Good afternoon, and welcome to the Naked Wines plc investor presentation. Throughout this recorded presentation, investors will be in listen-only mode.

Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send.

The company may not be in a position to answer every question it receives during the meeting itself; however, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll.

Now I'd like to hand you over to Rodrigo Maza, CEO. Good afternoon, sir.

Hello everyone, and welcome to our FY26 results presentation. We are very grateful for your time.

My name is Rodrigo Maza, I'm Naked CEO. I'll be presenting today along with Dominic Neary, our Chief Financial Officer.

This is the agenda we'll go through. In FY26, we delivered results in line with the strategy we set out in March of 2025.

While our revenue declined, our focus on profitability resulted in adjusted EBITDA coming in ahead at £7.6 million, which represents a 35% year-on-year improvement at constant currency. We finished the year with £33.4 million in net cash, up £9 million, even after buying back over 10% of the company in recent months.

In FY26, we made an important call to transition from our legacy tech stack into Shopify, a move that will not only deliver an improved experience to our customers, but will materially reduce costs for Naked Wines. We saw customer satisfaction and retention strengthen from what was already a high baseline.

This was driven by our focus on the elements that make Naked Wines stand out: the craft of independent winemaking, the people who make the product and those who fund them to do so, and critically, the connection between them. Let me tell you more about this.

In FY26, we continue to investigate what makes Naked different and better in the eyes of our customers. We always start with the Angels we have, especially those that have been loyal to us for a very long time.

We also talk to those who we want to recruit, but for whatever reason have yet to bring in. After literally thousands of interactions with all of them, we came to the conclusion that our customer value proposition needed some refreshing.

While we'll remain focused on delivering high quality at a fair price, a reliable and trustworthy delivery experience, and we are making active investments in enhancing the shopping experience on our site, it's that direct, meaningful connection between winemakers and Angels that people value most. It's what truly sets us apart, we're doubling down on it.

Now let me show you what that looks like.

To everyone at Naked Wines, if I could tell you one thing about wine,

it would be this. Wine should be magical.

A craft, honed over millennia, able to transport you to far-off lands in a single, delicious sip. Getting there...

Randomly plucking a bottle of something soulless in the wine aisle... Or going specialist and overspending without knowing why.

That's decidedly unmagical. There's a better way.

A way that gives you all of the magic and none of the compromise. The key?

It's people. Together with like-minded wine drinkers, we back independent winemakers to craft great-tasting wines freely.

No corporate recipes in sight, and no fat markups. Then, we make it easy for those wine drinkers to find and enjoy the good stuff.

In fact, we bring it straight to their door. Because wine is better when you don't have to compromise.

Not on quality, Value, Convenience, Or your principles. It's better when you know who made it and how.

Better when you know that you helped make it happen. With us, you can drink great wine and do some good at the same time.

Now that's pretty magical. We proudly invite you To drink great wine Do good things.

Drink great wine, do good things. It's the consistent delivery of our customer value proposition that makes the Naked flywheel spin.

When we fulfill our promises, Angels don't just stay, they recruit. Their funds allow us to back independent winemakers who, armed with the data we provide, can then offer more choice and better wines.

As the flywheel turns, it generates more sales and resources that our team then invests in capabilities that allow us to deliver even more value to our Angels. It goes.

Every turn of the flywheel makes the business stronger, and for shareholders, that shows up directly as return on equity and capital. This isn't a linear model, it's a compounding one, and it's the lens for everything else we'll cover today.

Over to you, Dom.

Thank you, Maza. Good morning, everyone.

I'm going to take you through the FY26 numbers, and then walk you through the progress we've made against the first two of our strategic pillars: releasing cash and recalibrating to profitability. Maza will then take you through the progress we've made on our return to growth pillar after that.

Let's start with the shape of the business today. For those newer to the story, a quick reminder of what Naked looks like.

We finished the year with 486,000 Angels, our members, across three markets. The UK is our largest with 49% of that, the US is 38%, and Australia 13%.

