Corby Spirit and Wine Limited

Corby reported Q2 revenue of $66.9 million, up 9% reported and 10% organic year over year. Adjusted earnings from operations were $13.8 million, up 6%; adjusted EPS was $0.32 and reported EPS was $0.31, up 8% and 12%, respectively. H1 revenue was $142.3 million, up 12% reported and 13% organic; adjusted EPS was $0.71 and reported EPS was $0.67, up 8% and 11%, respectively. Q2 cash from operating activities was $31.4 million, and H1 cash from operating activities was $37 million. Net debt to adjusted EBITDA improved to 1.1x from 1.4x at the end of Q1 FY26, and debt was reduced to $72 million, down $13 million versus FY25. Forwardly, management said H2 should normalize somewhat after a strong H1 but still expects strong full-year revenue growth, supported by Canadian portfolio strength and continued RTD expansion.

Florence Tresarrieu framed the quarter as evidence that Corby has strong fundamentals, a clear strategy, and disciplined execution. She emphasized market share gains across spirits and the rapid expansion of RTD, saying RTD is now a core pillar and roughly 1/3 of top-line revenue. Her tone was upbeat but measured, highlighting the company’s diverse portfolio, innovation pipeline, and ability to outperform in a volatile market.

Juan Alonso highlighted the key financial drivers: Q2 revenue of $66.9 million, adjusted earnings from operations of $13.8 million, adjusted EPS of $0.32, reported EPS of $0.31, and $31.4 million in operating cash flow. For H1, he cited $142.3 million of revenue, $37 million of operating cash flow, and improved leverage at 1.1x net debt to adjusted EBITDA, with debt down to $72 million. He said margins were pressured by the RTD-skewed mix and channel mix effects, but disciplined costs, working capital management, and capital spend supported cash generation and shareholder returns, including a raised $0.24 quarterly dividend.

The main question focused on RTD: whether Ontario route-to-market changes and U.S. product boycotts were driving outperformance, and how much RTD contributed to net sales. Management said RTD’s strength comes from a dedicated route-to-market, stronger team execution, innovation, and faster adaptation to consumer trends, plus expansion beyond Ontario into other provinces. They said RTD benefits are not tied to the U.S. product boycott; that boycott helps spirits share gains, while RTD is outperforming for its own reasons. They added that RTD contributed around 72% of total net sales growth and about 1/3 of revenue.