Slide 1: FY25 Interim Results
FY25 Interim Results 11th September 2025 1.
Slide 2: Agenda
AGENDA 1 H1 Summary 2 Molson Coors Partnership Update 3 Financial Review 4 Business Review 5 Summary 2.
Slide 3: Key Messages
Key Messages Excellent Strategic Progress Product diversification driving growth across many regions • The Brand continues to gain share across key markets, strengthening our position as the leading global premium mixer brand. • Diversification strategy is resonating with consumers and broadening th
Slide 4: Our portfolio is well-placed to accelerate growth across adult socialising
Our portfolio is well-placed to accelerate growth across adult socialising Consumer trends Adult socialising occasions Fever-Tree portfolio LONGER, LIGHTER MODERATION MIXED SERVES Sodas & Tonics Cocktails Gingers Non-Alc Premium Softs RTDs PREMIUMISATION No other brand is better positioned to captur
Slide 5: Underpinned by a strong brand platform that can execute and scale globally
Underpinned by a strong brand platform that can execute and scale globally Established Premium Credentials Category Expertise • Leadership across the UK, • Unrivalled understanding of Europe, the U.S. and beyond category and consumer trends • Sophisticated, premium brand • Proven track record of hig
Slide 6: Molson Coors x Fever-Tree Partnership
Molson Coors x Fever-Tree Partnership 6.
Slide 7: Fever-Tree x Molson Coors Partnership
Fever-Tree x Molson Coors Partnership Strategic alignment • Shared vision, belief and commitment to driving Fever-Tree’s opportunity across alcohol and non-alcoholic categories • Establishes Fever-Tree as an important contributor to Molson Coors’ Beyond Beer ambitions Scale & platform • Molson Coors
Slide 8: The strategic partnership with Molson Coors creates a revenue growth multiplier
The strategic partnership with Molson Coors creates a revenue growth multiplier Distribution Breadth Distribution Depth Velocity Number of Accounts Products per Account Rate of sale per product • Molson Distribution platform • Leverage increased visit 400 independent distributors frequency, catego
Slide 9: Fever-Tree x Molson Coors Transition Update
Fever-Tree x Molson Coors Transition Update Transition Progressing Well • Initial focus on handover into new distribution network • Move into ~400 regional distributors across Molson Coors’ national network commenced in June • New network servicing On-Trade and Liquor customers with handover of rele
Slide 10: Financial Review
Financial Review 10.
Slide 11: H1 FY25 Financial highlights
H1 FY25 Financial highlights REVENUE PROFITABILITY CASH GENERATION Brand revenue1 £171.0m 2%* Adj EBITDA3 £18.4m 1% Cash 97% Total revenue2 £172.2m 2%* Margin4 10.7% 20bps Working Capital 16.7% of adj rev • Strong underlying US • New presentation of financial • Working capital improvement mo
Slide 12: H1 FY25 brand revenue +2%, strong momentum through initial US transition
H1 FY25 brand revenue +2%, strong momentum through initial US transition REVENUE PROFITABILITY CASH GENERATION US +6%* UK -6%* Europe 0%* RoW +17%* • Strong underlying brand • Off-Trade +1%2 but On- • Underlying depletion • Underlying depletion momentum through initial Trade remains challenged, grow
Slide 13: H1 FY25 EBITDA margin +20bps, Rest of Group improvement offsets US
H1 FY25 EBITDA margin +20bps, Rest of Group improvement offsets US REVENUE PROFITABILITY CASH GENERATION Adjusted Revenue Adjusted EBITDA Adjusted EBITDA US: 8.1% adj EBITDA margin £m £m margin % • Reduction in margin YoY as expected given transition inefficiencies and sharing of US profit under the
Slide 14: Working capital improvements are driving strong cash generation
Working capital improvements are driving strong cash generation REVENUE PROFITABILITY CASH GENERATION Working capital improvements Increased cash position and shareholder returns Group Working capital progression (£m): £71.0m £21.4m £96.3m +97% YoY £13.5m £74.9m £130.0m +67% YoY (£49.8m) £61.4m
Slide 15: Outlook unchanged
Outlook unchanged Reiterating guidance provided in January: • Low single digit adjusted revenue growth for Group 2025 • Short term EBITDA impact due to US transition Comfortable with market expectations for the full year • Improved post-period end performance brings YTD adjusted Group revenue growth
Slide 16: Group to deliver enhanced Quality of Earnings over the medium term
Group to deliver enhanced Quality of Earnings over the medium term REVENUE PROFITABILITY CASH GENERATION Adjusted revenue in GBP: Group adjusted EBITDA in GBP: Group operating cash flow in GBP: 0.19 100 US guaranteed profit element 0.17 Working capital as 80 0.15 % of adj revenue 0.13 60 US 0.11 US
Slide 17: 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 18: Business Review
Business Review Sh We SICILIAN LEMONADE With THE FINEST JWIeY Sicilian LEMONS
Slide 19: Fever-Tree is firmly established as the global leader in premium mixers
Fever-Tree is firmly established as the global leader in premium mixers Strong market positions #1 Premium Mixer globally #1 Mixer in the UK #1 Tonic in the US #1 Ginger Beer in the US #1 Ginger Beer across Europe Total Mixer Retail Value Share* US Tonic & Ginger Beer Value Share* 35.0% 34.0% 28.0%
Slide 20: Increasingly Diversified Portfolio
Increasingly Diversified Portfolio Driving growth across categories and regions 35% 40% 43% 45% 65% 60% 57% 55% FY22 FY23 FY24 H125 Tonic Non-Tonic Global 3-year Revenue CAGR Tonics Non-Tonic -2% +16% 20.
Slide 21: We Remain Focused on Our Tonic Business
We Remain Focused on Our Tonic Business UK Global • Our tonic performance has mirrored the decline in • Our tonic portfolio remains in growth reflecting the gin category over the past 3 years overall global Gin category • Gin remains a large & valuable category across the On • Independent forecasts
Slide 22: Our broader portfolio is becoming a meaningful driver of global growth
Our broader portfolio is becoming a meaningful driver of global growth • Significant growth across our broader range • Reflecting the success of our strategic focus to take advantage of the growing opportunity across adult socialising occasions • Half of the 3.6 million UK households that buy Fever-
Slide 23: Building the Global Leader in Ginger Beer
Building the Global Leader in Ginger Beer • Consumed with alcohol and as a premium soft drink • Focus on quality to create a premium offering • Range of pack formats for the Off and On-Trade channels • Category leader in the US and across multiple European markets • Ginger Beer revenue nearly the sa
Slide 24: Our marketing campaigns have been demonstrating relevance across adult socialising occasions
Our marketing campaigns have been demonstrating & highlighting our relevance across adult socialising occasions Adult socialising occasions Mixed Serves Spotlight on Ginger Beer Premium non-Alc • A comprehensive approach in the UK • Out-of-home campaign in Paris • Initial awareness drive for our new
Slide 25: Key Messages
Key Messages Positive Operational & Strategic Progress Product diversification driving growth across many regions • The Brand continues to gain share across key markets, strengthening our position as the leading global premium mixer brand. • Diversification strategy is resonating with consumers and
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 Reported Adjusted Revenue Contribution £m H1 FY25 US adj H1 FY25 H1 FY24 US Revenue invoiced to Share of US Partnership profits less Fever- US 34.
Slide 30: Fever-Tree
FEVER-TREE If 34 of your drink is the mzxer, MIX with the BEST - 30.