dollar
foreign currencies, HEINEKEN hedges the exposure between agreed percentages according to the policy. against the Euro or, in the case of the Euro, a strengthening of the Euro against all other currencies as at 31
December 2024. 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.
 123 Notes to the Consolidated Financial Statements
Interest rate risk Another method to mitigate commodity price risk is by entering into commodity derivatives. HEINEKEN
Heineken
N.V. Interest rate risk is the risk that changes in market interest rates affect the fair value or cash flows of a enters into commodity derivatives for hedging aluminium and natural gas, and to a certain extent other
Annual financial instrument. The most significant interest rate risk for HEINEKEN relates to borrowings (note 11.3). derivatives for commodities like fuel, corn and sugar. HEINEKEN does not enter into commodity contracts
Report The higher interest rate environment in certain emerging markets during 2024 resulted in a higher average other than to meet HEINEKEN’s expected usage and sale requirements.
2024
effective interest rate on the net debt position of HEINEKEN (note 11.3).
Sensitivity analysis for aluminium hedges
By managing interest rate risk, HEINEKEN aims to reduce the impact of short-term fluctuations on earnings. Despite the increased prices of aluminium, a 10% change in the market price of aluminium would not have a
Over the longer term, however, permanent changes in interest rates will have an impact on profit. material impact on equity.
HEINEKEN opts for a mix of fixed and variable interest rate financial instruments like bonds, commercial 11.6 Derivative financial instruments
paper and bank loans, combined with the use of derivative interest rate instruments. Currently, HEINEKEN’s HEINEKEN uses derivatives in order to manage market risks. Refer to the table below for the fair value of
interest rate position is more weighted towards fixed than floating. Interest rate derivative instruments that derivatives recorded on the balance sheet of HEINEKEN as per reporting date:
can be used are (cross-currency) interest rate swaps, forward rate agreements, caps and floors.
2024 2023
Introduction Interest rate risk – profile In millions of € Asset Liability Asset Liability
At the reporting date, the interest rate profile of HEINEKEN’s interest-bearing financial instruments is as
Current 169 (52) 58 (132)
follows: 1
Non-current 18 (7) 33 (4)
Report In millions of € 2024 2023
of the 187 (59) 91 (136)
Executive Fixed rate instruments
Board Financial assets 391 222 1 Non-current derivative assets and liabilities are part of 'Other non-current assets' (note 8.5) and 'Other non-current liabilities' respectively.

Financial liabilities (14,698) (16,304) Generally, HEINEKEN seeks to apply hedge accounting or make use of natural hedges in order to minimise
Report profit and loss or cash flow volatility. Refer to the table below for derivatives that are used in hedge
of the (14,307) (16,082)
Supervisory
accounting:
Board
Variable rate instruments 2024 2023
In millions of € Asset Liability Asset Liability
Financial assets 2,690 2,765
Financial No hedge accounting - Other 28 (14) 40 (32)
Statements Financial liabilities (2,352) (1,935)
Cash flow hedge - Forwards 123 (27) 25 (71)
338 830
Cash flow hedge - Commodity forwards 36 (11) 23 (33)

Sustainability Cash flow sensitivity analysis for variable rate instruments Net investment hedge - CCIRS — (7) 3 —
Statements A change of 100 basis points in interest rates constantly applied during the reporting period would not have 187 (59) 91 (136)
a material impact on equity and profit or loss.
Cash flow hedges
Commodity price risk
Other
The hedging of future, highly probable forecasted transactions are designated as cash flow hedges. Cash
Commodity price risk is the risk that changes in the prices of commodities will affect HEINEKEN’s cost. The
Information flow hedges are entered into to cover commodity price risk and transactional foreign exchange risk.
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
durations.
 124 Notes to the Consolidated Financial Statements
Heineken
Net investment hedges 12. Tax
N.V. HEINEKEN hedges its investments in certain subsidiaries by entering into local currency-denominated
12.1 Income tax expense
Annual borrowings, forward contracts and cross-currency interest rate swaps, which mitigate the foreign currency
Report translation risk arising from the subsidiaries net assets. These borrowings, forward contracts and swaps are Recognised in profit or loss
2024
designated as net investment hedges and fully effective, as such, there was no ineffectiveness recognised in In millions of € 2024 2023
profit and loss in 2024 (2023: nil). As at 31 December 2024, the fair value of these borrowings was €123 Current tax expense
million (2023: €120 million), the market value of forward contracts was €0 million (2023: nil ) and the market
value of these swaps was €7 million negative (2023: €3 million positive). Current year1 963 982
Under/(over) provided in prior years 52 (10)
Hedge effectiveness
1,015 972
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 Deferred tax expense
item and the hedging instrument. This assessment is done qualitatively by comparing the critical terms, and Origination and reversal of temporary differences, tax losses and tax credits (132) (147)
Introduction if needed quantitative assessments are done using hypothetical derivatives. For the current hedges, no hedge
De-recognition/(recognition) of deferred tax assets 1 (674)
ineffectiveness is expected.
Effect of changes in tax rates 2 (4)

Report
Under/(over) provided in prior years (40) (26)
of the Accounting policies (169) (851)
Executive
Board
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives Total income tax expense in profit or loss 846 121
depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or
1 The group’s current tax expense related to Pillar Two income taxes is €10 million.
net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as
Report
of the liabilities. Refer to note 13.1 for fair value measurements.
Supervisory Reconciliation of the effective tax rate
Board Virtual power purchase agreements
Virtual power purchase agreements (such as power purchase agreements with a net settlement mechanism In millions of € 2024 2023
and no physical delivery of energy) are accounted for at fair value and are included as part of derivatives Profit before income tax 2,007 2,522
Financial assets and liabilities. Reference is made to note 6.3 for the accounting policy on power purchase agreements
Share of profit of associates and joint ventures 705 (218)
Statements where the own-use exemption can be applied.
Profit before income tax excluding share of profit of associates and joint
Cash flow hedge ventures 2,712 2,304
Changes in the fair value of the hedging instrument are recognised in other comprehensive income and
Sustainability presented in the hedging reserve within equity to the extent that the hedge is effective. The ineffective part is
Statements % 2024 % 2023
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 tax using the Company’s domestic tax rate 25.8 700 25.8 594
income and transferred to the same item in the profit or loss as the hedged item. When the hedged risk Effect of tax rates in foreign jurisdictions 0.2 5 (0.7) (15)
subsequently results in a non-financial asset or liability (e.g. inventory or P,P&E), the amount previously Effect of non-deductible expenses 4.4 118 11.9 275
Other
Information recognised in the cash flow hedge reserve is directly included in its carrying amount and does not affect other Effect of tax incentives and exempt income (3.4) (92) (7.8) (181)
comprehensive income. (674)
De-recognition/(recognition) of deferred tax assets — 1 (29.3)
Net investment hedge Effect of unrecognised current year losses 1.5 43 2.4 55
The fair value changes of derivatives used in net investment hedges are recognised in other comprehensive Effect of changes in tax rates 0.1 2 (0.2) (4)
income and presented within equity in the translation reserve. Any ineffectiveness is recognised in profit or 93
Withholding taxes 2.3 61 4.0
loss.
Under/(over) provided in prior years 0.4 12 (1.5) (36)
Other reconciling items (0.1) (4) 0.6 14
31.2 846 5.2 121
 125 Notes to the Consolidated Financial Statements
The higher effective tax rate in 2024 includes the impact of the tax law changes in Brazil that came into Of the total net deferred tax assets of €1,264 million as at 31 December 2024 (2023: €1,292 million), €226
Heineken
effect on 1 January 2024, as well as additional provisions required for uncertain tax positions. The million (2023: €72 million) is recognised in respect of subsidiaries in various countries where there have been
N.V.
Annual significantly lower effective tax rate in 2023 included the benefit from additional DTA recognition in Brazil. losses in the current or preceding period. Management’s projections support the assumption that it is
Report For the income tax impact on items recognised in other comprehensive income and equity, refer to note probable that the results of future operations will generate sufficient taxable income to utilise these deferred
2024 12.3. tax assets. This judgement is performed annually and based on budgets and business plans for the coming
years, including planned commercial initiatives.
12.2 Deferred tax assets and liabilities No deferred tax liability has been recognised in respect of undistributed earnings of subsidiaries, joint
Recognised deferred tax assets and liabilities ventures and associates, with an impact of €668 million (2023: €743 million). This is because HEINEKEN is
Deferred tax assets and liabilities are attributable to the following items: 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.
Assets Liabilities Net
In millions of € 2024 2023 2024 2023 2024 2023 Tax losses carried forward
Property, plant and equipment 168 162 (983) (988) (815) (826) HEINEKEN has tax losses carried forward of €4,196 million as at 31 December 2024 (2023: €4,011 million), out
Introduction of which €256 million (2023: €294 million) expires in the following five years, €549 million (2023: €162 million)
Intangible assets 41 42 (2,113) (2,166) (2,072) (2,124)
will expire after five years and €3,391 million (2023: €3,555 million) can be carried forward indefinitely. Deferred
Investments 90 81 (7) (7) 83 74 tax assets have not been recognised in respect of tax losses carried forward of €1,206 million (2023: €1,076
Report Inventories 58 63 (34) (36) 24 27 million) as it is not probable that taxable profit will be available to offset these losses. Out of this €1,206 million
of the (2023: €1,076 million), €163 million (2023: €142 million) expires in the following five years, €69 million (2023:
Executive Borrowings 477 399 (43) (1) 434 398
Board
€13 million) will expire after five years and €974 million (2023: €921 million) can be carried forward indefinitely.
Post-retirement obligations 201 209 (31) (30) 170 179
Provisions 379 396 (19) (9) 360 387
Report
of the Other items 247 320 (204) (210) 43 110
Supervisory
Board Tax losses carried forward 899 854 (17) — 882 854
Tax assets/(liabilities) 2,560 2,526 (3,451) (3,447) (891) (921)
Set-off of tax (1,296) (1,234) 1,296 1,234 — —
Financial
Statements Net tax assets/(liabilities) 1,264 1,292 (2,155) (2,213) (891) (921)

Sustainability
Statements

Other
Information
 126 Notes to the Consolidated Financial Statements
Movement in deferred tax balances during the year
Heineken
N.V. Effect of
Annual Hyperinflation movements
Report restatement to Changes in Hyperinflation in foreign Recognised in Recognised in 31 December
2024 In millions of € 1 January 2024 1 January 2024 consolidation adjustment exchange income OCI/equity Transfers 2024
Property, plant and equipment (826) — — (18) 70 (18) — (23) (815)
Intangible assets (2,124) — — — (25) 65 — 12 (2,072)
Investments 74 — — — (9) 17 — 1 83
Inventories 27 — — (3) 3 (3) — — 24
Borrowings 398 — — — 63 1 — (28) 434
Post-retirement obligations 179 — — — (1) 12 (20) — 170

Introduction Provisions 387 — — — (38) 14 — (3) 360

Other items 110 — — (1) (44) (24) (50) 52 43
Tax losses carried forward 854 — — — (82) 105 (1) 6 882
Report
Net tax assets/(liabilities) (921) — — (22) (63) 169 (71) 17 (891)
of the
Executive
Board Effect of
Hyperinflation movements
restatement to Changes in Hyperinflation in foreign Recognised in Recognised in
Report In millions of € 1 January 2023 1 January 2023 consolidation adjustment exchange income OCI/equity Transfers 31 December 2023
of the
Supervisory Property, plant and equipment (688) (35) (104) (17) 46 (46) (1) 19 (826)
Board
Intangible assets (2,011) (2) (227) (1) 48 83 — (14) (2,124)
Investments 51 — (3) — 5 21 — — 74
Financial Inventories 54 (2) (39) (3) 1 15 — 1 27
Statements
Borrowings 312 — — — 93 (1) — (6) 398
Post-retirement obligations 184 — (6) — (4) (15) 20 — 179
Provisions 287 — 7 — 10 81 — 2 387
Sustainability
Statements Other items (57) — 1 — (12) 192 (11) (3) 110
Tax losses carried forward 348 — 2 — (24) 521 (1) 8 854
Net tax assets/(liabilities) (1,520) (39) (369) (21) 163 851 7 7 (921)
Other
Information
 127 Notes to the Consolidated Financial Statements
Heineken
N.V. 12.3 Income tax on other comprehensive income and equity
Annual
Accounting estimates and judgements
Report 2024 2023
2024 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 Amount Amount Amount Amount
In millions of € before tax Tax net of tax before tax Tax net of tax
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 Items that will not be reclassified
such a determination is made. to profit or loss:
Remeasurement of post-
retirement obligations1 88 (20) 68 (85) 19 (66)
Accounting policies Net change in fair value through
Income tax comprises current and deferred tax. Current tax is the expected income tax payable or receivable OCI investments (108) 2 (106) — — —
Introduction
in respect of taxable income or loss for the year, using tax rates enacted or substantively enacted at the Items that may be subsequently
balance sheet date, and any adjustment to income tax payable in respect of previous years. reclassified to profit or loss:
HEINEKEN is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the Currency translation differences (666) 99 (567) (288) 118 (170)
Report Netherlands and has come into effect from 1 January 2024. Under the legislation, a top-up tax for the Change in fair value of net
of the difference between the Global Anti-Base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15% investment hedges 14 — 14 (28) — (28)
Executive minimum rate is introduced. This top-up tax is considered an income tax in scope of IAS 12. HEINEKEN
Board Change in fair value of cash
applies the exception to recognising and disclosing information about deferred tax assets and liabilities flow hedges 242 (76) 166 (179) 44 (135)
related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
Report Cash flow hedges reclassified to
of the Deferred tax is a tax payable or receivable in the future and is recognised in respect of temporary differences profit or loss2 (12) 3 (9) 14 (2) 12
Supervisory between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases.
Board Net change in fair value through
Deferred tax is not recognised on temporary differences related to: OCI investments 1 — 1 2 (1) 1
– The initial recognition of assets or liabilities in a transaction that is not a business combination and that
Cost of hedging (1) — (1) 2 — 2
Financial affects neither accounting nor taxable profit or loss
Share of other comprehensive
Statements – Investments in subsidiaries, associates and joint ventures to the extent that HEINEKEN is able to control the
income of associates/joint
timing of the reversal of the temporary differences and it is probable (>50% chance) that they will not reverse
ventures 59 — 59 (75) — (75)
in the foreseeable future
– The initial recognition of non-deductible goodwill Other comprehensive income/
Sustainability (loss) (383) 8 (375) (637) 178 (459)
Statements The amount of deferred tax provided is based on the expected manner of recovery or settlement of the
1 Refer to note 9.1.
carrying amount of assets and liabilities, using tax rates (substantively) enacted, at year-end. 2 An amount of €21 million (2023: €53 million, loss) relates to tax on realised hedge results from non-financial assets reported directly in equity.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available
Other against which they can be utilised.
Information
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).
 128 Notes to the Consolidated Financial Statements
13. Other Refer to the table below for detail of the determination of level 3 fair value measurements as at 31
Heineken
December:
N.V.
Annual 13.1 Fair value
In millions of € 2024 2023
Report In this note, more information is disclosed regarding the fair value and the different methods of determining
2024 Balance as at 1 January 168 158
fair values.
Fair value adjustments recognised in other comprehensive income (13) (5)
Financial instruments – hierarchy
Consolidation changes — 36
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 Additions 30 —
market inputs. The measurement of fair value can be subjective in some cases and may be dependent on Disposals (20) (4)
inputs used in the calculations. The different valuation methods are referred to as ‘hierarchies’ as described Fair value adjustments recognised in profit and loss (4) (17)
below.
Balance as at 31 December 161 168
– Level 1 – The fair value is determined using quoted prices (unadjusted) in active markets for identical assets or
Introduction
liabilities. The fair values for the level 3 fair value through OCI investments are based on the financial performance of
– Level 2 – The fair value is calculated using inputs other than quoted prices included within level 1 that are the investments and the market multiples of comparable equity securities.
observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from
Report
prices).
of the
Executive – Level 3 – The fair value is determined using inputs for the asset or liability that are not based on observable Accounting estimates
Board market data (unobservable inputs). The different methods applied by HEINEKEN to determine the fair value require the use of estimates.

Report
The following table shows the carrying amounts and fair values of financial assets and liabilities according to Investments in equity securities
of the their fair value hierarchy. The fair value of financial assets at fair value through profit or loss and fair value through OCI is determined
Supervisory by reference to their quoted closing bid price at the reporting date or, if unquoted, determined using an
Board Carrying amount Fair value
appropriate valuation technique. These valuation techniques maximise the use of observable market data
In millions of € Note Level 1 Level 2 Level 3 where available.
Fair value through OCI investments 8.4, 8.5 479 335 — 144
Financial Derivative financial instruments
Statements Non-current derivative assets 11.6 18 — 1 17 The fair value of derivative financial instruments is based on their listed market price, if available. If a listed
Current derivative assets 11.6 169 — 169 — market price is not available, fair value is in general estimated by discounting the difference between the
Total 2024 666 335 170 161 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
Sustainability Total 2023 667 429 70 168
Statements 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’s credit risk and adjustments to
Non-current derivative liabilities (7) — (7) — take account of the credit risk of the HEINEKEN entity and counterparty when appropriate.
11.6

Other Borrowings1 11.3 (14,405) (13,088) (788) — Non-derivative financial instruments

Information Fair value, which is determined for disclosure purposes or when fair value hedge accounting is applied, is
Current derivative liabilities 11.6 (52) — (52) —
calculated based on the present value of future principal and interest cash flows, discounted at the market
Total 2024 (14,464) (13,088) (847) — rate of interest at the reporting date. Fair values include the instrument’s credit risk and adjustments to take
Total 2023 11.3 (14,871) (13,465) (830) — account of the credit risk of the HEINEKEN entity and counterparty when appropriate.
1 Borrowings excluding lease liabilities, deposits, bank overdrafts and other interest-bearing liabilities.
 129 Notes to the Consolidated Financial Statements
13.2 Off-balance sheet commitments Key management remuneration
Heineken
N.V. In millions of € 2024 2023
The raw materials purchase contracts mainly relate to malt, bottles and cans which are used in the
Annual
Report production and sale of finished products. Executive Board 14 7
2024 Supervisory Board 2 1
Less than More than
In millions of € Total 2024 1 year 1-5 years 5 years Total 2023 Total 16 8
Property, plant and equipment ordered 471 463 7 1 836
Raw materials purchase contracts 14,260 4,937 8,092 1,231 13,442
Executive Board
The remuneration of the members of the Executive Board consists of a fixed component and a variable
Marketing and merchandising commitments 1,450 692 743 15 982
component. The variable component is made up of a Short-term incentive (STI) and a Long-term incentive
Other off-balance sheet obligations 2,171 477 902 792 2,197 (LTI). The STI is based on financial and operational measures (75%) and on individual leadership measures
Off-balance sheet obligations 18,352 6,569 9,744 2,039 17,457 (25%) as set by the Supervisory Board at the beginning of the year. Refer to note 6.5 for information related
Undrawn committed bank facilities 4,317 528 3,789 — 4,188
to the LTI component. The separate Remuneration Report is stated on pages 66–78.
Introduction
As at 31 December 2024, Mr. R.G.S. van den Brink held 74,328 Company shares and Mr. H.P.J van den Broek
Other off-balance sheet obligations include energy, distribution and service contracts. held 43,681 Company shares (2023: Mr. R.G.S. van den Brink 50,721 and Mr. H.P.J van den Broek 28,846).
Report Committed bank facilities are credit facilities on which generally a commitment fee is paid as compensation
2024 2023
of the for the bank’s requirement to reserve capital. The bank is legally obliged to provide the facility under the
Executive H.P.J. van
Board
terms and conditions of the agreement. R.G.S. van den R.G.S. van H.P.J. van
In thousands of € den Brink Broek Total den Brink den Broek Total

Report Fixed salary 1,398 950 2,348 1,300 884 2,184

of the Accounting policies
Supervisory
Short-term incentive 3,291 1,641 4,932 346 168 514
Off-balance sheet commitments are reported on an undiscounted basis.
Board Matching share entitlement 1,408 702 2,110 155 75 230
Raw materials purchase contracts Long-term incentive 2,517 1,397 3,914 1,725 1,036 2,761
Raw material purchase contracts include long-term purchase contracts with suppliers in which prices are fixed
Financial or will be agreed upon based upon predefined price formulas. Extraordinary share award — 38 38 — 487 487
Statements
Pension contributions 355 275 630 323 252 575
13.3 Related parties
Other emoluments 30 — 30 30 — 30
Identification of related parties
The following parties are considered to be related to Heineken N.V.: Total 8,999 5,003 14,002 3,879 2,902 6,781
Sustainability
Statements – Key management personnel: the Executive Board and the Supervisory Board The matching share entitlements for each year are based on the performance in that year. The Executive Board
– Parent company Heineken Holding N.V. and ultimate controlling party Mrs. de Carvalho-Heineken (refer to members receive 25% of their STI pay in (investment) shares. In addition, they have the opportunity to indicate
'Shareholder Information') 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
Other – Associates and joint ventures of Heineken N.V.
Information (matching) shares. For 2024 the Executive Board members elected to receive additional (investment) shares,
– HEINEKEN pension funds (refer to note 9.1) hence the ‘Matching share entitlement’ in the table above is based on a 50% investment. The corresponding
– Employees of HEINEKEN (refer to note 6.4) matching shares vest immediately and as such a fair value of €2.1 million was recognised in the 2024 income
statement. The matching share entitlements are not dividend-bearing during the five-calendar year holding
The shares in Heineken Holding N.V. are recognised as fair value through OCI investments and included in
period of the investment shares. Therefore, the fair value of the matching share entitlements has been adjusted
the line 'Equity instruments' in the statement of financial position (refer to note 8.4).
for missed expected dividends by applying a discount based on the dividend policy and vesting period.
 130 Notes to the Consolidated Financial Statements
Supervisory Board Other related party transactions
Heineken
N.V. The individual members of the Supervisory Board received the following remuneration: Associates & Joint Ventures FEMSA1 Total
Annual In thousands of € 2024 2023 In millions of € 2024 2023 2024 2023 2024 2023
Report
2024 R.J.M.S. Huët 305 231 Sales 647 563 — 74 647 637
J.A. Fernández Carbajal1 — 33 Purchase 185 198 — 33 185 231
M. Das 115 130
M.R. de Carvalho 200 141 Accounts receivables 205 166 — — 205 166
P. Mars Wright 215 144 Accounts payables and other liabilities 57 19 — — 57 19
M. Helmes 195 146
1 Sales and purchases until 17 February 2023 when FEMSA ceased to be a shareholder with significant influence.
R.L. Ripley 220 148
N. Paranjpe 173 119 13.4 HEINEKEN entities
Introduction F.J. Camacho Beltrán1 — 28 Control of HEINEKEN
I.H. Arnold2 — 55 The shares of the Company are traded on Euronext Amsterdam, where the Company is included in the main
AEX Index. Heineken Holding N.V. Amsterdam has an interest of 50.005% in the issued capital of the
L.J. Hijmans van den Bergh3 190 83
Company and consolidates the financial information of the Company.
Report B. Pardo3 178 91
of the A declaration of joint and several liability pursuant to the provisions of Section 403, Part 9, Book 2, of the Dutch
Executive P.T.F.M. Wennink4 138 —
Board Total 1,929 1,349 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.
1 Stepped down on 15 February 2023.
Report 2 Stepped down on 20 April 2023. Pursuant to the provisions of Section 357 of the Republic of Ireland Companies Act 2014, the Company
of the 3 Appointed on 20 April 2023.
Supervisory 4 Appointed on 25 April 2024. irrevocably guarantees, in respect of the financial year from 1 January 2024 up to and including 31
Board December 2024, the liabilities referred to in Schedule 3 of the Republic of Ireland Companies Act 2014 of the
Mr. J.M. Huët held 3,719 shares of Heineken Holding N.V. as at 31 December 2024 (2023: 3,719 shares). Mr. M.R. wholly-owned subsidiary companies Heineken Ireland Limited, Heineken Ireland Sales Limited, Beamish &
de Carvalho held 100,008 shares of Heineken N.V. as at 31 December 2024 (2023: 100,008 shares). As at 31 Crawford Limited and Comans Beverages Limited.
Financial December 2024 and 2023, the Supervisory Board members did not hold any of the Company’s bonds or option
Statements Significant subsidiaries
rights. Mr. M.R. de Carvalho held 100,008 shares of Heineken Holding N.V. as at 31 December 2024 (2023:
100,008 shares). Set out below are HEINEKEN’s significant subsidiaries at 31 December 2024. The subsidiaries as listed below
are held by the Company and the proportion of ownership interests held equals the proportion of the voting
Heineken Holding N.V. rights held by HEINEKEN. The disclosed significant subsidiaries represent the largest subsidiaries and
Sustainability In 2024, an amount of €1.3 million (2023: €1.3 million) was paid to Heineken Holding N.V. for management represent an approximate total revenue of €21 billion and total asset value of €34 billion and are structural
Statements
services for HEINEKEN. contributors to the business.
This payment is based on an agreement of 1977 as amended in 2001, providing that Heineken N.V.
reimburses Heineken Holding N.V. for its costs.
Other
Information As at 31 December 2024, HEINEKEN holds approximately 5.2 million shares in Heineken Holding N.V.
 131 Notes to the Consolidated Financial Statements
There were no significant changes to the HEINEKEN structure and ownership interests.
Heineken
N.V.
Percentage of ownership
Annual
Report Country of
2024 incorporation 2024 2023
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
Cuauhtémoc Moctezuma Holding, S.A. de C.V. Mexico 100.0 100.0
CKBR Bebidas Ltda.1 Brazil 100.0 —
1
Cervejarias Kaiser Brasil Ltda. Brazil — 100.0

Introduction Bavaria Ltda.1 Brazil — 100.0

Heineken France S.A.S. France 100.0 100.0
Nigerian Breweries Plc. Nigeria 72.9 56.7
Report Heineken USA Inc. United States 100.0 100.0
of the
Executive Heineken UK Ltd United Kingdom 100.0 100.0
Board
Heineken España S.A. Spain 99.8 99.8
Report Heineken Italia S.p.A. Italy 100.0 100.0
of the Brau Union Österreich AG Austria 100.0 100.0
Supervisory
Board Grupa Żywiec S.A. Poland 100.0 100.0
Heineken Vietnam Brewery Limited Company Vietnam 60.0 60.0
Financial SCC - Sociedade Central de Cervejas e Bebidas S.A. Portugal 100.0 100.0
Statements United Breweries Limited India 61.5 61.5
Heineken Beverages (South Africa) Proprietary Limited South Africa 65.0 65.0
1 Cervejarias Kaiser Brasil Ltda. and Bavaria Ltda. merged during 2024 and the legal name of the merged entity is CBKR Bebidas Ltda.
Sustainability
Statements 13.5 Subsequent events
HEINEKEN intends to implement a two-year programme to repurchase own shares for an aggregate amount
of €1.5 billion. Heineken Holding N.V., the Company’s majority shareholder, intends to participate pro rata in
Other this share buyback programme. The Company’s share buyback programme will be executed within the
Information authority granted by the Annual General Meeting of Shareholders (AGM) on 25 April 2024 and the authority
granted by future general meetings. All shares repurchased under the programme will be cancelled. The share
buyback programme may be suspended, modified, or discontinued at any time.
 132 Heineken N.V. Income Statement
Heineken For the year ended 31 December
N.V. In millions of € 2024 2023
Annual
Report Personnel expenses (16) (8)
2024
Total other expenses (16) (8)
Interest income A2 414 188
Interest expenses (415) (392)
Other net finance income/(expenses) A2 (143) 67
Net finance expenses (144) (137)
Share of profit of participating interests, after income tax 1,100 2,408
Profit before income tax 940 2,263
Introduction Income tax income/(expense) 38 41
Profit 978 2,304

Report For more details on personnel expenses, refer to note 13.3 of the consolidated financial statements,
of the
respectively.
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 133 Heineken N.V. Balance Sheet
Heineken Before appropriation of results
N.V. For the year ended 31 December
Annual
Report In millions of € Note 2024 2023 In millions of € Note 2024 2023
2024
Investments in participating interests A.1 33,458 34,799 Issued capital 922 922
Other investments 298 398 Share premium 2,701 2,701
Deferred tax assets 10 13 Translation reserve (4,297) (3,705)
Total financial fixed assets 33,766 35,210 Hedging reserve 100 (14)
Cost of hedging reserve (8) (7)
Trade and other receivables 34 14 Fair value reserve (32) 71
Current tax assets 47 29 Other legal reserves 1,978 1,980
Introduction Cash and cash equivalents — 2 Reserve for own shares (989) (966)
Total current assets 81 45 Retained earnings 18,228 16,770
Net profit 978 2,304
Report
of the Total shareholders’ equity 19,581 20,056
Executive
Board

Report Borrowings A.2 12,104 12,750

of the
Supervisory Other non-current liabilities 7 1
Board
Deferred tax liabilities 2 8
Total non-current liabilities 12,113 12,759
Financial
Statements

Borrowings A.2 1,681 1,959

Sustainability
Trade and other payables 472 481
Statements Total current liabilities 2,153 2,440
Total liabilities 14,266 15,199
Total assets 33,847 35,255 Total shareholders’ equity and liabilities 33,847 35,255
Other
Information
 134 Heineken N.V. Shareholders' Equity
Cost of
Heineken Share Translation Hedging hedging Fair value Other legal Reserve for Retained Net profit/ Shareholders'
N.V. In millions of € Share capital Premium reserve reserve reserve reserve reserves own shares earnings (loss) equity
Annual
Report Balance as at 1 January 2023 922 2,701 (3,619) (47) (9) 70 1,242 (60) 15,669 2,682 19,551
2024 Profit — — — — — — 204 — (204) 2,304 2,304
Other comprehensive income/(loss) — — (86) (123) 2 1 — — (66) — (272)
Total comprehensive income/(loss) — — (86) (123) 2 1 204 — (270) 2,304 2,032
Realised hedge results from non-financial assets — — — 156 — — — — — — 156
Transfer to/from retained earnings — — — — — — 534 — 2,148 (2,682) —
Dividends to shareholders — — — — — — — — (1,080) — (1,080)
Purchase own shares or contributions received from NCI shareholders — — — — — — — (943) — — (943)
Introduction Own shares delivered — — — — — — — 37 (37) — —
Share-based payments — — — — — — — — 2 — 2
Acquisition/disposal of non-controlling interests without losing control — — — — — — — — (214) — (214)
Report
of the
Hyperinflation impact on participating interest — — — — — — — — 203 — 203
Executive Changes in consolidation — — — — — — — — 349 — 349
Board
Balance as at 31 December 2023 922 2,701 (3,705) (14) (7) 71 1,980 (966) 16,770 2,304 20,056
Report
of the Cost of
Supervisory Share Translation Hedging hedging Fair value Other legal Reserve for Retained Net profit/ Shareholders'
Board In millions of € Share capital Premium reserve reserve reserve reserve reserves own shares earnings (loss) equity
Balance as at 1 January 2024 922 2,701 (3,705) (14) (7) 71 1,980 (966) 16,770 2,304 20,056
Profit — — — — — — (8) — 8 978 978
Financial
Statements Other comprehensive income/(loss) — — (592) 157 (1) (103) — — 67 — (472)
Total comprehensive income/(loss) — — (592) 157 (1) (103) (8) — 75 978 506
Realised hedge results from non-financial assets — — — (43) — — — — — — (43)
Sustainability Transfer to/from retained earnings — — — — — — 6 — 2,298 (2,304) —
Statements
Dividends to shareholders — — — — — — — — (969) — (969)
Purchase own shares or contributions received from NCI shareholders — — — — — — — (60) — — (60)
Own shares delivered — — — — — — — 37 (37) — —
Other
Information Share-based payments — — — — — — — — 18 — 18
Acquisition/disposal of non-controlling interests without losing control — — — — — — — — 10 — 10
Hyperinflation impact on participating interest — — — — — — — — 70 — 70
Changes in consolidation — — — — — — — — (7) — (7)
Balance as at 31 December 2024 922 2,701 (4,297) 100 (8) (32) 1,978 (989) 18,228 978 19,581

For more details on reserves, refer to note 11.4 of the consolidated financial statements. For more details on share-based payments, refer to note 6.5 of the consolidated financial statements.
 135 Notes to the Heineken N.V. Financial Statements
Reporting entity A. Company disclosures
Heineken
N.V. The Company financial statements of Heineken N.V. (the ‘Company’) are included in the consolidated
A.1 Investments
Annual financial statements of Heineken N.V.
Report The below table provides an overview of the movements of the investments during the year:
2024 Basis of preparation
Loans to
The Company financial statements have been prepared in accordance with the provisions of Part 9, Book 2,
Participating participating
of the Dutch Civil Code. The Company uses the option of Article 362.8 of Part 9, Book 2, of the Dutch Civil In millions of € interests interests Total
Code to prepare the Company financial statements, using the same accounting policies as in the
Balance as at 1 January 2024 25,282 9,517 34,799
consolidated financial statements. Valuation is based on recognition and measurement requirements of IFRS
as adopted by the EU as explained in the notes to the consolidated financial statements. Profit of participating interests 1,100 — 1,100
Dividend declared by participating interests (725) 725 —
Effect of movements in exchange rates (583) — (583)
Accounting policies
Changes in hedging and fair value adjustments 108 — 108
Introduction Shareholders’ equity
Actuarial gains/(losses) 67 — 67
The translation reserve and other legal reserves are recognised in accordance with, the Dutch Civil Code.
Acquisition/disposal of non-controlling interests without a 10 — 10
Report
change in control
of the Investments/(repayments) 141 (2,240) (2,099)
Executive
Board Hyperinflation impact on participating interest 70 — 70
Changes in consolidation (7) — (7)
Report
of the
Other movements (7) — (7)
Supervisory Balance as at 31 December 2024 25,456 8,002 33,458
Board

Balance as at 1 January 2023 23,671 8,692 32,363

Financial
Statements
Profit of participating interests 2,408 — 2,408
Dividend declared by participating interests (1,027) 1,027 —
Effect of movements in exchange rates (71) — (71)
Sustainability Changes in hedging and fair value adjustments 29 — 29
Statements
Actuarial gains/(losses) (66) — (66)
Acquisition/disposal of non-controlling interests without a
change in control (214) — (214)
Other Investments/(repayments) — (202) (202)
Information
Hyperinflation impact on participating interest 203 — 203
Changes in consolidation 349 — 349
Balance as at 31 December 2023 25,282 9,517 34,799

For disclosures of significant direct and indirect participating interests, refer to notes 10.3 and 13.4 of the
consolidated financial statements.
 136 Notes to the Heineken N.V. Financial Statements
A declaration of joint and several liability pursuant to the provisions of Section 403, Part 9, Book 2, of the
Heineken
Dutch Civil Code has been issued with respect to the following legal entities established in the Netherlands:
N.V.
Annual
Accounting policies
Percentage of ownership
Report
2024 Country of incorporation 2024 2023
Investments in other entities are measured on the basis of the equity method. The share of profit of these
investments is the Company's share of the investments' results. Results on transfers of assets and liabilities
Heineken Nederlands Beheer B.V. The Netherlands 100% 100%
between the Company and its participating interests are eliminated.
Heineken Group B.V. The Netherlands 100% 100%
The Company shall eliminate any expected credit losses on intercompany loans or receivables against the
Heineken Brouwerijen B.V. The Netherlands 100% 100% book value of the intercompany loan or receivable in accordance with Directive 100.107a of the Dutch
Heineken CEE Investments B.V. The Netherlands 100% 100% Accounting Standards Board.
Heineken Nederland B.V. The Netherlands 100% 100% A.2 Borrowings
Heineken International B.V. The Netherlands 100% 100% The borrowings of the Company comprise the following:
Introduction Heineken Supply Chain B.V. The Netherlands 100% 100%
In millions of € 2024 2023
Heineken Global Procurement B.V. The Netherlands 100% 100%
Unsecured bond issues 13,785 14,209
Heineken Mexico B.V. The Netherlands 100% 100%
Commercial paper — 500
Report Amstel Brouwerij B.V. The Netherlands 100% 100%
of the Derivatives used for financing activities 7 (3)
Executive B.V. Beleggingsmaatschappij Limba The Netherlands 100% 100%
Board Total 13,792 14,706
Brand Bierbrouwerij B.V. The Netherlands 100% 100%

Report Heineken Asia Pacific B.V. The Netherlands 100% 100% The average effective interest rate on the unsecured bonds as at 31 December 2024 was 2,7% (2023: 2,5%).
of the Distilled Trading International B.V. The Netherlands 100% 100% As at 31 December 2024, €7.4 billion (2023: €7.5 billion) of the outstanding bonds have a maturity longer
Supervisory than five years.
Board Premium Beverages International B.V. The Netherlands 100% 100%
De Brouwketel B.V. The Netherlands 100% 100% The other net finance income/expense for the year is mainly due to the negative transactional foreign
exchange effects on foreign currency-denominated loans.
Financial Proseco B.V. The Netherlands 100% 100%
Statements The interest income for the year is due to the increase in interest rates and the underlying loans to
La Tropical Holdings B.V. The Netherlands 100% 100%
participating interests.
Heineken Export Americas B.V. The Netherlands 100% 100%
During the year the movements in borrowings were as follows:
Amstel Export Americas B.V. The Netherlands 100% 100%
Sustainability
Statements Heineken Brazil B.V. The Netherlands 100% 100% Derivatives used
Unsecured bond Commercial for financing
B.V. Panden Exploitatie Maatschappij PEM The Netherlands 100% 100% In millions of € issues Bank loans paper activities Total
Heineken Exploitatie Maatschappij B.V. The Netherlands 100% 100% Balance as at
Other Hotel De L’Europe B.V. The Netherlands 100% 100% 1 January 2024 14,209 — 500 (3) 14,706
Information Effects of movements of
Hotel De L’Europe Monumenten I B.V. The Netherlands 100% 100%
exchange rates 128 — — 10 138
Hotel De L’Europe Monumenten II B.V. The Netherlands 100% 100%
Proceeds 896 — 1,267 — 2,163
Beerwulf B.V. The Netherlands 100% 100%
(Re)payments (1,460) — (1,767) — (3,227)
Roeminck Insurance N.V. The Netherlands 100% 100%
Other 12 — — — 12
Heineken Belize B.V. The Netherlands 100% 100%
Balance as at 31
Heineken Netherlands Supply B.V. The Netherlands 100% 100% December 2024 13,785 — — 7 13,792
Texelse Bierbrouwerij B.V. The Netherlands 100% 100%
Drankenhandel Wauters B.V. The Netherlands 100% 100%
Oedipus Brewing B.V. The Netherlands 100% 100%
 137 Notes to the Heineken N.V. Financial Statements
B. Other Fiscal unity
Heineken
N.V. B.1 Auditor fees The Company is part of the fiscal unity of HEINEKEN in the Netherlands. As a result, the Company is liable for
Annual the tax liability of the fiscal unity in the Netherlands.
Report Fees for audit services include the audit of the financial statements of the Company and its subsidiaries. Fees
2024 for other audit services include a review of interim financial statements, sustainability, subsidy and other B.3 Subsequent events
audits. Fees for tax services include tax compliance and tax advice. Fees for other non-audit services include For subsequent events, refer to note 13.5 of the consolidated financial statements.
agreed-upon procedures and advisory services. Fees for tax and other non-audit services are related to the
network outside the Netherlands and are in accordance with local independence regulations. B.4 Other disclosures
Remuneration
In 2024, €13.8 million of fees are recognised in the consolidated financial statements for services provided
by Deloitte Accountants B.V. and its member firms and/or affiliates (2023: €13.9 million). In the overview Refer to note 13.3 of the consolidated financial statements for the remuneration and incentives of the
below, the breakdown per type of service is provided: Executive Board and Supervisory Board.

Deloitte Other Deloitte member Employees

Introduction
Accountants B.V. firms and affiliates Total In 2024, there was an average of 7 FTE (2023: 5 FTE) based in the Netherlands.
In millions of € 2024 2023 2024 2023 2024 2023
Executive and Supervisory Board statement
Audit of HEINEKEN and its subsidiaries 4.0 3.5 7.9 8.7 11.9 12.2
The members of the Supervisory Board signed the financial statements in order to comply with their
Report Other audit services 0.9 0.4 0.5 0.3 1.4 0.7 statutory obligation pursuant to Article 2:101, paragraph 2, of the Dutch Civil Code.
of the
Tax services — — 0.1 0.1 0.1 0.1
Executive The members of the Executive Board signed the financial statements in order to comply with their statutory
Board Other non-audit services — — 0.4 0.9 0.4 0.9 obligation pursuant to Article 2:101, paragraph 2, of the Dutch Civil Code and Article 5:25c, paragraph 2 sub
Total 4.9 3.9 8.9 10.0 13.8 13.9 c, of the Financial Markets Supervision Act.
Report
of the Amsterdam, 11 February 2025 Executive Board Supervisory Board
Supervisory
Board Van den Brink Huët
Accounting policies Van den Broek Das
Fees for audit services are included in the other expenses in the consolidated financial statements (refer to
de Carvalho
Financial note 6.3 of the consolidated financial statements for more information). These fees are recognised when the
Statements service is provided. Paranjpe
Mars Wright
B.2 Off-balance sheet commitments
Helmes
Less than More than
Sustainability In millions of € Total 2024 1 year 1 – 5 years 5 years Total 2023 Ripley
Statements
Undrawn committed bank facility 3,500 — 3,500 — 3,500 Wennink
Hijmans van den Bergh

Other 2024 2023 Pardo

Information HEINEKEN HEINEKEN
Third Parties companies Third Parties companies
Declarations of joint and several liability — 2,481 — 2,549

The legal entities to which the declarations of joint and several liability relate, are listed in note A.1. The
declarations include a conditional guarantee for the deficit of the defined benefit pension plan of HEINEKEN
UK (Scottish and Newcastle pension plan) as calculated in accordance with IAS 19. Through this guarantee,
Heineken N.V. is ultimately liable for the payments, including any potential recovery payments, to the
pension plan. Refer to note 9.1 of the consolidated financial statements for more information.
 138
Heineken
N.V.
Annual
Report
2024

Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 139 Table of contents
Heineken Introduction General information Topic specific disclosures
N.V.
Annual Contents 139
Report ESRS 2 Climate change Own workforce
2024 Our BaBW strategy 2030 140
Sustainability timeline 141 Basis of preparation 149 Strategy 168 Strategy 207
Our BaBW pillars, ambitions and goals 142 Governance 151 Impact, risk and opportunity management 173 Impact, risk and opportunity management 208
Environmental 143 Strategy 157 Metrics and targets 178 Metrics and targets 217
Social 144 Impact, risk and opportunity management 164
Responsible 145
Water Workers in the value chain
BaBW and CSRD comparison table 146
Introduction Strategy 182 Strategy 224
Impact, risk and opportunity management 183 Impact, risk and opportunity management 225

Report About CSRD and this section Metrics and targets 185 Metrics and targets 231
of the
Executive This section includes the sustainability
Board statements, prepared in accordance with CSRD. Resource use and circular
economy Consumers and end-users
The Sustainability Statements, including the
Report accompanying appendices, form an integral
of the Strategy 189 Strategy 233
Supervisory
part of the Report of the Executive Board. The
Board Sustainability Statements are covered by Impact, risk and opportunity management 190 Impact, risk and opportunity management 234
limited assurance. Metrics and targets 193 Metrics and targets 239

Financial
Statements
Appendices
Biodiversity 197
Appendix 1 – Incorporation by reference 243
Appendix 2 – Linking impacts, risks and 244
Sustainability EU Taxonomy opportunities to policies and actions
Statements
Our view of the EU Taxonomy 200
Appendix 3 – Datapoints that derive from 247
Turnover 203 other EU legislation
Other CapEx 204 Appendix 4 – Basis of preparation 250
Information
OpEx 205 Appendix 5 – Reference table 282
 140 Our Brew a Better World pillars, ambitions and goals
Heineken
N.V.
Annual Brew a Better World
2030
Report
2024

We are now four years into developing and executing our

Brew a Better World 2030 ambitions. They are an
important part of our business and the decisions we make.
Our dedication to sustainability continues to evolve Achieving our sustainability goals requires us to
Introduction to address existing and emerging challenges. We balance our ambitions against the practical
recognise that our activities have both negative challenges of implementation. From the shifting
and positive impacts on the environment and regulatory landscape to technological limitations
Report society. The aim of our Brew a Better World and evolving stakeholder expectations, the path
of the (BaBW) 2030 strategy is to minimise our negative forward is complex. Our progress demands
Executive impacts and risks and increase our positive impacts collaboration and the development of systemic
Board
and opportunities. We conduct a double solutions across the value chain.
materiality assessment to help identify the
Report
sustainability topics that are considered material Reflecting on our learnings over the past four years,
of the we refined our approach and goals in June 2024.
Supervisory for HEINEKEN.
Board This means we have adjusted some goals while
Our strategy prioritises three pillars - Environmental, others have become ‘business as usual’ and new
Social and Responsible. Within these pillars, we goals have been added.
Financial phase and prioritise our efforts, targeting action
Statements where it is needed most and where it is feasible for Our ambitions remain aligned with the
the business. Successfully delivering our strategy benchmarks set by the UN Global Compact. We
will require new technologies and innovations, are determined to continue addressing both the
some of which are not yet available, economically challenges and the opportunities identified
Sustainability
viable or fully scalable. Access to renewable through our approach. This supports not only the
Statements
thermal energy is one such challenge, for example. long-term success of our business and our
Despite these uncertainties, we remain focused on stakeholders, but also the environment and society.
delivering our ambitions and to learning, adapting
Other and improving based on the insights we gain along
Information the way.

We have made progress, from reducing carbon

emissions across our value chain to increasing the
representation of women in senior management
and expanding our portfolio of zero alcohol
options. We also continue to adapt to the rapidly
changing external environment.
 141 Our sustainability timeline
Heineken
N.V.
Annual
Report
2024

From the very beginning when Gerard Heineken bought his first brewery,
HEINEKEN has looked for opportunities to serve its local community. While we take
pride in our efforts to raise the bar on sustainability, we also recognise the
environmental and social challenges that come with our operations. This timeline
Introduction reflects both our achievements and our ongoing journey to addressing our impacts
as we strive for a more sustainable future.
Report
of the
Executive HEINEKEN commits to HEINEKEN signs the
Board HEINEKEN has projects on water continuous environmental UN CEO Water Mandate, develops HEINEKEN conducts its first
saving and recycling, and works on improvement through its its 2020 sustainability strategy HEINEKEN integrates double materiality assessment,
Report improving local community Company Environmental and launches the Heineken sustainability reporting into to prepare for compliance with
of the conditions across its breweries. Policy Statement. Africa Foundation. its regular annual reports. CSRD requirements.
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information First Annual Environmental HEINEKEN introduces seven focus Launch of ‘Brewing a Better World’, Launch of Brew a Better World Refinement of the Brew a Better
Report outlining HEINEKEN’s areas for sustainability and announces an expanded sustainability 2030 strategy with three key World 2030 goals to drive better
Environmental Policy. a commitment to annual reporting. strategy with six pillars, including pillars - Environmental, Social and impact for the environment,
water protection, CO2 reduction Responsible, each with specific society and business.
and responsible consumption. ambitions and goals.
 142 Our Brew a Better World pillars, ambitions and goals
Heineken
N.V.
Annual
Report
2024
Read more about the goals here Read more about the goals here Read more about the goals here
Page 167 Page 206 Page 232

Reach net zero carbon Embrace diversity, Always a choice

¢ Reach net zero across our value chain by 2040 equity and inclusion ¢ A zero alcohol option for one strategic brand in
¢ Reach net zero in Scope 1 and 2 by 2030 the majority of our markets (accounting for 90%
¢ Gender balance across senior management: 30%
of our business) by 2025
¢ Reduce Scope 3 FLAG (forest, land and women by 2025, 40% by 2030
Introduction agriculture) emissions by 30% and non-FLAG by ¢ Clear and transparent consumer information on
25% by 2030
¢ Continue assessments and actions towards 100% of our products by 2024
achieving equal pay for equal work
Report
of the
Executive
Maximise circularity A fair and safe Address harmful use
Board ¢ 43% of volumes sold in reusable format by 2030
workplace ¢ A partnership to address alcohol-related harm in
¢ 50% recycled content in bottles & cans by 2030 100% of markets every year
Report ¢ Continue to confirm 100% of our employees earn
of the ¢ 99% of all packaging is recyclable by design
at least a fair wage
Make moderation cool
Supervisory by 2030
Board
¢ Create fair living and working standards for third-

Financial
Towards healthy party employees and Brand Promoters ¢ 10% of Heineken® media spend invested every
year in responsible consumption campaigns,
Statements
watersheds and nature ¢ Shape a leading safety culture to drive zero fatal
accidents and continue reduction in injury rate
reaching 1 billion consumers
¢ Fully balance water used in our products in water-
Sustainability
Statements ¢
stressed areas by 2030
Reduce average water usage to 2.6 hl/hl in water-
Positive impact
stressed areas and 2.9 hl/hl worldwide by 2030 in our communities
¢ 100% sustainably sourced ingredients (hops, ¢ A social impact initiative in 100% of our markets
Other barley) by 2030 every year
Information
 143 Our Brew a Better World 2030 pillars, ambitions and goals
Read more about the
Heineken definitions and the scope
N.V. Page 250
Annual
Report
2024

Reach net Maximise Towards healthy

zero carbon circularity watersheds and nature

Introduction

Report
of the
Executive
Board
Reach net zero across our value chain by 43% of volumes sold in reusable format Fully balance water used in our products
Report
of the
2040 by 2030 in water-stressed areas by 2030
Supervisory
Board 2024 progress and results 2024 progress and results 2024 progress and results
16% CO2 reduction vs. 2022 baseline in Scope 1, 2 and 3 emissions 39% of volumes sold in reusable format 29% of sites in water-stressed areas reach 100% water balancing

Financial
Statements
Reach net zero in Scope 1 and 2 by 2030 50% recycled content in bottles and Reduce average water usage to 2.6 hl/hl
cans by 2030 in water-stressed areas and 2.9 hl/hl
2024 progress and results
worldwide by 2030
34% CO2 reduction vs. 2022 baseline in Scope 1 and 2 emissions; 2024 progress and results
Sustainability 84% electricity from renewable sources in Scope 1 and 2 in
Statements 44% of recycled content in bottles & cans 2024 progress and results
production
3.0 hl/hl average water usage in water-stressed areas; 3.1 hl/hl
99% of all packaging is recyclable average water usage worldwide
Reduce Scope 3 FLAG (forest, land
by design by 2030
Other and agriculture) emissions by 30% and 100% sustainably sourced ingredients
Information
non-FLAG by 25% by 2030 2024 progress and results (hops, barley) by 2030
98% of packaging recyclable by design
2024 progress and results 2024 progress and results
23% CO2 reduction of Scope 3 FLAG emissions vs. 2022 baseline; 75% sustainably sourced ingredients (hops, barley)
11% CO2 reduction of Scope 3 non-FLAG emissions vs.
2022 baseline
 144 Our Brew a Better World 2030 pillars, ambitions and goals
Read more about the
Heineken definitions and the scope
N.V. Page 263
Annual
Report
2024

Embrace diversity, A fair and safe Positive impact in our

equity and inclusion workplace communities

Introduction

Report
of the
Executive
Board
Gender balance across senior Continue to confirm 100% of our A social impact initiative in
Report
of the
management: 30% women by employees earn at least a fair wage 100% of our markets every year
Supervisory 2025, 40% by 2030
Board 2024 progress and results 2024 progress and results
2024 progress and results 99.2% of employees assessed for fair wages; 99.7% of assessed 100% of operating companies had a social impact initiative
30% women in senior management positions employees earning a fair wage according to Fair Wage Network
Financial
Statements
Continue assessments and actions towards Create fair living and working
achieving equal pay for equal work standards for third-party employees
Sustainability and Brand Promoters
Statements 2024 progress and results
100% of operating companies assessed for equal pay for equal 2024 progress and results
work; 100% of operating companies with action plans to close 43% of operating companies assessed for fair living and working
Other any gaps relating to equal pay for equal work standards for third-party employees and Brand Promoters
Information

Shape a leading safety culture

to drive zero fatal accidents and
continue reduction in injury rate
2 work-related fatalities as a result of work-related accidents in 2024
 145 Our Brew a Better World 2030 pillars, ambitions and goals
Read more about the
Heineken definitions and the scope
N.V. Page 275
Annual
Report
2024

Always a choice Address harmful use Make moderation cool

Introduction

Report
of the
Executive
Board
A zero alcohol option for one strategic A partnership to address alcohol-related 10% of Heineken® media spend invested
Report brand in the majority of our markets harm in 100% of markets every year every year in responsible consumption
of the
Supervisory (accounting for 90% of our business) campaigns, reaching 1 billion consumers
2024 progress and results
Board
by 2025
100% of operating companies in scope with partnership to 2024 progress and results
2024 progress and results address alcohol-related harm 15% media spend invested in responsible consumption campaigns;
Financial
Statements Markets with a zero alcohol option for at least one strategic brand 1.1 billion unique consumers reached with responsible
represented 91% of our beer and cider volumes consumption campaigns

Sustainability
Clear and transparent consumer
Statements information on 100% of our products
by 2024
Other 2024 progress and results
Information
83% of products in scope with fully compliant labels
 146 Brew a Better World strategy overview and links to CSRD
Heineken
N.V.
Annual
How our BaBW Environmental

strategy aligns with

Report ESRS BaBW/ESRS
2024 Reach net zero carbon reference ESRS metric overlap

CSRD requirements
Reach net zero across our value chain E1-6.52b Total GHG emissions – market-based
by 2040
Reach net zero in Scope 1 and 2 by E1-6.48a Scope 1 GHG emissions
2030 E1-6.49b Scope 2 GHG emissions – market-based

Reduce Scope 3 FLAG (forest, land and E1-6.51 Scope 3 GHG emissions
A comparison of our sustainability goals with key regulatory agriculture) emissions by 30% and
non-FLAG by 25% by 2030
requirements to ensure transparency and compliance.
Introduction
Complying with the new Corporate Sustainability To provide transparency, we have compared each
Reporting Directive (CSRD) means we must evolve of our BaBW goals with the relevant ESRS metrics,
our sustainability reporting. In 2023, we conducted indicating whether there is full overlap, partial
Report Maximise circularity
of the our first double materiality assessment identifying overlap or no overlap. This comparison allows
Executive sustainability topics that are impactful to both stakeholders to understand the degree of 43% of volumes sold in reusable
Board society and our environment and critical to alignment between BaBW and the relevant ESRS format by 2030
HEINEKEN’s long-term performance. We and enables us to continue to prioritise both
Report concluded from the results that our updated BaBW compliance and impactful action. As we continue 50% recycled content in bottles and E5-4.31c Reused/recycled input material weight
of the cans by 2030 Reused/recycled input material weight %
strategy addresses many of the same themes as to mature our approach to disclosure, we will look
Supervisory
Board identified in the assessment. However, the specific to further align how we report progress on our 99% of all packaging is recyclable E5-5.36c Recyclable content rate %
goals within BaBW do not always fully align with strategic ambitions while meeting by design by 2030
the comparable metrics required under the mandatory requirements.
Financial European Sustainability Reporting
Statements Standards (ESRS). For example - BaBW is using
water usage per volume produced while ESRS Towards healthy watersheds and nature
requires water consumption as an absolute total.
Fully balance water used in our
Sustainability products in water-stressed areas
Statements by 2030
Reduce average water usage to 2.6 hl/ E3-4.28a Water consumption
hl in water-stressed areas and 2.9 hl/hl E3-4.28b Water consumption in water-stressed area
worldwide by 2030
Other
Information 100% sustainably sourced ingredients E5-4.31b Biological materials sustainably sourced % -
(hops, barley) by 2030 raw materials

The ESRS regulatory reporting requirements require disclosure on ESRS metrics as well as specific
time-bound goals, which for ESRS reporting purposes qualify as sustainability-related targets to
measure and track progress.
Most goals that we identified to meet the ambitions of the Brew a Better World strategy meet the
target criteria. In subsequent chapters of these sustainability statements, we refer to ‘targets’ where
goals of our Brew a Better World strategy are specific, measurable and time-bound and fit within
the ESRS definition of a target.
Where we have not yet set targets within the meaning of the ESRS, we continue referring to
(BaBW) ‘goals’, unless explicitly mentioned otherwise.
 147 Brew a Better World strategy overview and links to CSRD
Heineken
N.V. Social Responsible
Annual
Report Embrace diversity, ESRS BaBW/ESRS ESRS BaBW/ESRS
2024 equity and inclusion reference ESRS metric overlap Always a choice reference ESRS metric overlap

Gender balance across senior S1-9.66a.1 Gender distribution top management level A zero alcohol option for one S4 One 0.0 line extension on a strategic brand
management: 30% women by 2025, S1-9.66a.2 Gender distribution % top representing 90% of volume
management level
strategic brand in the majority of
40% by 2030 our markets (accounting for 90%
of our business) by 2025
Continue assessments and actions S1-16.97a Male- female pay gap
towards achieving equal pay for Clear and transparent consumer S4 Products in scope with fully
equal work compliant labels
information on 100% of our
products by 2024
Introduction
A fair and safe workplace Address harmful use
Continue to confirm 100% of our S1-10.69 Employees below adequate A partnership to address alcohol- S4 Operating companies in scope with
Report employees earn at least a fair wage wage benchmark partnership to address alcohol-
related harm in 100% of markets related harm
of the
Executive every year
Board Create fair living and working
standards for third-party employees
and Brand Promoters Make moderation cool
Report
of the 10% of Heineken® media spend invested S4 % of Heineken® media spend invested in
Supervisory responsible consumption campaigns
Shape a leading safety culture to S1-14.88b Number of fatalities as a result of work- every year in responsible consumption Number of unique consumers reached
Board S1-14.88c related injuries and work-related ill health
drive zero fatal accidents and campaigns, reaching 1 billion consumers
continue reduction in injury rate Number and rate of recordable work-
related accidents
Financial
Statements
Positive impact in our communities
A social impact initiative in 100% of
our markets every year Foundation
Sustainability
Statements ESRS BaBW/ESRS
Responsible business conduct reference ESRS metric overlap

Zero tolerance of bribery G1-3.21.b Corruption/bribery training

for functions-at-risk
Other and corruption
Information
An effective Speak Up framework G1-4.25.a Corruption/bribery incidents
S1-17.103a Discrimination incidents

Respecting human rights

Respecting human rights S1-17.103b Social and human rights complaints
S1-17.104a Severe human rights issues and incidents
 148

General
Heineken
N.V.
Annual
Report

information
2024

In this section of the sustainability statements

the general disclosure requirements are covered.

Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 149 General information – Basis of preparation
Heineken General information Environmental reporting Social reporting Appendix
N.V.
Annual
Report
2024
Coverage of value chain
The coverage of the value chain per material topic is included in the Impacts, Risks and Opportunities table
on pages 161-162.
ESRS 1 allows companies to not yet incorporate the value chain impact for certain metrics. We have made
use of this exemption, by not including the impact of non-consolidated joint ventures and associates in our
sustainability statements. HEINEKEN does not have control over these entities, and will assess in the coming
years how to incorporate these entities in its sustainability statements. In addition, we applied the value chain
exemption for a quantitative disclosure on post-consumer packaging waste, refer to section ‘Resource use
Introduction and circularity - metrics’ for further information.
The value chain exemption can be applied during the first three reporting years.
Report
of the
Omission of information
Executive The ESRS guidance allows companies to omit a specific piece of information corresponding to intellectual
General basis of preparation of
Board
property, know-how or the results of innovation.

Report
of the
the sustainability statements We have not utilised this option to omit a specific piece of information regarding the above.

Supervisory Use of exemption for disclosure

Board Basis of sustainability statements
For certain metrics, HEINEKEN makes use of the option to phase in the disclosures. The phase-in period varies
We have prepared HEINEKEN’s sustainability statements for the year 2024 on a consolidated basis in from one year up to three years, depending on the metric. Where we applied a phase-in allowance, this is
accordance with the European Sustainability Reporting Standards (ESRS), as adopted by the European included in Appendix 5 (Reference table).
Financial
Statements
Union, even before the CSRD has been adopted in Dutch law with implementation guidance still being
published by bodies such as EFRAG and the European Commission. We prepared our sustainability For metrics that were reported in our 2023 Sustainability Review, we disclose the comparatives. For metrics
statements on the basis of the draft CSRD implementation legislation that was published by the Dutch that have not been reported previously, we apply the exemption to not report any comparatives.
legislator in the course of 2024 and which was not implemented on 31 December 2024. We recognise that
HEINEKEN, being based in an EU member state that permits the exemption from disclosure of impending
Sustainability the requirements may evolve when implementation in Dutch law will take place and when additional
Statements developments or matters in the course of negotiation, has not utilised this provision1.
implementation guidance becomes available. The late implementation of the CSRD in the Netherlands
means that until the CSRD has been implemented into Dutch law, the non-financial information included in First year reporting
our annual report will have to be prepared in accordance with Book 2 of the Dutch Civil Code and the Decree
on non financial information (‘Besluit niet-financiële informatie’). In preparation of the implementation of HEINEKEN, as most other reporters, is issuing its sustainability statements in accordance with ESRS for the
Other first time. As CSRD is new to the market as a whole, there is not yet a developed market practice. We have
Information the CSRD into Dutch law, the manner in which our annual report complies with the Decree on non-financial
information should be considered to be aligned with the manner in which we applied the reporting therefore not been able to benchmark our methodologies, metrics and calculations against what will be
requirements of the ESRS. common practice in the market. As additional guidance on ESRS interpretation will develop during the
coming years, practices will become more established. Sustainability information is therefore expected to get
Consolidated sustainability statements more uniform over time. We will continue to monitor these developments to apply in our
sustainability statements.
The scope of entities included in the sustainability statements is equivalent to the consolidated entities
included in the financial statements and in addition, relevant upstream and downstream elements of the
value chain.

1
Provision as outlined in Articles 19a(3) and 29a(3) of Directive 2013/34/EU.
 150 General information – Basis of preparation
Heineken General information Environmental reporting Social reporting Appendix
N.V.
Annual
Report
2024
Incorporation by reference
Disclosures in relation to specific circumstances Some disclosures in the sustainability statements are incorporated by reference. In such cases, a reference to
sections of the Annual Report is included in the respective disclosure. See Appendix 1 (Incorporation by
Time horizons reference) with an overview of these references.
We have applied the following forward-looking time intervals for preparing HEINEKEN’s sustainability
statements, unless otherwise noted in the respective disclosure: Voluntary disclosures
– Short-term time horizon: one year These sustainability statements contain the mandatory disclosure requirements following from the ESRS.
This means that information is included relating to sustainability topics that qualify as material topics within
– Medium-term time horizon: between one and five years the meaning of the ESRS, as well as general sustainability information that must be disclosed regardless of
Introduction
– Long-term time horizon: more than five years materiality. In addition to mandatory information, we believe it is beneficial for users of these sustainability
statements to include certain information on a voluntary basis on topics that have not been identified as
Value chain estimation material. These disclosures are indicated as voluntary disclosures throughout the sustainability statements.
Report
of the Certain metrics include external sources or information to estimate upstream or downstream value
Executive chain data. Where we have used external sources or data, this is included in Appendix 4 (Basis of preparation)
Board
of the respective metric. It also describes the level of accuracy of the estimates used, and its planned action
to improve the accuracy, where applicable.
Report
of the
Supervisory
Sources of estimation and outcome uncertainty
Board Certain metrics reported in our sustainability statements include third-party information and/or are subject to
judgements, estimates and assumptions. When available, we make use of general well-known and reliable
external sources and historical experience to arrive at reasonable and fair judgements, estimates and
Financial assumptions. Judgements, estimates and assumptions are regularly reviewed and updated. At the same
Statements
time, we acknowledge that the use of third-party information and the aforementioned techniques implicitly
bear the risk of outcome uncertainty. Given that the CSRD and the ESRS do not provide specific requirements
on the validation process of third-party data, our current data validation process is based on high-level
Sustainability assessments and available guidance. We relied on actual data and in limited cases, where such information
Statements was not complete, we made use of assumptions and estimates. Our use of estimates is most significant for
environmental metrics, such as Scope 3 greenhouse gas (GHG) emissions. Where we have used third-party
information, estimates, judgements and/or assumptions, this is included in Appendix 4 (Basis of preparation)
for the respective metric.
Other
Information
Changes in preparation or presentation of sustainability information
The sustainability information has been prepared, for the first time, in accordance with the ESRS. In 2024 we
announced a refinement of our BaBW approach and goals. In practical terms this means we have adjusted
some goals, others have become ‘business as usual’, and new goals have been added. In cases where goals
have been changed, this is explained in the metrics and targets section of the topical sections.
 151 General information – Governance
Heineken General information Environmental reporting Social reporting Appendix
N.V.
Annual
Report
2024
Roles and responsibilities in sustainability matters
Role of the Executive Board and Supervisory The Company launched its multi-year EverGreen strategy in 2021, aimed at delivering superior and balanced
Board in sustainability matters growth and future-proofing its business. Progress is measured through the ‘North Star’ of the Company’s
EverGreen strategy and long-term value creation model, the ‘Green Diamond’. The Green Diamond model
Composition of the Executive Board and Supervisory Board aims to balance ‘growth’, ‘capital efficiency’, ‘sustainability and responsibility’ and ‘profitability’. The
Company’s strategy emphasises balancing feasibility with affordability and highlights the importance of
The Company’s management and supervision structure is organised in a so-called two-tier system, consisting aligning business and sustainability priorities and investments. This approach, which is also driven by our
of an Executive Board (comprising of two executive members) and a Supervisory Board (comprising of ten double materiality assessment, will guide our prioritisation and phasing over time.
non-executive members).
Introduction Sustainability is included in the Green Diamond, as the Company believes it is important to define and realise
The Supervisory Board has adopted a Diversity Policy for the Supervisory Board, Executive Board and its sustainability ambitions. Strong sustainability governance, which includes management oversight of
Executive Team and a Profile for the Supervisory Board (both available on the Company’s corporate website) sustainability-related impacts, risks and opportunities, is an important part of the success of the EverGreen
Report
with the aim of ensuring the availability of the appropriate skills, expertise and experience within the key strategy. Consequently, a broad range of sustainability topics has been embedded in the Company’s
of the corporate bodies. With respect to gender diversity, the Executive Board currently consists of two male governance structure.
Executive members (100% male, 0% female; the average for 2024 being identical). The aim is that the Executive Board
Board comprises of at least 30% male and at least 30% female members, as set out in the Diversity Policy. It is Executive Board
recognised that the current composition of the Executive Board leaves room for improvement on gender
Report
The Executive Board is charged with the management of the Company as laid down in the Articles of
diversity. However, the composition is also impacted by the limited size of the Executive Board. In the event
of the Association of the Company. It is responsible for determining and implementing the Company’s strategy in
of succession planning, we will continue to look for opportunities to strengthen the gender diversity of the
Supervisory order to realise sustainable long-term value creation. It is responsible for setting and achieving operational
Board Executive Board.
and financial objectives in this regard, considering, among others risks and opportunities, stakeholder
As at the end of 2024, the Supervisory Board consisted of six male members and four female members (60% interests and the Company’s impact in the field of sustainability, including the effects on people and the
male, 40% female; on average in 2024 59% male and 41% female). Furthermore, eight members of the environment. The Executive Board defines the sustainability strategy and sets sustainability-related
Financial
Statements Supervisory Board qualify as ‘independent’ as meant in the Dutch Corporate Governance Code (80% ambitions and goals subject to the relevant approval from the Supervisory Board.
independent and 20% dependent). Information on the expertise and skills of the members of the Executive
The Executive Team of the Company ensures effective implementation of the key priorities and strategies
Board and Supervisory Board with respect to sustainability and the experience relevant to the sectors,
within the organisation, including in the field of sustainability. By demonstrating effective stakeholder
products and geographic locations of the Company is included in the profiles of the Executive Board (page
management, the Executive Team is able to expedite the realisation of the Company’s strategy. Several members
Sustainability 50) and Supervisory Board (pages 60-61).
Statements of the Executive Team are members of the committees noted below. Both the Executive Board and Executive
While employees and other workers are not directly represented in the Company’s supervisory body, the Team are regularly provided with deep dives on sustainability-related topics as set out in the paragraph ‘Meetings
Company attaches great value to ongoing and constructive consultation with the representatives of its and activities of the Supervisory Board’ on pages 62-63 of the Corporate Governance statement.
employees and other workers, such as works councils and trade unions. Regular meetings take place with the
Other The Executive Board is assisted by the Risk Committee, a cross-functional platform chaired by the Chief
various works councils which are active within the Company and many HEINEKEN operating companies are
Information Financial Officer (CFO). The Risk Committee regularly reviews the Company’s risk profile and the Company’s
in regular conversation with labour unions. All operating companies are expected to respect employees’ and
key risks, associated mitigating actions and monitoring activities. The Risk Committee also reflects on the risk
other workers’ rights to freedom of association.
levels and the risk impact and proposes interventions if required including with respect to sustainability
matters. The Risk Committee meets at least three times per year, or as often as deemed required.
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The Sustainability and Responsibility Steering Committee, chaired by the CEO, plays a central role in The Supervisory Board has installed five committees: the Preparatory Committee; the Audit Committee; the
managing sustainability-related impacts, risks and opportunities across the organisation. This committee Remuneration Committee; the Selection and Appointment Committee; and the Sustainability and
oversees the implementation of the Company’s sustainability strategy, which includes environmental, social, Responsibility Committee. The function of these committees is to prepare the decision-making of the
and responsible consumption initiatives. It is involved in setting and monitoring sustainability-related Supervisory Board. The Supervisory Board has drawn up Regulations (Terms of Reference) setting out the role
ambitions and goals identified by the Company, responding to identified impacts, risks and opportunities, and responsibility of each committee, its composition and the manner in which it discharges its duties. These
and executing agreed funding. Each meeting begins with an update on the progress of relevant ambitions Regulations (Terms of Reference) are available on the Company’s corporate website.
and goals. The aforementioned five individual Supervisory Board members with elevated skills and experience in the
The committee benefits from the extensive sustainability knowledge of several key members. Discussions are field of sustainability are members of the Supervisory Board’s Sustainability and Responsibility
Introduction led by deep subject matter experts with 10-20 years of experience in areas such as climate change, water, Committee. This committee is responsible for supervising the activities of the Executive Board with respect
circularity, social issues within our workforce and value chain, and responsible consumption. The Sustainability to environmental, social and responsible consumption matters. The duties of the Sustainability and
and Responsibility Steering Committee meets at least six times per year, and the CFO has a standing Responsibility Committee include:
invitation to join the meetings. a. A periodic review and evaluation of the Company’s sustainability and responsibility strategy and related
Report
of the The Company also established an Environmental Steering Committee on a managerial level, in order to objectives and the performance on these objectives, including in the areas of the environment, social and
Executive
further streamline and contribute to achieving the Company’s ambitions and goals in the field of carbon responsible consumption;
Board
reduction, circularity, water usage and nature. The Responsible Consumption Steering Committee b. The relationships of the Company with its stakeholders on sustainability and responsibility matters;
Report
periodically reviews and evaluates the Company’s performance and progress against its ambitions and goals c. External sustainability and responsibility-related developments relevant for the Company; and
of the in the field of promoting responsible alcohol consumption. d. Such other matters concerning the Company’s sustainability and responsibility matters as the committee
Supervisory
Board
The Disclosure Committee, chaired by the CFO, reviews and advises on material public disclosures, which shall see fit and proper or as shall be referred by the Executive Board or Supervisory Board from time to time.
includes public disclosures in the field of sustainability. The Disclosure Committee meets at least five times
The committee is entitled to investigate any matters belonging to the domain entrusted to the committee and is
per year, or as often as deemed required.
authorised to request all necessary information from the Executive Board and to seek external advice or assistance
Financial from one or more experts appointed by the committee. The committee meets at least three times per year. More
Statements Supervisory Board
details on the subjects it discussed in 2024 can be found in the paragraph ‘Sustainability and Responsibility
The role of the Supervisory Board is to supervise the management of the Executive Board and the general Committee’ on page 64 of the Corporate Governance statement..
affairs of the Company and its affiliated enterprises, as well as to assist the Executive Board by providing advice,
including in relation to the sustainability strategy. The Supervisory Board’s scope is set out further in the Other committees established by the Supervisory Board also touch upon sustainability aspects within its
Sustainability respective domain:
Statements Regulations (Terms of Reference) of the Supervisory Board (available on the Company’s corporate website).
As part of its role, the Supervisory Board supervises how the Executive Board determines the Company’s – Skills and experience in the field of sustainability are considered as a factor when an individual is discussed
strategy to realise sustainable long-term value creation, considering the four elements of the Green Diamond by the Selection and Appointment Committee.
Other
of the EverGreen strategy and, among others impacts, risks and opportunities connected to the business, – The Remuneration Committee makes recommendations to the Supervisory Board on remuneration
Information resource allocation, competitiveness and sustainability matters. The Supervisory Board is informed regularly target setting and tracks the performance under the set targets. The targets linked to remuneration of the
by the Executive Board in its meetings about how sustainability influences the strategy, impacts, risks and Executive Board include performance measures in the field of sustainability.
opportunities of the Company. – The Audit Committee supervises the activities of the Executive Board with respect to the publication of
Sustainability is identified as one of the core fields of skills and experience for Supervisory Board members. Five financial information and areas including governance, financial and sustainability reporting, risk
members of the Supervisory Board are currently identified as having elevated skills and experience in the field of management and compliance with internal and external audit recommendations for these areas.
sustainability. To safeguard understanding and capabilities, the Supervisory Board is provided with regular deep – The Preparatory Committee prepares the Supervisory Board decision-making on matters not already
dives on sustainability topics by internal and external experts. handled by any of the other committees, such as in relation to acquisitions and investments including
sustainability-related considerations.
The committees present the main topics discussed in their meetings to the entire Supervisory Board,
including the key sustainability-related matters, to ensure that the full Supervisory Board is aware of, and can
discuss, the key developments.
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Integration of sustainability-related performance

in incentive schemes
The Remuneration Policy of the Executive Board is aligned to the Company’s EverGreen strategy and its Brew
a Better World (BaBW) ambitions.
The Executive Board’s long-term variable remuneration is tied to two environmental targets, on carbon
emissions reduction and water efficiency improvement; and one social target on gender balance. The
Introduction sustainability-tied element of the Executive Board’s Long-Term Incentive Plan (LTIP) accounts for 25%
of the total LTIP and is linked to the performance over a three-year period. These targets are also cascaded
to the senior management community. When also taking into consideration the Executive Board’s Short
Report Term Incentive (STI) Plan, the sustainability-tied element of both the Executive Board’s LTIP and STI Plan
of the accounts for 13%. The Supervisory Board determines the terms for any incentive plans for the Executive
Executive Board, which require subsequent approval from shareholders at the General Meeting.
Board
In accordance with the Dutch Corporate Governance Code, the remuneration of Supervisory Board members
Report is not dependent on the results of the Company and no incentive plans are in place for Supervisory
of the Board members.
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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The human rights and environmental risk assessment conducted over 2023 and 2024 resulted in an updated
Statement on due diligence value chain due diligence strategy focusing on both human rights and environmental risks. That strategy
includes an updated visualisation of our value chain due diligence framework and a value chain due diligence
Main aspects and steps of due diligence roadmap containing both human rights and environmental activities, which will guide priorities between now
and 2027. The roadmap builds on the five steps and the four cross-cutting elements of the framework, as
As part of our ways of working, we apply due diligence activities that are designed to help us identify and outlined in the image below, and encompasses three key priorities: (1) embedding due diligence in
address actual and potential human rights and environmental impacts, risks and opportunities. This is part of HEINEKEN’s policy framework, (2) implementing a solution for third-party risk management (TPRM), and (3)
the foundation of our Brew a Better World strategy. strengthening our governance of – and reporting on – value chain due diligence.
HEINEKEN began formalising due diligence activities focused on human rights risks in 2016, and our As the first next step, HEINEKEN is now working on further embedding due diligence in its policy framework,
Introduction approach to due diligence has been constantly evolving ever since then. These activities include risk-based including the development of what will become a new Due Diligence Policy, as well as updating the existing
human rights assessments, workshops and audits in own operations and for outsourced workers, risk-based Human Rights Policy, and the Supplier Code. Once available, the Due Diligence Policy will be made public. In
supplier screening, as well as the development of specific policies, guidance and toolkits. Our approach the meantime, the current versions of those policies, as well as the Environmental Policy and its underlying
Report informed how we identify, prevent, mitigate and account for actual and potential negative impacts on policies, are publicly available. References to the relevant policies, assessment tools and actions for own
of the society. Although we have mainly focused on HEINEKEN’s immediate operations, our approach also
Executive employees and outsourced workers can be found in the Own workforce section. Relevant policies and actions
Board
extended to parts of the value chain, including suppliers depending on their risk profiles and Brand Promoters. for workers in the value chain are available in the Workers in the value chain section. In addition, more
Our approach continues to evolve as we gain experience in different operational contexts, which in turn also information about how HEINEKEN assesses and mitigates environmental risks is available in the
shapes how we set and implement it in line with our business strategy and geographical footprint. environmental section.
Report
of the Although the formal approach to due diligence originally focused on human rights in line with the UN
Supervisory
Board Guiding Principles on Business and Human Rights, similar risk identification and mitigation activities have
long underpinned the BaBW ambitions and goals captured under the environmental pillar. Examples include
the resilience analysis for climate-related risks (see section ‘Climate change – Strategy’), the water security
Financial self-assessment and the Global Water Risk Screening for water-related risks (see section ‘Water – Impacts,
Statements risks and opportunities – Strategy’) and the nature assessment on land-, water- and biodiversity-related risks
(see the Biodiversity section).
2024 was a level-setting year for due diligence. The European Corporate Sustainability Due Diligence
Sustainability Directive (CSDDD) was formally approved, and HEINEKEN strives to continuously improve its process in view
Statements of the future requirements of the CSDDD and the principles outlined in international instruments such as the
United Nations (UN) Guiding Principles on Business and Human Rights and the Organisation for Economic
Cooperation and Development (OECD) Guidelines for Multinational Enterprises. In addition, we recognise
that some of the basic principles of due diligence are included in the requirements of the CSRD.
Other
Information
In 2023, HEINEKEN kicked off its first integrated salient human rights and environmental risk assessment
across the value chain on the basis of the then draft CSDDD and the OECD guidelines to further refine and
build our approach to due diligence and the activities outlined previously. The assessment was finalised in
2024, reconfirming the most salient human rights and environmental risks. The outcomes of the integrated
risk assessment were in line with the outcomes of the double materiality assessment.
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HEINEKEN already has several programmes in place to assess human rights impacts on own employees and Core elements of due diligence Sections in the sustainability statement
outsourced workers, as well as environmental programmes relating to carbon, water and circularity. In
addition to this, the human rights and environmental risk assessment conducted in 2023 and 2024 identified a) Embedding due diligence in Refer to sections:
governance, strategy and ‘General information - Governance’ (pages 151-156)
a second step for HEINEKEN, which is to further strengthen and develop its processes to assess – and then
business model ‘General information - Interests and views of stakeholders’ (pages
further act upon – human rights and environmental risks in our upstream supply chain. To support and
158-159)
enhance these structural changes, HEINEKEN decided to move towards a new technology solution to future-
proof our TPRM processes. This solution will be rolled out as of 2025. As a result, and to further enhance our
processes, a new operating model, as well as guidance and operating procedures, are being developed that b) Engaging with affected stakeholders Refer to sections:
in all key steps of the due diligence ‘General information - Interests and views of stakeholders’ (pages
will support HEINEKEN’s human rights and environmental third-party risk management workflow. We expect
158-159)
Introduction the new TPRM processes to further embed due diligence in our sourcing practices and help us identify, assess
Own workforce
and act on human rights and environmental risks. In the meantime, we continue our supplier screening for Workers in the value chain
regulatory findings and adverse media through our current compliance screening tool. Should risks be
identified, HEINEKEN either addresses these through targeted supplier engagement or, in certain cases c) Identifying and assessing Refer to section:
Report
adverse impacts ‘General information - Description of the process to identify and
of the where the saliency of the potential human right risks is high, through social audits that assess whether labour
Executive assess material impacts, risks and opportunities’ (pages 164-165)
and human rights are respected.
Board
d) Taking actions to cease, prevent or Refer to the topical sections reflecting the range of actions through
Finally, other important steps on the value chain due diligence roadmap include ensuring that HEINEKEN has mitigate adverse impacts which impacts are addressed
Report the processes in place to meet the reporting requirements of CSRD and – in the future – CSDDD, and that
e) Tracking the effectiveness of these Refer to the topical sections reflecting the ambitions, goals and
of the stakeholders are engaged in the process. More information about our reporting journey can be found in the efforts and communicating how impacts targets to track the effectiveness of efforts
Supervisory
Board
section ‘How our BaBW strategy aligns with CSRD requirements’ and about how we engage with are addressed
stakeholders in the section ‘Interests and views of stakeholders’. In late 2024, the decision was taken to
strengthen the governance of value chain due diligence with the establishment of a Social Sustainability
Financial Steering Committee, reporting to the Sustainability and Responsibility Steering Committee. This Steering
Statements Committee will govern the human rights and value chain due diligence programmes, with a dotted line to the
TPRM programme, which is governed by the Risk Committee.

Mapping of core elements of due diligence process

Sustainability
Statements In this section, we provide a table with a brief overview of where core elements of our due diligence process
are explained within the rest of the sustainability statement. The key steps of HEINEKEN’s approach to due
diligence – embed, act, assess, track and communicate – are visualised in the framework explained earlier,
reflected in the key priorities of our value chain due diligence roadmap described earlier, supported by the
Other cross-cutting elements, and in line with the OECD Guidelines and the UN Guiding Principles on Business and
Information
Human Rights.
To further support sustainable growth, HEINEKEN is, where relevant, embedding human rights and
environmental risk assessments within key forward-looking processes - for example, in M&A due diligence and
new product innovation. This approach helps us to identify potential risks and managed early, strengthening
our approach to sustainable business development across the value chain.
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Main risks identified
Risk management and internal controls over We have identified key risks across the following categories:
sustainability reporting – Strategic: Risks arising from changes in the business environment, such as sustainability trends, global
events or environmental conditions, impacting our ability to align reporting practices with sustainability
Scope, main features and components metric definitions and goals, leading to inaccurate or incomplete sustainability disclosures.
HEINEKEN’s risk management and internal controls over sustainability reporting have detailed procedures – Operational: Risks arising from weaknesses or failures in sustainability data collection processes, controls
and methods, which include risk identification, assessment and mitigation procedures, with regular reviews framework or reporting tools which could impact the accuracy, completeness and consistency of our
and accountability across all levels to ensure the information’s accuracy and reliability. sustainability data and disclosures.
Introduction
Risk assessment and mitigation approach – Compliance: Risks of non-compliance with sustainability applicable local and international laws,
regulations, our internal policies, procedures and rules of conduct, which could result in reputational harm
We have established a risk management and internal control system that forms the foundation of our or penalties due to inaccurate or incomplete sustainability disclosures.
Report sustainability reporting framework. This system is structured to identify risks, evaluate, and manage potential
of the – Reporting: Risks arising from incorrect data inputs, inadequate controls and misapplication of reporting
risks that could impact the reliability of our sustainability reporting. Below are the key components of
Executive standards, leading to potential inaccuracies, omissions or misstatements in sustainability reports.
Board this system:
– Risk identification: At this stage, we identify potential risks associated with metrics reporting processes Integration of findings into internal functions
Report through walkthroughs and interviews. The metric reporting process and identified risks are documented as We have implemented internal controls over sustainability reporting (Sustainability & Responsibility – S&R) to
of the
Supervisory
part of the outcomes. mitigate the risks outlined above. Monitoring these controls is a key component of HEINEKEN’s assurance
Board – Risk assessment: Each identified risk is analysed for its potential impact on sustainability reporting, and a model. Management teams across our global functions and operating companies in all regions are
primary mitigation strategy is agreed upon; all risks affecting the reliability of sustainability reporting are responsible and accountable for the effective execution of these S&R internal controls.
treated as priorities, following the risk mitigation approach detailed below.
Financial
We monitor S&R internal controls as progress is made with implementing them. We apply a risk-based
Statements
– Risk mitigation: Following the assessment, for risk impacting the reliability of the sustainability reporting, approach to monitoring S&R internal controls. An annual risk assessment and scoping is performed to ensure
internal controls are designed with clear execution steps to ensure accuracy and integrity of our a minimum of 80% coverage of the metrics and operating companies with a heightened risk of
sustainability disclosures. misstatement.
– Internal controls implementation: Internal controls are deployed across operating companies and
Sustainability global functions, promoting a culture of accountability and precision throughout the Company. Internal control findings identified through the S&R monitoring process are systematically documented as
Statements issues and actively addressed by management. Action plans are developed and implemented to resolve
– Regular reviews: To ensure ongoing effectiveness, we conduct annual reviews of our risk profile and these issues and enhance control effectiveness. Internal control issues are formally closed upon achieving
internal control frameworks for sustainability reporting. These reviews ensure that risks are properly full resolution.
managed and that the control framework remains current and effective.
Other Periodic reporting to administrative and management bodies
Information
Periodic reporting on the effectiveness of S&R internal controls is designed to ensure transparency and
accountability. This reporting process includes a specific focus on key risks related to reporting of topical
sustainability metrics to ensure that these are adequately addressed and monitored. To support the
Executive Board in their responsibilities, a formal bi-annual Letter of Representation process requires
management from operating companies, regions and global functions to take responsibility for accurate and
complete sustainability reporting. This includes the communication of any open issues identified through
control monitoring activities.
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Commitment to compliance and local laws
Strategy, business model and value chain In several countries, legal restrictions govern the sale and consumption of alcoholic beverages, ranging from
full bans to limitations based on community, region, or specific timeframes. HEINEKEN adheres to these local
HEINEKEN’s strategy overview regulations in each market.
HEINEKEN is a global brewer with operations in over 70 countries. Our portfolio, led by the iconic Heineken®
brand, includes more than 340 beers and ciders, encompassing international, regional, local and Our sustainability initiatives
specialty products. HEINEKEN’s sustainability-related goals span our entire product and service lifecycle, with a focus on reducing
environmental and social impact and building resilient relationships with stakeholders.
Introduction
Sustainability strategy and goals
We are actively tackling a wide range of sustainability issues that impact our business and the communities
HEINEKEN is committed to advancing sustainability from ‘barley to bar’. For more details, refer to the Brew a
where we operate by developing solutions and initiatives with a view to also meeting future anticipated
Better World introduction section (pages 140-147), which includes our sustainability strategy and goals.
sustainability challenges. These initiatives are outlined in the topical sections in the sustainability statements.
Report
of the Geographic and customer focus
Executive
Board
HEINEKEN serves a diverse range of customer groups and markets, with recent changes reflected in both
our product and geographic reach. A high-level breakdown by geography is available in note 6.1 Operating
segments of the financial statements, while employee headcount by region is detailed in the Own
Report
of the workforce section.
Supervisory
Board
Business model and value chain description
Our ambition is to Brew a Better World across the value chain, from Barley to Bar. We work with more than 35,000 direct suppliers across approximately 140 countries to support our operations.
Financial
Statements

Agriculture Packaging Brewing Logistics Customers Consumers

We source a wide range of Most of our beer and cider is Brewing beer and making cider is a We manage the global movement We sell our products through various Our consumers are individuals who
Sustainability agricultural raw materials for packaged in glass bottles, craft. We operate over 170 of our products using various sales channels, including on-trade buy our beverages, either through
Statements brewing and producing our aluminium cans, and steel kegs. For breweries, malteries, cider plants, transport modes, including road, rail, establishments such as bars, our customers or via our e-
beverages. Our ten primary raw secondary packaging, we use and other production facilities ocean freight, and inland barges. restaurants, and hotels, as well as commerce platforms. We offer more
materials include barley, hops, rice, materials such as paper and plastic. worldwide. These facilities enable us We adapt our distribution methods off-trade retailers, both large and choice with our 0.0 portfolio of beer
and maize for our beers; apples for We are constantly exploring to brew, ferment, and process our to meet local demands and ensure small. To serve a cool drink, we work and cider brands and empower
Other
cider; grapes for wine; and various innovative ways to use packaging beverages for distribution. Under our timely delivery, using both our own with our fridge suppliers to consumers with clear, transparent
Information fruits for flavouring. These materials to enhance reuse and Net Zero Programme, we aim to fleet and third-party distributors. continually improve energy information about our products. We
materials are grown by farmers recycling. Packaging materials are improve energy consumption and Reducing the distance our products efficiency, explore fridge circularity, also use our brands to promote
across different regions worldwide, sourced from various suppliers transition to renewable energy. Our travel benefits the environment, and and - where possible - support local moderation and responsible
and we source them from both around the world. Our circularity water strategy takes a holistic optimising trips and trucks used for pubs and bars in accessing consumption through campaigns
local and global suppliers. strategy prioritises three key areas approach, focusing on responsible distribution is a key driver in renewable electricity more easily. and sponsorships, with an
Developing responsible agricultural to drive progress towards a closed- water use, effective wastewater reducing our impact. increasingly important role for our
supply chains is a priority for us, as loop approach for our packaging: management, and supporting water non-alcoholic products.
increasing the use of sustainable reuse, recycled content, and security in our production, supply
raw materials helps reduce the recyclable design. chain, and communities –
impact on nature and supports the particularly in water-stressed areas.
social and economic conditions of
farmers and their communities.
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– Expert meetings and roundtables: meetings with experts from various fields including non-
Interests and views of stakeholders governmental organisations (NGOs), academic experts and representatives from peer organisations.
– Reputation research: conducted annually across 10+ top markets globally. The target audience of this
Overall approach of our stakeholder engagement custom research programme is influential consumers and it is designed to guide investment and track the
Meaningful and sustained stakeholder engagement is essential to shaping and evolving our strategy and impact of HEINEKEN programmes.
reporting. HEINEKEN’s EverGreen business strategy and Brew a Better World sustainability priorities have
– Dialogue with academic institutions: collaboration with educational institutions to access cutting-edge
been developed through open dialogue and engagement with both internal and external stakeholders. This
research and insights relevant to our sustainability initiatives.
approach ensures that we address the most critical issues and focus on where we potentially have the
Introduction greatest impact – whether positive or negative. – Government engagement: engaging and partnering with government stakeholders regarding our
investments, our business strategy and our determination to be a sustainable business.
Our stakeholder engagement is proactive, transparent and continuous; while listening and learning from
others, we also leverage our voice, reach and influence to drive positive change. – Industry platforms: working with peers in a wide range of industry platforms and roundtables – such as
Report the Beverage Industry Environmental Roundtable – to drive systemic change and a sustainable transition.
of the Identification
Executive We recognise our stakeholders as those individuals, groups or organisations that have a direct or indirect – Global and local partnerships with NGOs and (social) enterprises to help address sustainability
Board challenges and scale up positive impact.
interest in our business activities. We categorise and prioritise stakeholders based on their significance to our
business and the potential impact of our actions on them.
Report
– Engagements with international organisations like the United Nations Global Compact and related
of the Key stakeholders we actively engage with include, but are not limited to: coalitions like the UN CEO Water Mandate and Water Resilience Coalition.
Supervisory
Board – Consumers, mostly through our brands – Shareholder meetings: open and ongoing communication with investors to address concerns, gather
– Customers, including off- and on-trade partners feedback and share our sustainability progress.
– Investors – Local community engagement: engagement with local communities and rightsholders in areas where
Financial
Statements – Employees and their representatives, like the HEINEKEN European Works Council we operate to address their specific needs and concerns.
– Suppliers This commitment to ongoing stakeholder engagement yields several benefits:
– Peers within and outside the beverage industry – Valuable input and feedback on our strategy and programmes
Sustainability – Employer organisations and trade unions
Statements – Enhanced understanding of emerging risks and opportunities
– Non-governmental organisations – Strengthened reputation as a responsible and responsive organisation
– International organisations, like the United Nations – Fostering innovation and collaboration
– Governments and regulators, both global and local – Alignment with industry trends and best practices.
Other
Information – Communities and rightsholders, on a project-based approach
We use the insights and feedback received from stakeholders as a source of information for strategy
development and decision-making. We also integrate the information into our sustainability performance
Engagement mechanisms assessments and reporting. This includes regularly conducting a materiality assessment to ensure our
We continuously improve our stakeholder engagement processes, seeking ways to enhance the effectiveness
sustainability strategy and goals take into account the interests and concerns of our stakeholders.
of interactions and acting on stakeholder feedback when relevant.
We also have a Stakeholder Engagement Policy in place, which is available on our corporate website.
We use various mechanisms and channels to foster effective stakeholder engagement, from listening and
active involvement to joint projects and partnerships. Examples include:
– Employee engagement surveys: an annual survey of our employees to track engagement on a range of
dimensions including personal development, direction and alignment, inclusion and diversity, and relations
between employees and managers.
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How we engaged with our stakeholders in 2024 We collaborated with industry peers through platforms like the Climate Pledge and the Beverage Industry
Environmental Roundtable to address shared environmental issues. We also leveraged the Consumer Goods
During 2024, we held dedicated sustainability meetings with over 30 key investors including deep dives into
Forum, AIM-Progress, and Shift to drive collective progress in respecting human rights.
topics like the net zero transition, watershed health and regenerative agriculture. We met with civil society
and government officials and participated in open panels at the 2024 NY Climate Week, Stockholm’s World We participated in the Science Based Targets Network (SBTN) Corporate Engagement programme and the
Water Week and the Biodiversity COP16 in Colombia. Taskforce on Nature-related Financial Disclosures (TNFD) forum, both tasked with developing methodologies
for science-based targets and disclosures.
We participated in advocacy initiatives through the World Economic Forum (WEF), including the Alliance for
CEO Climate Leaders, the UN Global Compact, the Water Resilience Coalition, RE100, the RE-Source Platform We strengthened our commitment to renewable energy by joining the Asian Clean Energy Coalition (ACEC)
and the Dutch Sustainable Growth Coalition. We endorsed a joint letter from the Corporate Leaders Group and the Clean Energy Buyers Association (CEBA) to enhance renewable energy access in Southeast Asia.
Introduction Europe calling on the EU to set a greenhouse gas emissions reduction target of at least 90% by 2040. Additionally, we became a member of the RE100/WBCSD renewable energy coalition in South Africa (RAiSE).
We held meetings with NGOs such as Human Rights Watch and the World Wide Fund for Nature (WWF), Important themes in 2024
and participated in a stakeholder roundtable on CSDDD organised by the Dutch Social Economic Council Stakeholder meetings during 2024 highlighted several recurring themes. The table below summarises key
Report
of the
(SER). We also continued our engagement with our top suppliers in agriculture, packaging and cooling to help questions raised by stakeholders and our corresponding responses. Stakeholder views and interests are
Executive deliver our Brew a Better World ambitions. Additionally, we attended the UN Forum on Business and Human regularly shared with relevant internal teams and steering committees to ensure alignment and informed
Board Rights to share our experience and challenges in operating in conflict-affected and high-risk areas with peers, decision-making.
civil society and other stakeholders.
Report
of the Theme Our response
Supervisory
Board Water
Are your water efficiency goals ambitious enough, Comparing water efficiency across beer companies requires careful consideration of context. For example, HEINEKEN operates a much broader global footprint than its major
when compared to those of your peers? peers, and manages a relatively higher number of smaller breweries, which naturally leads to a higher hl/hl ratio compared to their larger facilities. We also use returnable bottles,
Financial a positive step for our circularity and CO2 emissions agenda, though it needs additional water for bottle washing. Furthermore, when we integrate new production sites through
Statements acquisitions, it takes time to align them with our water efficiency standards. These factors make our goals uniquely tailored to our operations, but they are no less ambitious.
Circularity
Which goals are the most challenging to achieve All three of our circularity goals are ambitious and come with their own challenges. However, the reuse goal is particularly demanding, as it requires significant effort and collaboration
Sustainability and why? with multiple stakeholders. Our focus is on increasing the volume of reusable packaging used for our products, aiming to raise the percentage of volumes sold in reusable packaging to
Statements
43% by 2030. Achieving this will involve co-creating complex reuse infrastructures. Despite the complexity, we also see benefits in terms of growth and improved margins.
Diversity, equity & inclusion
Where are you on your Equal Pay for Equal Work By 2024, 100% of our operating companies have been assessed and started to implement action plans to support equal pay for equal work (or work of equal value) between
Other journey – and will you disclose any pay gap? female and male colleagues. These plans focus on closing any pay gaps, ensuring equal representation, and addressing disparities in new hires and promotion opportunities.
Information
Actions include embedding structural checks and controls in processes to ensure gender-neutral pay decisions. As a result, we achieved a global pay gap of 2.3%. More
information can be found in the Own workforce section.
Biodiversity
Why is biodiversity not considered ‘material’ on your Biodiversity was not considered ‘material’ on our double materiality matrix because it scored below the threshold defined by our methodology, which evaluates topics based on
double materiality matrix, and will you report in line their impact, risks and opportunities. However, we recognise its close link to our efforts in emissions reduction, healthy watersheds, and sustainable sourcing of raw materials.
with TNFD or ESRS in the future? Although deemed non-material, we report on biodiversity in line with the mandatory ESRS guidelines. See the Biodiversity section.
Governance
Does your board get regular updates on your Yes, sustainability is actively managed at all leadership levels. The Executive Board approves the sustainability strategy, while the Executive Team ensures its implementation
sustainability strategy? across the organisation. The CEO chairs the Sustainability and Responsibility Steering Committee, which oversees progress and addresses challenges. The Supervisory Board and
its Sustainability and Responsibility Committee monitor the strategy, provide advice on objectives, and review performance. See pages 151-152.
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Our double materiality matrix
Material impacts, risks and opportunities and
their interaction with strategy and business
model
Double materiality matrix
We conducted our first double materiality assessment in 2023 to prepare for compliance with the ESRS. This
Introduction comprehensive assessment will be conducted at least once every three years, with annual reviews in between.
The outcome of the assessment remains valid for 2024 as we have not identified any significant internal or
external changes that could affect the results.
Report A double materiality assessment has two dimensions:
of the
Executive – Impact materiality: sustainability topics that can significantly affect the economy, environment
Board
and people.
– Financial materiality: sustainability topics that can significantly influence HEINEKEN’s development,
Report
of the performance or financial value.
Supervisory
Board These dimensions identify which sustainability topics are material for HEINEKEN to report on under the ESRS.
See the next page for an overview of the material impacts, risks and opportunities.

Financial
Statements

Sustainability
Statements

Other
Information

Sustainability topics identified as material

Above the threshold of 2.5 on a scale from 1 to 5 in impact and/or financial significance. These topics are considered within
the scope of ESRS reporting requirements.

Sustainability topics identified as relevant, but not material

These are topics with an impact and/or financial significance below the threshold of 2.5. While they are relevant for
HEINEKEN, they are not material for ESRS reporting. However, some of these topics are included in our annual reporting
as they are beneficial to users of our sustainability statements. We refer to these as ‘voluntary disclosures’.
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Overview material topics, impacts, risks and opportunities

Time
Topic Value chain Main risks and opportunities Main impacts (negative and positive) horizon Section
Climate – Carbon pricing, taxation, and emissions trading – The use of fossil energy across the value chain continues Short-, Climate
change schemes are expected to be the primary levers through to emit carbon into the atmosphere, which contributes medium- change
which governments regulate emissions and incentivise to global warming. and long-
decarbonisation. This may potentially increase the price – HEINEKEN’s net zero ambition is motivating value chain term
Introduction of raw materials, energy, equipment, and other partners to set targets and reduce carbon emissions.
related inputs.
Water – Changes in water availability due to climate change, – Water withdrawal in water-stressed areas reduces water Short-, Water
Report security population growth, or regulatory shifts may lead to availability. medium-
of the production interruptions and loss of revenue. – Through collaboration with third parties, watersheds are and long-
Executive increasingly being protected and restored. term
Board
Responsible – Debates on alcohol consumption may result in – Abuse and overconsumption of alcohol leading to Short-, Consumers
consumption increased excise duties, minimum unit pricing, reduced negative health and societal impacts. medium- and end-
Report
commercial freedoms—including availability and – Expanding no- and low-alcohol beverage options and long- users
of the
Supervisory visibility—sponsorship bans, health warnings, ensures that consumers ‘always have a choice’. term
Board reputational damage, and a negative impact on
revenues and profits.
– Become a market leader in the no- and low-
Financial alcohol category.
Statements
Sustainable – Disruption of sourcing continuity, such as changes in the – Sourcing of raw materials, grown using conventional Short-, Resource
agriculture availability, quality, or price of ingredients due to methods, can increase carbon emissions and impact the medium- use and
external factors like political instability and climate availability and quality of water. and long- circular
change, may lead to resource shortages, increased – Collaborating with business partners and farmers to term economy;
Sustainability
Statements
costs, production interruptions, and loss of revenue. adopt innovative and sustainable agricultural practices Workers in
reduces environmental impact and enhances resilience the value
to climate change. chain
Resources and – Changes in the impact, speed, and costs of new – Contributing to carbon emissions by sourcing Short-, Resource
Other circularity environmental regulations may affect operations and virgin materials. medium- use and
Information increase expenses. – Indirectly contributing to landfill waste and long- circular
through consumers. term economy
– Investing in return systems for reusable packaging
fosters a circular economy by promoting material reuse
and reducing demand for virgin resources.
– Innovating in reusing by-products in production
enhances resource efficiency and minimises waste.
Responsible – Commercial campaigns that do not align with – Positively influencing consumer behaviour through Short-, Consumers
marketing HEINEKEN’s Responsible Marketing Code, such as those Responsible Consumption and 0.0% campaigns. medium- and end-
seemingly targeting minors or promoting excessive – Providing transparent, easily accessible information on and long- users
alcohol consumption, may result in fines, litigation, and labels beyond local legal requirements empowers term
damage to the brand's reputation. consumers to make informed choices.
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Overview material topics, impacts, risks and opportunities

Time
Topic Value chain Main risks and opportunities Main impacts (negative and positive) horizon Section
Labour – Significant alleged or actual non-compliance with the – Raising labour and human rights standards globally due Short-, Own
practices and Human Rights Policy or Supplier Code within our operations to HEINEKEN’s operational footprint. medium- workforce;
human rights or value chain may lead to claims, fines, and and long- Workers in
reputational damage. term the value
Introduction chain
Diversity, – Failure to achieve our DEI ambitions and unlock the full – Promoting inclusivity and actively adopting DEI Short-, Own
equity & potential of our people and organisation may result in practices within the organisation fosters a diverse medium- workforce
Report inclusion (DEI) lost business opportunities. workplace culture. and long-
of the term
Executive
Board
See Appendix 2 for an overview of how the impacts, risks and opportunities link to the policies, actions and targets. The policies, actions and targets are further described in the topical sections.
Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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Current financial effects of material sustainability matters Link between HEINEKEN material topics and ESRS standards
The sustainability matters outlined above have a financial impact on HEINEKEN’s 2024 consolidated The shortlist of 15 topics, as shown in the double materiality matrix, has been tailored specifically to
financial statements. We assessed sustainability-related impairments, liabilities and provisions, which are HEINEKEN, with each topic also linked to the ESRS framework. The table below provides an overview of these
considered to be immaterial in 2024. ESRS linkages for the material topics, including a note in case we have included entity-specific disclosures.
In addition, the execution of our BaBW strategy is supported through CapEx and OpEx investments. Our
HEINEKEN material topic ESRS disclosure requirements and/or entity-specific disclosures
sustainability investments underlying our sustainability strategy are embedded in how we run our business
and how we have designed our (operational) processes. These investments most often form part of larger Climate change ESRS E1 Climate change1
investments, and have in most cases multiple objectives of which sustainability is only one of them. It would Water security ESRS E3 Water and marine resources1
Introduction require significant judgement to identify the incremental financial investment associated with specific
Responsible consumption ESRS S4 Consumers and end-users1
sustainability objectives. In our view, the current ESRS guidance provides insufficient detail and clarity (e.g.
what is considered to be sustainability-related CapEx and OpEx) to prepare a monetary disclosure that ESRS E5 Resource use and circular economy1
Sustainable agriculture
supports consistent and reliable reporting across companies. ESRS S2 Workers in the value chain
Report
of the Resources and circularity ESRS E5 Resource use and circular economy1
Executive At the end of the reporting year, we have not identified any material risks and opportunities for which there is
Board a significant risk of material adjustment to the carrying amounts of assets and liabilities in the next annual Responsible marketing ESRS S4 Consumers and end-users1
reporting period. ESRS S1 Own workforce1
Labour practices and human rights
Report ESRS S2 Workers in the value chain
of the Resilience of the strategy and business model Diversity, equity and inclusion ESRS S1 Own workforce1
Supervisory
Board HEINEKEN’s strategy and business model are designed to be resilient and capable of addressing material
1
This includes entity-specific disclosures
impacts and risks while taking advantage of significant opportunities. Resilience is reflected in our
comprehensive approach to managing climate-related risks and opportunities and recent assessments
Financial carried out to assess salient human rights and environmental risks throughout our value chain. Refer to the
Statements Climate change, Water, Resource use and circular economy, Own workforce and Workers in the value chain
sections for further details.
We have conducted qualitative and quantitative assessments to understand how these factors could impact
Sustainability our business. This includes scenario analyses to evaluate the potential effects of different future conditions
Statements
on our operations, financial performance, and supply chain.
A key aspect of our resilience strategy involves adaptation and mitigation efforts. We are investing in
sustainable brewing practices and working to reduce our carbon footprint through the adoption of renewable
Other energy sources and energy-efficient technologies.
Information
Our risk management framework incorporates climate-related risks, enabling us to identify, assess and
mitigate potential impacts on our operations and financial health. Additionally, we are exploring new product
innovations and market opportunities that align with consumer demand for sustainable products, with the
aim of transforming potential risks into avenues for growth.
Through these efforts, HEINEKEN demonstrates a robust capacity to manage material risks and capitalise on
opportunities, supporting long-term resilience and sustainability.
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Double materiality six-phase process
Description of the process to identify and assess Phase Phase Phase Phase Phase Phase
material impacts, risks and opportunities
1. Evaluating HEINEKEN’s current state and external context
Evaluating Mapping the Engaging Prioritising Validating the Confirming
We evaluated our current state and external context through a comprehensive desk-based assessment. This HEINEKEN’s value chain internal the material outcomes with the results
included external sources such as international standards and frameworks, sector trends and an in-depth peer current state and potential and external topics the group of with the
and competitor review, and company-specific sources, such as the risk management process and company and external impacts stakeholders subject matter Executive
Introduction strategy presentations. A media analysis was conducted to evaluate the public opinion about HEINEKEN and context experts Board
its sector. In assessing this, we considered the business context of HEINEKEN, including its geographical
presence, nature of business activities and transactions (among others when assessing Business Conduct).
We also screened our site locations and business activities for actual and potential impacts or risks related to
Report Internal stakeholders were assigned to a topic aligned with their area of expertise while external stakeholders
of the
pollution, both within our own operations and across the value chain. This screening was conducted through
were asked to select three to five topics from the shortlist of sustainability topics that they deemed
Executive desktop research and inquiries with internal stakeholders. We did not engage in consultations with affected
most material.
Board communities on this topic, as we found no indications of communities being directly impacted by pollution.
We conducted 25 in-depth interviews. External stakeholders were specifically interviewed regarding impact
This process resulted in a longlist of 30 topics which was reviewed by a project team to analyse what topics
Report materiality, while internal and financial (external) stakeholders were interviewed on both impact and
of the should be included, which topics could be combined (for example, ‘carbon emissions’ and ‘climate change’),
financial materiality. On top of their qualitative input, stakeholders were asked to score the sustainability
Supervisory and what topics should be excluded (for example, topics relevant for certain peers but not necessarily for
Board topics based on the impacts, risks and opportunities they identified, and on severity and likelihood.
HEINEKEN’s operations, like animal welfare). The longlist was narrowed down to a draft shortlist of 17 topics.
To further validate the outcomes, a survey was distributed to 119 stakeholders in 15 markets across all
2. Mapping the value chain and potential impacts
four regions, with a 60% response rate. Stakeholders represented a wide range of sectors ranging from
Financial Part of the assessment focused on understanding our value chain and the (potential) impacts of the draft governments and NGOs to trade associations and customers. They were asked to select and rank the five
Statements shortlist of sustainability topics within this chain. HEINEKEN’s operations and relationships were summarised topics that they deemed could have the most significant impact on the economy, environment and people.
and categorised into upstream, operational and downstream activities.
Additionally, the risk management team was engaged to use the yearly Risk Assessment Cycle as a source for
The shortlisted topics were then mapped against these activities. determining the financial materiality of sustainability topics.
Sustainability
Statements The outcomes of phases 1 and 2 were presented to a group of 30 subject matter experts selected from 4. Prioritising the material topics
within HEINEKEN. The goal of this session was to validate the value chain map and shortlist, including
The final scoring for double materiality was determined based on the interview results and risk management
definitions. As a result, a final shortlist of 15 topics was confirmed, after integrating ‘Sustainable packaging’
assessment. Survey results were used to help validate the outcomes of the interviews.
into ‘Resources and circularity,’ and removing ‘Innovation,’ as it is considered an enabler for the other topics
Other rather than a standalone sustainability issue. The prioritisation of sustainability topics for impact materiality was determined by calculating the average
Information
score of internal and external interview inputs. The prioritisation for financial materiality was determined by
3. Engaging internal and external stakeholders
calculating the average score of internal and external interview inputs and risk management inputs.
We gathered input from internal and external stakeholders to pinpoint HEINEKEN’s most crucial
sustainability topics. This involved engagement with internal stakeholders – both subject matter experts and Based on the average scores, topics were prioritised and visualised in a matrix. The outcomes of the survey
senior managers – and external representatives from NGOs, investors, governments, customers and were used to validate and confirm the topic ranking, with no material differences identified.
trade associations.
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5. Validating the outcomes with the group of subject matter experts
A second validation session was organised with the subject matter experts from within HEINEKEN to discuss
the outcomes derived from interviews and surveys. Participants discussed how the prioritisation of the impact
General disclosures relating to setting and
and financial materiality met the group’s expectations and how to set the appropriate threshold to define monitoring ambitions and goals
which topics are deemed material for ESRS reporting purposes. Setting ambitions and goals
It was agreed to set the threshold at 2.5 (out of 5) for both impact and financial materiality as it represents HEINEKEN’s sustainability strategy (BaBW) will continue to evolve due to stakeholder expectations, evolving
the median value on the 5-point scoring table. This means that any topics scoring above 2.5 are considered requirements and regulations. Senior leaders across the business discuss and address the ambitions and goals
to be material, while topics scoring below 2.5 are considered to be relevant, but not material for ESRS before they are presented to the Executive Board and Supervisory Board for approval.
Introduction reporting purposes.
Monitoring performance
6. Confirming the results with the Executive Board There is a clear governance process in place to review our progress on each of our BaBW ambitions and goals,
The outcomes of the double materiality assessment were presented to the Executive Board for discussion including a dedicated S&R Steering Committee with senior leadership to review progress on a quarterly basis.
Report and validation. A management judgment was made to elevate two topics that were close to the materiality This is supported by regional and operating company reviews, identifying areas of focus and facilitating
of the
threshold – ‘Labour practices and human rights’ and ‘Diversity, equity and inclusion’ – into the materiality decision making to (re)balance efforts to maximise progress. Forecasting and performance monitoring will be
Executive
Board space, making them in scope of the ESRS reporting requirements. further embedded in 2025 to cover sustainability reported metrics beyond our BaBW goals.
The annual reassessment of the DMA requires sign-off by the Executive Board. The Sustainability and Identifying lessons or improvements
Report Responsibility Steering Committee, chaired by the Chief Executive Officer (CEO), oversees the Our global, regional and operating company Steering Committees discuss learnings and areas for
of the
Supervisory implementation of the Company’s sustainability strategy. It is involved in setting and monitoring targets and improvement. The recommendations and dilemmas discussed at these forums often emerge from
Board responding to identified impacts, risks and opportunities (see the section ‘General information - Role of the management committees (e.g. our Environmental Steering Committee) and regular reviews within the
Executive Board and Supervisory Board in sustainability matters’ for more information). delivery programmes.