The health metrics matter as much as the size. NPS of 77 is really excellent.

Member retention of 76 is also great as well. 93% of our wines are rated as it by the peach people who actually drank them.

Behind all of that sit around 280 independent winemakers, and we can also, in the US, ship to over 90% of the population in what is a heavily regulated market. We are deliberately a smaller business, but a demonstrably healthier one, and you'll see that theme running through everything today.

Four headlines for the year on our key financial KPIs. First, net cash is £33.4 million, so that's up £3.3 million on last year.

Underneath that, we actually generated £9 million of cash, because we returned £6 million of that through the share buyback. Second, on to adjusted EBITDA, so that's before inventory liquidation and associated costs, which we'll come on to in a minute, this was £7.6 million, up 35% at constant currency, and three things drove that.

There were over £11 million of marketing efficiencies as we focused on more profitable customers. Gross margin improved by 150 basis points on prior year, reflecting the impact of pricing and our savings initiative.

We saw the first contribution from our B2B services business of over £300,000, and that's coming out of the new Sonoma facility, and we see upside for that in the future. Third, as I've already indicated, revenue is £199.1 million, down 18% at constant currency.

Now, Maza will come back to this later, but essentially there are two distinct impacts here, both of which mechanically reduce and lessen over the medium term. First is the mechanical unwind of the exceptionally large FY21 and '22 cohorts, and second is our deliberate decision to stop inefficient acquisition spend from the second half of FY25 onwards.

This is the impact of resetting the model and the reason why EBITDA will grow progressively over the medium term. Finally, a loss before tax of £6.3 million.

Now there are over £11 million of adjusting items and inventory liquidation costs here, which are truly unusual in nature. The first is this year's restructuring and also the write-down relating to the digital transformation as we remove digital transformation from capex into opex.

This is a really important part of our future savings and essentially is the driver which will mean that ultimately, by the end of FY29, we will see G&A £10 million lower than it's going to be in FY27. The £5 million inventory liquidation costs will not be new to you.

They're obviously painful for the P&L, but conversely, they are resulting in the cash delivery as we liquidate our inventory. We provide guidance to them later on as how that will continue over the medium term.

What do the key strategic KPIs look like? We've lined these up across the three pillars and the numbers here are on the reported FX basis.

On releasing cash, free cash flow of £10.6 million, this is, as expected, lower than last year's £18.5 million free cash flow as the significant inventory unwind matures. Return on capital employed is up from 9% to 12%, and that's helped both by the EBITDA growth and the buyback.

On recalibrating profitability, gross margin, as I've already said, is up to 19.9%, a trend that's going to continue on as we go forward, that's up 150 basis points higher than last year. Acquisition breakeven has materially improved from 75 months to 42 months.

For me, this is one of the most important numbers on this page. Adjusted EBITDA of £7.6 million, including more than £11 million of marketing G&A savings.

As we move on to growth, NPS is excellent at 77 and up slightly on prior year. Retention is also up to 76%, with particularly notable improvement in the US and Australia.

Customer acquisition cost and revenue per member both look slightly softer as reported, but both are actually improved in constant currency. Every KPI on the page is moving in the right direction, and we continue to anticipate ongoing improvements as we continue to implement the strategy.

That's the year in numbers. Now we'll move on to the pillars and show you where we stand against the strategy we set out in March 2025.

As a reminder, the March '25 strategy carried three medium-term commitments. Firstly, on releasing cash, we committed that we would generate more than £45 million by the end of FY30.

We've delivered £9 million of that so far, 20% of the way there in year one. On recalibrating profitability, adjusted for FX, we committed to £9 million to £14 million of EBITDA over the medium term.

At £7.6 million this year, we're likely to reach that range early, potentially as early as FY27. On return to growth, we communicated a 5% to 10% exit growth rate.

That's one still in progress. Acquisition breakeven has improved significantly to 42 months, and we're already seeing 24 months or better in FY27.

The economics are fixed, but volumes are still too low. Maza will come back on this.

