Naked Wines posts higher profitability despite revenue decline in HY26

Naked Wines is turning things around on profitability despite revenues dropping - they've more than doubled their EBITDA whilst cutting customer acquisition spend and shifting their business model. They're pulling back on chasing new customers and focusing on making their existing book work harder, which is a pretty big strategic shift for a company that's built on the subscription model. Worth watching to see if this leaner approach pays off or if revenue decline becomes a real problem.