Fevertree Drinks (AIM:FEVR) shares bubbled up 5.9% to 804p after the premium mixer maker announced a £30 million extension to its share buyback programme after saying trading has started positively in 2026.
The AIM 50 company said it remained on track to deliver adjusted revenue and EBITDA in line with market forecasts.
Chief executive Tim Warrillow said: "Notwithstanding the current uncertainty in the geopolitical backdrop, we are well hedged from a cost perspective and remain confident in achieving market expectations for both adjusted revenue and EBITDA."
Fevertree highlighted progress in the US, where its distribution partnership with Molson Coors has moved beyond the initial transition phase, assisted by the launch of a first national US marketing campaign in April.
The arrangement has already started generating new account wins, broader distribution and increased momentum.
The company said its diversification strategy continued to gain traction, and continued to gain market share in key regions including the UK, Europe and the US.
UK progress was supported by a new marketing campaign promoting Fever-Tree as both a mixer and a premium soft drink, while momentum in Australia was said to be strong thanks to the launch of Lemon, Lime & Bitters in partnership with Angostura Bitters.
The share buyback will come after an ongoing £30 million tranche, of which £18.9 million had been completed by 5 June.
Analysts at Jefferies said it was a "reassuring update" ahead of the AGM later today, "confirming a solid start to the year".
On the US, they said the partnership with Molson Coors is "providing a significant uplift in scale and execution capability, whilst also de-risking the supply chain and driving higher quality of earnings".
The extension of the buyback should be "low single digit earnings-accretive".
** UPDATE: Adds share price and broker comments **