Financial
Integration of the DMA into overall risk management process
Statements The eight material topics identified through the DMA assessment have been mapped to the risks identified in
our overall risk management process. As part of this process, these risks—along with other relevant risks—are
identified, mitigated, and monitored on an ongoing basis as part of routine business. HEINEKEN applies a
proactive approach to ensure that risk management is part of executive conversations and embedded in
Sustainability company processes. Risk management is integrated into overall management processes, and our ongoing
Statements
commitment to managing risks in a conscious manner increases the likelihood of achieving our strategy,
business, and sustainability objectives.
The Executive Board of HEINEKEN is accountable for overseeing risk management, risk oversight, and the
Other
Information
protection of the company’s reputation, assets, and brands. The Board is supported by the Risk Committee,
chaired by the CFO, in conducting regular reviews of the group’s risk assessment cycle. These reviews
summarise the company’s key risks, mitigating actions, and monitoring activities, and they also assess the
level of risk HEINEKEN is willing to accept and the impact these risks may have on the company’s objectives.
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An effective Speak Up framework
Responsible business conduct We proactively encourage everyone to speak up when they have questions or concerns about potential
misconduct, such as fraud, discrimination, harassment, or corruption involving our Company, employees, or
Foundation: our way of working business partners. Multiple confidential channels are available to both employees and external parties to
We know that we can only be successful if we lead with integrity and fairness, with respect for people, the law report concerns.
and our values. This is the essence of our business conduct framework, which forms the foundation of our
ways of working. It guides our day-to-day decisions, actions, engagement, and governance, ensuring we Our Speak Up channels include a network of trusted representatives – employees selected and trained to
operate responsibly. receive and help register potential Speak Up reports – and an external Speak Up service. This service is
managed by an independent provider and is available 24/7. We regularly communicate the availability of
Introduction Zero tolerance to bribery and corruption these channels to employees and third parties to encourage their use, stressing that reports are treated
confidentially and that retaliation is not tolerated.
Code of Business Conduct
A cornerstone of our framework is the Code of Business Conduct (the ‘Code’). It serves as a beacon, reflecting In 2024, we received 2,965 Speak Up reports (2023: 2,765). These reports covered workplace grievances
Report
of the the core principles and policies that define expected behaviours for everyone in our Company. The Code (10%), allegations of fraud (30%), discrimination and harassment (29%), conflicts of interest (8%), and other
Executive provides a framework for ethical decision-making, offers guidance to employees on navigating challenges, concerns (23%; including 10% that did not involve an alleged Code of Business Conduct violation). We have
Board and fosters a culture of integrity and compliance. closed 78% of the 2024 Speak Up reports, with 22% still pending. For the cases that were fully or partly
substantiated (49%), corrective and preventive actions were taken as appropriate, including process and
Report
Business conduct training and awareness control improvements, awareness initiatives, training, coaching, and disciplinary measures ranging from
of the We provide annual mandatory Code of Business Conduct training to all employees worldwide. In 2024, we warnings to termination of employment.
Supervisory introduced a new ‘edutainment’ e-learning module that uses storytelling to engage employees and guide
Board
them in doing the right thing. This interactive training, inspired by real Speak Up cases, helps employees
understand and apply our ethical standards in their daily work, fostering thoughtful reflection on various
Financial
business conduct topics. In 2024, over 85,000 employees completed this training.
Statements
To support ongoing engagement and awareness, we promote responsible business practices through various
initiatives. In 2024, campaigns highlighted key events such as World Whistleblower Day, Anti-Corruption Day,
and Integrity Week, reinforcing our commitment to ethical standards and keeping our employees informed
Sustainability and motivated to uphold our values.
Statements
Zero Tolerance of Bribery and Corruption
As a multinational company operating in more than 70 countries, including those with high levels of
corruption, we pay close attention to exposure to bribery and corruption risks. Our principle is to never engage
Other in bribery, and our anti-bribery and anti-corruption framework is designed to prevent, detect, and respond to
Information bribery and corruption threats. The framework includes risk-based third-party due diligence, mandatory
disclosures of conflicts of interest and awareness campaigns and training.
Training on Anti-Bribery and Anti-Corruption
Our anti-bribery and anti-corruption e-learning equips employees to recognise and handle potential bribery
and corruption challenges they may encounter during their work. This training is mandatory for selected
employees. In 2024, over 10,000 employees completed the training.
In addition to our own employees, we also provide training to selected business partners who may pose an
elevated bribery and corruption risk. This training reiterates our zero-tolerance policy on bribery and
corruption, explains how to recognise and resist bribery and corruption, and encourages speaking up
when necessary.
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In the environmental section of the sustainability

statements we focus on the topics:

Climate change
Introduction Water
Resource use and circular economy
Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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Our net zero strategy
Climate change and nature loss are already impacting our business globally, affecting ingredient and water
supplies, energy access and increasing production costs. A proactive strategy focused on mitigation and
adaptation is essential to enhance resilience, safeguard operations and aim for the long-term sustainability
of our business and supply chains.
Our climate strategy1 aims to reach net zero across our value chain by 2040. To achieve this, we have set
long-term and near-term2 targets, approved by the Science Based Targets initiative (SBTi). This ambition
aligns with the 1.5°C global temperature limit in the Paris Agreement. We have mobilised the organisation,
Introduction established a team of internal experts, contracted external engineering firms and established robust
governance and reduction roadmaps. Our net zero strategy has been approved and adopted by the
Executive Board3. To incentivise delivery, our senior management is rewarded for reduced emissions. For
Report more details on the remuneration policy of the Executive Board, see page 153.
of the
Executive In 2024, we were included for the third consecutive year in CDP’s ‘A list’ for Climate Change.
Board
Key ambition areas behind reach net zero carbon
Report
of the 2040 goal 2030 goal 2030 goal
Supervisory
Board Reach net zero
Reach net zero Reduce Scope 3
in Scope 1 and 2
Financial Reach net zero in Scope 1, 2 and 3 90% CO2 reduction in Scope 1 and 2 26% CO2 reduction in Scope 3
Statements
We aim to achieve net zero reduction in Scope 1 and 2 by 2030, make Scope 1 emissions originate from sources directly owned or controlled by Scope 3 emissions are indirect emissions generated by our suppliers and
progress in reducing Scope 3 emissions by 2030 and fully advance Scope HEINEKEN, such as combustion at production sites, logistics operations, customers. Scope 3 comprises two categories: forest, land and agriculture
3 initiatives towards net zero by 2040. owned transportation, warehouses, owned offices and company-owned (FLAG) emissions and energy-based emissions (non-FLAG). Flag emissions
Sustainability
Our strategy to reach net zero across our value chain is built on the four Rs: bars. Scope 2 emissions result from purchased energy used in HEINEKEN come from farming activities associated with crop use for raw materials.
Statements facilities, including electricity, steam, heating and cooling. Non-FLAG emissions are derived from the use of fossil energies from
reduce, replace, remove and report. This involves transitioning from fossil
fuels to renewable energy across our operations and value chain. Achieving net zero requires a minimum 90% reduction in absolute packaging materials, logistics, cooling and other related activities.

We are also actively collaborating with suppliers, customers, and other emissions compared to the 2022 baseline, with high-quality carbon Our strategy to reduce Scope 3 emissions emphasises collaboration with
Other stakeholders to develop and scale solutions – from regenerative removals neutralising a maximum of 10% of residual emissions. suppliers to promote sustainable agricultural practices, such as regenerative
Information agriculture to circular packaging – that support our ambition and Meeting our Scope 1 and 2 net zero goal by 2030 will require us to agriculture and the use of low-carbon fertilisers, along with the adoption of
contribute to reducing Scope 3 emissions. optimise processes, reduce energy demand and replace fossil fuels with renewable energy, low-carbon technologies and circular packaging. To
renewable energy across all our sites globally. The solutions will be support this, we provide climate-focused training to suppliers and work with
To reach net zero we will have to adopt a portfolio of high-quality carbon industry coalitions to enable supplier access to renewable energy projects and
removal projects to neutralise the 10% residual emissions, in line with mixed between on-site engineering solutions and off-site
procurement agreements. capacity-building initiatives under competitive terms.
SBTi requirements.
We aim for zero deforestation in our key deforestation-linked
commodities by 2025. This includes barley in Mexico, sugarcane and
maize in Brazil and rice in Cambodia.

1
Our BaBW net zero strategy reflects our interpretation of a transition plan for the purpose of the ESRS.
2
SBTi defines near-term targets as those that have a target year of 5 –10 years from the date the target is submitted to the SBTi.
3
Please see the General information section for more detail on the approval process by the Executive Board and the Supervisory Board.
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Our methodology
Understanding our material impacts, We developed relevant scenarios based on the Intergovernmental Panel on Climate Change (IPCC),
risks and opportunities International Energy Agency (IEA) and Network for Greening the Financial System (NGFS) scenario models1.
These scenarios are underpinned by robust scientific research.
Identifying climate-related risks We considered two climate scenarios to test a full range of impacts, a 1.5°C scenario and a 3–4°C scenario.
To understand our climate risks, we conduct regular resilience analysis, identifying risks relevant to our These scenarios consider climate-related physical risks (including climate related hazards) and transition risks.
material environmental topics. For more information on HEINEKEN’s climate-related risks, please see the HEINEKEN categorises and manages environmental dependencies, impacts, risks and opportunities based on
General information section. their impact and likelihood of occurrence.
Introduction
How we use resilience analysis Short-term (<1 year): We are addressing immediate environmental dependencies, impacts, and risks that
HEINEKEN performed its first detailed resilience analysis of its strategy and business model in relation to climate require prompt action. Every quarter, our Risk Committee reviews our key environmental risks and performs a
Report change in 2022. This was part of the work we completed in relation to the Task Force on Climate-related Financial strategic review of these risks. In some circumstances, risks will be mitigated by short-term financial
of the Disclosures (TCFD). HEINEKEN’s resilience analysis, using climate scenarios, considered impacts from barley to bar, investment. These investments are presented in our annual planning, allowing us to implement necessary
Executive
encompassing our own operations and our upstream and downstream value chain. measures and monitor their effectiveness.
Board
We refined the analysis in 2023 by conducting further research to understand the potential impact of these Medium-term (1 to 5 years): We are strategically planning for environmental risks and opportunities that
Report risks in specific markets and globally. Detail of this analysis is included in our 2023 Annual Report. may arise in the near future. This supports our mid-range planning, providing a balance between immediate
of the actions and long-term sustainability goals.
Supervisory In 2024, we performed a high-level reassessment of the analysis and concluded that the three risks identified
Board in 2023 remain the most applicable to our business. As part of this assessment, we confirmed that there were Long-term (>5 years): Environmental risks and opportunities often manifest over extended periods.
no significant changes to external or internal conditions which would impact our analysis and identified risks. Considering a long-term horizon enables us to incorporate these risks and opportunities into our long-term
The scenario analysis does not consider mitigation actions being undertaken by HEINEKEN. planning, ensuring the resilience of our assets and infrastructure. This approach aligns with the useful life of
Financial
our assets and the environmental profile of the sectors and geographies in which we operate.
Statements
Risk levels for HEINEKEN in a 1.5°C scenario by 2050 Risk levels for HEINEKEN in a 3–4°C scenario by 2050
The global temperature increase of 1.5°C above pre-industrial levels as the
baseline goal of the Paris Climate Agreement. This scenario assumes the
The global temperature increase of 3–4 °C above pre-industrial levels. This
scenario assumes that the Paris Climate Agreement goals are not met. In this
Linking climate scenarios with financial statements
delivery of decarbonisation efforts. In this scenario the main risk for a scenario the main risks for a company like HEINEKEN are adaptation to
company like HEINEKEN will be climate mitigation. physical risks.
In preparing the consolidated financial statements, HEINEKEN has considered climate change, including
Sustainability climate change scenarios and the BaBW ambitions, on the estimates and judgements used in preparing the
Statements consolidated financial statements. See note 3b of the financial statements.

Other
Information

1
The specific scenarios used include IEA Net Zero Emissions (NZE) 2050, IEA Stated Policies Scenario (STEPS), NGFS scenarios framework,
Representative Concentration Pathways (RCP) 1.9, RCP 7.0, RCP 4.5, RCP 8.5.
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Key inputs
The table below identifies situations that may contribute to a specific warming level or arise as a consequence of it. It does not consider mitigation actions being undertaken by HEINEKEN. This assessment was used to help
determine the risk levels outlined by the graphs on the previous page. Input from HEINEKEN’s strategy, risk management and sustainability teams helped define the range of risks presented below.

Assumptions in a 1.5°C scenario Assumptions in a 3–4°C scenario

Input Relevance to HEINEKEN Society successfully delivers decarbonisation efforts Society fails to deliver decarbonisation efforts
Market The cost and availability of materials required for – Greater demand for renewable energy sources and less reliance on – Greater reliance on fossil fuels compared to 1.5°C scenario.
(macroeconomic trends) production influences the skills and availability of fossil fuels. – Increased cost of raw materials due to scarcity issues.
Introduction talent required for the workforce and shapes – Increased cost of raw materials due to sustainable sourcing and – Lower demand for talent due to reduced technological
expectations from our stakeholders. stricter environmental regulations. advancement, regulatory compliance and legal compliance
– Higher demand for talent with necessary skills related to compared to a 1.5°C scenario.
Report technological advancement and increased regulatory and – Reduced insurance capacity due to severe impacts of climate
of the legal compliance. change in a 3–4°C scenario.
Executive – Reduced insurance capacity due to higher regulation and pressure
Board on insurers.
Technology The development and adoption of new technologies – Increased demand for technological solutions needed to reduce – Demand for technological solutions needed to reduce GHG
Report
of the
will be needed to reduce the Company’s GHG emissions over a shorter time period. emissions will exist; however, the demand in the short term will not
Supervisory GHG emissions. be as high as in a 1.5°C scenario.
Board
Regulatory Regulation could result in increased costs which could – Increased regulation and pricing on GHG emissions as governments – Fragmented and inconsistent regulation
impact profitability. implement more rigorous policies to limit emissions. – Lack of incentives to decarbonise
Financial
Statements Reputational Levels of stakeholder concern could influence the – Stakeholder concern will grow driven by increased focus on – Stakeholder concern will still exist; however, there will be a lack of
brand’s reputation and stakeholder decisions companies to achieve climate ambitions and progress towards the focus from key parties such as investors, governments
regarding the Company. 1.5°C scenario. and suppliers.

Sustainability Social Intensifying social issues could result in changing – Public activism will be less frequent or intense if significant progress – Increased public activism expected due to frustration with society’s
Statements consumer behaviour, workforce instability and supply is being made to reach the 1.5°C scenario. failure to deliver on climate goals.
chain challenges. – Climate action towards a 1.5°C scenario will reduce drivers that – Higher temperatures will likely cause resource shortages,
contribute to social challenges. displacement and migration, inequality, increased costs and other
factors which could result in social challenges.
Other
Information Physical Extreme weather events could expose our sites to – Extreme weather events will still exist but could be less frequent – Extreme weather events occur more frequently, intensely and
climate risks such as floods, temperature extremes compared to higher warming scenarios. impact larger regions.
and water stress. – Increased temperatures and droughts cause water stress and – Increased temperatures and droughts cause water stress and
impact crop yields. impact crop yields.

Constraints
Due to the inherent nature of predicting future situations, climate scenario analysis is subject to various constraints. These include uncertainties around timing of future events, availability and accuracy of data and
uncertainties regarding assumptions. For the analysis, we assumed that normal business growth will continue and that there will be no disruptive technologies that would alter HEINEKEN’s approach to the
production process.
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Scenario analysis results
We consider the level of risk to HEINEKEN’s assets and business activities as a result of exposure to certain climate-related hazards and transition risk drivers. All HEINEKEN locations were mapped, dependent on their
geography, to identify the aggregated risk of combined exposure to potential risks. HEINEKEN assessed physical and transition risks that relate to our own operations and our upstream and downstream value chain.
Business assets and activities are considered, such as brewery production facilities, own malting production facilities, warehousing, water management, logistics, sourcing raw materials and regulation.

Addressing our most material physical and transition risks

From the highly rated risks in the two scenarios, we selected the three most material risks for HEINEKEN. In deciding on the most material risks, we considered the likelihood, magnitude and duration of these events. This
table summarises how the risk or impact could manifest in a 1.5°C and 3-4°C scenario and outlines where we have addressed the risk or impact in our strategy.
Introduction
1.5°C scenario 3–4°C scenario
Topic Key risk or impact Potential risk or impact Potential risk or impact Where do we address this in our strategy?
Report Regulatory: Pricing on Carbon pricing, taxation and emissions Carbon pricing, implementation of carbon Carbon pricing schemes are fragmented Our actions related to our goals and targets will help mitigate
of the GHG emissions trading schemes are expected to be the taxes and strengthening of emission and lacking in many countries. Prices HEINEKEN’s impact on the environment and enhance resilience
Executive primary levers through which governments trading schemes used to incentivise remain low, with a smaller percentage to transitional risks, such as carbon cross-border tax and national
Board
regulate emissions and incentivise businesses towards lower emissions across of value chain activities covered. quotas for GHG emissions.
decarbonisation. This may increase the the value chain. For more information on these goals and targets and the
Report
of the
price of raw and packaging materials, actions we are taking, please see the Climate change ‘Actions
Supervisory energy, equipment and other related inputs. and resources’ section and ‘Metrics and targets’ section.
Board
This year, we introduced an Internal Carbon Pricing Policy. For
more information, please see the ‘Policies’ section.
Financial
Statements Physical risk: Water Changes in water availability due to climate Significant technological advancements in Increased population growth, uneven HEINEKEN’s strategy ‘Towards healthy watersheds’ aims to
scarcity and stress change, increased demand for water, or water management along with regulatory economic development, rising protect and restore the watersheds from which it sources
regulatory shifts may lead to production restrictions and access protection will temperatures and conflict over water water. This will help build resilience against water
interruptions and loss of revenue. contribute to efficient water use. resources will intensify water unavailability and business disruptions.
Sustainability
Statements Water withdrawal in water-stressed areas stress globally. For more information on these goals and targets and the actions
reduces water availability. we are taking, please see the Water ‘Actions and resources’
section and ‘Metrics and targets’ section.

Other Market: Increased cost Disruption of sourcing continuity, such as While the impact of weather on yields by Increased climate-related yield and HEINEKEN’s Scope 3 agriculture emissions (FLAG) reduction
Information of raw materials changes in the availability, quality, or price 2050 is expected to be less severe compared quality variability compared to lower strategy helps identify high-risk sourcing countries and build
of ingredients due to external factors like to higher warming scenarios, there will be warming scenarios. In addition, extreme resilience through practices like regenerative agriculture.
political instability and climate change, may increasing annual yield variability due to weather events such as wetter and For more information on these goals and targets and the
lead to resource shortages, increased costs, climate change. Moreover, initial technological warmer winters in key growing areas will actions we are taking, please see the Climate change ‘Actions
production interruptions and loss advancements and practices may have a increase the protein content, leading to and resources’ section and ‘Metrics and targets’ section.
of revenue. short-term negative impact on yields higher processing costs for brewing.
compared to conventional
agricultural practices.

Due to the high level of uncertainty among climate factors, monitoring the significance of risk categories is an ongoing process considering changes in external conditions and scenario assumptions. We review detailed
scenario analyses and climate risks on a regular basis. We may conduct scenario analysis and climate-related risk assessments more frequently in the event of significant political and economic changes, or a significant
change in climate factors.
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Addressing our delivery risks
Preventing future emissions Technology and infrastructure
Locked-in GHG emissions are probable future emissions that would be unavoidable due to existing HEINEKEN operates in diverse markets, facing significant challenges due to the lack of harmonised energy
infrastructure and assets. In the beverage industry, there are several assets that could result in potential infrastructure. This inconsistency creates complexity and affects the adoption of technical solutions. For
locked-in GHG emissions, as they could require the use of fossil fuels. For HEINEKEN, these assets exist under example, what works in Brazil may differ greatly from solutions in the Netherlands. To address this, we have
our current operations, and we are working to manage them so they do not jeopardise progress against our developed 16 site archetypes, each representing an unique combination of renewable thermal solutions.
climate ambitions. Mergers and acquisitions of non-efficient entities may bring assets into scope that are However, this diversity adds complexity to programme deployment and speed of implementation.
inherently energy inefficient, necessitating robust due diligence. Affordability
Introduction
The wide variation in energy grid structures leads to significant cost differences across markets, making
Assets HEINEKEN’s plans to manage risks related to locked-in GHG emissions renewable thermal energy solutions highly variable in cost. For example, Ethiopia’s low-carbon electricity grid
Conventional energy We limit the use of long-term conventional energy contracts and provide supports the electrification of thermal needs, prompting HEINEKEN Ethiopia to invest in electric boilers. In
Report contracts opportunity to step out and replace them with renewable energy contracts. other markets, for example Vietnam, high natural gas prices compared to bioenergy have led to the
of the
On-site power generation We do not own any coal-, gas- or oil-fired power plants. We sign power purchase deployment of biomass boilers fuelled by rice husks. This ongoing cost diversity requires thorough cost
Executive
Board agreements (PPAs) and pursue on-site solutions where possible. We also purchase analysis and careful assessment of the financial impact of our operating companies. Poorly executed
energy attribute certificates (EACs) as a short-term solution in countries where investments in these solutions could inflate energy costs for some operating companies by 15–20 times.
Report PPAs are not yet available.
We have learned that ‘carbon economics’ vary significantly and evolve rapidly. Through our net zero
of the
Supervisory Production equipment We have set roadmaps for operating companies to identify the renewable heat programme, we conduct detailed investment reviews, carefully considering various financial indicators. We
Board solutions such as heat pumps, sustainable biomass, renewable biogas and are prioritising our investments to accelerate projects based on cost effectiveness and ease of
biomethane, and solar thermal boilers. implementation. Our decision making also considers where we need to wait for regulation and innovation to
enable decarbonisation more effectively.
Financial Greenfield projects We have developed an internal process to design greenfield breweries with low- Immature carbon removal market
Statements carbon emissions from the start of operations. We are piloting this concept in
The carbon removal market is still emerging, but it is projected to grow substantially in the coming years. We
future investment plans.
are actively monitoring developments and exploring opportunities. However, options remain limited,
Packaging Some of our packaging suppliers use glass furnaces. We aim to support our measurement and traceability need to be improved and prices for high-quality removal projects can be
Sustainability suppliers to invest in low-carbon furnaces in the near future. prohibitive, reflecting the early stage of this market. As it evolves, we will assess its potential to complement
Statements our broader decarbonisation efforts.
Refrigeration assets, We are exploring opportunities to reduce energy use and transition to renewable
owned buildings and pubs energy, where feasible. Evolving accounting standards
and logistics The GHG Protocol accounting standards for Scope 1, 2, and 3 will continue to evolve, and SBTi is expected to
Other release new Net Zero standard 2.0 in 2025. These updates will be critical in refining how companies like
Information Challenges for our net zero strategy HEINEKEN account for and attribute emissions reductions relating to their operations and across their value
In view of our global footprint and the diverse markets in which we operate, we have certain challenges in chain. We welcome these updates which will clarify how to accelerate delivery of carbon reduction.
delivering our net zero strategy. While it is too early to determine the impact of such challenges on our ability
to achieve our goals, we remain steadfast in our journey and will continue to engage with policymakers to
advocate for removing barriers to decarbonisation and explore innovative solutions with our partners.
Policy and regulation
In 14 of the 60 markets where we operate, sourcing renewable electricity through energy certificates or
corporate power purchase agreement is not currently possible because of regulatory barriers. While these
markets account for a relatively small portion of our overall electricity demand, we aim to collaborate with
local platforms to advocate for access to renewable electricity.
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Policies
HEINEKEN has several internal policies in place to guide how we address climate impacts, risks and opportunities. Climate change mitigation, which includes the deployment of renewable energy and energy efficiency, is
addressed in our Renewable Electricity Policy and Biomass Policy. HEINEKEN does not have a dedicated policy on climate change adaptation; however, we plan to develop one in the future. HEINEKEN has a general
Environmental Policy that encompasses the policies outlined below. Global Corporate Affairs is responsible for updating the Environmental Policy as necessary, incorporating input from relevant stakeholders to reflect the
latest external standards, legal developments, and best practices.

Renewable Electricity Policy

Introduction
Background Key content Scope Accountability
As part of our goal to be net zero in Scope 1 and 2 Provides specific binding policies and non-binding guidance to help Applies to all HEINEKEN operating The Chief Supply Chain Officer, Chief
Report by 2030, we aim to use 100% renewable electricity operating companies: companies and to all new and existing Procurement Officer and Chief Corporate
of the for both on-site electricity generation and renewable electricity supply agreements. Affairs Officer are accountable for this policy.
Executive – understand renewable electricity sourcing options available to them;
purchased electricity. By using renewable
Board
– explain the potential risks and mitigations associated with each sourcing The policy is monitored by these functions to
electricity, we reduce our reliance on fossil fuels.
option; and ensure that it remains relevant to
Report strategic objectives.
of the – enable progress towards their renewable electricity targets.
Supervisory
Board
Biomass Policy
Background Key content Scope Accountability
Financial
Statements Biomass is one of several bioenergy solutions we Provides a non-binding framework for sourcing biomass in alignment with Applies when a HEINEKEN operating The Chief Supply Chain Officer, Chief
use at HEINEKEN to increase our renewable internal sustainability criteria and sets a mandatory requirement to obtain company or third-party supplier is the Procurement Officer and Chief Corporate
energy use in production, particularly for third-party sustainability certification for all sourced biomass. owner and operator of a bioenergy plant. Affairs Officer are accountable for this policy.
generating heat in boilers. While biomass offers The policy covers new and existing
Sustainability We share a manual with our biomass suppliers that includes relevant The policy is monitored by these functions to
valuable opportunities, it also presents challenges; biomass supply agreements and the
Statements information from this policy. ensure that it remains relevant to
if not sourced responsibly, it can lead to negative supply chain from the source of biomass
strategic objectives.
environmental impacts. (e.g. forests) to HEINEKEN.

Other
Information Internal Carbon Pricing Policy
Background Key content Scope Accountability
An internal carbon price assigns a monetary value Applies region-specific shadow pricing to potential Scope 1 and 2 GHG Applies to all HEINEKEN operating The Chief Supply Chain Officer, Chief
to carbon emissions, helping HEINEKEN to emissions from investments, regardless of current carbon taxes in companies with potential Scope 1 and 2 Procurement Officer, Chief Corporate Affairs
simulate potential future costs of external carbon each country. GHG emissions from investments. It Officer and Director Business Control are
pricing and integrate climate-related financial risks applies when calculating the net present accountable for this policy.
into our investment decisions. value of the investment.
The policy is monitored by these functions to
ensure that it remains relevant to
strategic objectives.
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Actions and resources

The table below highlights the key actions taken and planned to prevent, mitigate and remediate actual and potential impacts, and to address risks and opportunities relevant to climate change. The activities relevant to
many of these actions play a critical role in achieving our ambitions and policy objectives.

Affected
Value chain stakeholder Time
Key actions Related activities scope groups Expected outcome horizon
Introduction Reduce energy – Reduce with energy efficiency, leveraging insights across our sites and internal benchmarks. Own operations – Production, Increase energy efficiency and reduce overall 2030
consumption – Replace with renewable electricity, through various mechanisms such as PPAs or EACs. Scope 1 and 2 GHG logistics energy consumption from production and
and replace – Replace with renewable thermal, moving away from fossil energy to renewable and emissions logistics. As a result, we will reduce GHG
fossil fuels with low-carbon technology. emissions from our own operations
Report
of the renewables
Executive Strengthen – Engage with suppliers in all categories to identify and develop shared solutions in the Upstream and Agriculture suppliers, Reduce supplier emissions. As a result, we will 2040
Board supplier value chain. downstream value packaging suppliers, reduce emissions in our upstream and
engagement – Support our suppliers to create decarbonisation roadmaps. chain – Scope 3 other suppliers downstream value chain
Report – Provide top suppliers with access to Supplier Leadership on Climate Transition, a climate school emissions
of the designed to develop capabilities on climate and encourage them to set their own science-
Supervisory
based targets.
Board
Focus on – Launched the Low Carbon Farming programme, engaging farmers via raw material suppliers Upstream value Agriculture suppliers Increase adoption of low-carbon practices in 2040
agriculture to promote sustainable practices like cover cropping, no-tillage, organic matter use, and chain – Scope 3 agriculture building resilience of agricultural
Financial initiatives optimised seed and fertiliser application. emissions suppliers by improving soil health, promoting
Statements (FLAG) – Introduced ‘Project TRANSITIONS’, a large-scale regenerative agriculture programme efficient water management and contributing
in France. to carbon sequestration. As a result, we will
– Developed a strategy to source low-carbon fertilisers and initiated our strategy on reduce our FLAG emissions
zero deforestation.
Sustainability Focus on – Pursue market interventions by engaging suppliers across all categories through strategic Upstream and Packaging suppliers Reduce supplier emissions, increasing reuse of 2040
Statements packaging meetings to develop shared decarbonisation solutions and roadmaps. downstream value packaging, and driving up the recycled
initiatives and – Support upstream glass and aluminium suppliers with roadmaps to enhance energy efficiency chain – Scope 3 content in our glass and cans will reduce Scope
circularity and increase renewable energy usage. emissions 3 emissions related to packaging
(non-FLAG) – Advance our circularity strategy, disclosed in the Resource use and circular economy section
Other
focuses on three key areas: reuse, recycled content and recyclable by design.
Information
Carbon – Review emerging external standards and best practices. Upstream and Production, Secure carbon removals to address residual 2040
removals – Develop sourcing principles for future investments. downstream value agriculture suppliers. emissions we cannot eliminate through
– Assess investment and partnership opportunities in our own land, third-party land and chain and own other suppliers decarbonisation. Align with external standards,
agricultural projects. operations – Scope securing carbon removals through a mix of
1, 2 and 3 insetting projects and external carbon credits
emissions
Collaboration – Collaborate with industry groups, such as the Beverage Industry Environmental Roundtable Own operations, Local authorities, Learn and share best practices, advocate Continuous
and advocacy (BIER) to share industry specific knowledge and learnings upstream value NGOs for harmonised standards and
– Engage with sustainability platforms to learn best practices chain and effective regulation
– Work with advocacy groups aligned with our net zero strategy who can influence policy makers downstream
and regulators value chain
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Achieved and expected GHG emission reductions
Our Scope 1 and 2 priority is to reduce emissions by minimising energy demand, followed by transitioning from fossil fuels to renewable energy.

Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Our near-term Scope 3 ambition targets the largest impacts on our Scope 3 carbon footprint – packaging and raw materials – through supplier engagement, market interventions and circularity.
Financial
Statements

Sustainability
Statements

Other
Information

Results above are based on our SBTi target boundary. These results and progress are further detailed in the section ‘Metrics and targets’.
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Internal carbon pricing
Investments and funding Internal carbon prices are used to encourage decarbonisation investments, simulate potential future costs of
external carbon pricing, and integrate climate-related financial risks into investment decisions. In 2024, we
Allocation of resources updated our Internal Carbon Pricing Policy. Going forward, this policy mandates our operating companies to
The actions above are supported through CapEx and OpEx investments. Our sustainability investments apply a shadow price for carbon for potential Scope 1 and 2 carbon emissions from investments.
underlying our sustainability strategy are embedded in how we run our business and how we have designed Scheme type
our (operational) processes. For climate change our investments relate to, among others, building our We apply differentiated shadow pricing based on the International Energy Agency’s (IEA) regional
breweries in a net zero setup, transitioning to renewable thermal and procuring renewable electricity. classifications, which consider factors such as economic status, UN climate pledges, and the strength of
Introduction Examples of this are the recent electric boiler investments in Ethiopia, heat pump investment in Hungary and climate policy in each country. This approach offers a more accurate financial indicator of carbon pricing risk
thermal storage investment in Portugal. for each country than a single, blanket price. A shadow price on CapEx and OpEx supports planning and
These investments most often form part of larger investments, and have in most cases multiple objectives of evaluating investments that impact Scope 1 and 2 carbon emissions, such as renewable energy projects,
Report which sustainability is only one of them. It would require significant judgement to identify the incremental while accounting for potential cost increases from expanding global carbon taxes.
of the
Executive
financial investment associated with specific sustainability objectives. In our view, the current ESRS guidance Scope of application
Board provides insufficient detail and clarity (e.g. what is considered to be sustainability-related CapEx and OpEx) to
Our operating companies in all geographies must apply region-specific shadow pricing to business cases for
prepare a monetary disclosure that supports consistent and reliable reporting across companies.
all potential Scope 1 and 2 carbon emissions from investments, regardless of current carbon taxes in
Report In addition, we recognise that our future spend is subject to business, regulatory, government or other each country.
of the
Supervisory developments, which could influence the level of spend on capital expenditure. While we monitor these
Pricing assumptions
Board uncertainties and adjust our strategies where possible to minimise potential disruptions, the inherent
unpredictability of these external factors means that some degree of uncertainty will always be present. We Carbon prices follow the IEA’s Global Energy and Climate Model guidelines and will be reviewed annually to
remain committed to managing these challenges as effectively as we can, making decisions that consider incorporate any major changes.
Financial both our immediate needs and long-term goals while recognising the limitations imposed by
Statements Carbon price Carbon price
external circumstances.
2024-2030 2031-2040
The extent to which we are able to implement our plans depends on the availability and allocation of Classification Country examples (€/tCO2eq) (€/tCO2eq)
resources. Access to finance at an affordable cost of capital is critical, particularly for significant initiatives
Sustainability such as investments in innovative solutions. The full implementation of certain long-term projects, like large- Advanced economies with net zero European Union, United 130 191
Statements emission pledges Kingdom, New Zealand
scale on-site renewable energy installations, is contingent upon continued financial support and strategic
resource allocation. As a result, our ambitions have been integrated into our strategic and annual budgeting Emerging market and developing South Africa, India, Singapore 84 149
plans to ensure the appropriate resource allocation. economies with net zero emission pledges
Other Selected emerging market and developing Brazil, Mexico, Nigeria 23 79
Refer to the EU Taxonomy section on pages 199-205 for the proportion of CapEx eligible and aligned with
Information economies
the climate change mitigation objective.
Other emerging market and developing Cambodia, Egypt, Jamaica 14 33
economies
The inclusion of internal carbon pricing in business cases was limited in 2024. With the policy update, we
anticipate a more consistent integration of shadow pricing moving forward.
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Our carbon footprint

Scope 1:
HEINEKEN’s carbon footprint (Scope 1, 2 and 3) in 2024 was 15.9 million tonnes
CO2eq. This footprint spans several stages of our value chain. Our brewing 2024 gross GHG emission 1.0 million Scope 2:
operations take place across 181 sites in 60 countries. total:
tonnes 0.1 million
Upstream emissions originate primarily from agriculture (e.g., barley, maize, hops,
and sugar) which are processed by raw material suppliers into the ingredients we
15.9 million CO2eq tonnes
Introduction use for brewing. Other upstream emissions come from packaging (e.g., aluminium
cans and glass bottles). Once brewed and packaged, our products are distributed
tonnes CO2eq Scope 3:

to warehouses and logistics centres, either through our own fleets or third-party CO2eq 14.8 million
Report
of the
logistics providers.
tonnes
Executive
Board
Downstream emissions are generated in bars and restaurants, where refrigeration
plays a significant role. Beyond the product lifecycle, our corporate emissions fall CO2eq
into various categories, including capital goods, employee commuting, business
Report travel, and franchise operations. Together, these elements capture the complexity
of the of our carbon footprint and the breadth of our impact.
Supervisory
Board

Financial
Statements

Sustainability
Agriculture Packaging Processing Production Logistics Cooling Other
Statements

Other
Information
17% 36% 4% 8% 13% 8% 14%
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Metrics and targets

The following table outlines HEINEKEN’s goals and targets to meet our ambitions as well as metrics to track progress on those goals and targets.

Progress
BaBW ambition BaBW goal Target Time horizon target Metric 2024 20231
2
Reach net Reach net zero across our value chain by 2040 Reach net zero in Scope 1, 2 and 3 2040 % CO2eq reduction in Scope 1, 2 -16% -11%
33% CO2 reduction in Scope 1, 2 and 3 by 2030 and 3 emissions vs. 2022 baseline
Introduction zero carbon Reach net zero in Scope 1 and 2 by 20303 90% CO2 reduction in Scope 1 and 2 2030 % CO2 reduction in Scope 1 and 2 -34% -19%
emissions vs. 2022 baseline

Report 100% electricity from renewable sources in Scope 1 and 2 2030 % electricity from renewable 84% 77%
of the sources in Scope 1 and 2 in
Executive production
Board
Reduce Scope 3 by 2030 26% CO2 reduction in Scope 3 2030 % CO2eq reduction of Scope 3 vs. -14% -10%
2022 baseline
Report
of the 30% CO2 reduction of Scope 3 FLAG emissions 2030 % CO2eq reduction of Scope 3 -23% -2%
Supervisory FLAG emissions vs. 2022 baseline
Board
25% CO2 reduction of Scope 3 non-FLAG emissions 2030 % CO2eq reduction of Scope 3 non- -11% -12%
FLAG emissions vs. 2022 baseline
Financial
1 2024 is the first year that we measure progress against our 2022 baseline. 2023 progress is based on restated 2023 values.
Statements 2 Net zero is defined by SBTi as a minimum of 90% emissions reductions across Scope 1, 2, and 3. A maximum of 10% residual emissions that cannot be eliminated otherwise must be covered with permanent carbon removal and storage solutions.
3 We have defined this goal as a 90% emissions reductions across Scope 1 and 2. A maximum of 10% residual emissions that cannot be eliminated otherwise must be covered with permanent carbon removal and storage solutions.

Reach net zero carbon

Sustainability
Statements
Overall, we reduced Scope 1, 2 and 3 emissions by 16% versus our 2022 baseline. Combined Scope 1, 2 and 3 reductions have contributed to overall progress. In 2024, the incorporation of the Distell acquisition in the
carbon footprint led to an increase in our Scope 3 emissions versus 2023. However, progress has still been made due to a favourable mix of crop-related raw material usage and packaging supplier decarbonisation efforts.
Scope 1 and 2
Other
We have reduced Scope 1 and 2 emissions by 34% compared to the 2022 baseline. We cannot use a one size fits all approach, and decarbonisation requires precise planning and tailored solutions. We are developing
Information custom strategies for each location which account for geographical, socio-political, technological and economic variations. We continue to implement a toolkit to increase the adoption of renewable electricity, including
PPAs, on-site solutions, energy certificates and other mechanisms. After six years of development, we secured two strategic PPAs in Nigeria and implemented renewable electricity solutions in smaller markets like Suriname,
the DRC and Peru. In 2024, we used 84% renewable electricity across our global operations. Some of our Renewable Electricity projects allow us to realise cost savings and manage volatile energy prices.
Scope 3
In 2024, we reduced Scope 3 emissions by 14% compared to the 2022 baseline. Both agricultural and energy-based emissions have decreased (FLAG 23% and non-FLAG 11%). The integration of our recent acquisitions in
South Africa and India have reshaped our raw material portfolio, using more apples for cider in South Africa and more rice in India. This new portfolio has a lower carbon intensity and contributes greatly to reducing our FLAG
emissions. In contrast, integrating these businesses increased packaging emissions, affecting our non-FLAG results. Our packaging supplier decarbonisation programme has softened the impact of these integrations. Through the
Supplier Leadership on Climate Transition initiative, we have successfully equipped suppliers to set Science-Based Targets (SBTs). To date, 56 suppliers have established targets, with an additional 18 suppliers joining the
programme in 2024. We launched the REfresh Alliance with 10 beverage companies to support suppliers in accelerating the adoption of renewable electricity. We are also working with our suppliers to comply with SBTi
FLAG guidance.
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For agriculture, the third season of our low-carbon farming pilot programme saw almost 300 projects underway, trialling sustainable farming practices around cover cropping, no-tillage, organic matter use notably and
fertiliser application optimisation. There is still much work ahead to establish regenerative agriculture projects at scale globally. Most markets are less developed and scaling up and coordinating efforts will require ongoing
collaboration, investment and innovation.
For packaging, we are launching initiatives to support glass and aluminium suppliers with site-specific roadmaps focused on energy efficiency and renewable energy. We are increasing the recycled content in our glass and
cans to reduce carbon emissions. In 2024, we conducted six decarbonisation workshops with strategic glass suppliers and mapped over 100 initiatives across Europe, Americas and Africa and the Middle East.
Methodologies and significant assumptions used to define the targets
We use the SBTi methodology to ground our emissions reductions goals in science. This approach helps us to define how much and how quickly we need to reduce our GHG emissions to limit global warming to 1.5°C above
pre-industrial levels1. HEINEKEN’s GHG Accounting standard sets the foundation for our net zero targets. GHG accounting and reporting practices are based on standards and frameworks from leading global organisations
Introduction including the Greenhouse Gas Protocol. Scope 2 market-based accounting is used to measure performance against our targets. GHG accounting methodology is expected to evolve with updated methodology
and guidance.
As part of the critical assumptions for setting GHG emission reduction goals and targets, we considered future developments and how these could potentially impact both our GHG emissions and emissions reductions. While
Report
of the steady progress is made, the road ahead is not always smooth and we anticipate that future carbon reductions will not be linear. As we advance further in our journey, the challenges become more apparent, in view of our
Executive large global footprint and the diverse markets in which we operate. For example, complexity around thermal energy infrastructure, significant cost differences across markets, developments in methodologies and carbon
Board removal markets are factors that could impact HEINEKEN’s ability to achieve its goals. We refer to page 172 for more details on future developments and how these could potentially impact our emissions and
emissions reductions.
Report
of the Future developments such as shifts in consumer expectations, regulatory factors, market dynamic (renewable energy scarcity) and new technologies are considered as part of our climate-related risks assessment. The
Supervisory impact of an increase in sales volumes is also considered, which is why we are focused on key decarbonisation levers that will reduce our emissions.
Board

Financial
Statements

Sustainability
Statements

Other
Information

1
HEINEKEN is not excluded from EU Paris-aligned Benchmarks.
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Metrics
Data reported in this section represents metrics in accordance with ESRS requirements. For comparison purposes, we also include further detail on our carbon footprint. These metrics include a breakdown of our carbon
footprint and additional metrics to our goals and targets (included in the previous section).

GHG emissions
Introduction The table below outlines our overall GHG emissions results. Gross GHG emissions reflect all emissions from our total carbon footprint. HEINEKEN SBTi GHG emissions reflect emissions within our approved SBTi target
boundary. The SBTi target boundary excludes less than 5% of our total Scope 1 and 2 emissions and less than 10% of our total Scope 3 emissions compared to the baseline, allowing HEINEKEN to focus targets on activities
we are able to influence. Exclusions mainly include CH4 and N2O gases and refrigerants in Scope 1 and 2, sorghum crop, rice crop from all sourcing countries except Vietnam and other local crops used in local recipes, capital
Report goods, other logistic activities, e.g., inbound logistics of secondary packaging materials, commercial merchandise, and spare parts, downstream transport and distribution, home cooling of our products, franchises and
of the investments. In the future, we will disclose target values for 2035 towards our 2040 ambition.
Executive
Board Gross GHG
Carbon footprint emissions HEINEKEN SBTi GHG emissions
Report (ktonnes CO2eq) 2024 2024 2023 restated1 2022 baseline1 2030 target 2040 target
of the
Supervisory Scope 1 GHG emissions 974 933 1,014 1,100 110 110
Board Scope 2 GHG emissions Market-based 117 114 268 482 48 48
Location-based 863 N/A N/A N/A N/A N/A
Scope 3 GHG emissions 14,815 12,408 13,001 14,399 10,644 1,440
Financial Scope 3 FLAG 2,694 2,394 3,016 3,091 2,164 309
Statements
Scope 3 Non-FLAG 12,121 10,014 9,985 11,308 8,480 1,131
Purchased goods and services 10,188 9,762 10,366 10,561 7,765 1,056
Capital goods 647 — — — — —
Sustainability Fuel and energy-related activities 271 26 259 305 229 31
Statements Upstream transportation and distribution 1,720 1,632 1,471 1,522 1,141 152
Waste generated in operations 30 — 68 85 64 9
Business travelling 52 52 62 108 81 11
Employee commuting 77 77 74 38 29 4
Other
Information Upstream leased assets 82 82 91 95 71 10
Downstream transportation 207 — — — — —
Use of sold products 1,345 725 571 561 421 56
End-of-life treatment of sold products2 52 52 39 1,124 843 112
Franchises 57 — — — — —
Investments 87 — — — — —
Total GHG emissions Market-based 15,906 13,455 14,283 15,981 10,802 1,598
Location-based 16,652 N/A N/A N/A N/A N/A
1 Values include UBL and Distell acquisitions.
2 Data improvements allowed for better distinction of packaging emissions between category one and category twelve, explaining the large decrease compared to the 2022 baseline.

In the table above we excluded the linear annual reduction target as per the prescribed ESRS formula. This disclosure would not provide relevant and meaningful insights for stakeholders given that GHG emission reductions
are not inherently linear in nature.
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The table below outlines Scope 1 emissions from installations in the scope of an EU emission trading scheme
(ETS) or non-EU ETS and GHG intensity as a factor of net revenue. Renewable electricity contractual instruments
2024 The market-based method quantifies Scope 2 emissions based on contractual instruments to reflect
emissions associated with purchased energy. The share of HEINEKEN’s contractual agreements in 2024
Scope 1 GHG emissions from regulated ETS (%) 22%
is disclosed in the table below.
Total GHG emissions per net revenue (tCO2eq/mEUR)1
Market-based 533 Contract type (%) 2024
Location-based 558
Physical power purchase agreement (PPA) 42%
Introduction
Biogenic emissions Virtual power purchase agreement (vPPA) 8%
Biogenic emissions include emissions from combustion of biogenic materials that come from sustainable Energy attribute certificates (EACs) 21%
sources. These emissions are separately reported from the total emissions inventory. Total biogenic emissions
Other (e.g. retail contracts, specific projects) 29%
Report from Scope 1 and 2 in 2024 was 525 ktonnes CO2eq.
of the Total 100%
Executive
Board
Energy consumption and mix
Report
of the In GWh 2024
Supervisory
Board Fuel consumption from coal and coal products 181
Fuel consumption from crude oil and petroleum products 1,121
Fuel consumption from natural gas 2,338
Financial
Statements Fuel consumption from other fossil sources 263
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 321
Total energy consumption from fossil sources 4,224
Sustainability Total energy consumption from nuclear sources 0
Statements
Fuel consumption for renewable sources, including biomass (also comprising industrial and 1,301
municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable 2,230
Other sources
Information
Consumption of self-generated non-fuel renewable energy 37
Total energy consumption from renewable sources 3,568
Total energy consumption 7,792

In MWh/mEUR 2024
1
Total energy consumption per net revenue 261

1
Total net revenue was used to determine these metrics. Refer to note 6.1 of the financial statements.
 182 E3: Water – Strategy
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Our water strategy
Water is not only essential to our products – it’s an important resource that supports all aspects of our
operations. For decades, HEINEKEN has made water management a core priority, recognising its importance
to our business, communities and the environment. Our 2030 water strategy, ‘Towards healthy watersheds’ is
designed to create long-term value in our production processes and go beyond our breweries to actively
support the health and sustainability of local watersheds, especially in regions facing water stress.
This strategy is built on three key pillars: water in our production, water in our communities where we operate
and water in our supply chain. By adopting a value chain approach, we address water management not only
Introduction within our own operations but also upstream with our suppliers and within the communities that rely on
these water resources.
In 2024, we scored on CDP’s ‘-A list’ for Water.
Report
of the
Executive
Board
Key 2030 ambition areas behind healthy watersheds
Report
of the
Supervisory
Board

Reduce average water usage to 2.6 hl/hl in water- Fully balance water used in our products in water- 100% Sustainably sourced ingredients (hops,
Financial
Statements
stressed areas and 2.9 hl/hl worldwide stressed areas barley)
We focus on managing water in our production process through three We recognise that water challenges vary by location and understanding Water stewardship within our supply chain is a cornerstone of our
key areas: water efficiency, water reuse and recycling, and the local context is essential in defining relevant water sustainability strategy, as agriculture accounts for nearly 90% of our total
wastewater treatment. balancing activities. water footprint. Barley, our primary crop, is naturally water-efficient and
Sustainability We aim to improve water efficiency by implementing practices that We aim to replenish 1.5 litres of water to the local watershed for every typically rainfed, which reduces the need for irrigation in most regions.
Statements
reduce, reuse and recycle water for alternative purposes, with a particular litre of beer we sell. To achieve this, we implement a variety of However, in certain sourcing areas, structural irrigation is required to
emphasis on water-stressed areas. We focus on fostering the right culture interventions, including nature-based solutions such as land conservation maintain soil moisture, and we anticipate that this need will grow due to
to implement water best practices and invest in advanced water-saving and ecosystem restoration. Additionally, we invest in infrastructure changing environmental conditions. We assess water in sourcing
technologies and process optimisations across our sites. enhancements and projects to reduce water loss, such as mitigating locations using the Sustainable Agriculture Initiative (SAI) global
Other
Information Where possible, we integrate circular water systems, allowing us to leakage, to improve the reliability of water supply. principles, with water management being a key area of assessment.
further reduce water withdrawals and improve resilience against future As part of our efforts to support communities, we implement targeted Through SAI, we aim to reduce water use, treating wastewater from
challenges. We are working to efficiently treat wastewater to prevent programmes to improve access to safely managed water where it is most farming activities and promoting responsible water management
potential environmental impacts, such as eutrophication, following needed, particularly in regions facing water stress. practices across our supply chain.
discharge. By doing this, we aim to preserve the health of the watersheds To ensure our efforts deliver measurable impact, we employ the Please see the Resource use and circular economy section for more
where we operate to protect local ecosystems, maintain regulatory Volumetric Water Benefit Accounting (VWBA) methodology, a globally details on sustainably sourced hops and barley.
compliance, and support our broader sustainability goals. recognised standard developed by the World Resources Institute (WRI).
This standard helps us track and validate the outcomes of our water
stewardship efforts.
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In 2023, we extended our Global Water Risk Screening from our manufacturing facilities to our top agricultural
Understanding our material impacts, suppliers and primary sourcing areas. This yielded valuable insights into regions experiencing water stress and
into the maturity of our suppliers in managing water resources. This initial screening was complemented with a
risks and opportunities broader assessment of our key suppliers following guidance provided by the Science Based Targets Network
(SBTN), which focuses on both water quantity and quality, to identify priority sourcing countries that require
For our approach on determining impacts, risks and opportunities related to water, see General information section. action (steps 1 and 2 of the methodology).
Engaging with our watershed stakeholders
Each watershed is unique, shaped by the ecosystem and biodiversity it supports as well as local governance,
Introduction
stakeholders and community needs. Our sites must take a contextual approach to managing water risks,
based on local circumstances, and progress may be faster and more straightforward in some locations
than others.

Report As part of our SVAs, we evaluate if a manufacturing facility’s water intake affects the availability and/or the
of the quality of water for the people in the local community and ecosystems. We then identify the relevant
Executive On an annual basis, all our operating Every five years, and whenever we have new stakeholders and assess their interests and potential for a partnership around water management activities.
Board companies conduct a local water security consolidated facilities, we perform a
assessment. This is to indicate the status of comprehensive water risk assessment for all Water-stressed areas
Report water quantity, water quality and water operations known as a Global Water Risk
of the availability on site and to identify water risk Screening. For this, we use a water risk mapping Based on our approach, we identified 41 sites in water-stressed areas and these are a priority for our strategy
Supervisory
locally, including areas of high-water stress, tool developed by the WRI called Aqueduct to until 2030. This will build resilience to water unavailability, avoid business disruptions and improve water quality.
Board
to ensure remedial efforts are in place. identify sites located in areas of high-water risk
including areas of high and extremely high-
water stress as defined by ESRS. In addition, we
Financial
Statements include geospatial data as an extra layer to
better understand water risks that are not
accessible through the WRI tool.

Sustainability
Statements

Other
Information

If steps 1 or 2 identify a water risk for specific sites, a local SVA is conducted by a
third-party specialist, to confirm water risk conditions in local areas where we operate and
where we source water from. The subset of sites resulting from this process are referred
to as ‘water-stressed sites’. These sites have been identified as a priority in terms of our
‘Towards healthy watersheds’ strategy for the period up to 2030.
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Policies
HEINEKEN has an Environmental Policy in place to address our material impacts, risks and opportunities related to water.

Environmental Policy
Background Key content Scope Accountability
To outline the guiding principles, ambitions and The Environmental Policy outlines aspects relevant to HEINEKEN’s ‘Towards The policy applies to all HEINEKEN Global Corporate Affairs is responsible for
Introduction internal policies established across the business to healthy watersheds’ strategy. It provides the overarching framework to address management, employees and contract updating this document as necessary,
support our environmental goals, manage risks, water management, including: workers across our operating companies incorporating input from relevant
and enable accelerated action and innovation. and global functions. stakeholders to reflect the latest external
– Maximising water reuse and recycling
Report standards, legal developments and
of the – Treatment of wastewater best practices.
Executive
Board
– Water balancing in water-stressed areas
– Sourcing of water sustainably
Report Additionally, it addresses the minimisation of water usage in our production
of the processes, including in areas at water stress, by integrating advanced water-
Supervisory
Board efficient practices and technologies.
The policy is made available to stakeholders via our website.

Financial
Statements HEINEKEN does not have a policy or practices related to sustainable oceans and seas. This is not applicable to HEINEKEN because our operations are largely land-based. We do not, at relevant scale, extract seawater or raw
materials from the ocean or discharge into seawater.

Sustainability
Statements

Other
Information
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Actions and resources

The table below highlights the key actions taken and planned to prevent, mitigate and remediate actual and potential impacts, and to address risks and opportunities relevant for water. The activities relevant to many of
these actions play a critical role in achieving our ambitions and policy objectives.
Affected Expected outcome, including relation to
Value chain stakeholder areas of water risk, including areas of
Key actions Related activities scope groups water stress Time horizon
Improve our – Expanded the scope of our risk assessment to cover the upstream value chain, following Own operations Production, Identified priority sourcing countries requiring Completed in 2024
Introduction
understanding the guidance outlined in SBTN methodology and other industry-wide standards. Our and upstream value agriculture focused action to improve water efficiency and
of water risks in focus is on addressing the impacts of water quantity and quality within our value chain. chain suppliers quality. As a result, we will integrate measures to
our supply address both water quantity and quality and
Report chain expand our regenerative agriculture efforts in
of the these regions as part of our existing sustainable
Executive agriculture programmes.
Board
Reduce average – Developed Water Efficiency Acceleration Programme with cleaning and disinfection Own operations Production Reduce average water usage across operations Continuous
Report water usage suppliers, leading to a number of water-saving projects worldwide. While implementing with a particular focus on water-stressed areas,
of the the water-saving projects, we also collaborate with equipment manufacturers to supply minimise environmental impact of water
Supervisory water-saving technologies to our facilities. withdrawal in water-stressed areas and realise
Board – Share water efficiency opportunities as part of the Good Practice Programme. financial savings.
Wastewater – Strengthen controls to optimise wastewater treatment plants and comply with Own operations Production, Prevent potential environmental impacts from Continuous
Financial treatment regulatory requirements and wastewater treatment effluent discharge limits. and downstream communities discharge by treating wastewater in all facilities
Statements – Enhance wastewater treatment capabilities globally and regionally by cross-sharing value chain and reduce the risk of water pollution to
best practices for wastewater treatment. watersheds and downstream users.

Increase – Identify and implement opportunities for water reuse across our sites and externally, Own operations Production, Reduce water required per litre of beverage by Continuous
Sustainability internal and while establishing industry collaborations. and downstream external partners decreasing demand for freshwater at the
Statements external water – Developed principles for greenfield projects to guide the design of water treatment value chain watershed level.
reuse and sites, prioritising reduced water usage through enhanced efficiency, reuse and Create healthier watersheds by maximising
recycling advanced treatment processes. water circularity, prioritising water-stressed areas.

