In the Italian profitability rankings for the wine sector, the producers of the renowned Sassicaia wine lead the pack. Tenuta San Guido, owned by the Marchesi Incisa della Rocchetta, sits at the top of Corriere della Sera’s 2023 income rankings. The Tuscan company, based in Bolgheri, boasts an impressive profitability index, with an EBITDA to revenue ratio exceeding 60 percent. Not far behind are Jermann from Friuli (57.4%) and another Tuscan winery, Biserno (51.3%), both owned by Marchesi Antinori. Marchesi Antinori also independently occupies the fourth place (50.2%), ahead of Marchesi Frescobaldi (39 percent). Other top-performing wine companies in terms of profitability include Santa Margherita Gruppo Vinicolo (33.2%), Sicilian Cusumano (30.8%), Cantina Pizzolato (29.3%), and Casa Paladin (24.8%). Argiolas, a Sardinian company, rounds out the top ten with a profitability index of 23.8%. The ranking is compiled by journalist Anna Di Martino. According to the study, 28 wine companies recorded a profitability index above 15 percent throughout 2023.
Company size and investments
In terms of company size, Marchesi Antinori leads with 3,350 hectares in production (including those in Chile and the United States), followed by Marchesi Frescobaldi (1,660 hectares), which has surpassed Zonin 1821 (1,600 hectares). Next are Banfi (1,034 hectares) and Tenute del Leone Alato (Generali Group) with 1,018 hectares. In terms of investments, Marchesi Antinori tops the list with over 26 million euros, closely followed by Santa Margherita Gruppo Vinicolo (25.5 million) and Gruppo Caviro (24.7 million euros), a Romagna cooperative which Di Martino calls a "cooperative factor." In the wine sector, cooperatives account for 43.2% of the total business turnover, 35.8% of exports, and 53.1% of domestic revenue. Riunite & Civ (with the GIV group) is the highest-earning company, with 670 million euros in 2023 revenue, followed by Argea (the top private company) with 449.5 million, Italian Wine Brands (429.1 million), Gruppo Caviro (423.1 million euros), Cavit (267.1 million), and Santa Margherita Gruppo Vinicolo (255.1 million).
Top 118 brands end 2023 on a high note
The Corriere della Sera ranking includes 75 private entities and 43 cooperatives (118 companies with over 10 million euros in revenue), which together generated 9.1 billion euros (5.2 billion from exports), an overall increase of 2.7% (3.6% in exports and 1.1% in domestic sales). As Di Martino notes, the companies in the ranking closed 2023 positively, compared to a market that overall registered a decline. Another key point is the market consolidation, as 27 wine companies surpassed 100 million euros in revenue, a scale that will allow them to further expand their operations through significant acquisitions both in Italy and abroad. This is also facilitated by a weak generational turnover, which encourages partial or full sales of businesses. Essentially, "the gap between well-equipped companies and others is widening." This trend favors mergers and acquisitions during challenging times.
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