Nigerian Breweries Plc 2025FY Earnings Results | Telling the Success of NB’s Recovery Plan
After two years of steep losses and a tough macro environment that pressured volumes, Nigerian Breweries’ 2025FY results reveal a company that has not only planned its way back to profitability but also emerged with a stronger balance sheet, a more resilient earnings model, and a clearer strategic focus.Beyond the headline NGN99.1bn profit after tax, the rebound was driven by tighter cost discipline, sharply lower finance costs, and internal restructuring measures, including the shutdown of underperforming breweries, streamlined operations, and a strengthened capital structure following the 2024 Rights Issue.
Our latest report unpacks these shifts in detail, telling the success of NB’s recovery plan and what it means for earnings momentum heading into 2026. With a leaner balance sheet, improving product mix dynamics, and the first full year impact of the Distell acquisition set to crystallize, NB is entering a pivotal phase in its turnaround.
We have assigned an OVERWEIGHT rating on the stock, upgrading our 12-month target price to NGN96.00 (from NGN87.72). This represents a 17.07% upside from the current price of NGN82.00 (as of 20th February 2026).
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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