Naked Wines’ stock price has jumped 8.5%, after the company raised profit forecasts in a surprise trading statement.
Just nine days after it published its half-year results, Naked Wines informed investors that the company’s adjusted EBITDA for FY2026 is expected to be “towards the top end of published guidance”.
Shares in the DTC wine distributor jumped to 72p from 66.4p.
Naked Wines’ full-year forecast has estimated adjusted EBITDA of between £5.5m and £7.5m.
The company’s optimism “reflects the success of peak trading across all markets, and the company’s disciplined approach to all cost areas”, it said.
The wineseller revealed early in December it had doubled its profits in the past six months, as a turnaround plan begins to pay off.
Major cutbacks on marketing and stockholding helped the company double its half-year EBITDA figures from £1.7m to £3.6m in the 26 weeks to 29 September, with cash swelling by £8.2m to £31.1m.
Progress on the turnaround
Naked Wines revealed a turnaround plan in March 2025, after a sharp post-pandemic drop-off in subscribers hit the supplier’s finances hard.
Part of the company’s plan to has been to focus investment on a highly-engaged core base of consumers, pulling investment away from segments with lower returns, so it can regain profitability before returning to growth over the next five years.
The turnaround strategy has reduced revenues by 20% to £89.5m in H1 2026, in line with guidance. Naked Wines’ latest update informed investors the trend would continue, with full-year revenues now expected to fall at the “lower end” of guidance – leaving the company closer to £200m turnover by year end, compared to the higher-end estimate of £216m.
Repeat customers now make up over 95% of the company’s sales.
“Naked Wines continues to execute on its strategy, which underpins today’s unscheduled earnings upgrade,” said Panmure Liberum analyst Wayne Brown.
“Following strong H126 results, the company has delivered a successful peak trading while maintaining discipline on marketing investment and general and administrative costs.”
He added: “The group remains focused on the strategy of building a smaller but materially more profitable business positioned for sustainable profitable growth, targeting medium-term adjusted EBITDA of £9m-£14m per annum. In the meantime, investors enjoy the cushion of clear visibility on £40m of cash generation from excess inventory, and the potential to return around 36% of the current market cap via buybacks over the next 4.5 years.”
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