Mahou San Miguel

What Mahou San Miguel does

Mahou San Miguel is a 100% Spanish family-owned beverage company founded in 1890, headquartered in Madrid, and the leading brewer in Spain with the sector's largest industrial and logistics footprint: 9 production centers in Spain plus 3 in the United States, 4 mineral water springs, 19 warehouses, and 4,400+ professionals. The 2024 turnover of €1,933.5 million (EBITDA above €300 million for the first time) was generated from more than 20.7 million hectolitres of beer and water sold across 70+ countries, with a 32.9% share of the Spanish HoReca channel and category leadership in non-alcoholic beer (34.7% value share in Alimentación; ~30% of total volume). The portfolio spans the Mahou, San Miguel and Alhambra beer brands, distributed international brands (Corona, Budweiser, Founders), the Solán de Cabras, Sierra Natura and Fonteide water brands, and a wave of diversification SKUs including Refeel (energy), Yuzz (functional), Los Cachis (wine-based drinks), Café 170 (HoReca coffee) and Vamos by Mahou (Middle East malt beverage). Subsidiaries include Voldis (own distribution), Taisa Logistics (own transport), Aguas de Solán de Cabras S.A.U., and Mahou USA — the vehicle for the 2025 full acquisition of Founders Brewing.

The business model combines asset-heavy brewing with a hybrid go-to-market: large direct accounts and own-distribution reach in HoReca and Alimentación, complemented by third-party distributors and concessionaires, an owned e-commerce storefront (Tienda Mahou San Miguel, built on Salesforce Commerce Cloud, with a 300+ SKU catalog and a subscription service), and selective international licensing (e.g., the San Miguel UK licence transferred to AB InBev in 2025). Revenue is generated primarily from unit-priced product sales across multiple beverage categories, with ancillary income from licensing royalties, subscription e-commerce, and branded experiences (Plaza Mahou, brewery visits). Recent strategic emphasis is on portfolio diversification beyond beer (coffee, energy, functional, water services), international expansion into the U.S. and Middle East, automation of central-Spain logistics via the €80M Alovera mega-warehouse (AI-orchestrated, operated with GXO), and a Vamos 2030 / 2050 carbon-neutrality sustainability roadmap that underpins ESG positioning and supplier relationships (94% Spanish procurement).

Name

Mahou San Miguel

Legal name

MAHOU, S.A.

Website

https://mahou-sanmiguel.com

Company type

Private

Founded year

1890

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Mahou San Miguel is a 100% Spanish family-owned brewer founded in 1890, operating 12 production centers across Spain and the U.S. and selling beer, water, energy drinks, functional beverages and HoReca coffee to hospitality operators, retailers and consumers in 70+ countries.

