Nigerian Breweries Plc

NGSE:NB Stock Report

Market Cap: ₦2.5t

Nigerian Breweries Future Growth

Future criteria checks 5/6

Nigerian Breweries is forecast to grow earnings and revenue by 30.7% and 17.6% per annum respectively. EPS is expected to grow by 24% per annum. Return on equity is forecast to be 39.2% in 3 years.

Key information

30.7%

Earnings growth rate

24.02%

EPS growth rate

Beverage earnings growth17.4%
Revenue growth rate17.6%
Future return on equity39.17%
Analyst coverage

Good

Last updated02 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • May 25

Nigerian Breweries Plc Delivers Strong Q1 2026 Earnings Growth Driven by Revenue Expansion, Pricing Power and Cost Efficiency Gains

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) Nigerian Breweries Plc delivered a strong performance for the three months ended 31 March 2026, supported by sustained revenue growth, improved pricing dynamics, and stronger operating leverage despite elevated input costs and continued macroeconomic pressure. Net revenue increased by 8% YoY to ₦413.0 billion, driven by higher volumes and price adjustments across key beer and beverage segments.
Narrative Update • Apr 28

Nigerian Breweries Plc Delivers Resilient FY 2025 Earnings Growth Supported by Stable Revenue and Improved Operating Efficiency

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) Nigerian Breweries Plc recorded a resilient performance for the financial year ended 31 December 2025, supported by stable revenue growth, improved operating efficiency, and disciplined cost management despite persistent macroeconomic headwinds and elevated financing costs. Group revenue rose marginally by 0.3% YoY to ₦1.47 trillion, reflecting stable demand across core beer and beverage segments, alongside contributions from product portfolio expansion, including wines and spirits.
Narrative Update • Apr 27

Q3 & 9M 2025 Earnings Report — Strong Recovery as Profit Rebounds to ₦85.5bn; Margin Expansion and Lower Finance Cost Drive Bottom-Line Grow

Nigerian Breweries Plc (“NB” or “the Group”) delivered a strong recovery in earnings for the nine months ended 30 September 2025, posting a Profit After Tax (PAT) of ₦85.5 billion , a dramatic rebound from a ₦149.5 billion loss in the same period of 2024. The turnaround was driven by robust revenue growth (+47% YoY) , improved cost efficiency, and a sharp decline in net finance cost following the successful ₦600 billion Rights Issue completed in 2024 , which strengthened the balance sheet and reduced leverage.
Narrative Update • Mar 15

Nigerian Breweries Plc Partners to Establish Food-Grade rPET Recycling Plant in Ogun State

Author: Qudus Adebara (DLM Capital Group, Research Ananlyst) Overview Nigerian Breweries Plc has announced a strategic investment in a food-grade recycled Polyethylene Terephthalate (rPET) production facility to be located in Ogun State, Nigeria. The initiative will be implemented through a special purpose vehicle (SPV) known as: Indorama Ventures Recycling Solutions Limited Nigerian Breweries will participate as a minority investor with a 29% equity stake , with no operational or management control of the business.
Narrative Update • Oct 22

Q3 & 9M 2025 Earnings Report — Strong Recovery as Profit Rebounds to ₦85.5bn; Margin Expansion and Lower Finance Cost Drive Bottom-Line Grow

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
New Narrative • Mar 20

Acquired the remaining 20% shareholding in Distell Wines and Spirits Nigeria Limited (DWSN) amid N1.08 Trillion revenue

Nigerian Breweries Plc (NB) has acquired the remaining 20% shareholding in Distell Wines and Spirits Nigeria Limited (DWSN), completing its full acquisition of the company. This move follows the execu

Earnings and Revenue Growth Forecasts

NGSE:NB - Analysts future estimates and past financials data (NGN Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20282,458,636296,886264,570339,1193
12/31/20272,124,993224,193218,685291,5805
12/31/20261,814,354195,402218,781294,1036
3/31/20261,496,803110,493258,407383,520N/A
12/31/20251,467,42299,100104,272228,177N/A
9/30/20251,419,94690,26778,689224,324N/A
6/30/20251,342,81328,69030,417174,939N/A
3/31/20251,240,063-48,132-88,75153,556N/A
12/31/20241,084,436-144,774-88,47152,041N/A
9/30/2024908,713-198,647-176,864-83,322N/A
6/30/2024801,991-143,755-207,814-107,676N/A
3/31/2024704,337-147,682-177,749-74,454N/A
12/31/2023599,643-106,308-173,536-74,666N/A
9/30/2023558,990-58,763-164,317-53,067N/A
6/30/2023553,972-53,138-126,435-29,204N/A
3/31/2023536,180-11,122-134,922-41,429N/A
12/31/2022550,63813,182-75,99122,528N/A
9/30/2022521,45319,204-52,59133,825N/A
6/30/2022502,11323,671-40,32528,825N/A
3/31/2022469,38118,61212,15172,944N/A
12/31/2021437,28512,66631,62491,615N/A
9/30/2021412,2898,63938,35679,814N/A
6/30/2021394,4939,49766,777107,669N/A
3/31/2021359,5649,50266,093101,272N/A
12/31/2020337,0467,36347,88285,343N/A
9/30/2020321,36710,76545,83974,365N/A
6/30/2020304,6268,366-42231,830N/A
3/31/2020322,88813,585-1,54030,494N/A
12/31/2019323,00716,101N/A38,896N/A
9/30/2019322,00216,919N/A23,090N/A
6/30/2019321,92014,317N/A44,090N/A
3/31/2019324,70017,250N/A44,806N/A
12/31/2018324,38919,434N/A30,500N/A
9/30/2018327,92623,823N/A51,742N/A
6/30/2018336,20027,729N/A40,745N/A
3/31/2018336,23431,813N/A50,988N/A
12/31/2017344,52733,044N/A72,051N/A
9/30/2017345,69432,312N/A69,884N/A
6/30/2017337,35733,097N/A76,358N/A
3/31/2017327,44829,394N/A73,531N/A
12/31/2016313,74328,415N/A70,154N/A
9/30/2016301,70431,985N/A66,494N/A
6/30/2016299,60635,588N/A68,748N/A
3/31/2016301,53938,408N/A78,412N/A
12/31/2015293,90638,055N/A72,627N/A
9/30/2015286,55238,874N/A69,841N/A
6/30/2015276,55040,183N/A65,906N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NB's forecast earnings growth (30.7% per year) is above the savings rate (15.5%).

Earnings vs Market: NB's earnings (30.7% per year) are forecast to grow faster than the NG market (18.8% per year).

High Growth Earnings: NB's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: NB's revenue (17.6% per year) is forecast to grow faster than the NG market (16.1% per year).

High Growth Revenue: NB's revenue (17.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NB's Return on Equity is forecast to be high in 3 years time (39.2%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/08 21:22
End of Day Share Price 2026/06/08 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nigerian Breweries Plc is covered by 12 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Adedayo AyeniAbsa Bank Limited
null nullARM Research
Victor DimaArqaam Capital Research Offshore S.A.L.