Chapel Down’s 2025 harvest delivers a rare combination of high yield and high quality, with 2,882 tonnes (3.7 t/acre) from 777 productive acres, around 15% above the five-year average and equating to c.2.5m bottles. Management views 2025 as comparable to the standout 2020 and 2022 vintages, albeit with higher yield per acre, reinforcing the company’s premium positioning. The vintage strengthens confidence in sustained double-digit revenue growth, market share gains, and higher margins from an improving sparkling mix. With shares having drifted c.15% in recent weeks on no new information, today’s positive update and confirmation of in-line trading should be well received and support share-price recovery. We keep forecasts and 57p TP unchanged Buy.
