From U.S. tariffs to slowing markets and shifting consumer tastes, through renewed governance and new horizons for the Friuli project I Magredi: Pierluigi Bolla, President of Valdo Spumanti, shares insights on a 2025 marked by challenges and restarts, as well as plans and upcoming product innovations for the 2026 Centennial.
President Bolla, let’s start with 2025: What kind of year was it for Valdo and Italian wine?
It was a very complex year—almost a turnaround year for the sector, comparable—though in a completely different context—to 1986, when the methanol scandal forever changed our approach to the market.
In 2025, we woke up abruptly to a situation that had been brewing for some time: weaker global consumption, production continuing to grow in volume, and a tougher competitive environment. The introduction of U.S. tariffs was the spark that exposed this fragility. In some way, Trump was what made us open our eyes.
Is this perhaps the end of an era for Italian wine—the enthusiasm of the ’90s and 2000s when everything grew automatically?
Yes. Today we live in a world where consumption is lower but production is higher. And we Italians, with a less flexible regulatory system compared to the French, are penalized. In such a scenario, competitiveness, reorganization, and innovation become essential levers to remain strong.
Does the change also concern consumers and their tastes?
It’s now clear they are moving away from heavy, intense wines. They seek lighter, fruitier, and even more aromatic products. In this sense, the sparkling wine segment has held up better than reds. The wine market is changing rapidly, and 2025 was clear proof of that.
How did Valdo respond in this context? Was internal reorganization decisive?
We had already decided to reorganize the company before all this emerged. The appointment of a general manager and a new governance structure stemmed from a long-term strategic vision, also linked to a future generational transition.
It was a decision made at the right time: today, stronger and more structured market management is needed. This approach led to the definition of a 5–7-year development plan. We are working on investments and new growth policies that will guide Valdo’s commercial and production future.
What are Valdo’s long-term goals?
Valdo remains a leading company in sparkling wines, with a strong identity in Prosecco. But in recent years, we have chosen to broaden our scope. Today we operate in four production areas: Valdobbiadene and Treviso, Verona, Sicily, and—most recently—Friuli with I Magredi. This allows us to develop new supply chains, work on traceability, invest in sustainability, and build a broader vision compared to the 2000s.
What does the acquisition of the Friulian winery I Magredi represent for Valdo?
For us, it’s the beginning of a Beautiful Story. Not just Friulian sparkling wines, but also whites and reds—because my family, before sparkling wines, started as producers of Soave and Valpolicella at the end of the 19th century.
Friuli gives us access to extraordinary international grape varieties such as Pinot Noir, Chardonnay, Sauvignon Blanc, and Pinot Blanc. We’re talking about a top-level supply chain, ideal for sparkling and still wines. It’s a challenge looking toward 2030 and beyond.
Looking at markets: Which areas performed best in 2025?
We will close the year with overall stability compared to 2024, both in revenue (Valdo exceeded €72 million in the past 12 months, with EBITDA at 10%) and in bottles. But performance varies greatly by market.
In the U.S., we chose a cautious approach: we did not anticipate shipments, avoiding speculative behavior and defending margins in a context of tariffs and a weak dollar. This resulted in a slight decline in shipments.
Similar situation in the UK: for two years, we have pursued a policy focused on margins rather than volumes. At the same time, other markets showed positive dynamics, such as Switzerland and Austria, which performed well. In Germany, we grew, although we now see signs of slowing consumption.
Italy is recovering, even though the Horeca sector is going through a delicate phase despite strong tourist flows. In short, lights and shadows, but the overall result for 2025 will be positive.
Does Russia remain an international uncertainty?
It was a strategic market. Today, significant international investment is very complicated. Greater geopolitical stability is needed.
2026 marks Valdo’s Centennial: What are you planning?
It will be a very special year. We are defining a series of internal and external events: something at Vinitaly and then at the company, because we want to celebrate not only with clients and partners but also with those who have built Valdo over the past twenty years.
Can you anticipate any product news for 2026?
We will certainly have a commemorative label for the 100th anniversary. In addition, we are considering launching other wines during 2026. With I Magredi, we closed 2025 with a natural sparkling Pét Nat of 3,000 bottles—a small symbol of what we mean by Beautiful Stories. Probably next September, there will be another special new entry.
