Naked Wines Plc · LSE:WINE
Naked Wines — FY26 Earnings Presentation
41 slides from Naked Wines's earnings presentation, Jul 23, 2026
Slide 1: FY26 Results Investor Presentation
FY26 Results Investor Presentation July 2026
Slide 2: Agenda
1. CEO Introduction Agenda 1. FY26 Performance PRESENTING Rodrigo Maza Dominic Neary 1. Strategic Pillars CEO CFO 1. Post period end and FY 27 guidance
Slide 3: Opening remarks
Delivered FY26 in line with March 2025 strategy; 1 adj. EBITDAeilac ahead at £7.6m +35% (constant fx) £33.4m net cash, up £9m before distributions; 2 underpinned by disciplined capital allocation SaaS replatform will deliver an enhanced customer 3 experience whilst reducing G&A materially Opening 4
Slide 4: Customer Value Proposition: Experience better wine, made by independent winemakers
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance What makes Naked Wines different and better? Enabling the direct connection between talented winemakers and passionate wine drinkers Customer Value Proposition: Experience better wine, made by independent winemakers, without compromis
Slide 5: Embedded video
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Slide 6: Delivering our CVP makes the Naked flywheel spin and create value for all stakeholders
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Delivering our CVP makes the Naked flywheel spin and create value for all stakeholders START HERE! Team Market Angels More sales… Intelligence More satisfaction… means we can invest in means customers not only stay, capabilities to im
Slide 7: FY26 Performance
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Slide 8: Naked Wines at a glance
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Naked Wines at a glance AUS 13% US 486,000 77 76% 38% Members NPS 1 Retention2 Revenue UK 49% 93% c. 280 >90% “Like It” Rating3 Winemakers US Population Coverage NAKED WINES PLC FY26 RESULTS Footnotes: 1 Net Promoter Score 2 Member re
Slide 9: Key financial KPIs
9 CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Key financial KPIs £9m cash generation is offset by £6m share buy back resulting in £3m higher cash balance £7.6m adj. EBITDAeilac +35% on prior year: ● £33.4m £7.6m ● >£11m marketing efficiencies GM% 19.9% up 150bps on PY incl. pri
Slide 10: Key strategic KPIs
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Key strategic KPIs FCF: primarily driven by inventory Release cash tied up on £10.6m FY25: 18.5m 12% ROEC: growth vs. PY driven by FY25: 9% the balance sheet increased adj. EBITDA and share FCF ROEC buyback GPM%: lower inv. liq. costs
Slide 11: Strategic pillars
03 Strategic pillars naked:
Slide 12: Progress against our strategic pillars
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Progress against our strategic pillars Priority March 25 Strategy Comments (Medium Term) >£45m cash2 gen. £9m/20% of Medium Term cash Release cash by end of FY30 generation target achieved Recalibrate £9m-£14m £7.6m adj. EBITDAeilac -
Slide 13: Release cash from the Balance Sheet: Cash continuing to grow; reiterating ongoing distributions policy
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Release cash from the Balance Sheet: Cash continuing to grow; reiterating ongoing distributions policy Cash and liquidity FY26 inventory Capital allocation improving continues to fall and distributions The company has £33.4m of Invent
Slide 14: Release cash from the Balance Sheet: Disciplined Capital Allocation framework
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Release cash from the Balance Sheet: Disciplined Capital Allocation framework - we are delivering Every use of cash is tested against a >20% IRR hurdle; reinvest where it creates value, return the surplus to shareholders YES Reinvest
Slide 15: Recalibrate profitability: Progress in FY26
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Recalibrate profitability: Progress in FY26 Cost discipline Profitable financials Delivering on Medium Term Goal £25m of £23m cost savings target, +150 bps Gross Margin: improved £7.6m EBITDAeilac is +35% on PY; actioned First Order L
Slide 16: Recalibrate profitability - Pricing with pride
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Recalibrate profitability - Pricing with pride Naked Angels are standing with winemakers Protecting winemakers 1 Room to raise prices 2 Angels value Naked & the winemaker connection 3 and building margin Thanks for the message, I real
Slide 17: Recalibrate profitability: Progress in FY26
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Recalibrate profitability: Progress in FY26 Cost discipline Profitable financials Delivering on Medium Term Goal £25m of £23m cost savings target, +150 bps Gross Margin: improved £7.6m EBITDAeilac is +35% on PY; actioned First Order L
Slide 18: Delivering Medium Term targets and beyond
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Delivering Medium Term targets and beyond £20m+ Retention Acquisition £14m +£3m Retention and Acquisition are Medium Term EBITDA the commercial levers which EBITDA guidance will over-deliver our £9m goals COGS, VC, £10m cost pricing p
Slide 19: Return to sustainable growth: Accepting short-term volume contraction
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Return to sustainable growth: Accepting short-term volume contraction to secure a sustainable model Ongoing Continues to Strategic Context reduction of reduce large significantly over FY21/FY22 coming years The new disciplined acquisi
Slide 20: Our business is a loop not a funnel
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance 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 via CVP reasons First Unlock New marke
