Marie Brizard Wine & Spirits (MBWS) H1 2025 TU earnings summary

Executive summary

• H1 2025 revenue reached €86.6m, down 8.5% year-over-year, with Q2 revenue at €44.4m, down 13.7% compared to Q2 2024.

• France experienced a significant revenue decline of 17.4% in H1, mainly due to Off-Trade delistings and tough commercial negotiations.

• International revenues fell 1.3% in H1, with a sharper 5.6% drop in Q2, notably impacted by inventory reductions in the US.

Segment performance

• France cluster revenue dropped to €35.1m in H1, with Off-Trade sales hit by delistings and price increases, while On-Trade sales grew 12.6%.

• William Peel lost market share due to delistings; Marie Brizard brand showed strong momentum, and Sobieski performed relatively well.

• International cluster posted €51.4m in H1 revenue, down 1.3%, with Q2 declines in the US (down 57.5%) and Asia, but growth in Poland (up 43.7%) and Canada (up 54.4%).

• Spain saw a 5.7% Q2 sales increase, while Denmark and Bulgaria experienced significant declines due to contract terminations and tough negotiations.

• Industrial Services grew 13.7% in H1, despite Q2 supply chain issues and scheduled maintenance.

Outlook and guidance

• Measures to offset cost increases and protect profitability are being implemented, including price adjustments and expense controls.

• Commercial visibility remains limited due to risks of further customs duty increases and ongoing market tensions.

• Strategic focus on diversifying through Industrial Services and Agency Brands to counteract market headwinds.