Hawesko Holding SE

HAW

Equity

ISIN DE0006042708 / Valor 893434

Xetra (2026-04-27)

EUR 20.30%

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 financials

H1 2025 revenue €285.1m vs €294.2m a year earlier; operating EBITDA €18.8m (6.6% margin) vs €22.4m (7.6%); operating EBIT €6.1m (2.1% margin) vs €9.9m (3.4%); EBIT €5.6m; consolidated net income €1.412m (group shareholders €1.287m).

Margins and profitability drivers

Gross profit fell to €125.2m (gross margin 43.9% vs 44.8% prior year). Margin pressure came largely from a wider low‑margin spirits mix in B2B, lower B2C volumes and the progression effect of fixed costs on lower sales.

Cash flow and balance sheet

Operating cash flow was €‑8.8m (vs +€3.7m prior year), CAPEX ~€4.1m, free cash flow €‑16.3m (vs €‑5.0m). Inventories increased to €135.8m; working capital fell to €39.1m; reported net liquidity (~net cash) declined to €‑53.0m (i.e. €53.0m net liquidity) vs €‑60.1m a year earlier.

Segment performance

Retail and E‑Commerce (B2C) saw weaker demand and revenue declines (Retail H1 €100.6m, E‑Commerce H1 €92.1m), while B2B grew (H1 €92.4m) driven by an expanded spirits offering. Retail maintained relatively high margins; E‑Commerce margin contracted significantly vs prior year.

Outlook and guidance

Management revised 2025 guidance (21 July 2025): revenue now expected to be 1–3% below 2024; operating EBIT €27–30m (previously €31–34m); operating EBITDA €54–57m; EBIT expected to exceed ~€24m after up to €3m restructuring costs; free cash flow guidance adjusted to €10–15m for the full year. ROCE guidance trimmed to 10–13%.

Management actions

Hawesko launched the FOCUS programme targeting a sustainable €10m uplift in earnings via cost discipline, efficiency gains, selective personnel reductions and logistics optimisation. Management also intends to avoid aggressive discounting to protect brand and margins, while accelerating segment strategies (store expansion for Retail, stronger reach for E‑Commerce, exclusivity/deeper penetration in B2B).

Summarized from source with an LLMView Source

Key figures

-17.5%1Y

-51.9%3Y

-58.0%5Y

Performance

29.1%1Y

33.2%3Y

37.2%5Y

Volatility