Fevertree Posts Steady Half-Year Results as U.S. Partnership with Molson Coors Takes Hold

Fevertree (LON:FEVR) reported flat revenues for the first half of 2025 but said it remained on track to meet full-year expectations, supported by growth in the United States and rising demand for products beyond tonic water.

The premium mixer brand posted adjusted revenue of £172.2 million for the six months to 30 June, broadly unchanged year-on-year but up 2% on a constant currency basis.

Adjusted EBITDA rose 1% to £18.4 million, while margins improved by 20 basis points to 10.7%. The interim dividend increased 2% to 5.97 pence per share.

Fevertree shares have jumped 8.9% following the release. The stock has rallied more than 22% this year.

In January, Fevertree signed a long-term partnership with Molson Coors, granting the brewer exclusive rights to distribute and produce the brand in the U.S.

The transition into Molson Coors’ network began in June and is “progressing well.” Revenue in the U.S. rose 6% on a constant currency basis to £62.4 million, outpacing the market across all sub-categories.

The company highlighted strong performance in its Ginger Beer and premium soft drinks, which now account for 45% of group revenues. In the U.K., wider on-trade weakness led to a 6% revenue decline, although off-trade sales of premium soft drinks, cocktail mixers and sodas remained resilient.

Chief executive Tim Warrillow said: “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 U.S. momentum has been maintained.”

Fevertree extended its share buyback programme by £30 million and ended the period with cash of £130 million, nearly double the prior year.

Looking ahead, the company said it has made a good start to the second half of the year across our regions and remains comfortable with full-year market expectations.