Ownership category

akta.pro rank

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices14 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Beer manufacturing and sales: Core revenue stream: brewing and selling +110 beer and water references through HoReca, Alimentación and international channels. 2024 revenue reached €1,933.5 million with +20.7 million hectolitres sold. Mahou leads Spanish beer exports (60% market share of Spanish branded beer consumed outside Spain).
2. HoReca channel sales (hostelería): Sales to bars, restaurants and organized hospitality via own distributor Voldis and third-party distributors/concessionaires. Mahou is the leader in HoReca with 32.9% market share. Long-standing recurring relationship with hospitality operators.
3. Mineral water (Solán de Cabras, Sierra Natura, Fonteide): Sales of bottled mineral water from four springs (Solán de Cabras in Beteta, Sierra Natura, Fonteide in Canary Islands, plus Jaén) and a new water dispenser service 'Fonteide Service' launched in Canarias targeting leadership by 2030.
4. Branded coffee for HoReca (Café 170): New business unit launched October 2025 to sell Café 170 brand coffee to Hostelería starting January 2026 via own distributor Voldis, with progressive nationwide rollout. Led by director general Jesús Gómez Cáceres.
5. Energy drinks and functional beverages (Refeel, Yuzz): Launch of Refeel natural energy drink (mango-pineapple, plant-based caffeine, 100% natural) in September 2025 and Yuzz functional refreshment with hyaluronic acid, vitamin C and low calories (launched May 2026). Sold in Alimentación, delivery platforms and own online store.
6. Wine-based popular beverages (Los Cachis): Launched April 2025 as a diversification range: four wine-based drinks (kalimotxo, tinto de verano, sangría, rebujito) sold in barrel format to Hostelería and bottle (tinto de verano), targeting younger adult consumers.
7. Non-alcoholic beer (Mahou 0,0 range, San Miguel 0,0, Founders Nonetheless, Vamos by Mahou): Non-alcoholic beer range accounts for nearly 30% of total sales volume; Mahou 0,0 Rubia launch (April 2026) consolidated 34.7% value share in Alimentación. Sold in Spain, US (Founders Nonetheless, Jan 2026) and Egypt (Vamos by Mahou malt beverage, Jan 2026).
8. Direct-to-consumer e-commerce (Tienda Mahou San Miguel): Own online storefront selling 300+ beer, water, energy drink and merchandise SKUs, plus experiences (brewery visits, tastings, Plaza Mahou). Subscription service 'Compra Recurrente' (15% permanent discount) and customizable beer bottles/editions.
9. Licensing of beer brands internationally: Mahou San Miguel licensed San Miguel lager production and distribution rights for the UK market to AB InBev (2025), ending Carlsberg's prior contract and generating licensing income.
10. Brewery experiences and merchandising: Sales of brewery visits, tastings, pairings (Plaza Mahou) and branded merchandise (glassware, fashion, limited edition gifts) via the online store as a complementary revenue stream.

Pricing tiers

Go-to-market motion1 record

Distribution channels10 records

Core offering

Mahou San Miguel is a 100% Spanish, family-owned beverage company that manufactures and sells a diversified portfolio of +110 beer and water references, led by its core brands Mahou, Cervezas San Miguel and Cervezas Alhambra, alongside natural mineral water brands Sol\u00e1n de Cabras, Sierra Natura and Fonteide. The portfolio has been expanded with non-alcoholic beers (Mahou 0,0 range, Founders Nonetheless, Vamos by Mahou), natural energy drinks (Refeel), functional refreshments (Yuzz), wine-based popular drinks (Los Cachis), a HoReCa coffee brand (Caf\u00e9 170) and a water-dispenser service (Fonteide Service), distributed through owned subsidiaries, HoReCa, grocery retail, e-commerce and international partners.

Product overview

Mahou San Miguel is a 100% Spanish family-owned beverage company whose offering centers on a core beer platform (Mahou, Cervezas San Miguel and Cervezas Alhambra) plus a natural mineral water platform (Solán de Cabras, Sierra Natura, Fonteide), distributed internationally across brands such as Corona, Budweiser, Founders Brewing, Nómada, Brutus and Magna. Built on top of this core, the company runs a portfolio of diversification modules — non-alcoholic beers (Mahou 0,0 Rubia, Mahou 0,0 Tostada Sin Gluten, Founders Nonetheless, Vamos by Mahou), functional and energy drinks (YUZZ, Refeel), wine-based drinks (Los Cachis), the new HoReCa coffee business unit (Café 170), the Fonteide water-dispenser service and the New Drinks open-innovation marketplace. Distribution is supported by owned subsidiaries (Taisa Logistics, Voldis/Voldistribución), a 19-site logistics network and the Tienda Mahou San Miguel e-commerce store (a Salesforce Commerce Cloud storefront). The portfolio is complemented by corporate-responsibility layers such as Fundación Mahou San Miguel, BarLab Rural, Emplea Rural, the Museo Virtual, and Experiencias Mahou (Plaza Mahou, tastings, factory visits).

