AGM Update: Solid Start; Encouraging Progress in US

Research evidence excerpt

AGM Update: Solid Start; Encouraging Progress in US

EUROPE | Beverages

Fever-Tree EquityJuneResearch9, 2026

FLASH NOTEAGM Update: Solid Start; Encouraging

RATING BUYProgress in US

PRICE 751.00p^

Reassuring update ahead of AGM later today, confirming a solid start to the

year with the company on track to deliver in line with market expectations. PRICE TARGET | % TO PT 1,080.00p | +44%

US is seeing early traction with increased distribution and account wins; we 52W HIGH-LOW 1,020p - 711p

see the TAP partnership providing a significant uplift in scale and execution FLOAT (%) | ADV MM (USD) 75.0% | 3.35

capability, whilst also de-risking the supply chain and driving higher quality MARKET CAP £872.7M | $1.2B

of earnings. Extension of SBB is LSD earnings-accretive. Cal 27E P/E 22.6x TICKER FEVR LN ^Prior trading day's closing price unless otherwise

noted.

What's new? Ahead of the AGM today, the company has issued a brief trading update. Key

takeaways: (1) Solid start to the year; (2) On track to meet consensus expectations - Vis Alpha

consensus F26 sales £402m and EBITDA £50m. No conf call. Jeff view: This is a reassuring

update on current trading with early traction in the US; extended SBB is worth LSD to EPS.

Shares should be gently better, in our view.

US market - partnership progressing well. Moving from integration to growth. After a

transition year in 2025, the business is shifting to growth. The business is leveraging TAP's

distribution network, with new account wins, driving increased distribution and momentum

through the year. Investment has stepped up with the first national US marketing campaign in

April, encompassing TV, digital, e-commerce, and a nationwide sampling initiative. This aligns

with the US selling calendar (spring reset into summer).