Naked Wines Plc · LSE:WINE
Naked Wines — FY2025 Earnings Presentation
36 slides from Naked Wines's earnings presentation, Aug 5, 2025
Slide 1: FY25 Results Investor Presentation
FY25 Results Investor Presentation August 2025
Slide 2: Agenda
1. CEO Overview Agenda 1. FY25 Performance PRESENTING 1. Return to Growth Rodrigo Maza Dominic Neary CEO CFO 1. Trading & outlook
Slide 3: Opening remarks
Strong FY25 financial performance - delivered on 1 guidance Compelling investment opportunity - commencing 2 ongoing shareholder distributions Re-aligned the business to win - steps forward on 3 acquisition & retention Opening 4 Excitement for the coming year - expect ongoing profit growth remarks 5
Slide 4: Business overview
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Slide 5: By cutting out the middleman, Naked Wines enables better wine for less
FY25 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet By cutting out the middleman, Naked Wines enables consumers to enjoy better wine for less NAKED WINES PLC FY25 ANNUAL RESULTS 5
Slide 6: Wine drinkers say Naked sells better wine at a lower price
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Wine drinkers say Naked sells better Price per bottle (£) wine at a lower price Rating / 5 Source: Vivino USA, Aus & UK data scrape and analysis - June 2025 NAKED WINES PLC FY25 ANNUAL RESULTS Method: 4
Slide 7: Naked Wines at a glance
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Naked Wines at a glance AUS 12% US >580,000 76 75% 43% Members NPS1 Retention 2 Revenue UK 45% 92% >300 90% “Like It” Rating 3 Winemakers US Population Coverage NAKED WINES PLC FY25 ANNUAL RESULTS Footn
Slide 8: Naked Flywheel and Customer Value Proposition
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Clarity and delivery of our Customer Value Proposition makes the Naked Flywheel spin START HERE! Team Angels By better engaging with our Rewarding them and investing Angels, we’ll not just retain in the
Slide 9: Our plan assures significant value creation
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Our plan assures significant value creation Returning to historic retention levels supercharges this FY19 level Retention Business & operational excellence Market Capitalisation FY25 level up to additio
Slide 10: Recent Management Progress
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Recent Management Progress To fulfill Naked’s potential, we needed to organise ourselves in a way that reflects our ambition & enables agile execution of our strategy. There are three components and we’
Slide 11: FY25 performance & balance sheet
02 FY25 performance & balance sheet CFO
Slide 12: Key financial KPIs
2 FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Key financial KPI’s £10.5m growth in Net Cash in FY25 reflects inventory liquidation efforts £6.7m adj. EBITDA: £30.1m £6.7m ● Repeat contribution margin of 24.9% up cash adj. EBITDA 20bps on PY refle
Slide 13: Key strategic KPIs
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Key strategic KPIs FCF: driven by inventory liquidation Release cash tied up on 18.5m 9% ROEC: in line with FY24. Growing the balance sheet FY24: 6.7m FY24: 9% profitability, inventory liquidation and d
Slide 14: Progress against our strategic pillars
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Progress against our strategic pillars Priority Key Drivers Value Creation (Medium Term) Release cash tied ● £30m cash in March up on the balance ● Reiterating £40m Medium Term cash from inventory targe
Slide 15: Release cash from the Balance Sheet: progress in FY25 and FY26
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Release cash from the Balance Sheet: Progress with cash in FY25 and into FY26 Cash generation in FY25 inventory FY25 progress and MT ⬛ The company has £30m of Net ⬛ Inventory has fallen by c. £37m in Ca
Slide 16: Reiterating £40m cash from inventory target over Medium Term
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Release cash from the Balance Sheet: Reiterating £40m cash from inventory target over Medium Term We have made real progress in the last 2 years: £40m net cash from excess inventory ● In August 24 we di
Slide 17: Commencing ongoing distributions - initial c. £2m share buyback
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Release cash from the Balance Sheet: Commencing ongoing distributions - initial c. £2m share buyback Cash generation in FY25 inventory Capital allocation FY25 progress and MT and distributions ⬛ The com
Slide 18: Progress against our strategic pillars
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Progress against our strategic pillars Priority Key Drivers Value Creation (Medium Term) Release cash tied ● £30m cash in March up on the balance ● Reiterating £40m Medium Term cash from inventory targe
Slide 19: Recalibrate around a profitable Core: Progress in FY25
