Heineken Initiates €750 Million Share Buyback Program

Heineken Holding N.V. (HEIO) has announced the commencement of the first tranche of its €750 million share buyback program, as part of its broader €1.5 billion two-year initiative. This move aligns with the company's long-term strategy of returning excess cash to shareholders while maintaining a strong balance sheet.

The share buyback program, which is expected to complete by January 2026, will see Heineken Holding N.V. repurchase a number of its own shares equal to the number of Heineken N.V. shares that Heineken Holding N.V. will sell to Heineken N.V. The shares will be sold at the volume-weighted average price of the shares acquired by Heineken N.V. on market on the relevant day. Heineken N.V. and Heineken Holding N.V. have entered into an arrangement to ensure Heineken Holding N.V.'s participation in Heineken N.V.'s share buyback program is implemented in conformity with Heineken Holding N.V.'s articles of association.



The first tranche of the Heineken Holding N.V.’s share buyback programme is expected to complete no later than 30 January 2026, or so much earlier as the amount dedicated to the first tranche has been spent, barring unforeseen circumstances. Repurchased shares will be cancelled to reduce Heineken Holding N.V.’s issued share capital. The share buyback programme may be suspended, modified, or discontinued at any time.

The programme will be executed within the existing authority granted in the 25 April 2024 Heineken Annual General Meeting of Shareholders and the authority to be granted by future general meetings of Heineken. The programme will be executed in compliance with the Market Abuse Regulation 596/2014 and Commission Delegated Regulation (EU) 2016/1052 (as amended, “Market Abuse Regulation”), including compliance with the safe harbour provisions for share buybacks.

Heineken will inform the market of the progress of the programme through regular press releases and updates on its website (www.heinekencompany.com/investors). Enquiries can be directed to the company's media and investor relations teams.

The share buyback program is expected to have a positive impact on Heineken's earnings per share (EPS) and return on equity (ROE) in both the short and long term. By reducing the number of outstanding shares, EPS will increase on a per-share basis, and ROE will improve as shareholder's equity decreases. Additionally, the share buyback program may also have a positive impact on Heineken's share price in the long term, as demand for the remaining shares may increase.

In conclusion, Heineken's initiation of the €750 million share buyback program is a strategic move that aligns with the company's long-term capital allocation strategy. The program is expected to have a positive impact on the company's EPS, ROE, and share price, while also returning excess cash to shareholders.