Quick Take: Heineken - Key themes ahead of 2Q26, neutral on org trends, small +ve on EPS

Research evidence excerpt

Quick Take: Heineken - Key themes ahead of 2Q26, neutral on org trends, small +ve on EPS

Trevor Stirling +44 20 7676 7521 trevor.stirling@bernsteinsg.com 30 June 2026

or in connection with, this publication. Sanford C. Bernstein (Singapore) Private Limited is regulated by the Monetary Authority of

Singapore and licensed under the SFA as a capital markets services licence holder for dealing in capital markets products that are

securities and collective investment schemes and an exempt financial adviser for advising on, issuing and promulgating analyses

and reports on securities. Sanford C. Bernstein (Singapore) Private Limited is registered in Singapore with Company Registration

No. 20213710W and located at 8 Marina Boulevard, #12-01, Marina Bay Financial Centre, Singapore 018981, +65-6326-7000.

To our readers in the People’s Republic of China: The securities referred to in this document are not being offered or sold and

may not be offered or sold, directly or indirectly, in the People's Republic of China (for such purposes, not including the Hong Kong

and Macau Special Administrative Regions or Taiwan, the “PRC”) in contravention of any applicable laws of the PRC.

This document does not constitute an offer to sell or the solicitation of an offer to buy any securities in the PRC to any person to

whom it is unlawful to make the offer or solicitation in the PRC.

We do not represent that this document may be lawfully distributed, or that any securities may be lawfully offered, in compliance

with any applicable registration or other requirements in the PRC, or pursuant to an exemption available thereunder, or assume

any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by us which would permit