Italian Wine Brands S.p.a. · MIL:IWB
Italian Wine Brands — FY2025 Earnings Presentation
54 slides from Italian Wine Brands's earnings presentation, Mar 30, 2026
Slide 1: FY 2025 Results
FY 2025 RESULTS March 30th, 2026
Slide 2: Our brands everywhere making customers happy and us too
Our brands everywhere making customers happy and us too.
Slide 3: 3
3
Slide 4: Our Team
4 Our Team Presenting Today ALESSANDRO MUTINELLI GABRIELLA FABOT TI Chairman & CEO CFO & IR
Slide 5: Agenda
5 1 The business in numbers 1.1 IWB at a glance 1 . 2 2 0 2 5 M a i n F i n a n c ia l R e s u l t s 1.3 Value creation path - key numbers 2 How the market cap has moved 2.1 Shares Value 2 . 2 C o n s e n s us AGENDA 2 . 3 G o v e r n an c e & S h a r e h o ld e r s ’ s t r u c t u r e Milan March 2
Slide 6: The business in numbers
6 01 The business in numbers 1.1 IWB at a glance 1.2 2025 Main Financial Results 1.3 Value creation path -key numbers
Slide 7: 1.1 IWB at a glance
1.1 IWB at a glance 7 This is 70+ 395,9 83 Italian Wine Brands TOTAL EXPORT BUSINESS in numbers TURNOVER: IN THE WORLD: over 83% MODEL: Over 70 Owned Brands, +6,2% Ho.Re.Ca +1,6% vs 2024 Private Labels We have a light asset model, not owning the land, but taking care of the key points of the value c
Slide 8: 2025 Main Financial Results
8 STRONG VOLUME GROWTH: +3,65% OUTSTNDING CASH GENERATION 1.2 HO.RE.CA. CHANNEL + 9.6% VOLUME; +6,2% VALUE 2025 Main Adj EBITDA CONFIRMS NEAR HISTORICAL RECORD AT 49,1 MIL Financial Results (despite US tariffs ) ADJ NET RESULT AT 25,6 MILLION EURO (+1,1 % COMPARED TO 2024) OUTSTANDING CASH GENERATIO
Slide 9: 2025 Overview
9 In 2025, Italian Wine Brands demonstrated strong execution capabilities in a challenging market environment for the global wine industry, characterized by volume pressure, value contraction, and structural changes in consumer behavior. 1 The Group maintained its positioning, profitability, and fin
Slide 10: Key Strategic Drivers: Growth and Portfolio
Growth and Portfolio 10 • Increased sales volumes, with a focus on quality and premium positioning. 1 • Strengthening Top Brands as the primary lever for value creation. • Confirmation of leadership in Prosecco production, a key segment in terms of scale and margins .• Introduction of the first no-
Slide 11: Key Strategic Drivers: Operational Efficiency
11 Operational Efficiency • Rationalization of the production structure, including the closure 1 of non-strategic plants. • Greater internalization of production, with benefits in terms of quality control, flexibility, and costs. • Targeted investments in automation and digitalization. …& Key Strate
Slide 12: 1.3 Value creation path – key numbers
1.3 Value creation path – key numbers 12 Revenues (€m) EBITDA adj. (€m) 12,5% 12,5% 12,4% 500 55 13% 11,5% 50 10,7% 10,9% 450 10,3% 11% 45 9,7% 400 9,2% 40 7,8% 8,0% 9% 350 35 300 7% 30 250 25 50,4 49,1 5% 200 429,1 401,9 44,3 390,7 395,9 20 150 313,2 34,0 31,1 3% 15 25,6 100 204,3 10 144,8 145,9 14
