Corby Spirit and Wine Limited

Q4 revenue was $71.1 million, down 1% year over year, and flat organically after excluding disposed brands. Q4 adjusted earnings from operations were $11.8 million, up 3%, reported earnings from operations were up 4%, adjusted EPS was $0.26, and reported EPS was $0.23. Full-year FY26 revenue was $271.6 million, up 10% reported and 11% organic; adjusted earnings from operations were $53.7 million, up 12%; reported earnings from operations were $53.7 million, up 16%; adjusted EPS was $1.23; and reported EPS was $1.17. Cash from operating activities was $17.7 million in Q4, up $2.2 million year over year, and $37.1 million for the full year, down $7.7 million. Net debt was $88.4 million and net debt to adjusted EBITDA was 1.3x. Guidance was qualitative rather than numeric: management expects FY27 to deliver earnings growth despite tougher comparisons and continued uncertainty, while focusing on profitable growth, margin protection, disciplined investment, and dividend support.

Florence Tresarrieu framed FY26 as a record year despite a challenging market, emphasizing double-digit revenue growth, RTD momentum, and spirits share gains. She said RTDs now represent about 40% of revenue, highlighted strong national share gains, and pointed to portfolio discipline, including the Lamb's sale and the Pernod Ricard renewal, as evidence of a sharper strategic focus. Her tone was confident but measured, especially when discussing the potential return of U.S. products, where she stressed focusing on controllable execution rather than speculating on the impact.

Juan Alonso highlighted Q4 revenue of $71.1 million, down 1% reported and flat organically, with the decline tied mainly to LCBO order phasing and offset by RTD momentum and export growth. For FY26, he said revenue reached $271.6 million, operating expenses grew 9%, adjusted and reported operating earnings both reached $53.7 million, and adjusted EPS was $1.23 versus reported EPS of $1.17. He also noted operating cash flow of $37.1 million for the year, net debt of $88.4 million, net debt to adjusted EBITDA of 1.3x, and a 72% dividend payout ratio on a rolling 12-month basis.

The main analyst questions were about whether the Pernod Ricard renewal changed the agreement structure and how management views a possible return of U.S. liquor to Canadian shelves. Florence said the Pernod Ricard agreement is unchanged and described the renewal as a sign of a long-standing exclusive relationship. On U.S. products, she said the situation is fluid, creates uncertainty on both sides of the border, and that Corby will not speculate on the impact, instead focusing on serving consumers, supporting brands, and managing the business with discipline.