By Joshua Kirby

Heineken is scheduled to report results for 2025 on Wednesday morning; here is what you need to know:

SALES FORECAST: The Dutch brewer should post revenue of around 28.74 billion euros ($34 billion) for the year, less than 1% higher than a year earlier at constant currencies, according to a consensus of estimates provided by the company. That includes an expected flatlining in the year's last quarter against a tricky consumer backdrop, notably in Europe, Heineken's backyard and most important market.

EARNINGS FORECAST: Adjusted net earnings for 2025 should have risen 0.7% on year to 2.59 billion euros, with a drop of more than 3% over the second half of the year, according to the company-compiled consensus.

WHAT TO WATCH:

--CHANGES AT THE TOP: Chief Executive Dolf van den Brink surprised markets and analysts last month with an announcement he would step down later this year after six years in charge. Van den Brink's decision comes at a tough time for the company and the wider beer industry, and investors will be listening out closely for any signs of a strategic shift under his successor, who as yet remains unknown.

--FORWARD THINKING: Heineken could prove reticent on guidance for the year given the shaky backdrop and the imminent change in leadership, analysts at Bank of America wrote in a note to clients ahead of the update. "In our view, Heineken could decide to anchor its 2026 guidance to the midterm objectives provided at the recent capital-markets day," such as revenue growth and margin expansion, BofA said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

February 09, 2026 12:07 ET (17:07 GMT)

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