Marie Brizard Wine & Spirits (MBWS) investor relations material

Executive summary

• H1 2026 revenue excluding excise duties fell 4.4% to €84.0m; EBITDA declined to €4.9m and net profit to €2.1m.

• Softer international sales amid weak spirits markets contrasted with France revenue growth of 1.2%.

• International operations faced disruption from the Ukraine conflict and customer difficulties in Eastern Europe.

Financial highlights

• Revenue excluding excise duties was €84.0m versus €86.6m; cost of goods sold was €51.4m versus €52.9m.

• Gross margin was €32.6m versus €33.7m, with the margin ratio nearly stable at 38.8% versus 38.9%.

• EBITDA was €4.9m versus €5.9m; underlying operating profit was €1.8m versus €3.0m.

• Operating profit was €1.3m versus €2.8m; net profit was €2.1m versus €2.6m and EPS remained €0.02. H1 included €0.5m of net non-recurring operating expenses.

Outlook and guidance

• Challenging spirits-market conditions and limited, volatile commercial visibility are expected to persist through year-end; 2026 is a transition year.

• Overall profitability in 2026 is expected to decline versus 2025, while the net cash surplus is expected to improve.

• William Peel’s gradual return to French retail listings is expected to support a slow distribution and market-share recovery and a positive France trend in H2.

• Priorities include cost control, profitable growth, innovation, strengthening strategic brands, and developing Industrial Services and Agency Brands.