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Oeneo : 2025-2026 ANNUAL RESULTS RECURRING OPERATING MARGIN OF 13.7% - STRONG FREE CASH-FLOW BOLSTERS SOLID FINANCIAL POSITION
Oeneo : 2025-2026 ANNUAL RESULTS RECURRING OPERATING MARGIN OF 13.7% - STRONG FREE CASH-FLOW BOLSTERS SOLID FINANCIAL
About this update from Oeneo Sa
Consolidated Profit & Loss statement ( € M) 2024-2025 2025-2026 Change Turnover 305.1 275.5 -9.7% O/w Closures 222.5 210.7 -5.3% O/w Winemaking 82.6 64.8 -21.6% Recurring operating profit 45.5 37.8 -16.9% O/w Closures 45.8 42.8 -6.6% O/w Winemaking 3.4 (2.5) NS O/w Corporate (3.7) (2.5) Non-recurring operating profit/(loss) (2.0) 1.8 Operating profit 43.5 39.6 -8.9% Financial profit/(loss) (4.7) (3.3) Tax (9.0) (9.4) Net profit 29.8 27.0 -9.5% Consolidated net profit, Group share 29.8 26.8 -9.9% Shareholders' equity 324.8 313.2 Net debt 57.1 56.1 Oeneo's consolidated statements for financial year 2025-2026 ended March 31, 2026 were approved by its Board of Directors on June 11, 2026. The consolidated financial statements have been audited in full. The auditors' report will be published once the procedures required for the publication of the annual financial report have been completed. Throughout the year, Oeneo Group faced a challenging and unprecedented environment for the wine and spirits industry, marked by historically low production for the third consecutive year and a decline in global consumption, primarily driven by inflation. Despite this downturn, the Group remained resilient and reported solid annual results, highlighted by a recurring operating margin of 13.7%. Free cash flow* generation was also largely positive, enabling the Group to further strengthen a still very healthy financial situation with low net debt (17.9% of shareholders' equity), while continuing to invest in production and environmental initiatives. Turnover for 2025-2026 amounted to €275.5 million, down 9.3% at constant exchange rates. The Closures division proved more resilient, down just 5.3%, with nearly 2 billion cork closures sold worldwide. The Winemaking division, which is more exposed to the client investments postponed in light of the difficult economic climate and weak harvest, declined by 20.2% at constant exchange rates (down 21.6% as reported). The Group's recurring operating profit came to €37.8 million, resulting in a recurring operating margin of 13.7%. The Closures division maintained its high profitability of above 20%, largely offsetting the downturn in the Winemaking division, which has been implementing adaptation measures in recent months that will soon bear fruit. Operating profit included non-recurring profit of €1.8 million, linked to a disposal gain on a now non?strategic site in Portugal, and stands at €39.6 million , i.e.,14.4% of turnover. Financial loss improved, coming in at €3.3 million (compared with €4.7 million in 2024-2025), including a significant €1.8 million decrease in financial expenses, mainly due to lower interest rates, and €0.4 million in foreign exchange losses, due in particular to the euro/dollar exchange rate. After taking a tax expense of €9.4 million into account (including a €1.1 million increase due to the tax impact of non-recurring items), net profit, Group share came to €26.8 million , representing a net margin of 9.8%. Cash flow from operations totaled €66.6 million (compared with €53.0 million in 2024-2025) , comprising higher cash flow after tax of €48.4 million and a significant improvement in working capital requirement (WCR) of €18.2 million, primarily due to the optimization of wood stocks in the Winemaking division. Cash flow from operations remains well in excess of net investments for the year, which amounted to €20.2 million, mainly dedicated to improving production facilities and building a solar power plant for the production site for closures in Spain. Free cash flow was therefore positive at €46.4 million, an increase on the previous year (€38.0 million), covering in particular the distribution of the dividend of €22.5 million (€0.35 per share) for the 2024-2025 financial year, the repurchase and subsequent cancellation of shares for €15.5 million and the payment of interest for €2.8 million. Shareholders' equity stood at €313.2 million. Net debt (including €7.0 million of debt linked to leases as a result of the application of IFRS 16 “Leases”) came to €56.1 million at March 31, 2026. The net gearing ratio remained low at 17.9% of shareholders' equity. Available cash increased to €51.0 million. The Board of Directors will recommend the payment of an unchanged ordinary dividend of €0.35 per share for 2025-2026 at its next Annual General Meeting. For the 2026–2027 financial year, in an environment that has shown no notable changes since the beginning of the year, Oeneo Group expects another year of consolidation, and is continuing to pursue its cost optimization initiatives, innovation policy and the disciplined management of its financial structure. 