Canadian spirits producer Corby Spirit and Wine Ltd (CSWa) reported record fiscal 2026 results on Thursday, driven by strong ready-to-drink (RTD) sales and market share gains despite a mixed quarterly performance.
Full-year revenue rose 10% to CAD 271.6 million, with organic growth of 11%, while adjusted earnings per share increased 15% to CAD 1.23. Reported EPS climbed 22% to CAD 1.17, reflecting improved operating leverage. Adjusted earnings from operations advanced 12% to CAD 53.7 million, though operating cash flow declined 17% to CAD 37.1 million due to higher working capital needs and tax payments.
The company maintained its 52-year dividend track record, increasing the annual payout 5% to CAD 0.96 per share, yielding 6.2%. Net debt edged down CAD 2.6 million to CAD 88.4 million, improving the net debt-to-adjusted EBITDA ratio to 1.3x from 1.4x a year earlier. Total shareholder return reached 19% for the year ended June 30, 2026.
Fourth-quarter revenue slipped 1% to CAD 71.1 million, though adjusted earnings from operations rose 3% to CAD 11.8 million. Quarterly dividends increased 4% to CAD 0.25 per share. RTD brands now account for approximately 40% of total revenue, up from prior levels, with volume growth of 18% over the past 12 months compared with category growth of 7%.
Domestic case goods sales fell 3% in the quarter, while export revenue surged 37% as shipments expanded in Turkey, Eastern Europe, the U.S. and the U.K. The company’s Cottage Springs brand retained its leading position in Ontario’s RTD market, supported by product innovations such as the Vodka Soda Freezie and Candy Keys Bag-in-Box formats.
Corby completed the sale of its Lamb’s rum brand for CAD 39.2 million on August 5, 2026. Management also noted the renewal of its distribution agreement with Pernod Ricard through September 2029, with an option to extend for an additional two years.
Shares of Corby Spirit and Wine were up 3.09% at CAD 15.99 in late trading, near the top end of a 52-week range between CAD 13.35 and CAD 16.83.
