Marie Brizard Wine & Spirits (MBWS) H2 2024 earnings summary

Executive summary

• 2024 EBITDA rose to €15.2m (8.1% of net sales) from €13.3m (6.9%) in 2023, reflecting improved margins and resilience despite a spirits market slowdown.

• Net profit (Group share) increased to €9.6m from €8.7m year-over-year, with EPS up to €0.09.

• Transformation plan and targeted investments enhanced production, brand visibility, and portfolio efficiency.

• 2025 expected to be a transition year due to rising matured spirit costs and continued market decline.

Financial highlights

• Net revenues fell 2.8% year-over-year to €188.4m, mainly due to lower Industrial Services prices and International Strategic Brands.

• Gross margin increased by €2.9m to €73.6m, with the margin ratio improving to 39.1% from 36.4%.

• Underlying operating profit rose to €8.9m from €8.1m; operating profit was €9.6m.

• Net cash at year-end was €48.4m, up from €38.3m, driven by improved working capital and profitability.

• Shareholders' equity increased to €213.6m from €203.3m.

Outlook and guidance

• 2025 will be a year of transition amid high inflation in matured spirit costs and ongoing market slowdown.

• The Group aims to mitigate cost pressures through pricing and productivity initiatives.

• Focus remains on investment, innovation, and sustainable transition, with continued pursuit of organic and external growth opportunities.