The Board of Directors of Masi Agricola S.p.A. has approved the 2025 consolidated financial statements, closing with net revenues of €64.4 million, a slight decrease compared to the €66.8 million recorded in 2024, equal to –3.7% at current exchange rates and –1.9% at constant exchange rates. In a context marked by declining consumption and strong macroeconomic instability, the group highlights operational solidity thanks to the growth of Adjusted EBITDA, which rises to €7.1 million (vs. €6.7 million in 2024), and an improvement in the gross industrial margin, which reaches 63.2% compared to 60.1% the previous year. EBIT stands at €1.7 million, and the net result shows a contained loss of –€1.4 million, partly penalized by unfavorable currency effects and caution in foreign markets. Net financial debt increases moderately to €28.5 million, reflecting the group’s significant ongoing investments, including the completion of the Monteleone21 hub in Valpolicella.
Sandro Boscaini, President of Masi Agricola: “Wine can no longer be just a product—it must become a cultural and territorial narrative”
Commenting on the results, President Sandro Boscaini highlighted a profound shift in the market:
“2025 confirmed that consumers’ general attitude toward wine has changed: it is no longer enough to offer it in its mere product form. It is the sector’s responsibility to valorize wine as an emblem of a territory, understood in its landscape, historical and cultural dimensions.”
The President emphasized the key role of the Masi Wine Experience, which in 2025 further strengthened the brand’s presence through new openings: the major experiential hub Monteleone21, officially inaugurated during the year, is already a destination for international wine tourism, while the new Masi Wine Bar & Restaurant at Verona Airport has become a symbolic “gateway to the Venezie,” integrating food, wine and lifestyle.
The Global Context: Declining Consumption, Inflation, Regulatory Pressures and New Consumption Habits
The Board’s report outlines a critical scenario for the entire wine sector in 2025. Major world markets have seen a widespread reduction in consumption linked to declining purchasing power and the impact of inflation on the restaurant industry, which has caused significant price increases. Distributors, concerned by geopolitical uncertainty and slowing consumption, maintained reduced stock levels.
Additional challenges include communication and regulatory pressure against alcohol, the rise of new categories such as cocktails and ready‑to‑drink beverages—especially among younger consumers—and a penalization of premium wines in more mature markets. The year was particularly difficult for Veneto red wines in Canada and Scandinavia, historically important areas for the group.
The academic analysis “Resilience and Preparation for the Next Global Wine Consumption Cycle”, cited by Masi, highlights how the current phase is part of a broader economic cycle destined to evolve: with inflation slowing, the wine market could return to growth in the coming years, but with different consumers and new tastes. White wines and sparkling wines are indeed growing, while wine tourism is becoming increasingly strategic—an asset Masi has long been committed to developing.
Masi Agricola’s Strategies: More Whites, Sparklings, Tourism and Sustainability
The group highlights three levers that mitigated the crisis. The first is the expansion of the portfolio toward white, rosé and sparkling wines, with strategic moves such as entry into the Oltrepò Pavese and consolidation of Canevel.
The second is the growth of the Masi Wine Experience network, which brings the brand closer to the final consumer through estates and lifestyle venues—a segment that also grew in 2025.
The third concerns sustainability, strengthened through the statutory model Masi Green Governance, which guides all corporate activities.
These choices represent long‑term investments and generated costs not yet fully remunerative in 2025, but they form the structural foundation of the group’s future strategy.
Market Analysis: Better Sales Mix but Revenues Penalized by Exchange Rates
Geographically, 2025 saw revenue declines across all major areas: Italy –1.3%, Europe –6.9%, Americas –2.8% and Rest of the World –5.7%, with a strong impact from exchange‑rate effects, especially overseas.
However, the commercial mix improved, with a growing share of Top Wines (27.4%) and Premium Wines (46.8%), while the Classic segment decreased—a trend confirming the brand’s ability to maintain value positioning even in a difficult market phase.
The gross industrial margin rose to 63.2% thanks to a different composition of inventories and early vinification of Amarone. Adjusted EBITDA increased to 11.1%, while service and personnel costs rose mainly due to the opening of Monteleone21.
On the financial front, the group reorganized its structure through a ten‑year €40 million mortgage loan, supported by a 50% SACE guarantee, aimed at optimizing debt and investments.
Masi Agricola: A Year Rich in Awards, New Labels and the Opening of Monteleone21
2025 was also a year rich in symbolic milestones. Sandro Boscaini received the “Lifetime Achievement Award 2024” from Wine Enthusiast, recognizing a career dedicated to the global innovation of Amarone. The Masi Wine Bar in Munich was awarded for the second consecutive year by Gambero Rosso’s Top Italian Restaurants Guide.
On the product front, Masi presented several innovations for international markets:
the Metodo Classico Moxxé del Re Rosé 2021 Oltrepò Pavese DOCG, the Canevel Valdobbiadene Superiore Cartizze Brut, and the new brands Sanroseda (Argentinian varietals) and Tripoggi (organic Tuscan wines).
Among cultural initiatives, the opening of Monteleone21 to the public stands out—an experiential hub dedicated to the world of Amarone, hosting the site‑specific installation “L’Anima dell’Amarone” by Maestro Fabrizio Plessi, a work combining oenological tradition and artificial intelligence.
Outlook 2026: Cautious Markets but Solid Fundamentals
Looking ahead to 2026, Masi Agricola expects markets to remain cautious, both in the HoReCa channel and in retail, hampered by geopolitical uncertainty and global caution. Nevertheless, the strategy pursued in recent years—diversification, value focus, wine tourism and direct consumer engagement—forms a solid base for tackling the next economic cycle.
The group reaffirms a vision founded on three pillars: strengthening in established markets, expanding the offer linked to the territories of the Venezie, and direct contact with the consumer—elements that position Masi as a case of resilience recognized even in academic circles.
