Amsterdam, 24 April 2019 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) today publishes its trading update for the first quarter of 2019.

KEY HIGHLIGHTS
Beer volume +4.3% organically, with growth in all regions.
Heineken® volume +8.3% with double digit growth in Africa, Middle East & Eastern Europe and the Americas.

CEO STATEMENT
Jean-François van Boxmeer, Chairman of the Executive Board / CEO, commented:

"We had a positive start to the year with volume growth across all regions despite the later timing of Easter, underlining our continued focus on growth and the breadth of our geographic footprint. The Heineken® brand volume was up 8.3%. Our outlook for 2019 remains unchanged, we anticipate our operating profit (beia) to grow by mid-single digit on an organic basis."

FIRST QUARTER VOLUME BREAKDOWN

Beer volume1
(in mhl or %) 1Q19 Total growth % Organic growth % 1Q18
Heineken N.V. 52.7 4.4 4.3 50.5
Africa, Middle East & Eastern Europe 10.1 8.3 7.8 9.4
Americas 19.8 3.2 3.2 19.2
Asia Pacific 7.5 8.2 8.2 6.9
Europe 15.3 1.7 1.6 15.0

Heineken® volume1
(in mhl or %) 1Q19 Organicgrowth %
Heineken N.V. 8.9 8.3
Africa, Middle East & Eastern Europe 1.5 15.5
Americas 3.0 10.7
Asia Pacific 1.6 3.1
Europe 2.9 5.2

Heineken® volume grew by 8.3%. The main markets contributing with double digit growth included Brazil, South Africa, Russia, China, the UK, Nigeria, Mexico, Romania and Germany.

1 Refer to the Definitions section for an explanation of organic growth and updated volume definitions.

REGIONAL REVIEW

Africa, Middle East & Eastern Europe

Beer volume grew organically by 7.8%.
In Nigeria, beer volume grew mid-single digit. Last year was affected by some destocking.
In Russia, beer volume was up double digit, mainly driven by the premium portfolio due to Heineken® and the inclusion of licensed brands Miller Genuine Draft and Staropramen.
In South Africa, total consolidated volume showed double digit growth, driven by Heineken®, Strongbow and Amstel.
In Ethiopia, beer volume grew low-single digit in the context of a price increase and social unrest in parts of the country.
In Egypt, total consolidated volume grew high-single digit, driven by the non-alcoholic beverage portfolio.
In the DRC, beer volume grew high-single digit with growth across the country and most of the brand portfolio.
HEINEKEN opened its first brewery in Mozambique in March.
Americas

Beer volume grew organically by 3.2%.
In Mexico, beer volume was slightly down, impacted by the later timing of Easter and lower promotional activity. The premium portfolio grew double digit, led by Heineken®.
In Brazil, beer volume grew double digit, driven by both the premium portfolio led by Heineken®, and the mainstream portfolio led by Amstel and Devassa.
Beer volume in the USA declined mid-single digit. Heineken® 0.0 was introduced in the quarter.
Asia Pacific

Beer volume was up organically by 8.2%.
In Vietnam, beer volume grew high-single digit, driven by Tiger and Larue.
In Indonesia, beer volume increased low-single digit driven by the low- and no-alcohol portfolio.
In Cambodia, beer volume grew double digit, driven by Anchor and Tiger.
In China, beer volume grew mid-single digit, driven by the double digit growth of Heineken®.
Europe

Despite the later timing of Easter, beer volume grew organically by 1.6% benefiting from better weather conditions across the region.
In the UK, total consolidated volume was up low-single digit helped by some inventory build-up anticipating Brexit and the re-listing at a large retailer.
In France, beer volume was up mid-single digit, with double digit growth of Desperados and Affligem.
In Italy, beer volume grew mid-single digit, with strong double digit growth of Ichnusa.
In the Netherlands and Spain, beer volume was flat.
In Poland, beer volume was down mid-single digit following a change in stocking policy at our largest distributor.
REPORTED NET PROFIT

Reported net profit for the first three months of 2019 was €299 million (2018: €260 million).

TRANSLATIONAL CURRENCY UPDATE

Using spot rates as of 17 April 2019 for the remainder of this year, the calculated positive currency translational impact would be approximately €80 million at operating profit level (beia) and €50 million at net profit level (beia).

BREWING A BETTER WORLD

On 19 March 2019, HEINEKEN announced its 2030 'Every Drop' water vision in support of United Nations Sustainable Development Goal 6, dedicated to water protection. Under 'Every Drop', HEINEKEN has defined its commitments on water rebalancing, water circularity and reduction of water usage with focus on water-stressed areas. For more details please visit: www.theHEINEKENcompany.com/Media/Features/Every-Drop-Protecting-Water-Resources.

DEFINITIONS

HEINEKEN has updated its definitions of volume metrics as below. 2018 figures have been restated accordingly:

Brand specific volume (Heineken® Volume, Amstel Volume, etc.)

Brand volume produced and sold by consolidated companies plus 100% of brand volume sold under licence agreements by joint ventures, associates and third parties.

Beer Volume
Beer volume produced and sold by consolidated companies.

Non-Beer Volume
Cider, soft drinks and other non-beer volume produced and sold by consolidated companies.

Third Party Products Volume

Volume of third party products (beer and non-beer) resold by consolidated companies.

Total Consolidated Volume

The sum of Beer Volume, Non-Beer Volume and Third Party Products Volume.

Licensed Beer Volume

100% of volume from HEINEKEN's beer brands sold under licence agreements by joint ventures, associates and third parties.

Group Beer Volume
The sum of Beer Volume, Licensed Beer Volume and attributable share of beer volume from joint ventures and associates.

Organic Growth

Organic growth in volume excludes the effect of consolidation changes.
Volume Metrics: First Quarter 2019*

Most recent information is available on HEINEKEN's website: www.theHEINEKENcompany.com and follow us on Twitter via @HEINEKENCorp.

The Heineken Holding on
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