Earnings release
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Fever-Tree Drinks plc "Excellent strategic progress in 2025 and expect to deliver a financial performance marginally ahead of market expectations." Fever-Tree Drinks plc (the "Group"), the world's leading supplier of premium carbonated mixers, today provides a pre-close trading update for the year ended 31 December 2025. Adjusted revenue1 and adjusted EBITDA2 for FY25 are expected to be marginally ahead of current market expectations3, based upon good momentum in the second half which has resulted in Fever-Tree brand revenue increasing by 5% in H2, and full year growth of 4% (both at constant currency). This reflects continued delivery against the Group's strategic priorities and ongoing strong market share performance. In the US, the transition into Molson Coors' national distribution network is progressing to plan and, alongside an upweighted marketing investment, will provide a strong platform for 2026. Following the £100m share buyback programme undertaken during 2025, the previously announced additional £30m share buyback tranche will commence in February 2026. £m FY25 £m FY24 £m % change % change (CC)* 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 Revenue1 372.7 364.0 2% 4% GDP brand revenue 2.6 4.5 (42%) (43%) Total Adjusted Revenue 375.3 368.5 2% 3% *Constant Currency (CC). 1. Adjusted Revenue is statutory reported revenue adjusted to bring US revenue in line with invoiced sales to customers. 2. Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share-based payment charges, exceptional items and finance costs. As disclosed in September 2025, the Company has not provided for certain costs related to UK Extended Producer Responsibility levy, and continues to engage with the Environment Agency on the same. 3. Company collated consensus FY25 adjusted revenue £372.4m and adjusted EBITDA £44.4m. FY26 adjusted revenue consensus £409.4m (current range £392.4m to £429.0m)) and adjusted EBITDA consensus £49.9m (current range £43.7m to £53.8m) 2025 Highlights: · US revenue +6%*. The integration of Fever-Tree into Molson Coors' national network of distributors has progressed well through the year, with continued positive brand momentum. · UK revenue -2%. Trading notably improved in the second half, driven by a robust Off-Trade performance with increasing momentum across the Group's portfolio beyond tonic, particularly our premium soft drink range. · Europe revenue +2%*. Growth was led by a strong performance in France and Benelux, as the Group continued to execute its strategy across the region. · ROW +22%* reflecting particularly strong growth in Australia, New Zealand and Canada as well as some beneficial phasing of orders. Outlook We remain comfortable with current 2026 market expectations. Tim Warrillow, CEO of Fever-Tree commented: "We made excellent progress in 2025. Our partnership with Molson Coors in the US is progressing well, and the momentum behind the brand is especially encouraging, giving us confidence in the growing opportunity in our largest market as execution moves beyond the transition phase. Across all our markets, we are continuing to build momentum as we broaden Fever-Tree beyond tonic, positioning the brand as not only the premium mixer but also premium soft drink of choice. We are uniquely positioned to unlock the growth opportunities afforded by the consumer trends towards moderation, premiumisation and longer, lighter serves. With exciting marketing campaigns and a strong innovation pipeline, delivered by our passionate team, I am confident we will drive strong growth in 2026 and beyond." Next Scheduled Announcement
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The Group will announce its Preliminary Results on 24 March 2026. For more information please contact: Investor queries Steve Nightingale, Investor Relations Director I steve.nightingale@fever-tree.com I +44 (0)7951 849 564 Media queries Oliver Winters, Director of Communications I oliver.winters@fever-tree.com I +44 (0)770 332 9024 Nominated Advisor and Broker - Investec Bank plc David Flin I +44 (0)20 7597 5970 Corporate Broker - Jefferies International Limited Ed Matthews I +44 (0)20 7029 8000 Financial PR advisers - FGS Global Faeth Birch +44 (0)7768 943 171; Anjali Unnikrishnan +44 (0) 7826 534 233 Notes to the Editors: Fever-Tree is the world's leading supplier of premium carbonated mixers by retail sales value, with distribution to over 95 countries worldwide. Based in the UK, the brand was launched in 2005 to provide high quality mixers which could cater to the growing demand for premium spirits, in particular gin, but also increasingly for vodka, rum and whisky. The Company now sells a range of carbonated mixers and soft drinks to hotels, restaurants, bars and cafes ("On Trade") as well as a broad range of retail outlets ("Off Trade").