Marie Brizard Revenue Plummets as Global Spirits Slowdown and French Retail Disputes Take Their Toll

CHARENTON-LE-PONT, France – February 19, 2026 – Marie Brizard Wine & Spirits (MBWS) today revealed a significant downturn in its financial performance for 2025, posting full-year revenues of €172.0 million, a stark 8.6% decline from the previous year. The fourth quarter did little to stem the tide, with revenues falling 6.9% to €44.6 million. The results paint a picture of a company caught between a global spirits market slowdown and a bruising battle in its home market of France.

The figures represent a substantial miss from earlier, more optimistic projections, underscoring the severity of the headwinds facing the industry. The company attributed the sharp decline to an unstable international environment, persistent tensions in the global wine and spirits market, and, most acutely, damaging commercial disputes in France that saw its flagship whisky brand, William Peel, disappear from some supermarket shelves for most of the year.

A Tale of Two Channels in France

The French market, the company's historic stronghold, was the primary source of its financial woes. The France Cluster reported a dramatic 17.6% collapse in revenues to €69.1 million for the full year. This was largely driven by a disastrous performance in the Off-Trade (supermarket and retail) sector, stemming from what the company described as “complicated annual trade negotiations.”

At the heart of the issue was the delisting of the William Peel brand by several major distributors. The dispute arose from the company's attempts to implement price increases to offset high inflation in the cost of maturing spirits, which certain retailers refused to accept. The subsequent removal of the popular whisky from store shelves led to a significant loss of market share throughout 2025. While MBWS noted that agreements were reached at the end of the year to “resume commercial relations on a more balanced basis,” the damage from the year-long absence was already done.

In stark contrast to the retail sector's struggles, the On-Trade channel—comprising bars, hotels, and restaurants—was a significant bright spot, surging by an impressive 35.2% over the year. This robust performance suggests that consumer appetite for the company’s brands remains strong in hospitality settings, isolating the revenue decline primarily to distribution and pricing conflicts within the retail channel.

Amidst the broader decline, the group's namesake Marie Brizard liqueur brand demonstrated resilience. Benefitting from a wave of innovations launched in 2024 and tapping into the growing cocktail culture, the brand gained market share and recorded a slight improvement in the fourth quarter, offering a glimmer of success for the company's product development strategy.

Navigating a Volatile International Landscape

Internationally, the picture was more nuanced but still negative, with revenues declining by a slight 1.4% to €102.9 million. The company faced a complex web of challenges, including widespread destocking by distributors looking to reduce inventory, an unstable economic environment impacting consumer spending, and the financial pressure of increased import tariffs and excise duties in several key markets.

Performance varied significantly by region. Sales slowed in Western and Eastern Europe, with Lithuania, Bulgaria, and Denmark singled out as particularly difficult markets. In Lithuania, for instance, the government has adopted a multi-year plan for significant excise duty hikes on alcohol through 2027, creating sustained pressure on pricing and margins for all spirits producers in the region. Brazil also saw a sharp decline, exacerbated by a national crisis involving counterfeit spirits that dampened alcohol sales across the board.

In the United States, revenues for the year fell by a steep 19.4%, primarily due to major destocking by its importer, which heavily impacted the Sobieski vodka brand. However, a fourth-quarter rebound saw sales jump 32.9%, driven by a recovery in Sobieski shipments and strong growth from the Marie Brizard brand, indicating a potential stabilization after a prolonged inventory correction.

Strategic Pivots and Silver Linings

Faced with these multifaceted challenges, MBWS is actively pursuing a strategy of diversification and targeted growth to build long-term resilience. One of the most successful initiatives has been its Industrial Services division, which provides bottling and production services for third-party brand owners and private-label clients. This segment recorded strong growth, with activity in Spain surging 102% in the fourth quarter, helping to partially offset the declines in branded product sales.

In a clear move to strengthen its distribution footprint, MBWS acquired a majority stake in Danish distributor Interbrands Denmark in late 2025. While the acquisition had a negligible impact on 2025 results, it is a strategic play to bolster its portfolio of Agency Brands and enhance its route-to-market capabilities in a key Northern European region.

This focus on strategic adaptation is not unique to MBWS. The entire spirits industry is under pressure. Larger competitors like Pernod Ricard have reported significant sales collapses in markets like China, while Diageo has posted mixed results and is also implementing cost-saving measures. This industry-wide turbulence, driven by geopolitical uncertainty, inflation, and shifting consumer habits, provides a difficult backdrop for all players.

Looking ahead, MBWS stated that the challenging trends appear to be continuing into 2026. The company intends to remain focused on its strategic priorities, including ensuring balanced commercial conditions with its retail partners—a clear nod to the costly disputes of 2025. The group continues to leverage its production capabilities through its growing Industrial Services offering and is actively identifying further growth opportunities, both organic and external, to navigate the evolving wines and spirits market.