2025-2026 performance review by division CLOSURES: High recurring operating margin of 20.3% The division showed strong resilience in a less favorable context marked by tighter customer budgets and cautiously lower distributor inventory levels. With nearly 2 billion cork closures sold, of which over 86% were Diam, 2025-2026 turnover came to €210.7 million, a contained 5.3% decline. Against this backdrop, with recurring operating profit of €42.8 million, the division was able to maintain a high operating margin of 20.3%, very close to the level achieved in the previous year (20.6%), despite the decrease in activity. This performance is attributable to effective control over material and production costs, and continued efforts to optimize industrial performance. Looking ahead to 2026-2027, in what continues to be an uncertain environment, the Group is aiming to consolidate its market share while maintaining a high level of profitability. The Group recently acquired its leading distributor in South America, in order to secure and accelerate its expansion in this region. WINEMAKING: Negative profitability due to the drop in activity In a market in sharp decline globally, the division recorded 2025-2026 turnover at €64.8 million, down 20.2% at constant exchange rates. Activity was particularly affected by low levels of investment by winegrowers, both in the United States, in an environment disrupted by customs duties, and in France in the cognac market. Against this backdrop, the division posted a recurring operating loss of €2.5 million. The historically low level of business was insufficient to absorb all operating expenses, especially as the adaptation measures implemented during the year will only have a full impact in 2026-2027, particularly in upstream processes. The recurring operating loss also included a rise in R&D expenses, reflecting investments in innovation, in particular the development of the new “Twood” barrel. These initiatives are designed to meet changing market expectations and strengthen the Group's positioning by winning over new market share. For 2026-2027, the division is pursuing its streamlining measures to adapt to the unchanged environment, and to rapidly return to positive profitability. Oeneo Group will publish its turnover for the first quarter of 2026-2027 on July 20, 2026, after trading. About OENEO Group Oeneo Group is a major wine industry player with high-end and innovative brands. Present around the world, the Group covers each stage in the winemaking process through two core and complementary divisions: Closures, involving the manufacture and sale of cork closures, including high value-added technological closures through its Diam, Mytik and Setop ranges. Winemaking, providing high-end solutions in winemaking and spirits for leading market players through its cooperage brands Seguin Moreau, Millet, Galileo and Boisé, and developing innovative solutions for the wine industry with Vivelys (R&D, consulting, and systems). We are passionate about the art and culture of wine, conscious of the urgent environmental and societal challenges facing our world, and firmly believe that enlightened innovation must serve the common good. We want to use our strengths and expertise to serve the wine industry's sustainable development as we innovate to uphold the great history of wine. WE CARE ABOUT YOUR WINE INFORMATION AND PRESS RELATIONS Oeneo Actus Finance Philippe Doray Chief Administrative and Financial Officer +33 (0)5 48 17 25 29 Guillaume Le Floch Analysts – Investors +33 (0)1 53 67 36 70 Fatou-Kiné N'Diaye Press – Media + 33 (0) 1 53 67 36 34 Appendices Balance sheet ASSETS March 31, 2026 March 31, 2025 Goodwill 47,431 47,479 Intangible assets 8,597 7,498 Property, plant & equipment 146,350 143,599 Financial assets 4,313 