Wine, Mediobanca survey: sales and profitability holding up despite uncertainty

Driving exports, as has been the case for some years now, are bubbles (which expect +4.4% in total revenues), especially overseas (+6.1% atteos exports), while still wines expect +0.9% (+1.2% exports).

The 2024 of the major Italian wine producers closed without significant variations (+0.3% on 2023) with a greater increase on the foreign market (+0.7%). The good cross-border performance of sparkling wines stood out (+9.1%).

The Ebit margin increased by 0.5 percentage points over 2023, the ratio of net profit to turnover by 0.2 points.

In 2024, quantities sold in all channels will decrease by 2.5%; once again, sparkling wines are the exception (+4.1%). Sales on premise are losing share: -4.9% on 2023 the value of horeca, which reaches 17.6% of the market and -8.4% wine shops and wine bars (market share at 5.7%). Direct sales increased slightly (+1.3% over 2023) to 8.2% of the market.

Another positive figure recorded in 2024 was the good growth of wine tourism with +9% over 2023 in revenues. Cellar visits are now offered by three-quarters of wineries.

The Mediobanca survey on the Italian wine sector also draws up a ranking of the best performances of Italian wine companies. In first place is confirmed as the turnover leader the Cooperative Group Cantine Riunite-GIV with a turnover of 676.6 million euro (+0.6% over 2023). In second place is the wine cluster Argea (464.2 million, +3.3%), followed by IWB with 401.9 million (-6.3% on 2023).
Turnover 2024 is also above 300 million euros for the Romagna cooperative Caviro (385.2 million), down 9% on 2023.

Ten companies are in the EUR 200 to 300 million revenue bracket: the Tuscan Antinori (2024 revenue of €261.6m, up 7.4% on 2023), the Trentino-based Cavit cooperative (€253.3m, -5.2%), La Marca, specialising in sparkling wine production, with 2024 revenue of €251m (+11%), the Veneto-based Herita Marzotto Wine Estates (€248.2 million, -2.8%), the Collis Group (€219.3 million, +4.7%), Trentino-based Mezzacorona (212,3 million, -2.5%), the Terre Cevico cooperative (211.3 million, +7.4%), Zonin 1821 (209.3 million, +7.8%), Mack & Schühle (205.6 million, +19.3%) and the Piedmontese Fratelli Martini (200.1 million, -8.3%).

Looking at profitability (the ratio of net profit to turnover), 2024 saw Herita Marzotto Wine Estates of Veneto leading the way (17.8%), followed by Tuscany's Antinori (12%) and another Veneto-based company, Mionetto, which recorded a profit on turnover of 9.2%.

Some companies have a very high export share, in some cases almost 100%: Fantini Group touches 96.1%, Ruffino 93.3%, Argea and Pasqua exceed 90%.

The Mediobanca survey also offers a ranking of the best performances on a territorial basis, among the regions. A ranking that at the topconfirms Veneto, which concentrates a quarter of the quantities of Italian wine produced. A supremacy that is also reflected in the value, which exceeds 20% of the national total. It is followed by Puglia (volume 16.1% of the total, value 12.6%). For Piedmont and Tuscany the weight in volume, between 4 and 5% of the total, doubles in value (for both regions close to 10% of the Italian total); on the other hand, Sicily is the region with the largest gap between quantity and value.

The Veneto also leads in exports (more than 35% of Italian exports), doubling Piedmont and Tuscany, each at 15%.

Regional primates also emerge from the companies' balance sheets: Tuscany has the highest Ebit margin (16.4%), Abruzzo the best Roi (7%), with Piedmont in second place (6.4%). Major exporters are the producers from Piedmont (63% of turnover), Tuscany (59.5%) and Abruzzo (58.7%).

For Roe, Apulia and Lombardy shine (6.6% in both cases); the latter also excels in terms of Ebit margin (second position with 10.9%), but with a modest opening beyond the border (exports equal to 24.3%). In 2024, companies from Friuli (+8.2% in total sales and +7.1% across borders) and Tuscany (+2.3%; +4.6%) are growing in particular.