Slides
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FY26 Interim Results 10th September 2026
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2. AGENDA FY26 H1 Strategic highlights Business update Financial review Tim Warrillow, CEO Andy Branchflower, CFO Tim Warrillow, CEO
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Strong H1 performance – growth across all key regions Tot a l Fever-Tree brand revenue: +8%* US + +11%* UK +3%* Europe +10%* ROW +5%* Adjusted EBITDA margin**: 10.9% +20bps Normalised EPS: 11.00 pence +5% £60 million buyback progressing *constant currency; ** Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, gain on sale of fixed assets, share based payment charges, exceptional items and finance costs
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4. Key messages: Building on a transformational 2025 Comfortable with FY26 market expectations and driving strong growth in outer years • The brand continues to drive growth within the mixer category and gain share1 • Strong distributor engagement and a focus on merchandising increasing brand visibility on shelf • Sales momentum building through the year following our first ever US national marketing campaign and Molson Coors’ merchandising capabilities • Fever-Tree is uniquely positioned across adult socialising occasions • Group beyond-T onic revenue grew 13% in H1 and represents 47% of total sales • Ginger Beer continues to build momentum globally, with revenue growth of almost 20% in H1 • UK back in growth, supported by successful marketing campaign; To n i c stabilising and beyond-T onic driving growth • £60m share buyback this year, following £100m in 2025, underpinned by the Group’s asset- light, cash compounding business model • Strong balance sheet maintained, with £68 million net cash at the end of H1 US on-track, benefitting from Molson Coors’ capabilities Product diversification strategy progressing well Cash compounding business model Sources: 1Circana data YTD 28 June 2026
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5. Fever-Tree is driving growth across adult socialising occasions with our diverse portfolio Consumer trends Adult socialising occasions Fever-Tree portfolio The brand is uniquely positioned to capture the main consumer trends in adult socialising To n i c s Cocktails Sodas & Gingers Premium Softs Non-Alc RTDs LONGER, LIGHTER MIXED SERVES MODERATION PREMIUMISATION
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6. Significant opportunities in mixing but moderation presents new opportunities for the brand New significant value pool created in our core adult socialising occasion Percentage of adults intending to moderate their drinking over the next year1 71% 44% 49% 25 million moderating UK adults2 700k “lost” alcoholic drinks a year 2022-25 c.70% of those retained in soft / non-alcoholic category Equivalent to £700+ million RSV into soft / non-alcoholic category a year 54% Bigger than total UK mixers RSV! Sources: 1US: NCSolutions (NCS) Sentiment Survey 2025, UK: Circana, Europe: Circana, AUS: IWSR Bevtrac; 2Euromonitor data for Alcoholic Serve, Fever-Tree Analysis
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7. Fever-Tree’s brand strength, category expertise & scalable route-to-market is unmatched No other brand is better positioned to capture this opportunity than Fever-Tree Global RTM with specialist local partners across On-Trade and Off-Trade Premium expertise with ability to execute across mainstream outlets Higher household penetration than any BWS brand in the UK Growing reach across major markets Deep understanding of mixer and premium soft drink occasions Proven track record of high quality and agile innovation Leadership across the UK, Europe, the U.S. and beyond Sophisticated, premium brand with unmatched credentials Category ExpertiseEstablished Premium Credentials Global Consumer Reach Bespoke Route to Market
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8. Asset-light, cash compounding business model Increased cash generation enables further opportunities to drive global growth, alongside returning cash to shareholders Increasingly asset light business Increased cash generation Revenue growth multiplier Invest in the global opportunity • Retain cash to drive the global opportunity • While we remain focused on organic growth, we remain vigilant to M&A opportunities Return surplus cash to shareholders • Progressive dividend policy • £160m returned to shareholders via buybacks across FY25 and FY26 Capital Allocation frameworkEnhanced quality of earnings & cash generation Maintaining a strong balance sheet to provide flexibility
