Corby Spirit and Wine (CSW-A) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenue of CAD 75.4 million, up 16% year-over-year, driven by spirits market share gains, rapid RTD business expansion, and strong sales execution.

• Adjusted EBITDA reached a record CAD 20.3 million, up 4% year-over-year, with net earnings up 9% and adjusted EPS at CAD 0.39.

• Outperformed the Canadian spirits market for the third consecutive year, leveraging a diversified brand portfolio and resilient retail value performance.

• Strategic portfolio management included increasing ABG ownership to 95% and divesting non-core brands to sharpen focus on priority categories.

• Announced leadership transition, with Florence Tresarrieu succeeding as President and CEO, focusing on sustainable, profitable growth.

Financial highlights

• Q1 revenue reached CAD 75.4 million, up 16% year-over-year, marking an all-time high.

• Adjusted EBITDA was CAD 20.3 million, up 4%; adjusted EPS at CAD 0.39, reported EPS at CAD 0.36, up 8% and 9% respectively.

• Cash flow from operating activities was CAD 5.6 million, up CAD 1.9 million or 53% year-over-year.

• Dividend declared at CAD 0.23 per share, up 5% year-over-year.

• Net debt at CAD 93 million, improved by CAD 16 million from Q1 2025; total debt was CAD 105.1 million at quarter end.

Outlook and guidance

• Expects to continue outperforming the market in FY2026, focusing on market share gains in spirits and RTD.

• Q2 results anticipated to be softer due to normalization of LCBO orders, BCGEU labor strike, and low comparative base, with effects expected to normalize over time.

• Remains focused on protecting margins, profitable growth, and long-term shareholder value.