Fever-Tree Shares Fall Despite Revenue and Profit Growth

Fever-Tree Drinks (LON: FEVR) shares are trading around 4.2% lower on Thursday morning after the premium mixer maker published interim results for the six months to 30 June 2026, even though the company reported growth in revenue, profit and dividends.

The decline suggests investors focused on softer spots in the update rather than the headline numbers.

Fever-Tree brand revenue rose 8% at constant currency to £183.6 million, with growth recorded across all regions, and Adjusted EBITDA increased 9% to £20.1 million.

The UK returned to growth, up 3%, aided by strong summer weather and Off-Trade market share gains, while US revenue climbed 11% at constant currency under the Molson Coors distribution partnership.

However, US segment profitability narrowed, with EBITDA margin in that division falling to 6.2% from 8.1% a year earlier, as the group stepped up spending on its first national American marketing campaign. Cash also declined sharply to £68 million from £130 million a year earlier, largely reflecting the ongoing share buyback programme.

Management kept full-year guidance unchanged and in line with market expectations, and confirmed a £60 million buyback extension alongside a 2% rise in the interim dividend to 6.09p per share.

Despite these steady underlying metrics, the share price move points to profit-taking or concern over margin pressure in the US business, an area investors have been watching closely as the company scales up its post-Molson Coors marketing investment.

Fever-Tree shares are down around 2.9% year-to-date after a more than 12% decline in the last month.