Corby Spirit and Wine (CSW-A) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenue of CAD 75.4 million, up 16% year-over-year, driven by share gains in spirits, rapid RTD business expansion, and strong sales execution.

• Adjusted EBITDA reached CAD 20.3 million, up 4% year-over-year, with adjusted net earnings of CAD 11.0 million, up 8%, and reported net earnings up 9%.

• Outperformed the Canadian spirits market for the third consecutive year, leveraging a diversified brand portfolio.

• Completed disposal of non-core ABG brands and divested Ace Hill Beer and Liberty Village Cider to sharpen focus on priority categories.

• Announced leadership transition, with Florence Tresarrieu succeeding as President and CEO, focusing on sustainable, profitable growth.

Financial highlights

• Q1 revenue reached CAD 75.4 million, up 16% year-over-year, marking an all-time high.

• Adjusted EBITDA rose 4% to CAD 20.3 million; adjusted EPS at CAD 0.39, reported EPS at CAD 0.36, up 8% and 9% respectively.

• Cash flow from operating activities was CAD 5.6 million, up 53% year-over-year.

• Dividend declared at CAD 0.23 per share, up 5% from Q1 FY2025 and consistent with the previous quarter.

• Net debt at CAD 93 million, improved by CAD 16 million from Q1 2025; total debt was CAD 105.1 million as of September 30, 2025.

Outlook and guidance

• Expects to continue outperforming the market in FY2026, focusing on market share gains in spirits and RTD.

• Q2 results anticipated to be softer due to normalization of LCBO orders, BC labor strike impact, and one-time factors, with effects expected to normalize over time.

• Remains focused on protecting margins, profitable growth, and long-term shareholder value.