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Naked Wines (WINE) investor relations material
Naked Wines H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary9 Dec, 2025
Executive summary
Performance in the first half of 2026 is in line with guidance, with significant progress in acquisition, retention, and the first shareholder distribution completed.
Structural and leadership changes have improved focus, speed, and accountability, with confidence in the new strategic plan set in March 2025.
The business model leverages direct connections between customers and winemakers, driving loyalty and differentiation.
Adjusted EBITDA excluding inventory liquidation and associated costs rose 112% year-over-year to £3.6m, with gross profit margin up to 19.5% from 16.9%.
Revenue declined 18% year-over-year to £89.5m, reflecting a strategic focus on profitable core members and reduced inefficient acquisition spend.
Financial highlights
Adjusted EBITDA (excluding inventory liquidation) reached £3.6m, up 112% year-over-year, driven by marketing efficiencies and cost savings.
Revenue for HY26 was £89.5m, down 18% year-over-year at constant currency, as expected due to prior large cohorts and reduced acquisition investment.
Gross profit margin improved by 260bps to 19.5% year-over-year, reflecting price increases, better first order loss, and operational efficiencies.
Loss before tax narrowed to £3.0m from £5.6m, after £2.5m of adjusted items and £2.6m in inventory liquidation costs.
Net cash position at September 2025 was £31m, up £8m from prior year, reflecting inventory liquidation and after a £2m share buyback.
Outlook and guidance
Full-year 2026 guidance is reiterated: revenue £200m–£216m, adjusted EBITDA (excl. inventory liquidation) £5.5m–£7.5m, net cash £35m–£39m.
Trading post-period end remains in line with FY26 guidance, with progressive growth in adjusted EBITDA and significant cash generation expected.
Inventory liquidation costs of $17 million are expected to be spread over the next three years.
Ongoing and one-off shareholder distributions are planned as profitability and cash generation increase.
Targeting £40m in cash generation over the medium term, with continued inventory liquidation.
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Frequently asked questions
Wine enthusiasts unite
Naked Wines is a unique online wine retailer and subscription service that connects wine lovers directly with independent winemakers around the world. The company operates on a crowdfunding model, where customers become "Angels" by contributing a monthly subscription fee that is used to support winemakers in producing their wines. In return, Angels receive exclusive access to a wide selection of high-quality, artisanal wines at preferential prices.
Wine as a service
Naked Wines generates revenue primarily through the subscription fees paid by its "Angels." The subscription model allows customers to invest a fixed amount each month, which is used to fund the production and development of wines by independent winemakers. In addition to the subscription fees, Naked Wines also generates revenue through the direct sales of wines to both Angels and non-subscribing customers who purchase wines from the company's online platform.
Naked Wines primarily operates within the online wine retail and subscription service industry. The company's main business segments revolve around its online platform, which enables customers to browse and purchase a curated selection of wines directly from independent winemakers.
Dedicated craftsmanship
Naked Wines was founded in 2008 by Rowan Gormley, with the aim of disrupting the traditional wine industry by connecting wine lovers with talented winemakers. The company's unique crowdfunding approach empowers independent winemakers by providing them with the necessary funding and support to produce exceptional wines without the constraints of traditional distribution channels.
Naked Wines emphasizes the importance of transparency and sustainability in the wine production process. The company works closely with winemakers who practice sustainable farming methods and environmentally friendly winemaking techniques. This focus on sustainability resonates with customers who appreciate the authenticity and ethical values behind the wines they enjoy.
Wine companies race to meet the growing demand
Naked Wines faces competition from other notable players in the online wine retail and subscription service industry. Three listed peers in this space include Direct Wines Ltd. (owner of Laithwaite's Wine), Wine.com Inc., and Majestic Wine plc. These companies also operate online platforms and offer a range of wines from various producers, competing for market share and customer loyalty in the online wine retail industry.
Naked Wines is listed on the London Stock Exchange under the ticker symbol "WINE." This listing provides investors with the opportunity to participate in the growth and success of the company and the wine industry.
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