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Heineken’s 2023 Results: Key Details to Watch Out For


Heineken, the Dutch brewing company, is scheduled to release its results for 2023 on Wednesday. Here are the key details to watch out for:

Adjusted Net Revenue Organic Growth

It is expected that Heineken will report a net revenue organic growth of 5.7% for 2023, before exceptional items and amortization (BEIA). This estimate is based on a market consensus compiled by the company. In 2022, Heineken surpassed market expectations with an organic growth of 21%.

Adjusted Net Revenue

The market consensus provided by the company suggests a decrease in consolidated net revenue BEIA to €30.28 billion from €34.64 billion reported a year ago.


Heineken’s beer volumes are anticipated to have declined to 244.6 million hectoliters in 2023, compared to 256.9 million hectoliters in 2022. According to market expectations compiled by the company, organic volume growth is projected to decrease by 4.4%.

Adjusted Operating Profit

The company is expected to report an operating profit BEIA of €4.46 billion, compared to €4.50 billion in the previous year. Market expectations provided by the company indicate that the Americas will contribute €1.54 billion to the operating profit, followed by Europe with €1.30 billion.

Net Profit

The consensus estimate provided by Heineken indicates a decrease in net profit to €2.50 billion from €2.68 billion in the previous year.

The stock price has experienced a 3.25% increase on a 12-month basis and recently traded up 0.15% at €94.0.

What to Watch

  • 2023 Targets: Heineken has guided for operating profit BEIA growth to be in the stable to mid-single-digit range.

  • Consumer Demand: In the third-quarter update, CEO Dolf van den Brink cautioned that consumer demand had slowed in various markets, despite some signs of easing price inflation.

  • Turnaround Strategy: Heineken’s “EverGreen” strategy, which focuses on cost control and growth rebalance, is gradually improving, although progress has been slightly slower than expected according to Van den Brink. In half of their markets, volume trends are improving, and they are gaining or holding market share in just over half of their markets.

  • Shareholder Returns: Heineken declared a dividend of €1.73 a year ago.

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