Corby Spirit and Wine Ltd. reported record third-quarter and nine-month fiscal 2026 results recently, driven by growth in its ready-to-drink business, favourable LCBO shipment timing and gains in spirits market share.
The Toronto-based spirits and wine company said third-quarter revenue for the period ended March 31 rose 21 per cent year-over-year to $58.3 million, while adjusted net earnings increased 67 per cent to $7.6 million. Corby also declared a quarterly dividend of 24 cents per share, payable June 10 to shareholders of record as of May 27.
The company said domestic case goods revenue increased 35 per cent to $48.2 million in the quarter, helped by continued expansion of its ready-to-drink portfolio in Western Canada and Ontario, as well as changes tied to Ontario retail modernization and LCBO ordering patterns. Export sales fell 20 per cent to $3.3 million, while commissions revenue declined 11 per cent to $6 million.
Adjusted EBITDA for the quarter rose 30 per cent to $15.2 million, while earnings from operations increased 63 per cent to $12.5 million.
For the first nine months of fiscal 2026, Corby reported revenue of $200.6 million, up 15 per cent from a year earlier. Adjusted net earnings rose 20 per cent to $27.7 million and adjusted EBITDA increased nine per cent to $52.8 million.
The company said growth during the nine-month period was driven by expansion of its ready-to-drink business across key provinces, spirits market share gains and favourable LCBO shipment timing.
Corby said marketing, sales and administrative expenses increased at a slower pace than revenue growth in both the quarter and year-to-date period, reflecting what it described as disciplined cost management and investments in key brands and partnerships.
Corby president and chief executive Florence Tresarrieu said the company expects fourth-quarter results to moderate as ordering patterns normalize and broader weakness in the spirits market continues.
“Q3 marked a quarter of very strong earnings growth for Corby as we continue to build on the momentum established in the first half of the fiscal year. Revenue grew at a strong pace, driven by the expansion of our RTD portfolio, and benefiting from LCBO order phasing in Q3, while disciplined cost management and strong commercial execution supported even stronger earnings growth. As expected, Q4 is anticipated to be significantly softer as LCBO ordering patterns normalize and spirits market declines persist. Despite this, we remain on track to deliver high single–digit revenue growth for FY2026, reaching a record revenue level for the company.”
Tresarrieu said the company continued to gain market share despite weaker conditions in the broader industry.
“Despite a volatile industry backdrop, our team has demonstrated resilience and agility, enabling us to capture incremental market share across both spirits and RTDs. This reflects the strength of our strategy, portfolio, and partnerships.”
She said Corby plans to continue investing in its brands and ready-to-drink business while maintaining what it described as a prudent approach to costs and capital allocation.
“Looking ahead, our focus remains on delivering sustainable, profitable growth, while maintaining a healthy balance sheet to continue delivering a sustainable dividend to our shareholders. We will achieve this through continued investment in our core brands, continuing to support our RTD business expansion, and capitalizing on new opportunities as the Canadian retail and regulatory landscape evolves, while keeping a prudent approach to managing costs.
“I would like to thank our employees, customers, and partners for their continued commitment, which positions Corby to deliver long-term value for our shareholders.”
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