At its 80th Pre-Annual General Meeting (Pre-AGM) media briefing held on Thursday, April 16, 2026, at Sheraton Hotels and Towers, Nigerian Breweries Plc presented a compelling narrative of recovery, resilience, and strategic repositioning, declaring 2025 a landmark turnaround year after a period of intense economic and operational challenges.
Addressing journalists, the Managing Director/Chief Executive Officer, Thibaut Boidin, alongside the Corporate Affairs Director, Dr Uzodinma Odenigbo, offered a reflective assessment of the company’s journey through macroeconomic headwinds, shifting consumer realities, and internal restructuring.
Boidin acknowledged that Nigeria’s inflationary environment—both official and perceived—has significantly eroded consumer purchasing power, placing sustained pressure on the beer market.
“The pressure on disposable income explains the overall market decline seen last year,” he noted, adding that external shocks, including the Middle East crisis, have further compounded economic strain across the country.
Despite these headwinds, Nigerian Breweries demonstrated remarkable resilience, leveraging scale, policy engagement, and operational discipline to stabilise and reposition the business. The company, he said, has continued to work closely with industry bodies such as the Manufacturers Association of Nigeria to advocate for stable and predictable fiscal policies.
He highlighted ongoing engagement with the government on excise duty reforms, noting that the introduction of a three-year excise framework provides a more predictable outlook for planning and investment decisions.
A Year of Historic Recovery
Reflecting on performance, Boidin described 2025 as a year of exceptional recovery across all key metrics. Revenue grew by over 30 per cent, while operating profit surged despite a challenging cost environment—underscoring disciplined cost management and operational efficiency.
Most notably, the company returned to net profitability at levels not seen in nearly a decade, marking a historic milestone.
Equally significant was the turnaround in cash flow. From a previously negative position, Nigerian Breweries closed the year with a strong positive cash balance of approximately ₦60 billion, reversing years of financial strain and strengthening its balance sheet.
“This shows that the company has not only weathered the crisis but emerged stronger,” Boidin said.
Brands Driving Growth and Market Leadership
Beyond financial recovery, the company recorded strong brand performance across its portfolio. Its flagship international brand, Heineken, maintained its position as Nigeria’s leading lager, delivering double-digit growth driven by innovation and consumer engagement.
The flavoured segment also recorded impressive gains, with a key brand attracting younger consumers and growing significantly, particularly among Gen Z demographics.
Other international offerings such as Tiger Beer continued to strengthen regional presence, while local champions like Goldberg Lager and Life Beer remained critical volume drivers despite pressure on consumer spending.
In the stout category, Legend Extra Stout recorded strong growth, closing the gap with market leaders and positioning itself as a formidable contender.
Meanwhile, Maltina sustained its growth trajectory, reinforcing its reputation as a nutritious, family-friendly beverage with strong consumer loyalty across demographics.
Strategic Focus and Organisational Alignment
Boidin attributed the company’s resurgence to a deliberate shift in strategy since his assumption of office—anchored on focus, prioritisation, and organisational alignment.
“We mobilised the organisation around clear priorities. We know exactly where to invest, where to win, and how to execute,” he said.
This clarity, combined with robust scenario planning, has equipped the company to navigate ongoing volatility with confidence.
He emphasised that while uncertainty remains a defining feature of the operating environment, Nigerian Breweries has developed the internal capability to adapt and respond effectively.
“Volatility is not new to us. The difference now is that we are better prepared,” he added.
No Dividend Yet, But Stronger Fundamentals
Despite the strong financial recovery, the company announced that it would not be declaring dividends for the 2025 financial year. Management explained that this decision reflects a cautious approach aimed at consolidating gains and strengthening resilience amid ongoing economic uncertainty.
People at the Core of the Turnaround
A recurring theme throughout the session was the role of people in driving the company’s recovery. Boidin praised the workforce for its resilience, innovation, and commitment during challenging times.
He noted that employee engagement levels have improved despite economic pressures, with the company earning recognition as a top employer in Nigeria and across Africa.
“The turnaround we achieved in one year is a testament to the strength and quality of our people,” he said.
Looking Ahead: Confidence Amid Uncertainty
As the company transitions into 2026, management expressed strong confidence in its strategic direction. With improved financial stability, a strengthened brand portfolio, and a highly aligned organisation, Nigerian Breweries is positioning itself for sustained growth.
Summing up, Boidin reiterated the core message to stakeholders:
“2025 was a turnaround year in all dimensions. We are entering 2026 in a strong position—financially, commercially, and operationally. We are focused, mobilised, and ready to win.”
The session concluded with a reaffirmation of the company’s commitment to transparency and continued engagement with the media and stakeholders as it charts its next phase of growth.
Nigerian Breweries Plc records historic turnaround in 2025, boosting revenue, profitability, and cash flow despite inflation and market pressures, executives reveal at Pre-AGM briefing in Lagos.
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