THE ARTISANAL SPIRITS COMPANY PLC - Full Year Results for the year ended 31 December 2025

The Artisanal Spirits Company PLC investor update highlights resilient company performance in 2025 despite challenging global spirits market conditions, with revenue broadly flat and EBITDA impacted by one-off US disruptions. Excluding these factors, underlying financial results show stable revenue, strong gross margins near 60%, and disciplined cost control, including £0.8 million in annual savings and reduced marketing spend while maintaining robust customer acquisition. Growth areas included double-digit increases in Single Cask Nation revenue, cask sales, and venue performance, supporting diversification beyond the core direct-to-consumer model. The group continues to execute its growth strategy, expanding in the US—its largest addressable market—through a new route-to-market partnership, direct operational control, and targeted cost efficiencies expected to deliver c.$1m in savings over three years. Strategic initiatives such as the launch of Artisan Casks, premium whisky experiences, and enhanced retail distribution channels are driving incremental revenue opportunities. The business maintains a strong asset-backed balance sheet, with cask inventory valued between £50m–£100m, underpinning financial resilience despite net debt of £31.5m. Operationally, member engagement remains high, with over 40,000 members globally, strong recruitment momentum, and retention above 70%. Early 2026 trading is in line with expectations, with improved performance in the US and China offsetting softer European demand. With a clear path toward £30m revenue, double-digit operating margins, and positive cash flow and PBT, the company is well positioned to deliver long-term shareholder value through premiumisation, international expansion, and disciplined capital allocation.