Differentiator

Problem solved

Functional benefit

Brands

• Mahou: Flagship core beer brand (e.g., Mahou Cinco Estrellas, Maestra, Mahou 0,0 Rubia) — Spain's leading beer brand in households per Kantar Brand Footprint since 2014.
• Cervezas San Miguel
• Cervezas Alhambra
• Corona
• Budweiser
• Founders Brewing
• Nómada Brewing
• Brutus
• Magna
• Solán de Cabras
• Sierra Natura
• Fonteide
• Refeel
• Yuzz
• Los Cachis
• Café 170
• Vamos by Mahou
• Pony Malta
• La Salve

Products and services

• Mahou (core beer brand) Flagship beer brand of Mahou San Miguel (e.g., Mahou Cinco Estrellas, Maestra, Sin Filtrar), most preferred beer brand in Spain per Kantar Brand Footprint since 2014; sold in HoReCa, Alimentaci\u00f3n and online channels.
• Cervezas San Miguel
• Cervezas Alhambra Craft-oriented beer brand originating in Granada, including Alhambra Reserva 1925, Alhambra Especial and Alhambra Citra IPA references.
• Sol\u00e1n de Cabras Premium natural mineral water brand from Beteta (Cuenca), operated by Aguas de Sol\u00e1n de Cabras S.A.U. and the second most-valued water brand in the AECOC ranking.
• Sierra Natura Natural mineral water brand within the Mahou San Miguel water portfolio, bottled from one of the company's four mineral water springs.
• Fonteide Service (mineral water dispensers) Mineral water dispenser service (ASINCA-certified) launched in April 2025 in the Canary Islands under the Fonteide brand, with digitalized operations, returnable format and paper cups.
• Yuzz (functional refreshment) Functional soft drink with hyaluronic acid, vitamin C and low calories, launched in May 2026 as Mahou San Miguel's entry into the functional refreshment category.
• Refeel (natural energy drink) 100% natural, low-calorie energy drink with mango-pineapple flavour and plant-origin caffeine, launched in 2025.
• Los Cachis (wine-based popular drinks) Range of wine-based popular drinks (kalimotxo, tinto de verano, sangr\u00eda, rebujito) launched April 2025 in HoReCa in barrel format (and bottle for tinto de verano).
• Caf\u00e9 170 (HoReCa coffee) Proprietary coffee brand for the HoReCa channel, launched October 2025 by the new Caf\u00e9 Business Unit and distributed initially via Voldis from January 2026.
• Mahou 0,0 Rubia (non-alcoholic lager) Non-alcoholic blonde lager under the Mahou 0,0 portfolio, launched April 2026 and consolidating a 34.7% value share of the Spanish alcohol-free segment in Alimentaci\u00f3n.
• Founders Nonetheless (U.S. non-alcoholic lager) Non-alcoholic lager under the Founders Brewing brand, Mahou San Miguel's first non-alcoholic beer in the U.S., distributed in grocery retail from January 2026.
• Vamos by Mahou (Middle East malt beverage) Carbonated malt drink developed exclusively for the Middle East (launched in Egypt), available in four local flavour variants, distributed in cans via partner Everbrook.
• Corona (distributed in Spain) International Mexican beer brand distributed by Mahou San Miguel in the Spanish market via the online store and HoReCa channel.
• Budweiser (distributed in Spain) Internationally distributed lager brand sold by Mahou San Miguel in Spain via the online store and HoReCa, including a 'Budstalgia' limited edition.
• Pony Malta Non-alcoholic malt beverage brand distributed via the Mahou San Miguel Tienda online store.
• Tienda Mahou San Miguel (online store) Official e-commerce store of Mahou San Miguel selling 300+ SKUs of beer, water, other drinks, gifts, experiences and personalized labels with delivery to peninsular Spain and the Balearic Islands.
• Experiencias Mahou (brewery visits, tastings, Plaza Mahou) Ticketed hospitality experiences including brewery tours, tastings, pairings and Plaza Mahou, sold through the Mahou San Miguel Tienda.

