Marie Brizard Wine & Spirits (MBWS) investor relations material

Executive summary

• Q1 2026 revenues reached €38.7m, a decrease of 9.6% year-over-year (down 8.4% as reported).

• The spirits market continued to slow, especially in France, with mixed brand performances internationally.

• Sales timing differences and challenging trade negotiations impacted results.

Financial highlights

• France sales declined 3.6% to €17.0m, with Off-Trade down 11.6% and On-Trade up 5.5%.

• International sales dropped 13.8% (down 11.9% as reported) to €21.7m, with notable declines in Spain, Bulgaria, and Lithuania.

• US revenues surged 59.1% due to distributor order timing and strong brand momentum.

• Denmark revenues more than doubled after integrating a new entity, though underlying sales fell 17.5% at constant scope.

Outlook and guidance

• The outlook remains unchanged from April 2026, with expectations of gradual recovery in France as William Peel regains shelf space.

• Strategic focus includes innovation, expanding agency brands, and new partnerships in France, Denmark, and Brazil.