Capital Markets Event 2022 Shaping The Future of Beer &amp Beyond James Thompson

Capital Markets Event
1-2 December 2022, Amsterdam
EverGreen 2025
Shape the Future of Beer & Beyond
James Thompson
Chief Commercial Officer
 Appointed Chief Commercial Officer in 2021

 Executive Team member since: 2021
 Prior to HEINEKEN, member of leadership team at
Avon Products
 Previous leadership roles at Diageo (>20 years) and
Unilever (10 years)
 Years in company: 1.5
Nationality: British
What I will speak about
Shaping the future of beer & beyond
to win the hearts of consumers
Beer category Shaping the Future

and consumers of Beer & Beyond
The power of Superior growth

our brands from Heineken ®
Category & Consumers Shaping the Future Our Brands Heineken®
Consumers love beer!
More of them drink beer They spend more on beer They are switching to beer
Penetration Consumer Spend Share of Throat Change
2022YTD €Bn, 2021 2016-2021
1.9%
Beer 522
67% 1.3%
Spirits
57% Wine
51% 0.1%
Cider
RTDs1
Carbonates
Dairy Beverages
Water
Hot Coffee / Tea
Juices -3.3%
RTD Coffee / Tea Beer Spirits Wine Cider /
Beer Wine Spirits RTDs
Energy & Sports Drinks
Note: Claimed P1M penetration in 20 markets; Consumer Spend = Retail Sales Value; Share of throat based on servings
1. RTDs = RTD cocktails and long drinks, FABs, Hard Coffee/Tea/Kombucha, Hard Seltzers, Wine Spritzers and Coolers
Source: GlobalData, IWSR
Growth opportunities in emerging and developed markets

An aspirational category for Consumer trends = big pockets
emerging market consumers of growth in developed markets
Emerging market share of throat change Absolute volume growth
2016-2021 2014-2019, mhl
80
4.4%
"Beyond Beer"
70
Latin America
0.0 Beer
Africa & ME
Premium Beer
Developing APAC
-4.9%
(ex. China)
Spirits Beer
>1.5Bn more middle-class consumers in Developed Markets Emerging Markets

emerging markets in 10 years Growth Segments Total Beer
Note: Share of throat based on servings; Emerging markets considered as Latin America, Africa and ME, CIS, and Asia-Pacific, excluding Japan, S. Korea, Singapore, Australia, NZ; “Beyond Beer” considered as Cider and alcoholic RTDs;
Category challenges = Opportunities for growth

Under-represented Under-served Narrow taste Super
occasions consumers profile Premium
Beer share of high Beer penetration

energy occasions is with men
>90% x 2.5
1.2x +20pp of beer category
Spirits category value
vs
the share of low higher than with is lager Beer in Super Premium
energy occasions women
Shifts to deliver superior balanced growth
Strong Foundation Continuing to evolve
Understanding beer consumers Total consumer demand

Differentiated brands AND differentiated products
Volume growth AND Value growth
History and passion for brand-building AND creativity and “science”
Local growth success Scale through learn, share, reapply
Expanding our view of consumer demand...
“Alcohol-Appropriate” Consumer Demand Map

• Consumers and occasions
• How, when and what consumed
• Consumer needs
• Product and brand fit with need
40%
of occasions
Global consumer spend >€1trillion
Note: Based on alcohol-appropriate occasions; Consumer spend = Retail Sales Value of all beverages consumed in the space
...to optimise our portfolio and

innovate
Portfolio optimisation Product innovation to meet needs
OpCo A example
From
9 brands targeting 3
demand spaces
(c.30% of demand)
To
OpCo A example
Where beer meets Opportunities to
Rebalancing to needs well... optimise...
40% 60%
maximize fit and
right to win: 6 Power
Brands, covering of consumer spend of consumer spend
70% of demand
Note: Based on alcohol-appropriate occasions; Consumer spend = Retail Sales Value of all beverages consumed in the space
Source: Internal data
Boosting our innovation to meet consumer demand...
Innovation Compete for all demand – with Beer & Beyond Beer
Hubs  Leverage capabilities and assets
 Incremental functionality
 Premium, adult
Scale
Launches
“First or Best”
 Product – taste, experience, “science”
 Brand – meaningful difference
Learn, Share,  Performance – scalable, margin accretive
Reapply
...to shape the category and beyond