Other
Fully balance – Added three fully water-balanced water-stressed sites in Indonesia in 2024, bringing Own operations, Production, Increase volume of water replenished to Continuous
Information water used in the total to 12 fully water-balanced sites. upstream value external partners watersheds in water-stressed areas and through
our products in – Accelerate partnerships to achieve water balance across our 41 water-stressed sites. chain and this, fully balance water used in our products in
water-stressed – Promote collective action where possible, including in Mexico and Indonesia. downstream water-stressed areas.
areas – Provide access to safely managed water for communities in targeted countries using value chain
interventions based on local needs.
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Allocation of resources Collaborating with stakeholders
The actions above are supported through CapEx and OpEx investments. Our sustainability investments Many different users tap into shared water resources and maintaining the health of the watershed requires
underlying our sustainability strategy are embedded in how we run our business and how we have designed collective multi-stakeholder action. We collaborate through local and global alliances to increase our reach
our (operational) processes. For water our investments relate, among others, to the set-up and operation of and scale our positive impact. We work with like-minded partners to advance watershed protection in water-
wastewater treatment plants and/or water reclamation plants as part of our brewery design. Our water- stressed areas.
related capital expenditures primarily focus on establishing and operating water reclamation plants, such as
Partnerships for change
the one in Mexico, upgrading water treatment plants, and reducing losses in the UK and the Netherlands.
Additionally, we have invested in wastewater treatment plants in Nigeria and Burundi. We have been a member of the UN Global Compact CEO Water Mandate since 2009 and joined its Water
Resilience Coalition upon its foundation in 2020. This industry-driven, CEO-led coalition aims to build water
Introduction These investments most often form part of larger investments, and have in most cases multiple objectives of resilience across global operations and supply chains and to achieve a collective positive water impact in at
which sustainability is only one of them. It would require significant judgement to identify the incremental least 100 vulnerable water basins by 2030.
financial investment associated with specific sustainability objectives. In our view, the current ESRS guidance
provides insufficient detail and clarity (e.g. what is considered to be sustainability-related CapEx and OpEx) to We are also part of the Beverage Industry Environmental Roundtable (BIER), a technical coalition of leading
Report
of the prepare a monetary disclosure that supports consistent and reliable reporting across companies. global beverage companies working together to advance environmental sustainability within the
Executive beverage sector.
Board In addition, we recognise that our future spend is subject to business, regulatory, government or other
developments, which could influence the level of spend on capital expenditure. While we monitor these We are also actively involved in Water, Sanitation and Hygiene (WASH) projects in several countries, including
Report uncertainties and adjust our strategies where possible to minimise potential disruptions, the inherent Myanmar and India, and we participate in local water funds and alliances around the world, including in
of the unpredictability of these external factors means that some degree of uncertainty will always be present. We Mexico and Indonesia.
Supervisory
Board remain committed to managing these challenges as effectively as we can, making decisions that consider
both our immediate needs and long-term goals while recognising the limitations imposed by
external circumstances.
Financial
Statements

Sustainability
Statements

Other
Information
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Metrics and targets

HEINEKEN has established an ambition ‘Towards healthy watersheds and nature’ that is underpinned by three goals1 and targets which address the material impacts, risks and opportunities relevant to water. The goals and
targets guide our key actions and activities outlined previously in the ‘Actions and resources’ section.
The following table outlines HEINEKEN’s goals and targets to meet our ambitions as well as metrics to track progress on those goals and targets.

Progress

Introduction BaBW ambition BaBW goal Target Time horizon target Metric 2024 2023
Towards Reduce average water usage to 2.6 hl/hl in water- Reduce average water usage to 2.6 hl/hl in water-stressed 2030 Average water usage in 3.0 3.0
stressed areas by 2030 areas water-stressed areas (hl/hl
healthy beverage produced)
Report
of the watersheds Reduce average water usage to 2.9 hl/hl worldwide by Reduce average water usage to 2.9 hl/hl worldwide 2030 Average water usage 3.1 3.2
Executive
Board
and nature 2030 worldwide (hl/hl beverage
produced)

Report
Fully balance water used in our products in water- Reach 100% water balancing in our products in water- 2030 % of sites in water-stressed 29% 28%
of the stressed areas by 2030 stressed areas areas 100% water balancing
Supervisory
Board
Towards healthy watersheds and nature
By improving our water efficiency globally and in water-stressed areas, we will increase our resilience against water unavailability and business disruptions. By minimising water usage, we decrease the volume of water
Financial withdrawals, helping to alleviate pressure on freshwater sources, particularly in regions facing water scarcity or environmental stress. We aim to maximise reuse and recycling to reduce the need for increased water
Statements
withdrawals in water-stressed sites. In addition, our aim is to fully balance water we put in our products in water-stressed areas. This means that we will return to the local watershed every litre of water that goes into
our product.
In 2024, our global average water usage was 3.0 (hl/hl beverage produced) in water-stressed areas and 3.1 (hl/hl beverage produced) across all our breweries, achieving an 11% reduction versus the 2018 baseline (12%
Sustainability
reduction when adjusted for acquisitions and divestitures). We expanded our water efficiency acceleration programme in collaboration with cleaning and disinfection suppliers. The programme is active at 56 sites spanning
Statements
all regions and is delivering results, such as in Italy and Brazil where water use is down by 13% and 9%, respectively. We share best practices from the programme on our global platform enabling production sites to learn,
share and reapply them across the company. Advanced technologies and water treatment optimisation are also delivering results across many sites, including in Mexico and Ethiopia. In Myanmar, a shift in water treatment
saved around 1.0 hl/hl and in Cambodia, adjusting the source of water withdrawal delivered a 0.4 hl/hl reduction in water use.
Other
Information In 2024, 29% of sites in water-stressed areas were fully balanced. As the number of sites in scope increases, it is harder to achieve our goals and we are challenged to think creatively and to partner with diverse stakeholders
to identify projects and drive collective action. Following water risk assessments in India and France, we increased the number of water-stressed sites from 32 in 2023 to 41 in 2024. Of these 41 sites, 36 have started water
balancing projects and 29% are fully water balanced.
Methodologies and significant assumptions used to define the targets
Our goals and targets were established based on both internal and external factors. For water usage, internal considerations include our performance during the baseline year (3.5 hl/hl in 2018), feasibility of improvements
given technological advancements and annual investment capacity, project lead times and forecasted business growth. Externally, we considered peer performance and industry targets set for similar timeframes, using as a
reference Sustainable Development Goal 6, sustainability frameworks and guidance from the BIER and the CEO Water Mandate. For water balancing, the volumes replenished through our initiatives are calculated using
VWBA methodology.

1
HEINEKEN’s water goals are voluntary, not mandatory (required by legislation).
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Metrics
Data reported in this section represents metrics in accordance with ESRS requirements. These metrics are
additional to our goals and targets (included in the previous section).

Water consumption
Introduction Water consumption is the amount of water drawn (water withdrawals) into the boundaries of a HEINEKEN
production site and not discharged back (water discharge) to the water environment or a third party over the
course of the reporting period. As such, water consumption consists of the water in the produced beverage,
Report but also in other products like co-products such as spent grain and yeast.
of the
Executive Water withdrawal is the total volume of water sourced from public water utilities and our own wells, used
Board across all manufacturing operations, whereas water discharge refers to the volume of water returned to the
environment after treatment in our operations.
Report
of the Water consumption (in million m3) 2024
Supervisory
Board Total water consumption 34
Total water consumption in areas at water risk, including areas of high 15
water stress
Financial
Statements In 2024, water intensity as a factor of revenue (total water consumption per net revenue) was 1.15 thousand
m3/mEUR1.
Recycling and reusing water
Sustainability Water reuse and recycling involves repurposing water already used in processes within our facilities. This
Statements
internal reuse reduces fresh water demand by circulating treated water back into the same or
different processes.
By the end of 2024, HEINEKEN was operating 26 water reclamation plants (2023: 23) as well as eight sites
Other
Information
that treat and reuse wastewater for general cleaning to reduce our reliance and impact on freshwater. Most
of these plants are related to our breweries in India. The total amount of water reused and recycled in 2024
was 2.19 million m3. This amount represents water reused and recycled that can be accurately measured
from water reclamation plants and other treated effluent reuse on-site.

1
Total net revenue was used to determine these metrics. Refer to note 6.1 of the financial statements.
 189 E5: Resource use and circular economy – Strategy
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Our circularity and sustainable agriculture strategy
By embedding circular principles throughout the value chain, we can reduce environmental impacts and
conserve resources. Transitioning to a circular economy is important to HEINEKEN, as it reduces our reliance
on finite resources, addresses supply risks and avoids negative externalities rising from waste. Improving
circularity will play a significant role in reducing our Scope 3 carbon emissions, of which packaging accounts
for the largest share.
For the purpose of alignment with ESRS, sustainable agriculture is disclosed in this section. Our sustainable
agriculture strategy supports our approach on carbon, water and social impact in our value chain. It focuses
Introduction on sustainable sourcing of key ingredients (hops, barley) in line with the Sustainable Agriculture Initiative
(SAI) global principles. This is a lever for reducing our Scope 3 carbon emissions and improving water
stewardship in our supply chain.
Report
of the
Executive
Board
Key 2030 ambition areas behind maximise circularity Key ambition area behind nature
Report
of the
Supervisory
Board

43% of volumes in reusable format 50% recycled content in bottles 99% of all packaging is recyclable 100% sustainably sourced ingredients
Financial
Statements
and cans by design (hops, barley)
We are focusing on increasing the use of reusable To close the loop on our packaging, we aim to We are dedicated to making 99% of our packaging We aim to leverage sustainable sourcing of
packaging for our products to reduce the demand for optimise can-to-can recycling by collaborating with fully recyclable by design, which goes beyond just ingredients for the brewing of our beer and other
new packaging materials. our value chain to maintain a high-quality, selecting recyclable materials. This involves a beverages. By promoting sustainable farming in line
Sustainability To achieve this goal, we will need to co-create segregated stream of used beverage cans for our comprehensive and also complex approach, where with SAI principles, we aim to increase the proportion
Statements
efficient return infrastructure that drives consumer suppliers. Additionally, we are working to improve recyclability is seamlessly integrated into every stage of our key ingredients – barley and hops – that are
participation, while addressing logistical and glass recycling rates in key markets to increase the of our product development process, from concept to sustainably sourced.
operational hurdles. Additionally, reusable packaging recycled content in glass bottles. final design. We are working to establish clear
will need to be attractive to consumers, requiring a Many markets lack the infrastructure or systems to recyclability standards that guide innovation, so that
Other
thoughtful balance of convenience, design support efficient collection and high-quality recycling. packaging not only meets sustainability goals but
Information also aligns with the latest industry best practices.
and sustainability. To address this, we advocate for well-designed
extended producer responsibility (EPR) legislation
that aims to improve collection rates and promotes
recycling materials in a closed-loop system,
minimising downcycling and waste leakage.
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Understanding our material impacts, risks and opportunities

For more information on HEINEKEN’s resource use and circular economy-related impacts, risks and opportunities, see the General information section.

Policies
HEINEKEN has an Environmental Policy in place to address our material impacts, risks and opportunities related to circularity.
Introduction
Environmental Policy

Report
Background Key content Scope Accountability
of the To outline the guiding principles, ambitions and The Environmental Policy outlines aspects relevant to HEINEKEN’s circularity The policy applies to all HEINEKEN Global Corporate Affairs is responsible for
Executive
Board
internal policies established across the business to strategy, including: management, employees, and contract updating this document as necessary,
support our environmental goals, manage risks, workers across our operating companies incorporating input from relevant
– Transitioning away from the use of virgin resources through requirements and
and enable accelerated action and innovation. and global functions. stakeholders to reflect the latest external
Report procedures to ensure packaging materials, including recycled materials, are
of the standards, legal developments and
safe for reuse.
Supervisory best practices.
Board – Sustainable sourcing through defined actions for HEINEKEN and its suppliers,
with the aim to ensure accurate and compliant reporting. Expectations for
suppliers are communicated through the Supplier Code.
Financial The policy is made available to stakeholders via our website.
Statements

Sustainable sourcing of agricultural materials – principles and procedures

Sustainability
Statements Background Key content Scope Accountability
To identify which actions need to be taken to The HEINEKEN Sustainable Sourcing Procedures define three processes: The procedures apply from farm to The implementation of principles and
ensure that HEINEKEN can verify that the HEINEKEN and include all intermediary procedures of SAI are overseen by our
– How to produce sustainably cultivated crops (farm level)
sustainable sourcing tonnage amounts reported processors and/or traders. Senior Director Global Procurement.
Other
are accurate. – How to provide sustainably sourced materials to HEINEKEN (supplier)
Information We regularly evaluate our SAI principles
– How sustainable volumes are administered and claimed by
and procedures to ensure they still
HEINEKEN (HEINEKEN)
embody our values and align with our
Details of the procedures are communicated to suppliers. Company strategy.
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Actions and resources

The table below highlights the key actions taken and planned to prevent, mitigate and remediate actual and potential impacts, and to address risks and opportunities relevant to resource use and circular economy. The
activities relevant to many of these actions play a critical role in achieving our ambitions and policy objectives.

Affected
Value chain stakeholder Time
Key actions Related activities scope groups Expected outcome horizon
Introduction Increase – Identify key markets with the potential to increase share of reusable packaging and develop Own operations, Production, Reduce Scope 3 emissions for packaging, 2030
volumes sold in implementation roadmaps upstream value packaging suppliers, mainly driven by reduced reliance on
reusable – Support markets with insights into consumer behaviour to increase uptake of chain and logistics, virgin materials
packaging reusable packaging downstream customers Minimise packaging waste sent to landfill by
Report
of the – Build and expand capabilities related to reusable packaging management to maximise value chain implementing efficient systems with high
Executive efficiency of the system, e.g. reduce losses return rates
Board – Engage in advocacy to create conducive legislative environment for reusable packaging and
align on system design with key stakeholders Commercial and financial benefits from
reusable business model
Report
of the Increase volume – Identify key markets with the potential to increase recycling rates and build implementation Own operations, Production, Reduce Scope 3 emissions from packaging, 2030
Supervisory of closed-loop roadmaps together with external stakeholders upstream value packaging suppliers, mainly driven by a reduced reliance on virgin
Board recycled content – Engage with all global suppliers to have visibility on their roadmaps to increase the share of chain and customers materials and by an increase in recycling
in primary recycled content downstream rates
packaging – Advocate for closed-loop recycling and well-designed extended producer responsibility value chain Reduce waste to landfill from consumers
Financial (EPR) schemes
Statements
Create – Design packaging to be compatible with a recycling stream that has been successfully proven Own operations, Production, Reduce waste to landfill by consumers 2030
packaging that to work at scale in a representative market for the Company upstream value packaging suppliers,
is recyclable by – Procure packaging materials that are technically designed to fit into a recycling stream that has chain and local authorities,
Sustainability design been proven to work at scale in a representative market for the Company downstream NGOs
Statements – Integrate recyclable by design standards in the innovation process value chain
Reduce waste – Reduce waste going to landfill and improve circularity by focusing on adequate management Own operations Production, Reduce waste to landfill from Continuous
to landfill from of waste products and downstream customers, own operations
Other production sites – Work with local stakeholders to improve waste management value chain local authorities
Information – Implement innovative solutions to reuse waste co-products from our own operations
Increase – Work with suppliers to sustainably source crops through enhanced farming practices Own operations Production, Reduce carbon and water impact by Continuous
sustainably – Engage our suppliers to adopt SAI principles and obtain certification and upstream agriculture suppliers, applying low carbon farming practices.
sourced raw value chain procurement
materials
Monitor new – Monitor and advocate for effective and harmonised environmental regulations related to Own operations, Production, Respond effectively to impact, speed and Continuous
environmental packaging such as EPR and deposit return schemes (DRS) upstream value packaging suppliers, costs of new environmental regulations
regulation – Increase awareness and preparedness to meet regulatory requirements chain and customers
downstream
value chain
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Allocation of resources
The actions above are supported through CapEx and OpEx investments. Our sustainability investments
underlying our sustainability strategy are embedded in how we run our business and how we have designed
our (operational) processes. For circularity, our investments relate, among others, to the implementation of
collection systems in countries where this does not yet exist, complying with environmental regulations on
EPR and DRS, transitioning towards packaging which is recyclable by design and increasing our share of
reusable bottles. Exemplary for this are our recent investments in glass collection and sorting centres in Brazil
and ongoing investments behind our 2024 launch of reusable bottles in South Africa.
Introduction These investments most often form part of larger investments, and have in most cases multiple objectives of
which sustainability is only one of them. It would require significant judgement to identify the incremental
financial investment associated with specific sustainability objectives. In our view, the current ESRS guidance
Report provides insufficient detail and clarity (e.g. what is considered to be sustainability-related CapEx and OpEx) to
of the prepare a monetary disclosure that supports consistent and reliable reporting across companies.
Executive
Board In addition, we recognise that our future spend is subject to business, regulatory, government and other
developments, which could influence the level of spend on capital expenditure. While we monitor these
Report uncertainties and adjust our strategies where possible to minimise potential disruptions, the inherent
of the unpredictability of these external factors means that some degree of uncertainty will always be present. We
Supervisory
Board remain committed to managing these challenges as effectively as we can, making decisions that consider
both our immediate needs and long-term goals while recognising the limitations imposed by
external circumstances.
Financial
Statements

Sustainability
Statements

Other
Information
 193 Resource use and circular economy – Metrics and targets
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Metrics and targets

The following table outlines HEINEKEN’s goals and targets to meet our ambitions as well as metrics to track progress on those goals and targets.

Progress
BaBW ambition BaBW goal Target Time horizon target Metric 2024 20231
Maximise 43% of volumes sold in reusable format by 20302 43% of volumes sold in reusable format 2030 % of volumes sold in reusable 39% -
format
Introduction circularity 50% recycled content in bottles and cans by 20303 50% recycled content in bottles and cans 2030 % of recycled content in 44% -
bottles and cans
99% of all packaging is recyclable by design by 20304 99% of all packaging is recyclable by design 2030 % of packaging recyclable by 98% -
Report
of the
design
Executive
Board Nature 100% sustainably sourced ingredients (hops, barley) 100% sustainably sourced ingredients (hops, barley) 2030 % sustainable volume (hops, 75% 77%
by 20305 barley)
1 When goals were introduced in 2024 no 2023 results are included.
Report 2 Relates to circular material use rate and the waste hierarchy level, preparation for reuse.
of the 3 Relates to the minimisation of primary raw material and the waste hierarchy level, recycling.
Supervisory 4 Relates to the increase of circular product design and the waste hierarchy level, recycling.
Board 5 Relates to sustainable sourcing and use of renewable resources and is not relevant to a specific waste hierarchy level.

Maximise circularity
2024 is the first year of disclosing performance on our circularity goals and targets. As a result of this, and because our performance is measured against an absolute goal and target, we are not able to compare our
Financial
Statements
performance to prior year results.
In 2024, 39% of product volumes were sold in reusable formats. Increasing our performance in this area is driven by transitioning to reusable formats. For example, we launched the innovative returnable Heineken® STAR
bottle in South Africa which contributed positively to our performance. Another important driver is volume growth or acquisitions in markets with high reuse share. Reusable packaging brings greater complexity in quality
management, logistics, and value chain operations, requiring a significant capability shift to achieve our goal. Wider adoption demands a systemic transformation, involving collaboration to co-create efficient return
Sustainability
Statements infrastructures, drive consumer participation, and address logistical and operational challenges. Expanding our reusable portfolio requires us to ensure reusable packaging is appealing and convenient for consumers,
featuring efficient and attractive design.
In 2024, our portfolio consisted of 44% recycled content in bottles and cans (44% in glass bottles and 47% in aluminium cans). The recycled content of our packaging portfolio is mainly driven by suppliers, and we are
Other
engaging in negotiations and partnerships with them to achieve our goal. We also aim to increase the probability that packaging is recycled and collected in practice. This will increase the amount of material available to
Information produce packaging with recycled content. To increase recycled content in glass packaging in Brazil, HEINEKEN and Ambipar launched a partnership in 2024 to develop a collection and sorting system. The lack of
infrastructure for efficient collection, as demonstrated in Brazil, and high-quality recycling in many markets underscores the need for well-designed EPR legislation to improve collection rates, enable closed-loop recycling,
reduce downcycling and waste leakage.
98% of our packaging is recyclable by design by the end of 2024. Most of our packaging is already recyclable by design and can be recycled at scale across the globe. Our two main challenges are to improve the recyclability
of secondary plastic packaging and other non-recyclable packaging which includes a variety of packaging types used in small volumes. To do so we need to improve packaging designs and recycling at scale through
market interventions.
In prior years, our BaBW strategy contained a goal on Zero Waste to Landfill for all our production sites. While we have made good progress diverting more than 99% of our total waste volume from landfill, closing the gap
remains challenging for the last sites representing less than 1% of the total waste. Closing the gap on these remaining sites is difficult due to local complexities e.g. in remote areas, where finding alternative solutions is more
challenging. While it remains an area of focus, we have decided to remove this as an external goal. We will externally report our overall progress on production waste to landfill as part of our required ESRS disclosures.
 194 Resource use and circular economy – Metrics and targets
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Nature
In 2024, 75% of hops and barley was sustainably sourced. This is a slight decrease from the prior year (77%) due to a new methodology applied to more accurately measure sustainably sourced ingredients. Instead of
determining sustainably sourced ingredients based on contracted future volumes, we obtained confirmation directly from suppliers of sustainable volumes delivered in 2024.
In Mexico, we started our journey to sustainably source barley in 2018. This year, 40 suppliers applying sustainable farming practices delivered 62% of the volume. The local production plan involves training, on-site
consulting and internal audits. Mexico also partners with Malteurop, aiming to reduce the volume of water used to irrigate barley while respecting yield and quality.
Methodologies and significant assumptions used to define the targets
We are taking action to address the material impacts, risks and opportunities relevant to resource use (crop-related raw materials) and circularity guided by goals, plans and roadmaps. To define these ambitions, goals and
targets1, we engaged with internal stakeholders, industry peers, suppliers and leading organisations in the field of circular economy and sustainable agriculture. This enabled us to better understand industry best practices.
Introduction
Our circularity goals are aligned with the principles of the Ellen MacArthur Foundation2. Our circularity goals go beyond compliance with evolving packaging legislation across the globe. We are at the beginning of our circularity
journey and this is the first year we will report our progress on circularity goals and targets.

Report We base our standards for sourcing sustainably cultivated crops on the globally recognised SAI principles. This requires the efficient production of safe, high-quality agricultural products in a way that protects and improves
of the the natural environment, enhances the social and economic conditions of farmers, their employees and local communities, and safeguards the health and welfare of farmed species.
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information

1 Our circularity and resource use (sustainable agriculture) goals are voluntary, not mandatory (required by legislation).
2 Ellen MacArthur Foundation is a leading non-profit organisation that produces evidence-based research on circular economy.
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Packaging
Metrics 2024 2024
Reused and recycled input material ktonnes %
Data reported in this section represents metrics in accordance with ESRS requirements. These metrics are
additional to our goals and targets (included in the previous section). Reused input material 709 16%
Recycled input material 1,363 31%

Resource inflows Total reused and recycled input material 2,072 47%

Introduction Key resource inflow materials include biological materials such as product ingredients (malt, hops, sweeteners, Reused input materials were purchased during the year to facilitate the growth of our reusable portfolio and
etc.) and technical materials such as packaging (cans, kegs, glass bottles, etc.). Other materials consists of raw replace reusable bottles lost in the market. This metric does not incorporate the management of reusable
materials that do not classify as biological (adjuncts, stabilisers, etc). Water is also a key raw material in our packaging that is currently in use in the market. We internally track rotation times and losses to improve the
production process and is covered in the Water section. efficiency of our reusable packaging portfolio. Improving this efficiency will reduce costs, waste and
Report
of the
carbon emissions.
Executive
Inflow material (ktonnes) 2024
Board
Recycled input material weights are obtained from our suppliers through questionnaires or contracts. In
Products and technical materials 3,847
addition to this, we ask suppliers for strategy roadmaps which allow us to refine our strategy towards our goal
Biological materials 7,680 of 50% recycled content in bottles and cans.
Report
of the Other materials 241 The table above reflects reused and recycled input rates based on the total inflow of packaging materials.
Supervisory
Board Total weight of products and technical and biological materials 11,768 The share of reused and recycled input material as a % of the total weight of products and technical and
biological materials is 18%.
Sustainable sourcing
Financial
Statements
Biological materials sustainably sourced (%) 2024
All crop-related raw materials 54%

In addition to hops and barley, we measure other product ingredients that are sustainably sourced, such as
Sustainability maize, wheat and sugar cane. This metric reflects other crop-related materials as well as hops and barley. In
Statements
2024, new methodology was applied to all crop-related raw materials. Instead of determining sustainably
sourced ingredients based on contracted future volumes, we obtained confirmation directly from suppliers of
sustainable volumes delivered in 2024.
Other
Information
Currently, we do not classify any paper or cardboard as sustainably sourced, as we have not yet published a
sustainable sourcing strategy for paper-based materials. We are working to develop this strategy that will
address our FLAG targets and upcoming EU Deforestation Regulation (EUDR). Effective measurement of
sustainably sourced paper-based materials will require extensive engagement with suppliers and compliance
with appropriate credible standards and certifications.
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Production waste
Products and waste HEINEKEN is focused on adequate management of waste products, reducing waste to landfill and improving
circularity in our breweries. We focus on giving waste a second life by prioritising reuse, recycling and recovery.
Products and materials Our production outflows include the following categories:
As our beverages are designed for human consumption, packaging is the key aspect of our product that can
– Preparation for reuse: Materials are reused for their original purpose.
be designed in line with circular principles. Whether packaging can be classified as recyclable is determined by
assessing if it meets all three criteria: – Recycling: Materials are reprocessed for other uses such as human consumption, animal feed, etc.
– Other recovery operations: Waste is converted into energy such as biogas.
– It can be recycled at scale – proven by effective recycling of 30% at a representative country level.
Introduction – Incineration: Waste is incinerated without energy recovery.
– It does not negatively affect other recycling streams.
– Landfill and other disposal: Waste is sent to landfill. Third-parties contracted by us, may use other disposal
– At least 90% of multi-material packaging by weight needs to be recyclable. methods (e.g. deep injection).
Report Recyclable by design packaging in our portfolio mainly includes glass bottles, returnable kegs, aluminium The primary waste streams are food and packaging waste. The composition of our waste mainly includes
of the cans, cardboard, crates, high-density polyethylene (HDPE) and steel caps.
Executive
sludge waste (e.g. anaerobic sludge, aerobic sludge), packaging waste from own operations (e.g. plastic, glass),
Board and co-products (e.g. surplus yeast, spent kieselguhr, brewer’s grains).
Recyclable by design (%) 2024
Waste is classified as hazardous if it contains substances that are explosive, flammable, toxic, corrosive or
Report Rates of recyclable content in products and their packaging 98% otherwise harmful to people or the environment. Hazardous materials could include waste such as batteries,
of the
Supervisory paint and hydraulic oils. In 2024, HEINEKEN produced no radioactive waste.
Board The challenges we need to tackle to improve the recyclability of our packaging portfolio include:
– Shrink films and other secondary plastic packaging: Confirming that these types of packaging are recycled Co-products and waste hierarchy (ktonnes) 2024 2023(1)
in practice is an industry-wide challenge. We are working with the value chain and our peers to increase the Non-
Financial Destination hazardous Hazardous Total Total
Statements
probability that secondary plastic we use is recycled in practice.
Preparation for reuse 81 0 81 28
– Other non-recyclable packaging (small volumes and variety of packaging types): Other non-recyclable
packaging represents less than 1% of our total packaging weight. We will create a plan for these packaging Recycling 4,530 2 4,532 4,575
types to change their design or help facilitate collection and recycling in practice. Other recovery operations 71 1 72 92
Sustainability
Statements We recognise that packaging that is recyclable by design does not guarantee it will be recycled in practice. To Total amount of weight diverted from disposal 4,682 3 4,685 4,695
address this, our recycled content goal focuses on increasing the likelihood of recycling by supporting robust
Incineration 3 0 3 8
collection systems, raising consumer awareness on proper disposal and collaborating with industry
stakeholders to close the loop. Landfill and other disposal operations 52 1 53 63
Other
Total amount of weight directed to disposal 55 1 56 71
Information
Post-consumer packaging waste
Total amount of waste generated 4,737 4 4,741 4,766
We acknowledge that, despite our efforts to maximise recyclability of our packaging, it may not be recycled 1
2023 restated
by consumers in practice. We included the impact of indirectly contributing to landfill waste through
consumers in our Impacts, Risks and Opportunities table, see pages 161-162. The ESRS waste metrics are Non-recycled waste refers to the total waste that is not diverted to disposal through preparation for reuse or
applicable to waste from own operations (production waste) and do not reflect waste resulting from recycling. In 2024, the total amount of non-recycled waste was 128 ktonnes (3% of total waste).
consumers (downstream value chain). For 2024 reporting, HEINEKEN has made use of the value chain
exemption. In the future, we will report entity specific metrics to reflect waste disposed of by our consumers.
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The assessment confirmed that the majority of HEINEKEN’s impacts on nature — around 80% — occur in
Biodiversity our upstream value chain, primarily due to the farming of agricultural commodities. Following the SBTN
methodology, we identified a number of top ‘commodity & country’ pairs for further refinement and deeper
analysis. Barley emerged as a key focus area, due to the large quantities we purchase, and the impact of
Building our biodiversity approach farming on land use and soil pollution. Western Europe stands out due to the high volumes of agricultural
We recognise the intrinsic link between our business and biodiversity, which is why we are in the process of commodities and the region’s current vulnerability to soil and water pollution. Other key regions of focus
developing an approach for biodiversity. Many of our current BaBW 2030 goals play a role in addressing include the Americas (mainly for water availability and land condition), and Australasia (mainly for water
biodiversity through sustainable sourcing, water balancing, reducing carbon emissions and increasing availability, and water and soil pollution).
circularity. Based on our double materiality assessment, biodiversity was not identified as material for
Introduction HEINEKEN. However, in this section we disclose in line with mandatory ESRS requirements on the processes For our own sites, the assessment validated that our current water risk assessment approach is well aligned with a
used to identify biodiversity and ecosystem-related impacts and dependencies across our value chain. science-based methodology, closely matching our already identified water-stressed sites. For biodiversity, we used
Knowing our impacts and dependencies forms part of the building blocks to shape an approach for multiple lenses, including ecosystems integrity and threatened species, to assess potential risks. In addition, we
addressing biodiversity. have used the IBAT to help identify sites that are in or near biodiversity-sensitive areas. At the end of 2024, we
Report
of the
identified that 27 sites (13% of sites) are within 1 km of a Key Biodiversity Area. HEINEKEN already has many site-
Executive Understanding our material impacts, risks and opportunities level actions to address the main drivers of biodiversity loss. For example, we are reducing our GHG emissions, we
Board have put wastewater treatment plants in our breweries and we aim to limit waste sent to landfill. However, we are
Identifying nature-related impacts and dependencies yet to assess whether our activities at the mentioned sites negatively impact local biodiversity in these areas.
Report Our biodiversity and ecosystem-related impacts mainly come from sourcing raw materials and operating Further analysis will be conducted to understand the local contexts of these sites, the potential risks to biodiversity
of the breweries and malting plants. and mitigating actions.
Supervisory
Board At the end of 2023, we conducted an initial scan of our dependencies on biodiversity and ecosystems using Downstream impacts, primarily related to packaging, are considered through our circularity strategy. Please see
‘ENCORE’, a tool that helps organisations explore their exposure to nature-related risks, dependencies and the Resource use and circular economy section.
impacts from a sector perspective. This confirmed that our dependencies mainly arise from our reliance on
Financial healthy ecosystems for sustainable water supply (upstream and own operations), soil health (upstream) and The next phase of our approach involves undertaking an assessment of our transition and physical risks and
Statements
raw materials (upstream). This finding aligns with global trends where agricultural production across all opportunities, as well as systemic risks.
sectors accounts for 70% of water withdrawals worldwide. In addition, the beverage industry is dependent on
water as a primary ingredient. Sites located in water-stressed areas can face significant production volatility,
Actions and resources
Sustainability making water a material focus area for HEINEKEN (refer to the Water section). Focus on agricultural initiatives
Statements
In 2024, we conducted a more detailed nature assessment of our direct operations and supply chain to We address biodiversity impacts in our upstream agricultural supply chain through our goal to source 100%
better understand the extent of our actual and potential nature-related impacts and dependencies in these sustainably sourced barley and hops by 2030. We base our standards for sourcing sustainably cultivated
parts of our value chain. We evaluated HEINEKEN’s impact on land, water and biodiversity, alongside the crops on the globally recognised Sustainable Agriculture Initiative (SAI) Platform.
Other local environmental conditions and vulnerabilities at our breweries and upstream supply chain locations. The In addition, we continue to explore new partnerships for regenerative agriculture in our supply chain.
Information assessment followed the first two steps of the Science Based Targets Network (SBTN) guidance and partially Regenerative agriculture is an outcome-based holistic farming approach that protects and improves soil
aligns with the Taskforce on Nature-related Financial Disclosures (TNFD) framework, focusing on the ‘Locate’ health, biodiversity, climate and water resources while supporting farming business development. In 2024,
and ‘Evaluate’ aspects of the ‘LEAP’ (Locate, Evaluate, Assess and Prepare) approach. A suite of externally we launched our first large-scale regenerative agriculture programme in France, named ‘Project
available tools was used for the assessment, including Soil Grids, Global Forest Watch, WRI Aqueduct, WWF TRANSITIONS’, in collaboration with VIVESCIA cooperative and its malt subsidiary Malteurop. The
Water Risk Filter, and the Integrated Biodiversity Assessment Tool (IBAT). programme reached 200 farmers in 2024 and aims to reach 1,000 farmers by 2026 (up to 100,000 ha of
land).
We will continue our journey to better understand the nature-related impacts in our agricultural supply chain
by conducting more detailed nature assessments for our top-priority ‘commodity and country’ pairs using
sub-national data. This will help us address the local contexts where we are sourcing and support
engagements with our suppliers to identify where action is needed.
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Engaging with communities
We address affected communities in water-stressed areas as part of our Source Water Vulnerability
Assessments. Through this assessment, we evaluate if the water intake of our sites affects the availability
and/or the quality of water for local communities. We then implement programmes to replenish watersheds
and provide access to safely managed water in targeted countries. See the Water section.

Building our approach

We will review our methodology for identifying operations in or near biodiversity-sensitive areas and define a
Introduction framework to outline what actions are needed in 2025.
Additionally, we will expand our understanding of nature impacts and dependencies by identifying
HEINEKEN’s nature-related physical and transition risks and opportunities to support the finalisation of our
Report approach to biodiversity and nature.
of the
Executive
Board

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of the
Supervisory
Board

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Statements

Sustainability
Statements

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Information
 199
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EU Taxonomy
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This section includes the disclosures following the

EU Taxonomy Regulation (EU 2020/852).

Introduction

Report
of the
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The OpEx KPI, as per the EU Taxonomy, is considered not material to our business model. The denominator
Introduction and objective of OpEx amounts to €735 million, being 3.8% of HEINEKEN’s total OpEx (€19,313 million) and is mainly
related to repair and maintenance. As the reporting exemption is used, the numerator in the OpEx KPI tables
The EU Taxonomy Regulation (EU 2020/852), which entered into force on 12 July 2020, is part of the EU is reported as nil.
Green Deal, Europe’s strategy to achieve climate neutrality by 2050. Its goal is to increase sustainable
This year, also the alignment assessment for the existing and newly identified eligible CapEx has been
investments by offering investors transparent and reliable non-financial information. The EU Taxonomy
deepened. Alignment for capital expenditures has been assessed, resulting that none of the eligible CapEx
serves as a classification system that defines environmentally sustainable economic activities—activities
can be considered aligned at this point. Although the reasons for not meeting the technical screening criteria
that can make a significant contribution to one or more of the six environmental objectives:
for each activity differ and are unique to each activity, three motivations are consistent throughout the
Introduction – Climate Change Mitigation (CCM); analysis. Firstly, collecting the correct information from the third parties is not feasible at the moment.
Secondly, the climate risk screening needs to be expanded to all 28 climate-related physical hazards. For the
– Climate Change Adaptation (CCA);
relevant risks based on the screening, a scenario analysis should assess the materiality for these risks, only
– Sustainable and protection of water and marine resources (Water); then will the DNSH for climate change adaptation be considered as met. Finally, HEINEKEN also assessed its
Report
processes against the minimum safeguards under the EU Taxonomy. Some minor gaps were identified,
of the – Pollution prevention and control (Pollution);
Executive resulting in HEINEKEN’s decision not to claim full adherence to the minimum safeguards pursuant to the EU
Board – Protection and restoration of biodiversity and ecosystems (Biodiversity); and Taxonomy.
– Transition to a circular economy (Circularity). HEINEKEN continues to assess updates, extensions or amendments made to the EU Taxonomy that could
Report
impact the reporting.
of the As a publicly traded company in the Netherlands, HEINEKEN is subject to the EU Taxonomy Regulation. For
Supervisory
economic activities in scope, it is required to report on how much Turnover, Capital Expenditure (CapEx) and
Board Qualitative information referred to in delegated act Article 8 (Section 1.2 of
Operating Expenses (OpEx) are ‘eligible’ (in scope), and how much is ‘aligned’ with the EU Taxonomy.
Annex I)
For an economic activity to be aligned, it should make a substantial contribution to one or more of the EU’s
Financial Accounting policies applied
environmental objectives, ensure it does not do significant harm (DNSH) to the other objectives, and as the
Statements
Company as a whole, comply with the minimum safeguards. There are different practices in reporting and interpretations observed in the market. HEINEKEN continues
to monitor the developments in the regulation and market practice and consider this in future reporting. The
Eligibility and alignment analysis policies applied for reporting on Turnover, CapEx and OpEx are further described below.
Sustainability In line with last year’s analysis, HEINEKEN has no eligible turnover under the activities currently included in Turnover
Statements any of the six environmental objectives in the EU Taxonomy. HEINEKEN will continue to analyse the EU In accordance with the EU Taxonomy, turnover is assumed to be equal to ‘Revenue’ as reported under IFRS
Taxonomy annually to identify potentially eligible turnover-generating activities, either through an and HEINEKEN’s accounting policies. For ‘Turnover’, the denominator was equal to the amounts derived
expansion of its own business activities or through an expansion of the scope of activities included in the from the sale of products and the provision of services after deducting sales rebates and value added tax
Other
EU Taxonomy. and other taxes directly linked to turnover. See the table below for Turnover as included in the denominator
Information of the turnover KPI, along with references to the consolidated financial statements.
In comparison with last year, the analysis regarding the non-revenue generating activities of CapEx and
OpEx has been updated. The expanded understanding of how the EU Taxonomy links to HEINEKEN’s
Reference to consolidated
investments has resulted in an increase in Taxonomy activities for which there is eligible CapEx. In addition In millions of € 2024 financial statements
to last year’s analysis, eligible CapEx for the following activities has been included:
Revenue 35,955 Note 6.1
– 4.24 Production of heat/cool from bioenergy
Turnover 35,955
– 6.5 Transport by motorbikes, passenger cars and light commercial vehicles
– 6.6 Freight transport services by road The numerator was calculated by considering the total eligible turnover, which includes the Turnover from
– 7.1 Construction of new buildings products or services, related with the Taxonomy-eligible economic activities for the 2024 reporting year.
During 2024 there was no eligible Turnover and therefore 0% eligible Turnover was reported.
– 7.2 Renovation of existing buildings
– 7.7 Acquisition and ownership of buildings HEINEKEN will reevaluate its eligible Turnover annually.
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CapEx OpEx
For CapEx, the total denominator was equal to all additions to tangible and intangible assets during the For OpEx, the total denominator was equal to all direct non-capitalised costs related to the day-to-day
financial year. This included purchased property, plant, and equipment (PP&E); additions to right-of-use servicing of assets of the property, plant, and equipment that are necessary to ensure the continued and
assets (ROU); and purchased intangible assets. Additionally, it encompassed additions to tangible and effective use of such assets. For HEINEKEN, this primarily consists of repair and maintenance costs, as well as
intangible assets resulting from business combinations. See the table below for the total CapEx as included short-term lease expenses. Short-term lease expenses are reported under the ‘Other expenses’ line in note 6.3
in the denominator of the CapEx KPI, along with references to the consolidated financial statements. of the financial statements. ‘Repair and maintenance’ is reported as a separate line in note 6.3. The OpEx
denominator therefore excludes the other categories.
Reference to consolidated
In millions of € 2024 financial statements Reference to consolidated
Introduction
Purchased owned PP&E 2,322 Note 8.2 In millions of € 2024 financial statements
Additions to ROU assets 478 Note 8.2 Repair and maintenance 640 Note 6.3

Purchased intangible assets 281 Note 8.1 Short-term lease expenses (included in other expenses) 95 Note 6.3
Report
of the Total CapEx 3,081 Total OpEx 735
Executive
Board As we concluded the amount of OpEx in scope of EU Taxonomy to be immaterial compared to the total
The numerator was calculated by considering the total eligible CapEx for the reporting year 2024. This
CapEx includes: OpEx, we have set the numerator to nil, resulting in 0% eligible OpEx in 2024.
Report
of the – CapEx related to assets or processes linked to Taxonomy-eligible economic activities; HEINEKEN will reevaluate its eligible OpEx annually.
Supervisory
Board – CapEx related to the purchase of output from Taxonomy-aligned economic activities and individual Assessment of compliance with regulation (EU) 2020/852
measures enabling these activities to become low-carbon or reduce greenhouse gas emissions. This A precise definition is provided for each activity listed in any of the annexes of the EU Taxonomy, describing
includes activities listed in points 7.3 to 7.6 of Annex I to the Climate Delegated Act, as well as other the economic activities that fall within the scope of the EU Taxonomy. The eligible activities reported in
Financial economic activities listed in the delegated acts under Article 10(3), Article 11(3), Article 12(2), Article these disclosures align with the precise definitions outlined in the delegated acts and recommendations
Statements 13(2), Article 14(2) and Article 15(2) of Regulation (EU) 2020/852, provided that these measures are from the Platform on Sustainable Finance.
implemented and operational within 18 months.
In assessing the eligibility of economic activities, the definitions outlined in the following documents
Estimates and assumptions applied to determine eligible CapEx
were used:
Sustainability – Eligible CapEx for activities 4.24, 5.1, 5.3, 7.3 and 7.6 has been derived from project-by-project CapEx
Statements reporting. The allocation of spent CapEx to activities is based on the categorisation and description of – The Climate Delegated Act, published 9 December 2021 (latest version: 1 January 2024)
projects. Thresholds have been applied for inclusion of projects in the allocation to economic activities. In – The Disclosures Delegated Act, published 10 December 2021 (latest version: 1 January 2024)
case of doubt, a project is not included in the eligible CapEx.
– The Complementary Climate Delegated Act, published 15 July 2022
Other – Eligible CapEx for activities 6.5 and 6.6 has been derived from the total purchases of PP&E and additions
– The Environmental Delegated Act, published 21 November 2023
Information to ROU assets for those categories. Estimates have been applied in splitting the total investments
between activities 6.5 and 6.6. – Text amending the Climate Delegated Act, published 21 November 2023
– Eligible CapEx for activities 7.1 and 7.2 has been derived from the total purchases of buildings (PP&E). The In addition, the reporting incorporated the latest information available from the FAQ documents regarding
total amount related to 7.1 and 7.2 is reported on one line as it is not practicable to further split this the EU Taxonomy Regulation on the reporting of eligible economic activities and assets, published by the EU
between activities 7.1 and 7.2. Commission in February 2022, December 2022, June 2023, and December 2023. Any activities deemed
– Eligible CapEx for activity 7.7 has been derived from the additions and remeasurements of ROU assets of outside of the scope of these definitions from being classified as eligible are excluded. If, in the future, any of
buildings. HEINEKEN’s activities—whether turnover-generating or non-generating—are shown to be within the scope
of EU Taxonomy’s eligibility definitions, they will be incorporated in the first year that they are effective.
HEINEKEN will reevaluate its eligible CapEx annually.
 202 EU Taxonomy – Our view of the EU Taxonomy
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Net zero carbon emission strategy
As part of Brew a Better World, we aim to reach net zero carbon emission in our entire value chain. By 2030,
we aim to reach net zero in Scope 1 and 2 and reduce our Scope 3 emissions. Power Purchase Agreements
(PPAs) and Energy Attribute Certificates (EACs) are an important part of our sourcing strategy to contract
renewable energy and drive progress towards our net zero emissions ambitions in Scope 1 and 2. While these
steps contribute in decreasing our carbon emissions in Scope 1 and 2, they are not part of CapEx and OpEx
KPIs as reported under the EU Taxonomy. The biggest part of our carbon footprint lies in the value chain
beyond our own production sites (Scope 3). Any measures taken to reduce the carbon footprint in the value
chain are also out of Scope of the CapEx and OpEx KPIs. More information on our Sustainability strategy and
Introduction measures can be found in the Climate change section.
Nuclear and fossil gas related activities (Template 1 of Annex XII of the Disclosures Delegated Act)
Report Nuclear energy related activities
of the
Executive 1. The undertaking carries out, funds or has exposures to research, development, demonstration NO
Board and deployment of innovative electricity generation facilities that produce energy from
nuclear processes with minimal waste from the fuel cycle.
Report 2. The undertaking carries out, funds or has exposures to construction and safe operation of NO
of the new nuclear installations to produce electricity or process heat, including for the purposes of
Supervisory
district heating or industrial processes such as hydrogen production, as well as their safety
Board
upgrades, using best available technologies.
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear NO
Financial installations that produce electricity or process heat, including for the purposes of district
Statements heating or industrial processes such as hydrogen production from nuclear energy, as well as
their safety upgrades.
Fossil gas related activities
Sustainability 4. The undertaking carries out, funds or has exposures to construction or operation of electricity NO
Statements generation facilities that produce electricity using fossil gaseous fuels.
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and NO
operation of combined heat/cool and power generation facilities using fossil gaseous fuels.
Other 6. The undertaking carries out, funds or has exposures to construction, refurbishment and NO
Information
operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.
 203 EU Taxonomy – Turnover
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Turnover
Substantial Contribution Criteria DNSH Criteria ('Does Not Significantly Harm')
Taxono-
my align-

Ecosystems (10)
Climate Change

Biodiversity and
Climate Change

Climate Change

Climate Change
Adaptation (12)
Mitigation (11)
Adaptation (6)
Mitigation (5)*
ed propor- Category

Proportion o
Turnover (3)

Turnover (4)

Biodiversity

Safeguards
tion of Category (transitio-

Minimum
Economy

Economy
Pollution

Pollution
Absolute
Code (2) total turn- (enabling nal

Circular

Circular
Water

Water
over, year activity) activity)

(13)

(14)

(15)

(16)

(17)
(7)

(8)

(9)
Economic Activities (1) 2023 (18) (20) (21)

Introduction Millions,
Text € % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Report
of the Turnover of
Executive environmentally
Board sustainable activities
(Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0%
Report Of which enabling 0 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% E
of the
Supervisory Of which transitional 0 0% 0% N N N N N N N 0% T
Board A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Turnover of Taxonomy-
eligible but not
Financial environmentally
Statements sustainable activities (not
Taxonomy-aligned
activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
A. Turnover of Taxonomy-
Sustainability eligible activities
Statements (A.1+A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-
Other
non-eligible activities 35,955 100%
Information Total (A+B) 35,955 100%
 204 EU Taxonomy – CapEx
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CapEx
Substantial Contribution Criteria DNSH Criteria ('Does Not Significantly Harm')

Taxonomy

Ecosystems (10)
Climate Change

Climate Change

Biodiversity and

Climate Change

Climate Change
Adaptation (12)
Mitigation (11)
Adaptation (6)
Mitigation (5)*
aligned

Proportion of

Biodiversity

Safeguards
proportion of Category Category

Minimum
CapEx (3)

Economy

Economy
Pollution

Pollution
Absolute
Code (2)
total CapEx, (enabling (transitional

Circular

Circular
CapEx

Water

Water
year 2023 activity) activity)

(13)

(14)

(15)

(16)

(17)
(4)

(7)

(8)

(9)
Economic Activities (1) (18) (20) (21)
Millions, Y; N; Y; N; Y; N; Y; N; Y; N; Y; N;
Introduction Text € % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
N/EL1 N/EL1 N/EL1 N/EL1 N/EL1 N/EL1
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. CapEx of environmentally sustainable activities (Taxonomy-aligned)
Report CapEx of environmentally sustainable activities (Taxonomy-
of the 0 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0%
aligned) (A.1)
Executive
Board Of which enabling 0 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% E
Of which transitional 0 0% 0% N N N N N N N 0% T
Report A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
of the
EL; N/EL2 EL; N/EL2 EL; N/EL2 EL; N/EL2 EL; N/EL2 EL; N/EL2
Supervisory
Board Production of heat/cool from bioenergy 4.24 12 0.4 % EL N/EL N/EL N/EL N/EL N/EL 0%
Construction, extension and operation of water
collection, treatment and supply systems 5.1 16 0.5 % EL N/EL N/EL N/EL N/EL N/EL 0%
Financial Construction, extension and operation of
Statements wastewater collection and treatment 5.3 41 1.3 % EL N/EL N/EL N/EL N/EL N/EL 0%
Transport by motorbikes, passenger cars and light
commercial vehicles 6.5 119 3.9 % EL N/EL N/EL N/EL N/EL N/EL 0%

Sustainability
Freight transport services by road 6.6 54 1.8 % EL N/EL N/EL N/EL N/EL N/EL 0%
Statements Construction of new buildings 7.1
Renovation of existing buildings 7.2 314 10.2 % EL N/EL N/EL N/EL N/EL N/EL 0%
Installation, maintenance and repair of energy
efficiency equipment 7.3 9 0.3 % EL N/EL N/EL N/EL N/EL N/EL 0%
Other
Installation, maintenance and repair of renewable
Information
energy technologies 7.6 58 1.9 % EL N/EL N/EL N/EL N/EL N/EL 0%
Acquisition and ownership of buildings 7.7 318 10.3 % EL N/EL N/EL N/EL N/EL N/EL 0%
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2) 941 30.5 % 100 % 0%
A. CapEx of Taxonomy-eligible activities (A.1+A.2) 941 30.5 % 100 % 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities 2,140 69.5 %
Total (A+B) 3,081 100%

1
‘y’ = ‘yes’, taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective; ‘n’ = ‘no’, taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective; ‘n-el’ = ‘not eligible’, taxonomy-non-eligible activity for the relevant environmental objective.
2
‘el’ = ‘eligible’, taxonomy-eligible activity for the relevant objective; ‘n-el’ = not eligible, taxonomy-non-eligible activity for the relevant
environmental objective.
 205 EU Taxonomy – OpEx
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OpEx
Substantial Contribution Criteria DNSH criteria ('Does Not Significantly Harm')

Biodiversity and
Climate Change

Climate Change

Climate Change

Climate Change
ecosystems (10)

Adaptation (12)
Mitigation (11)
Adaptation (6)
Mitigation (5)*

Biodiversity

Safeguards
of OpEx (4)
Taxonomy aligned Category Category

Proportion

Minimum
Economy

Economy
Pollution

Pollution
Absolute
OpEx (3)
Code (2)
proportion of total (enabling (transition

Circular

Circular
Water

Water
Economic OpEx, year 2023 activity) al activity)

(13)

(14)

(15)

(16)

(17)
(7)

(8)

(9)
Activities (1) (18) (20) (21)
Millions,
Introduction Text € % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Report OpEx of environmentally
of the sustainable activities
Executive (Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0%
Board
Of which enabling 0 0% 0% 0% 0% 0% 0% 0% N N N N N N N 0% E

Report Of which transitional 0 0% 0% N N N N N N N 0% T

of the A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Supervisory
Board OpEx of Taxonomy-eligible
but not environmentally
sustainable activities (not
Taxonomy-aligned activities)
Financial (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
Statements
A. OpEx of Taxonomy-eligible
activities (A.1+A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Sustainability OpEx of Taxonomy-non-
Statements eligible activities 735 100%
Total (A+B) 735 100%

Other
Information
 206
Heineken
N.V.

Social
Annual
Report
2024

In the social section of the sustainability statements

we focus on the topics:

Own workforce
Introduction
Workers in the value chain

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 207 S1: Own workforce – Strategy
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Introduction

Report
of the
Executive
Board
Own workforce
Report
of the
Strategy Our own workforce includes employees and non-employees. Employees are individuals with a contract of
employment issued by a consolidated HEINEKEN entity and non-employees provide services for consolidated
Supervisory We strive to conduct business with integrity and fairness and with respect for people, the law and our values. HEINEKEN entities, but are employed by an outsourced service provider (OSP) that has been directly
Board
Our social sustainability strategy sits within our corporate EverGreen and Brew a Better World strategy, with contracted by HEINEKEN, and are therefore not on the payroll, nor are they contractually employed by a
ambitions to embrace diversity, equity and inclusion, promote a fair and safe workplace, and conduct HEINEKEN entity.
due diligence.
Financial Our ambition to ensure fair living and working conditions covers our employees and also certain non-employees
Statements In 2024, strategic ambitions include: (1) aiming to have 100% of our employees earn at least a fair wage, (2) workers. For 2024, we apply the ESRS phase-in exemption and do not report on non-employee workers.
continuing assessments and action towards achieving equal pay for equal work, (3) gender balance across
senior management, (4) shaping a leading safety culture, and (5) creating fair living and working standards Interest and views of stakeholders
for third-party employees and Brand Promoters. Interests and views of stakeholders are disclosed in the General information section (pages 158-159).
Sustainability
Statements
Core to our strategy is respecting human rights through due diligence and good governance. HEINEKEN’s Material impact, risks and opportunities and their interaction with strategy and
approach to due diligence is explained in more detail in the section ‘Statement on due diligence’ (pages business model
154-155).
We have identified two material topics vis-à-vis our own workforce: labour practices and human rights; and
Other Our due diligence strategic framework guides how we assess, understand, avoid and address human rights- diversity, equity and inclusion (DEI), as disclosed in the ‘Material impacts, risks and opportunities and their
Information
related risks, supported by our Code of Business Conduct, Human Rights Policy and implementation interaction with strategy and business model’ section. Those employed by OSPs are, generally speaking, at a
guidelines, Supplier Code and Speak Up Policy. higher risk of harmful labour practices and/or human rights violations, in particular when such OSPs operate
in higher-risk countries. It is more difficult for HEINEKEN to identify these issues among OSPs compared to its
Our due diligence strategy applies to human rights with respect to our own workforce, as well as workers in own entities. DEI is relevant across HEINEKEN’s workforce, for both employees of HEINEKEN entities and
the value chain focusing on five key areas: OSPs.
1. Embedding human rights through policies and governance; Furthermore, the level of actual risk for our own operations can vary depending on the geographical context.
2. Risk based human rights assessment and prioritisation;
3. Acting by integrating the Human Rights Policy and identified risks into ways of working; While forced labour and child labour are included in our Human Rights Policy, the potential for these risks is
4. Tracking, also for assurance, of policy implementation; mainly linked to sourcing activities for agriculture, packaging and energy, transportation and to non-formal
5. Communicating progress internally and externally. waste picking economies.
See more info on material impacts, risks and opportunities and their interaction with the strategy and
business model in the General information section (pages 160-163).
 208 Own workforce – Impacts, risks and opportunities – Policies
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2024

Policies
HEINEKEN has several internal policies in place to guide how we address the impacts, risks and opportunities relevant to own workforce.

Code of Business Conduct

Background Key content Scope Accountability
We aim to conduct business with integrity and Our key principles and expectations for our employees. It covers a series of The Code is publicly available on our The Code of Business Conduct is overseen
Introduction fairness and respect for people, the law and our relevant topics, including discrimination, harassment, human rights, fraud and website in more than 40 languages to by our Director of Business Conduct.
values. The HEINEKEN Code of Business Conduct corruption as well as our Speak Up programme. It defines how employees ensure everyone working for or with our
We regularly evaluate our Code of
provides a foundation for how we work and do should act and behave in their daily work, towards people both inside and Company is able to read, understand and
Business Conduct to ensure it still
Report business, including in relation to labour practices outside of the Company. adhere to them. The Code is also
embodies our values and aligns with our
of the and human rights. It sets out key principles for day- supported by a mandatory e-learning
Executive Company strategy.
to-day actions, decisions, and interaction with for employees.
Board
colleagues and other stakeholders.

