Bodegas Riojanas restates 2025 accounts with an 8.6 million euro loss

Bodegas Riojanas, one of the historic wine producers in Spain’s Rioja region, has restated its 2025 financial accounts, reporting deeper losses as the company begins a new phase under the control of wine group Vintae and after a court-backed restructuring process.

The revised accounts put consolidated losses for 2025 at 8.6 million euros, higher than previously reported after the company incorporated more than four million euros in adjustments tied to the second half of the year. The new board said those items had not been reflected earlier and that the review was intended to present a more accurate picture of the company’s financial position before launching a recovery plan.

The release of the updated figures comes shortly after Vintae, through Gevisa Wine Capital, became the owner of 90% of Bodegas Riojanas’ share capital. The change in control followed a restructuring approved by creditors and endorsed by the courts, according to the company.

Bodegas Riojanas said the transaction included a 12 million euro capital injection to cancel financial debt. That was paired with an additional financing line of up to five million euros to support operations and the company’s next stage of development.

The winery closed 2025 with revenue of 13.54 million euros, down 15.8% from the previous year. Gross margin fell to 4.22 million euros. The company said that decline was driven in large part by inventory valuation adjustments included in the revised accounts.

Even with the drop in revenue, the business kept a strong focus on higher-end wines. Reserve and Gran Reserva labels accounted for 67% of total sales, a share the company said remains well above the weight of those categories in the broader Rioja designation.

The changes mark the first full financial reset since Vintae took control and a new board was installed. Richi Arambarri, a leading figure at Vintae, has been serving as chairman since July 15. The new leadership said it is working to normalize relations with customers and suppliers, update tax and regulatory obligations, and establish a management model aimed at restoring the long-term viability of the winery.

Among the first steps announced by the board was a pledge by the new directors not to receive pay while the company continues to post negative results and until it reaches a financially sustainable position. The measure appears designed to send a signal to creditors, commercial partners, and employees that the recovery effort will be closely managed and that cost control will be central to the turnaround.

The restatement of the accounts is important because it sets the baseline for the new owners’ plans. By recognizing losses and adjustments now, the new management is trying to remove uncertainty around the balance sheet and begin from what it describes as fully cleaned-up accounts. For a company emerging from financial stress, that approach can also help rebuild confidence among banks, suppliers, and distributors.

Bodegas Riojanas has long been associated with traditional Rioja winemaking and holds a place among the region’s century-old producers. Its new owners say the strategy goes beyond financial stabilization. Vintae’s stated goal is to restore the historical standing of Bodegas Riojanas as one of Rioja’s classic reference names, strengthen brand value, and recover ground in both domestic and international markets.

That effort will depend not only on repairing the company’s finances but also on translating the prestige of its vineyards, labels, and commercial history into sales growth. Rioja producers have been operating in a competitive environment shaped by changing consumption trends, pressure on margins, and the need to defend premium positioning in export markets. In that context, Bodegas Riojanas’ high exposure to Reserve and Gran Reserva wines could be an advantage if demand for top-tier bottles holds up, but it also means the group remains tied to categories that depend heavily on brand strength and distribution reach.

The deal also expands Vintae’s presence in the Spanish wine industry. With the acquisition, the group adds Bodegas Riojanas, Torreduero, Viore, and a majority stake in Veiga Naúm to its structure. Vintae said the combined group recorded revenue of 44.6 million euros in 2025 and sells wines in more than 70 countries.

That wider footprint may give Bodegas Riojanas access to stronger commercial channels, broader export networks, and shared operational resources. At the same time, the scale of the losses disclosed in the restated accounts underlines the size of the challenge ahead. The company is entering this new stage after one of the most difficult years in its recent history, with lower sales, weakened margins, and the need to restore normal operations after financial restructuring.

For now, the immediate focus is on stabilization. The company’s new management is trying to reset the books, eliminate debt pressure, and restore routine dealings with the market. What comes next will depend on whether the new capital, added financing, and revised governance can turn a historic Rioja name back into a profitable business with a stronger position in Spain and abroad.