Naked Wines (WINE) Trading Update summary

Financial performance outlook

• Adjusted EBITDA is expected to be towards the top end of the published guidance, reflecting strong peak trading and disciplined cost management.

• Revenue is anticipated at the lower end of guidance due to the removal of inefficient investment, aligning with the strategy for a smaller but more profitable business.

• The business is positioned for a return to profitable growth, with Adjusted EBITDA projected to grow progressively over the medium term.

Strategic initiatives

• Focus remains on cost discipline across general and administrative expenses, cost of goods sold, variable costs, and acquisition investment.

• The company is executing a strategy to prioritize profitability over revenue growth, aiming for sustainable financial health.

Upcoming updates

• A fuller trading update on peak trading performance will be published in mid-January 2026.