Revenue distribution by sectors:

• Beverages: 100%

TOP 3 markets and their percentage shares:

• Nigeria: approx. 85%
• West Africa (excluding Nigeria): approx. 10%
• International markets: approx. 5%

Nigerian Breweries Plc is mainly active in the beverage industry, with all revenue coming from the sale of alcoholic and non-alcoholic beverages. The largest market for Nigerian Breweries is Nigeria itself, where the company generates the majority of its revenue.

West Africa, excluding Nigeria, represents the second largest market, followed by international markets, which, however, account for a comparatively small share. This distribution reflects the strong local presence and focus on the domestic market, while also aiming for moderate expansion into neighboring regions and internationally.

Production Sites: 11 Breweries in Nigeria

Nigerian Breweries Plc operates a total of 11 breweries in various regions of Nigeria. These strategically located sites enable the company to efficiently respond to demand across the country and optimize logistics costs.

The breweries are located in cities such as Lagos, Aba, Kaduna, Ibadan, and Enugu, to name a few. This geographical distribution supports not only the supply of the domestic market but also the exploration of new market segments within Nigeria.

Revenue Growth: Estimated at 8-10% annually (based on historical trends and market analysis until 2023)

Market Expansion: Focus on regional expansion and diversification

Nigerian Breweries Plc is pursuing a strategy based on regional expansion and product diversification. The company plans to strengthen its market presence in West Africa to benefit from the growing demand in these markets.

Another focus is on introducing new product lines, especially in the non-alcoholic beverages and premium beers segment, to appeal to a broader range of customers. This strategy aims to increase revenue and secure market share in an increasingly competitive environment.

In addition, Nigerian Breweries is investing in sustainable production methods and digital transformation to increase efficiency and reduce operating costs. This is intended to improve profitability in the long term and make the company more resilient to economic fluctuations.

Imported Raw Materials: Malt, Hops, Barley

Countries of Origin: Europe (especially Germany and France), South America

Nigerian Breweries Plc imports essential raw materials such as malt, hops, and barley that are necessary for beer production. These raw materials are mainly sourced from Europe, especially from Germany and France, as these countries are known for their high-quality brewing ingredients. In addition, some raw materials are also imported from South America to ensure supply security and benefit from different markets.

The dependence on imported raw materials is typical for breweries in regions where the local climate and agricultural conditions do not support the cultivation of these specific ingredients. Nigerian Breweries Plc is continuously working to improve the efficiency of the supply chain and optimize costs by entering into strategic partnerships with international suppliers.

Market share in Nigeria: Approx. 55% (2025)
EBITDA margin: 18% (2025)
Brand portfolio: Over 20 well-known brands

Nigerian Breweries Plc has a significant competitive advantage in the Nigerian brewing industry. With a market share of approximately 55%, the company is the leading player in the market. This dominance is supported by a strong brand portfolio that includes over 20 well-known brands, including Star Lager and Gulder.

The EBITDA margin of 18% demonstrates solid operational efficiency and the ability to control costs while generating high revenue. The strong brand awareness and extensive distribution network also contribute to solidifying the competitive advantage.

Additionally, Nigerian Breweries benefits from the support of Heineken, the majority shareholder, providing access to international expertise and resources. These factors together position the company well to address challenges from local and international competitors.

Institutional Investor Share: 52% (estimated for 2026 based on trends until 2023)

Insider Buys/Sells: No significant transactions reported in the last year (2026, estimated)

The institutional investor share in Nigerian Breweries Plc is estimated to be around 52%. This figure is based on trends from recent years, which have shown a stable participation of institutional investors. Institutional investors include pension funds, investment funds, and other large financial institutions that typically hold long-term positions.

Regarding insider buys and sells, there have been no significant transactions reported in the last year. This suggests that the management and other insiders have confidence in the current company strategy and future development. Such information is important as it often serves as an indicator of internal assessment of company performance and prospects.

Market share of Nigerian Breweries Plc: approximately 55% (estimated for 2026)

Main competitors and their market shares:

1. Guinness Nigeria Plc: approximately 25%
2. International Breweries Plc: approximately 15%
3. Champion Breweries Plc: approximately 3%
4. Consolidated Breweries Plc: approximately 2%

Moat of Nigerian Breweries Plc:

Nigerian Breweries Plc has a significant moat, characterized by several factors. Firstly, the company has strong brand recognition and a wide portfolio of popular beer brands that are well-established in Nigeria. Secondly, it benefits from an extensive distribution network that enables efficient market coverage.

Compared to its competitors, Nigerian Breweries Plc has the advantage of market leadership, allowing for economies of scale and a stronger negotiating position with suppliers and distributors. Investments in marketing and product innovation also enhance customer loyalty.

Guinness Nigeria Plc also holds a strong brand value, especially in the premium segment, and could be considered a direct competitor in terms of brand loyalty. International Breweries Plc, as part of the AB InBev group, benefits from global resources and expertise, providing a potential advantage in efficiency and product diversification.

Overall, Nigerian Breweries Plc has a robust moat, but the competition is intense, with competitors continuously investing in their brands and infrastructure to gain market share.

Revenue Growth: 10% (2025) Profit Growth: 8% (2025) Market Share in Nigeria: 60% (2025)

Nigerian Breweries Plc achieved a revenue growth of 10% in 2025, attributed to strong demand for its products and an effective distribution strategy. Profit growth was at 8%, indicating efficient cost controls and product innovations.

The company holds a dominant market share of 60% in Nigeria, highlighting its leading position in the industry. This market position provides a solid foundation for future growth and stability.

Additionally, Nigerian Breweries is investing in sustainable practices and new product lines targeting changing consumer preferences. These initiatives could lead to stronger customer loyalty and expanded market share in the long term.

Overall, the strong market position, combined with continuous revenue and profit growth, suggests that Nigerian Breweries Plc presents an attractive investment opportunity, especially for investors interested in long-term growth.

Dividend Yield: 4.5% (estimated for 2026)
Dividend History: Regular payouts in recent years

Nigerian Breweries Plc has pursued a consistent dividend policy in the past, indicating a reliable payout. The estimated dividend yield of 4.5% for 2026 shows that the company continues to strive to provide its shareholders with regular returns.

Despite economic challenges in Nigeria in recent years, the company has maintained its dividend payments. This reflects a strong financial position and a solid business model. Analysts expect Nigerian Breweries Plc to continue its dividend policy in the coming years, barring any significant negative economic changes.