Slide 1: FY26 Interim Results
FY26 Interim Results 10th September 2026
Slide 2: Agenda
AGENDA FY26 H1 Strategic highlights Tim Warrillow, CEO Business update Tim Warrillow, CEO Financial review Andy Branchflower, CFO 2.
Slide 3: Strong H1 performance – growth across all key regions
Strong H1 performance – growth across all key regions Total Fever-Tree brand revenue: +8%* US UK Europe ROW + +11%* +3%* +10%* +5%* Adjusted EBITDA Normalised EPS: £60 million margin**: 10.9% 11.00 pence buyback +20bps +5% progressing *constant currency; ** Adjusted EBITDA is earnings before interes
Slide 4: Key messages: Building on a transformational 2025
Key messages: Building on a transformational 2025 Comfortable with FY26 market expectations and driving strong growth in outer years US on-track, benefitting from Product diversification strategy Cash compounding business Molson Coors’ capabilities progressing well model • The brand continues to dri
Slide 5: Fever-Tree is driving growth across adult socialising occasions with our diverse portfolio
Fever-Tree is driving growth across adult socialising occasions with our diverse portfolio The brand is uniquely positioned to capture the main consumer trends in adult socialising Consumer trends Adult socialising occasions Fever-Tree portfolio LONGER, LIGHTER MODERATION MIXED SERVES Sodas & Tonics
Slide 6: Significant opportunities in mixing but moderation presents new opportunities for the brand
Significant opportunities in mixing but moderation presents new opportunities for the brand New significant value pool created in our core adult socialising occasion Percentage of adults intending to moderate their drinking over the next year1 25 million moderating UK adults2 49% 700k “lost” alcohol
Slide 7: Fever-Tree’s brand strength, category expertise & scalable route-to-market is unmatched
Fever-Tree’s brand strength, category expertise & scalable route-to-market is unmatched No other brand is better positioned to capture this opportunity than Fever-Tree Established Premium Credentials Category Expertise Leadership across the UK, Deep understanding of mixer Europe, the U.S. and be
Slide 8: Asset-light, cash compounding business model
Asset-light, cash compounding business model Increased cash generation enables further opportunities to drive global growth, alongside returning cash to shareholders Enhanced quality of earnings & cash generation Capital Allocation framework Invest in the global opportunity • Retain cash to drive th
Slide 9: US business update
US business update Tim Warrillow, CEO 9.
Slide 10: Fever-Tree x Molson Coors
Fever-Tree x Molson Coors X Good progress in H1 Strong distributor engagement and buy-in First ever national marketing campaign in the US: launched in Q2 with good initial results Brand continues to strengthen: Highest ever value share in Tonic and Ginger Beer categories at retail1 Sales m
Slide 11: In the US the step-change in marketing spend focused on our mixing credentials
In the US the step-change in marketing spend focused on our mixing credentials “Bartender’s best kept secret” The fully integrated campaign is designed to drive both awareness and sales through: 1. Above-the-line 2. Experiential 3. Retail 1. Above-the-line: • Premium streaming and digital platforms
Slide 12: Extending engagement and building relationships with customers and the trade
Extending engagement and building relationships with customers and the trade 2. Experiential 3. Retail execution & trade marketing • Allows consumers to • Increased investment in point-of-purchase experience the brand • Launched “Proudly Serving Fever-Tree” tools for the • Bespoke bar up and down On
Slide 13: US: Sales momentum building through the strategic partnership
US: Sales momentum building through the strategic partnership Distribution Breadth Distribution Depth Velocity Number of Accounts Products per Account Rate of sale per product • Distributors executing • Fever-Tree’s strong • Strong merchandising against distribution targets performance within the ca
Slide 14: Diversification strategy progress
Diversification strategy progress Tim Warrillow, CEO 14.
Slide 15: Our diversification strategy is enabling the brand to unlock a broader opportunity
Our diversification strategy is enabling the brand to unlock a broader opportunity Each market has a slightly different focus depending on specific consumer trends We are prioritising 5 global flavours with …through market-specific marketing campaigns & increased investment… innovation Med Tonic Gin
Slide 16: Marketing campaign developed to highlight the versatility of our range
Marketing campaign developed to highlight the versatility of our range “Straight up or mixed, it’s a matter of taste” UK: Focus on three key flavours H2 campaigns across Europe, Australia and Canada Multi-channel campaign across out-of-home, TV, audio, France: Summer event activations Belgium: Dis
Slide 17: Innovation led by consumer trends in each market
Innovation led by consumer trends in each market Non-Alcoholic RTDs Market-specific soft drink • Non-alcoholic drinks with the flavour, taste • Premiumising a long-established profile and quality of an alcoholic drink adult soft drink flavour in Australia • Developed in response to retailer requests
Slide 18: Financial Review
Financial Review Andy Branchflower, CFO 18.
