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. Q2 cash from operating activities was $31.4 million. For H1, revenue reached $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. H1 cash from operating activities was $37 million, up $1.5 million year over year, and net debt to adjusted EBITDA improved to 1.1x from 1.4x at the end of Q1. Management said H2 growth should normalize somewhat after a strong H1, but still expects strong full-year revenue growth, supported by Canada and RTD expansion.

Florence Tresarrieu framed the quarter and first half as a strong start to her tenure and a validation of Corby’s strategy. She emphasized market share gains, especially in RTD and spirits, and highlighted the company’s diversified multi-beverage portfolio, innovation pipeline, and execution discipline as key competitive advantages. Her tone was upbeat and confident, but she also acknowledged a volatile and highly competitive market and the need to keep investing efficiently behind brands.

Juan Alonso focused on the numbers and the quality of earnings. He highlighted Q2 revenue of $66.9 million, adjusted earnings from operations of $13.8 million, adjusted EPS of $0.32, and $31.4 million in operating cash flow, and for H1 he pointed to $142.3 million of revenue, $37 million in operating cash flow, and net debt of $72 million with leverage at 1.1x. He said margins were affected by RTD-skewed mix and channel mix effects, but cost discipline and favorable working capital timing helped support cash generation; he also noted the dividend increase to $0.24 per share and a 57% rolling 12-month payout ratio.

The main question from the console asked how RTD was performing, whether the Ontario route-to-market model had changed, whether U.S. product boycotts were helping, and how much RTD contributed to net sales. Management said RTD strength came from strong innovation, a dedicated route-to-market, and a reinforced team across grocery and convenience channels. They said RTD is about 1/3 of revenue and about 72% of net sales growth, and stressed that U.S. product removals helped spirits share gains but were not the driver of RTD outperformance.