Amsterdam, 24 April 2024 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY)
publishes its trading update for the first quarter of 2024.

      Key Highlights
  * Revenue EUR8,184 million, up 7.2%
  * Net revenue (beia) organic growth 9.4%; per hectolitre 4.9%
  * Beer volume organic growth 4.7%
  * Premium beer volume organic growth 7.3%
  * Heineken(®) volume growth 12.9%
  * Gross merchandise value captured via eB2B platforms +17%
  * Outlook for the full year unchanged; operating profit (beia) expected to
    grow organically low- to high-single-digit.
      CEO Statement

Dolf van den Brink, Chairman of the Executive Board / CEO, commented:
"As we maintained focus on our EverGreen priorities, we had an encouraging start
to 2024. All regions grew volume and net revenue, and we continued to see a
sequential improvement in the performance of the business, growing in line or
ahead of the category in the majority of our markets. This quarter was boosted
by an earlier Easter and cycling negative one-off effects from last year. Top-
line delivery was well-balanced between volume and value as more markets
returned to volume growth and our underlying premiumisation trends remained
strong.
Heineken(®) accelerated its growth to 12.9% in volume globally and became the #1
brand by value in Brazil. Our Low & No-Alcohol (LONO) portfolio grew volume in
the mid-teens, led by the strong growth of Heineken(®) 0.0, further
strengthening our global leadership position in the segment. Our eB2B platforms
captured EUR2.7 billion in gross merchandise value this quarter, 17% more than
last year. Continuing our journey to net zero, we opened a large scale solar
thermal plant in Spain featuring cutting-edge technology.
We continue to see the economic environment as challenging and uncertain, and
will remain agile and focused. We will continue to invest behind our brands,
innovations, commercial capabilities and route-to-consumer. Our full year
expectations remain unchanged."
Driving Superior Growth
Throughout this report figures refer to quarterly performance unless otherwise
indicated.
Revenue in the first quarter was EUR8.2 billion, up 7.2%. Net revenue (beia) was
EUR6.8 billion, up 9.4% organically. Total consolidated volume increased 4.3% and
net revenue (beia) per hectolitre was up 4.9%. Price mix on a constant
geographic basis increased by 6.0%, mainly driven by pricing and in line with
inflation.
Currency translation reduced net revenue (beia) by EUR294 million or 4.6%, mainly
driven by the devaluation of currencies in Africa, particularly the Nigerian
Naira, and partially offset by a stronger Mexican Peso and Brazilian Real.
Consolidation changes in net revenue (beia) contributed EUR164 million, driven by
the integration of Distell and Namibia Breweries and partially offset by the
sale of Vrumona in the Netherlands and our exit from Russia.

                                                                        Organic
 IFRS Measures EUR million Total growth   BEIA Measures(1) EUR million       growth

-------------------------------------------------------------------------------

 Revenue           8,184         7.2%   Revenue (beia)       8,184         8.8%
                                        Net revenue
 Net revenue       6,847         7.3%   (beia)               6,847         9.4%

-------------------------------------------------------------------------------
1. Consolidated figures are used throughout this report, unless otherwise
stated. Please refer to the Glossary for an explanation of non-GAAP measures and
other terms. Page 5 includes a reconciliation versus IFRS metrics. These non-
GAAP measures are included in internal management reports that are reviewed by
the Executive Board of HEINEKEN, as management believes that this measurement is
the most relevant in evaluating the results and in performance management.
Beer volume increased 4.7% organically with growth in all regions, a sequential
improvement in the performance of the business, boosted by calendar and one-off
effects. In particular, the Americas and Europe regions benefitted from the
earlier timing of Easter and the Africa & Middle East and Asia Pacific regions
from a soft comparable base last year due to one-off effects in Vietnam and
Nigeria.

  Beer volume
  (in mhl or %)          1Q23   1Q24       Organic growth

--------------------------------------------------------------

  Heineken N.V.          54.8   55.4                 4.7%
  Africa & Middle East    9.0    7.4                 3.5%
              Americas   20.3   21.4                 5.0%
          Asia Pacific   10.3   11.3                 9.4%
                Europe   15.2   15.3                 1.6%

--------------------------------------------------------------
Driving premiumisation at scale, led by Heineken(®)
Premium beer volume grew by 7.3%, outperforming the total beer portfolio. The
strong momentum in premiumisation was led by Heineken(® )and its line
extensions, complemented by our international and local premium brands,
including Tiger, Desperados, Birra Moretti and Kingfisher Ultra.
Heineken(® )grew volume by 12.9%, with double-digit growth in more than 30
markets. Heineken(®) 0.0 grew volume in the high-teens, with double-digit growth
in all regions, led by Brazil, Vietnam and China. Heineken(®) Silver grew volume
by more than 50%, led by Vietnam and China.

  Heineken(®) volume
  (in mhl or %)          1Q23   1Q24       Organic growth

----------------------------------------------------------

  Heineken N.V.          12.2   13.8                12.9%
  Africa & Middle East    1.3    1.3                -0.3%
              Americas    5.4    6.0                10.6%
          Asia Pacific    2.3    3.2                38.8%
                Europe    3.1    3.2                 3.2%

----------------------------------------------------------
Build a future-fit digital route-to-consumer
We continued to expand our business-to-business digital (eB2B) platforms. In the
first quarter our platforms captured EUR2.7 billion in gross merchandise value
(GMV), an increase of 17% versus last year, connecting more than 640,000 active
customers in fragmented, traditional channels, up 28% compared to last year. We
continue to build capabilities to enable better features at scale, resulting in
an improved customer experience and better performance, helping customers to
grow their business.
Business Outlook
We continue to see the economic environment as challenging and uncertain, and
will remain agile and focused on strengthening our business in line with our
EverGreen strategy. Despite the solid start to the year, we cannot extrapolate
the reported top-line growth to the rest of the year. As planned, we will
increase our investment behind our brands, innovations, commercial capabilities
and route-to-consumer. All in all, we continue to expect operating profit (beia)
to grow organically by a low- to high-single-digit and net profit (beia) organic
growth lower than the operating profit (beia) organic growth.

