Q COSTA RICA — Heineken Costa Rica contributed €492 million (US$568 million) — approximately 255.7 billion Colones — to the revenue of its parent company, Heineken N.V., during the period from January 30 to June 30, 2026.
This figure was included in Heineken’s half-year results, released on August 5 in Amsterdam.
The financial statements cover the six-month period ending June 30, 2026.
Heineken took control of the Costa Rican beverage and retail businesses of Florida Ice and Farm Company S.A. (Fifco) on January 30, 2026.
Although it contributed revenue to the group, Heineken Costa Rica recorded a loss of €6 million during the same period. This figure includes one-time adjustments related to the acquisition, according to the results published by the company.
Heineken also presented a calculation to measure the effect of having taken control of the Costa Rican operation from the beginning of the year.
According to the document, if control had been obtained from January 1st, the group’s consolidated revenues would have been €17.625 billion during the first half of the year.
This amount is €66 million higher than the revenues actually reported by Heineken for that period, which were €17.559 billion.
Purchase completed in January
The transaction made Heineken the controlling shareholder of Heineken Costa Rica, after acquiring the 75% stake it did not already own in Fifco.
The transaction also included the remaining 75% of Nicaragua Brewing Holding S.A. and the remaining 25% of Cervecería Panamá S.A.
With these moves, Heineken increased its indirect stake in Compañía Cervecera de Nicaragua from 12.45% to 49.85% and its controlling stake in Heineken Panamá from 75% to 100%.
The transaction was announced in September 2025 as a deal worth approximately US$3.25 billion.
Fifco shareholders approved the transaction on October 7, 2025, with 98.9% support at an Extraordinary General Meeting.
The Costa Rican conglomerate is selling its beverage, food, and retail divisions, including the iconic Imperial beer.
By Juan Pablo Arias
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Purchase Transaction
Heineken reported at the end of June that the cash price for Fifco’s beverage and retail businesses was €2.694 billion, equivalent to $3.224 billion.
In addition, it paid €144 million to settle loans between the two parties, bringing the total cash disbursement to €2.838 billion, or about $3.396 billion.
Including adjustments related to cash flow hedges and other items, the total amount of the transaction reached €2.921 billion.
In its report, Heineken stated that the acquisition of Heineken Costa Rica strengthens its position in the Central American market and expands its product offering.
The acquisition gave it control of Imperial and Pilsen, which the company considered the leading beer brands in Costa Rica.
It also incorporated the non-alcoholic beverage operations of Fifco, whose main brand is Tropical.
The Dutch group added that the transaction adds a retail network that improves its distribution capabilities and market reach.
Imperial, Pilsen, and Tropical represent the majority of the intangible assets valued at Heineken Costa Rica.
Integration ahead of schedule