Nigerian Breweries Pledges Sustainable Growth, Amidst Impressive 2025 Financial Performance
Ahead of its 80th Annual General Meeting (AGM) Nigerian Breweries Plc has assured investors of its commitment to sustainable growth after posting a strong financial turnaround in 2025.
The company returned to profitability with N161 billion, profit before tax and N99 billion net profit, reversing losses recorded in 2024. It also reported a positive cash flow position.
Speaking at the Pre-AGM media engagement in Lagos, Managing Director/CEO Thibaut Boidin acknowledged that the operating environment remains tough despite some macroeconomic stability.
“It’s not a secret that we’re operating in a very volatile environment, a very complex environment. Although in 2025, we can all recognise that the macroeconomic environment was a bit more stable than in the previous years, but we remain dependent on foreign exchange, and purchasing power remains under pressure.”
While reaffirming the brewer’s long-term stake in the country, Thibaut Boidin explained that the company chose to stay when others exited. “While many companies left Nigeria, we decided to stay because of our commitment to Nigeria,” he said. “We are here for the long haul, and we will celebrate another 80 years in Nigeria.”
The finance director, Maria Karaseva outlined three external risks the brewer is actively managing, “We are pulling out three factors, and they have different impacts on us. First is the sustainability of supply driven by the Middle East crisis, which affects our ability to maintain consistent production levels and meet market demand".
Here we are relatively in control. We are part of the Heineken Group. Heineken is our major investor. We are relying on the proven supply tracks. We are tracking regularly the sustainability of our supply. We see no big issues coming out of Nigeria from what is going on.”
The second thing is the instability of the naira. We have observed it so far. The naira passed the stress test when the crisis happened. It continues to be stable, and I should say that this is fundamental for the economy of Nigeria to have a stable currency. We really ask the government to continue with its efforts to keep the naira’s stability in place. From our side, we are also using financial instruments and tools to protect us against potential volatility.”
The third factor on the macro level which can impact the company, according to the finance director, is the rise in inflation, especially in food.
"We, as Nigerian communities, feel a responsibility as leaders of this category. We feel responsible for what happens with the price of the products and the affordability of our products to the consumers".
"So we are doing all that we can. We have a very wide tool set on how not to take pricing further in this difficult environment. We have global food practices which we are bringing to Nigerian ground to contain pricing inflation.”
So these are the major risks, and we are on a pathway to build a resilient structure which will help us to absorb those shocks at least if they don’t escalate any further.”
Karaseva credited the turnaround to cost management, lower finance expenses after the 2024 rights issue, naira stability, brand strength, and premiumisation.
"2025 was really a financially successful year for us. In 2024, the operating environment was really difficult, but in 2025, the stability of the Naira, the strength of our brands, and a focus on premiumisation supported the growth in our results.”
Nigerian Breweries said it will prioritize consumer protection and affordability while keeping financial discipline. Taking very accurate revenue management, not passing all the problems happening around us to our consumers, is our prime goal, and we will see that in the year 2026.”
The brewer added that it will retain earnings to strengthen its balance sheet amid ongoing uncertainties, with dividend payments to resume once it fully exits its recovery plan.