Heineken on Wednesday reported an increase in annual operating profit for 2025, attributing the improvement to a combination of higher prices and cost reductions. The company's operating profit before exceptional items and amortisation rose 4.4% on an organic basis to 4.39 billion euros for the year, while the operating margin widened by 41 basis points to 15.2%.
Revenue dynamics showed modest growth. Net revenue climbed 1.6% organically to 28.89 billion euros as net revenue per hectolitre rose 3.8%, helping to offset a 2.1% decline in consolidated volume. Overall, total volume for the year decreased by 1.2%.
Heineken said it delivered more than 500 million euros in gross savings during 2025. Management indicated that those savings contributed both to increased investment behind brands and to the expansion of margins.
Under the umbrella of its EverGreen 2030 strategy, the brewer outlined plans to simplify its operating model, optimise supply chains, and expand shared services. Taken together, the company expects these steps to reduce its global headcount by around 5,000 to 6,000 roles over the next two years. The announced reduction excludes any impact from the integration of the recently acquired FIFCO businesses.
Looking ahead to 2026, Heineken provided a guidance range for operating profit growth of 2% to 6%, on the condition that consumer conditions remain broadly unchanged. The guidance reflects management's expectations assuming existing demand patterns persist.
Contextual analysis
From a unit economics perspective, the company has elevated net revenue per hectolitre, which helped offset declines in volume and underpinned margin expansion. The declared gross savings and redirected spending into brand investment signal an effort to balance short-term margin gains with long-term brand strength.
Headcount reductions and the drive to scale shared services are typical levers for productivity improvement, but the company explicitly excluded the integration of FIFCO from its workforce estimate, indicating that the final headcount outcome may change once that process progresses.