Corby Spirit and Wine (CSW-A) Q4 2025 earnings summary

Executive summary

• Achieved 7% reported revenue growth and 15% earnings growth for FY 2025, marking the third consecutive year of outperforming the overall Spirit market.

• Record-high Q4 and full-year FY25 revenue driven by strong sales execution, RTD business expansion, and strategic acquisitions.

• Value share gains in the Canadian spirits market for the third consecutive year, despite a declining overall spirits market.

• Continued portfolio prioritization and successful integration of recent RTD acquisitions supported growth.

• Gained market share across all categories, with strong Q4 performance due to removal of U.S. origin spirits from shelves in most provinces.

Financial highlights

• Q4 revenue reached CAD 72 million (+8% reported, +6% organic year-over-year); FY 2025 revenue was CAD 246.8 million (+7% year-over-year, +2% organic).

• Q4 adjusted EBITDA was CAD 15.6 million (+18% year-over-year); FY 2025 adjusted EBITDA was CAD 64 million (+7%).

• Q4 adjusted net earnings were CAD 7.5 million (+37% year-over-year); FY 2025 adjusted net earnings were CAD 30.6 million (+7%).

• Reported FY 2025 net earnings were CAD 27.4 million (+15% year-over-year).

• Cash from operating activities for FY 2025 was CAD 44.8 million, up 42% year-over-year.

Outlook and guidance

• Market expected to remain volatile and slightly declining in FY 2026, but continued outperformance anticipated through portfolio diversification and RTD growth.

• Focus on sustaining commercial momentum, unlocking RTD potential, operational synergies from acquisitions, and disciplined investment to protect margins.

• Monitoring regulatory and trade changes, including U.S.-Canada tariffs.

• Strategic priorities include digital tool adoption and leveraging portfolio breadth.

• Commitment to balanced capital allocation and continued attractive quarterly distributions.