Beyond beer Expand beer Core beer Expand beer Beyond beer
Lager
Energy Cider
Specialty
LAGER
ABV ABV
% HIGH ABV
0.0%
% NONE
% NONE
Craft
Flavoured
Malt Beyond Beer Beyond Beer
(alc + non-alc) (alc + non-alc)
Expand Beer Seltzer
& RTDs
’22YTD Lager
’22YTD Innovation
Revenue Revenue
Note: Innovation revenue excludes packaging

Source: Internal data Lager Expand Beer
Shaping the future through our growth priorities

Scale premiumisation Pioneer Lo / No Explore Beyond Beer1
 Lead category premiumisation  Lead with Heineken® 0.0 to  Lead and shape with cider
with Heineken® address consumer barriers
 Innovate and extend beer brands
 Premiumise at scale through  Expand category and portfolio
 Transform portfolio and
our portfolio
 Leverage beer capabilities capabilities with Distell
>40% of beer revenue from premium 3% of beer revenue from 0.0 2% of total revenue from Beyond Beer
1.6x Gross Profit/HL vs. Total HNV 1.5x Gross Profit/HL vs. Total HNV 1.5x Gross Profit/HL vs. Total HNV
Premium beer growing at +400bps 0.0 beer growing at +600bps Beyond Beer growing +500bps 3
vs. total beer 2016-212 vs. total beer 2016-212 vs. total beer 2016-212
1. Beyond Beer alcohol = RTDs and Cider; 2. 5-yr volume CAGR; 3. Excluding US in Beyond Beer and total beer
Source: Internal data, GlobalData, IWSR
Premium >25% of category volume, and driving value growth

Emerging markets:
Global Beer and Premium Beer Volume Growth Premium more relevant in beer
mHL % of category volumes
1999-2021 2021
Covid-19
2,500
Premium
Total Beer CAGR 1999-2019
2.0%
Mainstream &
Economy Beer Mainstream
Premium CAGR 1999-2019
4.1%
Premium Beer Economy
Beer in Emerging Spirits in
1999 2019 2021 Markets Emerging Markets
Note: Emerging markets considered as Latin America, Africa and ME, CIS, and Asia-Pacific, excluding Japan, S. Korea, Singapore, Australia, NZ
We have led the way on premium, shaping the category

Leading premiumisation, market-by-market
Rate of category Share of

% of Beer Volume in Premium ,
1 2021 premiumisation premium growth
post-entry2 vs. prior since entry2
32% Vietnam
4.5x 71%
5.2x 46%
Global
25%
South Africa
Beer Category
Brazil
7.8x 70%
1. Inerrnal volume data for HEINEKEN
2. Entry dates: Vietnam 2013 (APB acquisition); South Africa 2010 (Sedibeng brewery), Brazil 2010 (FEMSA acquisition); rate of category premiumisation cosidered as the gain in % volume share of the total category for premum beer per year
Source: GlobalData. internal data
Investing behind a diverse

portfolio of premium brands
Global ATL Marketing1 as % Revenue
1.7X 2.2x
International
Local
2017 2021
Premium Beer Brands
Other Beer Brands
1. ATL Mareketing = Above the line marketing expenses
Source: Internal data
Desperados: The leading “spirit beer”

for high energy occasions
Bigger than any RTD
Volume growth of “Spirit Beer” brand outside the US
>80
countries
10%
Desperados
CAGR 160+
Price Index
Desperados 2x
Gross Profit/HL vs.
11% total portfolio
Rest of Segment of 2021 growth

