Tenuta San Guido top for profitability, Antinori (also) for vineyards: the “No. 1s” of Italian wine

The Marchesi Incisa della Rocchetta’s Tenuta San Guido, the “cradle” of the legendary Sassicaia, has once again been confirmed the number 1 winery in Italy in profitability; its ratio between gross operating margin and turnover is 62.2%. The Friuli brand Jermann, now controlled by Marchesi Antinori, follows at a distance, at 54.5%, and in third place, Antinori at 53.3%. Next in the top 5 ranking is Biserno (founded by Lodovico Antinori, in the Bolgheri area, and today co-owned by the siblings Piero and Ilaria Antinori, and led by Niccolò Marzichi Lenzi, Ilaria’s son), at 50.4%, and then Marchesi Frescobaldi, at 39%. The results of the journalist Anna Di Martino’s report on the 2024 turnover of Italian wineries, published in the section, “L’Economia” of the daily, “Il Corriere della Sera” (we had reported the previews of companies with the highest turnovers in April 2025), put the colossal Cantine Riunite & CIV clearly dominating at 676.6 million euros in 2024, of which 428 million euros attributed to the subsidiary Gruppo Italiano Vini - GIV. Argea followed at 464.2 million euros, ahead of another big company, also listed on the stock exchange, Italian Wine Brands, at 401.9 million euros. Next, the Cooperative giant Caviro, at 385.2 million euros in turnover, and then Marchesi Antinori, the leading private company in Italian wine, at 262.5 million euros in turnover related to the core wine business alone, ed.). The leading companies in terms of profitability are the Sardinian brand, Argiolas, at 36.2% (jumping +13% compared to 2023), next the Marzotto brothers’ Herita Marzotto Wine Estates group at 32%, followed by Cusumano at 30.5%, the “new entry” ColleMassari (28.2%) and the Abruzzo group Fantini created by Valentino Sciotti, at 26.6% (just outside the “top 10”, and profitability above 20%, Feudi di San Gregorio at 25%, Marchesi Mazzei at 22%, and Donnafugata at 20%).
Among the major wineries in vineyard ownership (the ranking excludes Cooperatives, as well as profitability, since the Cooperative world's goal is to redistribute value to its members, ed.), Marchesi Antinori dominates, counting 3.350 hectares, including properties abroad, Anna di Martino pointed out. In second place, Marchesi Frescobaldi, at 1.700 hectares, followed by the Zonin 1821 Group, at 1.450 hectares of vineyards. Completing the category’s “Top 10” are Banfi, a leading company in the Brunello di Montalcino area, counting 1.015 hectares, followed by the Terra Moretti Group of the Moretti family led by Massimo Tuzzi, at 8.99 hectares between Franciacorta, Sardinia and Tuscany, and then Tommasi Family Estates at 800 hectares spread across seven regions (the last one is the Ammura winery in the Etna Natural Park in Sicily), Tenute del Leone Alato, a winemaking hub controlled by Leone Alato, an agri-food holding company of the Generali Group, at 629 hectares, and then Cusumano (534 hectares), Herita Marzotto Wines Estates (524) and Feudi di San Gregorio (510).
Two distinctive aspects - profitability and company-owned vineyards - emerged from an analysis of the financial statements of Italy’s 115 largest wineries. According to business journalist Anna Di Martino, these companies “represent the peak of the National wine industry that are confronted by a challenging market, which this year as well is severely testing winemakers of all sizes. The core of the 115 largest companies is undoubtedly the strength to be able to sustain the entire sector’s results in the toughest years, such as 2024. They represent a significant segment of the National wine industry, and that is, 63% of total turnover, equal to 14.5 billion euros in 2024, according to estimates from the Italian Wine Union (UIV) Observatory. This specific weight is significant to exports as well (65.2% of total exports) and the domestic market, where they account for 60.2% of the total”. The ranking includes 75 private companies and 40 Cooperatives, which together registered a total turnover of 9.1 billion euros total in turnover (up 1.1% compared to 2023), exports at 5.3 billion euros (+1.8%) and 3.8 billion euros in Italy (+0.1%). “There is strength in unity more than ever this year, because behind the positive final results, there are many negative signs throughout the ranking in terms of turnover. Nonetheless, the market is holding up, as the 27 brands that have reached and exceeded 100 million euros in turnover, have rightfully joined the “over 100 million euros club”, the survey, published in “L’Economia - Corriere della Sera, number 13” continued, underscoring the current significant challenges across all markets and channels.
Going back to the rankings, Cooperatives account for 42.7% of total turnover, 34.7% of exports, and 53.8% of domestic revenue. “It is a world that continues to show exceptional vitality, leading major transactions. In 2023, the Collis Veneto Wine Group joined the over-100 million club and in 2024 Cantina Conegliano Vittorio Veneto Casarsa, which merged with Viticoltori Friulani La Delizia, joined the elite circle. The new top-level Cooperative is the largest in the Prosecco area, boasting a turnover of almost 150 million euros”. One of the new entries in the ranking, Anna Di Martino highlighted, is the PaoloLeo Winery in San Donaci, which recently acquired Candido, also in the area, and ColleMassari Estates, owned by the Tipa Bertarelli family, including the ColleMassari, Grattamacco, Poggio di Sotto, and San Giorgio wineries, operating in the Montecucco, Bolgheri, and Montalcino areas.

