FY25 Interim Results to 30 June 2025
Excellent strategic progress and on-track to deliver in line with full year expectations
- Long-term strategic partnership signed in January 2025, granting Molson Coors exclusive rights to sell, distribute, and produce the Fever-Tree brand in the United States.
- The move into Molson Coors’ national network of distributors commenced in June as planned and is progressing well.
- Product diversification resonating with customers and consumers alike with the broader portfolio beyond tonic, such as our Ginger Beer and Premium Soft Drinks, delivering strong growth across our key regions and now representing 45% of Group revenues.
- Announcing an extension of the share buyback programme by a further £30 million to continue in 2026 reflecting confidence in the Group’s quality of earnings.
- The Group has made a good start to the second half of the year across our regions and we remain comfortable with full year market expectations.
| £m | H1 FY25 | H1 FY24 | Change | Constant Currency Change |
| Revenue | ||||
| US | 62.4 | 60.3 | 4% | 6% |
| UK | 48.1 | 50.9 | (6%) | |
| Europe Fever-Tree brand revenue | 44.0 | 44.5 | (1%) | 0% |
| ROW | 16.5 | 14.9 | 10% | 17% |
| Total Adjusted Fever-Tree Revenue | 171.0 | 170.6 | 0% | 2% |
| GDP brand revenue | 1.2 | 2.3 | (47%) | |
| Total Adjusted Revenue[1] | 172.2 | 172.9 | 0% | 2% |
| Adjusted EBITDA[2] | 18.4 | 18.2 | 1% | |
| Adjusted EBITDA margin[3] | 10.7% | 10.5% | 20bps | |
| Diluted EPS (pence per share) | 6.82 | 6.49 | 5% | |
| Normalised EPS (pence per share) | 10.45 | 9.04 | 16% | |
| Ordinary Dividend (pence per share) | 5.97 | 5.85 | 2% | |
| Cash | 130.0 | 65.9 | 97% |
Financial Highlights
- The Fever-Tree brand delivered revenue growth of 2% year-on-year at constant currency.
- Adjusted EBITDA up 1% to £18.4 million with margins increasing by 20bps to 10.7%.
- Fever-Tree recognised £4.1 million in exceptional items in the period relating to the transition to the Molson Coors partnership.
- The combination of strong cash flow and transaction inflows from Molson Coors have significantly enhanced the Group’s cash position to £130.0 million, an increase of 97%.
- Declaring an interim dividend of 5.97 pence per share, an increase of 2% year-on-year.
Strategic Highlights
- Underlying Fever-Tree brand momentum in the US has remained strong through the initial period of the Molson Coors transition with retail sales growth outpacing the market across every sub-category.
- Fever-Tree remains the clear number one mixer brand by value across both the On and Off-trade channels in the UK, with beyond tonic products performing strongly and now representing 30% of UK sales. While wider category headwinds resulted in a subdued performance across the On-Trade, the Off-Trade performance was robust, with significant growth in Premium Soft Drinks, Cocktail Mixers and Sodas.
- Ginger Beer delivered very strong growth across Europe with Fever-Tree the clear brand leader as the drink becomes increasingly relevant across both alcohol and non-alcoholic occasions.
Outlook and Guidance
The Group has made a good start to the second half of the year across our regions and we remain comfortable with full year market expectations.
Tim Warrillow, CEO and Co-founder of Fever-Tree, commented:
“The announcement, in January, of our strategic partnership with Molson Coors was a moment of real significance for Fever-Tree, establishing the ideal platform to maximise our brand strength and future potential in what is our biggest growth opportunity. The transition of the business to Molson Coors is progressing well and despite the complexity of such a transition, it has been particularly encouraging to see the underlying US momentum has been maintained, a real testament to the hard work of both teams as well as the strength of the Fever-Tree brand.
In the UK, the wider On-Trade category continues to face challenges, but our Off-Trade performance has remained robust. Importantly, more than half of the 3.6 million UK households that buy Fever-Tree are now also purchasing products from our broader portfolio such as our Ginger Beer or premium soft drinks, a clear sign that our diversification strategy is resonating with consumers and broadening the occasions in which our brand is enjoyed.
And it is not just the UK, the brand’s strength, leadership position and relevance across adult socialising occasions continue to grow across markets, with the broader portfolio delivering strong growth across multiple categories and territories and now representing 45% of Global revenues.
It is this ability to straddle adult socialising occasions that makes Fever-Tree unique, spanning alcohol & non-alcoholic serves, from classic G&Ts, to spritz and cocktail moments to premium soft drinks. This breadth puts us at the heart of the underlying consumer trends that are shaping the market, namely a longstanding move to longer and lighter drinks, moderation and premiumisation. This gives us broader relevance, deeper loyalty and the opportunity to drive greater frequency with consumers.
Together with the operational progress we are making and the strong performance we have seen over the summer months, we are well placed for both the second half of the year and to capture the long-term opportunities ahead.”
There will be live audio webcast on Thursday 11th September 2025 at 10:00am BST. The webcast can be accessed via: Fever-Tree FY25 Interim Results webcast