(Finance) – Farmsa company listed on Euronext Growth Milan and one of the Italian leaders in the production of premium wines, closed i first nine months of 2022 with revenues equal to 56 million euros, up 22.9% compared to the same period of 2021 (45.5 million euros) and a EBITDA equal to 11.4 million euros (8.1 million euros in 9M 2021, + 40%), with an increase also inEBITDA Margin (from 17.7% to 20.3%). The company shows a penalty of more than 3 percentage points in terms of gross margin, essentially deriving from higher product costs, more than offset by the exploitation of operating leverage in costs for services and personnel.
Analyzing the trend of revenues at a geographical level, Masi Agricola records an increase inItalywhich grew by 23.7%, while the others European countries and the Americas they grew by 10% and 28.8% respectively; the Rest of the world it instead marks an increase of 74.1%, reaching 6.7% of total revenues.
The product-mix, classified according to retail price positioning, in the first nine months of 2022 sees an increase in Top Wineswhich amounted to 29.1% compared to 26.2% in the counterperiod, while the incidence of Premium Wines passes from 48.5% to 45.7% and the share of Classic Wines remains stable at around 25%.
In the month of October 2022 Masi Agricola registered orders slightly down compared to 2021. “On the other hand, the context is progressively more challenging, moving towards months in which the group had a good distribution performance last year”, reads the note on the accounts.
On a qualitative level, moreover, it records greater prudence in the customer network mainly deriving from: a) the growing macro-economic uncertainty regarding the near future; b) the economic and psychological shock generated by the dramatic levels of energy costs, especially in the last quarter; c) the constant difficulty in finding staff from the restaurant and hotel industry.