• Best normalised cash outflow result in four years
• Revenue and market share held steady despite industry challenges
• Underlying EBITS of ~$6m, ~$2m lower than prior year

Australian Vintage Ltd reported its 2024 half-year financial results, with key highlights including the best normalised cash outflow result in four years, driven by disciplined cost control and operational efficiencies. Revenue and market share were held steady despite industry challenges, with growth in higher-margin white and sparkling categories offsetting declines in lower-priced reds. Underlying EBITS was ~$6m, ~$2m lower than the prior year, reflecting the focus on cost-out performance while navigating challenging industry-wide trading conditions. The company's strategic focus is on free cash flow generation, reducing net debt, and growing top-line revenue through investments in high-margin brands and innovation, expansion in China and Asia, and optimisation of the operational footprint. Australian Vintage remains committed to previously released targets, including achieving free cash flow neutrality by the end of FY25 and ROCE of +8% by the end of FY27.

Australian Vintage remains committed to previously released targets, including achieving free cash flow neutrality by the end of FY25, free cash flow generation of +$10 million to +$20 million in FY26, and +$20 million per annum in free cash flow generation by end FY27. The company also targets ROCE of +8% by the end of FY27.

Australian Vintage remains well positioned for growth and strengthened market leadership in the second half of FY25 backed by innovation and opportunities for value-creating acquisitions and partnerships. The newly appointed board brings the necessary expertise and strategic acumen to deliver improved results and market performance.