An honest scorecard: two on track or ahead, and one where the machine works, but isn't yet quite running at scale. Moving on to releasing cash from the balance sheet in a bit more detail.

We have £33.4 million of net cash plus an undrawn facility of around £19 million, liquidity remains strong and is improving. Net cash is up £9 million before the buyback.

One thing to note: £7 million of Angel balances now sit in a non-cash obligation, and we anticipate this will keep growing over the medium term. On inventory, this is down around £11 million since FY25, of which £4 million is FX and non-cash, movements in the provision.

There's plenty of upside left there. We're still carrying roughly £27 million more stock than we were in FY20, and we anticipate therefore significant cash coming out of this.

Importantly, of course, the—and I communicated this at the half-year—the overstock is mostly in premium US reds, and those typically have more than 10 years of shelf life, this is a timing question, not a quality one. On distributions, the £6 million buyback is complete as of early FY27, that's 10.5% of the share capital we had back in August 2025.

We remain committed to substantial ongoing and ad hoc distributions over the medium term, and we will consider inorganic opportunities as they arise. Now, all of this is governed by the disciplined capital allocation we've launched, which is the next slide.

Our disciplined approach to capital allocation, this is how we make investment decisions, and the board and management are completely aligned on this. Every material invested is tested against a new 20% IRR hurdle.

Where returns clear the hurdle, we reinvest: customer acquisition where the payback works, operational investments like the SaaS re-platform that Maza will be coming back to, inorganic opportunities where they arise, and share buybacks when the share sits below the intrinsic value that the board believes. Of course, where nothing clears that hurdle, the surplus will go back to shareholders as dividends.

It's deliberately simple and it's already working. We have £33.4 million of net cash.

We anticipate that this cash balance will be able to be reduced materially over the medium term. We've already delivered 20% of the £45 million medium-term cash generation target, and because of this, we've bought back 10.5% of our shares.

On to profitability, on cost discipline, we've now actioned £25 million of savings against the original £23 million target, which means they've either been delivered in FY26 or we've taken the actions which will ensure that those savings are generated in FY27. We stopped low-ROI customer acquisition, and that's resulted in breakeven, acquisition breakeven reducing from 75 months down to 42.

Zero-based budgeting has been introduced and is now a part of our culture, and it's funding the £5 million of SaaS transition costs, which historically we had told you were going to be going to capex, are now going to opex to G&A, and are not leading to an increase in G&A because of the cost discipline and zero-based budgeting approach. On the P&L, gross margin is up 150 basis points, and that's from better first-order losses, better acquisition, better pricing, improvements in retention, and the improvements in lifetime value of about 35% to 40% in all markets.

We would also flag we've now got price rises of over 5% live in every market and with more to come. Just to double-click a little bit more into that pricing point, this is one of the most encouraging things that has happened this year.

Now we knew we had room to raise prices, but rather than slipping them through quietly, Maza wrote to Angels and told them exactly what we were doing and why. The response, and you can see some of it on the slide, was remarkable.

Many Angels don't just tolerate the increases, they support them, because they understand the money protects our independent winemakers. That's the connection at the heart of this business doing real commercial work.

The numbers bear it out: increases of more than 5% are live in every market; you can see 150 basis points of margin improvement, that will continue to improve in FY27; and first-order losses down 53% globally. Moving on to the medium term, we delivered £7.6 million EBITDA, which is ahead of target and up 35% in constant currency, and that's EBITDA excluding inventory liquidation, adjusted.

The re-platform takes £10 million of cost out versus FY27 by the end of FY29. That is £5 million of genuine future savings and £5 million reduction as the transition costs are falling away.

All of this makes us increasingly confident on both the scale and the speed of the medium-term EBITDA range, which we'll double-click into now. This chart builds a bridge which explains our confidence as to why we are committed and why we believe in our medium-term EBITDA guidance and potentially better.

We start with the EBITDA range of £7.6 million to £9 million, which is the guidance we'll be coming to at the end of this presentation. Imagine we delivered that in FY27, how would that build over the next few years?

