Naked Wines (AIM:WINE) says FY26 results are in line with previously communicated guidance, with adjusted EBITDA expected towards the top end of the guided range and revenue of c. £200m.
The online wine retailer said inventory is at its lowest level in five years and net cash rose £3m to £33.4m, reflecting £9m of cash generation partially offset by £6m of share buybacks.
Management said the strong EBITDA outcome reflects price increases that had a meaningful impact in Q4 and will annualise into FY27, and that c. £25m of annualised savings have been actioned, exceeding the March 2025 target of £23m.
"This year reflects substantial progress with the new strategy and the decisions we made will materially improve our profitability over the periods to come," said Rodrigo Maza, Chief Executive.
The company plans to migrate from its legacy in‑house architecture to a third‑party SaaS platform, which it says will improve site performance, conversion and acquisition economics and is expected to deliver up to £5m of additional annual opex savings by late FY29 (not included in the £25m), with potential total annualised savings of up to £10m by FY29/30 versus FY27.
As a result of the platform move, Naked Wines now expects to recognise a c. £2–£3m non‑cash adjusted item in FY26 relating to previously capitalised development costs and to reduce capitalised technology spend to c. £1m for FY27-FY30 versus up to £7m previously guided.
The company reiterated FY26 guidance of revenue £200m–£216m, adjusted EBITDA £5.5m–£7.5m and net cash (ex‑lease liabilities) £31m–£35m, and noted medium‑term inventory liquidation costs of c. $17m.
Naked Wines will publish audited FY26 results in the Summer and will provide FY27 guidance at that time.
