Naked Wines (WINE) Trading update summary

Peak season trading performance

• Achieved successful peak trading across all markets, with performance in line with full year guidance and previous updates.

• Revenue declined by 19% at constant currency versus prior year, matching expectations and reflecting a focus on profitable core operations.

• Average order value rose by 5% at constant currency, and revenue per member increased by 1% at constant currency.

• Repeat sales were down 16% at constant currency, consistent with the strategic recalibration.

Financial guidance and capital position

• FY26 revenue guidance is £200m to £216m, with adjusted EBITDA expected between £5.5m and £7.5m.

• Net cash (excluding lease liabilities) is projected at £33m to £35m, factoring in share distributions.

• Inventory liquidation costs are estimated at approximately $17m over the medium term.

• Share buybacks in December 2025 reduced total voting rights to 68,950,414.

Strategic and operational highlights

• Progress continues against key strategic KPIs, with a focus on delivering shareholder value.

• Exceptional costs of £2-£3m are anticipated in FY26 due to previously announced savings initiatives.

• The business remains committed to its unique customer proposition and ongoing recalibration.