From there through FY30, I'd highlight two EBITDA drivers that will ensure as a minimum we deliver our medium-term goal. Firstly, even in a downside revenue scenario, we have already identified more than £10 million of clearly identified cost savings, and that's the SaaS re-platform implementation that I've already talked about.

Clearly identified, we also now have a proven track record of delivering on our cost savings. That alone gives us strong confidence that we will hit our medium-term EBITDA guidance.

On top of that, there are many other things which will be driving profitability in the future, and we've already seen and proven opportunities from already. One example of that is pricing, we are assuming that pricing offsets COGS in our modeling, but actually what we're seeing at the moment is that pricing will overdeliver on our cost of goods increases.

If pricing was just 0.7% above inflation, that's worth £3 million of EBITDA on its own. Of course, that forgets other opportunities in COGS and variable costs, which we are pursuing as well.

The levers that take us beyond that range, potentially towards £20 million and more, are the commercial levers of retention and acquisition. These are the two dials that overdeliver this plan, and on that note, I'm going to hand back to Maza to talk about the return to growth.

Thank you, Dom. Our revenue declined by 18% last year.

That is driven by two factors: the expected attrition of the large FY21 and FY22 cohorts, and the deliberate decision we made to walk away from inefficient acquisition investment. In FY26, we've been extremely disciplined in ensuring investments clear tight IRR hurdles, which we knew would result in us acquiring fewer, but much more valuable Angels.

As we've deployed this strategy, we've seen breakeven improve materially, and we expect that trend to continue. The challenge we now face is how to scale our volume of new customers while maintaining a healthy LTV to CAC ratio.

Let me walk you through how we've been tackling that. We've said it before, but it bears repeating: growth at Naked Wines is a loop, not a funnel.

The retention of our engaged community of Angels should be the main driver of our acquisition efforts, which should in turn convert more high-value Angels, and on and on. The moves we're making to Shopify will enable us to accelerate our results on both sides of the loop.

Now let's go deep. Let me start with retention.

It improved to 76% in FY26, mainly driven by our US and Australian markets. Our activity continues to revolve around discovery, where we've enhanced navigation ease across our range with personalized recommendations to help customers find their next favorite wine, and then subscribe to it, which provides convenience to them and predictable revenue to us; around delivery, where we've run several tests to determine if the rewards we offer to our customers actually deliver value to them while strengthening their connection to our brand, this has led us to double down on benefits that make a difference to our Angels while reducing discounting activity, and therefore improving our margins; and most importantly, around community, where we've doubled down on telling the stories that we know Angels love, and where we're actively involving them in decisions that shape our range and our offer.

These actions have resulted in significant improvements in lifetime value across all our markets, and they give us confidence that this is the path we need to follow to go back to sustainable, profitable growth. We continue to run tests to confirm, through reliable data, what's working and should be scaled, and also what should be abandoned.

As a result, we have validated that expanding our credit back guarantee to all Angels improves both retention and order rates, and that the free sample we offer our clients does in fact increase not only retention, but our contribution. What stood out most in FY26 was the response we received from our Angels as we focused on reigniting the spark of our community.

Campaigns built around what makes Naked different generated some of the strongest engagement we've seen in years. Angels didn't just purchase, they shared, they advocated, they brought new people in.

At our tasting tour all across the UK and from Victoria to Corbières to Sonoma, Angels and winemakers show up for each other. That's the kind of relationship no competitor can replicate.

Craft, people, connection—that's our magic formula, and we'll keep on driving it home. Which now leads me to acquisition.

I've mentioned it already, but the discipline we've created is leading to consistent reductions of our customer acquisition cost, and therefore to our breakeven periods. Our acquisition activity is focused on two main engines: generating more high-quality demand and converting it more efficiently in our site.

Both are underpinned by a single operating system consisting of reliable performance metrics and consistent investment guardrails. We continue to run tests here, too.

We found the acquisition offer that balances conversion and lifetime value improvement best. We continue to run ambition tests on our homepage, and we are assertively walking away from channels that fail to deliver healthy paybacks.