Report
of the Human Rights Policy
Supervisory
Board Background Key content Scope Accountability
Respecting people’s dignity and human rights is a HEINEKEN’s Human Rights Policy is informed by international standards such We expect our employees, our Human rights is overseen by our Chief
foundation of how we do business within our own as the Universal Declaration of Human Rights, the Organisation for Economic management, individuals working for People Officer, who also chairs our Global
Financial
Statements operations and across our value chain. Taking Cooperation and Development (OECD) Guidelines for Multinational HEINEKEN through a third-party contract, Integrity Committee. As part of our
action to prevent or remediate human rights issues Enterprises, and the United Nations Guiding Principles on Business and Human our suppliers and business partners, to governance structure, the Executive
requires multi-stakeholder collaboration and Rights. These frameworks provide the foundation of the 10 principles included respect human rights in line with Board, S&R Steering Committee and
sharing expertise across HEINEKEN as well as in the policy, which are: this policy. Supervisory Board receive regular updates
Sustainability within and beyond our industry. to align on strategy and report on
Statements 1. Health and safety
progress and challenges. Where human
2. Non-discrimination rights audits have been conducted in
3. No harassment and violence operating companies, non-compliances
Other 4. Child protection are incorporated into our global issue
Information management framework.
5. Freedom of association and the right to collective bargaining
6. No forced labour (including human trafficking)
7. Rest and leisure
8. Fair wages and income
9. Access to water
10. Respect for human rights in high-risk contexts
 209 Own workforce – Impacts, risks and opportunities – Policies
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Speak Up Policy
Background Key content Scope Accountability
As HEINEKEN, we expect everyone to act Explains the importance of speaking up and provides specific information on Our employees and all interested The Speak Up Policy is overseen by our
responsibly and with integrity. Sometimes this may when and how to speak up. It also explains what people can expect when they stakeholders can report concerns through Global Integrity Committee, which is
not be the case. If people experience, witness or speak up, including our commitment to confidentiality and non-retaliation. our internal Speak Up service chaired by the Chief People Officer.
suspect something that may violate our Code of
The Speak Up Policy is available to all employees through the Business Code of We regularly evaluate the Speak Up Policy
Business Conduct, they are encouraged to speak
Conduct communication. to ensure it still embodies our values and
up. This enables HEINEKEN to deal with the
Introduction aligns with our Company strategy.
concern and helps to protect our people,
Company and workplace.

Report Non-Discrimination Policy

of the
Executive Background Key content Scope Accountability
Board
We aim to foster a culture where diversity is Non-discrimination is covered under our Code of Conduct, and specifically, Own employees The Code of Business Conduct is overseen
Report embraced and celebrated. We believe that diverse employees should: by our Director of Business Conduct, and
of the and inclusive teams ignite diversity of thoughts, diversity, equity and inclusion is overseen
Supervisory – Treat everyone equally and fairly, without distinction according but not
greater innovation and better performance. by our Chief People Officer through the
Board limited to: race, colour, gender, sexual orientation, religion, national or social
Discrimination is not tolerated. Everyone is valued Senior Director Global Talent
origin, age and disability.
fairly and equally, so that every individual can and Leadership.
reach their full potential. – Respect the individual identity and diversity of others and enable everyone
Financial to share without the fear of negative consequences. Monitoring of the Non-Discrimination
Statements Policy is embedded in our current risk
– Communicate inclusively and avoid coming across in a way that could
management and internal control system.
hurt others.
– Challenge and speak up about discriminatory, non-inclusive or
Sustainability unequitable behaviour.
Statements

Heineken Life Saving Commitments

Other
Information Background Key content Scope Accountability
These commitments provide us and anyone The 12 commitments are based on our operation’s highest risk activities and Applies to all HEINEKEN The Chief People Officer is responsible for
working on behalf of HEINEKEN (employee or are mandatory for anyone working on behalf of HEINEKEN (employee or operating companies the approval of this policy.
contractor) with the commitments and actions to contractor) on or off HEINEKEN’s premises. With this, we want to ensure that
Monitoring of the life saving
follow and to guarantee safety at work. Protecting everyone is empowered to stop work and speak up when work can’t be
commitments is embedded in our current
our physical integrity and, ultimately, our life. executed safely or it is not possible to adhere to the Life Saving Commitments.
risk management and internal control
system.
 210 Own workforce – Impacts, risks and opportunities – Policies
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Brand Promoters Policy
Background Key content Scope Accountability
This policy establishes the principles and guidelines There are seven principles on the Brand Promoters Policy that help us achieve Brand Promoters working on behalf of a The operating company Managing
for the deployment of Brand Promoters. We our goals: brand owned by or licensed to HEINEKEN, Director is accountable to ensure that the
commit to taking further steps to address and its subsidiaries or joint ventures policy is fully applied.
1. Brand Promoter safety comes first
improve the working conditions of Brand
2. Support is always available Monitoring of the Brand Promoters Policy
Promoters with our agencies, outlet owners and
is embedded in our current risk
joint-venture partners as well as other companies 3. Training is mandatory
Introduction management and internal control system.
in the industry. We desire to increase Brand 4. There are no exceptions
Promoters’ opportunity to develop in their careers
5. Management is always responsible
and to build more gender-diverse teams.
Report 6. Agencies must conform to our Policy and outlets must be informed of our
of the Outlet/Brand Promoters Standards
Executive
Board
7. We regularly monitor compliance

Report Non-Retaliation Policy

of the
Supervisory Background Key content Scope Accountability
Board
This policy highlights the Company’s value for There is zero tolerance for retaliation. The Non-Retaliation Policy outlines clear Our employees and all interested The Non-Retaliation Policy is overseen by
anyone who speaks up when they see something examples of what constitutes retaliation, who is protected against retaliation, stakeholders (whether they are employed our Director of Business Conduct.
Financial
wrong which involves our Company or our people. specifies the consequences for engaging in such actions, and what to do if by our Company or not).
We regularly evaluate our Code of
Statements We strictly prohibit any form of retaliation. someone experiences, witnesses, or suspects retaliation.
Business Conduct to ensure it still
embodies our values and aligns with our
Company strategy.
Sustainability
Statements

Other
Information
 211 Own workforce – Impacts, risks and opportunities – Policies
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Addressing human rights in our own operations Forced or compulsory labour
To identify risks to people and our business, we conduct local on-site human rights risk assessments and We do not tolerate situations in which persons are forced to work through the use of violence or intimidation,
action planning through internal workshops. Over the past five years, we have completed these risk or by more subtle means such as retention of identity papers. This means that none of our employees should
assessments within 17 HEINEKEN operating companies globally and aim to continue the operating pay for their job. Fees and costs associated with recruitment and employment should be paid by HEINEKEN.
company risk assessment programme. Risks differ by country and include topics such as discrimination, All our employees should work freely and be aware of the terms and conditions of their work and be paid
excessive working hours, harassment, road safety and working conditions for third-party employees and regularly and in a timely manner as agreed.
farm workers. We expect operating companies to adhere to the following implementation standards to prevent
In 2023 and 2024, we strengthened our social sustainability roadmap. For our own workforce we will forced labour:
Introduction continue to focus on raising standards of decent work wherever we operate, and in 2025 deploy a – All work must be conducted on a voluntary basis, with no coercion of any employee through any means.
Due Diligence Policy, framework and strategy with a focus on respecting human rights in high-risk contexts.
– Government-issued identification, passports or work permits are not withheld from employees or kept on
To ensure the correct implementation of our Human Rights Policy and continuously integrate new knowledge company premises for safekeeping. Copies can be taken, and originals returned to the employee.
Report and understanding, we have reviewed our standalone internal human rights measures introduced in 2022.
of the
– Employees are not required to pay recruitment fees, or any form of deposit.
Executive Operating companies are required to assess local standards and implement specific programmes, such as to – Every employee has freedom of movement, i.e. employees are not locked into the production facility
Board pay a fair wage and working conditions for third-party employees. or accommodation.
Risk for incidents of child, forced or compulsory labour – Terms and conditions of employment are documented, meet local law and are made available in a
Report
of the
language understood by employees.
Child labour
Supervisory – Wages are paid directly to employees and all earned benefits and wages are paid to employees upon
Board We respect the rights of the child as stated in the United Nations (UN) Convention on the Rights of the Child, termination of employment.
including the right to education, the right to rest and play, and the right to have basic needs met. We will not
engage in or allow child labour within our facilities. We follow the International Labour Organization (ILO)
Financial definition of the minimum age for admission to employment or work.
Statements
While child protection is included as one of the principles in our Human Rights Policy, it has not been
identified as a salient risk in our own operations and own workforce. Our efforts in this area focus more on our
value chain that is detailed in the section ‘Workers in the value chain - policies’ (pages 225-227).
Sustainability
Statements Our operating companies are required to only employ individuals that meet the legal minimum working or
legal purchasing age (LPA) – whichever is highest. They are expected to have a system in place to check
official documentation that proves an employee’s age at the time of hiring. Operating companies have been
provided with a guideline on ‘what to do if child labour is identified’ in the exceptional case where child
Other
Information
labourers or young workers are found in our own workforce.
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Global Framework Agreement and human rights
Engaging with own workforce Freedom of association and the right to collective bargaining is governed under the HEINEKEN global
Human Rights Policy.
Engagement with own workforce and workers’ representatives
We currently do not have a global framework agreement with social partners.
Mode of engagement
We respect our employees’ freedom of choice to be legally represented by a labour union without fear of Assessing engagement effectiveness
retaliation. Where employees are represented by a legally recognised labour union, we will establish a Our annual global climate survey is translated into country, functional and team action plans. Our Speak Up
constructive dialogue with this labour union. Where local laws and practices restrict the right to freedom of trends and issue reporting, including cases filed under freedom of association and the right to collective
Introduction association and collective bargaining, we endeavour to develop other ways to have a meaningful dialogue bargaining, are presented to the Global Integrity Committee. Finally, the effectiveness of local engagement
with employee representatives, without violating local legal regulations. is assessed by third party social compliance audits in consolidated operating companies with more than 50
FTEs. We aim to have assessed all in scope operating companies by the end of 2025.
We conduct our climate survey annually with the purpose of better understanding how our employees
Report experience working for HEINEKEN. In 2024, we achieved a 92% response rate across our more than
of the Engaging with vulnerable workforce groups
Executive 89,000 employees.
Board How we gain insight into the perspectives of vulnerable groups
Engagement process We aim to create an environment where people can share their views freely and be engaged through
Globally, where employees are represented by a legally recognised union, we establish a constructive inclusive dialogue. A network of more than 120 DEI ambassadors work with dedicated councils and coalitions
Report
of the dialogue with the freely chosen representatives and engage in good faith with such representatives. In in every function and country where we operate, in order to drive an inclusive culture where everyone can
Supervisory countries and/or situations where the legal system prohibits or severely restricts the right of freedom of thrive. As part of our DEI strategy, DEI ambassadors conduct regular listening and dialogue sessions with
Board association, we support the establishment of alternative means to facilitate the effective representation of employees to inform ongoing action plans and understand employee perspectives and expectations.
employee interests and communication between employees and management. Trade union membership
data may not be processed unless explicitly permitted or required by applicable law and only in accordance
Financial with applicable data protection legislation.
Statements
In Europe, a European Works Council (EWC) Agreement, signed by the Executive Board, provides a
framework for information and consultation on transnational matters affecting our employees in the EU.
Sustainability Leadership and responsibility
Statements People Directors in operating companies are responsible for enforcing our intolerance for harassment,
discrimination or violence against employee representatives and members, and for ensuring that their safety
and rights are protected. Equally, this applies to employees who chose not to affiliate with a trade union.
Other
People Directors are also responsible for ensuring there is no interference with the legal activities of employee
Information representatives and rights of members. Employees can freely select their own representatives – their
representatives should not be appointed by management.
Responsibility for the effective management of the EWC sits with the Chief People Officer, and operational
support is provided to the EWC’s Select Committee by the Global Director Social Sustainability. In addition,
communication programmes are in place to support workers during transnational transformation
programmes, such as mergers, acquisitions or restructuring.
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Tracking and monitoring effectiveness
Remediating negative impacts and providing The Speak Up framework is managed and monitored by the Global Integrity Committee and a Global Speak
Up Review Team. The Integrity Committee oversees the effective implementation and application of the
channels for our own workforce to raise concerns HEINEKEN Speak Up framework. The Integrity Committee primarily ensures that (alleged) violations of the
Code of Business Conduct and/or its policies are appropriately and consistently handled and investigated.
Remediation and grievance channels
Any Speak Up cases reported are assessed by the Review Team (consisting of representatives of Global
We aim to address potential human rights issues at an early stage and seek adequate remedy in cases where
Business Conduct, Global Process & Control Improvement, Global Audit and Global People). The Review
human rights are violated. We actively encourage people to raise concerns they may have about HEINEKEN’s
Team determines whether the concern is admissible and, if so, whether it qualifies as a case to be handled by
operations, specifically in relation to suspected human rights violations and misconduct.
Introduction the Integrity Committee or by the operating company.
Approach to remediation
In line with our Human Rights Policy to seek adequate remedy in cases of human rights violations, we are Assessment of workforce awareness and trust in processes
committed to collaborating with judicial or non-judicial mechanisms. In 2024, our annual climate survey was completed by 92% of our employees. The statement ‘I feel
Report
of the comfortable speaking up if I have concerns about misconduct/violations of the HEINEKEN Code of Business
Executive All Speak Up reports that are filed directly in our global Speak Up portal are reviewed by an independent Conduct such as discrimination, harassment, fraud, bribery and conflicts of interest’ scored a weighted
Board team, to protect the confidentiality of the person filing the report and to ensure adequate follow-up and average of 84%, and the statement ‘I know which channels I can use to speak up about potential
investigation. The purpose of an investigation is to gather facts to determine whether the concern is misconduct/violations of the HEINEKEN Code of Business Conduct’ scored a weighted average of 92%.
Report substantiated, and if so, what actions need to be taken. All employees are expected to fully cooperate in
of the investigations. Typically, after reporting a concern, the reporter receives an acknowledgement of receipt We do not tolerate any form of retaliation against anyone for speaking up in line with our Non-Retaliation
Supervisory within five days and may be notified once the investigation is complete. Details of the outcome are usually Policy. Retaliation is a violation of our Code of Business Conduct, and will lead to disciplinary action.
Board
not shared in order to protect the confidentiality of the investigation and respect the privacy of the people
involved. If the concern is substantiated, a decision will be taken regarding what, if any, disciplinary action or
Financial
remediation is needed. Other measures include process and control improvements as well as training to
Statements prevent future issues.

Speak Up framework
Channels for raising concerns
Sustainability
Statements Multiple Speak Up channels are available to enable employees and external parties to raise questions and
concerns rapidly and efficiently, in confidence and without fear of retaliation. They include Trusted
Representatives and a Speak Up service (telephone and online), run by an independent third party and
available 24/7, 365 days a year.
Other
Information Human rights-related concerns shared through the Speak Up system are assessed and investigated where
needed. Where appropriate, corrective and preventive actions are taken. Such actions include process and
control improvements, awareness-raising, training, coaching and disciplinary measures ranging from issuance
of a warning to termination of employment.
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When identifying volatile countries, and specifically what this could mean for our business, we are guided by
Actions and resources external expertise to consider conflict, security and economic, political and social factors such as governance,
economic development and potentially vulnerable groups. Countries included in this category change over
Addressing material impacts on our own workforce time and we review the situation annually to consider developments.
At HEINEKEN, we track human rights risks and impacts through four key channels: the HEINEKEN risk In 2024, we updated our methodology for ranking high-risk and volatile markers, considering both external
control framework, human rights reviews performed by Global Audit, our Speak Up channel and third- and internal factors.
party assessments.
Our presence in a volatile country can help to enable sustainable economic development when we operate
The HEINEKEN risk control framework embeds respect for human rights in internal controls. Our Risk responsibly. We continue to consider how to stay engaged in volatile countries, while respecting the
Introduction Committee maintains oversight of human rights-related risks. Each operating company must check their Company’s commitment to doing business responsibly. In particular, we engaged with other companies in
own policies and practices against the Human Rights Policy and implementation guidelines. the same situation and an independent organisation with expertise in human rights to gain a better
understanding of the negative impacts a company may be associated with when operating in a conflict-
Report
Managing human rights audits affected country.
of the We conduct internal human rights audits to assess the performance of internal human rights management
Executive In 2023 and 2024, we built on this and commissioned a due diligence assessment for the Company,
Board at a global level. An audit of the Corporate Human Rights programme took place in 2022 and 2024. covering our own operations as well as our value chain. This assessment resulted in an updated value chain
We have used an external provider to conduct social compliance audits of our own operations, focusing on due diligence strategy. For this specific context, mitigation actions were suggested focused on working
Report third-party employees and Brand Promoters and including own workforce reporting and a review of the conditions in the value chain, continuous risk assessment and security.
of the
management systems in place. In 2024, 14 new operating companies were assessed, bringing the total to
Supervisory
40%, towards our goal of 100% by the end of 2025. Action plans are developed to address audit findings and Addressing material risks and opportunities
Board
root causes. We have conducted action planning workshops with 17 HEINEKEN operating companies over the past five
years. We followed these up with actions to address salient risks. Risks differ by country and include topics
Building capabilities and culture is critical to fully integrate respect for human rights in HEINEKEN’s daily
Financial such as discrimination, excessive working hours, harassment, road safety and working conditions of third-
operations. A competency model for employees working in our People function includes human rights as a
Statements party employees and farm workers.
key competency. In 2024 we delivered a campaign to support employees in mastering this competency,
including videos, podcasts and live chats with peer companies on relevant topics. We also delivered an All operating companies are expected to apply the internal HEINEKEN Human Rights Implementation
awareness campaign for all employees to mark International Human Rights Day. Guidelines, which support the implementation of our Human Rights Policy. This covers our most salient risks
Sustainability and report on the effectiveness in control self-assessments, as well as through internal and external audits.
Statements Understanding human rights in high-risk contexts
We recognise that we may face human rights dilemmas in countries that are politically less stable or where
human rights are compromised. In such circumstances, we critically review whether we can continue to
Other operate in these countries and, if so, how. Our operating companies should never contribute to human rights
Information violations by others. We aim to protect the security of our employees, their relatives and our facilities. We
work with security staff who are properly instructed and trained to respect human rights.
When we enter a new market, we become embedded in the local economy and society. Some countries may
go through periods of volatility which can present significant challenges and dilemmas for governments,
citizens and long-term investors such as HEINEKEN. We must be prepared to deal with high-risk contexts that
could impact our business and the human rights of employees and other stakeholders, particularly in our
supply chain. The risk of human rights violations can be disproportionately high in areas of poor governance,
volatility and political instability, and we continuously review whether we can continue to operate in such a
location and how to manage the risks.
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Preventing negative impacts from our own practices
We launched a standalone internal human rights control for operating companies to self-assess standards
and accountability for implementation of HEINEKEN’s Human Rights Policy in 2022 through the global risk
control framework. We have also published our updated Human Rights Policy implementation guidelines,
human rights e-learning modules and relaunched our action planning workshops in a refreshed format. These
initiatives contributed to our efforts to prevent negative impacts from our own practices in 2024.

How we allocate resources for managing material impacts

Introduction Awareness and focus on the topic has increased significantly across our operating companies. In 2024, the
Global Social Sustainability and Human Rights team doubled in size, forming dedicated global teams to
manage the topical focus areas of forced labour, child labour, decent work, social dialogue, harassment and
discrimination, in addition to a team dedicated to reviewing and investigating allegations of misconduct filed
Report
of the through our Speak Up system.
Executive
Board Mitigating negative impacts from the transition to a sustainable economy
The HEINEKEN Human Rights Policy is our foundation to help us understand, avoid and address human
Report
of the
rights-related risks and guides actions to respect human rights both in our own operations and across our
Supervisory value chain, including while delivering our environmental ambitions.
Board
In the European Economic Area (EEA) we have developed People Principles together with the European
Works Council (EWC). These set minimum standards and expectations for employees potentially impacted
Financial by transnational change programmes. With the principles, the EWC and management intend to ensure that
Statements employees impacted by transnational change processes, including those resulting from the transition to a
climate-neutral economy, are treated with fairness and respect. Operating companies may decide, based on
local requirements and agreements, to go beyond these principles through local goals and ambitions.
Operating companies cannot provide less than these principles. The principles set standards around
Sustainability information and consultation, roles and responsibilities, training, workload and dismissal arrangements.
Statements

Other
Information
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The table below highlights the key actions we have taken and planned to prevent, mitigate and remediate actual and potential impacts, and address risks and opportunities related to HEINEKEN’s own workforce. The
activities relevant to many of these actions play a critical role in achieving our goals and policy objectives.

Affected
Value chain stakeholder
Key actions Related activities scope groups Expected outcome Time horizon
Embrace diversity, equity – Embedding our DEI agenda across all operating companies (including, for example, the Own operations Own workforce – – Achieving gender – Reaching gender
and inclusion implementation of DEI councils) Own employees balance at senior balance across
– Equal pay for equal work assessments manager levels senior
Introduction – Conducting listening and dialogue sessions to understand the impact and progress of DEI – Expand DEI in our management:
action plans own operations 30% women by
– Updating key People function processes to further reflect DEI 2025, 40% women
by 2030
Report
of the Ensure a fair and safe – Safeguarding an effective Speak Up framework Own operations Own workforce – – Maintaining a fair Continuous
Executive workplace – Conducting on-site human rights risk assessments and action planning workshops Own employees and safe workplace
Board – Fair wages and equal pay assessments and action plans and non-employee for our employees
– Conducting third-party audits of operating companies and on-site OSPs workers where (including fair living
Report – Global guidance to all operating companies setting the following expectations: applicable. and working
of the – Have a system in place to check official documentation that proves an employee’s age standards)
Supervisory at the time of hiring
Board
– Ensure that employees are made aware of their rights to freedom of association and
collective bargaining
– In countries and/or situations where the legal system prohibits or severely restricts the
Financial right of freedom of association, support the establishment of alternative means to
Statements
facilitate the effective representation of employee interests and communication
between employees and management
– Ensure government-issued identification, passports or work permits are not withheld
from employees or kept on company premises for safekeeping. Copies can be taken
Sustainability
Statements and originals returned to the employee
– Employees are not required to pay recruitment fees, or any form of deposit
– Wages are paid directly to employees and all earned benefits and wages are paid to
employees upon termination of employment
Other
Information
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Metrics and targets

We are raising the bar to create a fair and safe workplace and to promote diversity, equity and inclusion. This means achieving gender balance at senior levels, paying our employees a fair wage, and demanding fair living
and working standards for third-party employees and Brand Promoters. Our safety, health and well-being strategy aims to embed a leading safety culture, and ambitions, goals and targets are aligned with relevant UN
Sustainable Development Goals (SDGs).
The following table outlines HEINEKEN’s goals and targets to meet our ambitions as well as metrics to track progress on those goals and targets.

Progress
Introduction
BaBW ambition BaBW goal Target Time horizon target Metric 2024 2023
Embrace Gender balance across senior Gender balance across senior 2025
management: 30% women by 2025, management: 30% women % women in senior
Report
of the diversity, 40% women by 2030 Gender balance across senior 2030 management positions
30% 28%
Executive
Board
equity and management: 40% women
inclusion Continue assessment and action - - % of operating companies assessed for 100% 100%
Report towards achieving equal pay for equal pay for equal work
of the equal work % of operating companies with action 100% 100%
Supervisory
Board
plans to close any gaps relating to
equal pay for equal work

A fair and safe Continue to confirm 100% of our - - % of operating companies assessed for 100% 100%
Financial employees earn at least a fair wage fair wages
Statements workplace % of assessed employees earning a fair 99.7% 100%
wage according to Fair Wage Network
Create fair living and working 100% of in-scope operating 2030 % of operating companies assessed for 43% 38%
Sustainability standards for third-party employees companies assessed fair living and working standards for
Statements and Brand Promoters third-party employees and Brand
Promoters

Embrace diversity, equity and inclusion

Other
Information
By promoting DEI, we aim to foster a sense of true togetherness and create meaningful connections with our employees, consumers and customers. Our approach is based on the knowledge that a diversity of input and
perspectives drives innovation and performance. It starts with courageous leadership, which is why we nurture bold and caring leaders who strive to create space for everyone, equally. Our diverse employees contribute to
the unique nature of our Company and brands. Equal opportunities and fair treatment are fundamental building blocks of an inclusive environment.
Our goal is to achieve gender balance within our senior management. The International Labour Organisation defines gender balance as a representation ranging between 40% and 60% for either gender. Starting from our
2021 baseline of 23% female representation, and in consideration of industry benchmarks, we have set a target of 30% women by 2025, progressing towards 40% women by 2030. In 2024, we achieved our 2025 goal and
target a year early by having 30% women in senior management. While we celebrate this important milestone, we recognise the ongoing work we need to do to achieve our 40% goal by 2030 on the path to
gender balance.
We are dedicated to ensuring equal pay for equal work (or work of equal value) between female and male colleagues. We first achieved our goal of having 100% of our operating companies assessed and 100% action
plans in place in 2023. In 2024, we continued to assess all operating companies and track action plans. Once again, we achieved our goal of having 100% of operating companies assessed with action plans in place to
ensure equal pay for equal work (or work of equal value) between female and male colleagues.
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A fair and safe workplace
We are dedicated to maintaining a fair and safe workplace for our employees. We strive to ensure that all our employees worldwide earn at least a fair wage and take action to advance equal pay for equal work between
female and male colleagues. Seeking to ensure fair living and working standards for third-party employees and Brand Promoters is also important.
Ensuring a fair wage is a dynamic and ongoing process as the cost of living and other economic factors can change. We therefore assess wages across our operating companies against the Fair Wage Network annually.
Assessments started in 2021, with a step-by-step approach in our operating companies in developing countries, and were rolled out to all other countries in 2022. In 2024, we expanded our assessment to include recently
acquired entities. We assessed 99.2% of our own workforce and within that group achieved the goal of 99.7% of employees earning a fair wage.
Steady progress was made on our global initiative to strive for fair living and working standards for third-party employees and Brand Promoters. In 2024, we expanded the programme to the Americas region, launched the
programme in Europe and continued action plans to close gaps in Asia Pacific and Africa.
Introduction
Process for setting ambitions, goals and targets
The process for setting and monitoring ambitions, goals and targets is included in the general disclosures.
Report
of the We recognise that effective dialogue with relevant internal and external stakeholders is an integral element of assessing our own human rights performance. The salient risks which form our Human Rights Policy, and for
Executive which metrics have been set through Brew a Better World, are the outcome of in-country human rights workshops involving diverse groups of employees.
Board

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of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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Employees by contract type, by region
Metrics 2024
Data reported in this section represents metrics in accordance with ESRS requirements. These metrics are Head
additional to our goals and targets (included in the previous section). AME Americas APAC Europe Office Total
Number of permanent 13,196 32,311 10,527 22,240 3,677 81,951

Employee characteristics employees

Number of temporary 789 3,500 822 1,537 665 7,313
The tables below present the breakdown of employees by gender and region as well as type of employment employees
Introduction
contract per headcount as at 31 December 2024. Total 13,985 35,811 11,349 23,777 4,342 89,264
1
Employees by contract type, by gender
Report 2024
of the
Executive Headcount Female Male Other Total Collective bargaining coverage and social
Board
Number of permanent employees
Number of temporary employees
21,217
1,558
60,675
5,740
59
15
81,951
7,313
dialogue
Report
of the Total number of employees 22,775 66,415 74 89,264
In 2024, 83% of employees in the European Economic Area were covered by a collective bargaining
Supervisory agreement.
Board 1
Non-guaranteed hours employees are not reported by HEINEKEN because this type of employment contract is not commonly used within the Company.
Additionally, the number of such employees is not significant to be considered material for reporting purposes. All European operating companies are represented under the Heineken European Works Council Agreement
(timeline 2022-2026).
Financial Employee headcount in countries with at least 50 employees and representing at least 10% of
Statements HEINEKEN’s total number of employees
Headcount 2024
Mexico 18,086
Sustainability
Statements Brazil 13,926
Other countries 57,252
Total 89,264
Other
Information Please refer to note 6.4 Personnel expenses of the financial statements, where we disclosed the average
number of full-time employees.
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Diversity Adequate wages

We are dedicated to providing a fair and safe workplace. This includes fair wage practices. Since 2020, we
Gender diversity have partnered with the Fair Wage Network, an independent NGO that has developed an economically
2024 rigorous standard and methodology to assess, develop and optimise wage policies on multiple dimensions
Gender in senior management Headcount % covering all wage indicators. We perform annual fair wage assessments across all operating companies to
assess progress against the goal of 100% of employees globally earning at least a fair wage, according to the
Female 296 30% Fair Wage Network definition.
Introduction Male 678 70%
In 2024, we assessed 99.2% of our own workforce against the Fair Wage Network and found that 99.7% of
Other 0 0% the assessed employees earned at least a fair wage according to the amount determined by the Fair Wage
Total 974 100% Network for each respective country. The remaining 0.3% of employees below the amount determined by
Report
of the the Fair Wage Network were located in Singapore.
Executive
Our ambition is to achieve 40% female representation among senior management by 2030. This population
Board currently comprises 70% men and 30% women. We determined that the increase of the fair wage for Singapore in 2024, as proposed by the Fair Wage
Network, exceeded the actual changes in the consumer price index and was not fully aligned with other
Definition of senior management for gender distribution relevant indicators. This led to some employees who were above the threshold in 2023 falling below it. To
Report
of the We define senior managers as all employees who are eligible for the Senior Management Reward Policy ensure fair compensation for our employees, we followed up with an additional benchmark analysis using
Supervisory (SMRP). This includes, among others, directors, functional heads, senior leaders and executive members. data from Singapore’s Progressive Wage Model. Upon assessing our Singapore workforce against this
Board benchmark, we found that 100% of our employees were earning a fair wage.
By using this definition, we aim to provide a comprehensive view of gender representation in our decision-
making and leadership structures. Ensuring a fair wage is a dynamic and ongoing process, as the cost of living and other economic factors can
Financial change. Moving forward, we will maintain a focus on fair wages through ongoing assessments and action
Statements Age distribution across our workforce plans. Our ambition remains to continue assessing our workforce and ensure all our employees worldwide to
2024 earn at least a fair wage.

Age group Headcount %

Sustainability
Statements Under 30 years old 17,100 19 %
30-50 years old 58,912 66 %
Over 50 years old 13,252 15 %
Other Total 89,264 100%
Information
We recognise the importance of engaging employees of all generations and value the unique perspectives
and expertise that employees of all ages bring to the organisation. With a good distribution of ages across
our Company, we are striving to foster a diverse and inclusive work environment.
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Social protection Remuneration

We are dedicated to ensuring that our workforce is covered by social protection programmes to safeguard
well-being.
Closing the gender pay gap
In 2024, the total gender pay gap at HEINEKEN was 28.4% in favour of women.
We have assessed social protection coverage for major life events like sickness, unemployment, employment
injury and acquired disability, parental leave and retirement for 72% of our own workforce. These assessments The total gender pay gap refers to the average difference in pay between men and women for all employees
considered the statutory coverage in each country as well as the additional coverage offered by our in the company. It can be broken down into two components: the explained and the unexplained pay gap.
Introduction operating companies. Our findings indicate that all of the evaluated employees have access to social The explained pay gap encompasses the differences in pay attributable to objective factors, such as job role,
protection for the major life events of sickness, employment injury and acquired disability, parental leave and education, work experience, responsibilities and geography. In contrast, the unexplained pay gap represents
retirement, provided they meet the standard local eligibility criteria, such as age or a minimum work history, in the portion of the pay gap that these factors cannot explain.
line with local regulations and market practices.
Report Our total gender pay gap primarily reflects the workforce profile of our Company and the industry in which
of the For unemployment protection, we identified that Mexico and Nigeria are exceptions, as there are no general we operate rather than providing actionable insights into genuine gender pay issues. HEINEKEN has a
Executive
Board local provisions to safeguard against loss of income in these areas and unemployment protection is not a significant number of male employees in brewery roles in developing countries, where pay levels are generally
common market practice in these countries. lower. Consequently, the average pay for male employees at our Company is less than that of their female
counterparts, resulting in a total pay gap that favours women.
Report
of the
Supervisory
Board
Work-life balance HEINEKEN’s goal is to ensure equal pay for equal work (or work of equal value) between female and male
colleagues. In light of the limitations of the total pay gap described above, we have developed a
We are dedicated to promoting a healthy work-life balance for all our employees. Most HEINEKEN employees methodology for equal pay for equal work analysis. This approach compares pay for female and male
are entitled to various types of family-related leave, including maternity leave, paternity leave, parental leave, colleagues within similar roles within the same country, and is aligned with the requirements of the EU Pay
Financial and carer’s leave. We have assessed 72% of HEINEKEN’s own workforce. These assessments consider the Transparency Directive.
Statements statutory requirements in each country as well as any additional benefits offered by our When evaluating equal pay for equal work, the global gender pay gap in 2024 was 2.3% in favour of men.
operating companies.
All operating companies globally are dedicated to delivering, monitoring and evaluating local action plans to
The overall entitlement to all four types of family-related leave defined by the ESRS is 68%. close identified pay disparities between female and male colleagues. This includes integrating equal pay
Sustainability
Statements Our findings show that the availability of carer’s leave, in particular, determines this reported figure. Currently, considerations into reward strategies, reward processes and initiatives.
carer’s leave is not offered to employees in Brazil, Egypt, India, and Nigeria, where this type of leave is not a Action plans also target gender representation, equal opportunities for promotion and gender balance in
common market practice. However, carer’s leave is available to all other evaluated employees. Additionally, management teams. We monitor outcomes annually to ensure equal pay for equal work or work of equal
100% of assessed employees are entitled to maternity or paternity leave, as well as parental leave. value between female and male colleagues.
Other
Information
% of employees entitled to family-related leave 2024
Maternity leave 100%
Paternity leave 100%
Parental leave 100%
Carer’s leave 68%
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Understanding our remuneration ratio
This year, we are disclosing two remuneration ratios: one based on the requirements of the EU Shareholder Incidents, complaints and severe human
Rights Directive (SRD) and the Dutch Corporate Governance Code (DCGC), and another based on the
requirements from the Corporate Sustainability Reporting Directive (CSRD/ESRS). The difference between rights impacts
these two ratios can be attributed to the different methodologies prescribed by the ESRS and the SRD/DCGC,
as well as the company’s workforce profile. Work-related incidents and complaints
For the SRD/DCGC, we calculate the CEO day ratio based on the average annual total remuneration of our During the reporting period, 437 allegations of discrimination and harassment and human rights were fully
employees, while the CSRD ratio is determined using the median annual total remuneration. or partly substantiated after thorough investigation. Where appropriate, corrective and preventive actions
Introduction were taken. Such actions include awareness-raising, training, coaching and disciplinary measures ranging
The remuneration ratio of our highest-paid individual to the median annual total remuneration for all from issuance of a warning to termination of employment.
employees (excluding the highest-paid individual) is 402 to 1. This number differs significantly from the CEO
pay ratio published in the remuneration report, which, for 2024, is 186 to 1 (see page 76). Grievances and complaints 2024
Report
of the HEINEKEN has a wide geographical footprint, with the majority of its business and employees located in Discrimination incidents 373
Executive
Board developing countries, where pay levels and structures differ widely from those generally observed in the Severe human rights issues and incidents 0
developed countries. Moreover, the Company also has a large number of breweries and in-house sales forces
Social and human rights complaints 64
Report
across the world. As a result, the median total remuneration is notably different from the average total
of the remuneration when considering the broader employee base. This explains the significant variance between Total 437
Supervisory the two reported ratios.
Board There were no material fines, penalties and compensation damages for (severe) social and human
The CSRD ratio was determined by dividing the highest-paid individual’s annual total remuneration by the rights incidents.
median employee’s annual total remuneration, defined as follows:
Financial
Statements Highest-paid individual’s annual total remuneration
The CEO is the highest-paid individual in the Company. For total remuneration, we use the sum of all
remuneration elements disclosed in the Remuneration Report. This includes the annual base salary, the 2024
short-term incentive (paid in 2025), the 2022-2024 long-term incentives, and pension contributions and
Sustainability other emoluments. For the year 2024, the total figure was €7,171,143.
Statements
Median employee annual total remuneration
We identified the median employee from among our active internal permanent employees. The total pay for
Other this employee was calculated based on (i) annual base salary, (ii) short-term and long-term bonuses and cash
Information incentives payable for the fiscal year 2024, and (iii) employee benefits. For the year 2024, the total figure
was €17,854.
 223 Own workforce – Voluntary disclosures
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Fatalities and serious injuries
Safety culture We deeply regret that two persons lost their lives while working for us in 2024 (2023: three). A sales team
member in the Bahamas was involved in a head on vehicle collision which resulted in his death. A contractor
While we have significantly reduced incident severity across our operations, we still experience safety working in performing floor painting activities in our Ecuador brewery suffered an electric shock resulting in
incidents as a result of our activities. We remain committed to doing the utmost to ensure that every one of his death. An independent investigation team thoroughly investigates every fatality to identify and
our colleagues and contractors returns home safely every day. The personal commitment and actions of understand the root cause.
everyone who works on behalf of our Company – including employees, temporary workers and contractors – We take action to prevent recurrence and share learnings, with corrective and improvement actions followed
must comply with the Life Saving Commitments and HEINEKEN’s safety standards. The HEINEKEN Life up until closure.
Saving Commitments (LSCs) are designed to address the highest-risk activities in our operations. The Golden
Introduction Our Total Recordable injury Rate (TRR) for employees and temporary workers improved to 0.9 per 200,000
Principle is the overarching principle through which we empower people to stop and speak up when work
cannot be executed safely or if it is not possible to adhere to the LSCs. hours worked (2023: 1.2). Injuries resulting in permanent disabilities decreased to one in 2024 (2023: four).

Health and safety at the heart of everything we do There were 978 injuries (2023: 1,073) that resulted in 651 (2023: 735) injuries with lost time cases among
Report
of the This year’s Safety Day theme was ‘Safety at Heart!’, linked to our believe of having safety at the heart of our employees and temporary workers. Of these injuries, 488 were in logistics and distribution, 134 in
Executive
everything we do, and emphasising the importance of taking care of ourselves and our colleagues just as we commerce, 314 in production and 42 in other functions. The decrease in the recordable injuries of employees
Board and temporary workers is mainly the result of the previously mentioned turnaround programme.
do for our loved ones. A wide range of global and local initiatives were held to reinforce the commitment and
increase awareness around safety. The main types of work-related injuries are slips or falls, injuries while lifting or carrying objects, cuts by sharp
Report
of the We carried out many activities to shape a leading health and safety culture in 2024. The introduction of the objects (e.g. glass) or collisions (e.g. forklifts).
Supervisory
Board safety cultural transformation programme in 2024 enabled operating companies to assess their current
safety cultural level, identify gaps and develop improvement plans to close them. During 2024, 45 locations Fatalities 2024 2023
have started with the cultural programme. Fatalities of employees 1 1
Financial
The regional turnaround programme launched in 2023 as an immediate call to action to improve safety Fatalities of temporary workers 0 1
Statements
performance where it is needed most. Plans to reduce injuries and strengthen a safety culture and mindset Fatalities of contractors 1 1
were implemented for selected functions and operating companies, based on their safety performance. Total 2 3
We continue to strengthen the HEINEKEN capability framework to embed health and safety and to integrate Injuries (absolute values)
Sustainability
Statements safety leadership into our global programmes through competence building, leadership programmes etc. Permanent disabilities of employees 1 4
Looking ahead Total recordable injuries of employees and temporary workers 978 1,073
We will further rollout the safety culture transformation programme to the next round of locations. The Total recordable injuries of contractors 193 198
Other turnaround programme will remain as a key programme to improve the safety performance.
Information
Injuries (relative values) – employees and temporary workers
Total reportable injury rate (per 200,000 hours) 0.9 1.2
Lost time injury rate (per 200,000 hours) 0.6 0.8
 224 S2: Workers in the value chain – Strategy
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Workers in our value chain designates any other workers from our barley to bar value chain. This includes a diverse
range of workers, such as upstream farm workers, employees in packaging manufacturing, and those involved in
the storage and transportation of the necessary commodities. On the downstream side, we consider workers in
logistics, points of sale and even those in the informal sector, such as waste pickers. See the section ‘Strategy ,
business model and value chain’ (page 157) for more details on our value chain. We are also mindful of vulnerable
populations, which may include – but are not limited to – indigenous peoples, women, ethnic minorities, the
elderly, children and persons with disabilities. These workers are either employed by our direct suppliers or the
suppliers of our suppliers.

Introduction
We strive to ensure the respect of human rights of workers in our value chain, acknowledging the importance
of a risk-based approach in our due diligence processes, particularly where we have the greatest leverage.
Throughout 2024, we have reviewed our overall due diligence approach, including third-party risk management,
Report to enhance our ability to identify risks that may impact workers in our value chain. For more details, see
of the ‘Statement on due diligence’ in the General information section on pages 154-155.
Executive
Board Additionally, due to the nature of our operations, we have focused our immediate efforts on areas where the

Report
Strategy risks are most pronounced. Specifically, the agricultural value chain presents a high concentration of labour
and human rights risks, which require our attention. This focus is informed by the findings of the double
of the Respect for individuals’ dignity and human rights is a key consideration that informs our business practices, materiality assessment, which identified ‘labour practices and human rights’ and ‘sustainable agriculture’ as
Supervisory
Board
both within our own operations and throughout our value chain. We recognise that our impact on human material topics for the Company. Furthermore, the aforementioned maturity assessment of our due diligence
rights – both positive and negative – can arise in all aspects of our operations, including through the activities approach reaffirms that some of our most salient risks are likely to be found within our agricultural value chain.
of our direct suppliers and their networks. The most salient human rights risks across the agricultural value chain may include, but are not limited to, forced
Financial labour, child labour, unsafe working conditions, excessive working hours and wages below living wage standards.
We aim to conduct our business with integrity, fairness and respect for individuals, legal standards and our
Statements
core values. We strive to continuously improve our human rights strategy in view of the principles outlined in In 2024, we have mapped our agricultural commodities and sourcing countries, identifying a total of 10
international standards, including the Universal Declaration of Human Rights, the International Labour crops sourced from over 50 countries.
Organisation’s Declaration on Fundamental Principles and Rights at Work, the Organisation for Economic Co-
operation and Development (OECD) Guidelines for Multinational Enterprises, and the United Nations We refined our value chain due diligence strategic framework to identify and then address the most salient
Sustainability
Statements Guiding Principles on Business and Human Rights. risks, including for commodities and geographies. This will enable us to prioritise our interventions and define
the most effective strategies for preventing and mitigating risks. Our refined approach will include
Our human rights due diligence process is evolving to address these principles effectively. It focuses on the engagement with workers and a concrete action plan to manage our impacts, risks, and opportunities, along
five key areas outlined in our strategy on value chain due diligence (see ‘Statement on due diligence’ in the with measures to assess effectiveness.
Other General information section on pages 154-155), which also informs our approach in relation to our own
Information workforce: Interest and views of stakeholders
1. Embedding human rights through policies and governance; Interests and views of stakeholders are disclosed in the General information section on pages 158-159.

2. Assessing and prioritising human rights risks; Material impact, risks and opportunities and their interaction with strategy and
3. Acting by integrating the Human Rights Policy and identified risks into ways of working; business model
4. Tracking, also for assurance of policy implementation; Material impacts, risks and opportunities and their interaction with the strategy and business model are
covered in the General information section on pages 160-163.
5. Communicating progress internally and externally.
We define workers in our value chain as those beyond our own workforce, where the latter includes non-
employees such as the workers of our third-party providers operating on our premises, as outlined in the Own
workforce section.
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Policies
We have established codes and policies for our own workforce that not only govern our internal operations but also shape how we conduct business across our value chain, including for human rights. For further details,
please see the Own workforce section.
In addition, we have a set of policies that support our human rights approach throughout our value chain.

Supplier Code
Introduction
Background Key content Scope Accountability
Our impact on human rights can occur wherever The HEINEKEN Supplier Code establishes guidelines for ethical and sustainable For workers in the value chain, we expect The Supplier Code is overseen by our
we operate – including through the activities of our practices throughout the value chain. our suppliers to adhere to all applicable Senior Director Global Procurement.
Report
of the direct suppliers and their own suppliers. We expect laws and regulations where they operate,
With regard to respecting the dignity and human rights of all people, including We regularly evaluate our Supplier Code
Executive our suppliers to comply with our Supplier Code. Our as well as the minimum standards defined
Board health and safety, the Supplier Code’s minimum standards are: to ensure it still embodies our values and
human rights standards, expressed in the in this Supplier Code. These minimum
aligns with our Company strategy and
Company’s Human Rights Policy, also apply to our 1. Non-discrimination standards should be incorporated into
Business Code of Conduct.
Report suppliers through the HEINEKEN Supplier Code. 2. No harassment suppliers’ own operations and
of the communicated to all individuals employed
Supervisory 3. Freedom of association and the right to collective bargaining by the supplier, regardless of the type of
Board
4. Freedom of movement and no forced labour contract or location of their work, and
5. Children’s rights individuals working for the supplier
Financial 6. Reasonable working hours through a third-party contract. HEINEKEN
Statements also expects suppliers to take appropriate
7. Fair wages and income steps to ensure that their own suppliers
8. Working safely comply with the minimum standards of
9. Emergency response and medical care the Supplier Code.
Sustainability
Statements The HEINEKEN Supplier Code is communicated to all of our suppliers.
The criteria for a supplier to be considered within the scope of signing this code
is the issuance of at least two invoices within the last 18 months.
Other
Information To ensure accuracy and inclusivity, we refresh our spend data on a monthly
basis to identify suppliers who meet this criterion. It is important to note that
one-time vendors are excluded from the scope of the Supplier Code. This
diligent process ensures that our supplier relationships are consistently aligned
with our ethical standards and business practices.
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Sustainable sourcing of agricultural materials – principles and procedures
Background Key content Scope Accountability
Sustainable sourcing within HEINEKEN covers HEINEKEN’s Sustainable Sourcing Procedures are based on the Farm For barley and hop, HEINEKEN has a goal The implementation of principles and
sustainable agriculture (how the agricultural raw Sustainability Assessment (FSA) developed by the Sustainable Agriculture to reach 100% sustainably sourced procedures of SAI are overseen by our
materials are grown and collected) and responsible Initiative and apply the following principles: by 2030. Senior Director Global Procurement.
sourcing (how we manage our agricultural raw
– Use of the SAI FSA to set the sustainable standard, including essential We regularly evaluate our SAI principles
materials supply chain). The goal of the
questions about labour conditions. and procedures to ensure they still
sustainable sourcing initiative is to encourage and
Introduction – Continuous improvement of the applied Codes of Practice. embody our values and align with our
stimulate the production of agricultural materials
Company strategy.
in a manner that produces safe, high-quality – Verification at farm and primary production level through farm audits.
agricultural products and protects and improves
While our principles and procedures focus on how raw materials should be
Report the natural environment and social and economic
of the grown and measured, labour and human rights are indirectly addressed
conditions of farmers, benefiting farm workers and
Executive through the use of the SAI FSA questionnaire from bronze level, which helps us
Board their communities both directly and indirectly.
assess risks at farm level. Three performance levels exist within the SAI FSA:
bronze, silver and gold.
Report
of the
Supervisory Additionally, our Renewable Electricity Policy, part of our net zero carbon ambition, aims to address the risk of forced labour in our renewable energy procurement process, especially within the solar energy industry. In
Board
addition to existing HEINEKEN Supplier Code and contract provisions, we offer guidance with template contract language and collaborate with suppliers to take appropriate steps to identify and address adverse forced
labour impacts. See section ‘Climate change – Policies’ (page 173) for more details on our Renewable Electricity Policy.
Financial Finally, as part of our value chain due diligence roadmap, HEINEKEN is now working on further embedding due diligence in its policy framework, including the development of what will become the Due Diligence Policy, as
Statements well as updating the Human Rights Policy and the Supplier Code. See ‘Statement on due diligence’ in the General information section on pages 154-155.

Sustainability
Statements

Other
Information
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Addressing forced and child labour
HEINEKEN’s Human Rights Policy takes a clear stand against forced labour. We do not tolerate situations in Processes for engaging with workers in the value
which people are forced to work through the use of violence or intimidation, or by more subtle means such as
retention of identity papers. chain about impacts
As a member of the Consumer Goods Forum (CGF) Human Rights Coalition (HRC) – Working to End Forced HEINEKEN recognises the importance of engaging with workers throughout the Company’s value chain as
Labour, we have committed to collective action to address forced labour in global supply chains through part of our due diligence processes and in addressing issues that arise through audits and grievance
three priority industry principles: mechanisms. Implementing these practices helps to foster a safer, more equitable working environment,
strengthening engagement and trust among workers.
Introduction 1. Every worker should have freedom of movement.
Regarding our agricultural value chain, we leverage the SAI – a leading value chain initiative for agriculture.
2. No worker should pay for a job.
We use the FSA to certify on-farm sustainability through a complete governance and third-party audit
3. No worker should be indebted or coerced to work. scheme. Containing 109 questions across 11 topic areas, it applies to agricultural crops in across locations
Report
and covers environmental, economic and social sustainability, including labour conditions, health and safety,
of the The CGF HRC has developed Guidance on the Repayment of Worker-Paid Recruitment Fees and Related
Executive land rights, worker rights, equal conditions and forced and child labour. Questions are classified as essential,
Costs. The guidance recommends companies:
Board intermediate and advanced according to their complexity and depth. We expect our business partner to
– Investigate recruitment fees and costs paid by workers meet at least bronze level.
Report – Understand who is eligible for repayment
of the The complete verification audit process comprises 10 steps, including the selection of an approved and
Supervisory – Calculate the repayment amount qualified third party to run the verification, pre-audit, verification management system, farm audit, results
Board and letter of attestation, FSA volume claims and reporting. It is mandatory to run the verification audit
– Establish a timeline of repayment
process every three years.
– Engage and communicate with workers
Financial – Verify payment While we do not directly engage with workers on farms, we promote and actively support suppliers in
Statements improving performance, including by adhering to labour-related standards through our Supplier Code and
HEINEKEN’s Human Rights Policy clearly opposes child labour. We respect the rights of the child as stated in Sustainable Sourcing of Agricultural Materials - Principles and Procedures Policy.
the UN Convention on the Rights of the Child, including the right to education, the right to rest and play, and
the right to have basic needs met. We will not engage in, or allow, child labour within our facilities or in those Engagement process
Sustainability of our suppliers.
Statements Currently, our engagement with workers in our value chain follows a project-based approach. We are
We aim to support the elimination of child labour in our value chain. We follow the ILO’s definition of the currently refining our due diligence approach to clearly outline our engagement strategy with workers in our
minimum age for admission to employment or work. See the section ‘Own workforce – Policies’ for more value chain and to make it more robust and systemic. This includes specifying the stages, frequency,
information (page 208-211). governance and methods for assessing effectiveness. Our focus will also include how we address the needs of
Other vulnerable groups. We anticipate implementing this strategy in a phased manner over the next few years.
Information We provide clear instructions on actions to take, if child labour cases are found in the Company’s value chain,
which can be found in the Human Rights Policy implementation guidelines.
The company’s position on no forced labour and the protection of children’s rights is reflected in the
Supplier Code.
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Remediating negative impacts and enabling

workers in our value chain to raise concerns
Description of processes and channels
Speak Up Policy
At HEINEKEN, we encourage our suppliers, including their employees, to share any concerns regarding a
Introduction potential violation of our Code of Business Conduct and policies, including our Supplier Code. We encourage
them to raise any grievances as an opportunity to identify and repair potential misconduct.
In the same way as our employees, suppliers can share their concerns either anonymously (if permitted by
Report
the laws of their country) by going to http://speakup.heineken.com and filing a report online or by phone or
of the
Executive by sending an email to our HEINEKEN Global Business Conduct Office at [email protected].
Board
Please refer to the ‘Own workforce – Policies’ section on page 209 for more details on the Speak Up Policy.

Report Should a negative impact be identified and/or reported, we would assess the situation and establish
of the measures to remediate and prevent reoccurrence. HEINEKEN addresses these negative impacts on a case-by-
Supervisory case basis.
Board
We encourage our suppliers to implement their own grievance mechanisms as part of their Supplier Code. All
suppliers in scope are expected to sign and adhere to HEINEKEN’s Supplier Code, which fosters access to our
Financial dedicated grievance mechanism, Speak Up, for both employees and suppliers.
Statements
The Global Integrity Committee oversees our Speak Up programme. This Committee is chaired by the Chief
People Officer, who is responsible for any issues related to people and human rights. She actively collaborates
with the Social Sustainability and Human Rights team on such issues.
Sustainability Multiple channels are available to employees and people outside the Company to communicate and raise
Statements
concerns in confidence and without fear of retaliation. It includes an external Speak Up service, run by an
independent service provider, and is available 24 hours a day, 365 days a year.
Requests for advice and concerns shared are treated confidentially and people have the option to make
Other
Information
reports anonymously.
The information is available on our global company’s website. The Speak Up platform is available in multiple
languages, is open and can be used by anyone.
Please refer to the ‘Own workforce – Speak Up Framework’ section on page 213 for more details on the
Speak Up platform.
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Mitigating material risks
Protecting the human rights of workers With regard to farms where we source directly from, the toolkit helps us to mitigate risks by providing farmers
with knowledge and tools.
in our value chain Pursuing material opportunities
We rely on the agricultural value chain, consisting of many suppliers and farmers worldwide, to deliver our Our current focus within the value chain is on preventing, mitigating and addressing risks. Should any
crop inputs. Working conditions for farm workers can vary significantly. To help prevent negative human opportunities arise from this work, we will also report on them in the Sustainability Report.
rights impacts, we raise awareness and encourage our suppliers to adopt SAI principles and incorporate
sustainable practices into their value chains. Preventing negative human rights impacts
Introduction
With regard to our solar panels suppliers, our Renewable Electricity Policy helps establish a common We regularly review our policies and standards to ensure our way of doing business is fit for purpose and to
understanding of expectations, with a particular focus on addressing the risk of forced labour. avoid, to the best extent possible, an unintended adverse impact on workers in the value chain.
For example, audits conducted at the farm level,help to identity potential negative impacts, their root causes
Report Identification process and implement corrective actions to ensure such issues do not reoccur.
of the
Executive Throughout 2024, we have reviewed and refined our overall due diligence approach, including third-party risk
Board management, to enhance our ability to identify risks that may impact workers in our value chain, within Reporting severe human rights issues
agriculture and other sectors. Additionally, we have developed and tested a targeted risk assessment No severe human rights cases were reported in 2024.
Report approach to use at the farm level, where we directly source agricultural raw materials. This will be expended
of the next year, with the findings addressed, in collaboration with the farm owners. Allocating resources to manage material impacts
Supervisory
Board In 2025, we will also conduct additional in-depth assessments within a selection of key global raw material At HEINEKEN, our human rights efforts are overseen by the Chief People Officer. As part of our governance
value chains to better identify the specific risks involved and develop effective strategies to mitigate them. structure, the Executive Board, S&R Steering Committee and Supervisory Board receive regular updates to
See the section ‘Statement on due diligence’ (pages 154-155) and the General information section for more align on strategy and report on progress and challenges.
Financial details on our risks identification process.
Statements A dedicated team within our People function focuses on the global human rights strategy and its
Our approach to taking action implementation. This team works closely with different departments, such as Procurement, and the
regional and local teams.
Each action plan resulting from an assessment or audit is tailored to address the specific risks encountered.
Sustainability We allocate budgets based on each function’s scope of responsibilities and identified needs and priorities.
To prevent forced labour and child labour, HEINEKEN provides capacity-building programmes at the farm
Statements We are continuously building our capacity to act and have established governance processes to review
level in Africa, where we source directly from farmers, via a dedicated tailor-made toolkit. Launched in 2023,
strategy and progress. We evaluate these elements regularly, allocating a specific budget to due diligence.
the toolkit was rolled out in 2024 across a couple of markets and will continue to be implemented throughout
2025. To ensure its effectiveness and the proper implementation of expected labour conditions at the farm
Other level, we conducted a series of assessment in the countries where the toolkit was introduced. We will focus on
Information addressing the findings over the course of 2025.

Ensuring effective remediation

HEINEKEN’s respect for people’s rights includes preventing human rights issues, addressing them at an early
stage or seeking to adequately remedy in cases where human rights may be violated.

Addressing material risks and opportunities

The following steps are followed in relation to material risks and opportunities:
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Actions taken to prevent or mitigate material negative impacts and initiatives for positive impacts
We strive to prevent, mitigate and remediate actual impacts, and address risks and opportunities relevant for workers in the value chain.

