Fever-Tree Drinks PLC: We like broad-based share gains + additional £30mn buyback adds confidence

研报英文原文证据摘录

Fever-Tree Drinks PLC: We like broad-based share gains + additional £30mn buyback adds confidence

Equity Research

European Consumer Staples

9 June 2026

Fever-Tree Drinks PLC

We like broad-based share gains +

additional £30mn buyback adds

FEVR.L/FEVR LN OVERWEIGHTconfidence

European Consumer NEUTRAL

Fever-Tree Q1 trading statement indicates a solid start to Staples Price Target GBp 1190

FY26. We particularly like the comments on share gains in key Price (08-Jun-26) GBp 759

markets of UK, Europe and US. Plus a further £30mn buyback Potential Upside/Downside +56.8% Source: Bloomberg, Barclays Research

should be taken very well. Strategic alignment with Molson

offers long-term growth potential. We remain OW. European Consumer Staples

Laurence Whyatt

+44 (0)20 7773 5324

Fever-Tree’s Q126 trading statement indicates a 'solid start to FY26' and announces a laurence.whyatt@barclays.com

further £30mn buyback, with management reiterating confidence in full-year consensus Barclays, UK

expectations. Management highlights further share gains across UK, Europe and the US.

Ashutosh JainCost visibility appears strong and management reiterates that 2026 glass costs are fully

+91 (0)22 6175 1452

hedged and highlights further extension of energy and broader input hedging. Fever-Tree ashutosh.jain@barclays.com

reaffirmed that it is trading in line with expectations ahead of its AGM, maintaining Barclays, UK

comfort with where guidance is (cons topline at £402.1mn and adj. EBITDA of £50.4mn)

implying ~7% revenue growth and an ~12.5% adjusted EBITDA margin for FY26 (we are

ahead expecting £418.7mn topline and £51.0mn adj. EBITDA leading to 11.4% OSG and

12.2% adj. EBITDA margin).

US Molson integration is starting to deliver: The core focus remains the Molson Coors