Hawesko Holding SE

HAW

Equity

ISIN DE0006042708 / Valor 893434

Xetra (2026-05-28)

EUR 20.00-1.96%

Hawesko Holding SE
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About company

Hawesko Holding SE, based in Hamburg, is a German wine merchant group that imports, markets and sells wines through a multi-channel platform combining specialist retail outlets, a network of franchise wine shops, catalogue and e‑commerce/mail‑order businesses and wholesale distribution to trade customers; its operations focus on sourcing and merchandising a broad assortment of domestic and international wines, supporting brands and private‑label offerings, and providing logistics, purchasing and marketing services to both private consumers (including wine clubs and curated assortments) and hospitality/retail clients.

Summarized from source with an LLMView SourceSector: Consumer Non-Cyclicals

Headline results

Sales revenue 1H 2025: €285.1m (-3.1% vs 1H 2024). Operating EBITDA: €18.8m (-16.2%). Operating EBIT: €6.1m (-38.4%). EBIT: €5.6m. Consolidated net income: €1.4m (attributable to shareholders €1.3m). Earnings per share: €0.14 (vs €0.41 a year earlier).

Margins and profitability

Gross profit margin declined to 43.9% (from 44.8%). Operating EBITDA margin 6.6% (prev. 7.6%), operating EBIT margin 2.1% (prev. 3.4%). Management notes fixed‑cost absorption and mix effects as drivers of margin pressure.

Cash flow and balance sheet

Free cash flow 1H 2025: -€16.3m (vs -€5.0m). Cash and bank balances €15.4m. Reported net debt/liquidity shown as -€53.0m (per company table). Working capital improved to €39.1m (down €6.7m y/y), inventories rose modestly to support summer/second‑half demand.

Segment performance

Retail (Jacques’/stores): 1H sales €100.6m (-4.1%), solid EBITDA margin (~13.1%). B2B: 1H sales €92.4m (+4.3%), outperformed other segments (benefitting from spirits expansion). E‑Commerce: 1H sales €92.1m (-8.4%) and was the weakest segment, reflecting lower online premium wine demand.

Outlook and guidance update

Management revised full‑year 2025 guidance (announced 21 July 2025): revenue now expected -1% to -3% vs 2024; operating EBIT target reduced to €27–30m (previously €31–34m); operating EBITDA expected €54–57m. Free cash flow guidance adjusted to €10–15m and ROCE target to 10–13%.

Management actions and strategy

Hawesko is pursuing three priorities: stimulate sales (new own brands, expand spirits and non‑alcoholic ranges, omni‑channel focus), secure profitability (FOCUS programme targeting a sustainable €10m earnings uplift and stricter cost/staff measures) and accelerate segment strategies (store expansion, stronger e‑commerce reach, deeper B2B exclusivity).

Risks and near‑term outlook

Company cites weak consumer sentiment, geopolitical/trade uncertainty and subdued eurozone recovery as main headwinds. Management expects Q3 to remain weak and Q4 roughly in line with last year; Christmas initiatives are planned but were not built into the revised forecast. Restructuring costs are increased to up to €3m for 2025 (treated as special items).

Summarized from source with an LLMView Source

Key figures

-20.9%1Y

-53.4%3Y

-61.7%5Y

Performance

28.1%1Y

32.8%3Y

36.9%5Y

Volatility