DISTIL (DIS) Trading update summary

Financial performance

• Revenues fell 26% year-on-year to £173k for Q3 2025/26, with distributor volumes down 39% but consumer-level volumes up 36%.

• Gross margins remained steady at 42% compared to the previous year.

Market and sales trends

• Retail sales of RedLeg to end consumers rose 36% year-on-year, outperforming a 4.1% decline in total take-home alcohol spending.

• On-trade value sales increased 1.9%, but higher prices were driven by duty and inflationary pressures.

• Distributor sales lagged due to high inventory built in Q2 and efforts to run leaner stock levels.

Export and distribution developments

• Export revenues grew 7.5x year-on-year, mainly due to order phasing in the largest market.

• US regulatory approval for Blavod was secured, enabling preparations for market entry with Aiko Spirits.

• Blackwoods secured a significant on-trade listing with Buzzworks, a Scottish hospitality group.