EarningsQ2 2026 Earnings Report
DE:FV8 Q2 2026 EPS Results
Actual EPS€0.13
Consensus EPS€0.12
Beat/MissBeat by +<€0.01
One Year Ago EPS€0.12
DE:FV8 Q2 2026 Revenue Results
Actual Revenue€194.72M
Expected Revenue€215.57M
Beat/MissMissed by -€20.85M
YoY Revenue Growth+14.41%
Earnings Announcement Details
QuarterQ2 2026
Date09/10/2026
TimeBefore Open
Conference CallThursday, September 10, 2026
DE:FV8 Upcoming Earnings
Fevertree Drinks's next earnings date is estimated for March 30, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:FV8 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Management reported broad-based first-half growth, improving margins and EPS, accelerating U.S. momentum, successful diversification, strong cash generation, and confidence in a circa 60% EBITDA uplift over the next two years. The main challenges were the expected short-term U.S. margin impact from elevated marketing investment, the GBP 2.6 million EPR provision, U.K. on-trade challenges, European revenue phasing, and delayed working-capital benefits from U.S. onshoring.Company Guidance
Strong First-Half Group Performance
Brand revenue increased by 8% at constant currency, with growth across every key region. The U.S. grew 11%, Europe grew 10%, the U.K. returned to growth, and the rest of the world made good progress.
Margin and EPS Improvement
Adjusted EBITDA margin improved by 20 basis points to 10.9%, while normalized EPS increased by 5%. EBITDA grew ahead of revenue even after a step change in U.S. marketing investment.
Continued Market Share Gains
The company continued to gain market share across key regions, outperforming both the wider mixed category and competitors.
Share Buyback Extension and Cash Generation
Strong cash generation and the balance sheet enabled Fever-Tree to extend its share buyback program by a further GBP 60 million in 2026. Including the prior GBP 100 million buyback, GBP 160 million will have been returned to shareholders, and shares in issue will have reduced by circa 7% over the 18-month period, inclusive of the equity issue to Molson Coors.
U.S. Partnership Momentum
The Molson Coors partnership is beginning to deliver expected benefits through growing distribution, improved shelf visibility, stronger execution, and building sales momentum. The company launched its first national U.S. marketing campaign and achieved its highest-ever retail value share in both tonic and ginger beer.
Accelerating U.S. Off-Trade Growth
U.S. off-trade sales growth improved from 6% in Q1 to 11% in Q2 and to 16% through July and August. Management said the growth reflected more doors, more shelf space, and improving rate of sale.
U.S. Distribution Opportunity and Local Production
The company is adding accounts, improving execution and in-store visibility, and expanding beyond its established tier-one on-trade foothold into more mainstream tier-two distribution. Onshoring of cans is beginning, with production trials starting in autumn; together with existing local glass production, over half of U.S. products are expected to be locally produced next year.
Portfolio Diversification Gains Traction
The core tonic range grew 3%, while the wider portfolio increased 13% in the first half and now represents nearly half of group sales. In the U.K., beyond-tonic products represent almost a third of sales, while in the rest of the world they account for over 40% of the sales mix.
Growth from Priority Flavors
Five priority flavors account for around half of group sales and contributed approximately 85% of first-half growth. The flavors are being supported through focused marketing and innovation and are increasingly consumed both in mixed drinks and as premium soft drinks.
Successful Straight Up or Mixed Campaign
The U.K. Straight Up or Mixed campaign reached around 11.5 million adults and delivered a 22% sales uplift for the featured flavors. The campaign is being adapted for France, Canada, Belgium, and Australia.
U.K. Return to Growth
U.K. revenue increased by 3%, following the Straight Up or Mixed campaign and good summer weather. Off-trade performance was strong, with a further 2% value-share gain, while Fever-Tree retained its market-leading on-trade distribution footprint and share.
European and Rest-of-World Performance
Europe delivered 4% underlying year-on-year growth, driven by strong ginger beer performance. Fever-Tree delivered more than half of the category's retail growth and held almost 40% value share of the European ginger beer category. Rest-of-world reported revenue increased 5%, with underlying growth marginally ahead at 6%.
Innovation in Non-Alcoholic and Adult Soft Drinks
U.K. non-alcoholic ready-to-drink products secured good distribution across major grocers and are bringing new, younger shoppers into the non-alcoholic category. In Australia, Lemon, Lime & Bitters secured good distribution in Coles and Woolworths, supported by strong retail visibility and early momentum.
Moderation Creates an Addressable Opportunity
Management said around 25 million adults in the U.K. intend to moderate alcohol consumption, and market analysis suggests that around 70% of occasions when consumers choose not to drink alcohol involve soft drinks and non-alcoholic alternatives. The stated U.K. value pool is around GBP 700 million, which management said is larger than the entire U.K. mixed category today.
Asset-Light and Cash-Generative Business Model
The outsourced, relatively capital-light model continues to generate significant cash, allowing Fever-Tree to invest in marketing, innovation and potential acquisitions while maintaining a strong balance sheet and returning surplus cash to shareholders.
Resilient Supply Chain and Cost Position
Management said supply-chain resilience improvements continue to support the business despite a volatile geopolitical backdrop. Bottles and cans are materially hedged for energy impacts across 2026, 2027, and 2028, while central costs have reduced as a percentage of adjusted revenue as technology investments are leveraged.
Positive Outlook and Medium-Term Profit Growth
The company remains confident of delivering in line with expectations, expects U.S. revenue growth to accelerate as the year progresses, and expects good underlying growth in the rest of the group. Management cited consensus expectations for a circa 60% uplift in EBITDA over the next two years, with a high proportion of the U.S. increase underpinned by the U.S. profit guarantee.
Expected Free Cash Flow Expansion
Management expects local U.S. production to improve working capital from 2027, with the group expected to generate at least GBP 100 million of free cash flow across 2027 and 2028. Excess cash is expected to be returned to shareholders after funding further growth.
DE:FV8 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed