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Heineken Misses On Q4 Rev & FY Income, Guides Single Digit Growth


  • Looks like a 1% miss for Q4 Rev with misses in all regions aside from Europe and org Rev growth of +5% vs. expectations of +7%. FY Income missed by over 6%.
  • FY24 guidance of low-high single digit Op Profit Org Growth (from 1.7% this year) with higher net finance expenses and effective tax rate. CapEx to Net Rev seen flat (9% vs 8.8% this year).
  • Leverage of 2.4x from 2.7x at H123.
  • EUR spreads broadly muted in early trading, up to 2bps wider in places.

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