Image source: © 2025 Krish Capital Pty.Ltd

Highlights

  • Naked Wines’ FY25evenue declined to GBP 250.2m; gross profit down 16.0% year-on-year.
  • Loss narrowed to GBP 4.9m from GBP 20.8m in FY24.
  • Cost savings and inventory liquidation support FY26 cash generation outlook.

Naked Wines PLC (LSE: WINE) is a UK-based direct-to-consumer online wine retailer listed on the FTSE AIM All-Share Index. The company operates across three key markets: the United States, the United Kingdom, and Australia. Its product portfolio includes a broad selection of wines, featuring best sellers, award-winning labels, sustainable and vegan-friendly options, as well as curated collections such as sparkling varieties and top-rated Riojas.

In FY25, the company reported revenue of GBP 250.20 million, compared to GBP 290.40 million in FY24, reflecting a 13.8% decline primarily due to the attrition of pandemic-era cohorts and an unfavourable geographic sales mix. Gross profit stood at GBP 46.10 million, down 16.0% from GBP 54.90 million in the previous year, attributed to lower sales volume and a strategic reduction in inventory. The year closed with a loss of GBP 4.90 million, compared to a loss of GBP 20.80 million in FY24, driven by ongoing operating expenses and finance costs.

Business Update
On 19 September 2025, Naked Wines announced the appointment of Jan-Hendrik Mohr as a Non-Executive Director and David Atchison as a Board Advisor. Mohr brings governance and investment experience through his role at CHAPTERS Group AG and his previous involvement as an investor in the company. Atchison adds marketing expertise gained from his leadership roles at New Engen and Zulily. The company stated that these appointments are intended to align with its strategic priorities in capital allocation and marketing.

Outlook

The company has issued a positive outlook for FY26, noting that current trading is meeting expectations with signs of continued improvement in the rate of revenue decline and further cash generation. Management highlighted progress on its new strategy, with GBP15 million of the GBP23 million medium-term cost-saving target already actioned. The company is also advancing the planned liquidation of excess inventory to generate GBP40 million in cash and has commenced shareholder distributions as previously announced.

Top 10 Shareholders

The top 10 shareholders OF WINE collectively account for approximately 63.73% of the company’s total shareholding, with Monega Kapitalanlagegesellschaft mbH and Punch Card Management, LP holding the largest stakes at around 13.11% and 10.31%, respectively.

Stock Information

As of the closing price of 2 October 2025 (GBX 74.80), over the past three months, the stock has gained approximately 4.46%, and over the six-month period, 2.46%. The stock has a 52-week low of GBX 42.00 and a 52-week high of GBX 95.00 and is currently trading above the average of this range.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 2 October 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.