Tenuta San Guido No. 1 for profitability, Antinori for vineyards and investment: Italy’s wine leader

Tenuta San Guido, cradle of Sassicaia, continues to dominate in terms of profitability, with an index of over 60%; the cooperative Cantine Riunite & Civ (of which Gruppo Italiano Vini - Giv is a part) continues to dominate in terms of turnover, with 670.6 million euros, while the top private entity is the Argea group, with 449.5 million euros. Marchesi Antinori is at the top in terms of investments (26 million euros) and owned hectares under vines with 3,350 hectares in production (considering also the 230 hectares of vineyards in the U.S. and 100 in Chile). These are some of the records that emerge from the now historic and authoritative ranking of the 118 largest Italian wine companies, by economic journalist Anna di Martino, published today in “L’Economia” of the daily newspaper “Corriere della Sera”, which has lined up the 2023 turnovers of the largest Italian wine companies, also analyzing peculiar aspects. A group of companies (75 private and 43 cooperatives), which put together more than 9 billion euros in sales (+2.7% on 2022, with an export growth of 3.6% and an increase in Italy of 1.1%), and 68% of exports, and able to grow, overall, despite a generally declining market.
Looking in more detail, and starting with the fundamental parameter of profitability (reserved for private companies, ed.), Tenuta San Guido of Marchesi Incisa della Rocchetta once again dominates the 2023 profitability ranking, with an index exceeding 60%. “The ratio of gross operating margin (ebitda) to turnover achieved by the Bolgheri maison, world famous for its red Sassicaia, is a chimera for those in the industry”, comments journalist Anna di Martino. But the Top 10 ranking, reserved for private companies only, which photographs the wineries with the highest profitability, is not intimidating. Just look at the result sported by the second in the ranking, Jermann: a Friulian winery, famous for its signature whites, closed 2023 with an index of 57.4%, followed on the third step of the podium by the Tuscan estate Biserno, with a ratio of 51.3 % (now run by Niccolò Marzichi Lenzi). The two companies both belong, with different shares, to Marchesi Antinori, which is, in turn, in fourth place with 50.2% (the figures for Tenuta di Biserno and Jermann are not part of Marchesi Antinori’s turnover, which does not present a consolidated balance sheet, recalls Anna di Martino’s analysis). In fifth place is another prestigious Tuscan label, Marchesi Frescobaldi, with a ratio close to 39%. At No. 6 is another top name as that of the Santa Margherita Group of the Marzotto family, with an index of 33.2% against a turnover of no less than 255.1 million, the largest in this special high-income lounge. From Veneto to Sicily, confirmed in seventh place, with 30.8%, is Cusumano, which improved its result by almost a point on the 2023 ranking. Then two new entries in the club of the 10 best for profitability, namely Pizzolato, in the Treviso area, producer of Prosecco and more, and with properties also in Tuscany, and among the organic pioneers, with 29.3, and then Casa Paladin, with its heart in Veneto but holdings also in Friuli, Franciacorta (with the pearl Castello Bonomi, ed.) and Tuscany, with 24.8%. Closing out the “Top 10” is one of the most important names in Sardinia and historically present in the ranking, Argiolas, with 23.8%. At 23%, with a few ticks of difference, two other important wineries: the Sicilian Donnafugata and the sparkling wine maison Guido Berlucchi, the largest winery in Franciacorta. Close behind this exclusive club, four companies travel with indices above 20%: Campania’s Feudi di San Gregorio (21.9%), Abruzzo’s Fantini Group (21.41%), Sicily’s Tasca d’Almerita (20.8%) and, finally, Tuscany’s Marchesi Mazzei (20.8%).
If profitability is a key parameter for the health of companies, equally significant is the one related to the ability to invest. And so, Anna di Martino’s analysis shows that the one to have invested the most, in 2023, with 26.3 million euros, is still Marchesi Antinori, ahead of the Santa Margherita Group, with 25.5, the Caviro Group with 24.7, Marchesi Frescobaldi, with 22, and Cantine Riunite & Civ, with 20.5. Following, with 12.1 million euros, is Ruffino, and then, with just under 11 million euros, Terra Moretti Vino, owned by the Moretti family, then Tenute del Cerro, owned by the Unipol group, and again Mionetto, while with 9.5 million euros invested closes, the particular ranking, Collis Veneto Wine Group.
