Nigerian Breweries Plc has reported a strong performance for the nine months ended 30 September 2026, recording revenue of ₦1.10 trillion, a 5% increase from ₦1.05 trillion in the corresponding period of 2025. Gross profit rose by 15% to ₦477.9 billion, while profit after tax increased by 33% to ₦114.1 billion.
The performance was delivered against a market environment in which consumer disposable income remained constrained, despite improvement in macroeconomic stability. The Company increased its market share, supported by strong performances in the premium segment, led by Heineken and Desperados.
Results from operating activities grew by 10% to ₦179.2 billion, while profit before tax increased by 33% to ₦171.7 billion. The growth in profitability was also supported by a 78% reduction in net finance expenses.
Significantly, Nigerian Breweries returned to profitability in the standalone third quarter, following consecutive third-quarter losses since 2022. The Company recorded a net profit of ₦21 billion between July and September 2026, compared with a net loss of ₦4 billion in the same period of 2025.
Commenting on the results, Managing Director and Chief Executive Officer of Nigerian Breweries Plc, Thibaut Boidin, said: “Our nine-month performance reflects the resilience of our business and the disciplined execution of our priorities. Despite continued pressure on consumer spending, we grew revenue, strengthened our market position and delivered a significant improvement in profitability”.
“The return to profit in the third quarter is an important milestone and demonstrates the progress we are making. While volumes and net revenue declined during the quarter, the strength of our portfolio, improved gross margin and substantially lower finance expenses helped us deliver a positive bottom line”.
The Company also strengthened its financial position through robust cash generation and improved working-capital management. Its stronger net cash position at the end of the period provides a firmer foundation to fund business priorities and support sustainable growth.
Looking ahead, Boidin added: “We remain focused on building on this momentum through disciplined execution, continued investment behind our brands and rigorous cost and cash management. Although the operating environment remains demanding, we are confident in the strength of our business and maintain a positive outlook for the full year 2026”.
