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Fever-Tree expects US "topline momentum" to "build through the year," benefiting from distrib gains and "doubling of local marketing spend," cfo Andy Branchflower detailed alongside ceo Tim Warrillow during co's FY2025 earnings presentation this morn. US natl campaign, including natl TV for the first time, debuts in Apr, Tim added, coinciding with big distribution gains expected for spring resets. Notably, Tim shouted out recent meetings with Reyes, Manhattan Beer and JJ Taylor to underscore excitement among MC distrib network nationally. He pointed to his discussion with Reyes "chief executive" (presumably Tom Day) in Chicago, "struck by" the size of Reyes' overall biz, and "fantastic to hear&hellip;how genuinely excited they are" to have Fever-Tree as they build out "their beyond beer portfolio." Reyes, Manhattan and JJ Taylor each expressed "very ambitious" plans, "putting real focus, resources and sales incentives behind it." Co "worked very closely" with MC "to develop the campaign" and "remain true to the brand," looking to communicate "a simple idea: Fever-Tree is the mixer bartenders reach for." That's a "powerful signal of the quality of the brand," Tim said. Expect a "fully integrated, multi-channel program" with social, streaming, out-of-home, sampling, sports partnerships and other "premium brand experiences." This is a "genuine step-change" in how the brand's supported, marking the beginning of what co sees as an oppy for "double digit US growth CAGR over the medium-term." The US campaign will be followed up by Fever-Tree's largest mktg campaign ever in the UK and Europe this summer, communicating that whether it's "straight up or mixed, it's a matter of taste." Altogether, 2026 outlook for Fever-Tree globally calls for "acceleration," co detailed.Low EBITDA in 25-26 Will Be Offset Over Medium Term, Sez Andy This yr, currency exchange rates are expected to impact US revenue translation but won't have a "material impact" on US EBITDA, Andy acknowledged. US EBITDA is projected flat at just &pound;8.2 mil ($11 mil), after sinking 55% in 2025 with margin down 820 bps to just 6.3%. Yet that was "as expected, given transition inefficiencies, US tariffs, and sharing of US profit" with MC, he explained. Earnings are expected to see "step change" improvement over the medium term, especially as MC begins to onshore production in 2027, execs underscored. Co's also emboldened by agreement with MC that guarantees "minimum level" of Fever-Tree US profits from 2026-2030, "underlining their confidence in the opportunity and underpinning our confidence in the ability to deliver&hellip;over the medium term." There will be "strong improvement" in working capital starting this yr too as MC took on most of Fever-Tree's US team, leaving Fever-Tree with just a small project oversight team in the US, and it'll "reduce to very low levels as US production is increasingly onshored," said Andy.US "Beyond Tonic" Portfolio is 68% of the Mix, Growing at a 13% CAGR Execs were pleased with sustained US "momentum" thruout the transition year in 2025 as reported US sales grew 3% to &pound;131.9 mil (see Jan 29 issue), "extending" the brand's leadership position in tonic and ginger beer categories. As Fever-Tree portfolio continues to evolve beyond tonic, US is its most developed mkt in that regard with 68% of its mix "beyond tonic" vs just 31% in UK and Europe, 45% globally. "Beyond tonic" products grew at a 13% CAGR over the last 3 yrs in the US, and MC provides the "perfect platform to drive" more of those "adjacent opportunities" in premium soft drinks, non-alc RTDs and cocktail mixers, co highlighted. While that suggests tonic sales are extra soft in the US lately, the portfolio balance has shifted toward growth.

Fever-Tree US "Momentum Will Build" Thruout 2026; Doubling US Mktg Spend, MC Distrib Shoutouts for "Very Ambitious" Plans

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