INVESTMENT CASE

Reasons to Invest

Innovation led brand with focus on quality

Fever-Tree has revitalised the category through innovation and has an unrivalled focus on sourcing the best quality ingredients from around the world that excite the consumer.

Premium positioning

Our products are clearly differentiated with demonstrated pricing power in stronghold markets. We enhance category margins to our customers benefit, making us highly desirable by creating a virtuous circle for the brand and the trade.

Relationships and brand reputation

We are endorsed by the world's best bartenders, mixologists and chefs and have been voted the “Best Selling” and “Top Trending” mixer brand for the 11th year running. Our position as the largest premium mixer brand globally makes us the clear choice for co-promotions and partnerships across a broad spectrum of drinking occasions.

Strong cash flow

Our strong cash flow enables investment into new growth markets, allowing us to focus on consumer recruitment and lifetime customer value. Providing optionality to return cash to shareholders alongside growing the business.

Supportive macro trends

Fever-Tree is at the centre of supportive macro trends and there is a growth interest in long mixed drinks, fuelled by spirit companies, retailers and the On-Trade.

Long-term opportunity

Fever-Tree is at an early stage of total opportunity. We have built a broader and more diversified global platform.

Innovation led brand with
focus on QUALITY and category diversification that is driving GROWTH

Innovation led brand with
focus on QUALITY and category diversification that is driving GROWTH

Fever-Tree has revitalised the category through innovation and has an unrivalled focus on sourcing the best quality ingredients from around the world that excite the consumer. Dark spirits and cocktails are increasing in popularity and our portfolio increasingly caters to a greater variety of drinking occasions.

Premium
POSITIONING

Relationships &
BRAND REPUTATION

Strong
CASH FLOW

Supportive of
MACRO TRENDS

Fever-Tree is at the centre of supportive macro trends and there is a growth interest in long mixed drinks, fuelled by spirit companies, retailers and the On-Trade.

Bevarage

TRENDS

Spirits taking the share from wine and beer

Premium segments are driving spirit growth

Easy-to-make cocktails are trending

Growing interest in long mixed drinks fuelled by spirit brands, retailers and the On-Trade

More focus on co-promotions than ever before

Consumer

TRENDS

High quality ingredients are becoming more sought after

Health & wellness (drinking less but better and no-low) increasingly important

Provenance and craft are being sought out more

Consumers want to try new drinks and treat themselves

Fever-Tree is uniquely positioned as consumer preferences evolve

We have revitalised the mixer category through innovation and our non-Tonic carbonated mixers, such as Ginger Beer and flavoured Sodas, account for >40% of our Group sales. We are building a presence in cocktail mixers and adult soft drinks which expands our usage and distribution.

Fever-Tree sales split Tonic vs non-Tonic portfolio

MAT June 2018 - June 2024

21%

79%

22%

78%

25%

75%

28%

72%

33%

67%

38%

62%

42%

58%

18-Jun

19-Jun

20-Jun

21-Jun

22-Jun

23-Jun

24-Jun

Tonic

Non-tonic

Substantial Volume Growth Opportunity

Adjacencies

2022 FT Volume

Core Opportunity

Stronghold

Next Wave

White Space

*Chart based on Group estimates – methodology based on mixability of premium carbonated mixers to premium spirits alongside underlying category growth assumptions – chart not to scale.

Long term
OPPORTUNITY

Stronghold markets (incl. UK, Belgium, Denmark): we have a high market share in carbonated mixers, with significant adjacent opportunities in cocktail mixers and adult soft drinks.

Next Wave markets (incl. US, Italy, Australia): Fever-Tree is driving growth of premium mixers using our first mover advantage, premium price point and investment in marketing, supported by macro trends.

White Space markets (incl. Asia, LatAM): we are seeding the brand to ensure we have first mover advantage.

Our RANGE

SHAPING THE PORTFOLIO TO BE RELEVANT ACROSS A BROAD RANGE OF DRINKING OCCASIONS