Nigerian Breweries Plc has posted revenue of N1.467trn for the financial year ended December 31, 2025, representing a 35 per cent increase from the N1.084trn recorded in 2024, as the brewer navigated a difficult consumer environment marked by high inflation and pressured household spending.
Details of the audited results released on the Nigerian Exchange Limited showed a strong operational recovery following what the company described as a challenging 2024 financial year driven largely by macroeconomic headwinds, including rising input costs and weaker consumer purchasing power.
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Profitability indicators improved during the period. Gross profit in the fourth quarter rose sharply to N565bn from N320bn in the corresponding period of 2024, translating to a 77 per cent increase.
Group operating profit expanded by more than 190 per cent, while net profit rebounded by 168 per cent from a net loss position a year earlier.
The company attributed the turnaround partly to an 83 per cent decline in net finance costs following its 2024 rights issue, which helped reduce debt levels and eliminate foreign currency exposures from its balance sheet.
However, rising production and operating costs continued to reflect inflationary pressures across the economy. Cost of sales climbed to N902bn in 2025 from N765bn in 2024, while marketing, distribution and administrative expenses rose 43 per cent to N364bn from N254bn, underscoring the impact of energy prices, logistics costs and currency weakness on manufacturing operations.
Company Secretary and Legal Director, Uaboi Agbebaku, said the revenue growth was supported by product innovation, premiumisation strategy, disciplined pricing and stronger commercial execution across its distribution network.
He added that operating performance was strengthened by cost control measures, productivity improvements and supply chain efficiencies implemented under the company’s 2024 business recovery plan.
Despite the return to profitability, retained earnings remained negative due to heavy losses incurred over the past two years. The board noted, however, that the company is on track toward restoring a positive equity position.
The brewer also completed the full acquisition and integration of Distell Wines and Spirits Nigeria Limited during the year, incurring a one-off integration cost. Management said the move will expand the company’s non-beer portfolio and support long-term growth as consumer preferences evolve.
The company expressed confidence that continued shareholder support, alongside focus on agility, innovation, revenue management and financial discipline, will sustain growth and deliver long-term value even as inflation continues to weigh on consumer demand.
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