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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Naked Wines
Naked Wines (WINE) investor relations material
Naked Wines H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary23 Jul, 2026
Executive summary
FY 2026 results aligned with strategic goals, with adjusted EBITDA at GBP 7.6 million, up 35% year-over-year at constant currency, and net cash rising to GBP 33.4 million, reflecting disciplined capital allocation and a 10.5% share buyback.
Revenue declined 18% year-over-year due to a strategic reduction in inefficient acquisition investment, but profitability and cash generation remained strong.
Customer satisfaction and retention improved, with NPS at 77 and retention at 76%, driven by a refreshed value proposition and enhanced community engagement.
Transition to Shopify/SaaS replatforming underway to improve customer experience and reduce costs, expected to deliver GBP 10 million in savings by FY 2029.
Focus remains on core differentiators: craft, people, and connection.
Financial highlights
Revenue was GBP 199.1 million, down 18% at constant currency compared to the prior year.
Adjusted EBITDA reached GBP 7.6 million, up 35% year-over-year, driven by marketing efficiencies and improved gross margin.
Gross margin improved by 150 basis points to 19.9% year-over-year.
Loss before tax of GBP 6.3 million, impacted by adjusting items and inventory liquidation costs.
Free cash flow was GBP 10.6 million, lower than last year's GBP 18.5 million as inventory unwind matures.
Outlook and guidance
FY 2027 revenue guidance: GBP 158 million–GBP 175 million; adjusted EBITDA: GBP 7.6 million–GBP 9 million; net cash: GBP 34 million–GBP 42 million.
At least GBP 36 million of the original GBP 45 million medium-term cash generation target remains to be achieved by FY 2030.
Revenue stabilization expected by 2028–2030, with EBITDA growth to GBP 11 million–GBP 14 million even in downside scenarios.
Ongoing price increases expected to have greater impact in FY 2027.
Continued focus on disciplined capital allocation and monitoring for inorganic opportunities.
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Latest events from Naked Wines
- FY26 met guidance, with strong cost savings and digital upgrades driving future profitability.WINE
Trading update - Peak trading aligned with guidance; revenue down 19%, average order value up 5%.WINETrading update
- Adjusted EBITDA to reach top guidance as cost discipline boosts profitability.WINETrading Update
- Adjusted EBITDA up 112%, gross margin improved, and FY26 guidance reaffirmed.WINEH1 2026
- Profitability improved, net cash rose, and a share buyback signals confidence in future growth.WINEH2 2025
- Revenue down 15%, cash and retention improved, FY25 outlook maintained.WINEH1 2025
- Revenue and profit fell sharply, but cost cuts and liquidity gains support future recovery.WINEH2 2024
- FY25 revenue and cash targets met, with strategic focus on distribution and cash flow.WINETrading Update
- Disciplined strategy targets £75m+ cash, £10–15m EBITDA, and sustainable growth.WINEInvestor Update
Next Naked Wines earnings date
H1 202723 Nov, 2026
Naked Wines
Next Naked Wines earnings date
H1 202723 Nov, 2026
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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.