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Nigerian Breweries and International Breweries have released their full-year 2025 audited and unaudited results, respectively, marking a sharp rebound in profitability after the heavy losses recorded in 2023 and 2024.

On market performance, in 2025, International Breweries’ shares surged by 152% year-to-date, while Nigerian Breweries gained 135% over the same period.

The momentum has carried into 2026, with International Breweries up 7% YtD and Nigerian Breweries up 4% as of the close of trading last week.

These rallies appear to be largely driven by the return to profitability in the 2025 financial year.

However, beyond the headline share price performance, a more important question remains: who performed better in 2025, and which company offers the stronger shareholder return outlook for 2026?

A cursory review and analysis of their filed unaudited full-year 2025 financial statements show a nuanced picture.

While Nigerian Breweries maintains clear dominance in terms of size, revenue, and asset base, International Breweries appears to have delivered stronger efficiency gains, as reflected in its profit margins.

At the same time, Nigerian Breweries still stands out in terms of absolute profitability and valuation support.

So, did scale win over efficiency? A closer look at their earnings, margins, balance sheets, and valuations provides a clearer answer.

When it comes to beer sales in Nigeria, Nigerian Breweries remains the clear market leader. In 2025, the company generated over N1.4 trillion in revenue, more than double International Breweries’ N620 billion, even as both companies recorded strong top-line growth.

However, Nigerian Breweries delivered the bigger comeback in absolute terms. The company flipped a N145 billion loss into a N99 billion profit, while International Breweries rebounded to about N63 billion profit from a steep N114 billion loss a year earlier.

But when the analysis shifts from “how much profit” to “how efficiently profit is generated,” the picture becomes more nuanced.

In other words, this is not a simple win–lose comparison: Nigerian Breweries dominates on scale and total profits, while International Breweries stands out on profitability margins and bottom-line efficiency.

A key factor behind both companies’ return to profit was the improvement in the foreign exchange environment, which sharply reduced FX-related losses and finance costs.

On return, while International Breweries shows stronger bottom-line margins, Nigerian Breweries remains superior in capital efficiency, delivering higher returns on both assets and equity.

This suggests that NB not only earns more in absolute terms but also uses its balance sheet more effectively to generate shareholder returns.

As of December 2025, Nigerian Breweries had N1.1 trillion in total assets, much bigger than International Breweries’ N741.5 billion

This huge asset base means Nigerian Breweries has more room to grow, invest in new ideas, and hold its ground in the market.

It also gives it more power when dealing with suppliers and partners, which really matters when prices are rising everywhere.

While International Breweries stands out for its improving margins and conservative balance sheet, Nigerian Breweries offers a more compelling valuation case.