Virgin Wines Uk Plc · LSE:VINO
Virgin Wines Uk — H1 FY26 Earnings Presentation
31 slides from Virgin Wines Uk's earnings presentation, Mar 17, 2026
Slide 1: H1 FY26 Results
wines | 1 FY26 Results Est. 2000
Slide 2: H1 FY26 overview
| H1 FY26 Results 1 H1 FY26 overview Revenue Adjusted EBITDA1 Profit before tax Fulfilment cost as Increased WineBank % of revenue membership £34.7m £0.3m (£0.4m) 11.9% 142k H1 FY25: £34.1m H1 FY25: £1.6m H1 FY25: £0.9m H1 FY25: 11.0% H1 FY25: 135k H1 FY24: £34.3m H1 FY24: £1.8m H1 FY24: £0.8m H1 FY
Slide 3: The growth opportunity
| H1 FY26 Results 2 The growth opportunity Drive to Online penetration A small share of a huge Strength of balance sheet premiumisation expected to grow addressable market gives competitive advantage Four key growth pillars identified Increased investment in Drive growth in Utilise technology to Inv
Slide 4: Signposts to success
| H1 FY26 Results 3 Signposts to success Increased investment in Drive growth in customer acquisition commercial partnerships 75k +1.5% Total number of recruits Sales growth H1 FY25: 53.6k H1 FY25: +16.8% Yes Increase in WineBank +12% New relationships (see Commercial membership H1 FY25: +7% secured
Slide 5: Signposts to success
| H1 FY26 Results 4 Signposts to success Investment in Investment in Mobile App Warehouse Wines Incremental revenue Growth in the 41.1K streams customer base H1 FY25: 17.6k Increased customer Revenue growth 92% engagement Mobile App launched March 2026 New acquisition channel Drive Wine Pass 5.3k cr
Slide 6: Customer acquisition
| H1 FY26 Results 5 Trading performance Customer acquisition 12% 42% This resulted in: CA driven • A 44% increase in marketing investment in through four customer acquisition key areas • A 40% uplift in total customers acquired 31% year-on-year • Over 75k new customers acquired 3% 11% • Digital chan
Slide 7: Customer acquisition
| H1 FY26 Results 6 Trading performance Customer acquisition • Costs well controlled Marketing cost per recruit Fully costed cost per recruit despite the increase in £25 number of customers acquired £20 • New customer conversion £15 rates reduced but still above budgeted minimum £10 £15.71 £17.68 £1
Slide 8: A commercial channel with significant growth potential
| H1 FY26 Results 7 Trading performance A commercial channel with significant growth potential The Commercial channel built on the strong growth of last Channel works across a number year with revenue up 20% from H1 FY24 of different verticals £6m Incentives Corporate gifts £5.4m £5.3m £5m Reward pr
Slide 9: A commercial channel with significant growth potential
| H1 FY26 Results 8 Trading performance A commercial channel with significant growth potential Revenue driven through existing relationships and new partnerships: Existing Partners Existing Partners • Moonpig – Continued growth with this key partner including • Moonpig – Continued growth with this k
Slide 10: Mobile app launch
| H1 FY26 Results 9 Trading performance Mobile app launch New mobile app was launched in March 2026. Benefits expected: • Increased engagement from existing customers • Additional route to acquire new customers • Innovative ‘app only’ customer proposition to be launched • The ability to attract a yo
Slide 11: Our value proposition: Warehouse Wines
| H1 FY26 Results 10 Trading performance Our value proposition: Warehouse Wines Progress made over H1 FY26 Revenue Customer base Drink Better, Spend Less £1.9m H1 FY25: £1.0m 41.1k H1 FY25: 17.3k Substantial growth continues to be generated through our unique online value proposition. Annual deliver
Slide 12: Multi-channel strategy to maximise retention
| H1 FY26 Results 11 Trading performance Multi-channel strategy to maximise retention Retention and loyalty continues to increase through multi-channel activity and a variety of propositions 9% WineBank Wine Advisors Largest channel, monthly deposit 30k+ customers enjoy a 30% 44% model, 20% interest
Slide 13: Multi-channel strategy to maximise retention
| H1 FY26 Results 12 Trading performance Multi-channel strategy to maximise retention Sales retention rate • Loyalty enhanced by customers finding the right option Customer retention rate for their own requirements 95% • WineBank rolling 12-month cancellation rate remains 90% low at 15% 85% • WineBa
Slide 14: H1 FY26 results
| H1 FY26 Results 13 H1 FY26 results
Slide 15: Financial summary
| H1 FY26 Results 14 H1 FY26 results Financial summary Unaudited Unaudited • Revenue up 2% on FY25 at £34.7m 2 Jan 2026 27 Dec 2025 • GP 27.7% compared to 29.7% last year following £’000s £’000s increase in low margin recruitment activity Revenue 34,747 34,084 • Investment in lower margin recruitmen
Slide 16: Revenue
