Marie Brizard Wine & Spirits (MBWS) H2 2025 earnings summary

Executive summary

• 2025 saw resilient performance amid a sharp global spirits market slowdown and product de-listings in France, with revenues declining but EBITDA margin and gross margin rates largely preserved through price adjustments and cost control.

• Transformation initiatives included price adjustments, product innovation, portfolio expansion, and acquisition of a distributor in Denmark, with Industrial Services showing sustained growth.

Financial highlights

• Net revenues fell 8.6% year-over-year to €172.0m; gross margin dropped 9.0% to €66.9m, with a gross margin rate of 38.9% (down from 39.1%).

• EBITDA was €13.6m (7.9% margin), down from €15.2m (8.1% margin) in 2024.

• Net profit (Group share) was €9.1m, compared to €9.6m in 2024; EPS was €0.08, down from €0.09.

• Shareholders' equity rose to €221.7m; net cash at year-end was €45.3m, down from €48.4m.

Outlook and guidance

• Focus remains on profitable, sustainable growth, leveraging subsidiaries and direct exports, and streamlining operations.

• Continued cost control and synergies with COFEPP expected to support profitability.

• Market remains bearish and competitive, with macroeconomic and geopolitical risks persisting into 2026.

• Benefits from recent investments and acquisitions expected in H2 2026.