Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) announces:
KEY HIGHLIGHTS
- 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%
- Diluted EPS €2.20; diluted EPS (beia) €2.30
- Full year 2022 expectations unchanged. 2023 guidance revised
We are encouraged by the results for the first half of the year. We benefitted from the recovery in Asia Pacific and the on-trade in Europe as consumers returned to the bars, with demand resilient until now despite mounting inflationary pressures on consumers’ disposable income.
Our business performed well in the first half of 2022. We grew ahead of the industry in more than half of our markets and the Heineken® brand again showed strong momentum, boosted by stepped up brand support. Our actions on pricing, revenue management and productivity offset significant inflationary pressures in our cost base. As a result, operating profit is now firmly ahead of 2019.
We continue to face an uncertain outlook for consumers and businesses alike. Remaining vigilant, we are fully committed to drive our EverGreen transformation for sustained, long-term value creation. In terms of outlook, we reiterate our 2022 goals. For 2023, we move from an operating margin objective towards delivering operating profit (beia) organic growth. Our medium-term aspiration remains to deliver superior, balanced growth with operating leverage over time.
