Compagnia dei Caraibi (TIME) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €21.0 million, down 25.5–34.3% year-over-year due to the loss of key distribution agreements, exit of two spirits brands, and B2B sales decline in Italy.

• EBITDA was negative at €-1.2 million (margin -5.8%), and net loss deepened to €2.4 million from €1.86 million in H1 2024.

• The group underwent significant restructuring, including cost rationalization, integration of subsidiaries, staff reductions, and a focus on brand building and omnichannel strategies.

• Net financial position was negative €10.4 million, slightly improved from year-end 2024.

• Shareholders’ equity turned negative at €-0.64 million (from €1.56 million at end-2024).

Financial highlights

• Revenues fell from €28.2 million in H1 2024 to €21.0 million in H1 2025.

• EBITDA margin declined to -5.8% from -2.5% year-over-year.

• EBIT margin dropped to -9.7% from -5.0% in H1 2024; net loss reached €2.42 million.

• Net financial position improved slightly to €-10.4 million from €-11.0 million at year-end 2024.

• Cash liquidity at period end was €1.0 million, down from €1.8 million at 2024 year-end.

Outlook and guidance

• Management expects a progressive recovery in margins in H2 2025, supported by cost efficiencies, new partnerships, and brand launches.

• The group remains focused on strengthening its brand portfolio, expanding digital B2B channels, and enhancing B2C presence.

• Signs of business recovery observed in September, with expectations to reduce losses by year-end.

• Forecasts depend on successful refinancing, new product integration, and market recovery.