Purcari Wineries Group, the Romania-listed producer behind brands such as Purcari, Crama Ceptura, and Bostavan, reported a mixed first half of 2026.
Revenue fell year-on-year on softer demand in its home market and a commercial transition across Central and Eastern Europe, but profitability held up thanks to tighter cost control, with EBITDA actually growing despite the sales decline.
H1 2026 Financial Performance
| Metric | H1 2026 | H1 2025 | YoY |
|---|---|---|---|
| Revenue | RON 182.2m (≈ EUR 35.4m) | RON 195.4m (≈ EUR 37.9m) | -6.8% |
| Gross Profit | RON 82.5m (≈ EUR 16.0m) | RON 87.2m (≈ EUR 16.9m) | -5.4% |
| EBITDA | RON 52.0m (≈ EUR 10.1m) | RON 49.1m (≈ EUR 9.5m) | +6.0% |
| EBITDA Margin | 28.5% | 25.1% | +3.4 pp |
| EBIT | RON 32.7m (≈ EUR 6.3m) | RON 33.4m (≈ EUR 6.5m) | -2.0% |
| Profit Before Tax | RON 19.4m (≈ EUR 3.8m) | RON 20.6m (≈ EUR 4.0m) | -5.5% |
| Net Profit | RON 15.1m (≈ EUR 2.9m) | RON 15.6m (≈ EUR 3.0m) | -3.4% |
| Net Margin | 8.3% | 8.0% | +0.3 pp |
Revenue declined 6.8% to RON 182.2 million (≈ EUR 35.4 million), primarily reflecting weaker demand in Romania — the group's core market — combined with a commercial transition in several CEE markets. Despite the top-line softness, EBITDA rose 6.0% to RON 52.0 million (≈ EUR 10.1 million), pushing the EBITDA margin up by 3.4 percentage points to 28.5%, a clear sign that the company is protecting profitability even as volumes soften. Net profit came in slightly lower at RON 15.1 million (≈ EUR 2.9 million), down 3.4% year-on-year, though the net margin still improved marginally to 8.3%.
Q2 2026 Results
| Metric | Q2 2026 | Q2 2025 | YoY |
|---|---|---|---|
| Revenue | RON 92.6m (≈ EUR 18.0m) | RON 104.4m (≈ EUR 20.3m) | -11.3% |
| EBITDA | RON 24.1m (≈ EUR 4.7m) | RON 25.2m (≈ EUR 4.9m) | -4.6% |
| EBITDA Margin | 26.0% | 24.2% | +1.8 pp |
| Net Profit | RON 7.1m (≈ EUR 1.4m) | RON 6.6m (≈ EUR 1.3m) | +6.7% |
The second quarter showed the sharper side of the slowdown, with revenue down 11.3% year-on-year to RON 92.6 million (≈ EUR 18.0 million). Even so, net profit actually grew 6.7% to RON 7.1 million (≈ EUR 1.4 million), underscoring how much of the group's H1 resilience was driven by Q2 cost efficiencies and margin management rather than sales momentum.
Revenue by Geography (H1 2026)
| Market | Revenue (RON m) | Revenue (EUR m, approx.) | Share |
|---|---|---|---|
| Romania | 104.9 | 20.4 | 58.7% |
| Moldova | 29.4 | 5.7 | 16.4% |
| Bulgaria | 10.3 | 2.0 | 5.8% |
| Poland | 9.0 | 1.7 | 5.0% |
| Czechia & Slovakia | 3.7 | 0.7 | 2.1% |
| Ukraine | 3.6 | 0.7 | 2.0% |
| Baltics | 2.4 | 0.5 | 1.3% |
| Turkey | 2.2 | 0.4 | 1.3% |
| Asia | 2.0 | 0.4 | 1.1% |
| Other | 11.3 | 2.2 | 6.3% |
Romania remains by far the group's largest market, generating close to 59% of total revenue, followed by Moldova at 16.4%. Given that Romania was also the primary source of the revenue decline, the geographic concentration explains much of the group-wide softness — while smaller export markets like Poland and Bulgaria continue to provide diversification.
Revenue by Brand (H1 2026)
| Brand | Revenue (RON m) | Revenue (EUR m, approx.) |
|---|---|---|
| Purcari | 101.5 | 19.7 |
| Crama Ceptura | 27.1 | 5.3 |
| Bostavan | 23.6 | 4.6 |
| Bardar | 15.0 | 2.9 |
| Angel's Estate | 9.1 | 1.8 |
| Domeniile Cuza | 1.8 | 0.3 |
| SERVE Ceptura | 0.7 | 0.1 |
The flagship Purcari brand alone accounts for well over half of group revenue, reaffirming its role as the core growth and margin driver. Crama Ceptura and Bostavan follow as the second- and third-largest contributors, while newly acquired SERVE Ceptura made only a partial-period contribution given the timing of its acquisition.
Strategic and Operational Highlights
- Margin resilience: EBITDA increased 6% despite lower sales, reflecting stronger margins and cost discipline across the business.
- M&A activity: Purcari completed the acquisition of SERVE Ceptura SRL in Romania in May 2026, adding another Ceptura-region asset to its portfolio.
- Investment: Capital expenditure reached RON 43.3 million (≈ EUR 8.4 million) in H1 2026, reflecting continued investment in vineyards and production capacity.
- Balance sheet: Total borrowings rose to RON 349.8 million (≈ EUR 67.9 million), used to fund investments and working capital needs.
- Outlook: Management expects stronger performance in H2 2026, as the CEE distribution transition is completed and the approaching harvest season supports the business.
Bottom Line
Purcari Wineries' H1 2026 results tell a story of a company trading some top-line growth for profitability. While revenue softness — especially the steep 11.3% Q2 decline — reflects real headwinds in Romania and CEE distribution channels, the group's ability to grow EBITDA and defend margins suggests operational discipline is paying off. With the SERVE Ceptura acquisition adding scale and management pointing to a stronger second half, investors will be watching whether H2 2026 delivers the anticipated rebound in both volume and revenue.
Source: Purcari Wineries