Naked Wines (WINE) Trading Update summary

Trading update highlights

• FY25 revenue expected at approximately £250m, aligning with management's guidance across all markets.

• Underlying EBITDA, excluding inventory liquidation, will fall within the guided range of £4m–£9m.

• Inventory liquidation costs are anticipated at the top end of the £2m–£7m range, supporting improved cash flow.

• Net cash stands at £31m (constant currency), near the upper end of the £25m–£35m guidance, aided by early payments reducing FY26 costs.

• Focus remains on finalizing a limited distribution policy and providing FY26 guidance with the upcoming audited results.

Strategic and operational context

• The business model funds winemakers upfront, enabling quality production and cost savings for customers.

• Over 300 independent winemakers and 2,500+ wines are accessible to customers in the UK, US, and Australia.

• The company emphasizes quality, choice, and fair pricing, supporting both winemakers and wine buyers.

• Ongoing strategic plan updates and distribution policy discussions are underway with financial partners.

Financial guidance reiterated

• FY25 revenue guidance: £240m–£270m.

• Underlying EBITDA (excl. inventory liquidation): £4m–£9m.

• Net cash: £25m–£35m.

• Inventory liquidation costs: £2m–£7m.