Slide 19: H1 FY26 Financial highlights
H1 FY26 Financial highlights REVENUE PROFITABILITY CASH GENERATION Brand revenue1 £183.6m 8%* Adj EBITDA3 £20.1m 9% Op cash flow conv 90% Total revenue2 £184.2m 7%* Margin4 10.9% 20bps Working Capital 17.4% (of LTM Adj rev) • US momentum building through • Margin improvement driven by Rest •
Slide 20: Brand revenue +8%* with good growth across all key markets
Brand revenue +8%* with good growth across all key markets REVENUE PROFITABILITY CASH GENERATION US +11%* UK +3%* Europe +10%* RoW +5%* • Sales momentum • UK in growth, driven by: • Gained c.1% of value • Underlying growth building through the Strong Off-Trade share in the Off-Trade c.6% for the r
Slide 21: Adj EBITDA margin +20bps – Underlying improvements offset by FY26 EPR provision and upweighted US marketing
Adj EBITDA margin 20bps – Underlying improvements offset by FY26 EPR provision and upweighted US marketing investment REVENUE PROFITABILITY CASH GENERATION Adjusted Revenue Adjusted EBITDA Adjusted EBITDA US: 6.2% adj EBITDA margin £m £m margin % • Upweighted marketing investment has short term mar
Slide 22: Cash compounding business model is delivering shareholder returns
Cash compounding business model is delivering shareholder returns REVENUE PROFITABILITY CASH GENERATION Strong FCF generation Shareholder returns 18mth Group Cash flow (£m): £71.0m On completion of the currently announced £160m share buyback programme we anticipate a c. 7%** £15.9m reduction in the
Slide 23: FY26 Outlook
FY26 Outlook Remain comfortable with market expectations • Continued to trade well over the summer • US revenue momentum building + tariff rebates will land in H2 Sales momentum will continue to build in H2– FX impacts translation of US brand revenue to GBP; non-material impact at EBITDA level S
Slide 24: Capital Allocation Framework
Platform to deliver enhanced Quality of Earnings over the medium term CASH Significant FCF generation across FY27 GENERATION and FY28* Cash grows MARGIN IMPROVEMENT ahead of EBITDA INVEST IN THE GLOBAL OPPORTUNITY EBITDA grows REVENUE GROWTH ahead of • Step change in US marketing spend over the medi
Slide 25: Summary & key messages
Summary & key messages Building on a transformational 2025 US on-track • Sales momentum building following our first ever national marketing campaign and increased merchandising capabilities • The brand continues to gain share across flavour categories Product diversification progressing well • Feve
Slide 26: Fever-Tree
FEVER-TREE If 34 of your drink is the mzxer, MIX with the BEST - 26.
Slide 27: Appendix: Changes to financial presentation under Molson Coors partnership
Appendix: Changes to financial presentation under Molson Coors partnership 1. US P&L moves to Molson Coors financials: 2. US Revenue reported by Fever-Tree: Under Fever-Tree US Subsidiary Under MC statutory Fever-Tree US Model Partnership revenue under statutory Subsidiary revenue under Fever-Tree’s
Slide 28: Appendix: Changes to financial presentation under Molson Coors partnership
Appendix: Changes to financial presentation under Molson Coors partnership 3. Impact on Gross Margin reported by Fever-Tree: Fever-Tree US Fever-Tree US As flagged, gross margin is no longer a comparable metric with gross margin gross margin under Subsidiary under MC historic reporting: Model Partne
Slide 29: Appendix: Changes to financial presentation under Molson Coors partnership
Appendix: Changes to financial presentation under Molson Coors partnership 4. Adjusted Revenue and EBITDA margin 5. Segmental reporting Reported Adjusted Adjusted Adjusted Revenue Contribution £m H1 26 US adj H1 26 H1 25 US Revenue invoiced to Share of US Partnership profits less Fever- US 47.8 +19.