The board of directors of Masi Agricola, a company listed on Euronext Growth Milan and one of the Italian leaders in the production of premium wines, approved the consolidated results at 31 March 2024. The quarter closed with revenues of Euro 14.6 million, 15.7% lower than Euro 17.4 million in the first quarter of 2023, and an ebitda of Euro 1.8 million from 3 million Euro a year ago, with an ebitda margin that went from 17.3% to 12.6%. 

The gross industrial margin, underlines the note of the company, "is lower than the counterperiod due to lower sales volumes, but markedly improved in percentage terms, mainly due to a shift of the mix-product from Top Wines to Classic Wines, and the improvement of some production costs". Net financial debt was 27.3 million Euro, up from 16 million Euro at 31 december 2023. 

Examining the trend of consolidated revenues, which was in line with management expectations, the company led by the Boscaini brothers notes that in recent months (at least two quarters) there has been a general reduction in wine consumption in the various countries served. " This phenomenon -explains the note- seems to derive mainly from the reduction in the spending capacity of consumers, following the impact of inflation on real incomes. 

Moreover, the note adds, "in the first quarter of 2024 the generalized phenomenon of de-stocking started at the end of 2022 by the distribution network, especially abroad, continued. The operators of the distribution chain are trying in every way to compress their stocks, worried by the fall in consumption, the uncertainty also induced by a series of events and geopolitical risks (ongoing and/or feared war conflicts, miscellaneous elections, etc.), high interest rates, banks' greater caution in lending".

"In general, the note continues, Venetian wines suffer more than the market. The bottling data for the first quarter of 2024 released by the Consortia (fairly reliable indicators of commercial performance) speak for themselves: Ripasso -19%, Amarone -20%, Valdobbiadene -20%". And again: "premium and ultra premium wines are more penalized than those in the entry segment".