Study Finds Tuscan Wine Revenue Slipped to €1.431 Billion in 2025

A study of 130 Tuscan wine companies found that their combined revenue reached €1.431 billion in 2025, a slight decline of 0.2% from 2024 but still 2.2% above 2023, according to preliminary results presented in Florence last week.

The research offers one of the broadest recent looks at the finances of wineries in Tuscany, a central Italian region whose wine industry is closely tied to red wines such as Chianti, Brunello di Montalcino and Vino Nobile di Montepulciano. The findings suggest that the sector has not suffered a sharp collapse, but that growth has stalled and that pressure on margins is becoming more visible, especially as red wine faces weaker demand in some export markets and changing consumer habits.

The figures were presented on October 23 at the Palazzo del Pegaso, the seat of Tuscany’s regional council, during an event focused on wine company financial statements and management. The analysis was prepared by the Management DiVino research center of Studio Impresa, an Italian business consulting group with a specialization in wine-sector management. The event was promoted by the Italian Academy of Vine and Wine and the Tuscany branch of the national women in wine association Le Donne del Vino.

The headline number in the study is the €1.431 billion in combined 2025 revenue for the 130 companies surveyed. Based on the percentages released with the presentation, that amounts to roughly €2.9 million less than in 2024 and about €30.8 million more than in 2023, though those comparisons are approximate because the published totals were rounded. The researchers described the results as preliminary and said the sample is still incomplete.

That point is important to understanding the data. The study does not measure the total revenue of the entire Tuscan wine industry. It covers a sample of companies, not the full regional market, and it reflects 2025 company accounts rather than current 2026 trading conditions. The material released with the presentation also does not provide enough detail to separate how much of the change came from sales volumes, pricing, product mix or inflation.

Even so, the results point to a divided landscape. Of the 130 companies examined, 64 increased revenue in 2025. Among those, 28 also improved their EBITDA margin, a common measure of operating profitability. That suggests that higher sales did not automatically translate into stronger earnings across the sample and that some wineries were able to manage costs or product positioning better than others.

The presentation took place against a difficult backdrop for wine producers in Italy and elsewhere in Europe. Wine consumption has been shifting in several major markets, with some consumers drinking less alcohol overall and others moving away from heavier red wines. Producers have also been dealing with geopolitical uncertainty, higher operating costs and climate-related pressure on agriculture. Tuscany is especially exposed to any slowdown in red wine demand because red wines account for much of the region’s identity and output.

Luca Castagnetti of Management DiVino said during the event that clear financial data and timely decisions are essential for wineries facing a more selective market. His remarks, reported in the event materials, emphasized financial continuity before broader strategy on markets, investments and value creation. The study’s organizers framed the research as a tool to help wine companies understand their own balance sheets more clearly at a time when sales trends and cost structures are becoming harder to read.

Other speakers at the Florence meeting focused on the gap between revenue growth and real profitability. Davide Gaeta, a professor at the University of Verona, said balance sheet analysis and management control are key to judging a company’s strength, the sustainability of investment plans and the true profitability of individual products. In the wine business, that can mean breaking down costs from the vineyard to bottling, distribution and marketing to understand where margins are being made or lost.

That issue matters for smaller producers in particular. While the public material around the study did not provide a full size-by-size breakdown of the 130 companies, the presentation said smaller businesses are facing greater difficulty. In an environment where revenue is flat at the aggregate level, wineries with less scale can be more exposed to swings in input costs, financing conditions and export demand.

The event also highlighted the role of lenders and advisers in helping wineries strengthen financial management. Emanuele Fontana, agriculture coordinator at Crédit Agricole Italia, said banks can support wine companies not only with credit but also with direct advisory services. That reflects a broader shift in the industry, where producers that long relied mainly on brand, vineyard quality and export relationships are being pushed to pay closer attention to liquidity, debt, margins and capital structure.

The study arrives as Tuscany continues to promote its wine and food economy abroad through trade and tourism initiatives. Regional council president Stefania Saccardi said in opening remarks that the region remains committed to supporting local businesses as international markets and consumption patterns change. Her comments placed the findings in a policy context, but the data presented in Florence gave a more restrained picture: not a collapse, but little room for complacency.

Because the results are still preliminary, the numbers may change as the sample is expanded. The researchers said they plan to widen the analysis to examine wine-sector dynamics more broadly, including at the national level. For now, the 2025 figures provide an early financial snapshot of a flagship Italian wine region that is holding its ground in revenue terms, but doing so in a market where sales growth, profitability and resilience are no longer moving in the same direction.