Marie Brizard Wine & Spirits (MBWS) investor relations material

Executive summary

• H1 2026 revenues reached €84.0m, down 4.4% year-over-year (down 3.0% as reported), with Q2 revenues at €45.3m, up 0.5% (up 2.2% as reported).

• France showed resilience with H1 sales up 1.2% and Q2 up 6.0%, driven by William Peel recovery, new Agency Brands, and Industrial Services contracts.

• International sales declined 8.3% in H1 (down 5.8% as reported), with Q2 down 3.1% (down 0.3% as reported), reflecting mixed brand and segment performance.

Financial highlights

• Off-Trade channel sales in France fell 4.0% in H1 but rose 3.8% in Q2, impacted by gradual William Peel recovery.

• On-Trade channel in France grew 10.1% in H1 and 16.0% in Q2, supported by Marie Brizard innovations and rum Agency Brand agreements.

• International: US revenues surged 39.9% in H1 (Q2: +12.0%), offsetting Sobieski's Q2 decline; Spain saw H1 sales down 4.5% but Q2 up 6.5%.

• Lithuania, Bulgaria, and Brazil posted notable H1 declines, with Brazil down 18.5% due to economic pressures and production upgrades.

Outlook and guidance

• The spirits market faces volatility from macroeconomic and geopolitical factors, including conflicts in the Middle East and Ukraine, impacting costs and supply chains.

• Strategic focus includes innovation, expanding Agency Brands, integrating new distributors, and developing Industrial Services partnerships.

• Efforts continue to restore William Peel's Off-Trade distribution and pursue both organic and external growth opportunities.