Slide 13: How the market cap has moved
13 02 How the market cap has moved 2.1 Shares Value 2.2 Consensus 2.3 Governance & Shareholders’ structure
Slide 14: 2.1 Shares Value
2.1 Shares Value 14 IWB shares compared to EGM Index (LTM) LTM performance recovering compared to EGM after uncertainty due to US tariffs BUT Market Cap at 170 mil is about: 2015 ✓ 4,6x compared to Ebitda Adj ✓ 8,9x compared to Adj Net Result ✓ 7,1x compared to 2025 Cash generation M&A track record
Slide 15: 2.2 Consensus
2.2 Consensus 15 Reccomandation Broker Analyst Target Recommendation 4 brokers currently cover IWB Price Banca Akros Andrea Bonfà 29,0 eur BUY all have BUY recommendation andrea.bonfa@bancaakros.it with an average Target Price at CFO SIM Gianluca Mozzali 39 eur BUY gianluca.mozzali@cfosim.com euro 2
Slide 16: 2.3 Governance & Shareholders' structure
2.3 Governance & Shareholders’ structure 16 Shareholders' Board of Directors Giorgio Pizzolo Alessandro Mutinelli Sofia Barbanera
Slide 17: FY2025 Results
17 03 FY2025 Results
Slide 18: FY 2025 Financial achievements
18 STABLE PROFITABILITY AND OUTSTANDING CASH GENERATION 0 STABLE OUTSTANDING NET REVENUES CASH GENERATION Eur 395,9 m +31,7 m Revenues FY 2025 Volumes +3,65% Vs NFP FY 2024 Financial 3 achievements SOUND IMPROVED Adj PROFITABILITY NET RESULT Eur 49,1 mil Eur 25,6 mil Eb i t d a Ad j u s t e d -2,5%
Slide 19: 3.1 Financial Highlights
3.1 Financial Highlights IWB GROUP 19 NET SALES – KEY HIGHLIGHTS - 7,3 mil euros Distance Selling - 12,5 mil euros lower prices + Better Mix: +25% «Dedicated projects»% + 13,8 mil euro due to higher volumes 401,9 395,9 HO.RE.CA 100% Export revenue increase: +6,2% of which: 90% 59,3 63,0 UK + 7,6% US
Slide 20: 3.1 Financial Highlights: revenues by area and channel
3.1 Financial Highlights 20 ITALY & EUROPE REVENUES BY AREA • High performance UK: +11% 2024 2025 3% 3% • Increasing revenues in Germany: +1% 10% 17% 10% 18% •Strong presence in key markets (North Europe). AMERICAS 69% 70% • IWB’s; exposure to US remains limited (32,8 Italy Europe North America Othe
Slide 21: 3.1 Distance Selling channel mix trend
21 3.1 Financial Highlights Distance Selling channel mix trend FY 2017 FY 2025 11% 39% 45% 37% 53% 16% Direct Mailing Teleselling Digital/Web Direct Mailing Teleselling Digital/Web The share of digital sales is constantly growing. Positive Ebitda Margin in a high competitive market.
Slide 22: 3.2 Net revenue – EBITDA margin
22 3.2 Financial Highlights NET REVENUE – EBITDA MARGIN 12,5% EBITDA margin 12,4 % EBITDA margin FY 2024 FY 2025 450,0 401,9 395,9 400,0 350,0 300,0 250,0 200,0 150,0 100,0 50,4 49,1 50,0 0,0 FY 2024 FY 2025 EBITDA
Slide 23: 3.2 Cost structure
23 3.2 Financial Highlights COST STRUCTURE RAW MATERIAL SERVICES PERSONNEL 65,7 26,0 262,3 25,4 259,6 63,2 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 • Mix improvements • 1,1 mil outsourcing. New contract + temporay employee • Glasses cost reduction mid • 1,2 mil transport. impact single digit.
