Marie Brizard: Revenue Down 4.4% in First Half, France Shows Growth
Marie Brizard Wine & Spirits published interim results on September 24, 2026, showing a decline in a spirits market described as globally unfavorable.
The decline is explained by opposing trajectories between its two divisions: French operations showing growth, driven by a more dynamic second quarter, and the International division hampered by external factors, particularly the conflict in Ukraine and difficulties affecting Eastern European clients.
EBITDA at €4.9M and Revenue Down 4.4% at Constant Scope
For the first half of 2026, net revenue excluding excise duties stood at €84.0M, compared to €86.6M a year earlier, representing a 4.4% decline at constant scope and exchange rates (3.0% as reported).
EBITDA came in at €4.9M, down €0.9M compared to €5.9M in the first half of 2025. Current operating income stood at €1.8M, against €3.0M a year earlier.
Gross margin rate reached 38.8%, virtually stable compared to 38.9% in the first half of 2025. Group net income amounted to €2.1M, down €0.5M, with net income per share remaining at €0.02.
France Up 1.2%, International Down 8.3%
The France Cluster posted revenue of €35.6M, up 1.2%, with acceleration in the second quarter (+6.0% to €18.6M). The group attributes this trend to the gradual increase in William Peel listings in mass distribution and the launch of innovations from Marie Brizard and Sobieski brands.
The International Cluster declined 8.3% to €48.4M, with a smaller decrease in the second quarter (-3.1%). According to the company, this performance resulted notably from lower export sales of the Lithuanian subsidiary to the Ukrainian market and reduced industrial services from the Bulgarian subsidiary, linked to decreased orders from a client.
In terms of EBITDA, France contributed €3.7M (in line with 2025) and International €3.4M, down €1.2M. Holding EBITDA improved by €0.4M, reflecting cost management.
Net Cash Position of €46.8M and Continued Development in Second Half
As of June 30, 2026, Group shareholders' equity stood at €223.9M, compared to €221.5M at December 31, 2025. Gross financial debt remained stable at €6.7M and net cash position increased by €1.4M to €46.8M compared to €45.3M at end of 2025.
The inventory and work-in-progress item reached €54.4M, up €1.6M compared to end of 2025, a change the group attributes to the increase in William Peel whisky distribution in France.
For the remainder of the fiscal year, the company anticipates in France a continuation of the momentum driven by William Peel distribution and Marie Brizard and Sobieski innovations, and internationally an expected decline in Eastern Europe. The schedule provides for publication of year-end revenue on October 29, 2026.
