LONDON, July 5, 2026, 22:09 BST
- Naked Wines finished Friday at 73p, gaining 4.29%. The FTSE AIM All Share lost 0.17% on the day.
- Full-year 2026 net cash was £33.4 million, or around 69% of the £48.27 million market value seen Friday, excluding lease debts and cash changes that happened later.
- The £1 million buyback made up about 2% of voting rights, matching close to 19 days of average trading volume.
Naked Wines plc (LON:WINE) opened the week with a simpler but less backed equity story. The online wine seller’s shares climbed on Friday even though its last regulatory filing was in mid-June and the London market was closed Sunday. The stock finished at 73p, up 3p, leaving the company at a £48.27 million market cap.
The other thing is what the market pays for the actual business if you strip out cash. Naked showed £33.4 million of FY26 net cash at March 30, not counting leases. Take that out of Friday’s equity value and you get around £14.9 million for the core business before lease debt or any cash changes since March. That’s about 2.0x the top of Naked’s FY26 adjusted EBITDA range, which is £5.5 million to £7.5 million.
| Measure | Latest figure | Investor read |
|---|---|---|
| Friday close | 73.00p | Closed back over 70p after trading there for most of late June |
| Market value | £48.27 mln | Micro-cap, so trading volume is a factor |
| FY26 net cash, excl. leases | £33.4 mln | Makes up around 69% of the market cap |
| Cash-adjusted value, before leases | About £14.9 mln | Works out to about 2x expected FY26 adjusted EBITDA at the top end |
| FY26 adjusted EBITDA guide | £5.5 mln-£7.5 mln | Guidance points to hitting the upper band |
The math looks cheap, but there are caveats. Management is still factoring in around $17 million in inventory liquidation costs over the medium term. The shift to digital adds a £2 million to £3 million non-cash adjustment in FY26, related to previously capitalised development costs.
Stock traded unevenly last week. Shares dropped to 68.2p Wednesday but finished the week at 73p. Friday saw 76,059 shares change hands, which lines up with the Google Finance average of 70,520.
| Date | Open | Low | Close | Volume |
|---|---|---|---|---|
| Jun. 29 | 72.80p | 69.00p | 70.00p | 80,326 |
| Jun. 30 | 72.00p | 70.00p | 70.00p | 27,929 |
| Jul. 1 | 70.00p | 68.20p | 69.40p | 146,805 |
| Jul. 2 | 70.00p | 70.00p | 70.00p | 32,008 |
| Jul. 3 | 69.00p | 69.00p | 73.00p | 76,059 |
The new week opens without the steady buyer seen earlier. On June 12, Naked said it finished a £1 million buyback, taking in 1,355,130 shares at an average price of 73.79p. That covers about 19 days’ typical volume, according to Google Finance. After the buyback, with 66.26 million shares left carrying voting rights, the company removed around 2% from the base.
Naked’s last round of buybacks saw some big trades for the stock. The company picked up 550,265 shares at 74p on June 11, a day that traded more than seven times Friday’s volume. When average daily volume is around 70,000 shares, even small moves in supply or demand can swing the price.
A new holdings notice shows the register consolidating. Dr. Mathias Saggau and related holders moved up to 10.187% of voting rights as of June 10, after holding 9.027% before, now controlling 6,815,290 voting rights.
Naked Wines is still leaning on a low-revenue, cash-focused strategy. For FY25, revenue slid 14% to £250.2 million. Adjusted EBITDA came in at £6.7 million, with net cash at £30.1 million. For FY26, the company is guiding for revenue close to £200 million and adjusted EBITDA near the upper end of a £5.5 million to £7.5 million range.
Naked is keeping focus on costs. The company said it had delivered £25 million in annualised savings, above its £23 million goal set for March 2025, and inventory dropped to a five-year low. Management expects moving the platform to shave up to £5 million from annualised operating costs by late FY29. It now sees FY27-FY30 capitalised tech development spend at about £1 million, down from as much as £7 million previously.
Chief Executive Rodrigo Maza said in the April update that moves made this year “will materially improve our profitability over the periods to come.” “We go into FY27 with momentum and energised for what lies ahead for Naked,” he said. Investegate
The next key update is the audited FY26 results, expected over the summer. That’s also when the company plans to share guidance for FY27. Now that the buyback is done, investors lose that support and will watch to see if price increases and cost cuts are enough to keep EBITDA steady as revenue drops back to around £200 million.
