February 19, 2026/InvestmentOne Report

Nigerian Breweries Plc delivered a landmark financial performance in FY:2025, marking a decisive return to profitability following two consecutive years of losses. The group posted revenue of NGN1,467.42bn for the year, representing a robust 35.32% YoY increase from NGN 1,084.44bn in FY:2024.

This impressive top-line expansion reflects the company’s sustained pricing discipline implemented since Q1:2024, steady volume recovery across both premium and mainstream beer categories, and significantly improved product mix optimization bolstered by the full integration of Distell Nigeria’s wines and spirits portfolio acquired in 2024. 

Nigerian Breweries’ vision for 2026 acknowledges persistent market volatility, constrained disposable income levels, and high-cost environment, while targeting sustained cash positivity and disciplined cost management to defend margins achieved in 2025.

The company expects modest volume growth in the low single digits, driven primarily by returnable packaging availability improvements and continued premiumization trends supporting revenue per hectolitre expansion. The company targets maintaining net debt below NGN 100bn throughout 2026, prioritizing balance sheet strength and financial flexibility over aggressive growth investments. We rate Nigerian Breweries Plc a STRONG BUY reflecting our conviction in the company’s successful operational turnaround, and attractive strategic positioning as Nigeria’s leading total beverage company.

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