Marie Brizard Wine & Spirits (MBWS) H1 2024 earnings summary

Executive summary

• H1 2024 showed resilience with EBITDA rising to €8.5m, up €0.3m year-over-year, and net profit (Group share) increasing by €1.4m to €6.5m, despite a spirits market slowdown and weaker consumer demand.

• Gross margin ratio improved by 1.5 percentage points to 38.1%, reflecting cost control, though still below pre-inflation 2022 levels.

• Revenue declined 3.9% year-over-year to €94.9m, mainly due to international business slowdown, partially offset by resilient performance in France.

Financial highlights

• Net revenues (excluding excise duties) were €94.9m, down 3.9% from H1 2023.

• Gross margin held steady at €36.2m, with the margin ratio up to 38.1% from 36.6%.

• EBITDA reached €8.5m, up from €8.1m; underlying operating profit was €5.2m, slightly down from €5.4m.

• Net profit (Group share) rose to €6.5m from €5.1m; EPS increased to €0.06 from €0.05.

• Shareholders' equity increased to €211.0m at June 30, 2024, with gross cash and cash equivalents at €47.1m.

Outlook and guidance

• The group aims to maintain positive EBITDA growth for 2024, despite an unclear commercial outlook for year-end.

• Preparing for 2025, the company anticipates significant cost increases for ageing liquids distilled during the inflationary period and will focus on profitability and cost control.