      Enquiries
 Media                                    Investors
 Joris Evers                              José Federico Castillo Martinez
 Director of Global Communication         Director of Investor Relations
 Michael Fuchs                            Mark Matthews / Chris Steyn
 Corporate & Financial Communication      Investor Relations Manager / Senior
 Manager                                  Analyst
 E-mail: pressoffice@heineken.com         E-mail: investors@heineken.com
 (mailto:pressoffice@heineken.com)        (mailto:investors@heineken.com)
 Tel: +31-20-5239355                      Tel: +31-20-5239590
      Conference Call Details

HEINEKEN will host an analyst and investor conference call with Harold van den
Broek, Chief Financial Officer, in relation to its First Quarter 2024 Trading
Update at 14:00 CET/13:00 GMT. The call will be audio cast live via the
company's website: www.theheinekencompany.com
(https://www.theheinekencompany.com/). An audio replay service will also be made
available after the conference call at the above web address. Analysts and
investors can dial-in using the following telephone numbers:
United Kingdom: +44 203 936 2999
Netherlands: +31 85 888 7233
United States: +1 646 787 9445
All other locations: +44 203 936 2999
For the full list of dial in numbers, please refer to the following link: Global
Dial-In Numbers (https://www.netroadshow.com/events/global-numbers?confId=59791)
Participation password for all countries: 655905
Editorial information
HEINEKEN is the world's most international brewer. It is the leading developer
and marketer of premium and non-alcoholic beer and cider brands. Led by the
Heineken(®) brand, the Group has a portfolio of more than 350 international,
regional, local and specialty beers and ciders. With HEINEKEN's over 90,000
employees, we brew the joy of true togetherness to inspire a better world. Our
dream is to shape the future of beer and beyond to win the hearts of consumers.
We are committed to innovation, long-term brand investment, disciplined sales
execution and focused cost management. Through "Brew a Better World",
sustainability is embedded in the business. HEINEKEN has a well-balanced
geographic footprint with leadership positions in both developed and developing
markets. We operate breweries, malteries, cider plants and other production
facilities in more than 70 countries. Most recent information is available on
our Company's website (https://www.theheinekencompany.com/age-gate/574) and
follow us on LinkedIn
(https://www.linkedin.com/authwall?trk=ripf&trkInfo=AQHr8ZUUoThpCQAAAX_QdijYCXRY
F6TqXc_c2_S2j5ceszQ9eXXQZunmfkWdMQBF3RlXd5dmMjS9wuMt3WfwyysshWZzop-
ZxyQyJ7hzgc4GKlEUSoOFo3PzFR4976B4x3zBx5M=&originalReferer=&sessionRedirect=https
%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fheineken), Twitter
(https://twitter.com/HEINEKENCorp) and Instagram
(https://www.instagram.com/accounts/login/?next=/theheinekencompany/).
Market Abuse Regulation
This press release may contain price-sensitive information within the meaning of
Article 7(1) of the EU Market Abuse Regulation.
Disclaimer
This press release contains forward-looking statements based on current
expectations and assumptions with regard to the financial position and results
of HEINEKEN's activities, anticipated developments and other factors. All
statements other than statements of historical facts are, or may be deemed to
be, forward-looking statements. Forward-looking statements also include, but are
not limited to, statements and information in HEINEKEN's non-financial
reporting, such as HEINEKEN's emissions reduction and other climate change
related matters (including actions, potential impacts and risks associated
therewith). These forward-looking statements are identified by their use of
terms and phrases such as "aim", "ambition", "anticipate", "believe", "could",
"estimate", "expect", "goals", "intend", "may", "milestones", "objectives",
"outlook", "plan", "probably", "project", "risks", "schedule", "seek", "should",
"target", "will" and similar terms and phrases. These forward-looking
statements, while based on management's current expectations and assumptions,
are not guarantees of future performance since they are subject to numerous
assumptions, known and unknown risks and uncertainties, which may change over
time, that could cause actual results to differ materially from those expressed
or implied in the forward-looking statements. Many of these risks and
uncertainties relate to factors that are beyond HEINEKEN's ability to control or
estimate precisely, such as but not limited to future market and economic
conditions, the behaviour of other market participants, changes in consumer
preferences, the ability to successfully integrate acquired businesses and
achieve anticipated synergies, costs of raw materials and other goods and
services, interest-rate and exchange-rate fluctuations, changes in tax rates,
changes in law, environmental and physical risks, change in pension costs, the
actions of government regulators and weather conditions. These and other risk
factors are detailed in HEINEKEN's publicly filed annual reports. You are
cautioned not to place undue reliance on these forward-looking statements, which
speak only of the date of this press release. HEINEKEN assumes no duty to and
does not undertake any obligation to update these forward-looking statements
contained in this press release. Market share estimates contained in this press
release are based on outside sources, such as specialised research institutes,
in combination with management estimates.
Â