MBW
MARIE BRIZARD WINE & SPIRITS
Giełda Papierów Wartościowych w Warszawie · semiannual · publ. October 02, 2026
H1 2026 report
Bilans jest bardzo mocny: gotówka 53,5 mln € przy zadłużeniu brutto 6,7 mln €, kapitał własny 224 mln € (77% aktywów).
Sentiment
Cautious
No guidance change
MBW
H1 2026 report
Revenue
84 m EUR
— YoY
Net income
2.12 m EUR
— YoY
EBITDA
4.93 m EUR
— YoY
Gross margin
38.85%
— YoY
Summary
Investment thesis
- Przychody netto spadły o 3,0% (4,4% LFL), głównie przez segment międzynarodowy (−8,3% LFL); Francja jest stabilna (+1,2%).
- Marża brutto trzyma się na 38,8%, ale EBITDA spadła o 16% do 4,9 mln €, a zysk operacyjny o 53% do 1,3 mln €.
- Zysk netto 2,1 mln € (−19%) jest wspierany dodatnim podatkiem (+0,25 mln €); zysk przed opodatkowaniem spadł o 44%.
- Zarząd zapowiada 2026 jako rok przejściowy i niekorzystne warunki rynkowe do końca roku; wartość firmy i marek (89 mln €) wymaga uważnej obserwacji.
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Financials
BETA
MBW · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 83,996 | — | — | 83,996 | — | reported | — | 1.00 |
| Gross profit | 32,632 | — | — | 32,632 | — | reported | — | 1.00 |
| EBITDA | 4,927 | — | — | 4,927 | — | reported | — | 1.00 |
| EBIT | 1,307 | — | — | 1,307 | — | reported | — | 1.00 |
| EBT | 1,816 | — | — | 1,816 | — | reported | — | 1.00 |
| Net income | 2,119 | — | — | 2,119 | — | reported | — | 1.00 |
| EPS (basic) (EUR) | 0.02 | — | — | 0.02 | — | reported | — | 1.00 |
| EPS (diluted) (EUR) | 0.02 | — | — | 0.02 | — | reported | — | 1.00 |
| D&A | 2,968 | — | — | 2,968 | — | reported | — | 1.00 |
| Interest expense | 280 | — | — | 280 | — | reported | — | 1.00 |
| Income tax | -247 | — | — | -247 | — | reported | — | 1.00 |
| Shares (basic) (units) | 111,864,847 | — | — | 111,864,847 | — | reported | — | 1.00 |
| Gross margin | 38.85% | — | — | 38.85% | — | derived | — | 0.80 |
| EBITDA margin | 5.87% | — | — | 5.87% | — | derived | — | 0.80 |
| EBIT margin | 1.56% | — | — | 1.56% | — | derived | — | 0.80 |
| Net margin | 2.52% | — | — | 2.52% | — | derived | — | 0.80 |
| D&A margin | 3.53% | — | — | 3.53% | — | derived | — | 0.80 |
| Cash | 53,485 | — | — | — | — | reported | — | 1.00 |
| Total debt | 6,664 | — | — | — | — | reported | — | 1.00 |
| Net debt | -46,821 | — | — | — | — | derived | — | 0.80 |
| Equity | 224,049 | — | — | — | — | reported | — | 1.00 |
| Total assets | 290,869 | — | — | — | — | reported | — | 1.00 |
| Working capital | 102,456 | — | — | — | — | derived | — | 0.80 |
| Current assets | 158,588 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 56,132 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 10,688 | — | — | — | — | reported | — | 1.00 |
| Inventory | 54,369 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 36,862 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 29,979 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 89,342 | — | — | — | — | reported | — | 0.95 |
| Tangible equity | 134,707 | — | — | — | — | derived | — | 0.80 |
| CFO | 3,612 | — | — | 3,612 | — | reported | — | 1.00 |
| CapEx | 2,581 | — | — | 2,581 | — | reported | — | 1.00 |
| FCF | 1,031 | — | — | 1,031 | — | derived | — | 0.80 |
| Current ratio | 2.83x | — | — | — | — | derived | — | 0.80 |
| Quick ratio | 1.86x | — | — | — | — | derived | — | 0.80 |
| Cash ratio | 0.95x | — | — | — | — | derived | — | 0.80 |
| Interest coverage | 4.67x | — | — | 4.67x | — | derived | — | 0.80 |
| Debt / equity | 0.03x | — | — | — | — | derived | — | 0.80 |
| Debt / assets | 0.02x | — | — | — | — | derived | — | 0.80 |
| Net debt / equity | -0.21x | — | — | — | — | derived | — | 0.80 |
| Revenue growth (YoY) | -3.02% | — | — | -3.02% | — | derived | — | 0.90 |
| EBITDA growth (YoY) | -16.05% | — | — | -16.05% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -52.7% | — | — | -52.7% | — | derived | — | 0.90 |
