Naked Wines H1 adjusted EBITDA more than doubles

(Sharecast News) - Direct-to-consumer online wine retailer Naked Wines reported a narrowed statutory pre‑tax loss and a sharp improvement in adjusted underlying earnings for the six months ended 29 September. Naked Wines said its loss before tax fell to £3.0m, down from £5.6m a year earlier, while adjusted EBITDA more than doubled to £3.6m from £1.7m, comfortably within its full‑year guidance.

Revenue came in at £89.5m, down from £112.3m in HY25, but Naked Wines said the decline was in line with communicated guidance and was driven by the normal run‑off of exceptional cohorts acquired in FY21 and FY22, reduced acquisition spend in late FY25 and FY26, and cautious consumer behaviour.

Naked Wines also highlighted progress against its strategic plan, including improved gross profit margin, stronger cash generation and completion of its first share buyback programme, which it said had increased intrinsic value per share for remaining investors.

Chief executive Rodrigo Maza said: "I'm pleased to present first-half results that show tangible progress against the goals we set in March, and adjusted EBITDA profitability up 112% on prior year. We're delivering in line with guidance, and I remain confident that our Strategic Plan will create meaningful value for shareholders.

"Lower CACs and improved margins have helped reduce Acquisition break-even from 75 to 44 months - significant progress. Combined with our strong performance on cash and improved profitability, this provides robust foundations as we build towards a return to disciplined revenue growth in the medium term."

As of 0825 GMT, Naked Wines shares were up 3.52% at 74.12p.

Reporting by Iain Gilbert at Sharecast.com