Financial results H1 2024

Purcari Wineries PCL (“Group”, “Company”), CEE’s leading wine producer, announced today its financial results for the first semester of 2024. The Group’s revenue increased by 3% to RON 165.9 million, driven by a 12% growth in the core wine segment for 1H YoY, while the waste recycling segment was discontinued.

Sales growth coupled with improved cost structure of packaging components and bulk wine spurred EBITDA and Net Profit to reach RON 55.3 million and RON 29.3 million, respectively. Relative profitability improved significantly, with an EBITDA margin at 33% and a Net Profit margin of 18% in the first six months. EBITDA and Net Income expanded at an accelerated pace, up 38% and 44%, respectively in 2Q24. For 1H24, EBITDA and Net Income rose 24% and 15%, respectively. Normalizing for the discontinued Ecosmart business, thus excluding those profits from the reporting, the EBITDA rose 20% and Net Income 8% in 1H24.

“We delivered a robust quarter, with our core wine segment rising 12% in sales in the first half of the year. We are pleased to report improved profitability, with our Gross Profit margin reaching 51% in the second quarter. Despite the challenging consumer sentiment in our regions, we remain confident in the resilience of our business model and are committed to delivering value and growth to our stakeholders”, said Victor Bostan, CEO of Purcari Wineries.

Financial Results Q1 2024

Purcari Wineries PCL (“Group”, “Company”), CEE’s leading wine producer, announced today its financial results for the first quarter of 2024. The Group’s revenue grew by 11% in Q1‘24, reaching RON 81.6 million, despite the high base of the same period in 2023, given the shift in timing of the Orthodox Easter. For the four months of 2024, normalizing for the Easter timing, the revenue growth reached 18% year-on-year. EBITDA rose to RON 23.1 million in Q1’24, a margin of 28%.

“We have had a good start of the year and are pleased to see ongoing strong demand for our brands, showing in consistent market share gains in our key markets. As inflationary pressures ease and the effects of the strong harvest in 2023 trickle in, we are seeing also more headroom for improving margins”, said Victor Bostan, CEO of Purcari Wineries.

Preliminary Financial Results 2023

Purcari Wineries PCL (“Group”, “Company”), the CEE’s leading wine producer, announced today its preliminary unaudited financial results for 2023. The Group’s revenue marked a 22% increase, reaching RON 369.4 million. This achievement is further underscored by a robust profitability, EBITDA and Net Profit attaining RON 98.6 million and RON 59.6 million, respectively. Net Profit surged by 45% and EBITDA by 19% compared to the adjusted figures¹ for Net Profit and EBITDA recorded in 2022. In 4Q23, the revenue growth reached 14%, while the Net Profit and EBITDA rose compared to adjusted figures by 2.7x and 21% respectively.

“This past year was a difficult one for our region, but we coped well and are proud of the results achieved, again over-performing against the announced guidance. We continue building our platform to deliver on our vision to become the undisputable wine leader in CEE. We look forward to robust growth going forward, capitalizing on our strong brands, solid route to market, excellent asset base and talented team”, said Victor Bostan, CEO of Purcari Wineries.

Financial Results Q3 2023

Purcari Wineries PCL (“Group”, “Company”), the CEE’s leading wine producer, announced today the publication of results for the 9 months of 2023. Revenues rose by 26% to RON 252.5 million year on year, the third quarter contributing with RON 91.1 million. In 3Q23, the Group saw a gradual improvement in margins, following a period of strong cost pressures, with EBITDA and net Income margins reaching 30% and 20%, respectively, while maintaining a robust revenue growth of 20%. Encouragingly, the Company yielded a strong harvest of 14.8 thousand tons, the highest since listing, and processed a total of 22.8 thousand tons of grapes from 3rd parties, whilst benefiting from a slightly improved price environment compared to the last year.

“We are encouraged by the trends we see in our business, despite the difficult macro environment. With a strong balance sheet, significant investments in our brands, vineyards, and wineries, we are well positioned to accelerate our growth when the consumer sentiment starts improving,” said Victor Bostan, CEO of Purcari Wineries PCL.