superior & profitable growth in a fast-changing world

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Superior & profitable growth in a fast-changing worldFebruary 2021

2

Disclaimer

This presentation contains forward-looking statements with regard to the financial position and results of HEINEKEN’s activities.

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those

expressed in the forward-looking statements.

Many of these risks and uncertainties relate to factors that are beyond HEINEKEN’s ability to control or estimate precisely, such as

future market and economic conditions, developments in the ongoing COVID-19 pandemic and related government measures, the

behaviour of other market participants, changes in consumer preferences, the ability to successfully integrate acquired businesses

and achieve anticipated synergies, costs of raw materials, interest-rate and exchange-rate fluctuations, changes in tax rates, changes

in law, change in pension costs, the actions of government regulators and weather conditions. These and other risk factors are

detailed in HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking

statements, which speak only of the date of this presentation.

HEINEKEN does not undertake any obligation to update these forward-looking statements contained in this presentation. Market

share estimates contained in this press release are based on outside sources, such as specialised research institutes, in combination

with management estimates.

3

FY 2020 performance Strategic review

Agenda

4


Agenda

5

A year of profound impact and transition

People at the heart of our response

Our People

Our Customers

Our Consumers

Our Communities

Top decile employee engagement #SocialiseResponsibly campaigns

c. €50m rental waivers for bars >€23m donations

6

FY 2020 Highlights

Consolidated Beer Volume OG

-8.1%

Heineken® Volume

-0.4%

Net Revenue (beia) OG

-11.9%

Net Revenue (beia) OG per hl

-2.4%

Operating Profit (beia) OG

-35.6%

Operating Profit Margin (beia)

12.3%

Net Profit (beia) OG

-49.4%

6

Top-line performance materially impacted by government restrictions to contain COVID-19

>90% of operating profit decline coming from Europe, Mexico, South Africa and Indonesia

c. €800 million cost mitigationDiluted EPS (beia) EUR

2.00

Strong competitive performance andHeineken® momentum

7

AMEE Region

Strong recovery in NIGERIA in second half, growing volume FY and winning

market share. Double-digit growth in premium, led by Heineken® and Tiger

SOUTH AFRICA strong momentum disrupted by alcohol bans and capacity

constraints. Heineken® 0.0 grew double-digits

PREMIUM PORTFOLIO outperformed broader portfolio in most key markets

like Nigeria, Ethiopia, Russia, the DRC, Ivory Coast, Burundi and Mozambique


-9.5%


-33.8%

Price Mix on constant geographic

basis

+2.2%

Beer Volume OG

-9.2%

7

8

Americas Region

MEXICO government restrictions and dry laws eased in second half. Strong

price mix c. 2x inflation. Amstel Ultra, Heineken® 0.0 and cider grew strongly

BRAZIL volume flat while hitting maximum capacity in Q4. Rev per hl growth in

the low teens. Premium and mainstream grew double-digits, now 50% of the

beer portfolio led by Heineken® with >40% growth

USA impacted by supply disruptions and on-premise closures. Heineken® grew

low single-digit, the best performance in a decade. Heineken® 0.0 is #1 in

non-alcohol8


-2.9%


-4.8%


basis

+6.8%

Beer Volume OG

-7.5%

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APAC Region

VIETNAM volume was stable, significantly outperforming the market and

confirming our market leadership. Mainstream grew double-digits with Larue

and Bia Viet. Heineken® Silver doubled its volume.

CHINA strong double-digit Heineken® growth. Now in the top five markets

for the brand globally

INDONESIA heavily impacted by absence of tourism and on-trade

restrictions. Outperformed the market in all regions, except Bali


-11.5%


-16.4%


basis

-2.4%

Beer Volume OG

-7.9%

9

10

Europe Region

High exposure to ON-TRADE heavily impacted results, particularly in Q2

and Q4

OFF-TRADE continued to grow, driven by premium with strong performance

of Desperados, Birra Moretti and Sol. Outperformed the market in UK, Italy,

France, Spain, Poland and the Netherlands

NON-ALCOHOL portfolio outperformed the market led by Heineken® 0.0,

strengthening our leadership in the segment


-18.8%


-68.6%


basis

-5.4%

Beer Volume OG

-8.2%

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Double-digit growth markets

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Heineken® volume

-0.4%

Heineken® 0.0 markets

84

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Heineken®: The most trusted international brand

More than 40% growth in Brazil and impressive start of Heineken® 0.0, now #3 globally