2001 2011 2021 from innovation
Source: GlobalData. IWSR, internal data

Incremental and accelerating growth for 0.0 beer,

with long-term potential to be 5%+ of the category
Non-alcoholic beer as % of total beer category Europe 0.0 beer dynamics
8
7 6.2% Incremental 50%+

to category...
Vol. CAGR
of Volume Sourced
6
Outside of Beer
Netherlands
5 4.3% 2011-2021
4
Vol. CAGR Western Europe
Building 9x
3 2001-2011 consumer base... 0.0 Penetration
Growth vs. Total Beer
Eastern Europe
2
1 Rest of World
With further 34% vs. 80%
0 headroom... 0.0 Penetration vs.
Total Beer
2001 2011 2021
2x share of category since 2018

From <0.1% of category in 2014 to >0.6% today
Source: GlobalData, internal data

Leading a category that delivers growth,

profitability and moderation
#1 and leading growth in 0.0 beer Investing and innovating Attractive profitability
Heineken 0.0 5%
25% 60%
Other HEINEKEN 12% 23%
0.0 Brands
9%
of total Heineken® of consumers willing
franchise marketing to pay the same or more
investment on 0.0 than for regular beer
Others 83%
1.5x
68%
42% Gross Profit/HL

2021 innovation rate vs. Total HNV
Share of 2021 Share of 2016-
0.0 beer Volumes 21 0.0 Segment
Growth
Source: GlobalData, internal data

A clear model for growth

Lead with Heineken® 0.0 to
address consumer barriers Expand the category: “Always a choice”
US Non-Alc Beer Segment
“Non-alcoholic
Value Share, Oct ‘22YTD
beer isn’t cool” Heineken® 0.0
Heineken® 0.0
Others
“It doesn’t 0.0 Local Brands
taste good”
Always with parentbrand
“It’s not Bud Zero

available” 0.0 Craft & Specialty
Busch NA
O’Doul’s Athletic
“I don’t know
when I’d drink it” 0.0 Flavoured
Highly incremental
Source: Nielsen, internal data

Leveraging beer capabilities to innovate in non-alcohol
Energy Malts Hop Water
Energy from the power of malt Non-alc sparkling water with

aroma, flavours of IPA
 HEINEKEN #1 globally in malts
 Nutritional credentials of malt

 Zero calories/carbs/ABV/gluten
 Mental and physical energy
 Created, leads hop water segment
 Functionality = price premium
 >20% sourcing from soft drinks
 >30% of consumers use as a mixer

#2 outside the US in the fastest-growing space in alcohol
Beyond Beer Alcohol, 2016-21 mHL
2011-19 2019-21
120
CAGR CAGR HEINEKEN + Distell
#3
90 +13% +36%
globally
RTDs1 USA
60
RTDs1 Rest of World

+4% +11% HEINEKEN + Distell
30
#1
Cider +4% -5% outside US
0
2011 2016 2021
Excl. UK: +2%

Pending regulatory approval
1. RTDs = RTD cocktails and long drinks, FABs, Hard Coffee/Tea/Kombucha, Hard Seltzers, Wine Spritzers and Coolers
Exploring and innovating in Beyond Beer
Leading and shaping with cider Extending beer brands
Market Share
136 2018-20 2020-22H1
Price Index vs. total cider category XX total
franchise
>70% XX lager
the size of UK Hard Seltzer category,
on-track for 100% by end-year
>150
over-index with 18-34 y.o vs. total
Low cal, low
cider category
carb, natural:
addresses
similar needs 62%
to Hard of Ultra shoppers had not bought
cider in the previous period
Seltzers
Source: Nielsen, internal data

Distell: Transforming capabilities and distinctive brands

Combined business will be the biggest in Beyond Beer Alcohol outside the US 1
Adding to existing capabilities
In 20+ countries 2x since 2016 #1 wine brand

in Africa
2 Lions at Grape-based
Cannes 2022 RTD 7.5% ABV
Premium vs. beer Premium vs. beer Premium vs. beer
Pending regulatory approval
1. Pending regulatory approval
Note: Premium vs. beer based on oberved pricing for similar pack types vs. mainstream beer in South African retailers
Driving brand power delivers more valuable growth
Increasing
Brand Power...
+50
Brand Power Index Change
Q2 2020 to Q2 2022
...by being
Meaningful and
...and value Different...
share gain 118 118
+0.5pp 93
104
Value Market Share Change

