Purcari Wineries (WINE) Q4 2025 earnings summary

Executive summary

• Revenue grew 15% year-over-year to RON 425 million in 2025, with strong growth across all major markets and brands; some reports cite RON 437.2 million and record Q4 sales of RON 136.5 million.

• EBITDA reached RON 114 million, with margins of 26-26.1%, reflecting strong operational performance.

• Net profit was RON 51 million (11.6-12% margin), slightly below forecast due to RON 9-9.3 million FX loss from currency depreciation.

• Maspex became majority shareholder (73%) after a voluntary takeover bid, with three new directors joining the board and governance changes.

• Dividend policy updated to retain profit for investments; no dividends expected unless decided by the board.

Financial highlights

• Gross margin was 46%, down from 48.4% or 48% year-over-year, impacted by IFRS adjustments.

• Net profit decreased 13.5% year-over-year, impacted by RON 9-9.3 million Forex loss and higher depreciation.

• Operating expenses increased 22-25%, mainly due to higher marketing, sales, and salary costs, including a new incentive plan.

• Net debt rose significantly to EUR 270 million, driven by over EUR 50 million in CapEx for production expansion.

• Net Debt/EBITDA ratio at 2.37, expected to normalize to 2 by 2028.

Outlook and guidance

• 2026 revenue growth targeted at 10-15%, with EBITDA margin guidance of 24-26% and net income margin of 11-14%.

• Focus remains on reinforcing the core business, broadening the portfolio, and pursuing efficiencies in G&A, procurement, logistics, and commercial functions.

• Continued focus on premiumization and brand investment, with large CapEx planned to expand production capacity.

• Guidance for 2025 was met for revenue and EBITDA margin, with net profit slightly below target.

• The 2025 harvest is expected to provide a solid foundation for medium-term plans.