Heineken® 0.0 grew double-digits and was launched in 27 new markets

Heineken® Silver more than doubled its volume in Vietnam and was launched in China

Excluding South Africa, Heineken® volume grew 2.8%

12

E-Commerce acceleration @ Beerwulf

Nearly doubled revenue versus last year

FebJan Mar JunMayApr AugJul Sep Oct Nov DecDec

Beerwulf Net Revenue (beia)per month

Tripled # of orders across all platforms

2020

5x

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Financial Overview

13

Key Financials€m unless otherwise stated FY 2020

Total Growth

Organic Growth

Revenue 23,770 -16.7%

Net revenue (beia) 19,724 -11.9%

Operating profit (beia) 2,421 -35.6%

Operating profit (beia) margin 12.3% -455 bps

Net profit (beia) 1,154 -49.4%

Net loss -204 -109.4%

Diluted EPS (beia) in € 2.00 -54.3%

Free operating cash flow 1,513

Net Debt/EBITDA (beia) ratio 3.4x

1414

Top-line impacted by COVID-19Net Revenue (beia): 11.9% organic decline

€m23,894

FY 2019 Net Revenue

(beia)

Total Volume Net rev/hl

5.3%

CurrencyTranslation

0.2%

ConsolidationImpact

19,724

FY 2020 Net Revenue

(beia)

€m

Organic decline

€2,853m

-9.8%Volume OG1

-2.4%Net rev/hl OG1

1515

1. ‘Variable expenses’ include input costs, goods for resale, transportation and other variable expenses2. ‘Cost mitigation’ includes selling & marketing expenses, repair & maintenance, personnel expenses, energy & water, other fixed expenses3. ‘Other’ includes other P&L items of which Depreciation & Amortization represent >90% of this effect

Diligent action on costs to mitigate the impactOperating Profit (beia): 35.6% organic decline

4,020

2,421

FY 2020 Operating

Profit (beia)

Currency Translation

Others3Net Revenue less Variable

Expenses1

c. 2,055

FY 2019 Operating

Profit (beia)

c. 800

CostMitigation2

c. 175129 40

Consolidation Impact

€m

€m

Organic decline €1,430m

>90% - EUR, MX, SA & ID

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c. €800m

38%Personnelcosts

57%Marketing & Sales spend

5%Other

1. Excludes the effects on input costs, goods for resale, transport and depreciation

Cost mitigation represented net reduction of c. 9% of addressable fixed cost base1

Sharp resource allocation towards growth brands, D&T foundational platforms and selected routes to market

Most cost mitigations are non-repeating benefits

Balanced reduction of discretionary expenses

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Total EIAs

€1,643m

€331mRestructuring

€273mAmortisation

€963mImpairment

€76mOther

Impairments driven by COVID

Amortisation comparable to previous years

Restructuring charges mainly associated with organisational redesign

Exceptional items and amortisation of acquisition-related intangible assets on operating profit

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2,228

1,513

1,663

339

486

123

Cash flow from operations1

FY 2019 FOCF

Working Capital Capex2 Interest, dividend & income tax

FY 2020 FOCF

€m

€m

FOCF impact mitigated by reduction of non-committed CAPEXFree Operating Cash Flow: €1,513 million

1. Cash flow from operations before changes in working capital and after provisions and post-retirement obligations2. Cash flow (used in/)from operational investing activities

19

Committed to long term target <2.5xNet Debt/EBITDA (beia)

19

3.3

2.6

2.2 2.2

2.82.6 2.5 2.4 2.3

2.52.3

2.6

3.4

112008 14 202009 1510 12 13 16 17 18 19

Long term target

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Closing a decade of Brewing a Better World

“If you’re driving, don’t drink this.”responsible consumption campaign

launched in New Zealand

>100% water balancedat 10 sites in Mexico,

Spain and Egypt1

100% green energyused to brew Heineken®

in the Netherlands and Brazil2

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1. Ten sites replenish more water in the respective watersheds than their annual beverage production volume2. Domestic markets only

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Product & channel mix to continue to adversely impact results

For 2021, we expect

Pandemic to continue to impact first half of 2021

Conditions to gradually improve in second half 2021

Revenue, operating profits and margin to stay below 2019 level

A higher negative transactional currency impact on input costs

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A year of profound impact and transition

