Purcari Wineries (WINE) Q2 2026 earnings summary

Executive summary

• Revenue declined 6.8–7% year-over-year to RON 182.2m in H1 2026, mainly due to softer demand in Romania and CEE distribution transition, partially offset by growth in Moldova and Bulgaria.

• EBITDA increased 6% year-over-year to RON 51.9m, with margin expanding to 28–29% due to operational efficiencies and disciplined procurement.

• Net profit was RON 15.1m, down 3.4–4% year-over-year, impacted by lower revenue, higher depreciation from recent capex, and increased interest costs, partially offset by a one-off gain from the SERVE acquisition.

• Strategic acquisitions of SERVE Ceptura and CaraprodVin expanded the premium portfolio, vineyard footprint, and production capacity in Romania.

• International presence strengthened through participation in major trade fairs in Japan and China, and recognition at the Forbes Moldova Summit & Awards.

Financial highlights

• Total revenues fell 6.8–7% year-over-year to RON 182.2m; Q2 sales down 11.3% year-over-year.

• Gross profit declined 5–5.4% to RON 82.5m, but gross margin improved by 1pp to 45.3%.

• EBITDA rose 6% to RON 51.9m, with margin up 3–4pp to 28–29%.

• Net profit was RON 15.1m, down 3.4–4% year-over-year, with a margin of 8.3%.

• Total assets increased by 8% vs. 2025 year-end, mainly from property, plant, equipment (+13%) and inventories (+9%).

Outlook and guidance

• Revenue growth guidance for 2026 revised down from 10–15% to 0–5% due to a weaker first half and ongoing commercial transition.

• EBITDA margin guidance maintained at 24–26%; net income margin trimmed to 10–12% from 11–14%.

• H2 recovery expected from completion of Maspex distribution transition, segment-specific rebounds, and encouraging early harvest signs.

• Updated dividend policy: no dividends for 2026 and future years unless decided otherwise; profits to be reinvested for growth and acquisitions.

• Outlook remains sensitive to consumer recovery in Romania, political stabilization, and inflationary pressures.