Oeneo (SBT) H1 24/25 earnings summary

Executive summary

• Revenue for the first half of 2024/2025 was €153.0M, down 0.8% year-over-year, with strong Closures/Bouchage growth offsetting Winemaking/Elevage decline.

• Operating income rose 16.8% to €23.7M, with a margin of 15.5%, driven by Closures/Bouchage division performance.

• Net income increased 7.3% to €15.8M, representing 10.3% of revenue.

• Financial structure remains robust, with equity at €308.1M and net financial debt at €77.8M, or 25% of shareholders' equity.

Financial highlights

• Revenue: €153.0M (-0.8% year-over-year); Closures/Bouchage up 7.3%, Winemaking/Elevage down 16.0%.

• Operating income: €23.7M (+16.8%); recurring operating margin 15.5% (up 2.4 pts); net income: €15.8M (+7.3%).

• Net investments were €6.2M, mainly for Closures/Bouchage production improvements.

• Net financial debt increased to €77.8M, mainly due to seasonal working capital needs and dividend payments.

Outlook and guidance

• The group approaches the second half cautiously, citing low global wine harvests and subdued consumption.

• Management expects the second half to follow the same trend as the first.

• Focus remains on premium positioning, international coverage, innovation, and strict cost management.