Fever-Tree reported a 4% increase in overall brand revenue for 2025, with growth accelerating to 5% in the second half of the year.
The group is continuing to diversify beyond its core tonic range, with almost half of total revenue now generated from other products. In the UK, this segment delivered particularly strong performance, rising 16%, while globally ginger beer and pink grapefruit variants drove standout growth. Fever-Tree said it is now the world’s largest ginger beer brand by value, holding leading positions in the US and gaining momentum across Europe, particularly in France.
In contrast, tonic sales declined by 6%, reflecting softer demand for gin and ongoing pressures in the on-trade channel.
Brand investment and portfolio expansion
During the year to 31 December 2025, Fever-Tree increased its investment in brand-building activity, including a return to TV advertising across several markets. The company focused on premium positioning, with campaigns centred on storytelling, advocacy and increased visibility across both on- and off-trade channels.
Alongside this, the group launched its Signature G&T initiative within the on-trade, working with venues to offer a high-quality gin and tonic at a more accessible price point. The move is designed to support the category by maintaining consumer engagement with the G&T occasion and stabilising tonic volumes.
In the UK, where revenue declined 2% to £108.4m, Fever-Tree introduced two non-alcoholic ready-to-drink formats — a Gin & Tonic and an Italian Spritz — targeting growing consumer demand for moderation.
While much of the non-alcoholic category’s growth has so far been driven by beer alternatives, the company believes there is a clear opportunity to expand premium offerings into a wider range of occasions, with early indicators described as encouraging.
Although UK performance remained under pressure overall, trading improved in the second half of the year, supported by stronger off-trade sales, which helped offset earlier declines.
Market pressures and cost impacts
The softer performance in the UK reflects a challenging on-trade environment, where rising labour costs, duty increases and cautious consumer spending have weighed on volumes — particularly within spirits and, by extension, the mixer category.
Fever-Tree also highlighted that its EBITDA was impacted by the introduction of UK Extended Producer Responsibility (EPR) rules, adjusting the figure by £2.8m to account for these additional costs.
The company said it continues to believe that certain glass formats used in the on-trade should be classified as non-household packaging and therefore exempt from EPR charges. However, the Environment Agency has challenged this interpretation, prompting Fever-Tree to launch a formal legal case. Given the uncertainty surrounding the outcome, the board has taken a prudent approach by recognising a potential additional EPR liability in its accounts.
Profitability was also affected by transitional costs linked to the company’s new US partnership with Molson Coors. Under the agreement, which came into effect in February 2025, Molson Coors assumed exclusive rights to commercialise Fever-Tree products in the US. The brand is now distributed through approximately 400 regional partners.
Outlook
Commenting on the results, CEO and co-founder Tim Warrillow said: “2025 was a pivotal year for Fever-Tree. The strategic partnership with Molson Coors in the US creates a significant opportunity to take Fever-Tree to the next level in our largest growth market. The transition has progressed well, and it has been particularly encouraging to see that underlying brand momentum has remained strong throughout.
“Across our markets, the long-term trends shaping adult socialising, namely premiumisation, moderation and longer, lighter serves, continue to play directly to our strengths. Fever-Tree is increasingly enjoyed as the world’s leading premium mixer, but also as a premium soft drink. Products beyond tonic now represent 45% of Group revenue, a clear sign that our diversification strategy is resonating with consumers.
“As we enter 2026, Fever-Tree does so from a position of strength. We have a premium brand with unmatched credentials, an ever-growing market leadership position, upweighted marketing plans, a broader and more relevant portfolio, and scalable platforms in place across our priority markets.
“Notwithstanding the current uncertain geopolitical outlook, our expectations for 2026 remain unchanged and in line with market expectations.”