Slide 21: Return to Sustainable Growth
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Return to Sustainable Growth Retention Acquisition Other Channels Overall retention improved to A disciplined reset, not a retreat: B2B generated £0.3m of ongoing break-even cut from 75 months EBITDA in FY26 - significant upside 76% (
Slide 22: Retention: Strategic focus on the end-to-end Angel journey
CEO Introduction FY26 performance Strategic pillars FY27 Guidance Retention: Strategic focus on the end-to-end Angel journey driving stickier memberships Discovery 1 Delivery 2 Community 3 The right wine for me Right time, quantity, reward Angel plus Winemaker Why retention matters most: every point
Slide 23: Retention: Enhanced membership benefits improving immature retention
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Retention: Enhanced membership benefits improving immature retention Validating Free Sample Welcome Credit Credit Back Guarantee Investment Directional uplift in immature retention; expanded testing needed Uplift in Retention and in O
Slide 24: Retention: Community initiatives are bringing the spark back
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Retention: Community initiatives are bringing the spark back Spotlight on UK Tasting Tour: ● 3,936 angels 10 days ● 30 winemakers 122 wines ● London, Liverpool, Glasgow, Belfast… CVP in Action: The Blending Lab Organic social ● Compet
Slide 25: Return to Sustainable Growth
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Return to Sustainable Growth Retention Acquisition Other Channels Overall retention improved to A disciplined reset, not a retreat: B2B generated £0.3m of ongoing break-even cut from 75 months EBITDA in FY26 - significant upside 76% (
Slide 26: Acquisition: A disciplined reset of Naked's strategy
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Acquisition: A disciplined reset of Naked’s strategy Progressing at pace TWO GROWTH ENGINES Demand generation Onsite conversion Generating demand - brand awareness and Accelerated test-and-learn, lifting visitor-to- member advocacy -
Slide 27: Acquisition: Some of the tests we ran in FY26
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Acquisition: Some of the tests we ran in FY26 New Channels: Homepage imagery, copy, Price point test Direct Mail / Audio / YouTube messaging and credibility Hypothesis Invalidated Found best balance between Conversion Achieved hypothe
Slide 28: Acquisition: The power of our community
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Acquisition: The power of our community Talkable moments Creators Deliver brand ‘aha’ Great authentic content, moments that creates Talkable to big well-targeted 01 Capti Creators audience that tells the conversations (eg moments Adve
Slide 29: Acquisition: The power of our community
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Acquisition: The power of our community Global Meta 3% Referred Members LTV vs. PY Talkable moments Monthly Creators Engagement Rate Deliver brand ‘aha’ Great authentic content, moments that creates Talkable to big well-targeted 01 Ca
Slide 30: Acquisition: The economics are turning
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Acquisition: The economics are turning c.25% ACQUISITION BREAK-EVEN (MONTHS) further improvement 75 → 42 months in acquisition economics is what scales acquisition volume back to the level that returns us to sustainable growth. Acquis
Slide 31: Return to sustainable growth: SaaS Platform
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Return to sustainable growth: SaaS Platform Re-platforming ensures commercial engines run at full speed SaaS Focus Area Current Blockers (Today) External Benchmarks (Opportunity) Acquisition & Testing new messaging & journeys SaaS che
Slide 32: Return to Sustainable Growth
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Return to Sustainable Growth Retention Acquisition Other Channels Overall retention improved to A disciplined reset, not a retreat: B2B generated £0.3m of ongoing break-even cut from 75 months EBITDA in FY26 from custom crush 76% (up
Slide 33: Post period end and FY guidance
04 Post period end and FY 27 guidance
Slide 34: Post period end and FY27: continuing to deliver on new strategy
CEO Introduction FY26 Performance Strategic Pillars FY27 Guidance Post period end and FY27: continuing to deliver on new strategy Post period end FY27 Guidance Range Lower Higher Trading expected per FY27 guidance (right) scenario scenario ● In line with progressive growth in adj. 1 EBITDAeilacand c
Slide 35: Concluding remarks
1 FY26: a year of delivery; EBITDA, cash, IRR discipline 2 £9m of £45m cash target banked; >£36m more by FY30 SaaS replatform unlocks the next phase — faster, 3 cheaper, better growth Concluding 4 Doubling down on what makes Naked different and better: Craft, People & Connection remarks 5 We're exci
Slide 36: Wine tastes better Naked
ynaked: Wine tastes better Naked
Slide 37: 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 38: Glossary of terms (continued)
Glossary of terms (continued) Investment measures Acquisition Break-even The number of months it takes for the profit generated from a newly acquired customer to cover the cost of acquiring that customer. Customer Acquisition The cost to acquire a new member, calculated as Investment in new customer
Slide 39: 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 40: 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 41: 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.