Fever-Tree Drinks has reported a 4% increase in brand revenue at constant currency for the year to 31 December 2025, with momentum picking up in the second half as growth accelerated to 5%.
Total adjusted Fever-Tree revenue came in at £372.7m, up 2% on a reported basis, with the US leading the way at 6% constant currency growth as the group bedded in its distribution partnership with Molson Coors.
The brand is now embedded across roughly 400 regional distributors stateside, and retail sales growth and market share gains were maintained throughout the transition.
The UK was softer, with revenue down 2% to £108.4m. The on-trade remained under pressure from higher labour costs, duty rises, and cautious consumer spending, particularly around gin. Off-trade performance was more encouraging, returning to growth in the second half, with the beyond tonic portfolio up 16% in that channel.
Europe edged 2% higher at constant currency, led by France and Benelux, while the rest of the world surged 22%, boosted by strong contributions from Australia, New Zealand and Canada.
Once known almost exclusively for its tonic water, the company has diversified its product mix and leveraged its brand as consumer tastes evolve. Products beyond tonic now account for 45% of group revenue, with Ginger Beer the standout. Fever-Tree is now the world’s largest ginger beer brand by value.
Adjusted EBITDA fell 16% to £42.4m, reflecting the structural shift to profit-sharing under the Molson Coors model and a £2.8m provision for a potential UK Extended Producer Responsibility levy, which the company is contesting through a formal legal challenge. Stripping out that provision, EBITDA was £45.2m, in line with previous guidance.
The ordinary dividend increased 2% to 17.31p as the group completed a £100m share buyback during the year and has a further £30m programme underway.
Fever-Tree said expectations for 2026 are unchanged and in line with market consensus, despite the uncertain geopolitical backdrop.