(BFM Stock Exchange) – The brewer has announced results greater than his expectations and those of the market for 2024. Heineken also unveiled a two -year action buyout program, which pleases the market.

Investors savor Heineken’s publication. The Dutch brewer jumped more than 12.7% around 12:30 p.m. on the Amsterdam Stock Exchange this Wednesday, February 12 after having published his results of the year 2024.

The Batave group has sold more beers than expected, despite consumer morale at half mast in Europe. In volumes, Heineken beer sales increased by 1.6% in comparable data to 240.7 million hectoliters against a drop of 4.7% in 2023. This increase is slightly higher than the expectations of analysts who were tabling On an increase of 1.3%, according to a consensus quoted by Oddo BHF.

“The volume of beer has increased in the four regions (Africa and Middle East, Americas, Asia-Pacific and Europe, Editor’s note), both in the developed and emerging markets” explains its general manager, Dolf Van Den Brink.

“Results significantly superior to the average”

On the turnover side, it fell slightly from 1.2% in data published over one year at 36 billion euros due to negative exchange effects. But in organic data (excluding perimeter and exchange effects), Heineken reveals a 5% increase in its annual turnover, which is significantly higher than the expectations of ODDO BHF.

A little lower in the accounts, its operating profit (EBIT) 2024 increased by 8.3% in organic data, to 4.512 billion euros. There too, Heineken surprises the markets. Oddo BHF was tapped on an organic increase of 5.1% when consensus anticipated an increase of 5.3%. The corresponding margin reaches 15.1%, which is also above expectations, housed at 14.7%.

“The brewer has announced results clearly higher than the average in almost all key areas, with organic growth of the EBIT and a particularly high EBIT margin (higher than the upper limit of objectives)”, appreciates Oddo BHF.

The Dutch brewer’s net profit dropped from 57.6% to 978 million euros against 2.3 billion in 2023. But reading this indicator is somewhat blurred by an exceptional element. The company had to pass a major depreciation in the Chinese company China Resources Beer (of which it owns 40%), by more than 870 million euros, in its accounts of the first half.

“We have obtained solid results with generalized growth and an increase in profits,” also said Dolf van den Brink.

Encouraging perspectives

The prospects announced by Heineken for 2025 also appeal to investors. The brewer anticipates “continuous growth of volumes and income” this year despite “macroeconomic challenges”. The company cites the weakness of consumer morale, inflationary pressures or geopolitical developments, which will be across the brewer’s path.

The company specifies, however, that the first quarter will be affected by a high comparison base and penalized by technical factors such as the reduced number of sales days and the Easter and TếT calendar (Vietnamese New Year which took place on January 29 2025, editor’s note)

The group also expects an increase in its operating profit, before exceptional elements and depreciation, between 4% and 8% this year. Heineken has also announced an action buy -back program of 1.5 billion euros over two years.

“The combination of a solid free cash flow and greater than expected deleveraging has led to a significant 7.5% increase in the dividend and the announcement of a 1 share buy-back program, 5 billion euros over two years “, also notes Oddo BHF which maintains its recommendation at neutral and its target of 85 euros.