We're using the power of our community for acquisition purposes, too. We've found great creators who understand our brand and customer value proposition, and they bring it to life in engaging ways.

We're leaning more and more on our winemakers to attract high-value customers. We find ways to come together with our Angels, such as the tasting tour, and they find ways to show up for winemakers, as evidenced by our Corbières and Victoria campaigns, where customers rally together to provide support to communities in need.

This has produced material improvements in our referral rates, but there's so much opportunity to accelerate this even more. We need to, as the lifetime value of Angels acquired through referrals is quite remarkable.

We wanted to share an important preview with you today. As we close the first quarter of FY27, we see that the last five monthly cohorts have delivered a breakeven of less than 24 months.

This is amazing progress, and we need more of it. We're working on several levers to deliver it, and the migration to Shopify will enhance our impact across all of them.

We're very excited to partner with Shopify in this new chapter in Naked's journey. There are many spaces in which we believe this migration will enhance results for our company.

They all come down to offering customers a more simple and convenient way to interact with us, one that recognizes their preferences and that celebrates their history as Angels. Importantly, this migration will result not only in a better shopping experience, but in a more efficient business.

We expect to capture circa £10 million in cost savings by the end of FY29, enhancing the profitability of our company. Regarding other channels, we continue to invest in B2B as a way to add resilience to our business.

In FY26, we leveraged our Sonoma facility to produce additional EBITDA, and anticipate this becoming a meaningful profit driver over the medium term. While the market remains challenging, we delivered £4 million in B2B sales and are confident that the relationships we're building will yield relevant long-term results for Naked.

Finally, we continue to monitor the market for relevant inorganic opportunities that might strengthen our business. Back to you, Dom.

Thanks, Maza. On to post-period-end and FY27.

First, current trading, which is progressing as we would expect it to in relation to our medium-term guidance, in other words, consistent with profit growth in adjusted EBITDA and continued cash generation. It's worth noting that the price increases we discussed earlier have a fuller effect in FY27 as we get a complete year of their benefit and ongoing future increases come online as well.

Second, delivery on the plan has continued past year-end. The £25 million of savings, which is ahead of that £23 million target, is supporting the SaaS platform implementation, and we are reaffirming at least £36 million remaining of the original £45 million medium-term cash generation target.

Capital allocation stays exactly as I described earlier: we're committed to ongoing and ad hoc distributions with a strict 20% IRR hurdle on every use of cash, and we continue to monitor inorganic opportunities as they arise. Now to the guidance itself, and this is across a performance range: revenue of between £158 million and £175 million, the revenue impact there of focusing on profitable customers, but the impact of that lessens in FY27 and will continue to do so over the medium term; adjusted EBITDA, that's excluding inventory liquidation costs, of £7.6 million to £9 million, ahead of FY26 and potentially delivering on our medium-term guidance three years early; net cash of £34 million to £42 million, and we'll adjust that through the year for any share buybacks as they occur.

As we've previously communicated, the majority of the inventory reduction has always been expected to hit in FY28 to FY30, and we continue to anticipate this dynamic. We continue to anticipate around $14 million remaining of—and that's dollars, $14 million remaining of inventory liquidation costs, which will be spread over the medium term, and that will help us to generate the cash that we've talked about from our inventory.

In short, cash keeps building and profitability continues to grow progressively. Over to Maza, who's going to wrap up.

To close, FY26 was a year of delivery. We're in a strong position both in terms of profitability and liquidity, and have developed a capital allocation mindset that will translate into disciplined investments over time.

We said we'd generate at least £45 million of cash over the medium term, and we've delivered £9 million in FY26. Still at least £36 million to go, but a strong start, for sure.

We're excited about our move to Shopify, as we believe the enhanced experiences we'll offer our customers will translate into significant growth opportunities. In the words of one of our Angels, we got our mojo back.

We'll continue to double down on what makes Naked unique. It's all about craft, people, and connection.