Impact of COVID-19, amplified by on-trade and geography

Strong balance sheet and dividend in line with policy

22

Sharp mitigating actions while continuing to invest for the future

Strong competitive performance and Heineken® momentum

Solid results of Brewing a Better World 2020

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Agenda

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Navigate the crisis,

while BUILDING THE FUTURE

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Future proof HEINEKEN

Invest in new sources of growth & restore operating leverage

NURTURING OUR

CULTURE WHILE

BOOSTING

ADAPTABILITY

BUILDING ON

STRENGTHS, ADDRESSING

VULNERABILITIES

A MULTI-YEAR,

MULTI-DIMENSIONAL

JOURNEY

SUPERIOR & PROFITABLE

GROWTH IN A FAST-

CHANGING WORLD

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Framing our way forward: HEINEKEN growth algorithm

Our unique strengths & opportunities Continuous

productivity improvements

Superior growth

Raise the bar on Sustainability &

Responsibility and People strategy

Long-term value creation Acceleratedinvestments

& sharper resource

allocation

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HEINEKEN growth algorithm

Our unique strengths & opportunities Continuous


Superior growth



Long-term value creation

SUPERIOR GROWTH company

Significant VALUE CREATION POTENTIAL going forward

Acceleratedinvestments

& sharper resource

allocation

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Building on a strong foundation

A growth company, innovating and pioneering in the beer industry

Our long-term focus rooted in our 156-year history

OpCo centric, entrepreneurial model driven by 80+ OpCos

HEINEKEN values, quality and people centric culture

Heineken® brand present in over 190 markets

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3.9%

3.3%

Soft Drinks

HEINEKEN

Other brewers

Spirits

3.9%

Food

5.0%

2.6%

Revenue OGavg 2015-20191

+5.5%Heineken® Volume OG (avg 2015-2019)

HEINEKEN is a superior growth company

+3.1%Beer Volume OG (avg 2015-2019)

+5.0%Net Revenue OG (avg 2015-2019)

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1. Other brewers (ABI, CARLB, STZ & TAP); Spirits (DGE, CPR, RCO & RI); Food (NESN, BN & ULVR); Soft Drinks (CCH, CCEP & BVIC). Organic revenue growth as reported by corporates in each year

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Diversified global footprint geared for growth… …with known challenges to address

Value dilutive operations

Exposure to FX volatility

Significant deals

Operating Companies

Joint Ventures / Associates

Licences

Export

Reduced inorganic headroom

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Winning premium brand portfolio…

5.5% 20.8%

Heineken® International brands

Tiger

18.2%

Local premium champions

+60bps

Expected volume growth of HEINEKEN premium vs. 3.6% overall premium beer market1

…to capture the growing opportunity in premium

Source: Global Data, Statista

Volume OG (avg 2015-2019)

>100m People entering the middle class each year

Volume OG (avg 2015-2019)2 Volume OG (avg 2015-2019)3

>40% of total beer revenue from premium in 2019

1. Expected 2021-2025. Methodology: HEINEKEN 2019 footprint and stable market share in each country going forward2. Organic volume growth of Tiger3. Organic volume growth of Ichnusa

32

Global market leader in 0.0…

New consumer segments & occasions

Penetration uplift potentialin the medium / long term1

1.2x

Blurring beverage landscape

Flavoured alcoholic beverages volume growth potential1

5.5x

0.0 flourishing

Non-alcoholic beer long term volume growth potential1

5.2x

1. Assumes closing the penetration gap vs. the benchmark; for FAB the US market is used as benchmark, for Low Alcohol Spain and for underserved segments gaps in consumption looking at gender, age and affluency

…and substantial market opportunity to expand beer and move beyond

Women, affluent, older and young generation

~1.4x Total market share 0.0 versus fair share

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38

57

84

2017 18 19 2020

Heineken® 0.0 # of markets

Source: Global Data

replace

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Our OpCo-centric model is a competitive advantage…

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...with value creation opportunity by leveraging our scale

CONTINUOUS PRODUCTIVITY improvement

More focused PORTFOLIO STRATEGY

Foster CROSS-OPCO learnings

High PROXIMITY resulting in deep UNDERSTANDING of local customers and consumers

LOCAL accountability, entrepreneurship, adaptability and agility

Faster COMMON PLATFORMS adoption

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Pre-COVID margin stagnation…

