Naked Wines plc (LSE:WINE) said peak trading for the 13 weeks ended 29 December 2025 met expectations across all regions and remained consistent with its full-year FY26 guidance, despite an intentional scaling back of revenue as the group concentrates on its most profitable customer base.
At constant currency, peak-season revenue declined 19%, reflecting a 16% drop in repeat sales. However, this was partly offset by a 5% increase in average order value and a modest uplift in revenue per member, highlighting stronger unit economics and improved quality of demand. Management maintained FY26 guidance for revenue of £200m–£216m, adjusted EBITDA of £5.5m–£7.5m, and net cash of £33m–£35m, excluding lease liabilities. The company also confirmed that following its recent buyback, issued share capital stands at 71.7 million shares with 68.95 million voting rights, underlining continued discipline around capital management and a strategic focus on accelerating cash generation, including through inventory liquidation over the medium term.
While the broader outlook still reflects pressure from declining revenue and profitability, management commentary struck a more constructive tone on cash flow momentum and operational improvements. These factors helped offset weaker valuation signals, with technical indicators pointing to broadly neutral market sentiment.
More about Naked Wines plc
Naked Wines plc is an online wine retailer operating across the UK, US and Australia. The group positions itself as an inclusive wine club, connecting “Angel” customers directly with more than 300 independent winemakers and offering over 2,500 wines sourced from 23 countries. Founded in 2008, its model provides upfront funding for winemakers’ production, aiming to deliver better quality, wider choice, personalised recommendations and fairer pricing, while easing financial pressure on producers.
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