Heineken Holding Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,138	1,161	2,401	3,039	3,535
Depreciation & Amortization	2,609	2,605	3,096	1,886	1,959
Other Adjustments	-160	892	-889	-242	-1,286
Change in Receivables	54	347	-42	-668	-697
Changes in Inventories	2	-39	-4	-793	-308
Changes in Accounts Payable	271	543	-100	981	1,268
Changes in Other Operating Activities	98	-6	-32	-207	-290
Operating Cash Flow	5,012	5,503	4,430	4,496	4,181
Operating Cash Flow Growth	-8.92%	24.22%	-1.47%	7.53%	33.32%
Capital Expenditures	-2,133	-2,184	-2,434	-1,791	-1,324
Sale of Property, Plant & Equipment	166	152	154	112	86
Purchases of Intangible Assets	-269	-281	-243	-220	-273
Purchases of Investments	-248	-265	-653	-264	-874
Proceeds from Sale of Investments	39	133	149	39	51
Payments for Business Acquisitions	-17	-4	-806	-171	54
Proceeds from Business Divestments	7	14	257	9	3
Investing Cash Flow	-2,455	-2,435	-3,576	-2,286	-2,277
Long-Term Debt Issued	6,582	3,076	6,751	644	1,571
Long-Term Debt Repaid	-4,051	-4,091	-4,614	-1,934	-3,362
Net Long-Term Debt Issued (Repaid)	2,531	-1,015	2,137	-1,290	-1,791
Repurchase of Common Stock	-658	-5	-942	-43	12
Net Common Stock Issued (Repurchased)	-658	-5	-942	-43	12
Common Dividends Paid	-1,276	-1,199	-1,335	-1,099	-796
Other Financing Activities	-401	-355	-676	-695	-308
Financing Cash Flow	196	-2,574	-816	-3,127	-2,883
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-151	-166	-231	-21	16
Net Cash Flow	2,753	494	38	-917	-979
Free Cash Flow	2,879	3,319	1,996	2,705	2,857
Free Cash Flow Growth	-13.26%	66.28%	-26.21%	-5.32%	74.74%
FCF Margin	9.94%	11.10%	6.49%	9.37%	12.18%
Free Cash Flow Per Share	10.24	11.73	7.03	9.39	9.92
Levered Free Cash Flow	4,330	402	3,837	129	1,177
Unlevered Free Cash Flow	3,278	2,953	3,600	3,197	4,962

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.