From Recovery to Growth: The Data Behind Nigerian Breweries’ 2025 Financial Rebound
By Azeez Disu
As Nigerian Breweries (NB) Plc approaches its 80th anniversary, the company has transformed a period of intense macroeconomic pressure into a landmark “turnaround year”. At a Pre-Annual General Meeting (AGM) media briefing held in Lagos recently, the leadership team detailed a fiscal performance for 2025 that was defined by record-breaking revenue, aggressive debt reduction, and a strategic pivot from business recovery to aggressive growth.
A Historic Financial Rebound
The Managing Director of NB Plc, Thibaut Boidin, characterised 2025 as a “turnaround year in all dimensions” for the brewing giant. He reported that the company’s revenue surged by 35%, while operating profit tripled compared to the 2024 fiscal year. This performance was underpinned by a disciplined approach to cost management and a focus on high-performing segments of the market. “I’m also very proud to share that for the first time in 10 years we have this level of net profit close to 100 billion [Naira]. That’s historical,” Boidin remarked, noting that the company had successfully moved from a precarious financial state to one of immense strength. He specifically highlighted the company’s improved liquidity, stating that after years of negative cash positions, the firm closed the year with a positive ₦60 million balance.
Aligning with this recovery narrative, Maria Karaseva, Finance Director, confirmed that the business had successfully “rebounded” from a difficult 2024. She revealed that the company achieved a historical record in net revenue, reaching nearly ₦1.5 trillion, a milestone supported by strategic “premiumisation” and the inherent strength of the brand portfolio. “In 2025, operating environment remained still tough but stability of Naira, strength of our brands and focus on the mix and premiumisation of our portfolio really supported the growth,” Karaseva stated.
Data provided during the briefing showed a massive 194% margin growth in operating profit, with Karaseva noting that the company’s fixed and variable costs were kept strictly under control, growing at a rate lower than net revenue. A pivotal factor in this rebound was the aggressive deleveraging of the balance sheet; following a successful rights issue, total borrowings plummeted from over ₦200 billion in 2024 to ₦59 billion by the end of 2025. Furthermore, Karaseva highlighted a significant strategic victory, noting that “forex denominated debts went down to zero,” which fundamentally insulated the company from further currency volatility and allowed net profit to return to a positive trajectory.
Brand Performance: Winning the Market
Across categories, NB Plc’s brands demonstrated remarkable resilience. The company’s flagship, Star, remains the most powerful and largest beer brand in Nigeria, recording a 13% growth in 2025. The “re-recruitment” of younger consumers was led by Desperados, which saw an impressive 22% growth, while Legend Stout grew by 20%.
In the non-alcoholic segment, Maltina grew by 6%, maintaining its position as a nutritional leader. Boidin emphasised the brand’s value proposition: “Drinking one Maltina is the equivalent of drinking a half a glass of milk. The contribution in terms of calcium and vitamin is extremely high”.
The company also completed the integration of the Distell portfolio, opening new avenues for growth in categories previously untouched by the brewer. Despite pressures on disposable income, the company reported gaining market share and brand power across Lager, Stout, and Malt categories.
Leadership Perspectives on Growth and Governance
The briefing underscored a shift in mindset. Uzodinma Odenigbo, Corporate Affairs Director, reflected on the company’s 80-year legacy and its commitment to the “joy of togetherness”.
He described the past year as one that “tested us” but ultimately “brought out resilience in us as a people and as a country”.
Addressing the impact of the company’s performance on its investors, Uaboi Agbebaku, Company Secretary/Legal Director, noted that the share price saw a 125% increase over the year, creating significant value for shareholders. However, he provided clarity on the absence of dividends for the 2025 period, explaining that the law prevents payments while retained earnings remain negative due to past losses. “Once we get out of this negative retained earnings, then you can then begin to imagine that the board begin to look at how do we come back to usual investment,” Agbebaku stated.
The “Magic” of the People
While the financials dominated the headlines, the leadership attributed their success to human capital. Grace Omo-Lamai, Human Resource Director, highlighted that productivity was driven without compromising employee welfare. She detailed the company’s commitment to psychological safety and work-life balance, noting that NB Plc was rewarded as a top employer in both Nigeria and Africa. “We do not compromise employee welfare because we want to drive productivity. We try to be as balanced and as efficient as possible,” she explained.
Thibaut Boidin echoed this sentiment, describing the team’s capability as the company’s “biggest asset” moment. Looking ahead to 2026, Boidin remains cautiously optimistic despite global volatility, such as the Middle East crisis. He asserted, “The company is focused on growth. The potential of this country is absolutely immense for our industry. We are now focusing on growth”.