AdVini Returns to Profitability in First Half Thanks to €10M Badwill; EBITDA Declines
AdVini returned to a positive net result in the first half of 2026, at €7.0M compared to a loss of €0.6M a year earlier, thanks to the recognition of a provisional badwill of €10M linked to the acquisition of Cordier activities. Over the same period, current EBITDA declined to €6.4M, mainly due to the increase in charges related to the acquisition, while current operating profit fell to €0.5M.
The publication, released on October 5, 2026, presents two distinct readings of the semester: an income statement supported by a non-recurring accounting item, and current operations absorbing the startup costs of the acquisition. The wine group based in Saint-Félix-de-Lodez had adopted a cautious tone when publishing its 2025 accounts on April 27, 2026.
Revenue Up 0.7%, Down 2.5% at Constant Scope
Revenue stood at €132.5M at the end of June 2026, compared to €131.6M a year earlier, representing growth of 0.7%. This increase is attributable to the recent launch of Cordier activities, integrated since April 30, 2026. At constant scope and exchange rates, activity declined by 2.5%, following a decrease of 3.7% in the first half of 2025, a period in which the first quarter had benefited from sales anticipating American tariffs.
French channels weighed on activity: large-scale distribution fell by 15.0% in value and own-brand focused retailers by 10%. Out-of-home consumption in Europe (bars, restaurants, hotels, wine shops) remained stable. According to the statement, the export share increased by 11%, a gain of 6 percentage points compared to the first half of 2025.
North America showed growth of 23% and Asia of 24%. South Africa increased by 13% in its domestic market and also outperformed in exports, according to the group. AdVini cited among the brands showing growth L'Oratoire des Papes, Champy, Kleine Zalze and Ken Forrester.
Current EBITDA at €6.4M, Net Result Supported by €10M Badwill
Gross margin increased from 39.2% to 39.7% of revenue, a gain of 0.5 percentage point, reaching €52.6M. According to the group, its brand policy compensates for the decline in volumes through a favorable sales mix.
Further down the income statement, current EBITDA declined from €9.8M to €6.4M, with its rate falling from 7.4% to 4.8% of revenue. AdVini attributes this decline mainly to an increase of €2.5M in external charges and €1.4M in other current charges, related to the acquisition of Cordier activities. These expenses cover a recurring effect and an effect specific to the startup, intended to adjust resources needed from the second half onwards. Personnel costs remained stable.
Current operating profit fell from €4.0M to €0.5M. The move to a net result of €7.0M stems from non-recurring items, which reach €10.0M compared to €0.1M and correspond to the provisional badwill (negative goodwill) recognized on June 30. The final allocation of the acquisition price will be finalized in the annual accounts on December 31, 2026.
The financial result improved slightly, to -€3.9M compared to -€4.1M a year earlier.
Net Debt Stable and Banking Financing Renewed Until 2032
Net financial debt remained stable at €161.4M compared to €160.2M a year earlier. On July 9, 2026, AdVini renewed its banking syndication agreement, which now runs until 2032, with a tightened banking pool committed to more than €200M.
The acquisition of part of InVivo Wines' assets, effective since April 30, 2026 following the extraordinary general meeting, was accompanied by the entry of the InVivo group into AdVini's capital. It brings export distribution networks, the Cordier brand intended for Bordeaux activities, as well as the Café de Paris brand and its production facility. The latter allows the group to enter the segments of sparkling wines and dealcoholized wines.
For 2026, management indicated it remains focused on profitable organic growth of its Maisons de Vin brands in export and selective networks. The group will publish its 2027 financial communication calendar on February 1, 2027. At the end of the semester, AdVini reports a net result of €7.0M, incorporating a non-recurring item of €10.0M, for a current operating result of €0.5M.
