REG - Naked Wines PLC - Pre-Close Trading Update

Naked WinesAnnouncement

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RNS Number : 2887C  Naked Wines PLC  29 April 2026

29 April 2026

 

Naked Wines plc

('Naked Wines' or 'the Company')

 

Pre-Close Trading Update

 

FY26 performance in line, strong EBITDA, with new material upside in cost
savings

 

Naked Wines is today pleased to provide a pre-close trading update in respect
of the 12 months ended 30 March 2026 ('FY26'), ahead of reporting audited FY26
results in the Summer.

 

Naked Wines' FY26 performance is in line with previously communicated guidance
(reiterated at the bottom of this announcement) with strong progress on cost
reduction and pricing.

 

Key guidance metrics in line

 

●    Adjusted EBITDA(eilac1) is expected to be towards the top end of the
guidance range

●    Revenue is expected to be c. £200m, and reflects continued
execution of the strategy to focus on a smaller, more profitable core business

●    Inventory continues to improve, and is at its lowest level in 5
years

●    Net cash(2) increased £3m to £33.4m, reflecting £9m cash
generation partially offset by share buybacks of £6m

 

Strong progress on efficiencies and pricing

 

Strong delivery on EBITDA reflects significant progress, with ongoing
initiatives on pricing and cost reduction:

●    Price increases had a meaningful impact on profitability, notably in
Q4 FY26 and will have a significantly greater impact in FY27 as they annualise

●    The Company has now actioned £25m(3) of annualised savings
(exceeding the 3-5 year target of £23m set in March 2025). This includes c.
£5m of G&A savings (impacting FY27 onwards) which resulted from the
ongoing Zero Based Budgeting process started in Q4 FY26

 

1. Adjusted EBITDA excluding inventory liquidation and associated costs

2. Net cash excluding lease liabilities

3. c.£10m of these savings were actioned in late FY26 and will largely impact
FY27

 

Major improvement to digital platform

 

Due to recent advances in SaaS systems, the Company has decided to transition
from its legacy in-house architecture to a third-party platform. The new
platform is expected to generate significant future cost savings, and will
improve site performance for customers, marketing effectiveness and
conversion, and therefore support improved customer acquisition break-even. It
will also strengthen platform resilience and security.

 

The temporary implementation costs of the transition are expected to be offset
by the newly identified c. £5m of annual G&A savings referenced above.
The transition is also anticipated to deliver up to £5m of annualised opex
savings by late FY29 (not included in the £25m of savings above). This
results in FY29/30 costs benefiting from a potential total annualised saving
of up to £10m vs. FY27.

 

As a result of the move to the third-party platform (vs. in house asset), the
Company now expects to recognise a c.£2-£3m non-cash adjusted item within
the FY26 results relating to previously capitalised development costs.
Capitalised technology development spend for FY27-FY30 is now anticipated to
be c. £1m, vs up to £7m guided previously.

 

At the time of the audited FY26 results in the Summer, the Company will
provide guidance on FY27.

 

Rodrigo Maza, Naked Wines Chief Executive, said:

 

"We are pleased to have delivered a strong year in FY26, which reflects
substantial progress with the new strategy set out last March. The decisions
we made during the year will materially improve our profitability over the
periods to come, as we continue to build a stronger and more resilient
business which will then grow.

 

"We go into FY27 with momentum and energised for what lies ahead for Naked."

 

 

FY26 guidance (reiterated, as communicated within the FY25 results published
on 5 August 2025)

 

 KPI                                                                    FY26
 Revenue                                                                £200m to £216m
 Adjusted EBITDA(1) (excl. inventory liquidation and associated costs)  £5.5m to £7.5m
 Net cash (excl. lease liabilities)(2,3)                                £31m to £35m
 Inventory liquidations and associated costs(4)                         c. $17m of inventory liquidation cost over the Medium Term

 

1. As highlighted in March 2025, implementing the FY26 savings results in a
likely £2-£3m exceptional cost throughout FY26. As detailed above, there
will also be up to £3m of digital transformation exceptional costs

2. Net cash (excl. lease liabilities); the amount of cash we are holding less
borrowings at year end excluding lease liabilities

3. Original Net cash guidance is adjusted for the £6m distribution via the
share buy back programme enacted in the financial year

4. Medium Term Inventory liquidation and associated costs to speed up cash
delivery, including bulk and cased goods, excess overhead absorption and
associated storage costs

 

For further information, please contact:

 

 Naked Wines plc                          IR@nakedwines.com (mailto:IR@nakedwines.com)

 Rodrigo Maza, Chief Executive Officer

 Dominic Neary, Chief Financial Officer

 Catherine Miles, Investor Relations

 Panmure Liberum (NOMAD and Broker)       Tel: 0203 100 2222

 Ed Thomas / John More / Dru Danford
 Vigo Consulting (Financial PR)           Tel: 0207 390 0230

 Guy Scarborough / Damian Reece

About Naked Wines

 

Naked Wines (https://www.nakedwines.co.uk/)  is not just an online wine
retailer; we're trailblazers on a mission to enable enthusiastic wine drinkers
to enjoy great wine without the guesswork.

Founded in 2008, on the pillars of quality, choice and fair pricing, we set
out to create the most inclusive wine club in the world - dedicated to
transforming the wine-buying experience and empowering people to make their
own wine choices, and championing world-class independent winemakers. We've
proudly been delivering outstanding wines to our customers (who we call
Angels) for over 16 years.

 

Our business model is simple yet innovative: Naked Wines funds the production
costs for winemakers upfront, allowing them to focus on creating exceptional
wines without the financial burdens of traditional wine production, while
passing the resulting savings back to our customers.

 

The virtuous circle is a win-win for both wine lovers and winemakers, and
enables us to deliver superior benefits to our customers:

 

- Better quality wine

- More choice

- Personalised wine recommendations

- Elimination of guesswork and uncertainty

- Fair payments for all involved

 

Our Angel customers in the UK, US and Australia have direct access to over 300
world-class independent winemakers and over 2,500 quality wines from 23
countries.

 

For more information visit nakedwinesplc.co.uk
(https://www.nakedwinesplc.co.uk/)  and nakedwines.co.uk
(http://nakedwines.co.uk/)  or find us @nakedwines
(https://www.instagram.com/nakedwines)

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