0

10

20

162015 17 18 2019

Marketing & Sales spend% of revenue2

Operating profit margin% of revenue2

Gross profit margin1

% of revenue2

…with slipping Marketing & Sales spend

1. GP Margin is calculated as Net Revenue minus Raw Materials, Non-Returnable Packaging, Goods for Resale, Inventory Movements, Transport Expenses and Energy & Water

2. 2015 & 2016 restated based on pro-rata (of revenue) of 2017 restatement adjustments for IFRS 15

16

0

20

172015 16 18 20190

50

65

182015 16 17 2019

35

16.8%

12.3%

2019 2020

Continued COST PRESSURE from inflation, commodities

and significant transactional currency effects

Steep DROP IN REVENUE with VARIABLE RECOVERY

OPERATIONAL DELEVERAGE amplified by impact in

Europe on-trade, which will take time to fully recover

Operating profit margin development% of revenues

Deep COVID impact… …stretching beyond 2020

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A foundation in Digital & Technology…

27% ERP standardisation completed since 2017

>€1bn Net revenue from B2B platforms

Kick-started standardisation

Strong eCommerce momentum

Remaining IT backlog

8 BASE go-lives in 2020, all done remotely

35 ERP systems

Limited re-use of applications across OpCos

Limited current scale of B2B and B2C platforms

Potential disruption of fragmented trade channels

>3x Number of orders in D2C in 2020 vs. 2019

…and opportunity to further unify IT & capture full eCommerce potential

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Employees

Society

Industry

Institutions

Communities

Consumers

Source: Nielsen 2018, Edelman Trust Barometer 2020

…ready to raise our ambition towards 2030

Solid results on Brewing a Better World1 2020 targets…

33% REDUCTION VERSUS 2008 of average water consumption to 3.4 hl/hl in all breweries, and to 3.1 hl/hl in water-stressed areas

ACCIDENT FREQUENCY REDUCED BY 58% versus 2015 to 0.58 accidents per 100 FTE

58% of our main agricultural raw materials came

FROM SUSTAINABLE SOURCES

55% OF MARKETS in scope invested >10% OF HEINEKEN® MEDIA SPEND in responsible consumption campaigns2

51% REDUCTION IN CO2 EMISSIONS in our breweries since 2008, down to 5.1 kg CO2-eq/hl

Our operating companies contributed >€36M TO LOCAL COMMUNITIES in 20203

1. More comprehensive details in Annual Report2. Due to COVID-19, we expanded the scope of our commitment with Heineken® “Back to the bars #socialiseresponsibly”

campaign. Including this campaign, 98% of markets in scope invested at least 10% of Heineken® media spend3. Including cash and in-kind donations, employee time and management costs

38

Strong culture and healthy organisation climate…

…with opportunities to boost external orientation and capability building

OUTSTANDING employee engagement

Strong values built on TRANSPARENCY, TRUST and RESPECT

NO-NONSENSE ‘Deliver the Goods’ MENTALITY

SPEED, AGILITY & EXTERNAL orientation

TALENT and CAPABILITY management

Networked ORGANISATION

Source: Employee survey

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IN A NUTSHELL: HEINEKEN is a superior growth company, with significant value creation potential going forward

Accelerate IT SIMPLIFICATION and capture full E-COMMERCE potential

Raise our BREWING A BETTER WORLD AMBITION towards 2030

Enhance our PORTFOLIO and strengthen our DIGITAL ROUTE TO CONSUMER, with CONSUMERS and CUSTOMERS at the core

Drive SPEED, AGILITY & EXTERNAL ORIENTATION in our organisation

Complement GROWTH with increased PRODUCTIVITY FOCUS

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Our unique strengths & opportunities

Long-term value creation Continuous


Superior growth



HEINEKEN growth algorithm Recover TOP-LINE post pandemic

Drive SUPERIOR GROWTH with CONSUMERS & CUSTOMERS at the core


& sharper resource

allocation

41

HEINEKEN is first and foremost a growth company

Strengthen and optimise our footprint to maintain a growth advantage

Focus and expand our portfolio to better serve consumers

Drive intentional resource allocation towards growth

Footprint Portfolio

Scale execution excellence through commercial capability building

Commercial execution

Shape and strengthen our route to consumer digitally

Route to consumer Resource allocation

Our 5 pillar growth strategy has consumers and customers at its core

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Strengthen and optimise our global footprint to maintain our growth advantage

Strengthen our #1 and #2

positions

Resolve value dilutive

operations

Greenfield expansion into new

growth markets

Myanmar

Ethiopia

Colombia

Ivory Coast

Mozambique

Markets with #1 or #2 positions HEINEKEN and JV partners Other markets White spaces Greenfield / acquisition market entry

