Italian Wine Brands (IWB) H1 2025 earnings summary

Executive summary

• Revenues for 1H 2025 were €185.1 million, down 3.2% year-over-year, but record net profit of €10.3 million (+13.4%) and adjusted EBITDA of €21.9 million (11.8% margin) were achieved.

• The group’s asset-light, market-driven model and Top Brands strategy enabled resilience, with over 80% of turnover from exports and a portfolio of 70+ brands.

• Focus on high-margin, premium, sparkling, and organic wines, with innovation in no/low-alcohol and ready-to-drink segments.

• Significant international awards and the launch of AI-based initiatives highlighted commitment to quality and digitalization.

• Celebrated 10th anniversary since listing with extraordinary dividend and employee bonus.

Financial highlights

• Adjusted EBITDA reached €21.9 million (+3.3% YoY), with an 11.8% margin; net profit was €10.3 million (+13.4% YoY).

• Net financial position improved to €90.5 million, down €17.6 million from June 2024.

• Outstanding LTM cash generation of €30 million, with free cash flow for 1H 2025 at €11.4 million.

• Ho.Re.Ca. revenues grew 8.8% year-over-year, while wholesale and distance selling declined.

• EPS for H1 2025 was €1.11, up from €0.97 in H1 2024.

Outlook and guidance

• Focus remains on premiumization, international expansion, and margin improvement, with ongoing M&A and cost optimization.

• Strengthening sales and marketing teams to support growth in the US and emerging markets.

• Sustainability and digitalization are key pillars, with a CSRD report due by end of September.