Naked Wines Plc · LSE:WINE
Naked Wines — Q2 2026 Earnings Presentation
32 slides from Naked Wines's earnings presentation, Dec 9, 2025
Slide 1: HY26 Results Investor Presentation
HY26 Results Investor Presentation December 2025
Slide 2: Agenda
1. CEO Overview Agenda 2. HY26 Performance PRESENTING: Rodrigo Maza CEO Dominic Neary CFO 3. Return to Growth 4. Current Trading & Outlook
Slide 3: Opening remarks
Pleased with significant progress in HY26 - 1 performance continuing in line with FY26 guidance Delivering on shareholder returns - first distribution 2 completed 3 Re-aligned the business to win - progress on acquisition & retention Opening 4 Strengthened leadership team and Board of Directors, wel
Slide 4: Business Overview
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Slide 5: By cutting out the middleman
HY26 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 HY26 INTER IM RESULTS 5
Slide 6: Wine drinkers say Naked sells better wine at a lower price
HY26 performance 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 HY26 INTER IM RESULTS Method: 4
Slide 7: Naked Wines at a glance
HY26 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Naked Wines at a glance AUS 14% US >520,000 76 76% 40% Members NPS1 Retention 2 Revenue UK 46% 93% c. 300 90% “Like It” Rating 3 Winemakers US Population Coverage NAKED WINES PLC HY26 INTER IM RESULTS Foo
Slide 8: Customer Value Proposition and the Naked Flywheel
HY26 performance 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 c
Slide 9: HY26 Performance and Balance Sheet
02 HY26 Performance and Balance Sheet CFO
Slide 10: Key financial KPIs
0 HY26 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Key financial KPIs £8m growth in Net Cash vs. PY reflects inventory liquidation efforts after £2m share buyback £3.6m adj. EBITDA +112% on prior year: ● >£5m marketing efficiencies £31.1m £3.6m ● GM% 19
Slide 11: Key strategic KPIs
HY26 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Key strategic KPIs FCF: +ve, despite Peak inventory build Release cash tied up on 4.7m HY25: 7.4m 11% HY25: 5% ROEC: growth vs. PY driven by the balance sheet increased profitability and share FCF ROEC bu
Slide 12: Progress against our strategic pillars
HY26 performance 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 ● £31m cash in September up on the balance ● Delivering on £40m MT cash from inventory target >£7
Slide 13: Release cash from the Balance Sheet
HY26 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Release cash from the Balance Sheet: Cash continuing to grow; reiterating ongoing distributions policy Cash generation in HY26 inventory Capital allocation HY26 progress and MT and distributions ⬛ The com
Slide 14: Progress against our strategic pillars
HY26 performance 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 ● £31m cash in September up on the balance ● Delivering on £40m MT cash from inventory target >£7
Slide 15: Recalibrate around a profitable Core
HY26 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Recalibrate around a profitable Core: Progress in HY26 Marketing Optimising Cost focus payback Marketing investment New ‘Acquisition Break-even’ target Testing identified inefficient spend £1.5m of G&A sa
Slide 16: Return to Sustainable Growth
03 Return to Sustainable Growth
Slide 17: Progress against our strategic pillars
HY26 performance 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 ● £31m cash in September up on the balance ● Delivering on £40m MT cash from inventory target >£7
Slide 18: Two core pillars of our marketing strategy
HY26 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Growth There are two core pillars of our marketing strategy - retention & acquisition - enabled by selective tech modernisation Continue to improve retention levels via customer value proposition improvem
Slide 19: Our business is a loop not a funnel
Growth HY26 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Our business is a loop not a funnel... Build Naked brand back from declining Acquisition Quality relevance via message & channel mix customers recruited for 01 the right Convert long-term customers
Slide 20: Retention tests live from H1
HY26 performance CEO overview Return to sustainable growt h Trading and Outlook Retention & balance-sheet Retention tests live from H1 across Discovery & Delivery US Entry level Auto credit-back Enhanced shipping (UK) Premium 3 bottle range (Global) / Free shipping (US) offer Date live June June Jul
Slide 21: Community initiatives that are bringing the spark back
Green shoots on new strategy HY26 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Community initiatives that are bringing the spark back SCALE SCALE UK Member referral focus driving highest % of base referring in 2+ years UK & AUS Tasting Tours 4.5k attende
Slide 22: Acquisition initiatives live in H1 across channels & offers
HY26 performance Acquisition CEO overview & balance-sheet Return to sustainable growt h Trading and Outlook Acquisition initiatives live in H1 across channels & offers YouTube + video Price point (UK) Site conversion Lead gen geo-hold out (US & AUS) Date live Ongoing since Q1 November Ongoing since
Slide 23: Pathway to exploit the unique power of our community
HY26 performance CEO overview Return to sustainable growt h Trading and Outlook & balance-sheet Pathway to exploit the unique power of our community - fueling sustainable growth via member advocacy Draft v1.mov Advent .mp4 Talkable moments Creators Deliver brand ‘aha’ Great authentic content, moment
Slide 24: Current Trading & Outlook
04 Current Trading & Outlook
Slide 25: Post period end trading and FY26 guidance
HY26 performance 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 in
Slide 26: Concluding remarks
Pleased with significant progress in HY26 - performance 1 continuing in line with FY26 guidance Delivering on shareholder returns - first distribution 2 completed Re-aligned the business to win - progress on 3 acquisition & retention Concluding 4 Strengthened leadership team and Board of Directors,
Slide 27: Wine tastes better Naked
<ynaked: Wine tastes better Naked
Slide 28: 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 29: 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 30: 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 31: 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 32: 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.