Again, looking at the companies that own the most vineyards (again, the ranking is reserved for private groups only) there is still Marchesi Antinori, with its 3,350 hectares in production (considering also the 230 hectares of vineyards in the U.S. and the 100 in Chile); taking second place is Marchesi Frescobaldi with 1,660 hectares (growing), bypassing the Zonin 1821 Group, owner of 1,600 hectares. Fourth place goes to Banfi, with 1,034 hectares in Montalcino, the first entity in the Brunello di Montalcino territory. They are followed in fifth place, with 1,018 hectares, by Tenute del Leone Alato, a winemaking hub controlled by Leone Alato, an agribusiness holding company of the Generali Group. “Led by Igor Boccardo, the estates have strengthened their vineyard ownership with the purchase of Duemani in Tuscany and Vigneti Fassone in Piedmont. This brings to five the number of estates that can boast more than 1,000 hectares under vine”, journalist Anna di Martino further points out. It is followed, in sixth position, by the Terra Moretti group, chaired by Francesca Moretti and led by managing director Massimo Tuzzi, with a property of 899 hectares spanning Franciacorta, Tuscany and Sardinia. Position No. 7 for Tommasi Family Estates, which started in the Veneto region (in Valpolicella) and has put together an estate of 800 hectares in several leading territories throughout Italy (from De Buris in Valpolicella to Casisano in Montalcino to Paternoster in Basilicata), while at No. 8 is still the Santa Margherita Group, with 608 hectares in its various estates. Closing out the “Top 10” are the Sicilian Cusumano (530 hectares) and Antonio Capaldo’s Feudi di San Gregorio, which, starting in Irpinia, has increased the number of hectares under vine to 510, in several important territories in Italy (from Basilisco, the iconic winery in Vulture, to Campo alle Comete, in Bolgheri, and Galardi, producer of the iconic Terra di Lavoro wine, still in Campania).
Among the rankings that still emerge from Anna di Martino’s analysis is that of the wineries most exposed abroad by share of turnover. Where Cantine Sgarzi Luigi dominates, realizing 99.9% of its business abroad, ahead of Fantini Group, led by Valentino Sciotti, with 95%, ahead of the Pizzolato winery, with 93.5, and again Ruffino, with 91%, as well as Castellani, and, above 90%, Carpineto, led by Antonio Michael Zaccheo, also ranks. Also among the top 10 by export share were Argea (89.9%), La Marca Vini e Spumanti (87%), Pasqua Vigneti e Cantine (86.4) and Tommasi Family Estates (86.3%). And among the wineries that saw the greatest growth in foreign sales (among those with an export share of more than 30% of the total) at the top are Mack & Schuhle Italia (+51.5%), Cantine 4 Valli (44, 9%), Toso (44.6%) Cantina Valpolicella Negrar (43.4), Citra Vini (32.8), Viticoltori Friulani La Delizia (27.1%), Colomba Bianca (22.1%), Cantina Tollo (21.8%), Terre Cevico (17%) and Serena Wines (16.1%). While among the names that have grown the most in Italy, there are still Mack & Schuhle Italia (98.5 %) and Cantine 4 Valli (42.7%), and then Le Tenute del Leone Alato (30.2%), Masi Agricola (23.9%), Umani Ronchi (20.7%), Vinicola Decordi (20%), Tenute del Cerro (19.2%), Terre Cevico (17.1%), Dievole (14.8%) and Marchesi Frescobaldi (14.4%).
It is an articulate portrait that emerges from the numbers, and which reflects, after all, the complexity of Italian wine. Which, despite a difficult context in the markets, sees so many companies, although very different, continue to grow and achieve important results in the market.