2020 to 2022YTD
Meaningful Different
Q2 2020 Q2 2022
...drives pricing
advantage...
136
Price Index vs. Total Catagory
Source: Kantar BGS, Nielsen Q2 2022
We are building an advantaged portfolio of great brands...
Building Brand Power Advantaged Brands

Brand Power Index Changes % of “Pull” vs. “Push” Strategic and Game Changer Brands
2020 vs 2022 - weighted Q2 2022
Brand Power <

206 210 2020 Market Share
2022 ("Push")
94
73
Strategic Brands Game Changer Brands
Brand Power growing for our largest

international brands vs. competition1 Brand Power =
Market Share Brand Power >
largest local strategic brands
9 / 10
Market Share
growing Brand Power1 ("Pull")
1. Q2 2022 vs. Q1 2021

Note: Brand Power based on 40+ brands in 11 countries
Source: Kantar BGS, internal data
...and doing it efficiently and effectively

Focused resource More effective Creativity driving
allocation spend / ROI performance
Strategic and Game Changer Brands vs. Working spend HKN Global TV Link Performance
Rest of Portfolio % total ATL Marketing1 Average Percentiles, %
Marketing & Sales as % Revenue
+6pp
2.2x
+20pp
+20
+18pp
+18
2021
1.5x
2017 2017 2018 2019 2020 2021 2022
YTD
>5%
# of brands making up 80% of M&S spend
29 20 Gross Profit uplift from

Persuasion Meaningful
Difference
2017 2021 investment optimisation 2018 2020 2022
1. ATL Marketing = Above the line marketing expenses
Source: Internal data, Millward Brown
Evolving how we engage and connect with our consumers
Run creativity reel

Heineken :
® Shaping the category since 1864
#1 Beer Brand
2022
Heineken® Ambition
by RSV
Heineken Silver launches
in the Metaverse
7 /10 Top markets gaining

or holding share1
>190 Countries 2017

Be the most
Heineken 0.0 reframes
non-alcoholic beer
2010 meaningful beer

1950’s
‘Beer can travel’
Created pure malt
segment in Brazil brand with young
1886
Revolutionized
1970s
Drives growth adult consumers
quality & taste of of lager in UK
beer
1933
+12% Rev. CAGR
(Re-)entered
the US as 1st
’18 - ’22
1864 import beer
Introduced lager
1.5x Gross Profit / HL

beer in NL
vs. Total Portfolio
1. Q2 2022 vs. Q2 2021
Source: GlobalData, Nielsen, internal data
Creating Meaningful Difference: Heineken ® Brazil
Heineken® Brazil Volume Evolution, 2011-22 (mHL)
Meaningful Differentiation... Still further potential
187 170 159

Meaningful Difference Salience Brand
Power
>
...profitable competitive gains, 2017-21 40%
+40%
CAGR
+30pts +50% +3x

Price Index Rev/HL Value Share
Market
Share
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E
Source: Kantar BGS, Nielsen, internal data

Creativity Driving Heineken ® Brand Power

Most Awarded Food & Drink Brand
#1 Fastest Growing Brand Value at Cannes 2022
Global Brands Equity Value Growth
#1
2022 vs. 2021
spot for food &

16% drinks brands
21
Cannes Lions
-2%
Creative Brand of the Year,

-5% Cannes 2022
-7%
#1 #2 #3 #4
Source: KANTAR BrandZ 2022

Evolving how we engage and connect with our consumers
Run Heineken® ads: 1) Cheers to All Fans, 2) The Closer

Innovating to Drive Sustained Growth
Heineken® Silver Vietnam
Accelerating >50% of franchise incremental

volume in APAC + Europe
Growth
AttractingGen Y/Z
Rejuvenating & mixed gender audiences
the Franchise >10% of volumes in Europe

from new beer consumers
Higher >10% Higher Rev/HL vs. Heineken ®
Original in APAC + Europe