Affected stakeholder
Key actions Related activities Value chain scope groups Expected outcome Time horizon
Increase understanding Preventing or mitigating material negative impacts: Upstream value chain – Workers in the value – Increase visibility of impacts Continuous
and transparency on chain and risks that support activities
human rights risks – Supplier screening for regulatory findings and adverse media through our – Workers at farm level implementation of
current compliance screening tool. Should risks be identified, HEINEKEN in the AME region corrective actions
Introduction either addresses these through targeted supplier engagement or, in certain – Workers at solar – Improve labour practices and
cases where the saliency of the potential human rights risk is high, through production sites human rights at farm level
social audits that assess whether labour and human rights are respected. – Prevent lack of decent working
– Training toolkit to support farmers (including farmers’ self-assessment and conditions at solar
Report
of the tools and templates) from whom we source directly in Africa to raise production site
Executive awareness of local regulation and HEINEKEN’s expectation on working
Board conditions to foster proper labour conditions.
– The Renewable Electricity Policy aims to address the risk of forced labour in
Report our renewable energy procurement process. This requires the identification
of the of risks deeper in our value chain.
Supervisory
Board
Remedial actions
See dedicated ‘Remediating negative impacts and enabling workers in our value chain to raise concerns' section on page 228.
Financial Tracking and assessing effectiveness
Statements
The programmes stated above are at an early stage and we will assess how impact measurement can be embedded in the Company’s processes.

Sustainability
Statements

Other
Information
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Metrics and targets

We recognise the importance of creating a positive impact on workers in the value chain while
simultaneously managing material risks and opportunities. To reach these desired outcomes, it is essential to
involve value chain workers, their representatives and credible proxies in setting, tracking and learning from
relevant sustainability goals.
Leveraging our enhanced value chain due diligence framework, we will develop and implement a method
Introduction to measure progress, focusing on specific outcome-oriented ambitions and goals for future deployment.

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Statements

Sustainability
Statements

Other
Information
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Responsible
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In the responsible section of the sustainability

statements we focus on the topic:
Consumers and end-users
Introduction

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of the
Executive
Board

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of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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Strategy
HEINEKEN’s EverGreen strategy and Brew a Better World goals underscore our long-standing dedication to
sustainability and responsibility, while creating value for our stakeholders. Our efforts to act responsibly
towards our consumers cover three strategic areas: Always a choice, Address harmful use and Make
moderation cool. These topics also address our material topics as part of our work on responsible marketing
and consumption.

Introduction

Report
of the
Executive
Board
Key 2030 ambition areas behind responsible
Report
of the
Supervisory
Board
Always a choice Address harmful use Make moderation cool

By leveraging our category leadership and expanding our 0.0% beer Since the inception of BaBW in 2014, we have established global Our strategy harnesses the power of our brands, particularly the
Financial and cider portfolio, we empower consumers to make informed partnerships to address issues such as drink driving, underage global Heineken brand, to promote responsible consumption.
Statements
choices for any occasion, whether they prefer alcoholic or drinking, excessive consumption and drinking during pregnancy. Through innovative campaigns, we make moderate drinking
non-alcoholic beverages. In 2021, we set the goal that 100% of our markets have active appealing, and help lead the conversation on responsible alcohol use.
We prioritise transparency and consumer information on all our partnerships addressing alcohol-related harm annually.
Sustainability products. Since 2016, we have helped to advance clear labelling
Statements standards in our industry. In line with our new global standard for
labels, we provide comprehensive details (on pack or online) on
ingredients, nutrition, calories, alcohol content, allergens and more,
Other
along with QR codes for further information on alcohol and health.
Information

Interest and views of stakeholders

For interests and views of stakeholders, see the General information section, pages 158-159.

Material impact, risks and opportunities and their interaction with strategy and business model
When it comes to our strategy, consumer and market insights play a crucial role. Consumers are providing important feedback through research when it comes to their attitudes and behaviour related to our products and
brands. The information consumers provide is used to enhance the experience, anticipate future consumer needs, and therefore enhance customer satisfaction and drive sustainable business growth.
Our intended audience for all HEINEKEN owned alcohol brands as well as for no-alcohol variations of alcohol mother brands is consumers above legal drinking age. We will actively restrict exposure to minors and will take
care that our commercial communications appeal primarily to an adult audience.
For further information regarding material impacts, risks and opportunities and their interaction with strategy and business model, see the General information section on pages 160-163.
 234 Consumers and end-users – Impacts, risks and opportunities – Policies
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Policies
HEINEKEN has several internal policies in place to guide how we address impacts, risks and opportunities relevant to consumers and end-users.

Responsible Marketing Code

Background Key content Scope Accountability
The HEINEKEN Responsible Marketing Code (RMC) The HEINEKEN RMC incorporates a set of principles that governs all our Applies to all HEINEKEN The Chief Commercial Officer, Chief
Introduction aims to ensure that our commercial commercial communications. It’s intended to support our core beliefs that the operating companies. Corporate Affairs Officer and Executive
communications adhere to the highest standards moderate consumption of alcohol can be part of a balanced lifestyle, that Director Global Legal Affairs are
of responsible marketing, helping to make responsible drinking is not only cool, but aspirational and that truthful, responsible for the approval of this policy.
Report
moderate drinking aspirational and demonstrating compliant and respectful marketing is the HEINEKEN way.
We review and update the HEINEKEN
of the respect and truthfulness in all our activations.
Executive It is translated into all major languages, with a mandatory RMC e-learning RMC every 12-18 months to ensure it still
Board course for employees who work on commercial communications (Commerce, embodies our values and aligns with our
Legal, Corporate Affairs etc). Company strategy.
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of the
Supervisory Green Claims Policy
Board
Background Key content Scope Accountability
The HEINEKEN Green Claims Policy aims to ensure The Policy provides the fundamental principles to avoid greenwashing as well Applies to all HEINEKEN The Chief Commercial Officer, Chief
Financial that our communication about environmental as a governance process for reviewing communication about operating companies: Corporate Affairs Officer and Executive
Statements
sustainability benefits is compliant with applicable environmental sustainability. Director Global Legal Affairs are
– All Global Teams, all operating
laws, truthful and evidence-based. responsible for the approval of this policy.
companies, all brands.
– All green claims and external We regularly evaluate the Green Claims
Sustainability Policy to ensure it still embodies our values
Statements communications made.
and aligns with our Company strategy.

Labelling Policy
Other
Information
Background Key content Scope Accountability
The HEINEKEN Global Labelling Policy aims to The Policy prescribes that our products should contain information (on pack or Applies to all HEINEKEN Chief Commercial Officer and Chief
provide consumers and end-users with transparent online) on ingredients, nutrition, calories, alcohol by volume and allergens, operating companies. Global Corporate Affairs.
product information so they can make alcohol warning symbols, packaging recycling symbols and a QR code linking to
We regularly evaluate the Global Labelling
informed choices. further information on alcohol and health.
Policy to ensure it still embodies our values
and aligns with our Company strategy.

Human Rights Policy principles relevant to consumers

As a global brewer, we strive to connect positively with consumers around the world. Our Code of Business Conduct, which includes our Human Rights Policy, ensures that in every country where we operate, we act according
to a common framework designed to promote integrity and respect for people. Please refer to the ‘Own workforce – Policies’ (pages 208-211) section for more details on our Human Rights Policy.
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We attended the United Nations Framework Convention on Climate Change (UNFCCC) COP27, where we
Engaging with consumers and end-users joined panels and met with civil society and government officials. We have also participated in advocacy
initiatives through the Alliance of CEO Climate Leaders, the World Economic Forum, UN Global Compact, the
General processes for engagement Water Resilience Coalition, RE100, the RE-Source Platform and the Dutch Sustainable Growth Coalition. We
hold regular meetings with NGOs like Human Rights Watch. Although not directly engaging with consumers,
All HEINEKEN owned operating companies use the HEINEKEN Global Standard Business Insights Complaints these activities help us get a deeper understanding of consumers and end-users.
Policy for consumers and customers in order to develop their own local complaints procedure.
There is no formal frequency of engagement with consumers as this depends on the nature of the
We prioritise consumer needs and strive to connect and engage with our consumers, seeking their feedback.
engagement and when it takes place.
We also collaborate with trusted third-party agencies to gather insights on specific consumer groups.
Introduction
Operational responsibility
Integrating consumer and end-user perspectives in decision-making In order to engage with consumers and end-users about impacts, our operating companies follow a
Mode of engagement procedure for customer complaints. This includes a clear responsibility process, depending on the nature or
Report
of the Our Global Standard Business Insights Complaints Policy provides clear guidance on the process for dealing definition of the complaint, with responsibility shared accordingly between Commerce and Supply Chain
Executive with relevant consumers and end-users for all operating companies. teams within each operating company.
Board
We seek to connect directly with them, particularly during product development and consumer activation Effectiveness assessment
efforts. Leveraging these insights, we strive to ensure we meet their needs, address their concerns and provide To assess the effectiveness of our efforts, we conduct follow-up surveys and evaluations. Additionally, we
Report
of the a high-quality experience by improving our products. provide locally managed consumer services to address any concerns or issues that may arise.
Supervisory
Board HEINEKEN also engages with key stakeholders such as NGOs, academic experts, customers, investors, Engaging with vulnerable or marginalised consumers
government representatives and industry peers to learn and gather feedback on our strategy, ambitions and
We include these groups within our overall consumer engagement efforts.
progress. This dialogue is an opportunity to share experiences and challenges, and discuss industry trends and
Financial opportunities for innovation and collaboration.
Statements
Engagement details
We collect feedback from our consumers and end-users primarily during the product development stage and
after the product is launched. These engagements vary from online surveys to in-person meetings, often
Sustainability
supported by third-party entities.
Statements
Stakeholder discussions cover HEINEKEN’s sustainability performance, overall agenda and future plans. We
cover key issues such as responsible consumption, carbon, water, human rights, local sourcing and the
opportunities and challenges of doing business in developing countries.
Other
Information
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Awareness and trust
Remediating negative impacts for consumers We help to ensure that consumers are aware of how to reach out to us by displaying our contact information
on packaging and on our Company website. Once a complaint is addressed, we try to ensure that the
and end-users consumer is satisfied with the resolution.
Trust in our Company is accessed through reputational research, which is conducted annually across 10+ top
How we address negative impacts for consumers and end-users
markets globally. The target audience of this consumer research programme is influential consumers – an
Process to provide for or cooperate in the remediation of negative impacts audience identified by behaviours that show their high level of engagement with their communities and
HEINEKEN aims for an inclusive approach to safeguarding the interests of our consumers and end-users. issues facing society. The analytical approach is designed to guide investment and track the impact of
Introduction Each operating company has a dedicated customer complaints procedure to handle and address negative HEINEKEN programmes.
impacts associated with our products and services.

Report Description of our approach

of the
Executive Remedy for negative impacts
Board Should a negative impact be identified, our approach (at an operating company level) is to first ascertain the
root cause, and address the incident as rapidly as possible. We also follow up with affected consumers to help
Report ensure they are satisfied with the solution we provide.
of the
Supervisory Specific channels for consumers and for business relationships
Board
Each operating company has its own feedback system in place for consumers, business partners and vendors
to directly raise concerns or communicate needs.
Financial Tracking and monitoring
Statements Local consumer services monitor requests and concerns received and share status updates with operating
companies on a regular basis, so that they can take action as appropriate. This is in line with the Global
HEINEKEN Standard Business Insights Complaints Policy.
Sustainability
Statements

Other
Information
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Actions and resources

The table below highlights the key actions taken and planned to prevent, mitigate and remediate actual and potential impacts, and to address risks and opportunities relevant for consumers and end-users. The activities
relevant to many of these actions play a critical role in achieving our goals and policy objectives.

Affected
stakeholder
Key actions Related activities Value chain scope groups Expected outcome Time horizon
Introduction Empowering – Building the category and investing in Downstream Consumers – Increase the number of markets where – 90% of our markets have a 0.0% alcohol option for
consumers to make developing outstanding 0.0% beverages so value chain 0.0% beverages are available. one strategic brand by 2025.
responsible choices that a non-alcoholic alternative is available – Increase the number of products with – Clear and transparent consumer information on our
wherever we sell beverages. fully compliant labels. products in scope by 2024.
Report
– Increasing transparency in our labels – Put commercial communications – All Marketing and Trade Marketing, Non-Frontline
of the
Executive and communication. standards in place. Sales, Corporate Affairs and Legal employees
Board – Deliver updated and relevant training to within HEINEKEN’s top 20 operating companies
employees. must have completed annual training on the
Report
HEINEKEN Responsible Marketing Code in the last
of the 12 months.
Supervisory
Board Addressing harmful – Engaging with diverse stakeholders including Downstream Consumers, – Establish local partnerships to contribute – 100% of markets with a partnership to address
use industry peers, public sector, NGOs, consumer value chain communities to reducing harmful drinking in response alcohol-related harm every year until 2030.
groups, police forces, legislators, retailers, to local needs and cultures. – 10% media spend (Heineken®) invested in
Financial hospitality venues, communities and – Invest in responsible consumption responsible marketing campaigns every year
Statements consumers to understand the issues related to campaigns to reach consumers across until 2030.
harmful use of alcohol in our communities and the globe. – Responsible marketing campaigns reaching
how best to address them. – While we are committed to addressing 1 billion unique consumers annually until 2030.
– Investing in campaigns dedicated to alcohol-related harm through our – 95% compliance with the International Alliance for
Sustainability responsible consumption. partnerships and media spend Responsible Drinking (IARD) Digital Guiding
Statements investment, we recognise that claiming Principles by 2024.
direct behaviour change among our
consumers and end-users is not feasible
due to the complexity of influencing
Other individual actions.
Information
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Practices avoiding negative impacts
Action on consumer and end-user material HEINEKEN has a long history of encouraging responsible consumption through its brands and its aim to
make moderate, responsible consumption socially acceptable. We use the strength of our brands –
impacts particularly our global Heineken® – to help ensure that this message resonates with consumers by creating
campaigns that encourage debate. Our ambition is to be a leader in responsible alcohol communication
HEINEKEN has a cross-functional Global Responsible Consumption and Moderation working group that
and activation.
meets on a monthly basis. The group has been running for over three years to ensure that issues are
discussed and resolved in a timely manner. This includes senior stakeholders from Global Commerce, Global Heineken® campaigns are designed to connect with target audiences and reflect different contexts by using
Legal and Global Corporate Affairs. digital media platforms, advertising assets and digital activations to drive awareness at scale. With
Introduction campaigns like ‘Sunrise Belongs to Moderate Drinkers’, ‘Moderate Drinkers Wanted’, ‘Dance More, Drink Slow’
Additional actions
and ‘When You Drive, Never Drink’, we aim to change habits by advocating responsible behaviour.
HEINEKEN works closely with IARD (which works to raise standards in addressing alcohol-related harms
across society) and other member companies to ensure we are responsible leaders in the sector while building Resource allocation for impact management
Report
of the
on our work with other sectors – from retailers and hospitality to digital platforms and advertising agencies –
by sharing best practices as part of IARD’s Global Standards Coalition. Dedicated teams across Global Commerce and Global Corporate Affairs aim to fulfil our Brew a Better World
Executive
Board ambitions, which impact consumers and end-users.
Our key areas of focus are:
Report – Raising standards for the online delivery and sales of alcohol
of the
Supervisory – Raising standards in digital marketing
Board
– Enhancing our consumer information
As an IARD member company, HEINEKEN meets regularly with other members to share best practices and
Financial contribute to addressing alcohol-related harms. Our collective work includes the launch of a new free online
Statements training tool for servers and bar staff to help equip them with knowledge and practices on how consumers
can enjoy alcohol responsibly.
Effectiveness assessment
Sustainability In each country we operate in, there are advertising regulation bodies in place to maintain standards by
Statements enforcing guidelines on truthfulness, fairness and decency. They review advertisements for misleading claims,
ensure transparency and protect vulnerable audiences. Regular audits, consumer feedback and penalties for
non-compliance help uphold these standards, fostering trust and integrity in advertising.
Other Additionally, HEINEKEN assesses and tracks the effectiveness of its actions in relation to compliance with the
Information five key safeguards of the Digital Guiding Principles, through third-party audits (via the World Federation of
Advertisers and IARD). This industry governance makes sure that all digital marketing is only targeted at
consumers and end-users who are above the legal-drinking age. During the most recent monitoring in 2024,
HEINEKEN achieved 98% compliance.
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Metrics and targets

We recognise the importance of having a positive impact on consumers and end-users while managing material risks and opportunities. As such, we have set specific, outcome-oriented goals and targets.
The following table outlines HEINEKEN’s goals and targets to meet our ambitions as well as metrics to track progress on those goals and targets.
Progress
BaBW ambition BaBW goal Target Time horizon target Metric 2024 20231
Introduction Always a A zero alcohol option for one strategic 90% of total sales volume of operating 2025 % of total sales volume of operating 91% —
brand in the majority of our markets companies with a zero alcohol option for companies with a zero alcohol option
choice (accounting for 90% of our business) at least one strategic brand for at least one strategic brand
by 2025
Report
of the Clear and transparent consumer Clear and transparent consumer 2024 % of products in scope with fully 83% 53%
Executive information on 100% of our products information on 100% of our products compliant labels
Board by 2024

Report
Address A partnership to address alcohol- A partnership to address alcohol-related – % of operating companies in scope 100% 100%
related harm in 100% of markets harm in 100% of markets. with partnership to address alcohol-
of the harmful use every year related harm
Supervisory
Board
Make 10% of Heineken media spend 10% of Heineken® media spend invested 2024 % media spend invested in responsible 15% 14%
invested every year in responsible every year in responsible consumption consumption campaigns
moderation consumption campaigns, reaching campaigns, reaching 1 billion consumers 2024 Unique consumers reached with 1.1 billion 0.9 billion
Financial
Statements
cool 1 billion consumers responsible consumption campaigns
1
The goal for a zero alcohol option was amended in 2024; therefore, no 2023 results are reported.

Always a choice
Sustainability As society evolves, the trend towards moderation continues to grow in markets around the world. Research shows that 79% of drinkers are moderating consumption (HEINEKEN Moderation Pulse Tracker 2024). Our goal to
Statements ensure that consumers have a choice to drink non-alcoholic beverages directly addresses that societal shift – with a timeline defined for implementation that is both ambitious and sustainable. Our aim in 2021 was to offer
zero alcohol options for at least two strategic brands in the majority of our markets. We made progress, but we also learned that focusing on seeding one strategic brand, rather than two, is more impactful for operating
companies without an established non-alcoholic beer category. Therefore, in 2024 we updated the goal to have a zero alcohol option for one strategic brand in the majority of markets (accounting for 90% of our business)
Other
by 2025.
Information
In 2024, operating companies with a zero alcohol option for one strategic brand represented 91% of our total beer and cider volume.
We advocate for transparency so that our consumers can make an informed choice about our products. Our Global Labelling Policy and related goal and target directly reflect this, ensuring that our consumers have the right
information in an accessible way.
By the end of 2024, all markets except HEINEKEN Brazil had clear and transparent consumer information on their products in scope. As a result, 83% of our products had labels that fully meet our criteria (up from 53% in
2023). By the first quarter of 2025, HEINEKEN Brazil’s labelling stock will have been used and their products will contain all required information.
Address harmful use
Harmful patterns of alcohol consumption pose substantial health and social risks, making responsible drinking practices essential to our approach. Which is why our goal is to engage in partnerships that contribute to
reducing the harmful use of alcohol across every market in which we operate.
In 2024, 100% of our markets in scope had a partnership to address harmful use of alcohol making this the third consecutive year where we have met our goal.
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Make moderation cool
We have a long history of using our brands to make moderation and responsible consumption cool. We use the strength of our brands – particularly Heineken® – to ensure this message resonates with consumers through
campaigns that lead the debate. As an important element of our BaBW strategy, the specific goal and target was defined to ensure that we invest at least 10% of Heineken® media spend into responsible consumption
campaigns each year, aiming to reach 1 billion consumers.
In 2024, 15% of Heineken® media spend was invested by our operating companies and 1.1 billion unique consumers worldwide were reached through responsible consumption campaigns.

Process for setting ambitions, goals and targets

The process for setting and monitoring ambitions, goals and targets is included in the General information section.
Introduction

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of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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Metrics
Data reported in this section represents metrics in accordance with ESRS requirements. These metrics are
additional to our goals and targets (included in the previous section).

Responsible Marketing Code

Introduction In line with our defined ambitions, we prioritise equipping our Commerce employees with comprehensive
training on our HEINEKEN Responsible Marketing Code. This code outlines the internal principles that guide
all our commercial communications. To ensure adherence, employees complete this mandatory training
annually, gaining the knowledge necessary to develop responsible commercial content. We actively monitor
Report
of the training completion each year to uphold our commitment to high standards of responsible marketing.
Executive
Board In 2024, 82% of our employees in Commerce were trained on the Responsible Marketing Code.

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of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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Introduction

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of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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Incorporation by reference
Disclosure requirement (incl related datapoint, if applicable) Section in the annual report Page
Experience of the Executive Board and Supervisory Board relevant to the sectors, products and Executive Board profiles, Supervisory Board profiles and Supervisory Board composition and skills 50, 60-61
geographic locations of the undertaking (ESRS 2-21c) matrix as included in the Corporate Governance statement
Material impacts, risks and opportunities addressed by the Supervisory Board, or their relevant Paragraph ‘Sustainability and Responsibility Committee’ as included in the Corporate Governance 64
committees during the reporting period (ESRS 2-26c) statement

Introduction Compatibility of climate scenarios used with the critical climate-related assumptions made in the Note 3(b) of the financial statements 85
financial statements (ESRS E1, AR15)
Reconciliation of Net revenue with the financial statements (ESRS E1-43; ESRS E1-55) Note 6.1 of the financial statements 88
Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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Linking impacts, risks and opportunities to policies and actions
Topic Type Impacts, risks and opportunities description Related policy Related key action Related target
Climate change Risk – Carbon pricing, taxation, and emissions trading schemes are – Renewable Electricity Policy – Reduce energy consumption – Reach net zero in
expected to be the primary levers through which governments – Biomass Policy and replace fossil fuels with Scope 1 and 2
regulate emissions and incentivise decarbonisation. This may – Internal Carbon Pricing Policy renewables – 100% renewable electricity in
potentially increase the price of raw materials, energy, equipment, – Strengthen supplier Scope 1 and 2
and other related inputs. engagement – Reach net zero across our
Introduction Impact – The use of fossil energy across the value chain continues to release – Focus on agriculture initiatives value chain
carbon emissions into the atmosphere, which contributes to FLAG (forest, land and – Reduce Scope 3
global warming. agriculture)
– Focus on packaging initiatives
Report Impact – HEINEKEN’s net zero ambition is motivating value chain partners to and circularity (non-FLAG)
of the set targets and reduce carbon emissions. – Carbon removals
Executive
Board Water Risk – Changes in water availability due to climate change, population – Environmental Policy – Improve our understanding of – Reduce average water usage
security growth, or regulatory shifts may lead to production interruptions our water risks in our to 2.9 hl/hl worldwide
Report and loss of revenue. supply chain
of the – Increase internal and external
Supervisory Impact – Through collaboration with third parties, watersheds are water reuse and recycling
Board increasingly being protected and restored. – Wastewater treatment
– Reduce average water usage
Impact – Water withdrawal in water-stressed areas reduces water availability. – Environmental Policy – Reduce average water usage – Reduce average water usage
Financial
Statements – Fully balance water used in to 2.6 hl/hl in water-stressed
our products in the water areas
stressed areas – Reach 100% water balancing
in our products in water-
Sustainability stressed areas
Statements

Other
Information
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Topic Type Impacts, risks and opportunities description Related policy Related key action Related target
Responsible Risk – Debates on alcohol consumption may result in increased excise – Responsible Marketing Code – Empowering consumers to – Clear and transparent
consumption duties, minimum unit pricing, reduced commercial freedoms - – Labelling policy make responsible choices consumer information on
including availability and visibility - sponsorship bans, health – Address harmful use 100% of our products
warnings, reputational damage, and a negative impact on revenues – A partnership to address
and profits. alcohol-related harm in 100%
of markets every year
– 10% of Heineken® media
spend invested every year in
Introduction responsible consumption
Impact – Abuse and overconsumption of alcohol leading to negative health campaigns, reaching 1 billion
and societal impacts. consumers
Report Opportunity – Become a market leader in the no- and low-alcohol category. – No policy in place – Empowering consumers to – 90% of total sales volume of
of the make responsible choices operating companies with a
Executive
Board Impact – Expanding no- and low-alcohol beverage options ensures that zero alcohol option for at least
consumers ‘always have a choice’. one strategic brand
Report Sustainable Risk – Disruption of sourcing continuity, such as changes in the availability, – Environmental Policy – Increase sustainably sourced – 100% sustainably sourced
of the agriculture quality, or price of ingredients due to external factors like political – Sustainable sourcing of raw materials ingredients (barley, hops)
Supervisory instability and climate change, may lead to resource shortages, agricultural materials – – Focus on agriculture – Reduce Scope 3
Board increased costs, production interruptions, and loss of revenue. principles and procedures initiatives (FLAG)
Impact – Sourcing of raw materials, grown using conventional
methods, can increase carbon emissions and impact the
Financial
Statements availability and quality of water.
Impact – Collaborating with business partners and farmers to adopt
innovative and sustainable agricultural practices reduces
environmental impact and enhances resilience to climate change.
Sustainability
Statements Resources and Risk – Changes in the impact, speed, and costs of new environmental – Environmental Policy – Monitor new environmental – No target defined
circularity regulations may affect operations and increase expenses. regulation
Impact – Contributing to carbon emissions by sourcing virgin materials. – Environmental Policy – Increase volumes sold in – 43% of volumes sold in
reuseable packaging reusable format
Other
Information Impact – Indirectly contributing to landfill waste through consumers. – Environmental Policy – Increase volume of closed- – 50% recycled content in
loop recycled content in bottles and cans
primary packaging – 99% of all packaging is
– Create packaging that is recyclable by design
recyclable by design
– Reduce waste to landfill from
production sites
Impact – Investing in return systems for reusable packaging fosters a circular – Environmental Policy – Increase volumes sold in – 43% of volumes sold in
economy by promoting material reuse and reducing demand for reuseable packaging reusable format
virgin resources.
Impact – Innovating in reusing by-products in production enhances resource
efficiency and minimises waste.
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Topic Type Impacts, risks and opportunities description Related policy Related key action Related target
Responsible Risk – Commercial campaigns that do not align with HEINEKEN’s – Responsible Marketing Code – Address harmful use – 10% of Heineken® media
Marketing Responsible Marketing Code, such as those seemingly targeting – Green Claims Policy spend invested every year in
minors or promoting excessive alcohol consumption, may result in responsible consumption
fines, litigation, and damage to the brand's reputation. campaigns, reaching
Impact – Positively influencing consumer behaviour through Responsible 1 billion consumers
Consumption and 0.0% campaigns.
Impact – Providing transparent, easily accessible information on labels – Labelling policy – Empowering consumers to – Clear and transparent
Introduction beyond local legal requirements empowers consumers to make make responsible choices consumer information on
informed choices. 100% of our products
Labour practices Risk – Significant alleged or actual non-compliance with the Human Rights – Human Rights Policy – Embrace diversity, equity and – 100% of in scope operating
Report and human Policy or Supplier Code within our operations or value chain may lead to – Code of Business Conduct inclusion companies assessed for fair
of the rights claims, fines, and reputational damage. – Supplier Code – Ensure a fair and safe workplace living and working standards for
Executive – Speak Up Policy – Increase understanding and third party employees and
Board Impact – Raising labour and human rights standards globally due to – Non-Discrimination Policy transparency on human rights Brand Promoters by 2030
HEINEKEN’s operational footprint. – Brand Promoters Policy risks
Report – Non-Retaliation Policy
of the – Sustainable sourcing of
Supervisory
Board
agricultural materials – principles
and procedures
Diversity, equity Risk – Failure to achieve our DEI ambitions and unlock the full potential – Human Rights Policy – Embrace diversity, equity – Gender balance across senior
Financial & inclusion (DEI) of our people and organisation may result in lost – Code of Business Conduct and inclusion management: 30% women
Statements business opportunities. – Speak Up Policy by 2025, 40% women
– Non-Discrimination Policy by 2030
Impact – Promoting inclusivity and actively adopting DEI practices within the
– Non-Retaliation Policy
organisation fosters a diverse workplace culture.
Sustainability
Statements

Other
Information
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The table below includes datapoints that derive from other EU legislation (as listed in ESRS 2 Appendix B) and where these can be found in the Sustainability Statements.

Benchmark EU Climate
Disclosure SFDR Pillar 3 regulation Law Material: Section in Sustainability
requirement Par. Description reference reference reference reference Yes/No Statements Page
ESRS 2 GOV-1 21 (d) Board’s gender diversity x x Mandatory Composition of the Executive Board 151-
and Supervisory Board 152
ESRS 2 GOV-1 21 (e) Percentage of board members who are independent x Mandatory Composition of the Executive Board 151-
and Supervisory Board 152
Introduction ESRS 2 GOV-4 30 Statement on due diligence x Mandatory Statement on due diligence 154-
155
ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil fuel activities x x x Mandatory N/A, HEINEKEN is not involved in these N/A
Report activities
of the
Executive ESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production x x Mandatory N/A, HEINEKEN is not involved in these N/A
Board activities
ESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons x x Mandatory N/A, HEINEKEN is not involved in these N/A
Report activities
of the
Supervisory ESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and production of tobacco x Mandatory N/A, HEINEKEN is not involved in these N/A
Board activities
ESRS E1-1 14 Transition plan for climate change mitigation x Yes Our net zero strategy 168-
172
Financial
Statements ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks x x Yes Metrics and targets 179
ESRS E1-4 34 GHG emission reduction targets x x x Yes Metrics and targets 178
ESRS E1-5 37 Energy consumption and mix x Yes Energy consumption and mix 181
Sustainability ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high x Yes Energy consumption and mix 181
Statements climate impact sectors)
ESRS E1-5 40 to 43 Energy intensity associated with activities in high climate impact sectors x Yes Energy consumption and mix 181
ESRS E1-6 44 Gross Scope 1, 2, 3, and Total GHG emissions x x x Yes GHG emissions 180
Other ESRS E1-6 53 to 55 GHG Intensity based on net revenue x x x Yes GHG emissions 181
Information
ESRS E1-7 56 GHG removals and carbon credits x Yes Actions and resources 175
ESRS E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks x Yes N/A, phase-in allowance applied N/A
ESRS E1-9 66 (a) Disaggregation of monetary amounts by acute and chronic physical risk x Yes N/A, phase-in allowance applied N/A
66 (c) Location of significant assets at material physical risk
ESRS E1-9 67 (c) Breakdown of the carrying value of real estate assets by energy-efficiency x Yes N/A, phase-in allowance applied N/A
classes
ESRS E1-9 69 Degree of exposure of the portfolio to climate-related opportunities x Yes N/A, phase-in allowance applied N/A
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Benchmark EU Climate
Disclosure SFDR Pillar 3 regulation Law Material: Section in Sustainability
requirement Par. Description reference reference reference reference Yes/No Statements Page
ESRS E2-4 28 Amount of each pollutant listed in Annex II of the E- PRTR Regulation x No N/A N/A
(European Pollutant Release and Transfer Register) emitted to air, water and
soil
ESRS E3-1 9 Policies related to water and marine resources x Yes Policies 184
ESRS E3-1 13 Dedicated policy x Yes N/A, all water-stressed sites are covered N/A
Introduction by a policy
ESRS E3-1 14 Policies related to sustainable oceans and seas x Yes Policies 184
ESRS E3-4 28 (c) Total water recycled and reused x Yes Recycling and reusing water 188
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of the
ESRS E3-4 29 Total water consumption in m3 per net revenue on own operations x Yes Water consumption 188
Executive ESRS 2- IRO 1 – E4 16 (a) i Activities negatively affecting biodiversity sensitive areas x No N/A N/A
Board
ESRS 2- IRO 1 – E4 16 (b) Material negative impacts with regards to land degradation, desertification x No N/A N/A
or soil sealing
Report
of the ESRS 2- IRO 1 – E4 16 (c) Operations that affect threatened species x No N/A N/A
Supervisory
Board ESRS E4-2 24 (b) Sustainable land / agriculture practices or policies x No N/A N/A
ESRS E4-2 24 (c) Sustainable oceans / seas practices or policies x No N/A N/A
ESRS E4-2 24 (d) Policies to address deforestation x No N/A N/A
Financial
Statements ESRS E5-5 37 (d) Non-recycled waste x Yes Production waste 196
ESRS E5-5 39 Hazardous waste and radioactive waste x Yes Production waste 196
ESRS 2- SBM3 – S1 14 (f) Risk of incidents of forced labor x Yes Material impact, risks and opportunities 207
Sustainability and their interaction with strategy and
Statements business model
ESRS 2- SBM3 – S1 14 (g) Risk of incidents of child labor x Yes Material impact, risks and opportunities 207
and their interaction with strategy and
business model
Other
Information ESRS S1-1 20 Human rights policy commitments x Yes Policies 211
ESRS S1-1 21 Due diligence policies on issues addressed by the fundamental International x Yes Human Rights Policy 208
Labour Organisation Conventions 1 to 8
ESRS S1-1 22 Processes and measures for preventing trafficking in human beings x Yes Human Rights Policy 208
ESRS S1-1 23 Workplace accident prevention policy or management system x Yes Heineken Life Saving Commitments 209
ESRS S1-3 32 (c) Grievance/complaints handling mechanisms x Yes Speak Up framework 213
ESRS S1-14 88 (b) Number of fatalities and number and rate of work-related accidents x x Voluntary Fatalities and serious injuries 223
and (c)
ESRS S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness x No N/A N/A
ESRS S1-16 97 (a) Gender pay gap x x Yes Closing the gender pay gap 221
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Benchmark EU Climate
Disclosure SFDR Pillar 3 regulation Law Material: Section in Sustainability
requirement Par. Description reference reference reference reference Yes/No Statements Page
ESRS S1-16 97 (b) Annual total remuneration ratio x Yes Understanding our remuneration ratio 222
ESRS S1-17 103 (a) Incidents of discrimination x Yes Work-related incidents and complaints 222
ESRS S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD x x Yes Work-related incidents and complaints 222
ESRS 2- SBM3 – S2 11 (b) Significant risk of child labour or forced labour in the value chain x Yes Strategy 224
ESRS S2-1 17 Human rights policy commitments x Yes Policies 211;
Introduction
225
ESRS S2-1 18 Policies related to value chain workers x Yes Policies 208;
227
Report
of the ESRS S2-1 19 Non- respect of UNGPs on Business and Human Rights Principles and x x Yes Policies 225-
Executive OECD Guidelines 227
Board
ESRS S2-1 19 Due diligence policies on issues addressed by the fundamental International x Yes Policies 225-
Labor Organisation Conventions 1 to 8 227
Report
of the ESRS S2-4 36 Human rights issues and incidents connected to its upstream and x Yes Reporting severe human rights issues 229
Supervisory downstream value chain
Board
ESRS S3-1 16 Human rights policy commitments x No N/A N/A
ESRS S3-1 17 Non-respect of UNGPs on Business and Human Rights, ILO principles or and x x No N/A N/A
Financial OECD guidelines
Statements ESRS S3-4 36 Human rights issues and incidents x No N/A N/A
ESRS S4-1 16 Policies related to consumers and end-users x Yes Policies 234
ESRS S4-1 17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines x x Yes Human Rights Policy principles relevant 234
Sustainability to consumers
Statements
ESRS S4-4 35 Human rights issues and incidents x Yes N/A in 2024 N/A
ESRS G1-1 10 (b) United Nations Convention against Corruption x No N/A N/A
ESRS G1-1 10 (d) Protection of whistle-blowers x No N/A N/A
Other
Information ESRS G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery laws x x No N/A N/A
ESRS G1-4 24 (b) Standards of anti-corruption and anti-bribery x No N/A N/A
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E1 Energy consumption and mix
Metrics Methodologies
E1-5.37a Energy consumption from fossil fuel – These metrics cover energy consumption within production sites (breweries, plants and wineries) and
E1-5.37b Energy consumption from nuclear sources owned logistics. They exclude fuel consumption from office buildings. This is consistent with the perimeter
E1-5.37c Energy consumption from renewable sources applied for reporting Scope 1 and 2 GHG emissions.
E1-5.38 Energy consumption from fossil fuel disaggregation – HEINEKEN follows CDP guidance for determining energy consumption from energy sources.
E1-5.40 Energy consumption per net revenue
– Energy consumption is considered as derived from a renewable source only when the purchased energy is
Introduction
clearly defined in the contractual arrangement with its suppliers. Energy classified as renewable meets the
Definitions technical criterial from RE100.
Fossil fuel – HEINEKEN does not directly source nuclear energy or consider nuclear energy an eligible renewable
Report
of the Non renewable energy which includes fuels such as oils, natural gas, and coal. technology consistent with RE100/CDP and GHG Protocol definitions.
Executive – We disaggregated total energy consumption as HEINEKEN consolidated operations classify as high
Board Renewable energy
climate impact sectors outlined in Annex I section C to Regulation (EC) No 1893/2006 of the European
Energy source that can be replenished, reproduced, grown or generated in a short time period through Parliament – manufacture of beer, manufacture of wine from grape, manufacture of cider and other fruit
Report ecological cycles or agricultural processes such as biomass, biogas, wind energy, solar or hydropower. wines, manufacture of malt, manufacture of soft drinks and production of mineral waters and other
of the
Supervisory Nuclear source bottled waters.
Board According to technical criteria from Renewable Energy100 (RE100), nuclear power uses radioactive fuel and
is not a limitless source of energy. Measurement uncertainty
Financial High level of measurement uncertainty:
Statements Assumptions, approximations and judgements
No
– Production data is converted to MWh using conversion factors from the Intergovernmental Panel on
Climate Change (IPCC). Sources of measurement uncertainty:
Sustainability – If primary data is not available for owned and operated logistics, fuel consumption is based on activity No
Statements data. This is determined using the EcoTransIT platform. Validation of the measurement of the metric by an external body, other than the auditor:
– Scope 2 market-based approach is applied to split electricity, steam and heat or cooling between No
renewables and non-renewables.
Other – Lower heating value (LHV) is used to report data in mega-watt hours (MWh) Requires value chain information:
Information
E1-5.37b Energy consumption from nuclear sources No
HEINEKEN reports zero for energy consumption from nuclear sources for the following reasons:
– HEINEKEN does not have electricity acquired directly from a nuclear plant.
– HEINEKEN does not have electricity extracted from a nuclear facility on site.
– Electricity purchased from a grid that has nuclear in the mix is disclosed using location-based accounting,
and the ESRS requires that the energy consumption metrics use the market-based approach.
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E1 Scope 1 and 2 GHG emissions
Metrics Methodologies
E1-6.48a Scope 1 GHG emissions General methodology
E1-6.48b % Scope 1 GHG emissions from regulated emission trading schemes – Scope 1 and 2 GHG emissions measurement applies to GHG emissions from entities HEINEKEN
E1-6.49a Location-based Scope 2 GHG emissions operationally controls.
E1-6.49b Market-based Scope 2 GHG emissions – To calculate Scope 1 and 2 GHG emissions, the GHG Protocol Corporate Standard (version 2004) and
Entity-specific: % CO2 reduction vs. 2022 baseline in Scope 1 and 2 emissions Scope 2 Guidance (version 2015) methodology are applied.
Introduction Entity-specific: % electricity from renewable sources in Scope 1 and 2 in production – Energy consumption is considered as derived from a renewable source only when the purchased energy is
Definitions clearly defined in the contractual arrangement with it suppliers. Energy classified as renewable meets the
technical criteria from RE100. This includes:
Report Scope 1 – Thermal energy coming from biomass, biogas, solar thermal and imported heat with 100% renewable
of the Direct emissions from sources owned or controlled by HEINEKEN. and/or 0 g CO2/MJ
Executive
– Electricity generated from renewable resources on site such as hydro, solar and biogas
Board Scope 2 – Location-based – Imported electricity under green certificates via PPAs.
GHG emissions, calculated with CO2eq, from acquired and consumed electricity, steam, and heat using
Report location-based methodology. i.e. using local grid emissions factors. E1 metrics
of the – These metrics cover direct emissions from sources owned or controlled by HEINEKEN, such as combustion
Supervisory Scope 2 – Market-based
Board at production sites, logistics operations, owned transportation, warehouses, owned offices and company
Indirect emissions from purchased electricity, heat, or steam using market-based methodology. Within this owned bars.
methodology, renewable energy purchases, which consist of options approved by RE100 (e.g. power – Includes emissions of CO2, CH4, N2O, HFCs, PFCs, SF6, and NF3.
Financial
purchase agreements and on-site solutions), are distinguished from non-renewable electricity purchases.
E1-6.48b % Scope 1 GHG emissions from regulated emission trading schemes (ETS)
Statements
% CO2 reduction vs. 2022 baseline in Scope 1 and 2 emissions in production Considers Scope 1 emissions from the installations that are subject to regulated emission trading schemes.
Total sum of scope 1 GHG emissions and Scope 2 GHG emissions (market-based) reported during the For HEINEKEN, the following emission schemes apply: European ETS (EU ETS), New Zealand ETS, California
current year subtracted by the total sum of Scope 1 GHG emissions and scope 2 GHG emissions (market- cap and trade programme.
Sustainability based) reported during the baseline year (2022).
Statements Entity-specific metrics
% electricity from renewable sources in Scope 1 and 2 % CO2 reduction vs. 2022 baseline in Scope 1 and 2: covers direct emissions from sources owned or
Total sum of Scope 1 and Scope 2 renewable electricity consumption compared to the total sum of Scope 1 controlled by HEINEKEN, such as combustion at production sites, logistics operations, owned transportation,
and Scope 2 energy consumption amount. warehouses, owned offices and company owned bars. Includes emissions of CO2..market-based approach is
Other used to calculate Scope 2.
Information
% electricity from renewable sources: covers production.

Biogenic emissions – Emissions from the combustion of biogenic materials that come from sustainable
sources, and are compliant with our internal policies. In line with GHG protocol, the CO2 emissions from
combustion of bioenergy are separated from the total emissions inventory. However, other gases (CH4 and
N2O) are included in the inventory.
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E1 Scope 1 and 2 GHG emissions (continued)
Assumptions, approximations and judgements Measurement uncertainty
Assumptions High level of measurement uncertainty:
Energy emission factors are used to convert energy to carbon depending on the type of energy: No
Grid electricity Sources of measurement uncertainty:
International Energy Agency (IEA) N/A
Introduction
Biofuels Validation of the measurement of the metric by an external body, other than the auditor:
UK Department for Environment, Food and Rural Affairs (UK DEFRA). UK DEFRA rates are released in the No
middle of each year. We applied the most recently available at the beginning of the reporting period, which
Report
of the was the 2023 DEFRA rate.
Executive
Board Fossil fuels Requires value chain information
Intergovernmental Panel on Climate Change (IPCC) 5th assessment
No
Report Transportation
of the
Supervisory EcoTransIT
Board
Residual mix factor
Association of Issuing Bodies and Green-e
Financial
Statements Approximations
Production – If primary data is not available, an extrapolation is performed based on production volumes.
Logistics – If primary data is not available, an activity-based estimation is used. The estimate is determined
Sustainability by the distance, vehicle type, fuel type and EcoTransIT emission factor.
Statements

Other
Information
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E1 Scope 3 GHG emissions
Metrics Methodologies
E1-6.51 Scope 3 GHG emissions Significant Scope 3 categories are based on the criteria of the GHG Protocol Corporate Value Chain (Scope
3) Accounting and Reporting Standard (Version 2011).
Definitions
Scope 3 categories are consistent with the GHG Protocol. For HEINEKEN, this includes:
Lifecycle definitions:
Agriculture – Indirect Scope 3 GHG emissions from the consolidated accounting group.
Introduction
Covers all activities for land-bound inputs used for beverage production, for example, cultivation of barley, – Scope 1, 2 and 3 GHG emissions from associates, joint ventures, unconsolidated subsidiaries
hops, sugar beets, fruits. The impact related to land use change is included in this lifecycle stage. (investment entities) and joint arrangements for which the undertaking does not have operational
control and when these entities are part of the undertaking’s upstream and downstream value chain.
Report Packaging Category 1 – Purchased goods and service
of the Covers all activities for packaging material production, generated at the packaging suppliers. This includes
Executive Actual goods received from key raw materials and packaging are converted using emission factors. Packaging
Board
input materials, energy used and the recycled material used. Scope 3 calculation is aligned with Product Environmental Footprint Category Rules (PEFCR) Guidance.
Raw materials Category 2 – Capital goods
Report Covers all processing of inputs before the beverage production stage, for example malting barley,
of the Actual capital expenditure (property, plant and equipment) from consolidated balance sheet converted
Supervisory concentrating hops and producing sugar syrup or fruit concentrates. Packaging material production and using emission factors.
Board disposal covers all activities for packaging material production, generated at the packaging suppliers. This
includes input materials, energy used and the recycled material used. Category 3 – Fuel and energy related
Actual upstream value chain’s purchased energy related to extraction, production, combustion,
Logistics
Financial transportation and distribution losses converted using emission factors.
Statements Covers both inbound transport of raw agricultural inputs, processed inputs and packaging materials to
our breweries, outbound distribution of beverages to the point of sale consumer, and warehouse Category 4 – Upstream transportation and distribution
energy consumption. Land transport – wheel to wheel emissions based on actual distance travelled for inbound materials, semi
and finished products between own sites and distribution to customer. Emissions are based on vehicle type,
Sustainability Cooling
geography, and distance travelled.
Statements Emissions from cooling the beverages. This can be cooling in draught beer installations, cooling in fridges in
bars and restaurants and home cooling by consumers. Ocean transport – activity-based method applied. This is determined using distance travelled and an
emission factor.
Other
Other Purchased goods and services (other than packaging and raw materials), capital goods, business travel, Category 5 – Waste generated from operations
Information
commuting, upstream leased assets and investments. Actual brewery co-products (such as yeast, grain or wastewater) that are not recycled or reused are
converted using a specific emission factor.
Category 6 – Business travel
– Air travel – actual travel distance information (from travel agency) converted using emission factor
– Other business travel – estimated based on the total business spend converted using emission factor for
each transportation type
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E1 Scope 3 GHG emissions (continued)
Methodologies (continued) Assumptions, approximations and judgements
Category 7 – Employee commuting Assumptions
– Regional commuting statistics of each type of mode of transport (cycling, public transport and passenger Category 1 – Purchased good & services
cars) converted using each specific mode of transport emission factor – Packaging material – Supplier-specific emission factors (PEFCR)
Category 8 – Upstream leased assets – Raw materials (other than barley) – FLAG land management and land use change emission factor from
– Average distance travelled for all HEINEKEN leased cars per fuel type within the reporting year, converted BLONK Sustainability
Introduction
using emission factor
– Barley – FLAG land use change emission factor (UK DEFRA)
Category 9 – Downstream transport and distribution
Category 2 – Capital goods
– Transportation emissions: based on estimated transport information gathered from a sample of countries for
Report – UK DEFRA emission factor
of the different distribution channels measured using wheel-to-wheel methodology and extrapolated on annual basis
Executive
Category 3 – Fuel and energy related
– Emissions from storage of products on shelves at retailers measured using PEF methodology and
Board
converted using emission factor based on IEA – Production – grid emission factors (IEA)
Category 11 – Use of products sold – Land transport emission factors – EcoTransIT
Report
of the – Refrigeration: Actual goods receipts of fridges tracked for seven years converted using emission factor per Category 4 – Upstream transportation and distribution
Supervisory country (IEA) and energy efficiency of the equipment for 80% of the total population – Land transport emission factors-– EcoTransIT
Board
– Draught equipment: Actual deployment record within the reporting year converted using grid emission (IEA) – Ocean transport – Clean Cargo Working Group
factor per country and energy consumption and extrapolation for unavailable information Category 5 – Waste generated from operations
Financial – We apply an average percentage of home cooling per region. We are in the process of conducting market – Yeast and grain emission factors – BLONK Sustainability
Statements assessments to improve our cooling assumptions. – Wastewater – IPCC 5th assessment (2006)
Category 12 – End-of-life treatment of sold products Category 6 – Business travel
– Estimated waste that goes for recycling, incineration and landfill is estimated using (i) circular footprint – UK DEFRA emission factor
Sustainability formula, (ii) incineration rate per country and (iii) assumption that the remaining will be sent to landfill.
Statements This approach is aligned with PEFCR Category 7 – Employee commuting
– Assumption that employees commute to the office three days a week.
– The estimated amount is converted using emission factor
– UK DEFRA emission factor
Category 14 – Franchises
Other – Assumed to be 80% of its UK pubs, estimated using Scope 1 and 2 GHG emission reported for UK pubs Category 8 – Upstream leased assets
Information – UK DEFRA emission factor
Category 15 – Investments
– Amount of investment from joint ventures and associates in the annual financial statement, and applying Category 9 – Downstream transport and distribution
an economic intensity factor – Land transport – EcoTransIT emission factors
Biogenic emissions are not included in the disclosure of Scope 3 emissions. The identification of biogenic – Energy consumption – IEA emission factors
emission sources, biogenic emission factors and the specific approach to model biogenic emissions of Scope Category 11 – Use of products sold
3 is complex. We will wait until there is further guidance from EFRAG to disclose biogenic emissions. – Local grid factors – IEA emission factors
– Energy consumption – based on HEINEKEN supplier data
– Draught equipment – Re/genT lab
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E1 Scope 3 GHG emissions (continued)
Assumptions, approximations and judgements (continued) Measurement uncertainty
Category 12 – End-of-life treatment of sold products High level of measurement uncertainty:
– Emission factor – PEFCR Yes
– Recycling and incineration rates – dependent on the country. Published by government or credible Sources of measurement uncertainty:
third parties
HEINEKEN strives to report the carbon footprint as accurately and completely as possible. Due to inherent
Category 14 – End-of-life treatment of sold products limitations in relation to the uncertainty of measurement equipment and/or availability of actual data, we
Introduction
– Assumed life of a cooler is 7 years apply extrapolations, use estimates, assumptions and judgements in our reporting. Estimates, assumptions
Category 15 – Investments and judgements are based on historical data. As such, emissions reporting provides inherent limitations to
– UK DEFRA emission factor the accuracy of information.
Report
of the UK DEFRA rates are released in the middle of each year. We applied the most recently available at the Validation of the measurement of the metric by an external body, other than the auditor:
Executive
Board beginning of the reporting period, which was the 2023 DEFRA rate. No
Scope 3 processing of sold products (category 10) and downstream leased assets (category 13) does not
Report apply to HEINEKEN, as we sell final, not intermediate, products. Requires value chain information
of the
Yes
Supervisory Approximations
Board
We calculate GHG emissions using primary data for operating companies in scope and perform an
extrapolation for the remaining results. In 2024, the coverage of operating companies in scope based on
volumes produced was:
Financial
Statements
Raw materials: 95%
Processing: 95%
Beverage production: 100%
Sustainability Packaging: 90%
Statements Logistics: 84%
Cooling: 91%
Judgements
Other
Information
– The selection of proxies (activity data) for each scope 3 GHG emission category
– Sources of emission factor used to convert activity data to carbon emission measurement unit
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E1 Total GHG emissions
Metrics Methodologies
E1-6.52a Total GHG emissions – location based – To sum Scope 1, 2 and 3 GHG emissions measured using the location- and market-based methods (for
E1-6.52b Total GHG emissions – market based Scope 2 GHG emissions).
E1-6.53 Total GHG emissions per net revenue E1-6.53 Total GHG emissions per net revenue
Entity-specific: % CO2 reduction vs. 2022 baseline in Scope 1, 2 and 3 emissions To sum Scope 1, 2 and 3 GHG emissions measured using the location and market based method divided by
the total net revenue reported during the year.
Introduction
Consolidated net revenue was used, as HEINEKEN consolidated operations relate to the following high climate
Definitions
impact sectors outlined in Annex I Section C to Regulation (EC) No. 1893/2006 of the European Parliament –
N/A manufacture of beer, manufacture of wine from grape, manufacture of cider and other fruit wines,
Report manufacture of malt, manufacture of soft drinks and production of mineral waters and other bottled waters.
of the
Executive Assumptions, approximations and judgements % CO2 reduction vs. baseline 2022 in scope 1, 2 and 3 emissions
Board
– See Scope 1, 2 and 3 GHG emissions basis of preparation Sum of all Scope 1, 2 and 3 GHG emissions reported during the current year measured using the market-
based method (for Scope 2 GHG emissions) subtracted by the sum of all Scope 1, 2 and 3 GHG emissions
Report
of the reported during the baseline year (2022) measured using the market-based method. This total is divided by
Supervisory the sum of all Scope 1,2 and 3 GHG emissions reported during the baseline year (2022).
Board
For this metric, the SBTi approved target boundary is applied. The SBTI target boundary includes the
following exclusions approved by SBTi:
Financial
– Scope 1 & 2- CH4 and N2O gases and refrigerants (‘HFCs’), exported energy energy and the heating of
Statements own warehouses.
– Scope 3 FLAG – sorghum crop, rice crop from all sourcing countries except Vietnam and other local crops
used in local recipes (will differ depending on the country).
Sustainability – Scope 3 non-FLAG – capital goods (category 2), other logistic activities, e.g., inbound logistics of secondary
Statements packaging materials, commercial merchandise, and spare parts (part of category 4), downstream
transport and distribution (category 9), home cooling of our products (Category 11), franchises (category
14), investments (category 15).

Other
Information
Measurement uncertainty
High level of measurement uncertainty:
See Scope 1, 2 and 3 GHG emissions basis of preparation
Sources of measurement uncertainty:
See Scope 1, 2 and 3 GHG emissions basis of preparation
Validation of the measurement of the metric by an external body, other than the auditor:
No

Requires value chain information

Yes, see Scope 3 GHG emissions basis of preparation
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E3 Water
Metrics Methodologies
E3-4.29 Water consumption/revenue ratio Water consumption
E3-4.28a Water consumption Determined as the amount of water withdrawn into the boundaries of HEINEKEN production sites and not
E3-4.28b Water consumption in areas at water risk, including areas of high water stress discharged back to the water environment or a third party.
E3-4.28c Water recycling/reusage
Entity-specific: Average water usage Water-stressed areas
Introduction Entity-specific: Average water usage in water-stressed areas Determining water-stressed areas uses the three step approach:
Entity-specific: % of sites in water-stressed areas > 100% water balanced
1. Water security self-assessment
2. Global Water Risk Screening
Report 3. Source water vulnerability assessment
of the
Executive Definitions Average water usage
Board – Actual water withdrawal divided by the actual beverages volumes produced
Water-stressed area
HEINEKEN identifies water-stressed areas through our three-step screening approach. – Actual water withdrawal divided by the actual beverages volumes produced in water-stressed areas
Report
of the Water balance
Supervisory Areas at water risk, including areas of high water stress
Number of in-scope water-stressed sites that are fully balanced divided by the total number of water-
Board For the purpose of disclosing in line with E3-4.28b, high water-stress areas are those where the percentage of
stressed sites. Fully balanced means 1.5 litre of water replenished for every 1 litre put into our products. This
total water withdrawn is high (40-80%) or extremely high (greater than 80%) according to the WRI’s Water
is quantified using WRI VWBA methodology.
Risk Atlas tool Aqueduct. If a region does not meet this criteria, but it is identified by our three-step screening
Financial approach as an area of water risk, it will also be included.
Statements
Water balancing Measurement uncertainty
Redressing the amount of water we source from the watershed, water that is not returned because it is put
High level of measurement uncertainty:
into our products and/or water lost through evaporation. Fully water balanced means 1.5 litres of water
Sustainability replenished for every 1 litre put into our products. No
Statements
Water recycling and reuse Sources of measurement uncertainty:
Water and wastewater (treated or untreated) that has been used more than once before being discharged N/A
from HEINEKEN’s boundary, so that water demand is reduced. This may be in the same process (recycled) or Validation of the measurement of the metric by an external body, other than the auditor:
Other
Information
used in a different process with the same HEINEKEN facility or another HEINEKEN facility (reuse). No
Water withdrawal Requires value chain information
Production sites can obtain water from various sources, such as: groundwater or well water abstraction, water No
purchased from a public or private water company, surface water from rivers, lakes or sea and collected
rainwater. Withdrawal does not include water use from non-production activities.
Assumptions, approximations and judgements
– Area of high water stress and area at water risk are production sites with water stress score of => 3 based
on WRI Aqueduct tool
– If a site is identified as water-stressed using the source water vulnerability assessment, it is added as
water-stressed in the following year.
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E5 Resource use and circular economy – resource inflows
Metrics Methodologies
E5-4.31a Weight of products and technical and biological materials used General
E5-4.31c Reused/recycled input material weight and % – These metrics do not include reusable packaging that is in use in the market. They include newly
Entity-specific: % of recycled content in bottles and cans purchased reusable packaging.
– Resource inflow metrics are measured using a conversion factor to arrive at the weight in kilograms
Definitions (original state) of raw materials.
Introduction
Products and technical materials – To avoid double counting, materials are classified as either biological or technical and reused or recycled.
Materials that are not derived from biological sources. For HEINEKEN, this consists of packaging but excludes We also reduce the risk of double counting by excluding reusable packaging that is in use in the market.
paper and cardboard, as these are bio-based materials. E5-4.31a and c
Report
of the
Biological materials Products and materials included within the metrics are:
Executive
Board Bio-based materials from biological resources. For HEINEKEN, this consists of raw materials, paper and – Raw materials (e.g. barley, hops, malt and yeast)
cardboard packaging. – Auxiliary materials (e.g. cleaning solutions)
Report
Primary packaging – Primary and secondary packaging (e.g. glass bottle, label, shrink wrap etc.).
of the
Supervisory The packaging used to protect the content (e.g. glass bottles to hold beer). Excluded from the metrics are:
Board
Secondary packaging – Property, plant and equipment used for production.
Packaging that directly touches the primary packaging and is included when the product is sold (e.g. label, – Tertiary packaging (e.g. plastic film to wrap the pallets, crates etc.).
Financial shrink wrap).
Statements Entity-specific
Tertiary packaging – The scope of the recycled content metric covers bottles and cans only.
Outermost layer(s) of packaging that protect the products during delivery (e.g. plastic film to wrap pallets).

