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15.2.2024 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES APS 7,526 4,515.60 1 0.600 0.600 0.600 0.600 0.000 BMIT 135,625 58,318.75 5 0.430 0.430 0.430 0.430 0.000 BOV 73,352 81,346.38 7 1.130 1.090 1.110 1.130 0.040 GO 9,400 27,778.00 4 2.960 2.940 2.960 2.940 0.000 HLI 1,800 410.40 1 0.228 0.228 0.228 0.228 0.000 HSB 109,863 119,750.67 4 1.090 1.090 1.090 1.090 0.000 MIA 19,973 108,882.85 4 5.500 5.450 5.500 5.450 0.000 PG 83,900 161,386.52 7 1.940 1.920 1.920 1.940 0.020 CORPORATE STOCKS G32G 10,000 10,365.00 1 103.650 103.650 103.650 103.650 -0.580 G34A 58,400 60,718.48 1 103.970 103.970 103.970 103.970 -1.030 G40A 216,000 192,302.18 7 99.000 88.280 98.000 88.280 -2.220 G43AA 25,000 24,835.00 1 99.340 99.340 99.340 99.340 -0.910 CORPORATE BONDS AX24A 25,000 25,250.00 1 101.000 101.000 101.000 101.000 0.990 AX29A 4,300 4,203.25 1 97.750 97.750 97.750 97.750 -0.200 BB33A 8,500 8,712.50 1 102.500 102.500 102.500 102.500 0.500 BV30B 27,200 24,147.46 8 89.200 88.500 88.510 89.200 1.190 CE33A 10,100 10,100.00 1 100.000 100.000 100.000 100.000 0.000 DF26A 20,000 20,000.00 1 100.000 100.000 100.000 100.000 0.010 HF28A 5,000 4,675.50 1 93.510 93.510 93.510 93.510 0.010 IB32A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.000 IH26A 13,500 13,600.65 3 100.750 100.740 100.740 100.750 0.000 IH31A 4,000 3,720.00 1 93.000 93.000 93.000 93.000 0.000 JD32A 9,100 9,044.35 2 99.850 99.010 99.850 99.010 -0.840 MI23A 9,000 8,998.35 2 100.000 99.970 99.970 100.000 0.800 MP32A 5,000 4,970.00 1 99.400 99.400 99.400 99.400 -0.100 ON34A 16,000 15,360.00 2 96.000 96.000 96.000 96.000 -2.000 SF27A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.700 SP29A 3,000 2,970.00 1 99.000 99.000 99.000 99.000 0.000 ST27A 33,000 33,000.00 4 100.000 100.000 100.000 100.000 0.000 VR27A 300 289.50 1 96.500 96.500 96.500 96.500 -2.400 Malta Stock Exchange Regulated Main Market Trading Date: 14 February 2024 Heineken shares drop as economic uncertainty hits beer market HEINEKEN shares slumped after the world's second-biggest brew- er warned persistent inflation and economic worries will weigh on beer demand in 2024. The Dutch brewer gave a wide-ranging operating profit growth forecast of low to high single digits for 2024 as the pre- mium beer market faces chal- lenges. Earnings and sales rose less than expected last year as vol- umes declined. The stock fell as much as 6.5 per cent Wednes- day morning in Amsterdam, the steepest intraday drop in more than five months. "We feel good about where the company is going, but we con- tinue to do that in a turbulent world so that's why we have deliberately chosen a relatively wide range," Heineken chair- man and chief executive Dolf van den Brink said in an inter- view. The Dutch brewer has been raising prices to keep revenue growing even as volumes de- cline. Heineken raised beer prices by double digits in the first half of last year and high single digits in the second. It ex- pects the pace of price increases to moderate this year, but says input costs are still rising. "Pricing has impacted vol- umes, that's obvious. What's good to see is that we are seeing inflation starting to taper and consequently we are also start- ing to moderate the pricing that we need to offset input cost in- flation," van den Brink said. The company said on Wednes- day that it remains cautious about the global economic and geopolitical outlook and its fo- cus will be on revenue growth that is balanced between vol- ume and price. The full-year guidance ap- pears "underwhelming," RBC Europe analyst James Edwardes Jones said in a note to clients. He said the widespread expec- tation from investors was a "significant margin tailwind as commodity costs decline." Analysts expect the company to post organic revenue growth of 5.3 per cent on operating in- come of €4.9 billion in 2024, ac- cording to consensus estimates compiled by Bloomberg. The world's second-largest brewer, best known for its pre- mium namesake brand, has been grappling with dismal conditions in the key beer mar- kets of Vietnam and Nigeria. A wet summer in Europe also hurt sales in 2023. The Amsterdam-based com- pany said full-year revenue rose 5.5 per cent on an organic basis, missing analyst expectations of a 5.8 per cent increase. Oper- ating income was up slightly at €4.4 billion, shy of the €4.5 bil- lion from analyst estimates. Beer volumes fell 4.7 per cent on an organic basis, more than the estimate of a 4.4 per cent decline. Top brewer Anheuser-Busch InBev is scheduled to report its full year results at the end of the month.

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