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9. US business update Tim Warrillow, CEO
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10. Fever-Tree x Molson Coors X Good progress in H1 Strong distributor engagement and buy-in First ever national marketing campaign in the US: launched in Q2 with good initial results Brand continues to strengthen: Highest ever value share in T onic and Ginger Beer categories at retail1 Sales momentum building through the year Sources: 1Circana data YTD 28 June 2026; 2Circana and Q1 13 wks to 29 March 26, Q2 13 wks to 28 June 2026 and “July & August” 8 wks to 23 August 2026 6% 11% 16% Q1 Q2 July & August Fever-Tree Off-Trade sales progression Ci rca na sales % Y oY2* Post period-end(Ci rca na covers c.50% of Fever-Tree US Of f-Tra de sales)
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11. The fully integrated campaign is designed to drive both awareness and sales through: 1. Above-the-line 2. Experiential 3. Retail In the US the step-change in marketing spend focused on our mixing credentials “Bartender’s best kept secret” 1. Above-the-line: • Premium streaming and digital platforms (Hulu, Netflix, Paramount+) delivers the brand message across high-quality content and environments • TikT ok and Meta used to drive continuous engagement TV : 15 and 30 second spots
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12. Extending engagement and building relationships with customers and the trade 2. Experiential • Allows consumers to experience the brand • Bespoke bar up and down the country to drive awareness and engagement • Focus on premium sports events like the PGA, US Open, and Kentucky Derby 3. Retail execution & trade marketing • Increased investment in point-of-purchase • Launched “Proudly Serving Fever-Tree” tools for the On-Trade • Enhanced merchandising and displays in grocery and liquor • Commitment to execution in-store, with prioritised support for key retailers
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13. US: Sales momentum building through the strategic partnership Distribution Breadth Distribution Depth Velocity Number of Accounts Products per Account Rate of sale per product • Distributors executing against distribution targets set through the Molson Coors network • Good initial progress on “tier 2” On-Trade accounts and regional Off-Trade to unlock the next phase of growth • Strong merchandising capabilities leading to: Improved placement in store Increased off-shelf space Increased availability on shelf • Step change in marketing spend to increase brand awareness, trial and repeat purchase • Fever-Tree’s strong performance within the category sets us up for incremental distribution opportunities • Shelf re-set discussions with major retailers in progress for 2027
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14. Diversification strategy progress Tim Warrillow, CEO
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15. Our diversification strategy is enabling the brand to unlock a broader opportunity Each market has a slightly different focus depending on specific consumer trends Why these 5 flavours are key to our diversification and growth strategy …through market-specific marketing campaigns & innovation We are prioritising 5 global flavours with increased investment… Represent c.50% of Fever-Tree’s global sales c.85% of H1 revenue growth driven by our top 5 flavours Provide a perfect serve across 5 major global spirit categories Versatile liquids, perfect for non- alcoholic occasions 50% Non-alcoholic RTDs Lemon & Lime Ginger Beer Blood Orange Ginger Beer Angostura bitters soft drink Med T onic Ginger Beer Ginger Ale Pink Grapefruit Lime Soda
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16. Multi-channel campaign across out-of-home, TV, audio, and retail c.11.5 million UK adults reached through the campaign Sales uplift of 22% for the three featured flavours relative to the rest of the range from May to June following the campaign launch Marketing campaign developed to highlight the versatility of our range “Straight up or mixed, it’s a matter of taste” UK: Focus on three key flavours H2 campaigns across Europe, Australia and Canada France: Summer event activations Canada: Digital advertising campaign, with a focus on transport hubs, such as TV at airport gates Belgium: Displays across On-Trade & retail