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Recalibrate around a profitable Core: Progress in FY25 Profitable Optimising FY25 cost focus core members Marketing investment Loyal core1 members are underlying Testing identified inefficient spend £5m
Slide 20: £15m of our £23m Medium Term savings target actioned
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Recalibrate around a profitable Core: £15m of our £23m Medium Term savings target has now been actioned Conservative 25% of potential opportunities identified in MT COGS Specific £5m £3m savings £7m £4m
Slide 21: Return to sustainable growth
03 Return to sustainable growth
Slide 22: Progress against our strategic pillars
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Progress against our strategic pillars Priority Key Drivers Value Creation (Medium Term) Release cash tied ● £30m cash in March up on the balance ● Reiterating £40m Medium Term cash from inventory targe
Slide 23: Two core pillars of our marketing strategy: retention & acquisition
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet There are two core pillars of our marketing strategy - retention & acquisition - enabled by selective tech modernisation Learn our way back to historic retention levels via customer value proposition im
Slide 24: Significant retention test activity live
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet We have significant retention test activity live with results to be shared at HY26 results Learn our way back to historic retention levels via customer value proposition improvements Progress against Re
Slide 25: Examples of Retention tests
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Examples of Retention tests US Entry level Auto credit-back Enhanced Free shipping range (Global) shipping (UK) (US) Date June launch - Mid June Mid June Mid June live Naked House Wines Testing in Test
Slide 26: Significant acquisition test activity live
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet We have significant acquisition test activity live with results to be shared at HY26 results Focused and disciplined acquisition strategy Progress against Acquisition goals in Q1 Build Naked brand back
Slide 27: Examples of Acquisition tests
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Examples of Acquisition tests YouTube + Digital video Price point test (UK) Tasting Tour (UK) (US & AUS) Dat March - June video acquisition e Q1 to reduce first order loss Mid June test live Testing in
Slide 28: Current Trading and Outlook
04 Current Trading and Outlook
Slide 29: Post period end trading and FY26 guidance
FY-25 performanc e CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Post period end trading and FY26 guidance Current Trading FY26 guidance range Lower Our Plan Higher Trading in line with FY26 guidance (right) scenario scenario scenario ● Indicates progressive growth i
Slide 30: Concluding remarks
1 Strong growing net cash position (£30.1m, +£10.5m vs PY) 2 Predictable profitability £6.7m adj EBITDA* per guidance 3 Slowing revenue decline (FY25: -14%, FY24: -18%) 4 Re-aligned to win, big thanks to the Naked Team! 5 Continued focus on disciplined acquisition & retention Concluding 6 Selective
Slide 31: Wine tastes better Naked
<ynaked: Wine tastes better Naked
Slide 32: Glossary of terms
Glossary of terms Alternative performance measures Adjusted EBIT Operating profit adjusted for acquisition costs, impairment of non-current assets, restructuring costs, fair value movement through the income statement on financial instruments and revaluation of funding cash balances held and any ite
Slide 33: Glossary of terms (continued)
Glossary of terms (continued) Investment measures 5-Year Forecast Payback The ratio of projected future Repeat Customer contribution we expect to earn from the new customers recruited in the year, divided by the Investment in New Customers. We forecast contribution at a customer level using a machin
Slide 34: Glossary of terms (continued)
Glossary of terms (continued) Customer experience KPIs 5* customer service The percentage of feedback ratings received by our Customer Happiness teams that expressed 5* satisfaction on a scale of 1 to 5. Product availability The average percentage of products we have defined as core to the portfolio
Slide 35: Glossary of terms (continued)
Glossary of terms (continued) Definitions AGM Annual General Meeting. Angel A customer who deposits funds into their account each month to spend on the wines on our website. CAGR Compound annual growth rate. The year-on-year growth rate required for a number of years for a value to grow from its beg
Slide 36: Glossary of terms (continued)
Glossary of terms (continued) Definitions Repeat Customer A customer (Angel) who has subscribed and made their first monthly subscription payment. Repeat Customer sales These are the revenues derived from orders placed by customers meeting our definition of a repeat customer at the time of ordering.