Quantifiable outcome

• €1,933.5 million facturación and +20.7 million hl in 2024; first time surpassing €300M EBITDA
• +7 more outcomes

Named customers5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability3 records

Partnerships

Twelve partnerships are on record, tiered flagship chef endorsement for rural horeca program, promotional co-marketing partnership, key supplier for low-emissions value chain, flagship operational partnership for new automated warehouse, flagship regional launch partner for middle east, core strategic r&d and training alliance, major brand experience partnership, strategic city sponsorship partnership, strategic social-impact collaboration, core infrastructure partner for sustainability, strategic cultural sponsorship and strategic international licensing partner.

• Chef Iván Cerdeño (two Michelin stars)flagship chef endorsement for rural horeca programGTM or Marketing Partner · 12 May 2026Collaboration for BarLab Rural (May 2026) where chef Iván Cerdeño created an accessible and profitable tapas proposal for rural bars in municipalities under 5,000 inhabitants, part of Mahou San Miguel's broader effort to boost rural hospitality consumption.
• LG Electronicspromotional co-marketing partnershipGTM or Marketing Partner · 1 May 2026Co-branded promotion offering €5 discount plus free shipping on orders over €25, valid 01/05/2026 to 31/12/2026 for LG customers over 18, applied to all products of the Tienda Mahou San Miguel (excluding Experiences, Tercios Personalizados and Compra recurrente). Two uses per customer.
• Intermalta (InBar program)key supplier for low-emissions value chainOthers · 29 April 2026Mahou San Miguel joins Intermalta's InBar program, enabling the use of 7,000 tonnes of low-emission barley malt that reduces emissions by more than 20% vs. conventional agriculture. Advances the company's 2050 carbon-neutrality goal for the entire value chain.
• GXO Logisticsflagship operational partnership for new automated warehouseStrategic or Co-development Partner · 10 March 2026Signed agreement to manage in-warehouse operations at Mahou San Miguel's new Alovera (Guadalajara) mega-warehouse — 69,000 m² facility, €80 million investment, capacity for 100,000 pallets. GXO will manage only in-warehouse operations while transport continues to be managed by Taisa Logistics.
• Everbrookflagship regional launch partner for middle eastChannel Partner/ Reseller/ Distributor · 28 January 2026Local partner with broad experience in the food and beverage sector in the Middle East, used by Mahou San Miguel to launch 'Vamos by Mahou' carbonated malt beverage in Egypt, with plans to extend across 22 markets in the region. President Ahmed Nabil Hayel Saeed represents Everbrook.
• EDA Drinks & Wine Campus (Basque Culinary Center)core strategic r&d and training allianceStrategic or Co-development Partner · 10 October 2025Mahou San Miguel and EDA Drinks & Wine Campus signed a strategic alliance to drive innovation in the beverages sector. Includes participation in specialized forums (Beer Summit, Drinks Summit) and training programs (Gotas de Aprendizaje). The agreement was signed by Guillermo Arrieta (Director General de Transformación y Sistemas de Información, Mahou San Miguel) and Joxe Mari Aizega (Director General de Basque Culinary Center).
• Asociación Madrileña de Hostelería (Mahou production at Santiago Bernabéu)major brand experience partnershipGTM or Marketing Partner · 1 September 2025Mahou San Miguel began brewing beer at the Santiago Bernabéu stadium (Real Madrid / Atlético de Madrid venue), a high-visibility brand-experience and HoReca partnership linking the brewery with one of Spain's largest sports venues.
• Ayuntamiento de Málagastrategic city sponsorship partnershipGTM or Marketing Partner · 6 August 2025Renewed collaboration agreement making Mahou San Miguel the principal sponsor of the Feria de Málaga for four more years through 2028. Signed by Francisco de la Torre (Mayor), Teresa Porras (Councilor for Festivities) and Mercedes Pastor (Director of Institutional Relations, Mahou San Miguel). €279,100 contribution to 2025 edition.
• AlmaNaturastrategic social-impact collaborationImplementation/ SI/ Consulting Partner · 14 July 2025Collaboration to launch BarLab Rural, an initiative to reopen bars in municipalities under 5,000 inhabitants of Castilla y León and Castilla-La Mancha. Connects owners of closed rural hospitality venues with entrepreneurs aged 20-65; program is free and offers specialized training, mentorship, customized action plan and continuous support network.
• Magnon (biomasa)core infrastructure partner for sustainabilityTechnology or Integration · 13 May 2025Magnon is implementing two 10 MWt biomass boilers at the Alovera production center providing 85 GWht/year of renewable thermal energy for 15 years. With a €16+ million investment, the project will allow Mahou San Miguel to reduce direct CO2 emissions at the plant by 95%.
• Ayuntamiento de Madrid (Feria del Libro)strategic cultural sponsorshipGTM or Marketing Partner · 7 April 2025Became official collaborator of the 84th Feria del Libro de Madrid 2025 (May 30 – June 15 at Parque de El Retiro). Mahou San Miguel has collaborated for decades on public-private partnerships supporting Madrid's economy, leisure and culture.
• AB InBev (San Miguel UK licence)strategic international licensing partnerOEM/ Whitelabel/ Licensing Partner · 1 January 2025Mahou San Miguel transferred the contract to brew and distribute San Miguel lager in the UK from Carlsberg to AB InBev in 2025, generating licensing income and consolidating international brand presence.

