Reims, Wednesday September 9, 2025 - 5:45 pm
The LANSON-BCC Group, a Champagne pure player, is reporting €10.9m in income from ordinary operations and €1.9m in net income for the first half of 2025. Despite the favorable price/product mix, performance was impacted by three main factors: a decline in volumes shipped, in line with the market; higher production costs, particularly for grapes, and an increase in financing costs for maturing stocks (+15.4% to €8.4 million). In an environment marked by a slight decline in consumption and disrupted by trade tensions in the US market, the LANSON-BCC Group remains fully committed to its value creation strategy and notes that, historically, first-half revenues represent only around one-third of full year sales.
Global Champagne wine market
During the first half of 2025, the Champagne industry shipped 105.4 million bottles, with volumes down -1.2% compared to the same period in 2024 (106.6 million). The French market, which represents 38.9% of volumes shipped, declined by -5.2%, while export markets (61.1% of volumes) recorded a slight recovery of +1.6%, probably linked in part to precautionary stocking operations in the United States. (source: CIVC).
Our Maisons
In this context, the Group recorded a decline in volumes in line with the market, with France down -4.0% and exports up slightly by +0.7%. The premium strategy continues to produce results, with a favorable price/product mix being maintained.
Consolidated income statement
IFRS (€m) | H1 2025 | H1 2024 | Change (%) |
Revenues | 92.05 | 87.79 | +4.8% |
Gross margin | 48.31 | 50.44 | -4.2% |
% of revenues | 52.5 % | 57.5% |
|
Income from ordinary operations | 10.88 | 12.35 | -11.9% |
% of revenues | 11.8 % | 14.1% |
|
Finance costs | -8.37 | -7.26 | +15.4% |
Net income | 1.87 | 3.71 | -49.7% |
Consolidated revenues for the first half of 2025 totaled €92.05m, up +4.8% from the first half of 2024. Exports generated 49.7% of revenues at June 30, 2025, compared with 52.4% a year earlier, mainly due to lower shipments to the United States and Asia.
EBITDA(income from ordinary operations before depreciation and provisions, net of reversals) came to €15.53m, down -6.1% from €16.54m.
After €4.6m of net depreciation and provisions (versus €4,2m), income from ordinary operations totaled €10.88m, compared with €12.35m for the first half of 2024.
EBIT came to €10.98m, compared with €12.28m for the first half of 2024, without any significant impact for non-current items.
Finance costs, linked primarily to interest on Champagne wine stocks, represent -€8.37m, compared with -€7.26m for the first half of 2024. This change is due to the high level of aging credit facilities and the rising average cost of debt during the period.
Net incometotaled €1.87m, compared with €3.71m for the first half of 2024 (effective rate of 27.0% at June 30, 2025).
Consolidated balance sheet
Group shareholders’ equityis up to €373.28m, compared with €354.72m at June 30, 2024.
Consolidated net financial debtcame to €538.13m, compared with €533.65m at June 30, 2024. €481.2m (+€19m) correspond to credit facilities for aging the stock of Champagne wines, representing a volume of 4.8 years of sales, with a book value of €572.67m, compared with €561.31m at June 30, 2024. Other financial debt, linked to investments in our Maisons and vineyards, decreased to €56.9m (versus €71.7m at June 30, 2024). Gearing is improving at 1.42, compared with 1.49 at June 30, 2024.
Outlook
Due to the highly seasonal nature of Champagne sales, the results for the first half cannot be extrapolated over the full year. Traditionally, around one-third of annual sales are generated during the first half, which also bears around half of the fixed costs for the year. In an uncertain economic and geopolitical environment, and with no visibility over the end of the year, LANSON-BCC is not releasing full-year forecasts.
In line with its positioning as a family-owned Champagne pure player, LANSON-BCC is pursuing its long-term development strategy focused on quality and strengthening its presence in the high-end wine segment, an essential focus given the continuing rise in grape costs and the significant burden of stock financing.
Additional information
The half-year financial report, approved by the Board of Directors on September 9, 2025, is available on the Group’s website: www.lanson-bcc.com.
2025 full-year revenueswill be released on Thursday January 29, 2026 (after close of trading).