As we share our FY27 guidance, we are excited about our future. The best of Naked Wines is still ahead.

Once again, thanks for joining today.

That's great. Thank you very much for the presentation this afternoon.

If I may just bring up your camera. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the top right-hand corner of your screen.

Just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published Q&A can be accessed via your Investor Dashboard. As you can see, we have received a number of questions throughout today's presentation.

Dominic, could I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end.

Thank you very much. Right, I'm going to take these questions in order.

The first one is about AGM resolutions: you must have come close to the top of your AGM resolutions on share buybacks this year, any plans to amend these at the next AGM and if so, how? Yes, our AGM resolutions will be going out shortly.

We're considering revised buyback resolutions, which will give us more flexibility. Whilst doing that, we're mindful of our capital allocation policy and ensuring we apply capital in the most effective manner.

I will mark that as answered. The next question is: when do we expect revenue to stabilize?

There's a couple of questions on this. As we've said, we are focusing on a business which is more profitable, and part of that means acquiring fewer customers, and therefore there will be a continued decline in revenue for the medium term.

Saying that, we expect a return to stability over the medium term, although that is more likely to be '28 or '29, possibly '30. The more important point, though, is as we've discussed today, we are committing to ongoing and progressive growth of EBITDA, and we are increasingly confident of that guidance range that EBITDA will rise to at least £11 million to £14 million, and we envisage that happening at any—even on our worst-case downside scenario on revenue before revenue returns to growth.

The next one is on the SaaS platform, I'm going to hand this over to Maza, which is: when will the transition to the SaaS platform to Shopify start, and what are the transition risks?

The transition is already on its way, right? We are working quite intensely in building the plan, ensuring that the customer experience is as smooth as it can possibly be, and we'll go live in Australia in a couple of months.

Australia is the market where we usually test new things. We have a highly entrepreneurial team there that is really excited about this change.

There are some risks. It's to be expected that some metrics will experience a small dip before they trend in the right direction, but we'll capture those learnings in Australia, and we're going to be in a very, very strong position before we implement in the US and the UK.

Thank you. Right, the next question is: you've repurchased 10.5% of the opening share capital since the buyback program began at prices you describe as well below intrinsic value.

What intrinsic value estimate is the board using and is it independently reviewed or is it management's own model? We've repurchased, as as the question says, 10.5% of the August number of shares the company had back in August 2025, and that's typically at prices between 70p and 75p.

The board's view is that even if we consider any prices out there, and the most obvious is, the analyst market price, the target price rather, the even with a significant haircut on that, the IRR that we generate from doing these share backs share buybacks is therefore significantly in excess of our 20% hurdle rate. This is essentially the board's conservative view of an external, independent target price that is out there.

The next question is: Naked has stated that the strategic reset has improved profitability and cash generation; what proportion of this financial benefit comes from selling inventory, reduced supplier purchasing commitments, and what proportion of this financial benefit has been reinvested into rebuilding demand and future growth versus retained as cash or returned to shareholders? The I guess the starting point for this is we've talked about the £45 million cash generation target.

That comes from essentially three core movements: one is liquidation of inventory, the next is profitability, and the third, which works the other direction, is if any reduction in Angel funds. What we've got left in inventory is in excess of £30 million.

It will depend a little bit on what happens to FX, what that turns into in GBP, because most of the excess is in the US, but you could therefore expect in excess of £30 million coming out of that, which then leaves, given we've got £36 million we expect to generate in excess of £36 million still of net cash, that £6 million will come from a combination of profit and Angel funds reductions. Now given the stability of Angel funds that we've seen, because it is heavily weighted to aged members, actually you can also see there's potential for meaningful overdelivery of that number.

That's where it comes from and how the balance works out. The next question is: please define the metrics around a profitable core; how many customers in the core, how stable are they, what's the lifetime value, can the core grow, and once the business reaches a smaller profitable core, what is the mechanism for sustainable revenue growth?

The we don't break down our customer cohorts by sorry, our membership numbers by customer cohorts, we're not going to start doing that. What I can say is try and give some flavor on that.

