MBW MARIE BRIZARD WINE & SPIRITS Giełda Papierów Wartościowych w Warszawie · Annual · publ. June 09, 2026

FY 2025 report

Marie Brizard Wine & Spirits to dziś spółka kontrolowana przez COFEPP (79,3% kapitału i 86,2% głosów), notowana w Paryżu i na GPW, z przychodami netto 172,0 mln EUR (−8,7% r/r) i słabnącą rentownością: EBITDA 13,6 mln EUR (−10,5%), zysk operacyjny 6,8 mln EUR (−29,1%).

Sentiment

Cautious No guidance change

Website

MBW FY 2025 report

Revenue

172.03 m EUR

— YoY

Net income

9.14 m EUR

— YoY

EBITDA

13.59 m EUR

— YoY

Gross margin

38.9%

— YoY

Summary

Investment thesis

Cały spadek siedzi we Francji: przychody klastra francuskiego spadły o 17,6% do 69,1 mln EUR po delistingach marki William Peel w sieciach handlowych, a jego EBITDA o 27% do 7,9 mln EUR. Klaster międzynarodowy trzyma się lepiej (−1,4% przychodów, EBITDA +17% do 9,8 mln EUR).
Zysk netto grupy (9,1 mln EUR, −5,2%) jest podtrzymany przez wynik finansowy (2,8 mln EUR, w tym odwrócenia odpisów) oraz bardzo niski podatek (480 tys. EUR, ETR ok. 5%), a nie przez wynik operacyjny.
Bilans jest solidny: dług brutto 6,8 mln EUR, gotówka 52,0 mln EUR, gotówka netto 45,3 mln EUR i kapitał własny 221,7 mln EUR, lecz 89,3 mln EUR (40% kapitału) to wartość firmy i znaki towarowe, objęte kluczową sprawą badania (test na utratę wartości).
Przepływy operacyjne załamały się (4,1 mln EUR wobec 16,2 mln EUR) przez wzrost kapitału obrotowego o 9,0 mln EUR; po CAPEX 6,7 mln EUR wolne przepływy są ujemne (−2,6 mln EUR), a spółka od trzech lat nie wypłaca dywidendy.

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Financials

BETA

FY 2025

MBW · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	172,034	—	—	reported	—	1.00
Gross profit	66,900	—	—	reported	—	0.90
EBITDA	13,590	—	—	adjusted	—	1.00
EBIT	6,812	—	—	reported	—	1.00
EBT	9,634	—	—	reported	—	1.00
Net income	9,143	—	—	reported	—	1.00
EPS (basic) (EUR)	0.08	—	—	reported	—	1.00
EPS (diluted) (EUR)	0.08	—	—	reported	—	1.00
D&A	5,816	—	—	reported	—	1.00
Interest expense	529	—	—	reported	—	1.00
Income tax	480	—	—	reported	—	1.00
Shares (basic) (m units)	111.85	—	—	reported	—	1.00

Gross margin	38.9%	—	—	derived	—	0.90
EBITDA margin	7.9%	—	—	derived	—	0.70
EBIT margin	4%	—	—	derived	—	0.70
Net margin	5.3%	—	—	derived	—	0.70
D&A margin	3.4%	—	—	derived	—	0.70

Cash	52,039	—	—	reported	—	1.00
Total debt	6,773	—	—	reported	—	1.00
Net debt	-45,266	—	—	reported	—	1.00
Equity	221,673	—	—	reported	—	1.00
Total assets	286,715	—	—	reported	—	1.00
Working capital	101,468	—	—	derived	—	0.70
Current assets	154,750	—	—	reported	—	1.00
Current liabilities	53,282	—	—	reported	—	1.00
Non-current liabilities	11,760	—	—	reported	—	1.00
Inventory	52,760	—	—	reported	—	1.00
Trade receivables	36,668	—	—	reported	—	1.00
Trade payables	25,160	—	—	reported	—	1.00
Goodwill	89,318	—	—	reported	—	0.95
Tangible equity	132,355	—	—	derived	—	0.70

CFO	4,114	—	—	reported	—	1.00
CapEx	6,716	—	—	reported	—	0.90
FCF	-2,602	—	—	derived	—	0.70
FCF conversion	-19.1%	—	—	derived	—	0.70
CFO conversion	30.3%	—	—	derived	—	0.70

