Purcari Wineries (WINE) Q3 2025 earnings summary

Executive summary

• Achieved second consecutive quarter with sales exceeding RON 100 million, historically a Q4 watermark, with Romania, Moldova, and Bulgaria accounting for 82% of sales; Purcari brand led growth, representing 60% of total sales.

• Revenue for the nine months ended 30 September 2025 increased by 15% year-over-year to RON 300.6 million.

• Launched new products, including the group's first Prosecco and expanded Motif/Wine Crime brands, and secured exclusive wine partnerships at major festivals.

• Voluntary takeover bid by Maspex Romania concluded, pending final FDI approval, with Maspex now owning 72.5% of shares.

• Completed acquisition of Les Terres Noires SRL, expanding vineyard holdings in Moldova.

Financial highlights

• Q3 2025 revenues reached RON 105.2 million, up 9.5% year-over-year; nine-month sales up 14.7% to RON 300.6 million.

• EBITDA for 9M 2025 was RON 84.7 million (28.2% margin); Q3 EBITDA near RON 36 million (33.4% margin).

• Net profit for 9M 2025 was RON 36.1 million (12% margin), down 17% year-over-year; normalized net profit for nine months at RON 51.8 million (17% margin).

• Gross profit in Q3 2025 grew 17% year-over-year, with margin improvement from product mix and pricing.

• Total assets increased by 12% to RON 828.8 million, and total equity rose 4% to RON 412.9 million.

Outlook and guidance

• 2025 revenue growth guidance maintained at +12-17%, with 9M 2025 actual at +15%; EBITDA margin guidance 26-28%, with 9M 2025 at 28%.

• Net income margin guidance 13-15%; 9M 2025 at 12%, impacted by FX losses and incentive costs.

• Confident in meeting full-year guidance, with sales at midpoint, EBITDA at high end, and net income slightly below but improving.

• Expect leverage from higher Q4 sales and margins to support net income targets.

• Well-defined commercial plans and new partnerships in place for Q4.