The Naked Wines AGM update on 3 September 2026 arrives at an awkward moment: the direct-to-consumer wine group closed its financial year with cash on the balance sheet but a shrinking top line, and investors will want clarity on which dynamic wins from here.
The annual general meeting is set for 3:00 pm BST at the offices of Latham & Watkins, where shareholders will vote to approve the FY26 Report and Accounts. Chief executive Rodrigo Maza has said ‘the best of Naked Wines is still ahead’, and the AGM will be his next public forum to make that case.
FY26: Cash Rebuilt, Revenue Fell
Naked Wines ended FY26 with $33.4 million in net cash, up $9 million year-on-year according to FY26 earnings call highlights reported by Yahoo Finance, even after completing a share buyback programme. Adjusted EBITDA reached $7.6 million, a 35% improvement on the prior year.
That sits comfortably inside the guidance range. The January 2026 peak season trading update set adjusted EBITDA guidance (excluding inventory liquidation and associated costs) at £5.5m to £7.5m, with net cash excluding lease liabilities targeted at £33m to £35m.
Revenue is the harder story. Two sources give slightly different readings: the January issuer document links to a figure of £199.1m, a 20% year-on-year decline, while Yahoo Finance earnings call highlights cite an 18% fall. The issuer-linked figure of £199.1m and a 20% decline is treated here as the more authoritative number. Either way, revenue came in below the £200m to £216m guidance range the company had set.
The April 2026 pre-close trading update offered some relief on costs. Inventory liquidation and associated charges came in at approximately £1m for FY26, versus the up to £7m the company had previously guided. Approximately £10m of cost savings were actioned in late FY26 and are expected to flow largely into FY27.
The loss before tax for FY26 was $6.3 million, shaped by restructuring and inventory liquidation costs, according to Yahoo Finance earnings call highlights. The company’s FY26 year-in-review page on its investor relations site quotes Maza: ‘In FY26, we recommitted to it and the results followed.’
Naked Wines AGM Update: What the Membership Numbers Show
Naked Wines finished FY26 with 486,000 Angels (its term for paying members) across three markets, according to CFO Dominic Neary on the FY26 earnings call. The UK is the largest market, accounting for 49% of the total membership.
Retention stood at 76% and the Net Promoter Score at 77, according to Yahoo Finance FY26 earnings call highlights. Both figures matter for a subscription model where acquiring a new member costs more than keeping an existing one.
The company runs a capital distribution policy targeting a return of up to 50% of adjusted EBITDA (excluding inventory liquidation costs) or the increase in net cash, whichever is lower. A separate £1m share buyback programme, conducted via Panmure Liberum Limited under authority granted at the September 2025 AGM, was also put in place, according to Investing.com.
Insider activity offers one read on conviction. MarketBeat data on insider transactions shows Chairman Jack Pailing purchased £220,317.79 worth of WINE shares over the past 24 months, though he also sold £158,033.60 over the same period. CEO Maza added £7,800 of stock on a net basis.
The shares have not rewarded that confidence yet. WINE started 2026 at GBX 72 and had fallen 14.4% to GBX 61.60 as of the MarketBeat data snapshot, leaving the stock well below the levels at which insiders bought.
The September AGM is not a trading update in the usual sense, but management commentary at the meeting, and any guidance on how the £10m cost savings are landing in FY27, could shift the picture quickly. The cost trajectory heading into the second half of FY27 is the number to watch.
