Italian Wine Brands (IWB) H2 2025 earnings summary

Executive summary

• 2025 was a challenging year for the global wine sector, with mature markets, macro uncertainty, and evolving consumption patterns impacting performance.

• Revenues reached €395.9 million, down 1.5% year-over-year, with strong volume growth in Ho.Re.Ca. (+9.6%) and wholesale (+3.8%) channels, but a decline in distance selling (-12.5%).

• Focus remained on disciplined execution, premium positioning, international expansion, and solid profitability and cash generation.

• Achieved leadership as Italy's largest Prosecco producer and expanded into no/low alcohol products.

• Net financial debt (third-party lenders) improved by 43% to €43.1 million, reflecting strong cash generation and asset-light business model.

Financial highlights

• Total turnover reached €395.9 million, down 1.5% year-over-year.

• Volumes increased 3.65% to 158.7 million bottles.

• Adjusted EBITDA was €49.1 million, down 2.5% from the record 2024.

• Adjusted net result was €25.6 million, up 1.1% year-over-year; reported net profit fell 26.7% to €16.6 million due to non-recurring items.

• Adjusted EBITDA margin remained high at 12.3% (vs 12.4% in 2024).

Outlook and guidance

• 2026 priorities include organic growth via brands, premium positioning, and product innovation, especially in sparkling and premium red wines.

• No formal quantitative guidance provided; early 2026 trading in line with prior year, with expectations for volume growth.

• Continued investment in efficiency, automation, and digitalization; CapEx to remain stable.

• Management sees 2026–2028 as a period of extraordinary opportunity, aiming to strengthen margins and global presence.

• New Marketing Department and domestic market team established, with investments in new plants and equipment.