Highlights

  • Adjusted EBITDA for FY26 is expected to be toward the top end of guidance.
  • Cost discipline across operations supported profitability during peak trading periods.
  • Revenue is expected at the lower end due to reduced inefficient investment.

Naked Wines plc (LSE:WINE) has released an update on its expected financial performance for FY26, indicating that Adjusted EBITDA is projected to be toward the upper end of the Company’s previously published guidance. The update is based on current trading conditions and reflects performance during peak trading periods across all operating markets.

The Company clarified that Adjusted EBITDA figures exclude inventory liquidation and associated costs. According to the announcement, the improved profitability outlook is linked to both trading performance and a continued focus on cost management across the business.

Focus on Cost Control
Naked Wines highlighted its disciplined approach to managing expenses as a key factor supporting its FY26 outlook. The Company maintained tight controls across general and administrative expenses, cost of goods sold and variable costs, as well as customer acquisition investment.

This cost-focused approach aligns with management’s previously communicated strategy of reducing inefficient spending. By removing investment that does not meet internal efficiency thresholds, the Company has prioritized profitability over top-line expansion during the period.

Revenue Trends and Strategic Implications
While Adjusted EBITDA expectations have improved, the Company noted that revenue is expected to be at the lower end of its published guidance range. This outcome reflects the deliberate reduction of inefficient investment rather than a change in underlying demand trends.

Management reiterated that this approach supports the development of a smaller but more profitable operating model. The strategy aims to improve financial sustainability while allowing flexibility for future growth initiatives under more favorable return conditions.

Medium-Term Direction
Naked Wines stated that its current performance builds toward its previously outlined medium-term strategy. This strategy focuses on improving profitability metrics while positioning the business for a return to profitable growth over time, with Adjusted EBITDA expected to increase progressively across the medium term.

Share Price Snapshot
WINE was trading 8.43% higher at GBX 72.00 per share as of 18 December 2025.