Sustainability
Statements Assumptions, approximations and judgements Measurement uncertainty
– Conversion factors for material types used to measure the weight of resource inflows material. High level of measurement uncertainty:
– Primary data is obtained from approximately 90% of suppliers through supplier surveys. In instances No
Other when we do not obtain primary data, we use the suppliers’ prior year rate. If the prior year rate is not
Sources of measurement uncertainty:
Information available, a worst-case industry average is applied. These industry averages are calculated using our own
data within HEINEKEN. Data used relies on information obtained from third parties (suppliers).
– These metrics do not include property, plant and equipment or tertiary packaging. Validation of the measurement of the metric by an external body, other than the auditor:
– These metrics use the latest available recycled content rate from suppliers, as the assessment is performed No
on an annual basis.
Requires value chain information
Yes
The rates of reused and recycled content are obtained from suppliers.
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E5 Resource use and circular economy – resource inflows
Metrics Methodologies
E5-4.31b Biological materials sustainably sourced % Sustainable ingredients are sourced from FSA-SAI certified sources. Compliance is monitored via a third
Entity-specific: % sustainable ingredients (hops and barley) party. On-site supplier verifications are performed on a number of suppliers and their farmers annually.
In 2024, we updated our methodology to improve accuracy. Instead of using contracted volumes, suppliers
Definitions provide confirmation of the % of sustainably cultivated crops within their total delivered volumes to
HEINEKEN during the reporting period.
Introduction Biological materials
Bio-based materials from biological resources. For HEINEKEN, this consists of agricultural raw materials, The following approaches were taken to measure these metrics:
paper and cardboard packaging. – Biological materials sustainably sourced % all crops: all sustainable volumes of agricultural raw materials
Report received divided by total volume of agricultural raw materials received.
of the
Sustainable Agriculture Initiative (SAI)
– Entity-specific: % sustainable volume (hops and barley): sustainable volumes received of hops and barley
Executive Membership platform to accelerate the widespread adoption of sustainable agriculture practices and the
Board divided by total volume of hops and barley received.
transformation of sustainable food systems.

Report
of the
Assumptions, approximations and judgements Measurement uncertainty
Supervisory – We currently do not classify any paper or cardboard as sustainably sourced because we have not yet High level of measurement uncertainty:
Board
published a sustainable sourcing strategy for paper-based materials. We are working to develop this
strategy that will address our FLAG targets and upcoming EU deforestation regulation. No

– Only volumes received during the reporting period with evidence of SAI certification are included. Volumes Sources of measurement uncertainty:
Financial
Statements are reported as ‘sustainably sourced’ when they comply with Farm Sustainability Assessment (FSA)-SAI Data used relies on information obtained from third parties (suppliers).
bronze level or higher.
Validation of the measurement of the metric by an external body, other than the auditor:
No
Sustainability
Statements
Requires value chain information
Yes
The delivered megatons of sustainably sourced agricultural raw materials is confirmed by suppliers.
Other
Information
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E5 Resource use and circular economy – resource outflows
Metrics Methodologies
E5-5.36c Recyclable content rate – The metrics are based on materials purchased during the year.
Entity-specific: % of packaging recyclable by design – The criteria to determine whether packaging is recyclable by design is based on the latest guidance from
the EU Packaging and Packaging Waste Directive (EU PPWD).

Definitions Measurement uncertainty

Introduction
Recyclable by design/ recyclable content High level of measurement uncertainty:
Packaging is considered recyclable if it meets specific criteria: No
Report – It can be recycled at scale: proven by effective recycling at 30% at a representative country level. Sources of measurement uncertainty:
of the
Executive – It does not negatively affect other recycling streams. N/A
Board – To achieve full recyclability for multi-materials, at least 90% of total weight needs to be recyclable.
Validation of the measurement of the metric by an external body, other than the auditor:
Report ‘Recyclable by design’ does not guarantee that the packaging will be recycled in practice. No
of the
Supervisory
Board
Assumptions, approximations and judgements Requires value chain information
– Given the nature of the majority of our products (packaged beverages), these metrics only relate to No
Financial packaging. They do not include other products such as coolers.
Statements – These metrics include primary and secondary packaging and exclude tertiary packaging.

Sustainability
Statements

Other
Information
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E5 Resource use and circular economy – resource outflows
Metrics Methodologies
E5-5.37d.1 Non-recycled waste and % – These metrics cover waste from HEINEKEN production sites. The metrics do not include waste generated
E5-5.39 Hazardous and radioactive waste by consumers in the downstream value chain.
E5-5.37a Waste amount – Actual weight of hazardous and non-hazardous waste leaving HEINEKEN’s production site measured in
E5-5.37b.1 Non- hazardous and hazardous waste weight diverted from disposal – Preparation for reuse kilograms, classified based on EU Directive 2008/98/EC.
E5-5.37b.2 Non-hazardous and hazardous waste weight diverted from disposal – Recycling
– Waste included within these metrics includes: sludge waste, packaging waste (within the production site),
Introduction E5-5.37b.3 Non-hazardous and hazardous waste weight diverted from disposal – Other recovery operations
co-products waste, hazardous waste, other waste (industrial).
E5-5.37c.1 Non-hazardous and hazardous waste weight directed to disposal – Incineration
E5-5.37c.2 Non-hazardous and hazardous waste weight directed to disposal – Landfilling and other – Other recovery operations that are relevant for HEINEKEN are: recovery of biogas, combustion and
disposal operations incineration with energy recovery.
Report
of the
Executive
Board
Definitions Measurement uncertainty
Non-recycled waste High level of measurement uncertainty:
Report Includes waste that has not been recycled or reused. This includes waste weight diverted from disposal No
of the through other recovery operations, and waste weight directed to disposal through incineration, landfilling
Supervisory Sources of measurement uncertainty:
Board and other disposal operations.
N/A
Validation of the measurement of the metric by an external body, other than the auditor:
Assumptions, approximations and judgements
Financial No
Statements – If waste is not reused, recycled, recovered or incinerated, it is assumed landfilled.
– We do not separate waste sent to landfill from other disposal operations. We use contracted parties for Requires value chain information
landfill that may use other disposal operations (e.g., deep injection).
No
Sustainability
Statements

Other
Information
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E5 Volumes sold in reusable format
Metrics Methodologies
Entity-specific: % of volumes sold in reusable format Cumulative year-to-date actual volume of product sold by HEINEKEN in returnable format divided by
cumulative year-to-date actual of total volume of product sold by HEINEKEN in all formats.
Definitions Reusable formats include returnable glass bottles, returnable PET bottles, returnable kegs, casks, jugs, orions,
Reusable format pre-mix kegs, post-mix kegs and buy-back bottles.

Introduction Packaging that can be used for its original purpose more than once. HEINEKEN defines packaging as
reusable when there is a commitment, agreement or common practice that the customer returns the
packaging item to HEINEKEN and there is an intention from HEINEKEN to reuse the packaging item.
Report
of the
Executive
Assumptions, approximations and judgements Measurement uncertainty
Board N/A High level of measurement uncertainty:
No
Report
of the Sources of estimation uncertainty:
Supervisory
Board N/A
Validation of the measurement of the metric by an external body, other than the auditor:
No
Financial
Statements
Requires value chain information
No
Sustainability
Statements

Other
Information
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S1 Characteristics of the undertaking’s employees
Metrics Methodologies
S1-6.50a Employees per country HEINEKEN reports employee headcount as at the end of each reporting period.
S1-6.50b.1 Permanent employees by gender
S1-6.50b.2 Temporary employees by gender

Definitions Measurement uncertainty

Introduction Employee High level of measurement uncertainty:
An individual with a contract of employment issued by a consolidated entity No
Permanent employee Sources of measurement uncertainty:
Report
of the An individual with an indefinite contract of employment issued by a consolidated entity N/A
Executive
Board
Temporary employee Validation of the measurement of the metric by an external body, other than the auditor:
An individual with a fixed-period contract of employment issued by a consolidated entity No
Report
of the Assumptions, approximations and judgements Requires value chain information
Supervisory
Board N/A No

Financial
Statements

Sustainability
Statements

Other
Information
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S1 Collective bargaining coverage and social dialogue
Metrics Methodologies
S1-8.60a.1 Employees covered by collective bargaining agreements – S1-8.60a1: Actual headcount of HEINEKEN employees covered by collective bargaining agreement at the
S1-8.63 Employees covered by workers' representatives end of reporting period divided by the actual headcount of HEINEKEN employees, presented in %.
– S1-8.63: Number of employees covered by workers’ representatives (per country) divided by total number
of employees (per country) x 100
Definitions
– We assessed the collective bargaining agreements as per the third quarter of 2024.
Introduction Significant employment
Significant employment is defined as at least 50 employees in a consolidated entity, and where the total
number of employees in a country represents at least 10% of the total consolidated number of employees.
Report
of the
Executive Assumptions, approximations and judgements Measurement uncertainty
Board
N/A High level of measurement uncertainty:
Report
No
of the
Supervisory
Sources of measurement uncertainty:
Board N/A
Validation of the measurement of the metric by an external body, other than the auditor:
Financial No
Statements

Requires value chain information

No
Sustainability
Statements

Other
Information
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S1 Diversity indicators
Metrics Methodologies
S1-9.66a.1 Gender distribution top management level – HEINEKEN reports employee headcount as at the end of each reporting period.
S1-9.66a.2 Gender distribution % top management level – S1-9.66a.1: Actual headcount of HEINEKEN senior management at the end of reporting period disclosed
Entity-specific: % women in senior management positions by gender
S1-9.66b Employees age group distribution
– S1-9.66a.2 / Entity-specific: % women in senior management positions: Gender distribution is calculated
dividing the actual number of female employees as numerator and total senior management headcount
Introduction Definitions as denominator, presented as percentage
Employee – S1-9.66b: Age distribution is calculated by grouping the actual ages of the employees as at the end of the
An individual with a contract of employment issued by a consolidated entity. reporting period into three separate categories
Report
of the Top management
Executive
Measurement uncertainty
Senior manager level within HEINEKEN, e.g. employees who are subject to the Senior Management Reward
Board
Policy. High level of measurement uncertainty:
No
Report
of the
Supervisory Assumptions, approximations and judgements Sources of measurement uncertainty:
Board
Senior managers who are seconded to a non-consolidated Joint Venture, but still formally employed with a N/A
consolidated HEINEKEN entity, are included in the reporting. Validation of the measurement of the metric by an external body, other than the auditor:
Financial No
Statements

Requires value chain information

No
Sustainability
Statements

Other
Information
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S1 Adequate wages
Metrics Methodologies
S1-10.69 Employees below adequate wage benchmark – Consolidated entities with less than 50 FTEs are not included in the assessment.
Entity-specific: % of operating companies assessed for fair wages
S1-10.69 Employees below adequate wage benchmark and % of employees earning a fair wage
Entity-specific: % of employees earning a fair wage according to Fair Wage Network
according to Fair Wage Network
– Number of employees (in headcount) earning a fair wage according to Fair Wage Network divided by the
Definitions total headcount of employees within consolidated entities, presented in %.
Introduction
Fair wage % of operating companies assessed for fair wages
A wage that supports a decent standard of living for an employee and his/her family and is reasonable for – Actual number of HEINEKEN operating companies assessed for ‘Fair wage for employees’ divided by the
Report the type of work done and sufficient to meet an employee’s basic needs for food, shelter, education for their actual total number of HEINEKEN’s operating companies, presented in % basis in the reporting year.
of the children and some discretionary income. Fair wages also take into account factors such as family size,
Executive
Board
number of individuals employed per family and hours worked. Fair wage is not structurally dependent on Measurement uncertainty
variable factors, such as working overtime or incentive pay. High level of measurement uncertainty:
Report Fair Wage Network (FWN) No
of the
– The FWN is our data source to determine the level of fair wages in different countries.
Supervisory Sources of measurement uncertainty:
Board – The FWN is an independent NGO with 15+ years of experience and with data available for 200+ Fair wage assessment methodology is subject to assumptions
countries, which is updated annually.
– Data based on synthesis of available fair wage data and supplemented by FWN own assessments. Validation of the measurement of the metric by an external body, other than the auditor:
Financial No
Statements – Fair wage threshold per individual country is defined by using the Fair Wage Network assessment tool.

Assumptions, approximations and judgements Requires value chain information

Sustainability – The FWN collects all possible and reliable living wage thresholds, complemented by legal minimum wage No
Statements levels. FWN harmonises the methods to make those thresholds more comparable and calculates an
average mean of all thresholds. The FWN tool is in ongoing progression, as the FWN monitors constantly
on a global basis the actors of Living Wage and evaluates their data samples, methodologies and results.
– The fair wage assessment is based on the tools and methodology of the FWN.
Other
Information
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S1 Social protection
Metric Methodologies
S1-11.72.1 Employees not covered by social protection against loss of income Social protection coverage is assessed in two parts:
– Initial assessment and inventory of public programs providing social protection for each of the major life
events defined by ESRS per country. This assessment was performed by third-party experts.
– If local regulation does not provide social protection, then an assessment of additional programs offered
Definitions by HEINEKEN is performed.
Introduction
Social protection is defined as state-provided or HEINEKEN-provided social protection against loss of income – If neither statutory coverage nor additional programs provided by the Company are available, this
due to: parental leave, unemployment, employment injury, acquired disability, sickness, retirement is disclosed.
– The assessment was performed for the 15 countries with the highest employees number.
Report
of the
Executive
Measurement uncertainty
Board
High level of measurement uncertainty:
No
Report
of the Sources of measurement uncertainty:
Supervisory Assumptions, approximations and judgements N/A
Board
– Eligibility criteria, such as age and minimum work history, may apply according to local regulations and
Validation of the measurement of the metric by an external body, other than the auditor:
market practices. These criteria may exclude broadly defined groups such as temporary workers or
seasonal workers. No
Financial
Statements
– The extent to which HEINEKEN employees meet these criteria has not been assessed.

Requires value chain information:

Sustainability
Statements
No

Other
Information
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S1 Work-life balance indicators
Metric Methodologies
S1-15.93a Employee entitlement to family-related leave Family-related leave coverage is assessed in two parts:
– Assessment and inventory of public programs offering family-related leave as defined by ESRS per
country. This assessment was performed by an external party experts.
– If statutory coverage is found to be insufficient, inventory and assessment of additional programs offered
by HEINEKEN.
Introduction Definitions – If neither statutory coverage nor additional programs provided by the Company are available, this
Family-related leave includes maternity, paternity, parental, and carer’s leave is disclosed.
– The assessment was performed for the 15 countries with the highest employees number.
Report
of the – Employees are counted as part of the total number reported for family-related leave only when all four
Executive types of family-related leave are available in the respective country
Board

Measurement uncertainty
Report
of the High level of measurement uncertainty:
Supervisory Assumptions, approximations and judgements No
Board
Specific conditions for family-related leave may vary depending on the country. The extent to which
HEINEKEN employees meet these conditions has not been assessed. Sources of measurement uncertainty:
N/A
Financial
Statements Validation of the measurement of the metric by an external body, other than the auditor:
No

Sustainability
Requires value chain information
Statements No

Other
Information
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S1 Compensation indicators (pay gap and total compensation)
Metrics Methodologies
S1-16.97a Male-female pay gap S1-16.97a & S1-16.97b:
S1-16.97b Compensation ratio highest-paid individual vs. median paid employees – Applying total compensation factor to the actual base salaries of employees to estimate the total annual
Entity-specific: % of operating companies assessed for equal pay for equal work compensation figure for each employee.
Entity-specific: % of operating companies with action plans to close any gaps relating to equal pay for equal work
– Using the total compensation estimate for employees to define the (i) median (excluding highest-paid
Entity-specific: Equal pay for equal work gender pay gap
individual) and (ii) the highest-paid individual.
Introduction
– Male-female pay gap: Calculated by using the difference between average gross annual total
Definitions
compensation estimate between male and female employees as numerator and the average gross
Total annual compensation: Employee annual base salary multiplied by a compensation factor specific to annual total compensation estimate of male employees as denominator.
Report country and job grade to estimate total annual compensation. – Ratio of highest-paid individual to median-paid employees: Calculated by using the total annual
of the
Executive Total compensation factor: The average difference, expressed as a factor, between annual base pay, compensation of the highest-paid individual as numerator and the total annual compensation of the
Board excluding any allowances, and total annual compensation including annual base pay, position-related and median-paid employee as the denominator, presented as a ratio.
benefits-like allowances, short-term variable pay, long-term incentives, benefits, and overtime allowances, as
Equal pay for equal work:
Report calculated for each job grade per country.
of the – Actual year to date cumulative number of HEINEKEN operating companies that are assessed for ‘Equal
Supervisory Equal pay: Comparing the pay between women and men on the same salary grade, on similar type of jobs pay for equal work’ divided by the total number of HEINEKEN operating companies presented in % basis.
Board in an operating company.
– Actual year to date cumulative number of HEINEKEN’s operating companies with action plan to close any
Equal work: Positions in HEINEKEN that are comparable to each other. gap related to ‘Equal pay for equal work’-assessment divided by the total number of operating companies
presented in % basis.
Financial Equal pay to equal work gender pay gap: Weighted gap on relative salary position (RSP) % between
Statements male and female employees per salary grade per operating company. – First, determining the difference in average RSP levels between female and male employees for each
salary grade in each operating company, expressed as a percentage of the average RSP level of female
Equal pay for equal work assessment: The analysis to review the current state of equal pay for equal work employees in that grade. Then, combining these differences in a weighted manner to derive the overall,
in an operating company. This analysis includes five measurement drivers related to equal pay and is based
company-wide Equal pay for equal work gender pay gap.
Sustainability on the actual employee population and salary details in an operating company. The full assessments are
Statements performed every two years, except in cases with a larger gap where more frequent monitoring and All:
additional assessment takes place. – Consolidated entities with less than 50 FTEs are not included in the assessment.
Action plans to close gaps: A list of commitments, actions and timelines aiming to improve the results of
Other the various drivers of equal pay, based on the outcomes of the equal pay assessment for the Measurement uncertainty
Information operating company. High level of measurement uncertainty:
Relative Salary Position (RSP): The percentage of an employee’s annual base salary compared to the No
100% reference salary of their salary grade.
Sources of measurement uncertainty:
Assumptions, approximations and judgements N/A
– Compensation factor is applied to employees’ base salary to estimate the total compensation for Validation of the measurement of the metric by an external body, other than the auditor:
each employee.
No
– Judgement is applied in the methodology used to estimate the total compensation for all employees.
Requires value chain information
No
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S1 Grievances and complaints related to other work-related rights
Metrics Methodologies
S1-17.103a Discrimination incidents – Actual number of harassment and discrimination incidents that are substantiated or partially
S1-17.103b Social and human rights complaints substantiated.
S1-17.103c Social and human rights penalties – Actual number of substantiated or partially substantiated (i) child labour and (ii) forced labour cases.
S1-17.104a Severe human rights issues and incidents
– Actual amount of fines, penalties and compensation paid for damages imposed by a third party related
S1-17.104b Severe human rights issues and incidents-related penalties
to ‘social and human right incidents’ and ‘severe human rights incidents’ based on HEINEKEN assessment.
Introduction
Definitions
Discrimination incidents Measurement uncertainty
Report All cases reported and substantiated or partially substantiated via Speak Up with the following issue types: High level of measurement uncertainty:
of the
Executive – Discrimination No
Board – Harassment
Sources of measurement uncertainty:
Social and human rights complaints N/A
Report
of the All cases reported and substantiated or partially substantiated via Speak Up with the following issue types:
Supervisory Validation of the measurement of the metric by an external body, other than the auditor:
– Labour rights
Board No
– Other human rights
– Retaliation
Requires value chain information
Financial Severe human rights issue
Statements No
All cases reported and substantiated or partially substantiated via Speak Up with the following issue types:
– Other human rights – Labour rights – Child protection
– Other human rights – Labour rights – No forced labour
Sustainability
Statements Social and human rights penalties
The total irrevocable monetary amount of fines, penalties and compensation paid for damages for social
and human rights issues (amount in Euro) imposed on a consolidated HEINEKEN operating company by
government bodies or legislative bodies during the full calendar year.
Other
Information Severe human rights issues and incidents-related penalties
The total irrevocable monetary amount of fines and penalties for severe human rights issues (amount in
Euro) imposed on a consolidated HEINEKEN operating company by government bodies or legislative bodies
during the full calendar year.

Assumptions, approximations and judgements

– The metrics only includes incidents reported that are substantiated and partially substantiated
– Professional judgement applied in classifying incident type and severity
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S1 Fair living and working standards
Metric Methodologies
Entity-specific: % of operating companies assessed for fair living and working standards for third-party – Actual number of HEINEKEN operating companies with production that are assessed for ‘Fair living and
employees and Brand Promoters working standards’ divided by the total number of HEINEKEN operating companies with production,
presented in % basis.
Definitions – Consolidated entities with less than 50 FTEs are not included in the assessment.
Living and working standards are assessed based on third-party employees’ and Brand Promoters’ legal
Introduction
entitlements and basic conditions of employment.
Measurement uncertainty
Legal entitlements
Salaries, pensions, holiday allowance, overtime pay, etc. as required by local law. High level of measurement uncertainty:
Report
of the No
Executive Basic conditions of employment
Board Third-party employees should be paid fair wages and work reasonable hours, above minimum requirements Sources of measurement uncertainty:
where applicable; work in a decent work environment; and operate under an appropriate and effective Third-party assessment providers and assessors
Report health and safety management system. Validation of the measurement of the metric by an external body, other than the auditor:
of the
Supervisory Assessments No
Board
Social assessments are based on third-party assessments as per the ‘ERSA’ and/or ‘SMETA’ methodology and
are used to assess at least one HEINEKEN facility per operating company, and a sample of outsourced
service providers against standards outlined in the assessment methodology.
Financial
Statements
Assumptions, approximations and judgements Requires value chain information
Reliance on third-party assessment providers and assessors. Yes
Sustainability
Statements

Other
Information
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S1 Fatalities (voluntary disclosure)
Metric Methodologies
Voluntary: Number of work-related fatalities as a result of work-related accidents in a calendar year Total number of fatalities as a result of work-related accidents in a calendar year

Definitions Measurement uncertainty

Work-related fatal accident High level of measurement uncertainty:
Introduction
– Occupational accident leading to death. All work-related fatal accidents of permanent or temporary No
personnel occurred on the premises owned or rented by the HEINEKEN Company (e.g. headquarters, the
Sources of measurement uncertainty:
production or warehousing site) and HORECA (hotels, restaurants and cafés). Additionally includes work-
related fatal accidents occurring outside the premises owned or rented by HEINEKEN, such as during Overstatement of work-related accidents due to conservative approach
Report outlet visits, business travel, participation in courses or visits to conferences and fairs.
of the Validation of the measurement of the metric by an external body, other than the auditor:
Executive – Any fatal accidents when occurring with HEINEKEN Company assets (e.g. trucks), HEINEKEN materials No
Board (e.g. promotion materials), HEINEKEN Company products or HEINEKEN Company services (e.g. events),
including such fatal accidents involving contractor personnel when work was carried out as ordered by or Requires value chain information
Report on behalf of HEINEKEN. Excluded are fatal accidents of members of the public due to use of
of the No
HEINEKEN products.
Supervisory
Board
Assumptions, approximations and judgements
– We are following a prudent approach in disclosure of fatalities. In case we do not have sufficient
Financial information on the causes or circumstances of a fatality (e.g. lack of witnesses) and the conclusion of the
Statements
local authorities is not clear, we consider the case as work-related and disclose it accordingly.

Sustainability
Statements

Other
Information
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S1 Permanent disabilities and injuries (voluntary disclosure)
Metrics Methodologies
Voluntary: Number of work-related permanent disabilities of employees as a result of work-related accidents – Total number of permanent disabilities of Employees as a result of work-related accidents in a
Voluntary: Number of work-related total recordable injuries of employees and temporary workers as a result calendar year
of work-related accidents – Total number of work-related total recordable injuries of Employees and Temporary workers as a result of
Voluntary: Number of work-related total recordable injuries of contractors as a result of work- work-related accidents in a calendar year
related accidents
– The total number of work-related total recordable injuries of Contractors as a result of work-related
Introduction Voluntary: Total reportable injury rate per 200.000 hours worked for employees and temporary workers
accidents in a calendar year
Voluntary: Lost time injury rate per 200.000 hours worked for employees and temporary workers
– The ratio of the total number of work-related total recordable injuries of Employees and Temporary
workers as a result of work-related accidents in a calendar year per 200.000 hours worked
Report
Definitions
of the – The ratio of the total number of work-related total lost time injuries of Employees and Temporary workers
For all of the below categories the following is applicable: all work-related accidents of permanent or
Executive as a result of work-related accidents in a calendar year per 200.000 hours worked
Board temporary personnel occurred on the premises owned or rented by the HEINEKEN Company (e.g.
headquarters, the production or warehousing site) and HORECA (hotels, restaurants and cafés). Additionally
Measurement uncertainty
includes work-related accidents of permanent or temporary personnel occurring outside the premises owned
Report
of the or rented by HEINEKEN, such as during outlet visits, business travel, participation in courses or visits to High level of measurement uncertainty:
Supervisory conferences and fairs. No
Board
– Work-related permanent disability: Any effect that would not allow the person to return to the state of Sources of measurement uncertainty:
health he/she had before the accident. Or that diminishes a worker’s ability to perform the duties or Overstatement of work-related accidents due to conservative approach
Financial normal activities performed before the accident.
Statements Validation of the measurement of the metric by an external body, other than the auditor:
– Number of work-related total recordable injuries of employees and temporary workers is the sum of all
medical treatment cases (MTC), restricted work cases (RWC), lost time injuries (LTI), and fatalities No
involving HEINEKEN employees and temporary worker that result from instantaneous events
Sustainability
or exposures.
Statements – An accident is classified and reported as a lost time injury when an injury involves one or more days away
from work (it does not include the day of the injury itself) that result from instantaneous events
or exposures.
Other
– The total hours worked is the total number of hours worked by employees or temporary workers in a
Information reporting entity (location) during the reporting period (including overtime and excluding illness)
The number of all work-related recordable injuries of contracted personnel when work was carried out as
ordered by or on behalf of HEINEKEN that result from instantaneous events or exposures, is the sum of all
medical treatment cases (MTC), restricted work cases (RWC), lost time injuries (LTI), and fatalities, occurred
on the premises owned or rented by the HEINEKEN Company (e.g. headquarters, the production or
warehousing site) and HORECA (hotels, restaurants and cafés). Additionally, it includes work-related
accidents occurring outside the premises owned or rented by HEINEKEN, such as during outlet visits, business
travel, participation in courses or visits to conferences and fairs. Excluded are accidents involving service
providers, Franchisee/Tenant, visitors or members of the public.
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S1 Permanent disabilities and injuries (voluntary disclosure) (continued)
Assumptions, approximations and judgements Requires value chain information
– All safety accidents that occur during commuting activities are excluded from the numbers. Commuting is No
when the worker is travelling between a place of private activity (e.g., residence) and a place of work or
workplace, using his/her regular route.
– Accidents as a result of physical assault and violence/ intimidation are excluded for the reported numbers
– Professional (medical) judgement applied in classifying incident type and severity
Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
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Social – Affected communities (voluntary disclosure)
Metric Methodologies
Voluntary: % of operating companies with social impact project – Actual number of HEINEKEN production operating companies with social impact initiatives in place
divided by the total number of HEINEKEN production operating companies, presented in % basis.
Definitions – Consolidated entities with less than 50 FTEs are not included.
Social impact initiatives defined as initiatives which address a social issue within a community with a – Derogations may be granted, for example in case of external circumstances, such as civil unrest and high
relevant focus area, a valid partner and a clear agreement: volatility, which hamper or delay the process.
Introduction
Valid partner Measurement uncertainty
A third-party organisation which has a well-known and credible interest in bringing people together and help
tackle the problems raised by the community. High level of measurement uncertainty:
Report
No
of the Relevant focus area
Executive
A social issue within a community which is linked to HEINEKEN’s business and BaBW pillars, and which Sources of measurement uncertainty:
Board
contributes to one (or more) of the UN Global Goals. N/A
Report Clear agreement Validation of the measurement of the metric by an external body, other than the auditor:
of the
Supervisory Operating company and the relevant third party have agreed objectives, actions and (financial) No
Board contribution.
Assumptions, approximations and judgements Requires value chain information
Financial N/A No
Statements

S4 0.0 alcohol options

Sustainability
Statements Metric Methodologies
Entity-specific: % of total sales volume of operating companies with a zero alcohol option for at least one – Actual sales volume of beer and cider from HEINEKEN operating companies with zero-alcohol option
strategic brand divided by the total sales volume of beer and cider of all HEINEKEN operating companies.
Other Definitions Measurement uncertainty
Information
Strategic brand High level of measurement uncertainty:
A brand in our portfolio where we invest in. No
Assumptions, approximations and judgements Sources of measurement uncertainty:
N/A N/A
Validation of the measurement of the metric by an external body, other than the auditor:
No
Requires value chain information
No
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S4 Clear and transparent consumer information
Metric Methodologies
Entity-specific: % of products in scope with fully compliant labels – Actual product line extension volume sold, produced by HEINEKEN operating companies, that are
compliant with the required consumer information as per HEINEKEN’s policy or/and local laws divided by
the total product line extension volume sold, produced by HEINEKEN operating companies, presented
Definitions
in %.
Line extension – Line extensions with a prior year volume below 50 khl are not assessed.
Introduction A line extension is a different beverage within an established brand name. While the products have distinct
differences, the extension is very dependent initially on customer recognition of the parent brand name. For
example, Heineken® 0.0 is a line extension of Heineken® Original.
Report
of the Compliant line extension Measurement uncertainty
Executive A line extension is compliant if all consumer facing stock-keeping units (SKUs) reported under the line
Board High level of measurement uncertainty:
extension are compliant. A SKU is compliant if the consumer information is included on the label of that SKU
or online in particular cases due to local market circumstances. No
Report
of the Sources of measurement uncertainty:
Supervisory Consumer information N/A
Board Required consumer information on the labels includes information on alcohol by volume, ingredients,
allergens, energy values, full nutritional values, responsible consumption symbols, recycling symbols, QR code Validation of the measurement of the metric by an external body, other than the auditor:
(not required for soft drinks) with a link to an online alcohol and health message. If the full nutritional values No
Financial do not fit on the label, they may alternatively be put online, on the brand’s webpage. Energy values (Kcal)
Statements
should always be presented on the pack.

Assumptions, approximations and judgements Requires value chain information

Sustainability Timing of compliance: all SKUs leaving the breweries during the reporting year.
Statements
No

Other
Information
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S4 Partnerships to address alcohol-related harm
Metric Methodologies
Entity-specific: % of operating companies in scope with partnership to address alcohol-related harm – Actual number of HEINEKEN operating companies with active partnership divided by the total of
HEINEKEN operating companies presented in %.
Definitions – Consolidated entities with less than 50 FTEs are not included.
Active partnership
Introduction
An initiative qualifies as an active partnership when having a relevant focus area, a valid partner and
a clear agreement.

Relevant alcohol-related harms focus Measurement uncertainty

Report
A relevant partnership should address one of the following alcohol-related harms: drink driving, underage
of the High level of measurement uncertainty:
Executive drinking, excessive consumption and drinking during pregnant.
Board No
Valid partner
Sources of measurement uncertainty:
Report
A third-party organisation which has a well-known and credible interest in bringing people together and
helping to tackle the problems raised by the community. Examples are an NGO, foundation (including N/A
of the
Supervisory HEINEKEN’s own foundations), charity, governmental body, public agency, social enterprise, co-operative, Validation of the measurement of the metric by an external body, other than the auditor:
Board
etc. In case there is no suitable third party to address the issue the operating company may take direct No
action itself after approval from Global Corporate Affairs.
Financial
Statements A clear agreement Requires value chain information
The operating company and the relevant third party have agreed objectives, actions and (financial)
No
contribution. Evidence of this can include a Memorandum of Understanding, a contract signed by both
parties, an exchange of letters or mails. The agreement should be valid for the reporting year. Only one
Sustainability initiative is required per country.
Statements
Market
A country in which we have an operating company (consolidated entity) with production.
Other
Information Assumptions, approximations and judgements
N/A
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S4 Responsible consumption campaigns
Metric Methodologies
®
Entity-specific: % Heineken media spend invested in responsible consumption campaigns – Actual expenses incurred on Enjoy Heineken® Responsibly campaign divided by the actual total expenses
incurred for placing and broadcasting Heineken® brand dedicated campaigns, presented in % basis.
Definitions
Media spend: Measurement uncertainty
Introduction
– Expenses incurred for placing and broadcasting Heineken® brand dedicated campaigns High level of measurement uncertainty:
– Media: TV, out-of-home, cinema, digital, radio, print (e.g. newspapers) Yes
– Media spend includes costs for broadcasting
Sources of measurement uncertainty:
Report
of the
Responsible consumption campaign: The use of data from third-party providers
Executive – Enjoy Heineken® Responsibly (EHR) campaign: Media spend for placing and broadcasting Heineken®
Validation of the measurement of the metric by an external body, other than the auditor:
Board brand dedicated responsible consumption campaigns (e.g., supporting ‘Enjoy Heineken® Responsibly’ or
‘When You Drive, Never Drink’, or other responsible consumption initiatives) No
Report
of the
Supervisory Assumptions, approximations and judgements Requires value chain information
Board
Assumptions and approximations: Yes
N/A
Financial Judgements:
Statements
We obtain API (Application Programming Interfaces) and TV data from external media vendors

Sustainability
Statements

Other
Information
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S4 Responsible consumption campaigns
Metric Methodologies
Entity-specific: Unique consumers reached with responsible consumption campaigns – Estimated number of unique consumers reached across multiple markets and digital media platforms
using the Sainsbury formula.

Definitions Measurement uncertainty

Number of consumers reached with Enjoy Heineken® Responsibly campaigns in market where HEINEKEN’s High level of measurement uncertainty:
Introduction
operating companies operate. Yes
Sources of measurement uncertainty:
Report – Estimated unique number of consumers reached using Sainsbury methodology
of the
Executive Assumptions, approximations and judgements – The use of data from third-party providers
Board
– Estimated number of unique consumers reached using the Sainsbury formula Validation of the measurement of the metric by an external body, other than the auditor:
– We obtain API (Application Programming Interfaces) and TV data from external media vendors No
Report
of the
Supervisory Requires value chain information
Board
Yes

Financial
Statements

Sustainability
Statements

Other
Information
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S4 Training on Responsible Marketing Code
Metric Methodologies
Entity-specific: % of HEINEKEN employees who are directly involved in developing marketing – Total number of employees assigned to the training that have completed the Responsible Marketing
communications who have completed the annual training on the HEINEKEN Responsible Marketing Code Code training during the reporting period divided by the total number of employees assigned to the
Responsible Marketing Code training during the reporting period, presented in % basis
Definitions – We assessed the consolidated entities representing in total 80% of our marketing communication
Marketing communication investment.
Introduction – Excludes new joiners from 1 October from the calculation to ensure employees have sufficient time before
Marketing communications are any materials, assets, promotions or advertising that are used to promote
our brands to consumers and shoppers. year-end to perform the training.

Report Assumptions, approximations and judgements Measurement uncertainty

of the
Executive N/A High level of measurement uncertainty:
Board
No

Report Sources of measurement uncertainty:

of the N/A
Supervisory
Board Validation of the measurement of the metric by an external body, other than the auditor:
No
Financial
Statements Requires value chain information
No

Sustainability
Statements

Other
Information
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Zero tolerance to bribery and corruption (voluntary disclosure)
Metrics Methodologies
Voluntary: Number of employees that completed the Code of Business Conduct (CoBC) training – CoBC training: Actual number of employees that completed the CoBC training during the reporting year.
Voluntary: Number of employees from the pre-selected targeted employees that completed the Anti-Bribery – ABAC training: Actual number of employees that completed ABAC training during the reporting year.
& Anti-Corruption (ABAC) training
– Units of measurement: Number of employees in headcount.

Definitions Measurement uncertainty

Introduction
CoBC training High level of measurement uncertainty:
Assigned to every HEINEKEN employee No
Report ABAC training Sources of measurement uncertainty:
of the
Executive Assigned based on risk-based approach depending on specific roles N/A
Board
Validation of the measurement of the metric by an external body, other than the auditor:
Assumptions, approximations and judgements No
Report
of the Not applicable
Supervisory
Board Requires value chain information
No
Financial
Statements

Sustainability
Statements

Other
Information
 282 Appendix 5 – Reference table
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The table below presents the progress made on implementing the provisions of the European Sustainability Reporting Standards as published by the European Commission on 31 July 2023.

ESRS # Description Reference Page Explanation

ESRS 2 BP-1 General basis for preparation of the sustainability General basis of preparation of 149
statements the sustainability statements
BP-2 Disclosures in relation to specific circumstances Disclosures in relation to specific circumstances 150
GOV-1 The role of the administrative, management and Role of the Executive Board and Supervisory Board in 151-152
supervisory bodies sustainability matters
Introduction GOV-2 Information provided to and sustainability matters Role of the Executive Board and Supervisory Board in 151-152
addressed by the undertaking’s administrative, sustainability matters
management and supervisory bodies
Report GOV-3 Integration of sustainability-related performance in Integration of sustainability-related performance in 153
of the incentive schemes incentive schemes
Executive
Board GOV-4 Statement on due diligence Statement on due diligence 154-155
GOV-5 Risk management and internal controls over Risk management and internal controls over 156
Report sustainability reporting sustainability reporting
of the
SBM-1 Strategy, business model and value chain Strategy, business model and value chain 157
Supervisory
Board SBM-2 Interests and views of stakeholders Interests and views of stakeholders 158-159
SBM-3 Material impacts, risks and opportunities and their Material impacts, risks and opportunities and their 160-163 Phased-in option applied for DR48e and AR22
interaction with strategy and business model interaction with strategy and business model (anticipated financial effects), in line with ESRS
Financial
1 Appendix C: List of phased-in Disclosure Requirements.
Statements
IRO-1 Description of the processes to identify and assess material Description of the process to identify and assess 164-165
impacts, risks and opportunities material impacts, risks and opportunities
IRO-2 Disclosure requirements in ESRS covered by the Appendix 5 – Reference table 282-285
Sustainability
Statements
undertaking’s sustainability statement
MDR-P Policies adopted to manage material sustainability matters Minimum disclosure requirements on policies are included
in the policies sections of the topics; see below.
MDR-A Actions and resources in relation to material Minimum disclosure requirements on actions and
Other
sustainability matters resources are included in the actions and resources sections
Information
of the topics; see below.
MDR-M Metrics in relation to material sustainability matters Appendix 4 – Basis of preparation 250-281
MDR-T Tracking effectiveness of policies and actions Minimum disclosure requirements on targets are included
through targets in the metrics and targets sections of the topics; see below.
ESRS E1 ESRS 2 GOV-3 Integration of sustainability-related performance in Integration of sustainability-related performance in 153
incentive schemes incentive schemes
ESRS 2 SBM-3 Material impacts, risks and opportunities and their Understanding our material impacts, 169
interaction with strategy and business model risks and opportunities
E1-1 Transition plan for climate change mitigation Our net zero strategy 168-172
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ESRS # Description Reference Page Explanation
E1-2 Policies related to climate change mitigation Policies 173
and adaptation
E1-3 Actions and resources in relation to climate change policies Actions and resources 174-176
E1-4 Targets related to climate change mitigation Metrics and targets 178-179
and adaptation
E1-5 Energy consumption and mix Energy consumption and mix 181

Introduction E1-6 Gross Scope 1, 2, 3 and total GHG emissions Our carbon footprint; GHG emissions 170; 180-181
E1-7 GHG removals and GHG mitigation projects financed Actions and resources 175
through carbon credits
Report E1-8 Internal carbon pricing Internal carbon pricing 176
of the
Executive
E1-9 Anticipated financial effects from material physical and Phased-in option applied for E1-9 (anticipated financial
Board transition risks and potential climate-related opportunities effects) in line with ESRS 1 Appendix C: List of phased-in
Disclosure Requirements.
Report ESRS E3 ESRS 2 IRO-1 Description of the processes to identify and assess material Understanding our material impacts, 183
of the water and marine resources-related impacts, risks and risks and opportunities
Supervisory opportunities
Board
E3-1 Policies related to water and marine resources Policies 184
E3-2 Actions and resources related to water and Actions and resources 185-186
Financial marine resources
Statements
E3-3 Targets related to water and marine resources Metrics and targets 185
E3-4 Water consumption Water consumption 187

Sustainability
E3-5 Anticipated financial effects from material water and Phased-in option applied for E3-5 (anticipated financial
Statements marine resources-related risks and opportunities effects) in line with ESRS 1 Appendix C: List of phased-in
Disclosure Requirements.
ESRS E5 ESRS 2 IRO-1 Description of the processes to identify and assess material Understanding our material impacts, risks and 190
resource use and circular economy-related impacts, risks opportunities
Other and opportunities
Information
E5-1 Policies related to resource use and circular economy Policies 190
E5-2 Actions and resources related to resource use and Actions and resources 191-192
circular economy
E5-3 Targets related to resource use and circular economy Metrics and targets 193-194
E5-4 Resource inflows Resource inflows 195
E5-5 Resource outflows Products and waste 196 Value chain exemption applied for entity-specific post-
consumer packaging waste metrics.
E5-6 Anticipated financial effects from resource use and circular Phased-in option applied for E5-6 (anticipated financial
economy-related impacts, risks and opportunities effects) in line with ESRS 1 Appendix C: List of phased-in
Disclosure Requirements.
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ESRS # Description Reference Page Explanation
ESRS S1 ESRS 2 SBM-2 Interests and views of stakeholders Interest and views of stakeholders 207
ESRS 2 SBM-3 Material impacts, risks and opportunities and their Material impact, risks and opportunities and their 207
interaction with strategy and business model interaction with strategy and business model
S1-1 Policies related to own workforce Policies 208-211
S1-2 Processes for engaging with own workers and workers’ Engaging with own workforce 212
representatives about impacts
Introduction S1-3 Processes to remediate negative impacts and channels for Remediating negative impacts and providing channels for 213
own workers to raise concerns our own workforce to raise concerns
S1-4 Taking action on material impacts on own workforce, and Actions and resources 214-216
approaches to mitigating material risks and pursuing
Report
of the material opportunities related to own workforce, and
Executive effectiveness of those actions
Board
S1-5 Targets related to managing material negative impacts, Metrics and targets 217-218
advancing positive impacts, and managing material risks
Report and opportunities
of the
Supervisory S1-6 Characteristics of the undertaking’s employees Employee characteristics 219
Board
S1-7 Characteristics of non-employees in the undertaking’s Phased-in option applied for S1-7 in line with ESRS 1
own workforce Appendix C: List of phased-in Disclosure Requirements.
Financial S1-8 Collective bargaining coverage and social dialogue Collective bargaining coverage and social dialogue 219 Phased-in option applied for DR60c and 61, and AR 66-68
Statements and 70, with regards to employees based in non-EEA
countries in line with ESRS 1 Appendix C: List of phased-in
Disclosure Requirements.
S1-9 Diversity metrics Diversity 220
Sustainability
Statements S1-10 Adequate wages Adequate wages 220
S1-11 Social protection Social protection 221
S1-12 Persons with disabilities Phased-in option applied for S1-12 in line with ESRS 1
Other Appendix C: List of phased-in Disclosure Requirements.
Information S1-13 Training and skills development metrics N/A Determined not to be linked to a material topic for
HEINEKEN based on DMA outcome, therefore
not applicable.
S1-14 Health and safety metrics N/A Determined not to be linked to a material topic for
HEINEKEN based on DMA outcome, therefore not
applicable. Voluntary disclosure on Health and safety is
included on pages 223.
S1-15 Work-life balance metrics Work-life balance 221 Phased-in option applied for DR 93b (usage of family-
related leave) in line with ESRS 1 Appendix C: List of
phased-in Disclosure Requirements.
S1-16 Compensation metrics (pay gap and total compensation) Remuneration 221-222
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ESRS # Description Reference Page Explanation
ESRS S1 S1-17 Incidents, complaints and severe human rights impacts Incidents, complaints and severe human rights impacts 222
ESRS S2 ESRS 2 SBM-2 Interests and views of stakeholders Interest and views of stakeholders 224
ESRS 2 SBM-3 Material impacts, risks and opportunities and their Material impact, risks and opportunities and their 224
interaction with strategy and business model interaction with strategy and business model
S2-1 Policies related to value chain workers Policies 225-227
S2-2 Processes for engaging with value chain workers Processes for engaging with workers in the value chain 227
Introduction about impacts about impacts
S2-3 Processes to remediate negative impacts and channels for Remediating negative impacts and enabling workers in our 228
value chain workers to raise concerns value chain to raise concerns
Report S2-4 Taking action on material impacts on value chain workers, Protecting the human rights of workers 229-230
of the and approaches to managing material risks and pursuing in our value chain
Executive material opportunities related to value chain workers, and
Board
effectiveness of those action
S2-5 Targets related to managing material negative impacts, Metrics and targets 231
Report
of the advancing positive impacts, and managing material risks
Supervisory and opportunities
Board
ESRS S4 ESRS 2 SBM-2 Interests and views of stakeholders Interest and views of stakeholders 233
ESRS 2 SBM-3 Material impacts, risks and opportunities and their Material impact, risks and opportunities and their 233
Financial interaction with strategy and business mode interaction with strategy and business model
Statements S4-1 Policies related to consumers and end-users Policies 234
S4-2 Processes for engaging with consumers and end-users Engaging with consumers and end-users 235
about impacts
Sustainability S4-3 Processes to remediate negative impacts and channels for Remediating negative impacts for consumers 236
Statements consumers and end-users to raise concerns and end-users
S4-4 Taking action on material impacts on consumers and end- Actions and resources; 237;
users, and approaches to managing material risks and Action on consumer and end-user material impacts 238
Other pursuing material opportunities related to consumers and
Information end-users, and effectiveness of those actions
S4-5 Targets related to managing material negative impacts, Metrics and targets 239-241
advancing positive impacts, and managing material risks
and opportunities
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Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 287 Appropriation of Results
Heineken
Article 12, paragraph 7, of the Articles of Association stipulates:
N.V.
Annual
“Of the profits, payment shall first be made, if possible, of a dividend of six % of the issued part of the
Report
2024 authorised share capital. The amount remaining shall be at the disposal of the General Meeting
of Shareholders.”
Civil Code
Heineken N.V. is not a ‘structuurvennootschap’ within the meaning of Section 2:152-164 of the Dutch Civil
Code. Heineken Holding N.V., a company listed on Euronext Amsterdam, holds 50.005% of the issued shares
of Heineken N.V.
Authorised capital
The Company’s authorised capital amounts to €2,500 million.
Introduction

Report
of the
Executive
Board

Report
of the
Supervisory
Board

Financial
Statements

Sustainability
Statements

Other
Information
 288 Independent Auditor’s Report
To the Shareholders and the Supervisory Board of Heineken N.V. Information in support of our opinion
Heineken
N.V.
Report on the audit of the financial statements for the year ended December 31, We designed our audit procedures in the context of our audit of the financial statements as a whole and in
Annual
forming our opinion thereon. The following information in support of our opinion was addressed in this
Report 2024 included in the annual report context, and we do not provide a separate opinion or conclusion on these matters.
2024
Our opinion
Materiality
We have audited the financial statements for the year ended December 31, 2024 of Heineken N.V. (“the
Based on our professional judgement we determined the materiality for the financial statements as a whole
Company”), based in Amsterdam, the Netherlands. The financial statements comprise the Consolidated
at EUR 240 million (2023: EUR 220 million). The materiality is based on 7% of normalized profit before tax
Financial Statements and the Company Financial Statements.
(2023: 6,5%). In this respect, profit before tax was normalized for restructuring provisions, losses on disposals
In our opinion: and impairments, including the EUR 874 million impairment recognized against investments in associates
and joint ventures (Note 10.3). We have also taken into account misstatements and/or possible
– The accompanying Consolidated Financial Statements give a true and fair view of the financial position of
misstatements that in our opinion are material for the users of the financial statements for qualitative
Heineken N.V. as at December 31, 2024, and of its result and its cash flows for the year ended December
reasons.
Introduction
31, 2024 in accordance with International Financial Reporting Standards as adopted by the European
Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. Audits of group entities (components) were performed using materiality levels determined by the judgement
– The accompanying Company Financial Statements give a true and fair view of the financial position of of the group audit team, having regard to the materiality of the Consolidated Financial Statements.
Heineken N.V. as at December 31, 2024, and of its result for the year ended December 31, 2024 in Component materiality for our two largest components was EUR 84 million (2023: EUR 77 million), and our
Report materiality for the other components did not exceed EUR 75 million (2023: EUR 69 million).
of the accordance with Part 9 of Book 2 of the Dutch Civil Code.
We agreed with the Supervisory Board that misstatements in excess of EUR 12 million, which are identified
Executive
The Consolidated Financial Statements comprise: during the audit, would be reported to them, as well as smaller misstatements that in our view must be
Board
– The Consolidated Statement of Financial Position as at December 31, 2024. reported on qualitative grounds.
Report – The following statements for 2024: the Consolidated Income Statement, the Consolidated Statements of Scope of the group audit
of the
Supervisory
Other Comprehensive Income, the Consolidated Statement of Cash Flows, and the Consolidated Heineken N.V. is at the head of a group of entities. The financial information of this group is included in the
Board Statement of Changes in Equity Consolidated Financial Statements of Heineken N.V.
– The Notes to the Consolidated Financial Statements comprising material accounting policy information
Because we are ultimately responsible for the opinion, we are responsible for directing, supervising, and
and other explanatory information.
Financial
performing the group audit. In this respect we have determined the nature and extent of the audit
Statements The Company Financial Statements comprise: procedures to be carried out on the entities. Our group audit is mainly focused on significant group entities in
– The Company Balance Sheet as at December 31, 2024. terms of size and financial interest or where significant risks or complex activities were present, leading to full
audits performed for 27 (2023: 27 components) components, including 2 non-consolidated components.
– The Company Income Statement for the year ended December 31, 2024.
Sustainability – The Notes to the Company Financial Statements comprising a summary of the accounting policies and We have:
Statements other explanatory information. – Performed audit procedures ourselves at group entities and.
Basis for our opinion – Used the work of other auditors when auditing Click here to enter text.
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our – Performed review procedures or specific audit procedures at other group entities.
Other responsibilities under those standards are further described in the ‘Our responsibilities for the audit of the
Information We have performed audit procedures ourselves at Heineken N.V., corporate entities, and certain operations in
financial statements’ section of our report. the Netherlands. Furthermore, we performed audit procedures at group level on areas such as c onsolidation,
We are independent of Heineken N.V. in accordance with the EU Regulation on specific requirements disclosures, impairment testing for intangible assets (including goodwill) and non-current assets held for sale,
regarding statutory audit of public-interest entities, the Wet toezicht accountantsorganisaties (Wta, Audit joint ventures, financial instruments, acquisitions, and divestments. Specialists were involved amongst others
firms supervision act), the Verordening inzake de onafhankelijkheid van accountants bij assurance- in the areas of treasury, information technology, forensics, tax, accounting, pensions, and valuations. For the
opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) selected component audit teams, the group audit team provided detailed written instructions, which, in
and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the addition to communicating our requirements of component audit teams, also detailed significant audit areas
Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics for and information obtained centrally relevant to the audit of individual components, including awareness for
Professional Accountants). risks related to management override of controls.