Scale indicators11 records

Recent moves10 records

Expansion highlights8 records

Broad incumbents

• Heineken: Global brewer with direct Spanish presence (Cruzcampo, Heineken Spain). Closest comparable by product mix, international footprint and HoReCa focus, and a key competitor for Mahou's HoReca 32.9% leadership in Spain.
• AB InBev: World's largest brewer, owner of Corona and Budweiser. Comparable on multi-brand portfolio, HoReCa relationships, and as the new UK licensee for San Miguel lager (replacing Carlsberg in 2025); a key international counterpart rather than a Spanish direct competitor.
• Molson Coors: North American-focused brewer with growing non-alcoholic and craft portfolios. Comparable on multi-category beverage diversification strategy and the integration of acquired craft brands (similar to Mahou's Founders Brewing acquisition).
• Carlsberg: Global brewer that previously held the San Miguel UK brewing and distribution licence before losing it to AB InBev in 2025. Comparable as a peer brewer with significant HoReCa presence and European focus.
• Asahi Group Holdings: Japanese brewer with significant European beer assets (Carlsberg UK, CUB, Peroni). Comparable on multi-region brewing portfolio and HoReCa-led international expansion model relevant to Mahou's US and Middle East growth path.
• Pernod Ricard: Global premium beverages group with adjacent non-beer categories. Comparable on portfolio diversification into functional and premium adult beverages, and as an established large incumbent against which Mahou's diversification into coffee, wine-based drinks and functional refreshments must compete.
• Constellation Brands: US-listed owner of the Corona and Modelo beer portfolio in the US. Comparable on international brand licensing economics (San Miguel/UK parallels Corona/US) and as the US market benchmark Mahou USA must outperform with Founders Nonetheless.

Direct peers

• Grupo Estrella Galicia: Spanish family-owned brewer (Estrella Galicia, 1906). Closely comparable on family-ownership structure, Spanish-only geographic focus, HoReCa emphasis and craft-style portfolio expansion; a direct domestic competitor.
• Damm: Spain's second-largest national brewer (Estrella Damm, Voll-Damm). Directly comparable on geography, channel mix (HoReCa and Alimentacion) and craft positioning; competes head-to-head for Spanish hospitality and premium occasions.

Others

• Diageo: Global premium spirits giant. Not a direct beer competitor but a comparable large incumbent in Spanish HoReCa, premium brand building, and diversification into adjacent 'occasion' beverages (relevant context for Mahou's coffee, energy and functional drink moves).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mahousanmiguel
• Facebookfacebook.com/TiendaMahouSanMiguel
• Instagraminstagram.com/tienda.mahousanmiguel
• LinkedInlinkedin.com/company/mahou-san-miguel

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mahou San Miguel