Marie Brizard Wine & Spirits (MBWS) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenues declined 10.5% year-over-year, with a significant drop in France due to tough commercial negotiations and a continued spirits market downturn.

• Nine-month 2025 revenues fell 9.2% to €127.5m, with France down 19.3% and international sales down 1.2%.

• The William Peel brand suffered from delisting in Off-Trade, while Marie Brizard saw growth from 2024 innovations.

• On-Trade sales grew 5.2% over nine months, but this was insufficient to offset Off-Trade declines.

Financial highlights

• Q3 2025 group revenues: €40.9m, down 10.5% year-over-year.

• France Q3 revenues: €14.8m, down 23.4%; international Q3 revenues: €26.1m, down 1.1%.

• Nine-month group revenues: €127.5m, down 9.2% at constant exchange rates.

• Delisting of William Peel in France contributed to a 7.1% decline in consolidated revenue over nine months.

Outlook and guidance

• Focus on profitable, sustainable growth and strengthening presence in key markets.

• Measures include leveraging commercial networks, industrial assets, and strategic segments.

• Steps taken to offset cost inflation in matured spirits and preserve financial performance.

• Ongoing efforts to recover Off-Trade business in France and pursue growth opportunities.