Italian Wine Brands (IWB) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was €175.3 million, down 5.3% year-over-year, with 83% from exports to 97 destinations and 72.8 million bottles sold.

• Top Brands grew 8.6% in volume and 6.6% in value, with direct margin rising to 50.3%.

• Profitability remained resilient: adjusted EBITDA was €19.1 million (10.8–10.9% margin), adjusted net profit €8.4 million, and net debt improved to €81.8 million.

• Entered Italian grocery distribution with three new listings, relaunched key brands in the US, and launched Tenuta Le Forconate.

• Received major international awards, including Best Producer Italy by Mundus Vini.

Financial highlights

• Revenues declined 5.3% year-over-year, outperforming the export market's 6.2% drop; adjusted EBITDA fell 12.8%.

• Net financial position improved to €81.8 million, leverage reduced to 1.77x, and cash generation reached €14 million over 12 months.

• Free cash flow was positive at €12.4 million for H1 2026; cash and cash equivalents at period end were €59.1 million.

• Supplier financing and procurement savings, especially for Prosecco, contributed €3 million.

• Dividend of €0.50 per share paid in H1 2026.

Outlook and guidance

• Net result for 2026 expected to improve by €2 million over 2025, despite conservative EBITDA outlook.

• Strategic focus on Top Brands, premiumization, Ho.Re.Ca, international expansion, and innovation in no/low-alcohol wines.

• M&A activity is being explored, with potential deals from €50 million upwards and bond refinancing planned.

• Investments in sustainability, digital innovation, and emerging markets to support future growth.