Fever-Tree Drinks (AIM:FEVR), the premium mixer maker, reported Fever-Tree brand revenue growth of 8% at constant currency in the six months to 30 June, with total adjusted revenue up 11% at constant currency.
Earnings (adjusted EBITDA) rose 9% to £20.1 million, up from £18.4 million a year earlier, despite a step-change in US marketing spend tied to the Molson Coors partnership.
The US segment grew revenue 11% year-on-year at constant currency, though segment EBITDA fell to £4.1 million from £5.0 million as marketing investment increased ahead of Fever-Tree's first national US campaign. In the UK, it returned to growth, up 3%, driven by Off-Trade share gains and the "Straight up or Mixed" campaign; tonic revenue was flat, while beyond-tonic products grew 10% and now make up 32% of UK sales, against 24% three years ago.
Meanwhile, Europe grew 10% at constant currency, helped by France and Switzerland, with underlying growth around 4%.
Cash stood at £68 million, up from £48.9 million at the end of December, supporting a £60 million share buyback programme following 2025's completed £100 million return.
The board declared an interim dividend of 6.09p per share, up 2% year-on-year.
"We have continued to trade well through the summer and are confident in delivering market expectations for the full year", said Tim Warrillow, chief executive and co-founder.
The group said FY26 expectations remain unchanged and in line with market expectations, with key commodity costs hedged into 2028.
News Intelligence what this means for the company
Fever-Tree delivered 8% brand revenue growth in H1 with adjusted EBITDA up 9% to £20.1m, marking a return to UK growth (up 3%) and sustained US momentum (11% revenue growth) despite heavy marketing investment tied to the Molson Coors partnership. Beyond-tonic products now represent 32% of UK sales, up from 24% three years ago, signalling successful category diversification; the company ended the period with £68.4m cash and maintained full-year guidance.
The results confirm Fever-Tree's ability to grow profitably while investing in US market share under the Molson Coors partnership—EBITDA margin expansion (9% growth outpacing 8% brand revenue growth) despite elevated marketing spend suggests operational leverage is intact. The UK's return to growth and beyond-tonic acceleration reduce reliance on tonic-only sales, though the US segment's EBITDA decline (£5.0m to £4.1m) shows the near-term cost of that partnership's scale ambitions.
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