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17. Innovation led by consumer trends in each market • Non-alcoholic drinks with the flavour, taste profile and quality of an alcoholic drink • Developed in response to retailer requests for Fever-Tree’s quality and brand presence in the non-alcoholic category at retail Market-specific soft drink All three products have gained good distribution in T esco, W aitro se and Sainsbury’s, and o n O cado and A mazo n Attracting new, younger shoppers into the non-alcoholic ca tegory1 1Retailer data; 2Alcohol-free category Non-Alcoholic RTDs Both 2025 launches received awards from The Grocer2, as well as Great T aste Awa rds • Premiumising a long-established adult soft drink flavour in Australia • Developed to introduce more shoppers to the Fever-Tree brand • Created with moderation in mind – creating a soft drink that feels adult, sophisticated, and premium Already secured good distribution in Australia's two largest retailers: Coles and Woolworths Displays drive visibility Strong early momentum
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18. Financial Review Andy Branchflower, CFO
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19. H1 FY26 Financial highlights Brand revenue1 £183.6m 8%* T otal revenue2 £184.2m 7%* Op cash flow conv 90% Working Capital 17.4% (of LTM Adj rev) Adj EBITDA3 £20.1m 9% Margin4 10.9% 20bps REVENUE CASH GENERATION PROFITABILITY • US momentum building through year underpinned by distribution gains and marketing investment • Return to growth in UK driven by strong Off-Trade performance and supported by successful marketing campaign • Continued successful portfolio diversification. Beyond T onic revenue +13% in H1, to comprise 47% of Group sales • Margin improvement driven by Rest of Group and Central • Upweighted marketing investment impacts US segment profitability as expected • UK On-Trade EPR legal challenge on-going H1 includes £2.6m provision for FY26. Full year impact on Group EBITDA will be off-set by US IEEPA tariff refunds expected in H2 • £60m FY26 share buyback extension in progress, bringing total buybacks to £160m since start FY25 • On completion of the current £60m extension, we expect to have reduced shares in issue by c. 7% since start of FY25 (inclusive of Molson Coors equity issue) 1Adjusted Fever-Tree brand revenue, being statutory reported revenue adjusted in the US region back to sales made to US customers , less GDP portfolio brand revenue; 2 Adjusted revenue, being statutory reported revenue adjusted in the US region back to sales made to US customers, inclusive of GDP portfolio brand revenue; 3Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, gain on sale of fixed assets, share based payme nt charges, exceptional items and finance costs; 4Adjusted EBITDA divided into adjusted revenue; * Constant currency growth
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20. Brand revenue +8%* with good growth across all key markets REVENUE US +11%* UK +3%* Europe +10%* RoW +5%* CASH GENERATION PROFITABILITY *year-on-year adjusted Fever-Tree brand revenue growth at constant currency; 1Circana H1 to 28 June 2026; 2IRI YTD 14 June 2026; 3CGA Q2 to 13 June 2026; 4H12026 Nielsen top 12 EU markets (BE, NL, FR, SP, IT, AT, CH, DK, ROI, NO, SE, DE). Ex. San Bitter & Crodino • Sales momentum building through the year • Extending #1 value share position in T onic and Ginger Beer at US retail1 • Distributors executing against distribution targets • UK in growth, driven by: Strong Off-Trade Successful Q2 marketing campaign Good summer weather • Gained c.2% of value share in the Off-Trade year-on-year2 • On-Trade channel remains challenging, but Fever-Tree continues to gain share3 • Gained c.1% of value share in the Off-Trade year-on-year4 • Ginger Beer category remains in strong growth. Fever-Tree contributed to >50% of the category’s value growth at retail 4 • Benefit from shipment phasing. Underlying growth c.4% • Underlying growth c.6% for the region, with continued strong momentum in both Australia and Canada • Ginger Beer continues to outperform, with sales growth of almost 12% in H1
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21. Adjusted Revenue £m US Rest of Group 66.9 T otal Segments Central 11% cc REVENUE CASH GENERATION PROFITABILITY 117.3 5% cc 184.2 7% cc Adjusted EBITDA £m 4.1 18% 28.8 10% 32.9 5% (12.8) flat% Adjusted EBITDA margin % 6.2% 190bps 24.5% 70bps 17.8% 30bps (7.0%) 40bps US: 6.2% adj EBITDA margin • Upweighted marketing investment has short term margin impact as expected • On-shoring of US production and normalisation of marketing investment will drive step changes in local US EBITDA margin over the medium term, underpinned by profit guarantee Rest of Group: 24.5% adj EBITDA margin • Awaiting update re: EPR legal challenge - H1 results include a £2.6m provision for the potential FY26 UK On-Trade EPR levy • Impact of energy volatility on glass and aluminium costs is well hedged over the medium term Central: 7.0% of adj revenue • Central costs continuing to reduce as % of adj revenue as we leverage technology and other efficiencies T otal Group 20.1 9% 10.9% 20bps184.2 7% cc Adj EBITDA margin 20bps – Underlying improvements offset by FY26 EPR provision and upweighted US marketing investment
