Naked Wines returns to profitability as revenue falls amid strategic reset

Naked Wines has returned to adjusted EBITDA profitability in the first half of its financial year, as cost reducing measures led to lower revenues in line with its plans to refocus on core customers. 

The trading for the 26 weeks to 28 September 2025 (HY26) showed “significant progress” against the strategy as adjusted EBITDA rose 112% year on year to £3.6m (HY25: £1.7m). 

Gross profit margin also increased to 19.5% (HY25: 16.9%). 

However, revenue fell to £89.5m from £112.3m, reflecting the company’s plan announced in March 2025 to focus on higher-margin long-term members, reduce marketing spend, and manage the decline of pandemic-era customer cohorts.

The statutory loss before tax HY26 narrowed to £3m (HY25: loss of £5.6m).

The company confirmed that its new measure of customer acquisition performance, “acquisition break-even months”, has improved from 75 months in HY25 to 44 months in the five months to August 2025. 

Customer acquisition investment was also reduced to £3.9m (HY25: £9.4m).

Customer satisfaction and retention remain stable, with a net promoter score of 76 and a retention rate of 76%.

The group also pointed to initial revenue from its recently acquired Sonoma winery, intended to reduce production and storage costs while enabling new opportunities in custom crush, bulk storage and private-label production.

Additionally, the board has been reshaped during the period, with Jack Pailing becoming non-executive chair, Jan-Hendrik Mohr joining as non-executive director, and David Atchison providing additional board advisory support on marketing and customer growth.

Looking ahead, the group said it remains on track to meet full-year guidance and its medium-term aims of progressive adjusted EBITDA growth, continued cash generation and smaller, more profitable revenues.

It also stated that it remains focused on a disciplined return to organic revenue growth while exploring selective acquisition opportunities.

Rodrigo Maza, chief executive, said: “I’m pleased to present first-half results that show tangible progress against the goals we set in March, and adj. EBITDA profitability up 112% on prior year. We’re delivering in line with guidance, and I remain confident that our Strategic Plan will create meaningful value for shareholders.

“Lower CACs and improved margins have helped reduce Acquisition break-even from 75 to 44 months – significant progress. Combined with our strong performance on cash and improved profitability, this provides robust foundations as we build towards a return to disciplined revenue growth in the medium term.”