Profitability
Leveraging Sponsorship Platforms at Scale
Unmatched reach Sponsor Recall

Heineken
2.6Bn Most-watched
Annual global audience Annual TV sports event
(21/22 UCL Final)
221m #1
Social media following – Interest of all sports
highest sports property competitions
Growth and diversity of reach Sponsor Recall

Heineken
1.5Bn +3pp
Annual global audience increase in % of women
attending races
Fastest-growth 100m+
in digital followers of all “Drive to Survive” viewers,
sports properties +58% new viewers S3 vs. S2
Source: Nielsen
Leveraging Sponsorship Platforms at Scale
Delivering superior balanced growth
Volume and value growth
Share gain and pricing power
Penetration and premiumisation
Innovation on core and beyond
Growing Brand Power and ROI

What I hope you remember
Winning the hearts of our consumers
to deliver superior balanced growth
Beer category Shaping the Future

and consumers of Beer & Beyond
• Attractive category • Growing, profitable segments
• Opportunities to accelerate • Premiumisation
• Total consumer demand • 0.0 and Beyond Beer potential
• Innovation to meet needs • Track record of leading & shaping
The power Superior growth

of our brands from Heineken®
• Advantaged brands & portfolio • #1 beer brand
• Superior brand-building • Leading on creativity
• Creating more value • Continuing to shape and grow

Capital Markets Event 2022 Shaping The Future of Beer &amp Beyond James Thompson

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Capital Markets Event 2022 Shaping The Future of Beer &amp Beyond James Thompson

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Capital Markets Event

1-2 December 2022, Amsterdam

 Appointed Chief Commercial Officer in 2021

Beer category Shaping the Future

The power of Superior growth

Consumers love beer!

Hot Coffee / Tea

Growth opportunities in emerging and developed markets

>1.5Bn more middle-class consumers in Developed Markets Emerging Markets

Category challenges = Opportunities for growth

Beer share of high Beer penetration

Shifts to deliver superior balanced growth

Strong Foundation Continuing to evolve

Understanding beer consumers Total consumer demand

Expanding our view of consumer demand...

“Alcohol-Appropriate” Consumer Demand Map

Global consumer spend >€1trillion

...to optimise our portfolio and

Boosting our innovation to meet consumer demand...

...to shape the category and beyond

Note: Innovation revenue excludes packaging

Shaping the future through our growth priorities

Premium >25% of category volume, and driving value growth

Premium CAGR 1999-2019

We have led the way on premium, shaping the category

Rate of category Share of

Investing behind a diverse

Global ATL Marketing1 as % Revenue

Desperados: The leading “spirit beer”

11% total portfolio

Rest of Segment of 2021 growth

Source: GlobalData. IWSR, internal data

Incremental and accelerating growth for 0.0 beer,

7 6.2% Incremental 50%+

2x share of category since 2018

Source: GlobalData, internal data

Leading a category that delivers growth,

42% Gross Profit/HL

Source: GlobalData, internal data

A clear model for growth

“It’s not Bud Zero

Source: Nielsen, internal data

Leveraging beer capabilities to innovate in non-alcohol

Energy Malts Hop Water

Energy from the power of malt Non-alc sparkling water with

 HEINEKEN #1 globally in malts

 Nutritional credentials of malt

 >30% of consumers use as a mixer

#2 outside the US in the fastest-growing space in alcohol

Beyond Beer Alcohol, 2016-21 mHL

RTDs1 Rest of World

Excl. UK: +2%

Exploring and innovating in Beyond Beer

Leading and shaping with cider Extending beer brands

Source: Nielsen, internal data

Distell: Transforming capabilities and distinctive brands

Adding to existing capabilities

In 20+ countries 2x since 2016 #1 wine brand

Driving brand power delivers more valuable growth

Value Market Share Change

We are building an advantaged portfolio of great brands...

Building Brand Power Advantaged Brands