Becle, S.a.b. De C.v. · BMV:CUERVO
Becle, S.a.b. De C.v — Q4 2025 Earnings Presentation
22 slides from Becle, S.a.b. De C.v's earnings presentation, Feb 27, 2026
Slide 1: 4Q25 & FY25 Conference Call
4Q25 & FY25 Conference Call Becle, S.A.B de C.V. February 27th, 2026 1
Slide 2: Juan Domingo Beckmann, Chief Executive Officer
Juan Domingo Beckmann Chief Executive Officer 2
Slide 3: Long-Term Growth Drivers
Long-Term Growth Drivers Last 3 year CAGR Last 20 years CAGR 7.2% 6.7% 5.4% 1.0% 1.0% 3.0% 2.7% 1.4% 1.0% -3.0% 0.0% (-0.9%) Spirits Beer Wine Spirits Beer Wine Tequila Irish Gin Whisky Rum Vodka Whiskey Spirits has Tequila has been Source: IWSR Data 2024 outperformed the fastest Source: IWSR Data (
Slide 4: Consolidated and Regional Performance
Consolidated and Regional Performance Consolidated Volume Net Sales Value Gross Margin EBITDA FY25 -4.4% -2.0% 56.0% (expanded 250bps YoY) 11.0 billion (23.7% increase YoY) U.S. & Canada Mexico & LatAm EMEA & APAC Positive results led by our We are implementing changes to better premiumization effor
Slide 5: Mauricio Vergara, U.S. & CAN
Mauricio Vergara U.S. & CAN 5
Slide 6: U.S. & Canada 4Q and 2025 Performance
U.S. & Canada 4Q and 2025 Performance We remained focused on the areas firmly within our control Against this backdrop, Tequila continued to stand out as the most resilient full-strength spirits category(2) 2.3% Disciplined Targeted Inventory Execution Pricing Investment Management -3.7% -3.5% -4.7%
Slide 7: US&CAN Category Perspective
US&CAN Category Perspective From a category standpoint, strengthening our leadership position in Tequila continues to be our top priority. At the same time, RTDs represent one of the most attractive growth opportunities where we are currently underrepresented. Industry Volume SOM by Category 2025 In
Slide 8: US&CAN Shipments vs. Depletions
US&CAN Shipments vs. Depletions On a full year basis, shipments & depletions remain fully aligned Quarterly mismatch observed in certain periods was largely a matter of phasing Shipments vs. Depletions Quarterly Evolution -3.6% -4.4% -5.7% -6.4% -6.8% -6.9% -7.2% -9.3% -9.1% -11.6% 1Q25 2Q25 3Q25 4Q
Slide 9: Proximo's Distribution Realignment
Proximo’s Distribution Realignment This decision represents a fundamental shift toward a performance-first infrastructure. We are aligning our portfolio with the premier athletes in the industry. WA ME Distributor MT ND OR MN BreakThru ID WI SD NY WY MI Johnson Brothers IA PA NE NV OH SGWS UT IL IN
Slide 10: Olga Limón, Mexico & LatAm
Olga Limón Mexico & LatAm 10 10
Slide 11: Mexico - NISCAM Data through November 2025
Mexico - NISCAM Data through November 2025 According to NISCAM data through November, our performance in Mexico clearly outpaced the industry. Total Industry Volume Tequila Category Volume +2.5% +3.9% +2.5% Becle Industry -1.4% Becle Industry Total Industry Value Tequila Category Value +2.5% +2.0% V
Slide 12: Mexico – 4Q25 & FY25 Results
Mexico – 4Q25 & FY25 Results It is essential to look beyond the quarterly volatility and focus on the full-year trajectory Mexico FY25 Volume Tequila Volume Depletions Net Sales Value (Excluding b:oost) +1.0% +2.4% -1.0% +0.0% Shipment and Depletion Evolution (Excluding b:oost) 1.6% 1.0% 1.0% 0.5% -
Slide 13: Shane Hoyne, EMEA & APAC
Shane Hoyne EMEA & APAC 13
Slide 14: EMEA & APAC Performance
EMEA & APAC Performance EMEA&APAC Shipments vs. Depletions 9.7% 2.2% 1.5% 0.0% 4Q25 FY25 Shipments Depletions Continued underlying demand despite a challenging trade environment While pricing pressure remains elevated, discounting activity appears to have largely stabilized 14
Slide 15: Rodrigo de la Maza, Chief Financial Officer
Rodrigo de la Maza Chief Financial Officer 15
Slide 16: Key Financial Metrics
Key Financial Metrics 4Q25 Volume to NSV Bridge Gross Margin Evolution 57.8% +110 bps 56.1% 55.1% 55.2% 54.3% 54.1% 0.4% 53.1% 52.6% -8.8% 52.1% -5.7% 48.1% -14.1% Volume Price/Mix FX Impact Net Sales Value In the fourth quarter, the Company reported consolidated net sales of 11.1 billion pesos, ref
Slide 17: Key Financial Metrics
Key Financial Metrics 22.4% YoY % ∆ 21.2% 20.6% -6.8% +260 bps YoY % ∆ 4Q24 4Q25 AMP as a % of NSV 18.6% -2.0% 4.6% YoY % ∆ 4Q24 4Q25 4.2% EBIT Margin -6.5% 4Q24 4Q25 24.4% Distribution as a % of NSV +340 bps YoY % ∆ 11.0% YoY % ∆ 21.0% -0.1% 10.0% -6.2% 4Q24 4Q25 4Q24 4Q25 SG&A as a % of NSV EBITDA
Slide 18: Key Financial Metrics
Key Financial Metrics Net Income Evolution Strong track record of generating Net Cash from Operating Activities 4,123 4,338 Extraordinary ($2,475) 3,458 3,328 3,253 2,196 1,963 2,006 2,112 1,732 1,544 1,591 1,508 1,358 1,166 1,010 907 501 207 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q23 1Q
Slide 19: Lower Leverage
Lower Leverage Lease adjusted Net Debt / EBITDA 2.3x 2.1x 1.9x 1.7x 1.0x 0.9x 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 19
Slide 20: Becle's Performance Makes it Today a Larger, more Profitable and more efficient Company than in 2019
Becle's Performance Makes it Today a Larger, more Profitable and more efficient Company than in 2019 2019 2025 $29,704 MM 45% $43,088 MM Net Sales Net Sales NSV/Case(1) $1,333 NSV/Case(1) $1,774 $3,942 MM 2.0X $8,028 MM RoW Net Sales RoW Net Sales Focus on brand premiumization $15,666 MM 7.5% CAGR $
Slide 21: 2026 Guidance
2026 Guidance 1 2 3 Net Sales Value AMP CAPEX Decline in the low single digit range, on a constant currency Range of 19% to 21% of Net Range of US$90-110 basis Sales Value million dollars 21
Slide 22: Q&A
Q&A 22
Becle, S.A.B. de C.V. — Q4 2025 Earnings Presentation on 6ix