Business
Lanson BCC : H1 2026 results
Lanson BCC : H1 2026
About this update from Lanson-bcc
Press release date: 09/09/2026 - 5:45pm H1 2026 results A half-year marked by the integration of Champagne Heidsieck & C° Monopole Reims, Wednesday, September 9, 2026 - 5:45 p.m. LANSON-BCC Group, a family-owned pure player in Champagne, generated first-half 2026 revenue of €99.1 million, up 7.7%, benefiting notably from the initial shipments of Champagne Heidsieck & C° Monopole. Income from ordinary operations amounted to €8.7 million and net income to €0.4 million. The current competitive environment, which is leading to a less favorable price/product mix, does not allow the successive increases in grape prices for the 2022 to 2024 harvests, combined with the high cost of financing inventories, to be passed on to consumers. The recovery in volumes will be visible in the second half and will help improve the stock-to-sales ratio, a key priority in managing the Group's financial structure. The global Champagne wine market In the first half of 2026, the global Champagne market totaled 107.1 million bottles, representing a slight increase of 1.2% compared with the same period in 2025 (105.8 million bottles). The French market, which accounted for 37.2% of shipments, declined by 3.0%, while export markets, representing 62.8% of volumes, grew by 3.8%, driven by shipments within the European Union. Our Champagne Maisons Against this backdrop, LANSON-BCC Group recorded a recovery in sales volumes, mainly driven by a scope effect related to the integration of Champagne Heidsieck & C° Monopole since January 1, 2026. A portion of the inventories already present in the markets at the acquisition date is still being temporarily distributed by the former owner's subsidiaries. In a competitive market marked by persistent strong promotional pressure, the evolution of the price/product mix was less favorable over the half-year, without calling into question the Group's strategy of enhancing the value of its Maisons and moving upmarket. In France, which accounts for 45.4% of Group volumes, revenue rose by 8.6%, notably in mass retail. Export revenue, representing 54.6% of volumes, increased by 6.8%, primarily driven by higher shipments to the United Kingdom and Germany. Consolidated income statement IFRS - €m H1 2026 H1 2025 Change % Revenues 99.13 92.05 +7.7 % Gross margin 46.48 48.31 -3.8 % % of revenues 46.9 % 52.5 % Income from ordinary operations 8.70 10.88 -20.0 % % of revenues 8.8 % 11.8 % Finance costs -8.68 -8.37 +3.7 % Net income 0.37 1.87 -80.0 % Consolidated revenues for the first half of 2026 amounted to €99.13 million, up 7.7% compared with the first half of 2025. This increase included a €7.1 million scope effect related to the consolidation of Champagne Heidsieck & C° Monopole since January 1, 2026. On a like-for-like basis, revenues were stable, reflecting the resilient performance of the Group's Champagne Maisons in a market that remains challenging. EBITDA (income from ordinary operations before depreciation, amortization and provisions, net of reversals) amounted to €13.45 million , compared with €15.53 million for the first half of 2025, a decrease of 13.4%. This change notably reflects the impact of the successive increases in grape prices for the 2022 to 2024 harvests on the Group's margin. After net depreciation, amortization and provisions of €4.7 million (compared with €4.6 million), Income from ordinary operations amounted to €8.70 million , compared with €10.88 million for the first half of 2025. EBIT amounted to €8.76 million , compared with €10.98 million for the first half of 2025, with no material impact from non-recurring items. Finance costs , 84% of which related to interest costs associated with wine ageing, amounted to €(8.68) million , compared with €(8.37) million for the first half of 2025. These costs were attributable to the still excessively high level of inventories and, consequently, wine-aging financing facilities, together with the integration of the acquisition debt relating to Champagne Heidsieck & C° Monopole. In addition, the average cost of debt remained high, at above 3% over the period. Net income amounted to €0.37 million , compared with €1.87 for the first half of 2025 (effective tax rate of 24.30% at June 30, 2026). Consolidated balance sheet Group shareholders' equity increased to €386.08 million , compared with €373.28 million at June 30, 2025. Consolidated net financial debt came to €583.30 million , compared with €538.13 million at June 30, 2025. Of this amount, €491.5 million (up €10.2 million) corresponds to financing facilities for the aging of Champagne wine inventories, whose book value amounted to €579.19 million, compared with €572.67 million at June 30, 2025. Other financial debt amounted to €91.8 million (compared with €56.9 million at June 30, 2025). This included €50 million of debt incurred to acquire Champagne Heidsieck & C° Monopole, of which €25 million was put in place on January 5, 2026. The transaction was accompanied by the recognition of the brand value as an intangible asset on the balance sheet. Although temporarily more heavily leveraged, the Group's financial structure remains appropriate for the specific characteristics of its business, with debt levels reflecting in particular the structurally significant inventories of wines undergoing aging. Gearing stood at 1.51 , compared with 1.44 at June 30, 2025. Outlook Given the highly seasonal nature of Champagne sales, the results for the first half cannot be extrapolated over the full year. The first half traditionally accounts for 35% to 38% of annual sales while absorbing nearly half of fixed costs. In a still-uncertain economic and geopolitical environment, characterized in particular by limited visibility regarding year-end consumption trends, LANSON-BCC is not providing full-year guidance. The Group's Champagne Maisons remain committed to gradually improving the stock-to-sales ratio." In line with its positioning as a family-owned Champagne pure player, LANSON-BCC reaffirms its long-term value-creation strategy, based on quality and strengthening its positioning in the high-end wine segment. This strategy is essential to address rising grape costs and the significant financing costs associated with inventories. The integration of Champagne Heidsieck & C° Monopole and the relaunch of the Chanoine Heritage cuvée are expected to support volumes in a market characterized by increased promotional pressure, while helping to improve the stock-to-sales ratio and preserve the value of the Group's other brands. Additional information The half-year financial report, approved by the Board of Directors on September 9, 2026, is available on the Group's website: www.lanson-bcc.com . 2026 full-year revenues will be released on Thursday, January 28, 2027 , after close of trading.