Champion Breweries Plc has commenced the 2026 financial year with a significant increase in group revenue, reporting a 69 percent jump to N14.36 billion in the first quarter ended March 31, 2026. This performance marks a new growth phase for the company, bolstered by its first international acquisition.
The brewer's unaudited condensed interim financial statements reveal a decisive shift from a regional player to a cross-border operator. The group revenue surge from N8.48 billion in the same period of 2025 reflects a step-change in scale and underlying demand.
Gross profit expanded by 48 percent to N6.16 billion, up from N4.17 billion, while operating profit saw a 53 percent increase to N3.02 billion. This operational performance is notable within the current Nigerian consumer-goods environment.
The acquisition of the Bullet beverage portfolio, through an 80 percent equity interest in Netherlands-incorporated EnjoyBev B.V., was a defining strategic event. Completed on February 26, 2026, this transaction instantly transformed Champion Breweries into a multinational parent entity.
EnjoyBev's results have been consolidated from the date of control, adding energy drinks and ready-to-drink (RTD) beverages to Champion's portfolio. This move positions the company at the intersection of fast-growing global drinks categories.
Funding this expansion was accompanied by a substantial strengthening of the company’s capital base. Champion Breweries completed an equity raise, issuing 1.19 billion new ordinary shares and securing N35.78 billion in share premium, totaling a N36.97 billion injection.
Consequently, total equity rose to N68.29 billion at March 31, 2026, from N13.08 billion at the end of 2025. Total assets expanded to N132.48 billion from N82.34 billion in just three months, and cash and cash equivalents stood at N16.07 billion, a sharp increase from N5.75 billion in Q1 2025.
The company also repaid N11.9 billion of loans and borrowings during the quarter, reducing financial leverage. Despite the operational expansion, group profit before tax for the quarter was N839 million, lower than the N1.74 billion posted in Q1 2025, primarily due to net finance costs rising to N2.18 billion.
However, adjusting for acquisition-period financing costs, the underlying operating engine shows strength with a 53 percent jump in operating profit. Finance income surged to N804 million from N59 million a year earlier, reflecting the deployment of newly raised capital.
The second quarter of 2026 will mark the first full three-month period of consolidated Bullet revenues. EnjoyBev's revenues are generated in euros and other hard currencies, providing Champion Breweries with an FX-denominated income stream, a significant hedge in Nigeria's volatile macroeconomic environment.
With seasonality typically favoring the second half of the Nigerian beverage calendar, Champion Breweries enters the rest of 2026 with an international subsidiary, a recapitalized balance sheet, and a free float that satisfies regulatory thresholds.
