Fever-Tree Drinks reported full-year sales of £375.3 million for 2025, narrowly exceeding analysts' consensus of £373.2 million and delivering 3% organic sales growth. Management described a progressively stronger second half, with the United States singled out for notable improvement as the company completes the move into TAP's 400-strong distributor network.
In the US, Fever-Tree said the transition into TAP's distribution footprint has been successful and supported a 6% underlying sales rise in the market. Company commentary linked the distributor rollout to improved scale and execution in the US channel.
Back in the UK, the business posted a visible second-half inflection. First-half performance showed mid-single-digit declines, which moderated to roughly flat sales in the second half. Fever-Tree attributed this turnaround to resilience in the off-trade and faster expansion of non-tonic product lines.
Across continental Europe, performance varied. France remained a standout market, and Benelux showed signs of improvement. Germany, by contrast, continued to be a drag. Fever-Tree also reported strong growth in its Rest of World segment; management noted some favorable shipment phasing, but underlying second-half expansion in that region still reached double digits.
Financially, the company completed a £100 million share buyback program in 2025 and disclosed plans to initiate an additional £30 million repurchase in February, a move the company said reflects confidence in its ability to generate cash. Fever-Tree is scheduled to publish its full profit and loss statement on March 24.
Analysts covering the stock have an unchanged price target of £11.00, which the market view equates to roughly 24% upside from the current share price of 890.00p. Looking toward 2026, the company said it is positioned to benefit from the TAP partnership in the US - a relationship management expects to provide greater scale, improved execution capability and stronger marketing support intended to raise brand awareness.
Overall, the update paints a picture of gradual recovery across key markets, selective regional strength and a board willing to return capital following recent buybacks. The company will provide further detail when it releases its complete 2025 profit and loss statement on March 24.