Slide 24: 3.3 Segment reporting
3.3 Financial Highlights 24 SEGMENT REPORTING 2015 B2B: 41% Revenues 400,0 B2C: 59% Revenues 343,8 345,1 350,0 300,0 2020 250,0 B2B: 59 % Revenues B2C: 41% Revenues 200,0 150,0 14,5% 14,4% 100,0 2,1% 0,1 % FY 2025 49,9 49,8 58,1 50,8 50,0 B2B: 87,2 % Revenues 1,2 0,1 B2C: 12,8% Revenues 0,0 B2B B2C
Slide 25: 3.4 Financial Highlights
25 3.4 Financial Highlights 50 45 49,1 9,8 40 50,4 35 7,4 30 32,0 25,6 Adj 8,8 25 NR 20 23,2 6,6 15 16,6 FY 2025 10 5 +1,1 % vs 0 Ebitda 2025 Depr. Amort. & Non Recurring EBIT 2025 Net Fin. Inc / EBT 2025 Taxes Net Result 2025 Adj NR vs Provisions (Costs) FY 24 50 50,4 45 10,8 40 3,8 25,3 Adj 35 35,
Slide 26: 3.4 NFP walking & Free cash flows yield
3.4 NPF walking & Free cash flows yield 26 140,0 +42,6 mil Free Cash Flow 120,0 18,3 50,4 41,8 -8,3 102,1 9,1 100,0 -9,3 91,5 90,2 -5,1 80,0 -5,5 -10,4 60,0 59,5 FY 2025 40,0 20,0 0,0 +35,3 mil Free Cash Flow 140,0 120,0 46,6 106,2 -3,8 -5,0 100,0 -2,5 -5,0 80,0 70,9 65,1 0,0 59,5 60,0 -36,2 FY 2024
Slide 27: 3.4 Net financial position trend
27 3.4 Financial Highlights NET FINANCIAL POSITION TREND 115,9 mil 89,3 mil 57,6 mil LEVERAGE 2,62 LEVERAGE 1,77 LEVERAGE 1,17 140,0 4,4 120,0 15,2 100,0 12,2 0,4 15,7 80,0 13,4 14,5 3,7 60,0 136,8 134,1 96,3 10,9 40,0 92,1 75,5 20,0 43,1 - FY 2023 FY 2024 FY 2025 Net Debt (€m) IFRS 16 (€m) Def Pric
Slide 28: Market
POGGIO Dnt CONCONE TOSGANA Market 28
Slide 29: Market: import update 2025
4 Market: import update 2025 29 Year-over-Year Variance VOLUME VALUE PRICE 3,8% 1,6% 1,4% 1,5% -0,1% -0,2% -3,1% -2,2% -3,8% -2,3% -3,3% -5,9% * Source: UIV Customs observatory
Slide 30: Market estimates
4 Market estimates 30 Higher expectation in Premium and Luxury segment 1% Expected evolution to 2029 – 2024 base = 100 16% Basic Popular Premium Luxory 49% 34% Basic Popular Premium Luxury Changhe in value 2029/2024 3,5% 3,5% -2,9% -2,6% -5,2% Basic Popular Premium Luxory Totale * Source: UIV Custom
Slide 31: The most interesting niches
4 31 The most interesting niches IWB is in the right product categories, which are expected to grow the most Organic Wines – Key drivers Market CAGR ➢ Millennials 25 Bn US$ 11,3%* ➢ Quality, Health, Sustainability ➢ Packaging innovation 9Bn US$ ➢ European leadership "Poster of the month" NO- LOW Alc
Slide 32: What's next
What’s next 32 " iy
Slide 33: Outlook 2026: Strategic Priorities
33 For 2026, Italian Wine Brands confirms its approach focused on: ❑ Organic growth, driven by brands and strengthening its premium positioning; 5 Outlook 2026: ❑ Development of top brands and enhancement of the most iconic products; Strategic Priorities ❑ Improved profitability and cash generation,
Slide 34: Value Growth Actions
5 Value Growth Actions 34 GDO ITALY ENLARGEMENT TOP LINE STRATEGY TOP BRANDS Italian Market: AI Revenues Increase 8 bn value/ GDO 2,3 bn (Artificial Intelligence) COSTS New Plants efficiency «wrap/pendant» M&A Scouting on going Sustainability Solar plant at full capacity
Slide 35: Conclusion and Q&A
