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

Executive summary

• Revenue for H1 2025 was €86.6M, down 8.5% year-over-year, mainly due to a slowdown in France and delisting of key brands.

• Gross margin improved to 38.9% from 38.1% in H1 2024, reflecting cost control and international operations.

• EBITDA fell to €5.9M, a decrease of €2.6M year-over-year, with France contributing €3.7M and International €4.7M.

• Net income was €2.6M, down €3.9M from H1 2024, impacted by lower operating and financial results.

• Cost reduction programs were accelerated in H2 to safeguard profitability.

Financial highlights

• Revenue: €86.6M (-8.5% year-over-year); France: €35.1M (-17.4%), International: €51.4M (-1.3%).

• EBITDA: €5.9M (-31% year-over-year); France: €3.7M (-39.1%), International: €4.7M (+13.8%).

• Net income: €2.6M (vs. €6.5M in H1 2024); EPS: €0.02 (vs. €0.06 in H1 2024).

• Cash and equivalents: €50.7M at June 30, 2025.

• Shareholders' equity (Group share) at €214.8M, up from €213.6M at December 2024.

Outlook and guidance

• 2025 is a transition year amid continued market slowdown, global tensions, and volatile commercial visibility.

• Inflation in liquid costs, especially for Scotch Whisky and Cognac, and further US tariff hikes are expected to weigh on performance.

• The group is focusing on pricing, productivity, investment, innovation, and sustainable transition.

• Ongoing search for organic and external growth opportunities.

• Focus remains on cost control and adapting to consumer demand elasticity.