Naked Wines (WINE) Trading Update summary

Peak season trading performance

• Revenue declined 8.9% at constant currency, improving from a 14.3% drop at HY25; reported currency revenue fell 10.2% versus 15.1% at HY25.

• Active members decreased by 10%, an improvement from a 12% decline at HY25; core member retention rose to 81% from 79%.

• Revenue per member increased by 2% year-on-year, driven by higher order frequency and average order value.

• Net cash position reached £30m, up £26m year-on-year and £7m since HY25, supported by ongoing inventory rightsizing.

• Inventory reduced to £116m, down £47m year-on-year and £23m since HY25; further inventory actions may impact EBIT.

Strategic initiatives and outlook

• Performance remains in line with full-year expectations, with positive results from strategic initiatives and testing.

• A comprehensive update on strategic initiatives and performance review will be provided before the financial year end.

• The upcoming plan will focus on shareholder value creation and enhanced cash generation.

• An investor and analyst presentation is scheduled for late March 2025.

• CEO highlighted solid peak season performance and ongoing improvements in key KPIs.