Ecuador2019

Peru2020

2019

2016

2017

2015

2014

Philippines2016

Australia2021

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International brandsHeineken® Local premium champions

Win value share, everywhere Scale and replicate success Fewer, bigger bets

Amplify our strong premium position

44

Expand our portfolio and innovate to better serve consumers

Make 0.0% beer available everywhere, always

Scale Heineken® 0.0 leadership

Extend 0.0 options across entire portfolio

Move beyond beer to serve consumers better

Expand leadership in Cider

Speed up to take above fair share in Hard Seltzers globally

Expand beer to new consumer needs & occasions

Step-up to meet the growing demand for easy to drink and refreshing beer

45

Become the best-connected brewerStrengthening our Route to Consumer, digitally enabled

Digitally connect all our customers via B2B, with €10Bn revenue in 2025

1

Full sales force digitally empowered by 2023

2

Shaping our “Connected Bar” strategy, which includes ePOS deployments in key markets

3

4 Invest selectively in D2C, with focus on Beerwulf, SIX to Go and Drinkies

Channels Consumers

Distributor / Wholesalers Fragmented

Trade

Modern TradeDigitally Empowered Salesforce

B2B platforms

1 2

Distributors / Wholesalers

eRetail

Connected Bar

D2C

B2B

iDDM5 Touch all consumers with Individual

Data Driven Marketing

1

3

4

5

46

Continuous productivity

improvements

Superior growth




Launch ambitious PRODUCTIVITY PROGRAMME

Embed a COST-CONSCIOUS culture


Long-term value creation Acceleratedinvestments

& sharper resource

allocation

47

Footprint optimisation

Process standardisation

Digitalisation

Organisational redesign

We see a path to continuous productivity improvements

47

Mitigating cumulative inflation and transactional FX

Gearing for operating leverage when top-line recovers

Restoring Marketing & Sales spend levels

Front-loading investments in Digital & Technology

Re-investing in growth:

Continuous renewal of global and local initiative funnel

Embedded in performance management

Cross-OpCo learning and benchmarking

Starting with €2bn in gross savings initiatives

Building one company-wide productivity management system

Productivity initiative funnel

48

Three key productivity areas to deliver the €2bn gross savings

1. Excluding savings on other fixed costs (e.g. travel, infrastructure)2. In 2020 restructuring costs amounted to €331 million, mainly related to this programme

Organisational redesign

€350mdirect personnel cost savings1

~8,000 FTE impacted

Three year programme: implemented over 2021-2023

Commercial effectiveness

Media ROI

Digital-enabled sales excellence

COGS efficiency

Complexity reduction (SKUs)

Conversion excellence

€420m restructuring costs2 Non-consumer facing spendLogistics optimisation

Total cost to achieve: ~€500m OPEX and ~€400m CAPEX

49

16.8%

Operating Margin2019

12.3%

Operating Margin 2020

Topline Growth Cumulative inflation

Productivity Savings1

Reinvestments

Margin recovery

to +/-17%

Operating Margin2023

Recover operating margin by 2023 and gear for operating leverage beyond

COVID recovery

Gradual on-trade recovery

Accelerated premiumisation

€2bn gross savings Restore Marketing & Sales spend levels

Front-load D&T investments

Includes transactional FX

INDICATIVE

Commercial productivity

savingsCommercial productivity

reinvestments

1. Excludes 2020 cost mitigations

50



improvements

Superior growth





Restore and sharpen CONSUMER & CUSTOMER FACING INVESTMENTS

Frontload DIGITAL & TECHNOLOGY

DISCIPLINED use of CAPITAL


& sharper resource

allocation

51

Accelerate our investments and make them work harder

Marketing & Sales

New consumer propositions & occasions

Fewer, bigger brands

Growing customers and channels

Restore 2019 spend % by 2023 Fully reinvest commercial productivity gains

Digital & Technology

Digital core & backbone

Advanced analytics & BI

Digital route to consumer

Front-load investments to accelerate transformation & build a future-proof HEINEKEN