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22. Cash compounding business model is delivering shareholder returns REVENUE CASH GENERATION PROFITABILITY *includes working capital included in the sale of FT US Inc ** assumes remainder of buyback programme continues at prevailing share price Sep26 £15.9m (£20.4m) £154.0m £68.0m £96.0m £62.5m (£123.4m) (£33.6m) Cash bfwd Dec 24 EBITDA generated Working capital improvement* Other Equity issue Share buyback Dividend Cash c/fwd Jun 26 £71.0m Strong FCF generation Shareholder returns 18mth Group Cash flow (£m): On completion of the currently announced £160m share buyback programme we anticipate a c. 7%** reduction in the total number of shares in issue vs Dec24 (inclusive of equity issue to Molson Coors)
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23. FY26 Outlook • Other operating expenses: Depreciation c. £4.0m Amortisation c. £4.5m Share Based Payment Charges c. £5.0m • Net interest income c. £2.5m • Tax underlying c. 25% ETR • Estimated average no. shares for EPS (inclusive of buyback) FY26: c.112m / FY27: c.109m Other modelling considerations Remain comfortable with market expectations • Continued to trade well over the summer • US revenue momentum building + tariff rebates will land in H2 Sales momentum will continue to build in H2– FX impacts translation of US brand revenue to GBP; non-material impact at EBITDA level Step change in US marketing spend will keep underlying US EBITDA c. flat YoY before incremental benefit of IEEPA tariff rebates reflected in H2 • Margin improvement across Rest of Group and Central despite EPR provision H1 includes £2.6m provision for potential full year FY26 UK On-Trade EPR levy. Impact on full year Group EBITDA is offset by upside from US IEEPA tariff rebates Impact of energy volatility on glass and aluminium costs are materially hedged over the medium term • Continued strong cash generation expected; £60m FY26 share buyback programme in progress
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24. REVENUE GROWTH MARGIN IMPROVEMENT CASH GENERATION Strong Group revenue growth EBITDA grows ahead of revenue Cash grows ahead of EBITDA • Step change in US marketing spend over the medium term will be funded directly by Molson Coors • Incremental cash can therefore be used: If opportunity arises to further accelerate Rest of Group growth trajectory via incremental marketing or operational spend; and We remain vigilant to M&A opportunities that would further improve medium term trajectory • We will continue to return excess cash to shareholders Progressive dividend policy £100m share buyback completed in FY25 £60m share buyback in progress in FY26 RETURN SURPLUS CASH TO SHAREHOLDERS INVEST IN THE GLOBAL OPPORTUNITY Significant FCF generation across FY27 and FY28* Platform to deliver enhanced Quality of Earnings over the medium term Molson Coors partnership underpins US revenue delivery Potential for double- digit US growth CAGR over the medium-term Diversification strategy driving growth across Rest of Group Leverage Molson Coors economies of scale as US production is on-shored US profit de-risked by guaranteed minimum US profits from 2026 to 2030 Drive margin improvement across Rest of Group and Central US local working capital funded by Molson Coors Working capital reduces as US production is on- shored Leverage technology to further optimise working capital in Rest of Group CAPITAL ALLOCATION FRAMEWORK *consensus expectations for >£100m FC F across FY27 and FY28
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25. Summary & key messages Building on a transformational 2025 • Sales momentum building following our first ever national marketing campaign and increased merchandising capabilities • The brand continues to gain share across flavour categories US on-track • Fever-Tree is uniquely positioned across adult socialising occasions • Beyond-T onic revenue now almost half of Group sales Product diversification progressing well • £60m share buyback, underpinned by the Group’s asset-light, cash compounding business model • Enhanced quality of earnings and strong EPS growth over the medium term Strong cash generation and EPS growth
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26.
