DISTIL (DIS) H2 2026 TU earnings summary

Executive summary

• Q4 and full-year revenues are significantly below forecast, leading to a greater than anticipated loss before tax for the year ending 31 March 2026.

• Sales to end customers increased in Q3 and Q4, but distributor stock levels remained high, impacting purchase phasing and reported revenues.

• The spirits category faced headwinds from economic downturn, inflation, and duty increases, reducing overall consumer spending.

• The Board is exploring short-term funding options to address immediate liquidity needs.

Financial highlights

• Full-year revenue is expected to be materially below market expectations due to underperformance in Q4 and throughout the year.

• Loss before tax for the current year will be greater than anticipated.

• Increased promotional activity agreed with major grocery customers to drive sales in Q1 of the next financial year.

Outlook and guidance

• Distributor negotiations and route-to-market reviews are ongoing, with updates expected soon.

• Focus on driving awareness and footfall for the Blackwoods Brand Home in the next financial year.

• US launch of Blavod black vodka delayed, expected to resolve in Q1 of the next financial year.