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Simplified income statement – FY 2024

Group revenues for 2024 amounted to €188.4m, down 2.8% year on year. 2024 was marked by a decline in revenues from International Strategic Brands, as well as those of the Industrial Services business, which was impacted by the expected fall in unit prices after the wave of inflation of 2022-23, without affecting the profitability of this business segment.

Gross margin increased by 4.1% (up €2.9m) to €73.6m, with a gross margin rate of 39.1% in 2024 compared to 36.4% in 2023. After a period marked by soaring raw material and energy costs, this 2.7 percentage point improvement reflects the Group’s ability to improve profitability amid stabilising inflation and input costs. The Group succeeded in adapting its sales and pricing policies to maintain the favourable momentum in gross margin and return to the 2022 level.

EBITDA for 2024 amounted to €15.2m, up from €13.3m the previous year, representing an EBITDA margin of 8.1%, a 1.2 percentage point improvement on 2023 (6.9%).

The France Cluster saw EBITDA increase by €1.3m to €10.8m. 2024 performance was driven by the addition of new Agency Brands to our distribution portfolio, the full-year impact of the price increases applied in 2023 and tight cost control.

Meanwhile, International Cluster EBITDA increased by €0.6m to €8.4m, driven by improved profitability in Industrial Services and a strong performance from Flagship Local Brands.

2024 net revenues by cluster

2024 EBITDA by cluster

FRANCE CLUSTER:

Amid the continuing slowdown in the spirits market, France Cluster 2024 revenues edged up 0.7% to €83.9m.

For 2024 as a whole, sales in the Off-Trade were down slightly, particularly for William Peel and despite the positive residual impact of price increases implemented in 2023 and the first quarter of 2024. The San José and Marie Brizard Strategic Brands are gaining market share, driven by strong sales momentum and the addition of new flavour varieties to the Marie Brizard range.

In the On-Trade channel, France Cluster sales are proving resilient to the market decline while benefiting from the integration of premium Agency Brands.

France Cluster EBITDA increased by €1.3m in 2024 to €10.8m.

INTERNATIONAL CLUSTER:

The International Cluster recorded revenues of €104.5m in 2024, down 5.5% versus 2023 with contrasts between regions and entities. This decrease was mainly due to the Industrial Services business, which was affected by the fall in its unit prices, an expected consequence of the easing of the wave of inflation of 2022 and 2023, and planned maintenance on production lines in Spain in the first and fourth quarters.

International Cluster EBITDA rose €0.6m to €8.4m in 2024 thanks to improved profitability among the Spanish and Brazilian subsidiaries and in the export segment, underpinned by stability or slight growth among the other main subsidiaries.

Changes in International cluster revenues by entity were as follows:

MBWS International
Revenues amounted to €14.8m in 2024, down 5.4% on 2023.
In the export markets of Western Europe, the Middle East and Africa, revenues were down 3.8%. Strategic Brands William Peel, Sobieski and Marie Brizard were down in the main markets, although Gautier and San José performed well.
In the Eastern European export markets, business in Poland was heavily impacted by the distributor’s inventory rundown policy coupled with intense promotional competition throughout the year, particularly in the Scotch whisky market.
In the Americas export region, annual sales rose 21.6%, largely driven by Cognac Gautier and brandy, particularly in the Canadian market.
Finally, in the Asia Pacific export region, business in the main markets was down 13.5% on 2023, impacted notably by South Korea.

MBWS España
Sales were down 5.0% at €24.7m, particularly for the Marie Brizard brand, mainly due to the distributor’s inventory rundown policy and customer de-listings. Industrial Services sales were also down due to lower unit prices following the end of the inflation wave and production line maintenance done in the first and fourth quarters.

MBWS Scandinavia
Despite a declining and competitive market, annual sales edged up 1.0% to €3.1m driven by William Peel and Agency Brands.

MBWS Baltics
Annual sales were down 8.5% at €30.0m, falling slightly in the domestic market (down 0.9%) and more sharply in the export market (down 18.3%). This reflects the significant decline in Industrial Services activity, where bulk unit sales prices are correlated with the decline in grain prices. By contrast, sales of the William Peel brand grew steadily in the domestic market and in Ukraine.

