Italian Wine Brands (IWB) H1 2026 earnings summary

Executive summary

• H1 2026 revenues reached €175.3 million, down 5.3% year-over-year, with 83% from exports to 97 destinations and 72.8 million bottles sold.

• Top Brands volumes grew 8.6%, revenues 6.6%, and direct margin rose to 50.3%.

• Profitability remained resilient with double-digit EBITDA margin and reduced net debt.

• Entered Italian grocery distribution with three new listings and relaunched fine wines in the USA.

• Received major international awards, including Best Producer of Italy by Mundus Vini.

Financial highlights

• Adjusted EBITDA reached €19.1 million (10.9% margin), with net profit at €7.9 million and net financial position improved to €81.8 million.

• Revenues declined 5.3% year-over-year, outperforming the export market's 6.2% drop.

• Free cash flow positive at €12.4 million for H1 2026; cash generation over 12 months reached €14 million.

• Supplier financing led to €3 million in procurement savings, especially for Prosecco.

• Cost structure benefited from glass cost reductions and stable wine prices; increased marketing spend to support Top Brands.

Outlook and guidance

• Net result for 2026 expected to improve by €2 million over 2025, despite conservative EBITDA outlook.

• Net financial position projected to improve by €10–15 million by year-end.

• Strategic focus on premium and luxury segments, proprietary brands, and international expansion.

• M&A activity is being explored, with potential deals from €50 million upwards and bond refinancing/buyback planned.

• Industry trends include declining domestic consumption, premiumization, and increased sustainability investments.