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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...

Guy Sips ... (+6)
  • Guy Sips
  • Mathijs Geerts Danau
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Hoste
Wim Hoste
  • Wim Hoste

Heineken FIRST LOOK: FY25 operating profit +4.4%, FY26 guidance of 2-6...

Heineken's FY25 top line and operating profit figures were slightly better than our forecasts with operating profit in absolute terms in line with consensus. Heineken guides again for sizeable savings efforts in FY26 with operating profit growth guidance calling for a 2-6% range (vs our and consensus forecasts of c. 5%). We still appreciate Heineken for the sizeable self-help initiatives which should support organic earnings growth in the coming years, but acknowledge that the bumpier volume evo...

 PRESS RELEASE

HEINEKEN HOLDING N.V. REPORTS 2025 FULL YEAR RESULTS

HEINEKEN HOLDING N.V. REPORTS 2025 FULL YEAR RESULTS Amsterdam, 11 February 2026 HEINEKEN HOLDING N.V. REPORTS 2025 FULL YEAR RESULTS Well-balanced performance in challenging market conditions     IFRS Measures     BEIA Measures(in € million)   Total growth  (in € million)   Organic growthRevenue 34,257  -4.7% Revenue (beia) 34,395  0.2%Net revenue 28,753  -3.6% Net revenue (beia) 28,890  1.6%Operating profit 3,406  -3.2% Operating profit (beia) 4,385  4.4%Operating profit margin  11.8% 5 bps Operating profit (beia) margin  15.2% 41 bpsNet profit of Heineken Holding N.V.  952   Net prof...

 PRESS RELEASE

HEINEKEN N.V. REPORTS 2025 FULL YEAR RESULTS

HEINEKEN N.V. REPORTS 2025 FULL YEAR RESULTS Amsterdam, 11 February 2026 HEINEKEN N.V. REPORTS 2025 FULL YEAR RESULTS Well-balanced performance in challenging market conditions     IFRS Measures     BEIA Measures(in € million)   Total growth  (in € million)   Organic growthRevenue 34,257  -4.7% Revenue (beia) 34,395  0.2%Net revenue 28,753  -3.6% Net revenue (beia) 28,890  1.6%Operating profit 3,406  -3.2% Operating profit (beia) 4,385  4.4%Operating profit margin  11.8% 5 bps Operating profit (beia) margin  15.2% 41 bpsNet profit 1,885  92.7% Net profit (beia) 2,662  4.9%Diluted EPS 3....

Reg Watson ... (+2)
  • Reg Watson
  • CFA

Heineken/Hold my Beer/HOLD

Heineken is due to report its full year results on 11 February. Based on information disclosed in its full year aide memoire, we have adjusted our forecasts to account for weaker than previously expected volumes in Western Europe and Americas. We have also increased our 12-month target price from €64.62 to €76.13 and maintain our HOLD recommendation.

 PRESS RELEASE

Heineken Holding N.V. reports transactions under its current share buy...

Heineken Holding N.V. reports transactions under its current share buyback programme Heineken Holding N.V. reports transactions under its current share buyback programme Amsterdam, 2 February 2026 - Heineken Holding N.V. (EURONEXT:HEIO; OTCQX: HKHHY), hereby reports transaction details related to the first tranche of up to circa €375 million tranche of its share buyback programme of up to circa €750 million as communicated on 12 February 2025. From 19 January 2026 up to and including 23 January 2026 a total of 226 shares were repurchased on exchange at an average price of € 60.99. Here...

Hilde Van Boxstael ... (+4)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Wim Hoste
  • Wim Lewi
 PRESS RELEASE

HEINEKEN completes acquisition of FIFCO’s beverage and retail business...

HEINEKEN completes acquisition of FIFCO’s beverage and retail businesses HEINEKEN completes acquisition of FIFCO’s beverage and retail businesses The closing of the landmark transaction reinforces HEINEKEN’s strategic position in Central America and unlocks significant new growth opportunities. Amsterdam, January 30th, 2026, Heineken N.V. (HEINEKEN) today announced the completion of its acquisition of FIFCO’s beverage and retail businesses, following the receipt of all regulatory and corporate approvals. With immediate effect, HEINEKEN starts the integration process, which is expected t...

 PRESS RELEASE

Heineken N.V. reports the progress of transactions under its current s...

Heineken N.V. reports the progress of transactions under its current share buyback programme Heineken N.V. reports the progress of transactions under its current share buyback programme Amsterdam, 26 January 2026 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) hereby reports transaction details related to the first €750 million tranche of its €1.5 billion share buyback programme as communicated on 12 February 2025. From 19 January 2026 up to and including 23 January 2026 no shares were repurchased on exchange. During the same period, 226 shares were repurchased from Heineken Holding N.V. ...

 PRESS RELEASE

Heineken Holding N.V. reports transactions under its current share buy...

Heineken Holding N.V. reports transactions under its current share buyback programme Heineken Holding N.V. reports transactions under its current share buyback programme Amsterdam, 19 January 2026 - Heineken Holding N.V. (EURONEXT:HEIO; OTCQX: HKHHY), hereby reports transaction details related to the first tranche of up to circa €375 million tranche of its share buyback programme of up to circa €750 million as communicated on 12 February 2025. From 12 January 2026 up to and including 16 January 2026 a total of 159,495 shares were repurchased on exchange at an average price of € 61.08. ...

 PRESS RELEASE

Heineken N.V. reports the progress of transactions under its current s...

Heineken N.V. reports the progress of transactions under its current share buyback programme Heineken N.V. reports the progress of transactions under its current share buyback programme Amsterdam, 19 January 2026 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) hereby reports transaction details related to the first €750 million tranche of its €1.5 billion share buyback programme as communicated on 12 February 2025. From 12 January 2026 up to and including 16 January 2026 a total of 124,190 shares were repurchased on exchange at an average price of € 67.28. During the same period, 159,495 ...

Guy Sips ... (+5)
  • Guy Sips
  • Hilde Van Boxstael
  • Livio Luyten
  • Wim Hoste
  • Wim Lewi
 PRESS RELEASE

Nicaraguan antitrust authority approves acquisition of all shares held...

Nicaraguan antitrust authority approves acquisition of all shares held by FIFCO in Nicaraguan Brewing Holding, S.A Nicaraguan antitrust authority approves acquisition of all shares held by FIFCO in Nicaraguan Brewing Holding, S.A Amsterdam, 15 January 2026 – HEINEKEN has been formally notified by the Nicaraguan antitrust authority (PROCOMPETENCIA) that the transaction involving the acquisition of the participation held by FIFCO in Nicaraguan Brewing Holding, S.A. has been approved, subject to the implementation of an antitrust compliance program in accordance with local regulations. The c...

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