Heineken posted a surprise leap in profits for last year as beer sales picked up across all major markets.
The world’s second-largest brewer saw organic operating profit rise 8.3% in 2024 as beer volumes returned to growth having taken a hit the year before.
This exceeded analysts’ forecasts of 5.3% and its own expectations of between 4% and 8%.
Organic revenue was up 5% to €36.1bn, though currency fluctuations weighed on income.
“We delivered solid results with broad-based growth and profit expansion in 2024,” said Dolf van den Brink, CEO and chairman.
Heineken’s share price is down almost 30% in the past 12 months, though investors now hope these results mark a turning of the tide. “This is an excellent set of results from Heineken,” said analysts at RBC Capital Markets.
Global beer volumes were up 1.6% with growth across all regions. This beat analysts’ expectations of a 1.4% gain.
Its flagship Heineken was up 9%, while mainstream beer volumes rose 2%, spearheaded by Amstel in Brazil, Cruzcampo in the UK, and Kingfisher in India.
Heineken has continued its ‘beyond beer’ push this year as it looks too adapt to falling alcohol consumption. Last year, its ‘beyond beer’ segment grew 4%, with Heineken 0.0 up 10%.
For 2025, Heineken expects operating profit growth of 4% to 8%, helped by planned cost savings of €400m through a digital transformation, and sustainability initiatives.
The company said it would launch a two-year share buyback programme of €1.5bn.
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