Fever-Tree saw its overall brand revenue increase by 4% year on year, accelerating to +5% in the second half of 2025.
Almost half of the group revenue is now generated from products beyond tonic. In the UK, this category witnessed a 16% uptick in growth. Globally, ginger beer and pink grapefruit accounted for ‘standout growth’. Fever-Tree is now the largest global ginger beer brand by value with category leadership in the US and growing traction across Europe, particularly in France.
Meanwhile, tonic revenue fell by 6%, reflecting softer demand for gin and continued on-trade pressure.
During the year (ending 31 December 2025), the business continued to invest in the brand, returning to TV advertising across several markets. It focused on ‘premium storytelling’, advocacy and visibility across both the on- and off-trade.
Alongside this, it launched its Signature G&T initiative in the on-trade, working with venues to offer a high-quality gin and tonic at a more accessible price point, with an aim to protect the dwindling G&T occasion and support stressed tonic volumes.
In the UK, where the business has seen its revenue fall by 2% down to £108.4 million, it launched two non-alcoholic ready-to-drink can formats – a Gin & Tonic and an Italian Spritz – designed to meet the growing consumer demand for moderation.
While much of the category’s growth to date has been concentrated on beer alternatives, Fever-Tree says it sees a ‘clear opportunity’ to bring a premium proposition to a wider set of occasions – with early signs ‘encouraging’.
While the UK market was down, performance did improve during the second half of 2025, offsetting the 6% downfall it had seen. This was driven by strong off-trade.
The weakening numbers in the UK are a result of a challenging on-trade environment in the region, driven by higher labour costs, duty increases, and ongoing consumer spending caution. This has weighed heavy on spirits volumes, particularly gin, and by extension the mixer category.
Fever-Tree owes its lower-than-expected EBITA partly to the UK EPR rules, adjusting this by £2.8 million to account for these costs.
The Group says it ‘remains confident’ in its view that certain glass formats that it sells in the on-trade should be classified as non-household packaging for EPR purposes and therefore be exempt from the levy. This is in line with the position taken by the UK government in relation to other packaging regulations. As previously disclosed, the Environment Agency has challenged this view, and in recent weeks Fever-Tree has launched a formal legal challenge. As a result of this development, and given there is uncertainty in the outcome, from an accounting perspective the Board now considers it prudent to provide for the potential incremental EPR liability.
The drop in EBITDA also represented the impact of early costs and disruption from the US transition into the partnership with Molson Coors, which saw the business assume exclusive commercialisation rights to Fever-Tree’s line-up in the US in February 2025. The brand is now embedded across approximately 400 regional distributors.
Tim Warrillow, CEO and co-founder of Fever-Tree, commented: “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.”
