Marie Brizard Wine (MBWS) | News Based Sentiment Analysis

• On July 24, 2025, Marie Brizard Wine & Spirits reported a challenging first half of the year, with overall revenue declining 8.5% to €86.6 million compared to the first half of 2024. Second-quarter revenues were down 13.7% at €44.4 million, signaling an acceleration of the downward trend, and highlighting the complexities of the ongoing Cofepp acquisition.
• The company pinpointed a significant 17.4% revenue decline in France during the first half of 2025, reaching €35.1 million, attributing this to tough commercial negotiations and a generally weak spirits market. The delisting of the William Peel brand further contributed to the decline, impacting H1 revenues by an estimated 6.3%. However, the Marie Brizard brand showed resilience, and On-Trade sales increased by 12.6%.
• International revenues also fell, decreasing by 1.3% to €51.4 million in H1 2025, with a sharper 5.6% drop in Q2. The United States market experienced a dramatic 57.5% revenue plunge in Q2 (and 54.2% in H1) due to regulatory issues, increased tariffs, and a substantial reduction in importer inventories, specifically for the Sobieski brand, which reduced Group revenues by 2.4% for H1.
• Despite these revenue headwinds, Poland emerged as a bright spot, demonstrating a strong 43.7% sales increase in Q2, and Spain also saw a 5.6% rise. These positive performances in specific international markets offer some counterbalance to the struggles in the US and France.
• Marie Brizard Wine & Spirits has designated 2025 as a "transition year" due to ongoing commercial negotiations and efforts to offset rising costs of matured spirits through price adjustments and productivity improvements. The company acknowledges commercial visibility remains uncertain, with potential for further customs duty increases in the second half of 2025.
• As of September 2, 2025, the company held 111,989,823 shares outstanding and 194,047,142 voting rights, trading at €2.920, a 1.35% decrease from the previous day. The ongoing share buyback program, holding 139,742 treasury shares (0.12% of share capital) as of June 24, 2025, aims to provide some price support.
• The French Competition Authority (FCA) conditionally approved Cofepp's acquisition of Marie Brizard Wine & Spirits on September 2, 2025, but stipulated the divestment of the Pitters port and Tiscaz tequila brands to address competition concerns. This condition introduces uncertainty regarding the company’s future portfolio and strategic direction.

The Investment Story: Marie Brizard Wine & Spirits is navigating a difficult transition period marked by declining revenues, particularly in key markets like France and the US, while simultaneously undergoing a complex acquisition by Cofepp and facing required divestments. The company is proactively addressing cost pressures and attempting to stabilize its share price through a buyback program.

What It Means for Investors: The challenging first half results and the conditional acquisition approval create significant uncertainty. Investors should closely monitor the upcoming Half-Year 2025 earnings release on September 25, 2025, and the details surrounding the Pitters and Tiscaz brand divestments to assess the long-term impact on the company’s value.

Looking Ahead: The Half-Year 2025 earnings release on September 25, 2025, is the next key event. Investors should also pay attention to updates regarding the divestment of the Pitters and Tiscaz brands and the potential for further customs duty increases in the second half of 2025.

The Bottom Line: Marie Brizard Wine & Spirits remains a high-risk investment. While the company is taking steps to address its challenges, the combination of declining revenues, acquisition complexities, and market uncertainties requires cautious evaluation and close monitoring.