Naked Wines returns to profitability in revenue cutting plan

The online wine retailer posted a 112% jump in adjusted EBITDA to £1.7m for the 26 weeks to 29 September 2025, while total revenue dropped 18% to £89.5m as part of its strategy to prioritise profitability over growth.

Naked Wines said it had slashed its customer acquisition spending by 59% to £3.9m, no longer spending on what chief executive Rodrigo Maza described as “low-quality, high-churn channels”. Instead the retailer said it made progress in customer retention. 

The retailer said in a statement to markets: “On the customer acquisition front, our channel mix looks very different from a year ago. We’ve deliberately exited low-quality, high-churn channels, focusing investment on those that attract the right Angels – customers who value connection, quality, and fair prices. This disciplined approach has materially reduced Customer Acquisition Cost across all markets, improved first-order economics, and is driving a meaningful improvement in payback. While volumes are down as a result, this is a deliberate trade-off. We are scaling only where returns are sustainable.

“Growth begins with customer retention – and we are seeing encouraging momentum. Metrics across Net Promoter Score and core member retention rates remain strong, reflecting our focus on delivering great value, a frictionless experience, and no guesswork for our Angels.”

Gross profit margin at the group improved 260 points to 19.5%, primarily driven by price increases in the UK and Australia. 

Maza said: “I’m pleased to present first-half results that show tangible progress against the goals we set in March, and adj. EBITDA profitability up 112% on prior year. We’re delivering in line with guidance, and I remain confident that our Strategic Plan will create meaningful value for shareholders.

“Lower CACs and improved margins have helped reduce Acquisition break-even from 75 to 44 months – significant progress. Combined with our strong performance on cash and improved profitability, this provides robust foundations as we build towards a return to disciplined revenue growth in the medium term.”

The retailer also announced the appointment of Susan Hooper as a non-executive director. Hooper is currently a non-exec of Uber UK, Moonpig Group and Chapter Zero. Current senior independent director adn chair of the renumeration committee Dierdre Runette is stepping down from the board with immediate effect. 

Non-executive chair of Naked Wines Jack Pailing said: “We are delighted to welcome Susan Hooper to the Board. Susan brings a wealth of experience across consumer, ESG, and business services, and her leadership in sustainability and governance will be highly beneficial as Naked Wines continues to deliver on its strategic ambitions.

“On behalf of the Board and the whole Company, I would like to thank Deirdre for her significant contribution to Naked over a very busy three year period. Her insights and expertise have been invaluable, and we wish her all the best as she refocuses on her executive career.”