If I was to say look at the members who are more than 48 months old, they are about 70% of our membership base and they have in excess of 85% retention. As it happens, they were broadly stable this year versus last year, but you would anticipate that over time they would reduce by maybe 5% per annum and gradually get refilled from the top.

That's the flavor for the core. The real question is: can they and the business return to growth?

I come back to sort of the essence of the question I gave earlier, which is that our EBIT target for the medium term is for £9 million to £14 million EBITDA. In in our modeling, we see stability coming over the medium term, and at that point we will be EBITDA will be in the £9 million to £14 million range, and we then anticipate growth, revenue growth thereafter, which of course will drive improved profitability.

That's that one. Could you explain what you mean by £7 million of Angel balances sitting in non-cash obligation?

This is quite quite simple. We have about £63 million of Angel balances which have been given to us by Angels to invest in winemakers and inventory, and that of those are funds that are then used for sales in the future.

That balance has remained remarkably stable versus last year, it's actually remained pretty much flat. What has happened since April '24 is that new customers who've been coming into the business, new Angels, have been signing up to terms which means that the company has the option to return those funds, should it ever be asked for, either as cash or as inventory.

We anticipate that the balance which sits with those new terms, in other words we do not have a cash obligation, will significantly improve over the next 12 to 18 months. What I would say is that is slightly technical, because we have never seen material cancellations or re asks for that cash to be returned.

People put it in to buy wine, and they use it to buy wine as well. That's answered.

I think the next question is on revenue growth, when do we return to growth, I think we've already answered that. I think the final one is is one that I'll hand over to Maza.

That question is: you mentioned that you're not getting as much volume of new customers as you planned; how much is the gap, how will this impact your buying planning, what is the shortfall in volume?

We we want to acquire as many customers as we possibly can within expected paybacks, right? That's a non-negotiable condition since what, 18 months, when we started like implementing aggressively this policy.

We are acquiring less customers than we expected based on our modeling. We are experiencing, as every other DTC business out there, significant CAC inflation.

That's that's the struggle we're we're working our way around, right? We need to, I would say, acquire close to twice the number of members that we are acquiring today to reach the stability of our member base in the next 2, 3 years.

I wouldn't say that's our target. Our target is to exceed that.

That's should give you an idea about the size of the gap we're currently facing. Now, again, it's quality over quantity for us.

We are acquiring less customers, but the quality of those we are acquiring, as evidenced by their LTV, is materially higher, right? That matters a lot.

It connects with the retention question Dom addressed, right? Like we want to bring in high-value Angels that will stay with us for a very long time, and that's what we're doing right now.

I just want to add, just from a stability point, whilst we are obviously targeting significant growth in our customer acquisition, the guidance that we've given about medium-term EBITDA, £9 million to £14 million, does not require us to double that acquisition growth. We expect to do it, but even in our downside scenarios where it only increases marginally, we still deliver that EBITDA guidance, we will stabilize because that's the mechanics of it, and we will return to growth.

I think that's the last question we've got. Unless there's any last-minute ones, I'm going to hand over to IMC to wrap up.

That's great. Thank you for answering all those questions you could hear from investors.

Of course the company can review all questions submitted today and will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, Maza, could I please just ask you for a few closing comments?

Yes, sure thing. As we said in the presentation, we think of FY26 as a year of delivery, delivery of our strategy.

We're pleased with the evolution of our profitability, we're pleased with our cash position. We are clear on our challenges around growth, particularly customer acquisition, and we are very excited about Shopify and how this tool will enable us to move forward and offer our customers an enhanced shopping experience with Naked Wines.

We are doubling down on what makes Naked different and better. It's all about craft, people, and connection for us, and you can expect us to continue to drive that message home.

We are excited about the future. We strongly believe that the best days for Naked Wines are ahead.

Again, thank you for your time.

Thank you.

That's great. Thank you for updating investors today.

Can I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This may take a few moments to complete, and I'm sure will be greatly valued by the company.

On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.