February 16, 2026/CSL Report

Revenue increased by 35.3% year-on-year (y/y) to ₦1.47 trillion, up from ₦1.08 trillion in FY 2024. On a quarter-on-quarter (q/q) basis, revenue rose by 36.6% to ₦421.04 billion in Q4 2025, compared with ₦308.23 billion in Q3 2025. This performance was largely driven by sustained price increases across key
product segments and continued innovation within its premium portfolio, which helped protect margins.

Cost of Sales (excluding depreciation) grew at a slower pace than Revenue, rising by 16.8% y/y to ₦849.16 billion from ₦727.06 billion in FY 2024. As a result, Gross Profit surged by 73.0% y/y to ₦618.25 billion, compared with ₦357.37 billion in the prior year. Gross Margin improved significantly, expanding by 9.2 percentage points to 42.1% from 33.0% in FY 2024.

Total Operating Expenses (OPEX), excluding depreciation, increased by 43.7% y/y to ₦339.43 billion, up from ₦236.18 billion in FY 2024. Administrative expenses rose sharply by 85.1% y/y to ₦73.31 billion (FY 2024: ₦39.95 billion), while Selling and Distribution expenses grew by 37.0% y/y to ₦263.76 billion from ₦192.53 billion in the prior year. The OPEX-to-Sales ratio edged up only slightly to 23.0% from 21.4% in FY 2024, supported by the strong Revenue growth.

Financial Highlights:

• Revenue: +35.3% y/y to ₦1,467.42Bn
• Cost of Sales: +16.8% y/y to ₦849.16Bn
• OPEX: +43.7% y/y to ₦339.43Bn
• EBITDA: +126.0% y/y to ₦282.98Bn
• Operating Profit: +193.6% y/y to ₦205.20Bn
• Profit After Tax stood at ₦99.10 billion, compared with a Loss After Tax of ₦144.99 billion in the previous year.

Stock Rating: Under review | Current Price: ₦80.5/share

Nigerian Breweries Plc delivered a significant improvement in profitability in FY 2025, underpinned by strong revenue growth and improved cost management. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose by 126.0% year-on-year (y/y) to ₦282.98 billion in FY 2025, compared with ₦125.22 billion in FY 2024. Consequently, EBITDA Margin expanded by 7.7 percentage points to 19.3%, up from 11.5% in the prior year.

Operating Profit (EBIT) surged by 193.6% y/y to ₦205.19 billion, from ₦69.89 billion in FY 2024. This strong performance reflects robust Revenue growth, disciplined cost management, and supply chain efficiencies implemented under the company’s 2024 business recovery plan. EBIT Margin improved to 14.0%, representing a 7.5 percentage point increase from 6.4% in FY 2024.

Finance Income declined to ₦1.77 billion in FY 2025, down from ₦4.24 billion in FY 2024, largely due to lower interest earned on reduced bank deposits (₦50.55 billion versus ₦149.29 billion in FY 2024). Conversely, Finance Costs fell sharply by 53.1% y/y to ₦46.66 billion, compared with ₦99.46 billion in the prior year. This reduction was driven by improved foreign exchange (FX) stability and lower FX exposure following the successful 2024 Rights Issue, which strengthened the balance sheet and eliminated foreign currency liabilities. Notably, the company recorded FX gains of ₦775.00 million in FY 2025, compared with an FX loss of ₦157.55 billion in FY 2024. As a result, Net Finance Cost declined significantly to ₦44.13 billion, representing an 82.5% y/y reduction from ₦252.81 billion in FY 2024.

Overall, the company reported a Pre-tax Profit of ₦161.06 billion, a marked turnaround from the Pre-tax Loss of ₦182.91 billion recorded in FY 2024. After accounting for a tax expense of ₦61.96 billion (FY 2024: tax credit of ₦38.03 billion), Profit After Tax stood at ₦99.10 billion, compared with a Loss After Tax of ₦144.99 billion in the previous year.

Our recommendation and target price are currently under review. Current Price: ₦80.50 per share.

To read full report, click on the link below​​​​​​​​​​​​​​​​​​​​​​​​​​​​

​​​​​Nigerian Breweries FY 2025 QuickTake.pdf​

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