Marie Brizard Wine & Spirits (MBWS) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenues reached €42.2m, a decrease of 2.3% compared to Q1 2024, reflecting a sharp drop in France and strong international performance in Industrial Services.

• France sales declined 9.9% due to tough commercial negotiations and a continued market slowdown, with William Peel losing market share but Marie Brizard growing from new listings and innovations.

• International sales rose 3.8% year-over-year, with growth in Spain, Lithuania, Bulgaria, and select export markets, but declines in the US, Scandinavia, and Asia Pacific.

Financial highlights

• France revenue fell to €17.6m, down 9.9% year-over-year, mainly from Off-Trade channel losses and market share erosion.

• International revenue increased to €24.6m, up 3.8% at constant exchange rates, driven by Industrial Services and strong growth in Spain and Poland.

• Group revenue totaled €42.2m, down 2.3% year-over-year at constant exchange rates.

Outlook and guidance

• 2025 is confirmed as a transition year, with complex negotiations to offset higher costs for matured spirits through price adjustments.

• Ongoing market slowdown and volatile commercial visibility expected to persist; productivity and cost control measures are being intensified.

• Tariff hike risks remain, but direct impact is expected to be limited due to low US exposure.