Marie Brizard Wine & Spirits (MBWS) H1 2025 earnings summary

Executive summary

• Revenues excluding excise duties fell 8.5% year-over-year to €86.6 million, mainly due to a sharp decline in the French spirits market and delistings by major distributors.

• Gross margin ratio improved to 38.9% from 38.1% in H1 2024, reflecting cost control and price adjustments to offset higher matured spirit costs.

• EBITDA dropped 31% to €5.9 million, with France Cluster EBITDA down 39.1% and International Cluster EBITDA up 13.8%.

• Net profit decreased to €2.6 million from €6.5 million in H1 2024, impacted by lower operating profit and reduced financial income.

• Cost reduction programs were accelerated in H2 to safeguard profitability.

Financial highlights

• Revenues excluding excise duties: €86.6 million (down 8.5% year-over-year).

• Gross margin: €33.7 million; gross margin ratio: 38.9% (up 0.8 pts year-over-year).

• EBITDA: €5.9 million (down €2.6 million year-over-year).

• Net profit: €2.6 million (down €3.9 million year-over-year).

• Earnings per share: €0.02 (down from €0.06 in H1 2024).

Outlook and guidance

• 2025 is described as a transition year amid continued market slowdown, global tensions, and volatile commercial visibility.

• Inflation in matured spirit costs, especially Scotch whisky and cognac, is expected to weigh on France Cluster performance.

• The group is focusing on pricing policy, productivity, investment, innovation, and sustainable transition to mitigate challenges.

• Strategic focus remains on organic and external growth opportunities, leveraging distribution networks and industrial footprint.

• Further tariff hikes in US trade and inflation in matured spirits costs are expected to impact performance.