4,302 Deferred taxes 2,448 3,298 Total non-current assets 209,138 206,176 Inventories and work in progress 150,700 169,474 Trade and other receivables 77,689 81,217 Tax receivables 2,761 2,386 Other current assets 2,267 2,443 Cash and cash equivalents 51,013 39,417 Total current assets 284,429 294,938 Total assets 493,567 501,114 LIABILITIES March 31, 2026 March 31, 2025 Paid-in capital 63,361 65,052 Share premium 22,339 35,648 Reserves and retained earnings 200,679 194,294 Profit for the period 26,828 29,767 Total shareholders' equity (Group share) 313,208 324,762 Minority interests Total shareholders' equity 313,208 324,762 Borrowings and debt 85,464 33,667 Employee benefits 2,235 2,356 Other provisions 0 17 Deferred taxes 3,824 4,269 Other non-current liabilities 8,503 8,692 Total non-current liabilities 100,027 49,001 Borrowings and short-term bank debt (portion due in less than 1 year) 21,677 62,846 Provisions (portion due in less than 1 year) 743 760 Trade and other payables 55,777 61,297 Other current liabilities 2,135 2,448 Total current liabilities 80,333 127,351 Total Liabilities and Shareholders' Equity 493,567 501,114 Profit and loss statement In thousands of euros March 31, 2026 March 31, 2025 Turnover 275,447 305,120 Other operating income 319 273 Cost of goods purchased and change in inventories (105,480) (119,947) External costs (49,357) (54,450) Payroll costs (59,736) (62,365) Tax (2,109) (2,135) Depreciation and amortization (20,259) (20,012) Provisions (1,391) (2,167) Other recurring income and expenses 353 1,146 Recurring operating profit 37,778 45,463 Profit/(loss) on disposal of consolidated equity interests - - Other non-recurring operating income and expenses 1,832 (1,981) Operating profit 39,610 43,482 Income from cash and cash equivalents 726 108 Cost of gross debt (3,560) (5,342) Cost of net debt (2,833) (5,234) Other financial income and expenses (426) 571 Profit before tax 36,351 38,819 Income tax (9,381) (9,025) Profit after tax 26,970 29,794 Net profit/(loss) of companies accounted for by the equity method (142) (27) Net profit 26,828 29,767 Minority interests - - Group net profit 26,828 29,767 Consolidated earnings per share (in euros) 0.42 0.46 Diluted earnings per share from consolidated operations (in euros) 0.42 0.46 CASH FLOW STATEMENT In thousands of euros March 31, 2026 March 31, 2025 CASH FLOW LINKED TO OPERATIONS Consolidated net profit 26,828 29,767 Profit/(loss) from discontinued operations - - Consolidated net profit from continuing operations 26,828 29,767 Elimination of the share in profit/(loss) of companies accounted for by the equity method 142 27 Elimination of depreciation, amortization and provisions 19,645 20,371 Elimination of disposal and dilution gains and losses (1,559) (222) Elimination of dividend income (172) (178) Expenses and income linked to share-based payments 1,016 2,415 Other income and expenses with no impact on cash flow - - = Cash flow after cost of net debt and tax 45,900 52,180 Tax expense 9,381 9,025 Cost of net debt 2,833 5,234 = Cash flow before cost of net debt and tax 58,114 66,440 Tax paid (9,744) (10,145) Change in WCR linked to operations 18,222 (3,255) = Net cash flow linked to operations 66,592 53,040 CASH FLOW LINKED TO INVESTMENTS Impact of changes in scope - - Acquisitions of property, plant & equipment and intangible assets (23,545) (15,077) Acquisitions of financial assets - (2,117) Disposals of property, plant & equipment and intangible assets 3,164 872 Disposals of financial assets - 1,350 Dividends received 172 178 Change in loans and advances (33) (213) = Net cash flow linked to investments (20,242) (15,007) CASH FLOW LINKED TO FINANCING ACTIVITIES Transactions with minority interests - (47) Capital reduction (15,498) Acquisitions and disposals of treasury shares (28) 13 Loans issued 5,523 605 Repayment of loans (2,987) (11,809) Net interest paid (2,765) (4,868) Parent company dividends (22,519) (22,421) Minority interest dividends - - = Net cash flow linked to financing activities (38,274) (38,527) Impact of changes in foreign exchange rates (158) (92) Change in cash from continuing operations 7,918 (586) Opening cash position (net of bank debt) 37,642 38,229 Closing cash position (net of bank debt) 45,559 37,642 [1] Net cash flow linked to operations less net cash flow linked to investments. 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