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Heineken Holding N.V. reports 2022 half year results


Amsterdam, 1 August 2022 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) announces:

Key Highlights
  • The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for the first half year of 2022 amounts to €633 million
  • Revenue growth 37.0%
  • Net revenue (beia) 24.3% organic growth; per hectolitre 15.6%
  • Beer volume organic growth 7.6%; premium beer volume 10.2% organically
  • Heineken® volume 13.8% growth
  • Operating profit growth 20.6%; operating profit (beia) organic growth 24.6%
  • Net profit growth 22.3%; net profit (beia) organic growth 40.2%
  • Full year 2022 expectations unchanged. 2023 guidance revised
Financial Summary1

IFRS Measures € million Total growth BEIA Measures    € million  Organic growth2
Revenue 16,401 37.0% Revenue (beia) 16,401 22.4%
Net revenue 13,485 34.7% Net revenue (beia) 13,485 24.3%
Operating profit 2,070 20.6% Operating profit (beia) 2,155 24.6%
Operating profit (beia) margin 16.0%
Net profit of
Heineken Holding N.V.
633 22.3% Net profit (beia) 1,326 40.2%
Diluted EPS (in €) 2.20 22.2% Diluted EPS (beia) (in €) 2.30 48.0%
Free operating cash flow 1,122
Net debt / EBITDA (beia)3 2.4x

1 Consolidated figures are used throughout this report unless otherwise stated; please refer to the Glossary for an explanation of non-GAAP measures and other terms used throughout this report. Heineken Holding N.V.’s half year report has not been audited nor reviewed by its external auditor.
2 Organic growth shown, except for Diluted EPS (beia), which is total growth.
3 Includes acquisitions and excludes disposals on a 12 month pro-forma basis.

Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

HEINEKEN's ambition is to deliver superior growth with a good balance between volume- and value-driven revenue expansion, positioning HEINEKEN among the fastest growing global beverage companies. HEINEKEN aims to achieve this by sharp consumer and customer orientation, leveraging its leading premium brands, developing winning consumer propositions in fast-growing segments and continuously shaping its geographic and portfolio footprint.

Revenue for the first half of 2022 was 16,401 million (2021: 11,970 million). Net revenue (beia) increased 24.3% organically, driven by a 7.7% increase in total consolidated volume and a 15.6% increase in net revenue (beia) per hectolitre. The underlying price-mix on a constant geographic basis was up 15.3%, driven by pricing across all markets, covering input cost inflation on a euro-for-euro basis, a positive channel mix and premiumisation. Compared to 2019, total consolidated volume increased organically by 0.8% and net revenue (beia) is 14.4% ahead, excluding consolidation changes, driven by post-COVID volume recovery, growth of HEINEKEN's premium brands and the impact of inflation-led pricing.

Beer volume increased 7.6% organically versus last year and came 4.2% ahead of 2019 on an organic basis. The growth was faster in the second quarter as beer volume grew 9.7%, led by strong growth in the Americas, the continued recovery of Asia Pacific and the on-trade in Europe and modest growth in the Africa, Middle East and Eastern Europe (AMEE) region. HEINEKEN gained or held market share in more than half of its markets.

Beer volume2Q22 2Q21 Organic
HY22 HY21 Organic
(in mhl)
Heineken N.V. 70.4 59.6 9.7 % 126.9 109.9 7.6 %

Premium beer volume grew by 10.2%, driving close to half of HEINEKEN's organic growth in beer volume, led by Heineken®.

Heineken® continued its strong performance and grew volume by 14.6% in the second quarter to close the first half with a 13.8% increase, up 32.9% versus 2019. The brand grew double-digits in more than 50 markets, notably in Brazil, China, Vietnam, South Africa, the Netherlands, Spain, Italy, Laos and the United Arab Emirates. Heineken® Silver, now present in 22 markets, has nearly doubled its volume, driven by strong growth in Vietnam and China and its rollout across Europe and Asia. As the next step of its global roll-out, HEINEKEN introduced Heineken® Silver in Mexico this month.

As per the Kantar BrandZ 2022 global survey, Heineken® was the fastest growing in 'Brand Value' among top alcohol brands, driven by its strong growth momentum, innovations and creativity. The latter was further recognised at this year's Cannes Lions, the prestigious Festival of Creativity, as the most awarded alcohol brand. The brand's most recent campaign, "The Closer", aims to spark conversation on work-life imbalance, with a smile. Heineken® supports inclusion in the bar and on the football field and is a proud sponsor of the UEFA Women's EURO football tournament.

Heineken® volume 2Q22 Organic
HY22 Organic
(in mhl)
Heineken N.V. 14.0 14.6% 25.9 13.8%

Outlook Statements

HEINEKEN's multi-year EverGreen strategy aims to deliver superior, balanced growth for sustainable, long-term value creation. HEINEKEN is encouraged by the speed and progress made so far on its key strategic programmes, and by the strong post-COVID recovery of its business.