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27. Appendix: Changes to financial presentation under Molson Coors partnership Under Subsidiary Model Under MC Partnership Fever-Tree’s financial statements Molson Coor’s financial statements Net revenue invoiced to US customers X X US Gross profit X X US Overheads (inc Marketing) (X) (X) US EBITDA X X Fever-Tree US statutory revenue under Subsidiary Model Fever-Tree US statutory revenue under MC Partnership Net revenue invoiced to US customers X Royalty fee - share of Partnership profits X UK-produced inventory sold to partnership at cost X Ingredients used in US production sold to partnership at cost X X X The US local P&L now sits in Molson Coor’s financial statements, not Fever-Tree’s • Molson Coors fund the US partnership P&L (including upweighted marketing spend) and associated US working capital • Fever-Tree extracts its share of US EBITDA through a Royalty fee invoiced to Molson Coors Under the partnership, Fever-Tree’s statutory reported US revenue does not reflect underlying US trading • As flagged on announcement of the partnership, we will adjust statutory reported US revenue back to the value of net revenue invoiced to US customers as per the partnership P&L • This provides a true reflection of underlying US revenue performance and a more consistent basis for revenue growth and EBITDA margin metrics 2. US Revenue reported by Fever-Tree:1. US P&L moves to Molson Coors financials:
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28. As flagged, gross margin is no longer a comparable metric with historic reporting: • The US gross margin recognised in Fever-Tree’s statutory financials under the partnership arrangement with Molson Coors will vary year to year depending on the mix of royalty income (at 100% margin) and recharges of UK-produced inventory (at cost) and ingredients for US production (at cost) • Because US gross margin going forward is generated on a fundamentally different basis to the rest of the Group, consolidating US gross margin into the Group financials will drive fluctuations in absolute and % margin which will not be representative of underlying trading or be comparable to historic gross margin %’s • Therefore, going forward we will focus reporting on movements in adjusted EBITDA Appendix: Changes to financial presentation under Molson Coors partnership 3. Impact on Gross Margin reported by Fever-Tree: Fever-Tree US gross margin under Subsidiary Model Fever-Tree US gross margin under MC Partnership Net revenue invoiced to US customers X Royalty fee - share of Partnership profits X UK-produced inventory sold to Partnership at cost X Ingredients for US production sold to Partnership at cost X US revenue recognised by Fever-Tree X X Delivered cost of goods sold to US customers (X) Delivered cost of UK-produced inventory (X) Delivered cost of ingredients for US production (X) Gross profit recognised by Fever-Tree X X
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29. £m Reported H1 26 US adj Adjusted H1 26 Adjusted H1 25 US 47.8 +19.1 66.9 62.4 Rest of Group 117.3 117.3 109.8 Total Revenue 184.2 172.2 Adj EBITDA 20.1 20.1 18.4 Adj E BI TDA % 10.9% 10.7% 4. Adjusted Revenue and EBITDA margin 5. Segmental reporting Under the partnership, the US now represents a distinct operating segment from the rest of Fever-Tree’s global business • Going forward we will provide a segmental analysis of profitability with three distinct components; US, Rest of Group and Central • These components will consolidate to total Group Adjusted EBITDA as per the statutory reported financial statements Adjusted Revenue Contribution US Revenue invoiced to US customers by Molson Coors Share of US Partnership profits less Fever- Tree specific US costs (such as cost of local US team to manage partnership) Rest of Group Revenue invoiced to Rest of Group customers by Fever- Tree Gross profit generated on sales less marketing spend, local sales and marketing staff costs and subsidiary costs re: Germany and Australia Central N/A Global staff costs including Board and Senior management, innovation and quality teams, finance and operations teams and central overheads including IT, insurances, HQ and plc costs Appendix: Changes to financial presentation under Molson Coors partnership