Marie Brizard Wine & Spirits (MBWS) has posted a 6% like-for-like rise in French sales for the second quarter, helped by the gradual return of William Peel to retail shelves, new agency brand deals and a fresh Cognac industrial services contract.
The Euronext-listed company has reported group revenues of €84.0 million for the first half of 2026, down 4.4% like-for-like (down 3.0% as reported) on the same period last year, as a recovering French business only partly offset continued weakness in several international markets.
The Charenton-le-Pont-based group, whose portfolio includes William Peel, Sobieski, Marie Brizard and Cognac Gautier, said second-quarter trading painted a more encouraging story: group revenues of €45.3 million were up 0.5% like-for-like (up 2.2% as reported), with France returning to clear growth after a difficult 2025.
France retail recovery
The France cluster generated H1 revenues of €35.6 million, up 1.2% like-for-like, accelerating to 6.0% growth in the second quarter alone (€18.6 million). MBWS attributed the improvement to a combination of a one-off catch-up effect and what it described as more structural gains.
The off-trade channel was still down 4.0% for the half, a legacy of William Peel’s 2025 delistings – the Scotch saw shelf space decline last year following MBWS price increases to cover rising inflation and maturation costs. However, the channel turned positive in Q2, up 3.8%, as the brand’s gradual return to shelves took hold. Marie Brizard and Sobieski both delivered second-quarter growth on the back of product development, while new rum agency brand contracts added a further contribution.
On-trade sales were the standout performer, up 10.1% over the half and 16% in the second quarter, driven by Marie Brizard innovations and a new rum agency brand distribution agreement. A Cognac industrial services contract that came into force at the end of 2025 also supported growth in the quarter, which the group noted came “against the backdrop of a continuously declining Cognac market.”
Easing of international decline
The international cluster remained the weaker half of the business, with H1 revenues of €48.4 million, down 8.3% like-for-like (down 5.8% as reported). The rate of decline eased notably in the second quarter, to 3.1% like-for-like (down just 0.3% as reported).
MBWS said the improvement reflected a mix of one-off catch-up effects – including Spanish industrial services returning to capacity after Q1 technical shutdowns, more favourable order phasing for Gautier in Martinique and Guadeloupe, and a US importer spreading its stock reduction over a longer period – alongside genuine structural progress, including innovation across its ‘international strategic brands’, growth for Marie Brizard in the US, and the integration of a newly acquired distributor in Denmark.
Market by market
| Market | H1 2026 (LFL) | Q2 2026 (LFL) | Key driver |
|---|---|---|---|
| MBWS International (Export) | -15.3% | -2.3% | Sobieski down in the UK, William Peel down in BeLux; Poland, Germany, Italy and French overseas territories positive in Q2 |
| Spain | -4.5% | +6.5% | Industrial services rebound (+11.7% in Q2) after Q1 production shutdowns for equipment upgrades |
| Denmark | -16.4% (LFL, H1 & Q2 similar) | -16.4% | Delistings and postponed retailer promotions; reported revenue up 88.4% (H1) on Interbrands Denmark consolidation |
| Lithuania | -10.4% | -9.2% | Weak strong-alcohol consumption, rising excise duty; export sales hit by the war in Ukraine (-19.1% H1 export) |
| Bulgaria | -14.9% | -11.0% | Industrial services export weakness; domestic market up 2.4% on International Strategic Brands |
| United States | +39.9% | +12.0% | Gautier and Marie Brizard growth offsetting Sobieski decline from importer’s inventory rundown |
| Brazil | -18.5% | -26.9% | General decline in purchasing power; product availability temporarily hit by manufacturing capacity renovation work |
Denmark’s like-for-like decline masks an 88.4% jump in reported first-half revenue, purely a function of the recent Interbrands Denmark acquisition entering consolidation.
Group revenue tables
H1 2026 revenues
| €m | H1 2025 | LFL change | Currency & scope effects | H1 2026 | LFL change (%) | Reported change (%) |
|---|---|---|---|---|---|---|
| France | 35.1 | +0.4 | 0.0 | 35.6 | +1.2% | +1.2% |
| International | 51.4 | -4.3 | +1.3 | 48.4 | -8.3% | -5.8% |
| Total MBWS Group | 86.6 | -3.8 | +1.3 | 84.0 | -4.4% | -3.0% |
Q2 2026 revenues
| €m | Q2 2025 | LFL change | Currency & scope effects | Q2 2026 | LFL change (%) | Reported change (%) |
|---|---|---|---|---|---|---|
| France | 17.5 | +1.1 | 0.0 | 18.6 | +6.0% | +6.0% |
| International | 26.8 | -0.8 | +0.8 | 26.7 | -3.1% | -0.3% |
| Total MBWS Group | 44.4 | +0.2 | +0.8 | 45.3 | +0.5% | +2.2% |
Challenges and growth opportunities
Looking ahead, MBWS flagged direct exposure to two live conflicts. It said the unresolved situation in the Middle East is fuelling inflation in input and transport costs across maritime and land logistics, energy and raw materials, and disrupting supply chains through longer lead times and order-collection delays.
Separately, the group said the war in Ukraine could continue to affect the trading of its subsidiaries in the country and the wider region – a risk already visible in Lithuania’s export figures this half.
On William Peel specifically, MBWS said the brand’s gradual return to some off-trade shelves since late 2025 is expected to continue, with the group “striving to boost distribution levels and market share” to build on the second half of 2025, which it described as sluggish.
Strategically, the group pointed to four priorities: targeted innovation across its international strategic brands and ‘flagship regional brands’; expansion of its agency brands portfolio through new French contracts; the integration of its Danish distributor acquisition; and new industrial services partnerships in France and Brazil. MBWS said it continues to actively pursue “suitable and profitable growth opportunities, both organic and external.”
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