Naked Wines – “The best of Naked Wines is still ahead” states CEO, AGM Update next week could convince investors that the shares are a Buy

Mark Watson-Mitchell - 25.08.2026

On Thursday, 3^rd September, Naked Wines (LON:WINE) will be holding its 2026 Trading Year’s AGM to approve its Report & Accounts.

With a base of some 480,000 members, Naked Wines is all about connecting wine drinkers and winemakers.

Its model removes the middlemen, so customers get better wine for their money and winemakers earn more for doing what they do best, making exceptional wine.

This direct meaningful relationship builds loyalty, drives a sense of community and differentiates it in the market.

The £46m-capitalised group has been sorting itself out over the last couple of years or so and now looks to be progressing back into bigger profits.

So far this year its shares have ranged in price from 62.50p to 79p, they are now just 69.20p and look ready for another run upwards.

The Business

Naked Wines is an online wine merchant that sells bottles directly to consumers and pairs them with independent winemakers.

It does not own vineyards or make wine itself; instead, it sources wines from growers and producers, then sells them through its website and membership-style customer base.

Its main customers are everyday wine buyers who want a wider choice than a traditional store offers, often at better prices than branded restaurant or supermarket wines.

The company earns money when customers buy wine, and part of its model uses customer funds to help pay winemakers upfront for future production, which gives it access to a broad range of small producers.

What makes the business different is that it sits between small wineries and end customers.

It acts like a digital storefront and a financing partner for independent winemakers, giving those producers a way to reach buyers without building their own sales network while giving customers access to wines that are harder to find in ordinary retail channels.

Based in Norfolk, Naked Wines plc is an online wine retailer, whose principal activity is the direct-to-consumer retailing of wine.

Its product categories include best sellers, medal winners, sustainably conscious, top-rated riojas, seasonal favourites, fantastic fizzes, and vegan-friendly wines etc..

It offers various wines, including red wine, white wine, rose wine, sparkling wine, and dessert wine.

Its Angel customers in the UK, United States and Australia have direct access to over 280 world-class independent winemakers and over 2,500 wines from 20 countries.

2026 Final Results

On Thursday, 23^rd July, the group reported full-year results for the 52 weeks to end-March, with adjusted EBITDA of £7.6m, exceeding guidance and showing a 35% increase year-on-year in constant currency.

The company achieved a gross profit margin of 19.9%, up from 18.4% in the prior year, and ended the period with net cash of £33.4m.

Revenue decreased by 20% to £199.1m, reflecting a strategic reduction in customer acquisition investment, while statutory loss before tax was £6.3m, impacted by £6.0m in adjusted items.

The company anticipates continued EBITDA growth in FY27 and is implementing significant cost savings, aiming for £25m in annualised savings.

Management Comment

CEO Rodrigo Maza stated that:

"In FY26 we recommitted to what makes Naked different, and the results have followed.

We grew adjusted EBITDA to £7.6m, strengthened the balance sheet to £33.4m of net cash, and returned over £6m to shareholders by repurchasing more than 10% of the company to increase the intrinsic value per share for shareholders.

We also brought a new discipline to every cost, introduced a strict IRR hurdle and acquired fewer, higher value customers.

As we continue to execute our Strategy through FY27, member numbers and revenue will not yet have stabilised, but profitability, cash generation and the quality of our member base will continue to strengthen, laying the foundations for future stability and growth.

The best of Naked Wines is still ahead."

The Equity

There are some 66.3m shares in issue.

The larger holders include Monega Kapitalanlagegesellschaft mbh (Cologne) (14.0%), Conifer Management LLC. (10.8%), Dr. Mathias Saggau (10.3%), Chapters Group AG (8.6%), Interactive Brokers Clients (7.5%), SEB-KF Wi Symmetry Invest (5.7%), Punch Card Capital LP (5.0%), Interactive Brokers (Chicago) (4.9%), Banque de Luxembourg (4.1%), Acacia Partners LP (3.8%), Hargreaves Lansdown Asset Management Clients (3.4%), and Kapitalforeningen Wealth Invest (3.0%).

Broker’s View

At Panmure Liberum, its analysts Wayne Brown and Anubhav Malhotra have a Buy note out on the group’s shares, with a 160p Target Price.

They state that the group’s profitability and cash are both on track.

“The plan is coming together with margin, capital intensity, working capital all down suggesting that the business will generate/free up more cash from a lower revenue base, with a lower cost base and a lower capital requirement, than at any point in recent years.”

For the current year to end-March 2027, the analysts estimate that group sales will be nearly 18% lower at £164m (£199m), while the £0.3n loss in 2026 could be replaced by a £1.7m profit, generating 1.9p per share in earnings against the previous 0.8p loss.

For the 2028 year, the brokers go for £155m sales, with more than doubled pre-tax profits of £3.5m, worth 4.6p per share in earnings.

Looking further ahead into the year to end-March 2029, the analysts predict £146m sales, kicking in some £8.0m of profit, worth 11.2p per share in earnings.

Over the three years, predictions are for the cash-rich group to steadily increase its net cash at bank positions – 2027- £32.5m (2026 - £28.9m), 2028 - £34.8m and 2029 £44.4m.

The analysts note that:

“Management continues to be focused on not chasing unprofitable new customer acquisition, which is the right decision for the long-term health of the business.

After cutting new customer acquisition spend in FY26, we expect acquisition spend to be cut further in FY27E with the aim to create a smaller but better/more profitable Naked Wines.

Lower new customer acquisition as well as the higher attrition of the COVID cohorts explain the revenue guidance, and we forecast a -17% yoy decline in FY’27E.

With the members base increasingly now made up of the highly engaged core members and higher quality recently acquired members, we expect the revenue decline to slow down to - 6% in FY'28E.

Revenue should steadily decline closer to stability thereafter.”

My View

That the brokers have a Target Price offering a 130% uplift in share price, adds a bit of excitement for investors taking a view on this business.

At 69.20p its shares do appear to be a good gamble.

(Profile 25.08.26 @ 69.20p set a Target Price of 82p)