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Nigerian Breweries Plc has set its sights on growth in 2026, riding the momentum of a strong financial rebound that saw revenue hit a historic ₦1.47 trillion and net profit swing to ₦99 billion in 2025.
Managing Director/Chief Executive Officer, Mr. Thibaut Boidin, laid out the plan on Thursday during the company’s 80th Pre-Annual General Meeting media briefing in Lagos.
“2026 will be a year of growth, continue focus on cost management, safety in operation in the company,” Boidin told journalists, adding that operational safety remains non-negotiable as the brewer scales.
The outlook marks a sharp contrast to 2024, which the company described as difficult and challenging due to adverse macroeconomic factors. Those headwinds eased in 2025, paving the way for broad-based recovery across the business.
Group revenue rose 36% year-on-year to ₦1.47 trillion, the highest in the company’s nearly 80-year history. Boidin said the performance was driven by appropriate pricing and increased competitiveness across its brand portfolio.
Group operating profit climbed to ₦205 billion, which he attributed to “consistently strong internal efficiency” in manufacturing, logistics, and route-to-market execution.
The bottom line showed the clearest sign of turnaround: group net profit rebounded to ₦99 billion, reversing the loss recorded a year earlier.
A major lever in the recovery was an 83% reduction in net finance charges. The company linked this to the successful 2024 Rights Issue, which significantly lowered foreign currency debt and reduced exposure to exchange rate volatility.
Despite the profit, Nigerian Breweries will not pay a dividend for the 2025 financial year. Retained earnings remain in negative territory because of heavy net losses booked in the previous two financial years, though the shortfall is now “at a much lower level.”
“All previous losses must be fully recovered before any distribution of profits,” the company stated. Management, however, stressed that it is “on the path to achieving sustained positive retained earnings as quickly as possible” with a view to resuming dividend payments.
Boidin confirmed that the acquisition of Distell Wines and Spirits Nigeria Limited was completed in 2025. Full integration of Distell’s operations is now done, including wine production at the Ibadan Brewery.
“With the full integration of the Distell operations including the production of wines at Ibadan Brewery, the journey to being a total beverage company remains on course,” he said.
The move expands Nigerian Breweries’ play beyond its traditional beer, stout, and malt categories into wines and spirits, giving it broader coverage of Nigeria’s beverage market.
For 2026, the company’s objectives are to build on 2025’s performance and “double down” on its growth ambition.
Boidin said Nigerian Breweries has the right structure to deliver, anchored on a foundation built close to eighty years ago.
He highlighted four key assets the brewer will deploy:
- Portfolio of brands spanning premium, mainstream, and value segments
- Nationwide sales and supply chain footprint for reach and availability
- Digitization journey to drive efficiency and customer engagement
- People, described as critical to executing strategy and maintaining leadership
The company’s 80th Annual General Meeting is scheduled for the coming weeks, where shareholders will consider the 2025 financial statements and management’s outlook for 2026.
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