Fever-Tree has reported full-year results in line with market expectations, after what it described as a pivotal year for the business, with growth in the US, Europe and the rest of the world helping offset a softer performance in the UK.

For 2025, adjusted Fever-Tree revenue rose three per cent to £375.3m, while brand revenue increased four per cent at constant currency. Momentum improved in the second half, when brand revenue growth accelerated to five per cent.

The group said its diversification strategy continued to gain traction, with 45 per cent of revenue now coming from products beyond tonic, including ginger beer, premium sodas and non-alcoholic ready-to-drink lines.

That shift is particularly relevant for grocery as retailers look to tap into moderation trends and growing demand for premium soft drinks that can work across a wider range of occasions, not just alcohol mixing.

Fever-Tree said its non-alcoholic RTDs were its fastest ever-selling new products in the UK.

Regional performance was mixed. US revenue rose six per cent at constant currency, Europe was up two per cent and Rest of World climbed 22 per cent. In the UK, revenue fell two per cent to £108.4m, although Fever-Tree said trading improved in the second half thanks to a stronger off-trade performance.

Underlying EBITDA came in at £45.2m, in line with guidance.

However, adjusted EBITDA fell to £42.4m after the group took a £2.8m provision linked to the UK’s Extended Producer Responsibility levy. Fever-Tree said it has launched a formal legal challenge and remains confident that its on-trade 200ml bottles should sit outside the scope of the scheme.

The company also pointed to a “transformational year” in the US following the start of its Molson Coors partnership. Under the new structure, Fever-Tree now recognises a share of US profits rather than consolidating the full operating margin, making 2025 the first year under the revised model.

CEO and co-founder Tim Warrillow said the Molson Coors deal had created a major growth platform in the brand’s largest opportunity market, while broader consumer trends around premiumisation and moderation continued to support the business.

He added that products beyond tonic now account for nearly half of group revenue, which he said showed the company’s broader portfolio was resonating with consumers.

Fever-Tree also highlighted strong cash generation during the year, with £100m returned to shareholders through its buyback programme in 2025 and a further £30m currently underway.

Looking ahead, the business said it remains comfortable with market expectations for 2026 despite wider geopolitical uncertainty. It added that it is well hedged on input costs for 2026 and has good visibility into 2027 through both its own operations and supply base.

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