Naked Wines has pegged 2026 as the year it “rediscovered its spark” while reporting a boost in profits for its full year results, ending 30 March 2026.  The company continues to shift towards its simplified model but said it is optimistic about its future performance.

Naked Wines’ ceo, Rodrigo Maza, said: “In FY26 we recommitted to what makes Naked different, and the results have followed. We grew adjusted EBITDA to £7.6m, strengthened the balance sheet to £33.4m of net cash, and returned over £6m to shareholders by repurchasing more than 10% of the company to increase the intrinsic value per share for shareholders. We also brought a new discipline to every cost, introduced a strict IRR hurdle and acquired fewer, higher value customers.

“As we continue to execute our strategy through FY27, member numbers and revenue will not yet have stabilised, but profitability, cash generation and the quality of our member base will continue to strengthen, laying the foundations for future stability and growth. The best of Naked Wines is still ahead.”

He also noted that its B2B channel, which was originally launched to address surplus inventory, is now evolving into a complementary revenue stream.

The company added fewer customers over the period, but the ones it acquired “are demonstrably higher quality”, Maza said. “Critically, we now have a much clearer picture of which channels, messages, and customer profiles generate the most durable value and that knowledge is what a responsible acquisition engine is built on.

“While volumes declined, FY26 was the year we rediscovered our spark.”

In a letter to shareholders chairman, Jack Piling, said historically the company “spent too long chasing new customers who are attracted by a voucher offering a heavy discount, in an effort to stem revenue decline and support a cost base built for a materially bigger business”. Piling said the company has now “put this behaviour behind us” and its new focus means the company will remain materially cash generative and increasingly profitable.

Piling noted: “Our loyal and engaged base of customers is our greatest asset.”