Fevertree Drinks plc
FY25 Preliminary Results to 31 December 2025
Positive strategic progress during the year
Comfortable with market expectations for 2026
Highlights
- Fever-Tree brand revenue increased 4% year-on-year (constant currency), accelerating to +5% in H2, reflecting improving momentum across regions and further market share gains.
- Diversification gaining scale, with 45% of Group revenue now generated from products beyond tonic, broadening Fever-Tree’s relevance across a wider range of adult socialising occasions.
- Strong US brand momentum maintained throughout the Molson Coors transition, establishing a scalable platform for accelerated growth in 2026.
- UK revenue down 2% but performance improved in the second half, driven by a strong Off-Trade performance
- Europe delivered continued market share gains in premium mixers, with Ginger Beer a standout performer, delivering double-digit growth and reinforcing category leadership across the region.
- Adjusted EBITDA includes a post period end adjustment to provide for a potential incremental £2.8m charge relating to the UK Extended Producer Responsibility (“EPR”) Levy.* Excluding this EPR-related provision, adjusted EBITDA was £45.2m, in line with previous guidance.
- The Group completed a £100m share buyback, funded by strong operating cash flow, working capital efficiencies and transaction proceeds from the Molson Coors share issue.
- A further £30 million share buyback is in progress, highlighting our cash generative model.
| £m | FY25 | FY24 | % YoY | % CC |
| Revenue | ||||
| US | 131.9 | 128.0 | 3% | 6% |
| UK | 108.4 | 111.1 | (2%) | |
| Europe (Fever-Tree brand revenue) | 94.7 | 92.7 | 2% | 2% |
| ROW | 37.7 | 32.2 | 17% | 22% |
| Total Adjusted Fever-Tree Revenue | 372.7 | 364.0 | 2% | 4% |
| GDP brand revenue | 2.6 | 4.5 | (42%) | (43%) |
| Total Adjusted Revenue[1] | 375.3 | 368.5 | 2% | 3% |
| Adjusted EBITDA[2] | 42.4 | 50.7 | (16%) | |
| Adjusted EBITDA margin[3] | 11.3% | 13.7% | (240bps) | |
| Diluted EPS (pence per share) | 18.62 | 20.85 | (11%) | |
| Normalised EPS (pence per share) | 24.12 | 28.01 | (14%) | |
| Ordinary Dividend (pence per share) | 17.31 | 16.97 | 2% | |
| Cash | 91.1 | 96.0 | (5%) |
*The Group remains confident in its view that certain glass formats that we sell in the On-Trade should be classified as non-household packaging for EPR purposes and therefore be exempt from the levy. This is in line with the position taken by the UK government in relation to other packaging regulations. As previously disclosed, the Environment Agency has challenged this view, and in recent weeks we have launched a formal legal challenge. As a result of this development, and given there is uncertainty in the outcome, from an accounting perspective the Board now considers it prudent to provide for the potential incremental EPR liability.
FY26 outlook
Notwithstanding the current uncertain geopolitical outlook, our expectations for 2026 remain unchanged and in line with market expectations.
Tim Warrillow, CEO and Co-founder of Fever-Tree, commented:
“2025 was a pivotal year for Fever-Tree. The strategic partnership with Molson Coors in the US creates a significant opportunity to take Fever-Tree to the next level in our largest growth market. The transition has progressed well, and it has been particularly encouraging to see that underlying brand momentum has remained strong throughout.
Across our markets, the long-term trends shaping adult socialising, namely premiumisation, moderation and longer, lighter serves, continue to play directly to our strengths. Fever-Tree is increasingly enjoyed as the world’s leading premium mixer, but also as a premium soft drink. Products beyond tonic now represent 45% of Group revenue, a clear sign that our diversification strategy is resonating with consumers.
As we enter 2026, Fever-Tree does so from a position of strength. We have a premium brand with unmatched credentials, an ever-growing market leadership position, upweighted marketing plans, a broader and more relevant portfolio, and scalable platforms in place across our priority markets.
Notwithstanding the current uncertain geopolitical outlook, our expectations for 2026 remain unchanged and in line with market expectations.”
There will be live audio webcast on Tuesday 24 March 2026 at 10:00am BST. The webcast can be accessed via:
https://www.investis-live.com/fever-tree/69a7029d4e7434002408c48c/rtjdrt