Marie Brizard Wine & Spirits (MBWS) H1 2026 earnings summary

Executive summary

• H1 2026 earnings declined amid a globally challenging market, with resilience shown in France, especially in Q2.

• Net revenues excluding excise duties fell 4.4% year-over-year to €84.0m, reflecting unfavorable macroeconomic trends for spirits.

• EBITDA dropped to €4.9m from €5.9m in H1 2025, and net profit (Group share) decreased by €0.5m to €2.1m.

• International operations were impacted by the Ukraine conflict and customer difficulties in Eastern Europe.

Financial highlights

• Net revenues (excl. excise) were €84.0m, down €2.6m year-over-year.

• Gross margin ratio remained stable at 38.8% versus 38.9% in H1 2025.

• EBITDA was €4.9m, down €0.9m; underlying operating profit fell to €1.8m from €3.0m.

• Net profit (Group share) was €2.1m, down from €2.6m; EPS stable at €0.02.

• Net cash increased to €46.8m at June 30, 2026, from €45.3m at year-end 2025.

Outlook and guidance

• Second half focus on strengthening Industrial Services and Agency Brands, and accelerating innovation for strategic brands.

• Continued rigorous cost management and pursuit of profitable growth opportunities.

• Ongoing positive momentum expected in France, with international performance challenged by external factors in Eastern Europe.