Focus - The 2024 “Top 10” Italian wineries, by category, according to economic journalist Anna di Martino’s ranking for the daily, “Corriere della Sera”

The 2024 top private producers in turnover:
1 - Argea - 464.2 million euros
2 - Italian Wine Brands - 401.9 million euros
3 - Marchesi Antinori - 262 million euros
4 - Herita Marzotto Wine Estates - 248.2 million euros
5 - Fratelli Martini - 233 million euros
6 - Gruppo Zonin 1821 - 209.3 million euros
7 - Mack & Schuhle Italia - 205.6 million euros
8 - Mionetto - 180.9 million euros
9 - Tenute Piccini - 179 million euros
10 - Marchesi Frescobaldi - 165 million euros

The 2024 top Cooperatives in turnover:
1 - Cantine Riunite & CIV- 676.6 million euros
2 - Gruppo Caviro - 385.2 million euros
3 - Cavit - 253.2 million euros
4 - La Marca Vini e Spumanti - 251 million euros
5 - Collis Veneto Wine Group - 219.3 million euros
6 - Gruppo Mezzacorona - 212.4 million euros
7 - Terre Cevico - 206.2 million euros
8 - Gruppo Vi.V.O. Cantine - 178.2 million euros
9 - Conegliano Vittorio Veneto - 149.8 million euros
10 - Cantine Ermes - 142.7 million euros

The 2024 Top Ten profitability (EBITDA/Turnover Report, excluding Cooperatives):
1 - Tenuta San Guido – 62.60%
2 - Jermann - 54.56%
3 - Marchesi Antinori - 53.26%
4 - Biserno - 50.46%
5 - Marchesi Frescobaldi - 38.97%
6 - Argiolas - 36.22%
7 - Herita Marzotto Wine Estates - 32.26%
8 - Cusumano - 30.56%
9 - Collemassari - 28.28%
10 - Fantini Group Vini - 26.65%

The 2024 Top Ten largest vineyards:
1 - Marchesi Antinori - 3.350 hectares
2 - Marchesi Frescobaldi - 1.700 hectares
3 - Gruppo Zonin 1821 - 1.450 hectares
4 - Banfi - 1.015 hectares
5 - Terra Moretti Vino - 899 hectares
6 - Tommasi Family Estates - 800 hectares
7 - Le Tenute Leone Alato - 629 hectares
8 - Cusumano - 534 hectares
9 - Herita Marzotto Wine Estates - 524 hectares
10 - Feudi di San Gregorio - 510 hectares