TORONTO, Ontario — February 11, 2026 — Leads & Copy — Corby Spirit and Wine Limited reported strong fiscal second-quarter and record first-half results, driven by ready-to-drink (RTD) business expansion and market share gains in spirits.
The company’s Q2 revenue reached $66.9 million, a 9% increase year-over-year, with organic revenue up 10%. First-half revenue hit a record $142.3 million, up 12%, with organic revenue up 13%. Adjusted net earnings for Q2 were $9.1 million, up 8%, and for the first half, $20.1 million, up 8%.
A quarterly dividend of $0.24 per share was declared, marking a 4.3% increase.
Domestic case goods revenue for Q2 rose by 12% to $53.4 million, fueled by RTD business growth following route-to-market modernization in Ontario and market share gains in spirits. Commissions totaled $7.8 million, down 8% year-over-year, partially offset by favorable LCBO ordering patterns. Export case goods sales increased 25% to $4.8 million, driven by strong sales execution and renewed channel pipeline fill in strategic markets.
Marketing, sales, and administrative expenses remained broadly stable at $18.4 million, up 1%, reflecting investments in key brands and cost management.
Earnings from Operations and Adjusted Earnings from Operations totaled $13.8 million, up 6%. Adjusted EBITDA for Q2 was $17.3 million, up 1%.
For the first half of fiscal 2026, domestic case goods revenue increased 14% to $113.7 million, supported by RTD business expansion and spirits market share gains. Commissions revenue contracted modestly by 1% to $16.0 million. Export revenue increased 38% to $9.7 million, driven by new channel pipeline fill in strategic markets and recovery of shipments to the US and innovation launches in the UK.
Marketing, sales, and administrative expenses were $38.5 million, up 6%, below Net Sales growth, reflecting ongoing cost management. These investments supported the growing RTD business, brand-building, and partnerships, including the J.P. Wiser’s partnership with the National Hockey League.
Earnings from Operations and Adjusted Earnings from Operations totaled $30.3 million, up 8% and 6%, respectively. Adjusted EBITDA for the first half was $37.6 million, up 2%.
Cash Flow from Operating Activities totaled $37.0 million, up 4%. The company closed Q2 with a Net Debt / Adjusted EBITDA ratio of 1.1x. Corby recorded a dividend payout ratio of 57% over the last four quarters.
According to Corby’s President and Chief Executive Officer, Florence Tresarrieu, the company delivered another strong quarter, strengthening momentum built in the first half of the fiscal year. Tresarrieu cited record H1 revenue and continued earnings growth as evidence of the strength and balance of the company’s diversified portfolio.
In Q2 FY26, Corby delivered exceptional results in a weaker market impacted by changes in the beverage alcohol landscape in Ontario, further compounded by the British Columbia General Employees’ Union (BCGEU) labour strike. While the overall spirits category declined 4% in value relative to the comparable period last year, Corby’s spirits retail sales achieved value growth of 2%. Corby RTDs increased 28% in value in Q2 FY26 compared to the same quarter last year, significantly outperforming the overall RTD category, which grew 11% in value.
The Board of Directors declared a regular quarterly dividend of $0.24 per Voting Class A Common Share and Non-Voting Class B Common Share of the Company, an increase of $0.01, or +4.3% from the previous quarterly dividend of $0.23 per share. This dividend is payable on March 11, 2026, to shareholders of record as at the close of business on February 25, 2026.
Corby management will host a conference call on Thursday, February 12, 2026, at 9:00 a.m. (EST) to review and discuss the financial and operational results for the Q2 and H1 FY26 periods.
For further details, please refer to Corby’s Management’s Discussion and Analysis and interim condensed consolidated financial statements and accompanying notes for the three-month and six-month periods ended December 31, 2025, prepared in accordance with IFRS Accounting Standards, available on www.sedarplus.ca and www.corby.ca/investors.
Source: Corby Spirit and Wine Limited
