Masi Agricola – one of the few Italian wine/spirits companies listed on the stock exchange – has approved the 2024 budget that will be presented to the shareholders’ meeting on May 30. 2024 was a complicated year that saw a setback for almost all companies in the sector. Masi, thanks to a double-digit last quarter, closed with a slight increase in revenues – which stood at €66.8 million, up 0.3% on 2003 – and awaits the debut in the coming weeks of its visitor center in Valpolicella, Monteleone 21, to further develop that “Masi wine experience” that aims to be the key to responding to the general contraction of the market.
It is not the only strategy implemented by the team of “mister Amarone” Sandro Boscaini (pictured): first of all, more and more space in the portfolio for white, rosé and sparkling wines thanks also to the recent landing in Oltrepò Pavese with the purchase of the Casa Re estate and the consequent launch of the Metodo Classico Moxxé del Re sparkling wine. And then, the development of Canevel Spumanti in Valdobbiadene, which continued to grow in 2024, reaching levels of revenue and profitability never achieved before; finally, the search with the growth of the commitment in wine tourism for an increasingly direct contact with the end consumer.
Sandro Boscaini, president of Masi Agricola, explains: «Sales grew progressively over the course of the year, finally landing slightly positive in 2023. We have seen the destock effect that has penalized both our revenues and those of the entire wine sector since the previous year. However, there is still a general slowdown in consumption in all markets, which now affects not only wine, but many other products: too many uncertainties, also due to the many international geopolitical criticalities. In terms of profitability, compared to 2023, the costs for non-recurring services are impacted, linked to the adoption of the status of benefit company and the ‘Masi Green Governance’ paradigm, together with the financial charges resulting from the important investments underway, first of all the new Monteleone21 visitor center in Valpolicella, a real ‘brand house’ on which we are also focusing in terms of wine tourism, which has been open for collective events since the last Vinitaly and will soon also open daily for individual customers. However, we continue to work on brand positioning, omni-channel distribution, direct-to-consumer, product innovation and range expansion».
2024 saw Masi revenues with increasing acceleration: the financial year began with the first quarter at -15.7% compared to the previous year, the figure at 30 June recorded a first halving of the gap to -8.8%, after a second quarter essentially in line, to then see a +10% in the second half, thanks to the fourth quarter (+11.6%) on the third.
The Americas saw Canada make a strong recovery compared to the previous year, particularly in the last quarter, thanks to the opening of alcohol sales in the private retail channel in the province of Ontario, which until now had an exclusive monopoly distribution
These are the main economic data of Masi Agricola:
• Consolidated net revenues 66.8 million euros (66.4 million euros in 2023, +0.6%)
• Adjusted EBITDA 6.7 million euros (7.2 million euros in 2023)
