Marie Brizard Wine & Spirits (MBWS) Q4 2025 TU earnings summary

Executive summary

• FY 2025 revenues declined 8.6% year-over-year to €172.0m, with Q4 2025 revenues down 6.9% to €44.6m.

• The global spirits market experienced a significant slowdown, with France particularly impacted by delistings and tough trade negotiations.

• International revenues were more resilient, down only 1.4% for the year, with mixed regional performance.

Financial highlights

• France revenues fell 17.6% in 2025 to €69.1m, with Q4 down 12.9% year-over-year.

• International revenues reached €102.9m, down 1.4% year-over-year; Q4 international revenues declined 1.7%.

• On-Trade channel in France grew 35.2% in 2025, offsetting some Off-Trade weakness.

• U.S. Q4 revenues rose 32.9% year-over-year, but full-year U.S. sales fell 19.4% due to destocking.

• Spain saw Q4 sales up 42.5%, driven by a 102% increase in Industrial Services activity.

Outlook and guidance

• The company expects continued market instability and challenging trade negotiations in 2026.

• Strategic focus remains on profitable growth, innovation, and leveraging production capabilities.

• Ongoing risk mitigation and cost management measures are in place to preserve financial performance.