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Naked Wines (WINE) investor relations material
Naked Wines Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Peak season trading performance
Achieved successful peak trading across all markets, with performance in line with full year guidance and previous updates.
Revenue declined by 19% at constant currency versus prior year, matching expectations and reflecting a focus on profitable core operations.
Average order value rose by 5% at constant currency, and revenue per member increased by 1% at constant currency.
Repeat sales were down 16% at constant currency, consistent with the strategic recalibration.
Financial guidance and capital position
FY26 revenue guidance is £200m to £216m, with adjusted EBITDA expected between £5.5m and £7.5m.
Net cash (excluding lease liabilities) is projected at £33m to £35m, factoring in share distributions.
Inventory liquidation costs are estimated at approximately $17m over the medium term.
Share buybacks in December 2025 reduced total voting rights to 68,950,414.
Strategic and operational highlights
Progress continues against key strategic KPIs, with a focus on delivering shareholder value.
Exceptional costs of £2-£3m are anticipated in FY26 due to previously announced savings initiatives.
The business remains committed to its unique customer proposition and ongoing recalibration.
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- NAZARA
Q1 FY25 saw strong revenue, PAT growth, and major acquisitions fueling future expansion. - SNP
Q4 2025 clean CCS operating result rose 41%, but E&P impairments led to a net loss. - GEHC
Strong 2025 results, record backlog, and margin expansion set up robust 2026 growth. - 4503
Revenue and profit surged on strategic brands, cost savings, and raised full-year forecasts. - BDN
2026 targets FFO growth, higher occupancy, asset sales, and further deleveraging. - ENT
2025 saw $2.8B revenue, $220M EBITDA, $270M cash to parents; 2026 outlook: $3.1–$3.2B revenue. - KREF
Net loss for 2025, but strong liquidity, portfolio repositioning, and active capital management. - ORN
Acquisition expands marine construction scale, capabilities, and long-term growth prospects. - RSVR
Q3 revenue up 8% year-over-year; guidance raised on strong publishing and M&A activity. - IEX
Record HST orders and margin gains support 2026 growth outlook amid macro uncertainties.
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Frequently asked questions
Wine enthusiasts unite
Naked Wines is a unique online wine retailer and subscription service that connects wine lovers directly with independent winemakers around the world. The company operates on a crowdfunding model, where customers become "Angels" by contributing a monthly subscription fee that is used to support winemakers in producing their wines. In return, Angels receive exclusive access to a wide selection of high-quality, artisanal wines at preferential prices.
Wine as a service
Naked Wines generates revenue primarily through the subscription fees paid by its "Angels." The subscription model allows customers to invest a fixed amount each month, which is used to fund the production and development of wines by independent winemakers. In addition to the subscription fees, Naked Wines also generates revenue through the direct sales of wines to both Angels and non-subscribing customers who purchase wines from the company's online platform.
Naked Wines primarily operates within the online wine retail and subscription service industry. The company's main business segments revolve around its online platform, which enables customers to browse and purchase a curated selection of wines directly from independent winemakers.
Dedicated craftsmanship
Naked Wines was founded in 2008 by Rowan Gormley, with the aim of disrupting the traditional wine industry by connecting wine lovers with talented winemakers. The company's unique crowdfunding approach empowers independent winemakers by providing them with the necessary funding and support to produce exceptional wines without the constraints of traditional distribution channels.
Naked Wines emphasizes the importance of transparency and sustainability in the wine production process. The company works closely with winemakers who practice sustainable farming methods and environmentally friendly winemaking techniques. This focus on sustainability resonates with customers who appreciate the authenticity and ethical values behind the wines they enjoy.
Wine companies race to meet the growing demand
Naked Wines faces competition from other notable players in the online wine retail and subscription service industry. Three listed peers in this space include Direct Wines Ltd. (owner of Laithwaite's Wine), Wine.com Inc., and Majestic Wine plc. These companies also operate online platforms and offer a range of wines from various producers, competing for market share and customer loyalty in the online wine retail industry.
Naked Wines is listed on the London Stock Exchange under the ticker symbol "WINE." This listing provides investors with the opportunity to participate in the growth and success of the company and the wine industry.
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