52

Sharper and more deliberate marketing and sales spend allocation

Optimise spend within OpCos Focus spend between OpCos

APAC example1

~25BRANDS SELECTED focusing on premium

Up to 4xINCREMENTAL

marketing spend in each

Europe example

60DEPRIORITIZED BRANDS

+90bpsQUICK RECOVERY markets,

2021 vs 2020

-110bpsDELAYED RECOVERY markets,

2021 vs 2020

52

1. Marketing & sales spend as % of revenue

53

Disciplined use of capital

Improve operating capital efficiency and cash flow conversion

Rigorous financial discipline towards investments

Committed to Net Debt to EBITDA ratio <2.5

Sustain healthy dividend pay-out of 30-40% of Net Profit (beia)

1

2

3

4

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54



improvements

Superior growth


Long-term value creation Raise the bar on Sustainability &

Responsibility andPeople strategy

LAUNCH OF S&R 2030 ambition later in 2021

LEVERAGE OUR PEOPLE STRENGTHS to evolve our CULTURE, CAPABILITIES and OPERATING MODEL


& sharper resource

allocation

55

Sustainability & Responsibility focus areas in the next decade

Social sustainabilityEnvironmental sustainability Responsible consumption

Carbon

Water

Circularity

Always a Choice

Moderation

Transparency

Inclusion & Diversity

Fairness & Safety

Community

Launch of S&R 2030 ambition and programme later in 2021

56

Raise the bar on our people strategy

Boost capability buildingStrengthen culture Enhance OpCo centric model

High speed and agility

Consumer & external orientation

Cost conscious culture

Disciplined entrepreneurship

Common ways of working

Cross-silo learning culture

Inclusion & diversity

Strong local talent pipeline

Foundational & spiky capabilities

57

“Disciplined entrepreneurship”: getting the balance right

Framework

Alignment

Focus

Common process

Internally collaborative

Freedom

Empowerment

Explore

Local relevance

Externally competitive

58

Stacey TankChief Corporate Affairs & Transformation Officer

ET member since: June 2020Years in company: 41

Renewed Executive Team

Dolf van den Brink

Chief Executive Officer &Chairman of the Executive Board

ET member since: April 2018Years in company: 23

Laurence Debroux

Chief Financial Officer &Member of the Executive Board

ET member since: April 2015Years in company: 6

Jacco van der LindenPresident Asia Pacific


Søren HaghPresident Europe


Marc BusainPresident Americas

ET member since: July 2015Years in company: 25

Ronald den Elzen Chief Digital & Technology Officer

ET member since: March 2020Years in company: 26

Roland PirmezPresident AMEE

ET member since: July 2015Years in company: 26

Yolanda TalamoChief People Officer

ET member since: January 2021Years in company: 4

Magne SetnesChief Supply Chain Officer

ET member since: May 2020Years in company: 20

James ThompsonChief Commercial Officer

ET member from: March 2021Years in company: -

1. Previous experience in HEINEKEN 2012-2015

59



improvements

Superior growth





Deliver SUPERIOR top-line growth

RECOVERY to +/-17% operating margin by 2023

Gear for OPERATING LEVERAGE beyond


& sharper resource

allocation

60

Phasing

Mitigate Grow & ExpandRecover & Build

2020-2021H1 2021H2 - 2023 2024 and beyond

Post pandemic top-line recoveryGrowth Pandemic revenue impact Superior growth

Productivity €2bn productivity programmeShort-term mitigation Operating leverage

Cost-conscious culture

Investments Restore M&S spend levels

Frontload D&T investment

Reduce all discretionary spend

Selective capex investments

Scale brand investment

Leverage D&T investment

S&R and People

Launch next level S&R programme

Build spiky capabilities

Health & safety focus

New team

S&R delivery

Networked organisation

61

Expand our aspiration

RONAReturn on Sales

HEINEKEN Golden Triangle

Green diamond

Growth

Sustainability & Responsibility

ProfitabilityCapital

efficiency

Revenue & Market

Share Growth

62

Our renewed approach to long-term value creation and goals

STEP UP capital efficiency

Net debt / EBITDA ratio <2.5

30-40% dividend pay-out ratio

Raise the bar on ENVIRONMENTAL & SOCIAL sustainability

Champion RESPONSIBLE consumption

Deliver €2BN COST SAVINGS

RECOVER to +/-17% operating margin

by 2023

Gear for OPERATING LEVERAGE beyond

Growth

Sustainability & Responsibility

ProfitabilityCapital

efficiency

Deliver SUPERIOR TOP-LINE GROWTH

ACCELERATED INVESTMENT to meet

fast-changing consumer and customer needs

63

Q&A

superior & profitable growth in a fast-changing world

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