MBWS Bulgaria
Annual sales were down 6.2%, with a 20.6% drop in the Industrial Services export business, for the same reasons of lower unit prices without impact on margins, partly offset by 13.2% growth in the domestic market.

Imperial Brands
In the United States, the year as a whole was marked by a limited decline in sales of 1.9% to €7.5m, mainly due to the decline in Marie Brizard shipments, only partly offset by growth in Sobieski sales, in a market where competition remained intense and distributors continued to reduce stocks.

Dubar
In Brazil, revenues rose 8.2% to €3.6m in 2024. The full-year trend was driven by continued growth in certain Agent Brands, despite sluggish growth in sales of Flagship Regional Brands.

Holding Company: Stabilisation of structural costs
The EBITDA loss was stable at €4.0m, reflecting control of internal costs.

BALANCE SHEET AT 31 DECEMBER 2024

Shareholders’ equity, Group share, was €213.6m at 31 December 2024, compared with €203.3m at 31 December 2023.
Net cash amounted to €48.4m at 31 December 2024, compared with €38.3m at 31 December 2023. The increase is the result of a proactive cash flow improvement policy, mainly based on tight management of operational working capital and cash flow generation related to the overall increase in the business profitability. The change in net cash includes industrial capex, which increased compared to 2023 (particularly in France and Lithuania).
The improvement in working capital is due to (i) the reduction in trade receivables, which benefited from the favourable mid-week timing of the closing date, (ii) the reduction in outstanding trade payables (linked notably to the normalisation of purchasing costs in the second half of 2024) and, to a lesser extent, (iii) the reduction in the value of inventories.

OUTLOOK

The Group continues to create the conditions for a profitable and sustainable development of its business portfolio and for strengthening its presence in key markets, leveraging its subsidiaries, commercial networks and direct exports.

The Group is thereby demonstrating its ability to gain market share on its mainstream brands by combining targeted initiatives, agile commercial execution and rigorous cost management.

2025 opens as a year of transition for the Group against a backdrop of continued slowdown in the wine and spirits markets coupled with limited, volatile commercial visibility. The sector is also threatened by the risks of further tariff hikes.

In addition, as mentioned above, the Group foresees a material adverse impact from inflation in the cost price of matured spirits – particularly for Scotch whisky and cognac – distilled during the period of high inflation. This increase could weigh heavily on the economic performance of the France Cluster.

In response to these challenges, the Group is actively working to mitigate these impacts by implementing an appropriate pricing policy and intensifying its productivity efforts on production costs. The Group also remains focused on its strategic development pillars, namely investment, innovation and sustainable transition, while remaining vigilant in adapting its range offer to the elasticity of consumer demand.

The Group is also actively pursuing the identification of growth opportunities, both organic and external, by galvanising initiatives within its two clusters with a view to long-term development.

Amid a highly unstable international environment, which could impact the entire 2025 financial year, the Group intends to action all these levers and capitalise on all its strengths to limit the impact of increased competition and soaring matured spirit prices.

Financial calendar:

• Q1 2025 revenues: 24 April 2025

• General Meeting: 26 June 2025

About Marie Brizard Wine & Spirits

Marie Brizard Wine & Spirits is a wine and spirits group based in Europe and the United States. Marie Brizard Wine & Spirits stands out for its expertise, a combination of brands with a long tradition and a resolutely innovative spirit. Since the birth of the Maison Marie Brizard in 1755, the Marie Brizard Wine & Spirits Group has developed its brands in a spirit of modernity while respecting their origins. Marie Brizard Wine & Spirits is committed to offering its customers bold and trusted brands full of flavour and experiences. The Group now has a rich portfolio of leading brands in their market segments, including William Peel, Sobieski, Marie Brizard and Cognac Gautier.

Marie Brizard Wine & Spirits is listed on Compartment B of Euronext Paris (FR0000060873 - MBWS) and is part of the EnterNext© PEA-PME 150 index.

APPENDIX                         FY 2024 Consolidated Financial Statements

Income statement

Balance sheet

Cash flow statement.

Attachment

• PR - MBWS 2024 Full Year Results vfin