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
 289 Independent Auditor’s Report
Heineken
Furthermore, we developed a plan for directing, supervising and reviewing each component audit team Audit approach fraud risks
N.V. based on its relative significance and specific risk characteristics. Our directing, supervising and reviewing In accordance with Dutch Standards on Auditing, we are responsible for obtaining reasonable assurance
Annual procedures included (virtual) meetings with the component auditor and component management and that the financial statements taken as a whole are free from material misstatements, whether due to fraud
Report physical or remote working paper reviews for The Netherlands, United Kingdom, France, Spain, Italy, Austria, or error. Inherent to our responsibilities for the audit of the financial statements, there is an unavoidable risk
2024 Poland, Brazil, Mexico, USA, Nigeria, Vietnam, South Africa (Heineken Beverages), India (UBL), Greece, that material misstatements go undetected, even though the audit is planned and performed in
Ethiopia, Burundi, DRC, Indonesia, Portugal, Jamaica and Malaysia. We also reviewed component audit accordance with Dutch law. The risk of undetected material misstatements due to fraud is even higher, as
team deliverables for the countries listed above and the additional countries in scope to gain a sufficient fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
understanding of the work performed based on our instructions. The nature, timing and extent of our
control. Also, we are not responsible for the prevention and detection of fraud and non-compliance with all
directing, supervising and reviewing procedures varied based on both quantitative and qualitative
laws and regulations. Our audit procedures differ from a forensic or legal investigation, which often has a
considerations. For smaller components, we have performed review procedures or specific audit procedures.
more in-depth character.
By performing the procedures mentioned above at group entities, together with additional procedures at We identified and assessed the risks of material misstatements of the financial statements due to fraud.
group level, we have been able to obtain sufficient and appropriate audit evidence about the group’s During our audit we obtained an understanding of the entity and its environment and the components of
financial information to provide an opinion on the Consolidated Financial Statements. the system of internal control, including the risk assessment process and management’s process for
Introduction Net Revenue Profit before income tax responding to the risks of fraud and monitoring the system of internal control and how the Supervisory
Board exercises oversight, as well as the outcomes. We refer to section Risk Management of the Executive
Board report for the Executive Board’s fraud risk assessment and section To the Shareholders (paragraph
Audit Committee) of the Supervisory Board report in which the Supervisory Board reflects on this fraud risk
Report
of the assessment. We note that management regularly updates its risk assessment including fraud and updates
Executive 20% 20% its risk and control framework.
Board
We evaluated the design and relevant aspects of the system of internal control and in particular the fraud
risk assessment, as well as the Code of Business Conduct, Speak Up policy, third party screening and
Report incident registrations. We evaluated the design and the implementation and, where considered
of the
appropriate, tested the operating effectiveness, of internal controls designed to mitigate fraud risks.
Supervisory 80% 80%
Board Further for certain selected speak up cases, we evaluated management’s response and remedial actions
and measures.
As part of our process of identifying fraud risks, we evaluated fraud risk factors with respect to financial
Financial reporting fraud, misappropriation of assets and bribery and corruption in close co-operation with our
Statements forensic specialists. We evaluated whether these factors indicate that a risk of material misstatement due to
Tier 1/2/3 Tier 1/2/3
fraud is present.
Remaining Remaining Following these procedures, and the presumed risks under the prevailing audit standards, we considered
Sustainability fraud risks related to management override of controls and the occurrence of revenue recognition for
Statements
Assets specific components. Our audit procedures to respond to fraud risks include, amongst others, an evaluation
of relevant internal controls, supplementary substantive audit procedures, detailed testing of journal entries
and post-closing adjustments based on supporting documentation. Data analytics, including selection of
journal entries based on risk-based characteristics, form part of our audit approach to address the identified
Other fraud risk.
Information 13%

87%

Tier 1/2/3

Remaining
 290 Independent Auditor’s Report
Additionally, we performed further procedures including, among others, the following: We obtained sufficient appropriate audit evidence regarding provisions of those laws and regulations
Heineken
– We incorporated elements of unpredictability in our audit. We also considered the outcome of our other generally recognized to have a direct effect on the financial statements.
N.V.
Annual audit procedures and evaluated whether any findings were indicative of fraud or non-compliance. Apart from these, Heineken N.V. is subject to other laws and regulations where the consequences of non-
Report
2024 – We considered available information and made enquiries of relevant key management personnel, the compliance could have a material effect on amounts and/or disclosures in the financial statements, for
Executive Board and the Supervisory Board. instance, through imposing fines or litigation.
– We tested the appropriateness of journal entries recorded in the general ledger and other adjustments Given the nature and complexity of Heineken N.V.’s business, we considered the risk of non-compliance in the
made in the preparation of the financial statements. areas of competition, data protection, human rights, tax and other applicable laws and regulations. In
– We evaluated whether the selection and application of accounting policies by the group, particularly those addition, we considered major laws and regulations applicable to listed companies.
related to subjective measurements and complex transactions, may be indicative of fraudulent
financial reporting. Our procedures are more limited with respect to laws and regulations that do not have a direct effect on the
determination of the amounts and disclosures in the financial statements. Compliance with these laws and
– We evaluated whether the judgments and decisions made by the Executive Board in making the
regulations may be fundamental to the operating aspects of the business, to Heineken N.V.’s ability to
accounting estimates included in the financial statements indicate a possible bias that may represent a risk
continue its business, or to avoid material penalties (e.g., compliance with the terms of operating licenses and
Introduction of material misstatement due to fraud. The Executive Board’s insights, estimates and assumptions that
permits or compliance with environmental regulations, anti-competition laws, sanctions and trade laws) and
might have a major impact on the financial statements are disclosed in note 3 of the Consolidated
therefore non-compliance with such laws and regulations may have a material effect on the financial
Financial Statements.
statements. Our responsibility is limited to undertaking specified audit procedures to help identify non-
Report – We performed a retrospective review of management judgments and assumptions related to significant compliance with those laws and regulations that may have a material effect on the financial statements.
of the accounting estimates reflected in prior year financial statements.
Executive
Our procedures are limited to (i) inquiry of key management personnel, the Supervisory Board, the Executive
Board – We performed direction, supervision and review procedures on the instructed procedures performed by the
Board and others within Heineken N.V. as to whether Heineken N.V. is in compliance with such laws and
component audit team on revenue recognition.
regulations and (ii) inspecting correspondence, if any, with the relevant licensing or regulatory authorities to
Report Certain management estimates and judgements are considered most significant to our audit. Reference is help identify non-compliance with those laws and regulations that may have a material effect on the
of the
made to the section ‘Our key audit matters’ for further details on those estimates and judgements. financial statements.
Supervisory
Board
Audit approach compliance with laws and regulations Naturally, we remained alert to indications of (suspected) non-compliance throughout the audit.
We assessed the laws and regulations relevant to the entity through discussion with , amongst others, the
Executive Board, Group Legal Counsel, and those charged with governance, reading minutes of board Finally, we obtained written representations that all known instances of (suspected) fraud or non-compliance
Financial
meetings and reports of internal audit. with laws and regulations have been disclosed to us.
Statements

We involved our forensic specialists in this evaluation. Audit approach going concern
Our responsibilities, as well as the responsibilities of the Executive Board and the Supervisory Board, related to
As a result of our risk assessment procedures, and while realizing that the effects from non-compliance could going concern under the prevailing standards are outlined in the “Description of responsibilities regarding the
Sustainability considerably vary, we considered the following laws and regulations: adherence to (corporate) tax laws and
Statements financial statements” section below. In fulfilling our responsibilities, we performed procedures including
financial reporting regulations, the requirements under the International Financial Reporting Standards as evaluating management’s assessment of the Company’s ability to continue as a going concern and
adopted by the European Union (EU-IFRS) and Part 9 of Book 2 of the Dutch Civil Code with a direct effect considering the impact of financial, operational, and other conditions. Based on these procedures, we did not
on the financial statements as an integrated part of our audit procedures, to the extent material for the identify any reportable findings related to the entity’s ability to continue as a going concern.
Other financial statements from a quantitative and qualitative perspective.
Information
 291 Independent Auditor’s Report
Our key audit matters How the scope Our audit procedures related to the projection of sales volumes, revenue, margins, and
Heineken
N.V. Key audit matters are those matters that, in our professional judgement, were of most significance in our of our audit discount rates used by management included the following, amongst others:
Annual audit of the financial statements. We have communicated the key audit matters to the Supervisory Board. responded to – For investments in associates, we assessed whether a decline in available quoted market
Report The key audit matters are not a comprehensive reflection of all matters discussed. the key audit price is either prolonged or significant and any impairment loss should be recognized.
2024 matter – We obtained an understanding of management’s process over the impairment trigger
The below identified key audit matters were addressed in the context of our audit of the financial statements
tests and the resulting impairment tests.
as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
– We evaluated management's ability to accurately forecast by comparing actual results to
management's historical forecasts.
Impairment testing for intangible assets, property, plant and equipment and investments in – We evaluated sensitivities in management's projections, which could cause a substantial
associates and joint ventures – Refer to Notes 8.1, 8.2 and 10.3 to the financial statements change to the impairments recorded, and or cause headroom to change in
Key audit Intangible assets (including goodwill), property, plant and equipment and investments in an impairment.
matter associates and joint ventures amounted to EUR 39,878 million on 31 December 2024 and – We evaluated projected cash flows by:
represented 74 percent of the consolidated total assets. – comparing the projections to historical forecasts, historical growth rates, including
For purposes of impairment testing, goodwill is allocated and monitored on a (group of) Cash assessing the effects of the current macro-economic and geopolitical climate, and
Introduction information included in HEINEKEN’s internal communications to the management
Generating Unit (‘CGU’) level. Other intangibles and property, plant, and equipment, are grouped
to CGUs. For goodwill, management is required to assess the recoverable amount of the and the Executive Board; and
respective CGUs (or groups of CGUs). Recoverable amounts of other non-current assets are – challenging management’s ability to price adjust for expected inflation rates and
Report assessed upon the existence of a triggering event. comparing projected sales volumes, revenue, and margins to, for example, external
of the economic outlook data, analyst reports and external market data on the
Investments in associates are accounted for using the equity method of accounting, meaning
Executive beer market.
Board they are initially recognized at cost. Subsequently the Consolidated Financial Statements include
– With the assistance of our valuation specialists, we evaluated the reasonableness of
HEINEKEN’s share of the net profit or loss of the associates and joint ventures whereby the result
discount rates, including testing the source information underlying the determination of
is determined using the accounting policies of HEINEKEN. Triggers for the impairment of
Report the discount rates, testing the mathematical accuracy of the calculation, and developing
of the investments in associates, are amongst others, a prolonged or significant decline in fair value of
a range of independent estimates and comparing those to the discount rates selected
Supervisory the equity instrument. If triggered, the net investments are tested as a single asset by comparing
by management.
Board the carrying amount to the recoverable amount.
As a result of impairment testing for the current year, management concluded on impairment Observation Applying the aforementioned materiality, we did not identify any reportable findings in
losses of EUR 1,224 million, of which EUR 874 million is related to the impairment loss recorded management’s assessment of the recoverability of intangible assets, property, plant and
Financial for the investment in CR Beer following a significant and prolonged decline in the quoted share equipment and investments in associates and joint ventures, the impairments recorded and the
Statements disclosures in Notes 8.1, 8.2 and 10.3.
price. Further details on the accounting and disclosure of (goodwill) impairment losses are
included in notes 8.1 and 8.2 to the financial statements. Further details on the accounting and
disclosure of Associates and Joint Ventures are included in note 10.3 to the financial statements.
Sustainability Given the high level of judgement made by management to estimate the recoverable amounts
Statements used in management’s impairment tests, procedures to evaluate the reasonableness of projected
sales volumes, revenue and discount rates required a high degree of auditor judgement and an
increased extent of effort, including the need to involve our valuation specialists.

Other
Information
 292 Independent Auditor’s Report
Management judgement related to the provisions for uncertain tax positions and the Report on the other information included in the annual report
Heineken
N.V. recoverability of deferred tax assets – Refer to Notes 9.2 and 12 to the financial statements The annual report contains other information, in addition to the financial statements and our auditor’s
Annual
Key audit HEINEKEN operates across several tax jurisdictions and is subject to periodic challenges by report thereon.
Report
2024 matter local tax authorities during the normal course of business. In those cases where the amount
The other information consists of:
of tax payable is uncertain, management establishes provisions based on its judgement of
the probable amount of the related tax liability. Deferred tax assets are only recognized to – Report of the Executive Board (including Sustainability Statements)
the extent that it is probable that future taxable income will be available, against which – Report of the Supervisory Board
unused tax losses can be utilized. This assessment is performed annually and based on
– Other Information as required by Part 9 of Book 2 of the Dutch Civil Code
budgets and business plans for the coming years, including planned commercial initiatives
and the impact of macro-economic uncertainties. HEINEKEN reported provisions for – Other Information included in the Annual Report
uncertain tax positions and deferred tax assets for an amount of EUR 416 million and EUR Based on the following procedures performed, we conclude that the other information:
1,264 million, respectively, as of 31 December 2024.
– Is consistent with the financial statements and does not contain material misstatements.
Introduction The accounting for uncertain tax positions and deferred tax assets, as detailed in Notes 9.2
and 12 to the financial statements, inherently requires management to apply judgement in – Contains all the information regarding the management report and the other information as required by
quantifying appropriate provisions (including assessing probable outcomes) for uncertain tax Part 9 of Book 2 of the Dutch Civil Code.
positions, and in determining the recoverability of deferred tax assets. We have read the other information. Based on our knowledge and understanding obtained through our
Report
Given the significant judgement applied by management, performing procedures to evaluate audit of the financial statements or otherwise, we have considered whether the other information contains
of the
Executive the reasonableness of probable outcomes for uncertain tax positions and the recoverability of material misstatements.
Board deferred tax assets based on budgets and business plans, required a higher degree of auditor
judgement, an increased extent of effort and a need to involve our in-country tax specialists.
By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code
and the Dutch Standard 720. The scope of the procedures performed is substantially less than the scope of
Report
of the How the scope Our audit procedures to address management's judgements related to the provisions for those performed in our audit of the financial statements.
Supervisory of our audit uncertain tax positions and recoverability of deferred tax assets included the following,
amongst others: The Executive Board is responsible for the preparation of the other information, including the report of the
Board responded to
the key audit – We obtained an understanding of management’s tax process related to the assessment Executive Board in accordance with Part 9 of Book 2 of the Dutch Civil Code, and the other information as
matter of uncertain tax positions and the recoverability of deferred tax assets. required by Part 9 of Book 2 of the Dutch Civil Code.
Financial – We involved our in-country tax specialists to assess tax risks, tax carry forward facilities,
Statements legislative developments, and the status of ongoing local tax authority audits.
– We challenged, with the help of our tax specialists, management’s judgement applied in
quantifying provisions for tax uncertainties and assessing probable outcomes based on
correspondence with tax authorities, case law and opinions from management’s
Sustainability tax experts.
Statements – We evaluated management’s ability to forecast taxable income accurately by comparing
prior forecasts on future taxable income with the actual income for the year.
– We evaluated management’s recoverability assessment, including the likelihood of
generating sufficient future taxable income based on budgets, business plans, and tax
Other losses carry forward facilities in the various tax jurisdictions (including expiry dates).
Information
– We challenged, with the support of our tax specialist and local component team,
management’s judgement applied in the timing of deferred tax recognition, the
underlying profit forecast, and the effects of Pillar Two.

Observation Applying the aforementioned materiality, we did not identify any reportable findings in the
provisions for uncertain tax positions and the valuation of deferred tax assets as well as the
related disclosure in Notes 9.2 and 12.
 293 Independent Auditor’s Report
Report on other legal and regulatory requirements and ESEF Description of responsibilities regarding the financial statements
Heineken
N.V. Engagement Responsibilities of the Executive Board and the Supervisory Board for the financial statements
Annual
Report We were engaged by the Supervisory Board as auditor of Heineken N.V. on April 24, 2014, as of the audit for The Executive Board is responsible for the preparation and fair presentation of the financial statements in
2024 the year 2015 and have operated as statutory auditor ever since that financial year. accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the Executive Board is
responsible for such internal control as the Board determines is necessary to enable the preparation of the
No prohibited non-audit services
financial statements that are free from material misstatement, whether due to fraud or error.
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on
specific requirements regarding statutory audit of public-interest entities. As part of the preparation of the financial statements, the Executive Board is responsible for assessing the
Company’s ability to continue as a going concern. Based on the financial reporting frameworks mentioned,
European Single Electronic reporting Format (ESEF) the Executive Board should prepare the financial statements using the going concern basis of accounting
Heineken N.V. has prepared its annual report in ESEF. The requirements for this are set out in the Delegated unless the Executive Board either intends to liquidate the Company or to cease operations, or has no realistic
Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single alternative but to do so.
electronic reporting format (hereinafter: the RTS on ESEF).
Introduction The Executive Board should disclose events and circumstances that may cast significant doubt on the
In our opinion, the annual report, prepared in XHTML format, including the (partly) marked-up Consolidated Company’s ability to continue as a going concern in the financial statements.
Financial Statements, as included in the reporting package by Heineken N.V. complies in all material respects
with the RTS on ESEF. The Supervisory Board is responsible for overseeing the Company’s financial reporting process.
Report
of the The Executive Board is responsible for preparing the annual report including the financial statements in
Executive
Board
accordance with the RTS on ESEF, whereby the Executive Board combines the various components into one
single reporting package.
Report Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this
of the reporting package complies with the RTS on ESEF.
Supervisory
Board We performed our examination in accordance with Dutch law, including Dutch Standard 3950N ‘Assurance-
opdrachten inzake het voldoen aan de criteria voor het opstellen van een digitaal
verantwoordingsdocument’ (assurance engagements relating to compliance with criteria for
Financial
digital reporting).
Statements
Our examination included amongst others:
– Obtaining an understanding of the Company’s financial reporting process, including the preparation of the
Sustainability reporting package.
Statements
– Identifying and assessing the risks that the annual report does not comply in all material respects with the
RTS on ESEF and designing and performing further assurance procedures responsive to those risks to
provide a basis for our opinion, including:
Other – obtaining the reporting package and performing validations to determine whether the reporting
Information package containing the Inline XBRL instance and the XBRL extension taxonomy files has been prepared
in accordance with the technical specifications as included in the RTS on ESEF;
– examining the information related to the Consolidated Financial Statements in the reporting package
to determine whether all required mark-ups have been applied and whether these are in accordance
with the RTS on ESEF.
 294 Independent Auditor’s Report
Our responsibilities for the audit of the financial statements We are responsible for planning and performing the group audit to obtain sufficient appropriate audit
Heineken
Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and evidence regarding the financial information of the entities or business units within the group as a basis for
N.V.
Annual appropriate audit evidence for our opinion. forming an opinion on the financial statements. We are also responsible for the direction, supervision and
Report review of the audit work performed for purposes of the group audit. We bear the full responsibility for the
2024 Our audit has been performed with a high, but not absolute, level of assurance, which means we may not auditor’s report.
detect all material errors and fraud during our audit.
We communicate with the Supervisory Board regarding, among other matters, the planned scope and timing
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, of the audit and significant audit findings, including any significant findings in internal control that we
they could reasonably be expected to influence the economic decisions of users taken on the basis of these identified during our audit. In this respect we also submit an additional report to the audit committee in
financial statements. The materiality affects the nature, timing and extent of our audit procedures and the accordance with Article 11 of the EU Regulation on specific requirements regarding statutory audit of public-
evaluation of the effect of identified misstatements on our opinion. interest entities. The information included in this additional report is consistent with our audit opinion in this
We have exercised professional judgement and have maintained professional scepticism throughout the auditor’s report.
audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence We provide the Supervisory Board with a statement that we have complied with relevant ethical
Introduction requirements. Our audit included among others: requirements regarding independence, and to communicate with them all relationships and other matters
– Identifying and assessing the risks of material misstatement of the financial statements, whether due to that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit From the matters communicated with the Supervisory Board, we determine the key audit matters: those
Report evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a matters that were of most significance in the audit of the financial statements. We describe these matters in
of the material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
Executive our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
Board
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. extremely rare circumstances, not communicating the matter is in the public interest.
– Obtaining an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the Amsterdam, February 11, 2025
Report
of the effectiveness of the Company’s internal control. Deloitte Accountants B.V.
Supervisory
– Evaluating the appropriateness of accounting policies used and the reasonableness of accounting C. Binkhorst
Board
estimates and related disclosures made by the Executive Board.
– Concluding on the appropriateness of Executive Board’s use of the going concern basis of accounting, and
Financial based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
Statements that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
Sustainability
Statements future events or conditions may cause the Company to cease to continue as a going concern.
– Evaluating the overall presentation, structure and content of the financial statements, including
the disclosures.
– Evaluating whether the financial statements represent the underlying transactions and events in a manner
Other
Information that achieves fair presentation.
 295 Limited Assurance Report of the Independent Auditor on Sustainability Statements
To: the shareholders and supervisory board of Heineken N.V. Emphasis of matter
Heineken
N.V.
Our conclusion Emphasis on the most significant uncertainties affecting the quantitative metrics and monetary amounts
Annual
Report We draw attention to section “Sources of estimation and outcome uncertainty” and disclosures included in
We have performed a limited assurance engagement on the consolidated sustainability statements for 2024
2024 Appendix 4 “Basis of preparation” in the sustainability statements that identify the quantitative metrics and
of Heineken N.V. based in Amsterdam (“the company” or “HEINEKEN”) in the section “Sustainability
monetary amounts that are subject to a high level of measurement uncertainty and discloses information
statements” and Appendices 1-5 of the accompanying management report including the information
about the sources of measurement uncertainty and the assumptions, approximations and judgements the
incorporated in the sustainability statements by reference (hereinafter: the sustainability statements).
company has made in measuring these in compliance with the ESRS. The comparability of sustainability
Based on our procedures performed and the assurance evidence obtained, nothing has come to our information between entities and over time may be affected by the lack of historical sustainability
attention that causes us to believe that the sustainability statements are not, in all material respects: information in accordance with the ESRS and by the absence of a uniform practice on which to draw, to
evaluate and measure this information. This allows for the application of different, but acceptable,
– Prepared in accordance with the European Sustainability Reporting Standards (ESRS) as adopted by the measurement techniques, especially in the initial years.
European Commission and in accordance with the double materiality assessment process carried out by
the company to identify the information reported pursuant to the ESRS. Emphasis on the use of third-party information
Introduction
– Compliant with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 We draw attention to section “Sources of estimation and outcome uncertainty” and disclosures included in
(Taxonomy Regulation). Appendix 4 “Basis of preparation” in the sustainability statements that indicate that certain metrics and
calculations are (partly) based on assumptions and sources from third parties. The assumptions and sources
Report Basis for our conclusion (“third-party information”) used are disclosed in the basis of preparation of the respective metric. Validation
of the of such third-party information and certifications is not common market practice.
Executive We have performed our limited assurance engagement on the sustainability statements in accordance with
Board Dutch law, including Dutch Standard 3810N, ‘Assurance-opdrachten inzake Our conclusion is not modified in respect of these matters.
duurzaamheidsverslaggeving’ (Assurance engagements relating to sustainability reporting) which is a
Report specified Dutch standard that is based on the International Standard on Assurance Engagements (ISAE) Comparative information not subject to assurance procedures
of the 3000 (Revised) ’Assurance engagements other than audits or reviews of historical financial information’.
Supervisory No limited assurance procedures have been performed on the GHG emissions as disclosed in the “Climate
Board Our responsibilities in this regard are further described in the section ‘Our responsibilities for the limited change” section, Co-products and waste hierarchy as disclosed in the “Resource use and circular economy –
assurance engagement on the sustainability statements’ of our report. Metrics and targets” section, and the injuries as disclosed in the “Own workforce – Voluntary disclosure”
We are independent of Heineken N.V. in accordance with the ‘Verordening inzake de onafhankelijkheid van section in the years 2023 and 2022. Consequently, the respective comparative information related to these
Financial metrics have not been subject to limited assurance procedures.
Statements accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with
respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we Our conclusion is not modified in respect of this matter.
have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics
for Professional Accountants). Limitations to the scope of our assurance engagement
Sustainability Forward-looking information
Statements The ViO and VGBA are at least as demanding as the International code of ethics for professional
accountants (including International independence standards) of the International Ethics Standards Board In reporting forward-looking information in accordance with the ESRS, management of the company is
for Accountants (the IESBA Code). required to prepare the forward-looking information on the basis of disclosed assumptions about events that
may occur in the future and possible future actions by the company. The actual outcome is likely to be
Other We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for different since anticipated events frequently do not occur as expected. Forward-looking information relates
Information our conclusion. to events and actions that have not yet occurred and may never occur. We do not provide assurance on the
achievability of this forward-looking information.
Our conclusion is not modified in respect of this matter.
 296 Limited Assurance Report of the Independent Auditor on Sustainability Statements
Responsibilities of management and the supervisory board for the sustainability statements – Assessing the double materiality assessment process carried out by the company and identifying and
Heineken
Management is responsible for the preparation of the sustainability statements in accordance with the ESRS, assessing areas of the sustainability statements, including the disclosures provided for in Article 8 of
N.V.
Annual including the double materiality assessment process carried out by the company as the basis for the Regulation (EU) 2020/852 (Taxonomy Regulation) where misleading or unbalanced information or
Report sustainability statements and disclosure of material impacts, risks and opportunities in accordance with the material misstatements, whether due to fraud or error, are likely to arise (‘selected disclosures’). We
2024 ESRS. As part of the preparation of the sustainability statements, management is responsible for compliance designed and performed further assurance procedures aimed at assessing that the sustainability
with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 statements are free from material misstatements responsive to this risk analysis.
(Taxonomy Regulation). – Considering whether the description of the double materiality assessment process in the sustainability
Management is also responsible for selecting and applying additional entity-specific disclosures to enable users statements made by management appears consistent with the process carried out by the company.
to understand the company’s sustainability-related impacts, risks or opportunities and for determining that – Determining the nature and extent of the procedures to be performed for the group components and
these additional entity-specific disclosures are suitable in the circumstances and in accordance with the ESRS. locations. For this, the nature, extent and/or risk profile of these components are decisive.
Furthermore, management is responsible for such internal control as it determines is necessary to enable the – Performing analytical review procedures on quantitative information in the sustainability statements,
preparation of the sustainability statements that is free from material misstatement, whether due to fraud or error. including consideration of data and trends in the information submitted for consolidation at corporate level.
Introduction – Assessing whether the company’s methods for developing estimates are appropriate and have been
The supervisory board is responsible for overseeing the sustainability reporting process including the double
consistently applied for selected disclosures. We considered data and trends; however, our procedures did
materiality assessment process carried out by the company.
not include testing the data on which the estimates are based or separately developing our own estimates
Our responsibilities for the limited assurance engagement on the sustainability statements against which to evaluate management’s estimates.
Report
of the Our responsibility is to plan and perform the limited assurance engagement in a manner that allows us to – Analysing, on a limited sample basis, relevant internal and external documentation available to the
Executive obtain sufficient appropriate assurance evidence for our conclusion. company (including publicly available information or information from actors throughout its value chain)
Board
Our assurance engagement is aimed to obtain a limited level of assurance that the sustainability statements for selected disclosures.
are free from material misstatements. The procedures vary in nature and timing from and are less in extent – Reading the other information in the annual report to identify material inconsistencies, if any, with the
Report
of the than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited sustainability statements.
Supervisory assurance engagement is substantially lower than the assurance that would have been obtained had a – Considering whether:
Board reasonable assurance engagement been performed.
– the disclosures provided to address the reporting requirements provided for in Article 8 of Regulation
We apply the applicable quality management requirements pursuant to the ‘Nadere voorschriften (EU) 2020/852 (Taxonomy Regulation) for each of the environmental objectives, reconcile with the
Financial kwaliteitsmanagement’ (NV KM, regulations for quality management) and the International Standard on underlying records of the company and are consistent or coherent with the sustainability statements
Statements Quality Management (ISQM) 1, and accordingly maintain a comprehensive system of quality management and appear reasonable, in particular whether the eligible economic activities meet the cumulative
including documented policies and procedures regarding compliance with ethical requirements, professional conditions to qualify as aligned and whether the technical screening criteria are met; and
standards and other relevant legal and regulatory requirements. – the key performance indicators disclosures have been defined and calculated in accordance with the
Taxonomy reference framework as defined in Appendix 1 Glossary of Terms of the CEAOB Guidelines
Sustainability Our limited assurance engagement included among others: on limited assurance on sustainability reporting adopted on 30 September 2024 and in compliance with
Statements
– Performing inquiries and an analysis of the external environment and obtaining an understanding of the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy
relevant sustainability themes and issues, the characteristics of the company, its activities and the value Regulation), including the format in which the activities are presented.
chain and its key intangible resources in order to assess the double materiality assessment process carried – Considering the overall presentation, structure and the fundamental qualitative characteristics of
Other out by the company as the basis for the sustainability statements and disclosure of all material information (relevance and faithful representation: complete, neutral and accurate) reported in the
Information sustainability-related impacts, risks and opportunities in accordance with the ESRS. sustainability statements, including the reporting requirements provided for in Article 8 of Regulation (EU)
2020/852 (Taxonomy Regulation).
– Obtaining through inquiries a general understanding of the internal control environment, the company’s
processes for gathering and reporting entity-related and value chain information, the information systems – Considering, based on our limited assurance procedures and evaluation of the assurance evidence
and the company’s risk assessment process relevant to the preparation of the sustainability statements obtained, whether the sustainability statements as a whole are free from material misstatements and
and for identifying the company’s activities, determining eligible and aligned economic activities and prepared in accordance with the ESRS.
prepare the disclosures provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), Amsterdam, 11 February 2025
without testing the operating effectiveness of controls.
Deloitte Accountants B.V.
C. Binkhorst
 297 Shareholder information
Heineken Investor relations Share distribution by geography Heineken N.V. share price
N.V.
HEINEKEN is committed to maintaining an open and constructive dialogue with shareholders and Heineken N.V. shares* In €, Euronext Amsterdam
Annual
Report bondholders. HEINEKEN aims to keep them updated by informing clearly, accurately and in a timely manner Based on 277.1 million shares in free float
2024 about HEINEKEN’s strategy, performance and other matters and developments that could be relevant to (excluding the holding of Heineken Holding N.V.
investors’ decisions. and shares held by Treasury)

Ownership structure
Heading the HEINEKEN Group and pursuant to its Articles of Association, the objective of Heineken Holding
N.V., is to manage or supervise the management of the HEINEKEN Group and to provide services for
Heineken N.V. The role Heineken Holding N.V. has performed for the HEINEKEN Group since 1952 has been 7.2%
to safeguard its continuity, independence and stability and create conditions for controlled and steady 5.0%
1.9%
growth of the activities of the HEINEKEN Group. The stability provided by this structure has enabled the
Introduction 6.4%
HEINEKEN Group to remain independent and to rise to its present position as the brewer with the broadest
international presence and one of the world’s largest brewing groups. 42.6%
Every Heineken N.V. share held by Heineken Holding N.V. is matched by one share issued at the level of
Report 19.1% Dividend per share
of the Heineken Holding N.V. These shares are traded at a lower price due to technical factors that are market-
Executive specific. Heineken Holding N.V. holds 50.005% of the Heineken N.V. issued shares. L’Arche Green N.V. holds
Board 53.171% of the issued share capital of Heineken Holding N.V. The Heineken family holds 88.98% of L’Arche 17.8%
Green N.V. The remaining 11.02% of L’Arche Green N.V. is held by the Hoyer family. Mrs. de Carvalho-
Report Heineken also owns a direct 0.03% stake in Heineken Holding N.V.
of the
Supervisory
Board Heineken N.V. shares and options
Americas 42.6
Heineken N.V. shares are traded on Euronext Amsterdam, where the Company is included in the main AEX
Index. The shares are listed under ISIN code NL0000009165. Prices for the shares may be accessed on UK/Ireland 17.8
Financial
Statements Bloomberg under the symbol HEIA.NA and on the Reuters Equities 2000 Service under HEIA. AS. Options on
Rest of Europe 19.1
Heineken N.V. shares are listed on Euronext Amsterdam.
Rest of World 6.4
In 2024, the average daily trading volume of Heineken N.V. shares was 614,811 shares.
Sustainability Retail 1.9
Statements Market capitalisation Heineken N.V.
Netherlands 5.0
Shares outstanding as at 31 December 2024: 565,138,630 shares of €1.60 nominal value (excluding own
shares held by the Company) Unidentified 7.2
Other
Information At a year-end price of €68,70 on 31 December 2024, the market capitalisation of Heineken N.V. on the * Source Cmi2i based on available information December 2024.
balance sheet date was €38.8 billion.

Year-end price €68,70 31 December 2024

Highest closing price €96,70 20 May 2024
Lowest closing price €68,24 23 December 2024
 298 Shareholder information
Heineken Heineken Holding N.V. shares Share distribution by geography Heineken N.V. share price
N.V.
Heineken Holding N.V. shares* In €, Euronext Amsterdam
Annual The shares of Heineken Holding N.V. are traded on Euronext Amsterdam. The shares are listed under ISIN
Report code NL0000008977. Prices for the shares may be accessed on Bloomberg under the symbol HEIO.NA and Based on 129.7 million shares in free float (excluding
2024 on the Reuters Equities 2000 Service under HEIO.AS. Heineken Holding shares held by L’Arche Green N.V.
In 2024, the average daily trading volume of Heineken Holding N.V. shares was 123,270 shares. and Heineken N.V. )

Market capitalisation Heineken Holding N.V.

Shares outstanding as at 31 December 2024: 282,873,387 shares of €1.60 nominal value (excluding
Heineken Holding N.V. shares held by Heineken N.V.).
14.3%
At a year-end price of €57,85 on 31 December 2024, the market capitalisation of Heineken N.V. on the 0.4%
balance sheet date was €16.4 billion. 3.5%
Introduction 2.5%
Year-end price €57,85 31 December 2024
8.3%
Highest closing price €79,15 8 February 2024 55.7%
Report
Lowest closing price €57,35 23 December 2024
Dividend per share
of the 15.3%
Executive
Board

Report
of the
Supervisory
Board
Americas 55.7

UK/Ireland 15.3
Financial
Statements Rest of Europe 8.3

Rest of World 2.5

Sustainability Retail 3.5

Statements
Netherlands 0.4

Unidentified 14.3
Other * Source Cmi2i based on available information December 2024.
Information
 299 Shareholder information
Heineken American Depositary Receipts (ADRs) Financial calendar in 2025 for both Heineken N.V. and Heineken Holding N.V.
N.V.
Annual HEINEKEN’s shares are trading Over-the-Counter (OTC) in the US as American Depositary Receipts (ADRs). Announcement of 2024 result 12 February
Report There are two separate HEINEKEN ADR programmes representing ownership respectively in: 1) Heineken
2024 Publication of Annual Report 2024 20 February
N.V. and 2) Heineken Holding N.V. For both programmes, the ratio between HEINEKEN ADRs and the
ordinary Dutch (€ denominated) shares is 2:1, i.e. two ADRs represent one HEINEKEN ordinary share. Trading update first quarter 2025 16 April
Deutsche Bank Trust Company Americas acts as depositary bank for HEINEKEN’s ADR programmes. Annual General Meeting of Shareholders 17 April
Quotation ex-final dividend 2024 23 April
Heineken N.V. Heineken Holding N.V.
Final dividend 2024 payable 2 May
Ticker: HEINY Ticker: HKHHY
Announcement of half year results 2025 28 July
ISIN: US4230123014 ISIN: US4230081014
Quotation ex-interim dividend 2025 30 July
CUSIP: 423012301 CUSIP: 423008101
Interim dividend 2025 payable 7 August
Introduction Structure: Sponsored Level I ADR Structure: Sponsored Level I ADR
Trading update third quarter 2025 22 October
Exchange: OTCQX Exchange: OTCQX
Capital Markets Event 23 - 24 October
Report Ratio (DR:ORD): 2:1 Ratio (DR:ORD): 2:1
of the
Dividend policy
Executive ADR contact information
Board The dividend policy of Heineken N.V. intends to preserve the independence of the Company, to maintain a
Deutsche Bank Shareholder Services
healthy financial structure and to retain sufficient earnings in order to grow the business both organically and
c/o Equiniti Trust Company LLC
Report through acquisitions.
of the Peck Slip Station
Supervisory PO Box 2050 New York, NY 10272-2050, USA The dividend payments are related to the annual development of the net profit before exceptional items and
Board
E-mail: [email protected] amortisation of brands (net profit beia), which translates in a dividend payout of 30–40%.
Shareholder Service (toll-free) Tel. +1 866 249 2593
Dividends are paid in the form of an interim dividend and a final dividend. The interim dividend is fixed at
Shareholder Service (international) Tel. +1 718 921 8137
Financial 40% of the total dividend of the previous year. Annual dividend proposals will remain subject to
Statements www.equiniti.com
shareholder approval.

Contact Heineken N.V. and Heineken Holding N.V.

Sustainability Further information on Heineken N.V. and Heineken Holding N.V. is available from the Investor Relations
Statements department, telephone + 31 20 523 95 90 or by email: [email protected].
Further shareholder information is available on the Company’s website:
www.theHEINEKENcompany.com/investors.
Other
Information
 300 Bondholder information
HEINEKEN has a Euro Medium Term Note (EMTN) Programme which was last updated in April 2024.
Heineken
The programme allows Heineken N.V. to issue Notes for a total amount of up to €20 billion. Approximately
N.V.
Annual €11.7 billion is outstanding under the programme as at 31 December 2024.
Report
2024 Traded Heineken
N.V. Notes Issue date Total face value Interest rate Maturity ISIN code
EUR EMTN 2025 25 Mar 2020 CHF 100 million 0.638% 25 Mar 2025 XS2145099201
EUR EMTN 2025 30 Mar 2020 EUR 600 million 1.625% 30 Mar 2025 XS2147977479
EUR EMTN 2025 2 Aug 2012 EUR 750 million 2.875% 4 Aug 2025 XS0811555183
EUR EMTN 2025 20 Oct 2015 EUR 225 million 2.000% 20 Oct 2025 XS1309072020
EUR EMTN 2026 4 May 2016 EUR 1,000 million1 1.000% 4 May 2026 XS1401174633
EUR EMTN 2026 15 Nov 2023 EUR 600 million 3.625% 15 Nov 2026 XS2719096831
Introduction EUR EMTN 2027 29 Nov 2016 EUR 500 million 1.375% 29 Jan 2027 XS1527192485
EUR EMTN 2027 17 Sep 2018 EUR 600 million 1.250% 17 Mar 2027 XS1877595444
144A/RegS 2028 29 Mar 2017 USD 1,100 million 3.500% 29 Jan 2028 US423012AF03
Report EUR EMTN 2029 30 Jan 2014 EUR 200 million 3.500% 30 Jul 2029 XS1024136282
of the EUR EMTN 2029 3 Oct 2017 EUR 800 million 1.500% 3 Oct 2029 XS1691781865
Executive
Board EUR EMTN 2030 30 Mar 2020 EUR 800 million 2.250% 30 Mar 2030 XS2147977636
EUR EMTN 2030 23 Mar 2023 EUR 750 million 3.875% 23 Sept 2030 XS2599730822
Report EUR EMTN 2031 17 Sep 2018 EUR 750 million2 1.750% 17 Mar 2031 XS1877595014
of the
Supervisory EUR EMTN 2032 12 May 2017 EUR 500 million 2.020% 12 May 2032 XS1611855237
Board EUR EMTN 2033 15 Apr 2013 EUR 180 million 3.250% 15 Apr 2033 XS0916345621
EUR EMTN 2033 19 Apr 2013 EUR 100 million 2.562% 19 Apr 2033 XS0920838371
EUR EMTN 2033 7 May 2020 EUR 650 million 1.250% 7 May 2033 XS2168629967
Financial
Statements EUR EMTN 2035 23 Mar 2023 EUR 750 million 4.125% 23 Mar 2035 XS2599169922
EUR EMTN 2036 4 July 2024 EUR 900 million 0.03812 4 July 2036 XS2852894679
EUR EMTN 2040 7 May 2020 EUR 850 million 0.0175 7 May 2040 XS2168630205
Sustainability 144A/RegS 2042 10 Oct 2012 USD 500 million 4.000% 1 Oct 2042 US423012AE38
Statements
144A/RegS 2047 29 Mar 2017 USD 650 million 4.350% 29 Mar 2047 US423012AG85
1 Includes EUR 200 million tap issued on 15 July 2019.
2 Includes EUR 100 million tap issued on 5 June 2019.

Other
Information The EMTN programme and the above Heineken N.V. Notes issued thereunder are listed on the Luxembourg
Stock Exchange.
HEINEKEN has a €3.0 billion Euro Commercial Paper (ECP) programme to facilitate its cash management
operations and to further diversify its funding sources. There was no ECP in issue per
31 December 2024.
 301 Historical Summary
2024 2023 2022 2021 2020 2024 2023 2022 2021 2020
Heineken Revenue and profit Cash flow statement
N.V.
Annual In millions of € In millions of €
Report
2024
Revenue 35,955 36,375 34,676 26,583 23,770 Cash flow from operations 6,903 5,949 5,660 5,127 4,232
Cash flow related to interest, dividend and
Net revenue 29,821 30,362 28,719 21,941 19,715 income tax (1,400) (1,519) (1,164) (946) (1,096)
Net revenue (beia) 29,964 30,308 28,694 21,901 19,724 Cash flow from operating activities 5,503 4,430 4,496 4,181 3,136
Cash flow used in operational investing
Operating profit 3,517 3,229 4,283 4,483 778 activities (2,445) (2,671) (2,087) (1,667) (1,623)
Operating profit (beia) 4,512 4,443 4,502 3,414 2,421 Free operating cash flow 3,058 1,759 2,409 2,514 1,513
Cash flow (used in)/from acquisitions and
as % of net revenue 15.1 14.6 15.7 15.6 12.3 disposals 10 (905) (199) (610) 185
Introduction
as % of total assets 8.4 8.1 8.6 7.0 5.7 Dividends paid (1,199) (1,335) (1,099) (796) (811)
Cash flow (used in)/from financing
Report activities, excluding dividend (1,375) 519 (2,028) (2,087) 2,049
of the Net profit/(loss) 978 2,304 2,682 3,324 (204) Net cash flow 494 38 (917) (979) 2,936
Executive
Board Net profit (beia) 2,739 2,632 2,836 2,041 1,154
as % of shareholders’ equity 14.0 13.1 14.5 11.8 8.6 Cash conversion ratio 102.6% 61.4% 75.3% 110.0% 111.3%
Report
of the
Dividend (proposed) 1,042 978 995 714 403
Supervisory as % of net profit (beia) 38.0 37.2 35.1 35.0 34.9 Financing ratios
Board
Net debt/EBITDA (beia) 2.2 2.4 2.1 2.6 3.4
Per share
Financial
In €
Statements
Cash flow from operating activities 9.82 7.86 7.81 7.26 5.45
Net profit (beia) – basic 4.89 4.67 4.93 3.55 2.00
Sustainability Net profit (beia) – diluted 4.89 4.67 4.92 3.54 2.00
Statements
Dividend (proposed) 1.86 1.73 1.73 1.24 0.70
Shareholders’ equity 34.95 35.60 33.97 30.15 23.27

Other
Information
 302 Historical Summary
2024 2023 2022 2021 2020
Heineken Operating profit (beia)/net interest Employment of capital
N.V.
expense (beia) 8.3 8.0 11.8 8.5 5.2 In millions of €
Annual
Report Free operating cash flow/net debt 20.9% 11.1% 17.8% 18.4% 11.0% Property, plant and equipment 14,677 14,772 13,623 12,401 11,551
2024
Net debt/shareholders’ equity 0.75 0.79 0.69 0.79 1.06 Intangible assets 21,701 21,781 21,408 20,762 15,767
Other non-current assets 6,496 7,200 6,360 6,109 6,294
Financing Total non-current assets 42,874 43,753 41,391 39,272 33,612
In millions of €
Share capital 922 922 922 922 922
Inventories 3,572 3,721 3,250 2,438 1,958
Reserves and retained earnings 18,659 19,134 18,629 16,434 12,470
Trade and other current assets 4,977 5,301 5,000 3,892 3,062
Shareholders’ equity 19,581 20,056 19,551 17,356 13,392
Cash, cash equivalents and current other
Introduction
Non-controlling interest 2,821 2,733 2,369 2,344 1,000 investments 2,350 2,377 2,765 3,248 4,000
Total equity 22,402 22,789 21,920 19,700 14,392 Total current assets 10,899 11,399 11,015 9,578 9,020
Report Post-retirement obligations 519 586 568 668 938 Total assets 53,773 55,153 52,406 48,850 42,632
of the Provisions (including deferred tax liabilities) 2,917 3,046 2,936 2,908 2,103
Executive
Board Non-current borrowings 13,783 14,046 12,893 13,640 14,616 Total equity/total non-current assets 0.52 0.52 0.53 0.50 0.43
Other liabilities (excluding provisions) 14,152 14,686 14,089 11,934 10,583 Current assets/current liabilities
Report
Liabilities (excluding provisions and (excluding provisions) 0.78 0.78 0.79 0.81 0.86
of the
Supervisory post-retirement obligations) 27,935 28,732 26,982 25,574 25,199
Board
Total equity and liabilities 53,773 55,153 52,406 48,850 42,632
Shareholders’ equity/
Total liabilities 0.62 0.62 0.64 0.60 0.47
Financial
Statements

Sustainability
Statements

Other
Information
 303 Historical Summary
Key figures1 2022 2023
Heineken
Total growth Currency Consolidation Organic Organic
N.V.
(in € million unless otherwise stated) Reported Eia Beia Reported % Eia Beia translation impact growth growth %
Annual
Report Revenue 34,676 (33) 34,643 36,375 4.9 % (65) 36,310 (1,168) 1,253 1,582 4.6 %
2024
Excise tax expense (5,957) 8 (5,949) (6,013) (0.9)% 12 (6,001) 305 (366) 9 0.1 %
Net revenue 28,719 (25) 28,694 30,362 5.7 % (54) 30,308 (864) 887 1,591 5.5 %
Variable cost (11,260) 56 (11,204) (12,028) (6.8)% 73 (11,955) 463 (409) (805) (7.2)%
Marketing and selling expenses (2,692) (43) (2,735) (2,767) (2.8)% 1 (2,766) 76 (52) (54) (2.0)%
Personnel expenses (4,079) 74 (4,005) (4,353) (6.7)% 139 (4,214) 69 (150) (128) (3.2)%

Amortisation, depreciation and impairments (1,886) 207 (1,679) (3,096) (64.2)% 1,268 (1,828) 41 (64) (126) (7.5)%
Introduction Other net (expenses)/income (4,519) (50) (4,569) (4,888) (8.2)% (215) (5,103) 112 (247) (399) (8.7)%
Total net other (expenses)/income (24,436) 244 (24,192) (27,133) (11.0)% 1,268 (25,865) 762 (922) (1,513) (6.3)%

Report
Operating profit 4,283 219 4,502 3,229 (24.6)% 1,214 4,443 (102) (35) 78 1.7 %
of the Interest income 74 (1) 73 90 21.6 % 0 90 (6) 0 23 31.8 %
Executive
Board Interest expense (458) 6 (452) (640) (39.7)% (4) (644) 57 (55) (193) (42.7)%
Net interest income/(expenses) (384) 5 (380) (550) (43.2)% (4) (554) 51 (55) (170) (44.8)%
Report
of the Other net finance income/(expenses) 48 (111) (63) (375) (881.3)% 34 (343) 68 (12) (336) (537.3)%
Supervisory
Board Share of profit of associates and joint ventures 223 40 263 218 (2.2)% 52 270 (7) 3 11 4.3 %
Income tax expense (1,131) 8 (1,124) (121) 89.3 % (831) (952) (2) 26 148 13.2 %
Non-controlling interests (357) (6) (363) (97) 72.8 % (136) (233) (2) (14) 146 40.2 %
Financial
Statements Net profit 2,682 155 2,836 2,304 (14.1)% 329 2,632 6 (87) (123) (4.3)%
2
EBITDA 6,392 52 6,444 6,543 2.4 % (2) 6,541
1 This table will not always cast due to rounding.
2 EBITDA is derived from ‘Operating profit’ less ‘Amortisation, depreciation and impairments’ plus ‘Share of profit of associates and joint ventures’.
Sustainability
Statements

Other
Information
 304 Glossary
Acquisition-related intangible assets Cash flow (used in)/from operational investing Effective tax rate Group net revenue (beia)
Heineken activities
N.V. Acquisition-related intangible assets are assets that Income tax expense expressed as a percentage of Consolidated net revenue (beia) plus attributable
Annual HEINEKEN only recognises as part of a purchase This represents the total of cash flow from sale and the profit before income tax, adjusted for share of share of net revenue (beia) from joint ventures
Report
2024 price allocation following an acquisition. This purchase of Property, plant and equipment and profit of associates and joint ventures. and associates.
includes, among others, brands, customer-related Intangible assets, proceeds and receipts of Loans to
customers and Other investments. Eia Group operating profit (beia)
and certain contract-based intangibles.
Exceptional items and amortisation of acquisition- Consolidated operating profit (beia) plus
Average effective interest rate Centrally available cash
related intangible assets. attributable share of operating profit (beia) from
Represents cash after the deduction of overdraft
Net interest income and expenses related to the net joint ventures and associates, excluding Head Office
balances in the group cash pooling structure and Exceptional items
debt position divided by the average net debt and eliminations.
other cash and cash equivalents owned at
position calculated on a quarterly basis. Items of income and expense of such size, nature or
group level. Group operating profit margin
incidence, that in the view of management their
Beia Operating profit represented as a percentage of net
Centrally available financing headroom disclosure is relevant to explain the performance of
Introduction
Before exceptional items and amortisation of HEINEKEN for the period. revenue.
This consists of the undrawn part of the committed
acquisition-related intangible assets. Net debt
€3.5 billion revolving credit facility and centrally Free operating cash flow
Whenever used in this report, the term “beia” refers
Report available cash, minus centrally issued commercial Non-current and current interest-bearing borrowings
to performance measures (EBITDA, net profit, Total of cash flow from operating activities and cash
of the paper and short-term bank borrowings at (incl. lease liabilities), bank overdrafts and market
Executive effective tax rate, etc) before exceptional items and flow from operational investing activities.
group level. value of cross-currency interest rate swaps less cash,
Board amortisation of acquisition related intangible assets.
Gross merchandise value cash equivalents and other investments.
Next to the reported figures, management evaluates Consolidation changes
Report the performance of the business on a beia basis Value of all products sold via our eB2B platforms. Net interest expense
across several performance measures as it considers Changes as a result of acquisitions and disposals.
of the This includes our own and third-party products, Total interest expense incurred minus interest
Supervisory this enhances their understanding of the underlying Depletions including all duties and taxes. As part of its objective income earned.
Board
performance. Managerial incentives are set mostly to become the best connected brewer,
on beia performance measures and the dividend is Sales by distributors to the retail trade. Net profit
management has set as a key priority to scale up its
Financial
set relative to the net profit (beia). Dividend payout eB2B platforms to better serve customers and Profit after deduction of non-controlling interests
Statements improve sales force productivity. External (profit attributable to shareholders' of the Company).
Beyond Beer Proposed dividend as percentage of net profit (beia). stakeholders can assess the progress relative to this
Alcoholic and non-alcoholic beverage propositions ambition and to the scale of other eB2B platforms. Net revenue
Earnings per share (EPS)
beyond core beer, which leverage natural ingredients Revenue as defined in IFRS 15 (after discounts)
Sustainability Basic Gross savings
and/or beer production process. This includes for minus the excise tax expense for those countries
Statements Net profit/(loss) divided by the weighted average
example flavoured beer, Ciders, RTDs (Ready-To- Structural cost reductions resulting from targeted where the excise is borne by HEINEKEN.
Drinks) and malt based drinks. number of shares – basic – during the year. initiatives to improve efficiency and productivity,
relative to the baseline of expenses of a previous Net revenue per hectolitre
Capital expenditure related to PP&E and Diluted
Other intangible assets (capex) period adjusted for inflation. The gross savings Net revenue divided by total consolidated volume.
Net profit/(loss) divided by the weighted average
Information exclude cost-to-achieve, consolidation changes and
Sum of ‘Purchase of property, plant and equipment’ number of shares – diluted – during the year.
decisions to reinvest. Gross savings is the leading
and ‘Purchase of intangible assets’ as included in the EBITDA metric used by management to measure
consolidated statement of cash flows. productivity gains across the business in line with
Earnings before interest, taxes, net finance expenses,
Cash conversion ratio one of the top priorities of the EverGreen strategy
depreciation, amortisation and impairment. EBITDA
and provide evidence to our external stakeholders of
Free operating cash flow/net profit (beia) before includes HEINEKEN’s share in net profit of joint
the progress at HEINEKEN to build a cost-
deduction of non-controlling interests, calculated on ventures and associates.
conscious capability
an annual basis.
 305 Glossary
Organic growth Pro-forma 12-month rolling net debt/EBITDA Volume Premium beer
Heineken (beia) ratio
N.V. Growth excluding the effect of foreign currency Beer volume Beer sold at a price index equal or greater than 115
Annual translational effects and consolidation changes. Net debt divided by the 12-month rolling pro-forma relative to the average market price of beer.
Report Beer volume produced and sold by
2024 Whenever used in this report, the term refers to the EBITDA (beia), which includes acquisitions and consolidated companies. Third-party products volume
organic growth of the related performance measures excludes disposals on a 12-month pro-forma basis.
®
Brand specific volume (Heineken volume, Volume of third-party products (beer and non-beer)
(revenue, operating profit, net profit etc.). Reconciliations of net debt and EBITDA (beia) are
Amstel® volume etc.) resold by consolidated companies.
Management evaluates the organic performance of provided separately in the release, but it's
operating companies as it reflects their performance impracticable to reconcile the ratio since it's Brand volume produced and sold by consolidated Total consolidated volume
in local currency. External stakeholders can separately calculated on a 12 month pro-forma basis. companies plus 100% of brand volume sold under The sum of beer volume, non-beer volume and third-
assess the performance in local currency, the Management uses this ratio to assess the overall licence agreements by joint ventures, associates and party products volume.
translational effects into euros and the levels of net debt in respect to the cash generation third parties.
consolidation changes. potential from the business, with the objective to be Weighted average number of shares
Group beer volume
below 2.5x. The ratio is useful to external Basic
Introduction Organic Growth % The sum of beer volume, licensed beer volume and
stakeholders to assess the financial profile of the
attributable share of beer volume from joint Weighted average number of outstanding shares.
Organic growth divided by the related prior year beia business.
ventures and associates.
amount. Whenever used in this report, the term Diluted
®
Report “organically” refers to the organic growth % of the Licensed volume Weighted average number of outstanding shares
of the
related performance measures (revenue, operating All brand names mentioned in this report, including 100% of volume from HEINEKEN’s beer brands sold and the weighted average number of shares that
Executive
Board profit, net profit etc.). those brand names not marked by an ®, represent under licence agreements by joint ventures, would be issued on conversion of the dilutive
registered trademarks and are legally protected. associates and third parties. potential shares into shares as a result of
Organic volume growth
Report HEINEKEN’s share-based payment plans.
Region LONO
of the Growth in volume, excluding the effect of
Supervisory A region is defined as HEINEKEN’s managerial Low- and non-alcoholic beer, cider & brewed soft Working capital
consolidation changes.
Board
classification of countries into geographical units. drinks with an ABV <=3.5%. The sum of inventories and trade and other
Other net expenses receivables less trade and other payables and
Total borrowings Mainstream beer returnable packaging deposits.
Financial
Includes other income, goods for resale, inventory Beer sold at a price index between 85 and 114
Statements movements (fixed), repair and maintenance and Sum of ‘non-current borrowings’ and ‘current
relative to the average market price of beer.
other expenses. borrowings’ as included in the consolidated
statement of financial position. Non-beer volume
Price mix on a constant geographic basis
Total net other expenses Cider, soft drinks and other non-beer volume
Sustainability Refers to the different components that influence produced and sold by consolidated companies.
Statements The sum of variable cost, marketing and selling
net revenue per hectolitre, namely the changes in
the absolute price of each individual SKU and their expenses, personnel expenses, amortisation,
weight in the portfolio. The weight of the countries depreciation and impairments and other net
in the total revenue in the base year is kept constant. expenses.
Other The metric allows management and external
Information Variable cost
stakeholders a clearer understanding of the
underlying development of price-mix, a lever of value Includes input costs (raw material, packaging
creation, which can be affected at a segment-level material and inventory movements (variable)),
when combining operations that have structurally transport and energy & water.
different net revenue per hectolitre, due to
differences in value chains, business models and
economic conditions. Profit
Total profit of HEINEKEN before deduction of non-
controlling interests.
 306 Disclaimer and Reference Information
This report contains forward-looking statements based on current expectations and assumptions regarding Any forward-looking statements made in this communication are qualified in their entirety by these
Heineken
the financial and non-financial position of HEINEKEN’s activities, anticipated developments, and other cautionary statements, and it cannot be guaranteed that the actual results, targets, ambitions, goals,
N.V.
Annual factors, including HEINEKEN’s Brew a Better World ambitions and goals. All statements other than commitments, or developments anticipated by HEINEKEN will be realised or, even if substantially realised,
Report statements of historical facts are or may be deemed to be, forward-looking statements. These forward- that they will have the expected consequences to, or effects on, HEINEKEN or its business or operations.
2024 looking statements are identified by their use of interchangeable terms and phrases such as “aim”, “aims to”, While the forward-looking statements in this report are subject to numerous assumptions, risks, and
“ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “is anticipated”, “is uncertainties, HEINEKEN remains committed to its anticipated developments including its sustainability
predicted”, “it is estimated”, “commit”, “committed to”, “may”, “might”, “milestones”, “objectives”, “outlook”, ambitions and goals, outlined in the Brew a Better World strategy and sustainability statements. HEINEKEN
“plan”, “potential”, “probably”, “project”, “result”, “risks”, “schedule”, “seek”, “should”, “target”, “will”, “will continues to embed sustainability in its business and aims to achieve its stated sustainability ambitions and
continue”, “will likely result”, or other similar expressions. All forward-looking statements are subject to goals. Except as required by law, HEINEKEN undertakes no obligation to publicly update or revise any
numerous assumptions, known and unknown risks and inherent uncertainties, and limits in data quality and forward-looking statements, whether as a result of new information, future events or otherwise.
integrity which may change over time, that could cause actual results to differ materially from those
expressed or implied in the forward-looking statements. These statements are not guarantees of future A Heineken N.V. publication
performance and one should not place undue reliance on these forward-looking statements. Heineken N.V.P.O. Box 28 1000 AA Amsterdam The Netherlands
Introduction Telephone: +31 20 523 92 39
This report contains descriptions of assumptions and estimates where uncertainties and limits in data or data
quality are expressed. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s The PDF, iXBRL viewer copy and the official ESEF reporting package of this Annual Report are available at:
ability to control or estimate precisely, such as but not limited to future market and economic conditions, the www.theheinekencompany.com
Report behaviour of other market participants, climate change, other sustainability related factors, and legal,
of the The PDF and iXBRL viewer copy of the Annual Report of Heineken N.V. for the year 2024 is not in the ESEF-
regulatory or market measures in response to developments regarding such factors, including climate change
Executive
Board mitigation and adaptation; water stress; financial distress; negative publicity; our ability to hire and/or retain format as specified by the European Commission in Regulatory Technical Standard on ESEF (Regulation (EU)
the best talent; our ability to find sustainable solutions for our input and output materials and packaging; 2019/815). The ESEF reporting package is available at http://www.theheinekencompany.com/
legal and regulatory developments, including changes in sustainability reporting requirements and investors/results-reports-webcasts-and-presentations.
Report
of the environmental and human rights due diligence requirements as well as changes in regulations relating to
Supervisory production, distribution, importation, marketing, advertising, sales, pricing, labelling, packaging, product
Board
liability, antitrust, labour, compliance and control systems, environmental issues and/or data privacy; changes Production and editing
or evolution in measurement standards, modelling methodology and the level of data granularity, quality Heineken N.V. Global Corporate Affairs
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