| H1 FY26 Results 15 H1 FY26 results Revenue 73% of revenue derived from Revenue growth accelerated over the past year Core Repeat Customer base £35m 5% 6% 16% H1 FY26 £34m £34.7m 73% £33m Recruitment, 6% (6%) H1 FY23 H1 FY24 H1 FY25 H1 FY26 Core Virgin Wines customers, 73% (75%) Commercial, 16% (16
Slide 17: Margin and cost summary
| H1 FY26 Results 16 H1 FY26 results Margin and cost summary 32% 30% 28% 26% Operating expenses 24% Gross profit H1 FY23 H1 FY24 H1 FY25 H1 FY26 • Adoption of a more aggressive pricing policy for new customer acquisition impacted margin but helped deliver an uplift of 40% in the number of new recrui
Slide 18: Operational efficiency
| H1 FY26 Results 17 H1 FY26 results Operational efficiency • Leverage investments in technology and training to enhance customer experience and deliver operational savings • Fulfilment cost per case just 3% up on H1 FY25 despite cost pressures and remain 7% down on H1 FY24 • Pick and pack errors re
Slide 19: Year-on-year EBITDA bridge
| H1 FY26 Results 18 H1 FY26 results Year-on-year EBITDA bridge £2m H1 FY25 EBITDA Duty & EPR £1.65m (£1.50m) Product margin Investment £1.5m recovery in growth £1.17m (£0.89m) £1m Other H1 FY26 £0.5m (£0.16m) Adjusted EBITDA £0.26m £0m • Increases in duty and EPR added £1.5m to the cost of products
Slide 20: Working capital and cash generation
| H1 FY26 Results 19 H1 FY26 results Working capital and cash generation Interest received CAPEX Other working £0.21m (£1.04m) capital movement £2m £2.09m £1.5m Share repurchase (£0.77m) £1m £1.96m Underlying cash flow H1 FY26 Cash Adjusted movement from £0.5m EBITDA Lease payments £0.37m operations
Slide 21: Cash and inventory
| H1 FY26 Results 20 H1 FY26 results Cash and inventory £25m • No debt • Customer deposits ring fenced and not used to £20m fund the operation £15m • £2.7m returned to shareholders through share buy-back to date £10m • Strong cash balance can be used to prepay £5m duty in advance of rate increase, s
Slide 22: Other new initiatives
| H1 FY26 Results 21 H1 FY26 results Other new initiatives Whilst our focus has been on the four pillars of the growth plan, there has been much progress in a number of areas across the business. New checkout designed Significant savings after Expansion of our AI Introduction of Apple increased conv
Slide 23: ESG: Environment and sustainability
| H1 FY26 Results 22 H1 FY26 results ESG: Environment and sustainability Our business purpose... Environment and sustainability What are we doing? • All greenhouse gas emissions are independently audited and reported under ISO 14064-1, with full disclosure across Scopes 1, 2 and 3 • Emissions from g
Slide 24: ESG: Our people
| H1 FY26 Results 23 H1 FY26 results ESG: Our people Our business purpose... Our people Virgin Wines strives to deliver a safe, happy, supportive and inclusive environment, where people are proud to work and can fulfil their professional ambitions • Enhanced our long service recognition programme, c
Slide 25: Capital allocation strategy
| H1 FY26 Results 24 H1 FY26 results Capital allocation strategy Following approval by shareholders the Board Priority one: Organic growth have announced commencement of a buyback Board and Investor preference is always investment in growth via programme. Opex or Capex • Permission granted to repurc
Slide 26: Summary and outlook
| H1 FY26 Results 25 Summary and outlook The growth strategy is working Update on January and February Outlook for FY26 trading • Huge 40% increase in customer • Given the success of the growth acquired • Revenue in line with market channels and the strength of the expectations balance sheet, the Bo
Slide 27: Thank You
Thank You Any Questions?
Slide 28: Appendix
| H1 FY26 Results 27 Appendix
Slide 29: Group income statement
| H1 FY26 Results 28 Appendix Group income Unaudited Unaudited statement 02 Jan 2026 £’000s 27 Dec 2024 £’000s Revenue 34,747 34,084 Cost of sales (25,111) (23,962) Gross profit 9,636 10,122 Operating expenses (10,119) (9,153) Operating (loss)/profit (483) 969 Finance income 210 372 Finance costs (8
Slide 30: Group cash flow
| H1 FY26 Results 29 Unaudited Unaudited 02 Jan 2026 27 Dec 2024 Appendix £’000s £’000s Group Cash flows from operating activities (Loss)/profit before taxation (356) 1,273 cash flow Adjustments for: Depreciation and amortisation Net finance costs 689 (127) 643 (304) Share-based payment 53 34 Decrea
Slide 31: Group balance sheet
| H1 FY26 Results 30 Appendix Group Unaudited 2 Jan 2026 Unaudited 27 Dec 2024 balance £’000s £’000s Assets Non-current assets Intangible assets 11,957 11,067 sheet Property, plant and equipment 239 133 Right of use assets 1,705 2,120 Deferred tax asset 106 28 Total Non-current assets 14,007 13,348