Purcari Wineries (WINE) Q4 2025 earnings summary

Executive summary

• Revenue increased 14.3% year-over-year to RON 437.2 million in 2025, with strong growth across core markets and brands, and record Q4 sales of RON 136.5 million.

• EBITDA reached RON 114 million (26.1% margin), while net profit was RON 50.8 million (11.6% margin), both impacted by FX losses and higher depreciation.

• MASPEX became majority shareholder (73.23%) after a voluntary takeover bid, resulting in board changes and three new directors.

• Dividend policy updated to retain profit for investments; no dividends expected unless decided by the board.

• Total assets grew to RON 867.5 million, with equity at RON 431.1 million as of year-end 2025.

Financial highlights

• Gross margin was 45.8%, slightly down from 48.4% year-over-year but above the five-year average.

• Net profit declined 13.5% year-over-year to RON 50.8 million, mainly due to RON 9.3 million FX loss and higher depreciation.

• EBITDA margin was 26%, down 2 percentage points from the previous year.

• Net debt rose to RON 269.8 million, with Net Debt/EBITDA at 2.37x.

• Earnings per share (EPS) were RON 1.19, compared to RON 1.38 in the prior year.

Outlook and guidance

• 2026 guidance: revenue growth of 10-15%, EBITDA margin of 24-26%, and net income margin of 11-14%.

• Focus on premiumization, brand investment, and operational efficiency, with large CapEx planned for production expansion.

• 2025 revenue and EBITDA met guidance, but net profit was slightly below target.

• Management expects continued growth in core markets and further expansion in new geographies.