Fever-Tree reported first-half fiscal 2026 adjusted revenue of £184.2 million, up 7% from £172.2 million a year earlier, as growth across all regions and increasing momentum in the U.S. supported another period of brand expansion.
Fever-Tree brand revenue increased 8% at constant currency to £183.6 million.
The U.S. generated £66.9 million of revenue, up 7% on a reported basis and 11% at constant currency, supported by the company’s expanded partnership with Molson Coors.
The company said U.S. sales momentum strengthened as the first half progressed, aided by increased distributor scale, improved merchandising and Fever-Tree’s first national U.S. marketing campaign.
The “Bartender’s Best Kept Secret” campaign expanded Fever-Tree’s marketing presence across premium streaming, digital channels, experiential activations and retail locations.
UK revenue increased 3% to £49.5 million as the market returned to growth.
Fever-Tree gained additional off-trade market share and benefited from favorable summer weather, while Ginger Beer, Mexican Lime Soda and Mediterranean Tonic generated stronger sales following the company’s “Straight up or Mixed” campaign.
European brand revenue increased 10% at constant currency, while Rest of World revenue increased 5%.
Products beyond tonic now represent 47% of group sales, compared with 39% three years earlier, reflecting Fever-Tree’s continued push into Ginger Beer, Pink Grapefruit, Mexican Lime Soda and other drinking occasions.
Adjusted EBITDA increased 9% to £20.1 million from £18.4 million despite a substantial increase in U.S. marketing investment.
Adjusted EBITDA margin expanded to 10.9% from 10.7%. Diluted EPS increased 38% to 9.44 pence, while normalized EPS increased 5% to 11.00 pence.
Fever-Tree ended the period with £68 million of cash.
The company is executing a £60 million share repurchase program after completing a £100 million buyback program during fiscal 2025. As of June 30, Fever-Tree had repurchased approximately 2.87 million shares during 2026 for £23.6 million.
Fever-Tree declared an interim dividend of 6.09 pence per share, up 2% from 5.97 pence.
Management maintained its fiscal 2026 expectations and said the company remains well hedged against glass and aluminum cost movements.
KEY QUOTES:
“We’ve made strong progress in the first half of the year. In the US, our partnership with Molson Coors is delivering, with sales momentum building, market share increasing, and our first national marketing campaign helping bring the brand to more consumers than ever before.”
“It’s also been encouraging to see the UK return to growth. Our new marketing campaign, ‘Straight up or Mixed’, landed at exactly the right time as consumers made the most of the summer weather, while products such as Ginger Beer and Mexican Lime Soda continue to demonstrate how the Fever-Tree brand can thrive whether consumers are choosing to drink alcohol or not.”
“We have continued to trade well through the summer and are confident in delivering market expectations for the full year. Our diversification strategy is expanding the opportunity for the brand, while our increasingly cash-generative business model allows us to invest behind future growth and deliver attractive returns to shareholders.”
Tim Warrillow, CEO and Co-Founder of Fever-Tree
