Oeneo (SBT) H1 25/26 earnings summary

Executive summary

• Revenue for the first half ranged from €140.3M to €153.0M, with one report noting an 8% decline and another nearly stable at -0.8%, reflecting a challenging wine and spirits market and weak harvests.

• Operating margin was reported at 14% (down 0.9 points) and 15.5% (up 2.4 points), with profitability gains driven by the Closures/Bouchage division.

• Net income attributable to the group was between €13.4M (down 14.8%) and €15.8M (up 7.2%), with net margin around 9.6%–10.3%.

• Financial structure remains robust, with equity at €308.1M–€314.4M and net financial debt at €56.2M–€77.8M.

• Profitability gains were driven by higher value-added products and market share gains in Closures/Bouchage.

Financial highlights

• Revenue: €140.3M (down 8%) to €153.0M (down 0.8%) year-over-year.

• Operating income: €19.5M (down 15.6%) to €23.7M (up 16.8%).

• Net income: €13.4M–€15.8M, representing 9.6%–10.3% of revenue.

• Operating cash flow before working capital: €29.8M; net cash from operations ranged from €15.4M to negative €3.5M due to working capital needs.

• Capex ranged from €6.2M to €11.2M, mainly in Closures/Bouchage.

Outlook and guidance

• The group approaches the second half with caution due to ongoing market uncertainty, low visibility on recovery, and anticipated low global harvest volumes.

• Strategic focus is on innovation, cost adaptation, and continued caution in Winemaking.