Oeneo: Revenue of €275.5M, Down by 9.3%, with Margins Under Pressure

Resilient Corking, Significant Contraction in Aging

The group's two divisions are showing divergent trajectories. The Corking Division recorded a limited decline of 5.3% at constant exchange rates, with sales of nearly 2 billion cork stoppers, over 85% of which were from the Diam brand. This better performance is based on the strong reputation of the Diam brand, gaining new clients in France, Spain, and Oceania, amidst cautious stock reduction by distributors. In contrast, the Aging Division reached a historically low point with revenue of €64.8 million, down 20.2% at constant exchange rates. This decline is primarily driven by the barrel business, heavily impacted in the US by tariffs and in France in the cognac market.

Operating Margin Declines Despite Cost Control

The group's current operating margin, expected to remain just above 13%, has fallen nearly 2 points compared to 2024-2025. This relative resilience is attributed to rigorous control of operating expenses. The Corking Division benefits from effective cost management and is expected to maintain a current operating margin around 20% of revenue. The Aging Division will be unprofitable for the fiscal year, in a context of sharp decline in its main markets. These contrasting performances illustrate the increasing difficulty of the group to absorb the drop in harvest volumes (third consecutive year) and the global slowdown in wine consumption.