Marie Brizard Reports Lower 2025 Profit as Spirits Market Slows

Marie Brizard Wine & Spirits said on Thursday that its 2025 results were weighed down by a sharp slowdown in the global spirits market, temporary product delistings in France and higher excise duties in some markets, even as the French group kept its profitability broadly stable.

The company reported net revenue excluding excise duties of €172m for 2025, down 8.6% from €188.4m a year earlier. EBITDA fell to €13.6m from €15.2m, while net profit attributable to the group slipped to €9.1m from €9.6m. The EBITDA margin was 7.9%, compared with 8.1% in 2024.

Chief executive Fahd Khadraoui said the year had been “challenging” and marked by “a sharp slowdown in the global spirits market and temporary de-listings in France.” He said the company had responded with price increases where necessary, tighter cost control and product changes across its brands and distribution businesses.

The pressure was most visible in France, where revenue fell 17.6% to €69.1m and EBITDA dropped to €7.9m from €10.8m. The company said sales of William Peel were hit by delistings after retailers refused to accept price increases intended to offset inflation in the cost of matured spirits. Marie Brizard brand sales improved, helped by new flavor variants and stronger demand, but not enough to offset the decline elsewhere.

In international markets, revenue slipped 1.4% to €102.9m, but EBITDA rose 17.4% to €9.8m, supported by stronger results in Spain, Lithuania and export markets. The company said Industrial Services performed well in Spain and Lithuania, while profitability improved in those countries and in the export segment.

Marie Brizard also pointed to weaker conditions in several markets outside Europe. In the United States, sales fell 19.4% to €5.8m, mainly because of inventory destocking by an importer of Sobieski vodka. In Brazil, sales declined 10.9% amid weak consumer purchasing power, household debt and disruption linked to tax rule changes in São Paulo state.

The group said excise duty increases were a major factor in some markets, especially in vodka and Scotch whisky, where higher taxes added to inflationary pressure on production costs. It said those costs could not always be passed through fully to customers.

At year-end, Marie Brizard reported net cash of €45.3m, down from €48.4m a year earlier, while shareholders’ equity rose to €221.7m from €213.7m. The company said working capital increased because of higher receivables, lower payables and larger whisky inventories.

Looking ahead, Marie Brizard said market conditions remained bearish at the start of 2026 and cited geopolitical disruptions, shipping costs and tariff changes as additional risks. It said it expected benefits from recent investments, new contracts and portfolio changes to begin showing more clearly in the second half of 2026.