ROE	4.2%	—	—	derived	—	0.70
ROA	3.2%	—	—	derived	—	0.70
ROCE	2.9%	—	—	derived	—	0.70

Current ratio	2.9x	—	—	derived	—	0.70
Quick ratio	1.91x	—	—	derived	—	0.70
Cash ratio	0.98x	—	—	derived	—	0.70
Interest coverage	12.9x	—	—	derived	—	0.70

Net debt / EBITDA	-3.33x	—	—	derived	—	0.70
Debt / equity	0.03x	—	—	derived	—	0.70
Debt / assets	0.02x	—	—	derived	—	0.70
Net debt / equity	-0.2x	—	—	derived	—	0.70

Revenue growth (YoY)	-8.7%	—	—	derived	—	1.00
EBITDA growth (YoY)	-10.5%	—	—	derived	—	0.90
EBIT growth (YoY)	-29.1%	—	—	derived	—	1.00
Net income growth (YoY)	-5.2%	—	—	derived	—	1.00
FCF growth (YoY)	-128%	—	—	derived	—	0.70
Gross margin Δ (YoY)	-0.2 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	-0.2 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-1.1 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	0.2 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

172,034 —

FY 2024: —

Gross profit

66,900 —

FY 2024: —

EBITDA

13,590 —

FY 2024: —

EBIT

6,812 —

FY 2024: —

EBT

9,634 —

FY 2024: —

Net income

9,143 —

FY 2024: —

EPS (basic) (EUR)

0.08 —

FY 2024: —

EPS (diluted) (EUR)

0.08 —

FY 2024: —

D&A

5,816 —

FY 2024: —

Interest expense

529 —

FY 2024: —

Income tax

480 —

FY 2024: —

Shares (basic) (m units)

111.85 —

FY 2024: —

Gross margin

38.9% —

FY 2024: —

EBITDA margin

7.9% —

FY 2024: —

EBIT margin

4% —

FY 2024: —

Net margin

5.3% —

FY 2024: —

D&A margin

3.4% —

FY 2024: —

Cash

52,039 —

FY 2024: —

Total debt

6,773 —

FY 2024: —

Net debt

-45,266 —

FY 2024: —

Equity

221,673 —

FY 2024: —

Total assets

286,715 —

FY 2024: —

Working capital

101,468 —

FY 2024: —

Current assets

154,750 —

FY 2024: —

Current liabilities

53,282 —

FY 2024: —

Non-current liabilities

11,760 —

FY 2024: —

Inventory

52,760 —

FY 2024: —

Trade receivables

36,668 —

FY 2024: —

Trade payables

25,160 —

FY 2024: —

Goodwill

89,318 —

FY 2024: —

Tangible equity

132,355 —

FY 2024: —

CFO

4,114 —

FY 2024: —

CapEx

6,716 —

FY 2024: —

FCF

-2,602 —

FY 2024: —

FCF conversion

-19.1% —

FY 2024: —

CFO conversion

30.3% —

FY 2024: —

ROE

4.2% —

FY 2024: —

ROA

3.2% —

FY 2024: —

ROCE

2.9% —

FY 2024: —

Current ratio

2.9x —

FY 2024: —

Quick ratio

1.91x —

FY 2024: —

Cash ratio

0.98x —

FY 2024: —

Interest coverage

12.9x —

FY 2024: —

Net debt / EBITDA

-3.33x —

FY 2024: —

Debt / equity

0.03x —

FY 2024: —

Debt / assets

0.02x —

FY 2024: —

Net debt / equity

-0.2x —

FY 2024: —

Revenue growth (YoY)

-8.7% —

FY 2024: —

EBITDA growth (YoY)

-10.5% —

FY 2024: —

EBIT growth (YoY)

-29.1% —

FY 2024: —

Net income growth (YoY)

-5.2% —

FY 2024: —

FCF growth (YoY)

-128% —

FY 2024: —

Gross margin Δ (YoY)

-0.2 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-0.2 pp —

FY 2024: —

EBIT margin Δ (YoY)

-1.1 pp —

FY 2024: —

Net margin Δ (YoY)

0.2 pp —

FY 2024: —