FY25 delivery came in ahead of expectations, reinforcing confidence in management’s execution of a brand-led growth strategy. Revenue exceeded guidance, adjusted EBITDA is expected to be ahead of market expectations, and UK off-trade market share gains were sustained, confirming continued momentum across the core business. Demand is increasingly brand led, with widening consumption occasions supporting confidence into FY26. We reflect a deliberate increase in investment behind proven growth drivers in our near-term forecasts. This investment is being deployed from a position of strength to accelerate market share gains, support premiumisation and advance the ambition to reach an equivalent 1% share of the global Champagne market (~£60m revenue). We believe the current valuation continues to under-reflect both near-term execution and the long-term scale opportunity. Buy.
