• H1 sales in line with expectations, largely unchanged vs. prior year (-1.7%)
• Net Debt of $110m in line with previous guidance
• Innovation and acquisitions driving portfolio mix improvement, margin expansion and reduced reliance on red-heavy products

Australian Vintage Ltd (AVG) has reported its financial results for the half-year ended 31 December 2025. Revenue was down 1.7% to $123.966 million, with reported earnings before interest, tax, depreciation, amortisation and SGARA (EBITDAS) at a break-even level, a decrease of $11 million over the prior year. The profit result was impacted by a number of non-recurring items related to investments in vineyards, organisational changes, innovation, acquisitions and foreign exchange impacts. The company is executing its turnaround plan, with key growth drivers and partnerships set to accelerate growth in H2. This includes strong performance of new products like Poco Vino and Lemsecco Spritz, the acquisition of the MadFish brand to expand the UK portfolio, and a new distribution partnership with Invivo for the Graham Norton wine range. Innovation and acquisitions are changing the portfolio mix, improving margins and reducing reliance on red-heavy products in the sub-$10 category.The company remains on track to deliver in line with full year guidance, with a full half of sales contributions from recent acquisitions and innovations. Cash and net debt remain a priority, with net debt of $110 million in line with previous guidance. The company expects to deliver free cash flow neutrality, excluding investments, for the full year.

AVG expects to deliver sales growth for the full year FY26 and achieve cash flow neutral excluding investments.

The company is focused on executing its turnaround plan, investing in innovation, acquisitions and portfolio diversification to drive future growth. Key growth drivers and partnerships are expected to accelerate growth in H2 FY26.