| Net income growth (YoY) | -19.06% | — | — | -19.06% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -0.1 pp | — | — | -0.1 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.91 pp | — | — | -0.91 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -1.63 pp | — | — | -1.63 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -0.5 pp | — | — | -0.5 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
83,996
—
83,996
—
- H1 2025
- —
- YTD 2026
- 83,996
- Δ YoY
- —
Gross profit
32,632
—
32,632
—
- H1 2025
- —
- YTD 2026
- 32,632
- Δ YoY
- —
EBITDA
4,927
—
4,927
—
- H1 2025
- —
- YTD 2026
- 4,927
- Δ YoY
- —
EBIT
1,307
—
1,307
—
- H1 2025
- —
- YTD 2026
- 1,307
- Δ YoY
- —
EBT
1,816
—
1,816
—
- H1 2025
- —
- YTD 2026
- 1,816
- Δ YoY
- —
Net income
2,119
—
2,119
—
- H1 2025
- —
- YTD 2026
- 2,119
- Δ YoY
- —
EPS (basic)
(EUR)
0.02
—
0.02
—
- H1 2025
- —
- YTD 2026
- 0.02
- Δ YoY
- —
EPS (diluted)
(EUR)
0.02
—
0.02
—
- H1 2025
- —
- YTD 2026
- 0.02
- Δ YoY
- —
D&A
2,968
—
2,968
—
- H1 2025
- —
- YTD 2026
- 2,968
- Δ YoY
- —
Interest expense
280
—
280
—
- H1 2025
- —
- YTD 2026
- 280
- Δ YoY
- —
Income tax
-247
—
-247
—
- H1 2025
- —
- YTD 2026
- -247
- Δ YoY
- —
Shares (basic)
(units)
111,864,847
—
111,864,847
—
- H1 2025
- —
- YTD 2026
- 111,864,847
- Δ YoY
- —
Gross margin
38.85%
—
38.85%
—
- H1 2025
- —
- YTD 2026
- 38.85%
- Δ YoY
- —
EBITDA margin
5.87%
—
5.87%
—
- H1 2025
- —
- YTD 2026
- 5.87%
- Δ YoY
- —
EBIT margin
1.56%
—
1.56%
—
- H1 2025
- —
- YTD 2026
- 1.56%
- Δ YoY
- —
Net margin
2.52%
—
2.52%
—
- H1 2025
- —
- YTD 2026
- 2.52%
- Δ YoY
- —
D&A margin
3.53%
—
3.53%
—
- H1 2025
- —
- YTD 2026
- 3.53%
- Δ YoY
- —
Cash
53,485
—
53,485
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
6,664
—
6,664
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-46,821
—
-46,821
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
224,049
—
224,049
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
290,869
—
290,869
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
102,456
—
102,456
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
158,588
—
158,588
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
56,132
—
56,132
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
10,688
—
10,688
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
54,369
—
54,369
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
36,862
—
36,862
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
29,979
—
29,979
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
89,342
—
89,342
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
134,707
—
134,707
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
3,612
—
3,612
—
- H1 2025
- —
- YTD 2026
- 3,612
- Δ YoY
- —
CapEx
2,581
—
2,581
—
- H1 2025
- —
- YTD 2026
- 2,581
- Δ YoY
- —
FCF
1,031
—
1,031
—
- H1 2025
- —
- YTD 2026
- 1,031
- Δ YoY
- —
Current ratio
2.83x
—
2.83x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.86x
—
1.86x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.95x
—
0.95x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
4.67x
—
4.67x
—
- H1 2025
- —
- YTD 2026
- 4.67x
- Δ YoY
- —
Debt / equity
0.03x
—
0.03x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.02x
—
0.02x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.21x
—
-0.21x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-3.02%
—
-3.02%
—
- H1 2025
- —
- YTD 2026
- -3.02%
- Δ YoY
- —
EBITDA growth (YoY)
-16.05%
—
-16.05%
—
- H1 2025
- —
- YTD 2026
- -16.05%
- Δ YoY
- —
EBIT growth (YoY)
-52.7%
—
-52.7%
—
- H1 2025
- —
- YTD 2026
- -52.7%
- Δ YoY
- —
Net income growth (YoY)
-19.06%
—
-19.06%
—
- H1 2025
- —
- YTD 2026
- -19.06%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.1 pp
—
-0.1 pp
—
- H1 2025
- —
- YTD 2026
- -0.1 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.91 pp
—
-0.91 pp
—
- H1 2025
- —
- YTD 2026
- -0.91 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.63 pp
—
-1.63 pp
—
- H1 2025
- —
- YTD 2026
- -1.63 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.5 pp
—
-0.5 pp
—
- H1 2025
- —
- YTD 2026
- -0.5 pp
- Δ YoY
- —