At the same time, HEINEKEN continues to observe a challenging global environment and an uncertain economic outlook. Whilst consumer demand in aggregate has been resilient in the first half, there is increasing risk that mounting pressure on consumer purchasing power will affect beer consumption.

HEINEKEN expects significant inflationary pressures on its cost base and ongoing investment in its business to continue and impact the second half of 2022 and into 2023. The recent softening in some commodities is being offset by the unprecedented price levels and availability risk of natural gas, most notably affecting Europe, our biggest region. HEINEKEN's pricing and revenue management actions have effectively offset these inflationary pressures so far in absolute terms, and HEINEKEN remains committed to continuing to do so. In addition, HEINEKEN's productivity programme continues at pace, lifting the aggregate gross savings contribution to €1.7 billion by end of 2022 compared to the cost base of 2019. This will continue to offset cost pressures and enable increased investments in brand support, digital transformation and sustainability initiatives.

For 2022, HEINEKEN keeps its outlook unchanged and expect a stable to modest sequential improvement in operating profit margin (beia) versus last year. HEINEKEN is changing its previous guidance for 2023. HEINEKEN will move from an operating profit margin objective towards delivering operating profit (beia) organic growth, in the range of a mid- to high-single digit, excluding any major unforeseen macroeconomic and political developments. Over the medium term, HEINEKEN reconfirms its aspiration to deliver superior, balanced growth with operating leverage over time.

Translational Calculated Currency Impact

Based on the impact to date, and applying spot rates of 28 July 2022 to the 2021 financial results as a baseline for the remainder of the year, the calculated positive currency translational impact would be approximately €1.5 billion in net revenue (beia), €210 million at consolidated operating profit (beia), and €140 million at net profit (beia).

Interim Dividend 2022

According to the Articles of Association of Heineken Holding N.V. both Heineken Holding N.V. and Heineken N.V. pay an identical dividend per share. HEINEKEN's dividends are paid in the form of an interim dividend and a final dividend. In accordance with its dividend policy, HEINEKEN fixes the interim dividend at 40% of the total dividend of the previous year. As a result, an interim dividend of €0.50 per share (2021: €0.28) will be paid on 11 August 2022. Both the Heineken Holding N.V. shares and the Heineken N.V. shares will trade ex-dividend on 3 August 2022.


Media Heineken Holding N.V.
Kees Jongsma
Tel. +31-6-54798253
Media Investors
Sarah BackhouseJosé Federico Castillo Martinez
Director of Global Communication Investor Relations Director
Michael FuchsMark Matthews / Robin Achten
Global Corporate and Financial Communications Manager Investor Relations Manager / Senior Analyst
E-mail: E-mail:
Tel: +31-20-5239355 Tel: +31-20-5239590

Investor Calendar Heineken N.V.

(events also accessible for Heineken Holding N.V. shareholders)

Trading Update for Q3 2022 26 October 2022
Capital Markets Event in Amsterdam 1-2 December 2022
Full Year 2022 Results 15 February 2023

Conference Call Details

HEINEKEN will host an analyst and investor conference call in relation to its 2022 Half Year results today at 14:00 CET/ 13:00 GMT. This call will also be accessible for Heineken Holding N.V. shareholders. The call will be audio cast live via the website: An audio replay service will also be made available after the conference call at the above web address. Analysts and investors can dial-in using the following telephone numbers:

United Kingdom (Local): 020 3936 2999

Netherlands (Local): 085 888 7233

USA: 1 646 664 1960

All other locations: +44 203 936 2999

Participation password for all countries: 810785

Editorial information:
Heineken Holding N.V. engages in no activities other than its participating interest in Heineken N.V. and the management or supervision of and provision of services to that company.

HEINEKEN is the world's most international brewer. It is the leading developer and marketer of premium and non-alcoholic beer and cider brands. Led by the Heineken® brand, the Group has a portfolio of more than 300 international, regional, local and specialty beers and ciders. With HEINEKEN’s over 85,000 employees, HEINEKEN brews the joy of true togetherness to inspire a better world. HEINEKEN's dream is to shape the future of beer and beyond to win the hearts of consumers. HEINEKEN is committed to innovation, long-term brand investment, disciplined sales execution and focused cost management. Through "Brew a Better World", sustainability is embedded in the business. HEINEKEN has a well-balanced geographic footprint with leadership positions in both developed and developing markets. HEINEKEN operates breweries, malteries, cider plants and other production facilities in more than 70 countries. Most recent information is available on and and follow HEINEKEN on LinkedIn, Twitter and Instagram.

Market Abuse Regulation:
This press release contains price-sensitive information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains forward-looking statements with regard to the financial position and results of HEINEKEN’s activities. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as future market and economic conditions, developments in the ongoing COVID-19 pandemic and related government measures, the behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses and achieve anticipated synergies, costs of raw materials, interest-rate and exchange-rate fluctuations, changes in tax rates, changes in law, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date of this press release. HEINEKEN does not undertake any obligation to update these forward-looking statements contained in this press release. Market share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination with management estimates.


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