35 06 Conclusion and Q&A Appendix Follow us: rirowines.com
Slide 36: Appendix: Financials
Appendix 1 Financials Italianwinebrands.it
Slide 37: 7.1.1 Net sales – Wholesale
37 7.1.1 Financials NET SALES – WHOLESALE Eur Millions 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ∆ % 24/25 Cagr 16/25 Wholesale – Italy 0,0 0,0 2,5 3,6 5,5 24,7 42,5 40,1 48,7 44,0 (9,60%) NA Wholesale – International 60,1 69,0 74,7 84,0 114,1 187,4 236,6 271,8 235,7 237,9 0,97% 16,52% UK 1,
Slide 38: 7.1.2 Net sales – Ho.Re.Ca
38 7.1.2 Financials NET SALES – HO.RE.CA Eur Millions 2021 2022 2023 2024 2025 ∆ % 24/25 Cagr 16/25 Ho.re.ca. - Italy 0,2 0,5 2,9 2,2 2,5 13,16% NA Ho.re.ca. - International 17,4 41,2 51,9 57,2 60,6 5,94% NA UK 12,8 26,8 27,9 33,6 36,2 7,64% NA USA 1,8 7,3 8,8 8,3 8,9 7,22% NA Germany 0,5 1,4 3,8 2,
Slide 39: 7.1.3 Net sales – Distance Selling
39 7.1.3 Financials NET SALES – DISTANCE SELLING Eur Millions 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ∆ % 24/25 Cagr 16/25 Distance selling Italy 41,0 37,3 31,4 29,7 34,0 32,8 27,6 24,4 22,7 19,6 (13,66%) (7,86%) Direct Mailing 18,1 16,3 14,8 14,1 16,1 15,4 12,3 9,9 8,5 7,0 (17,79%) (9,95%
Slide 40: 7.2 Extended P&L FY 2016 - FY 2025
40 7.2 Financials EXTENDED PL FY 2016 - FY 2025 Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Eur/000 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 31.12.2021PF 31.12.2022PF 31.12.2023 31.12.2024 31.12.2025 Net Sales 145.937 149.736 149.863 157.49
Slide 41: 7.3 Extended BS FY 2016 - FY 2025
41 7.3 Financials EXTENDED BS FY 2016 - FY 2025 (migliaia di Euro) Eur/000 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 31.12.2021PF 31.12.2022PF 31.12.2023 31.12.2024 31.12.2025 Intangibles & Goodwill net of tax reserves 75.890 76.656 78.385 79.424 94.288 208.620 245.899 247.952 246.749 2
Slide 42: 7.4 Extended Cash Flow FY 2016 - FY 2025
42 7.4 Financials EXTENDED CASH FLOW FY 2016 - FY 2025 Eur/000 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 31.12.2021PF 31.12.2022PF 31.12.2023 31.12.2024 31.12.2025 Ebitda reported 14.158 13.422 16.304 23.604 38.809 35.871 40.962 46.620 41.765 +(-) changes in NWC 1.206 (2.186) (1.686) 44
Slide 43: Appendix: M&A Journey & Business Model
• Appendix 2 M&A Journey & Business Model • Italianwinebrands.it
Slide 44: Business Evolution
BUSINESS EVOLUTION M&A Journey and Value Creation path 44 • Integration of acquisitions to maximize synergies and • 1° ever Italian company to • Exploiting value, volumes • Strong market and • Aim to create a unique simplify the business be listed with the aim of and margins from the resilience to C
Slide 45: IWB M&A journey
IWB M&A journey 45 Provinco Italia, founded in Barbanera is based in 1970, had become leader Tuscany and was founded in the production and Enoitalia founded in 1986, had in 1938. It had been export of wine to Italian online shop grown significantly over the years producing wines with international w
Slide 46: One Company
One Company IWB till december 2023 IWB as is since jan2024 Italian Wine Brands Italian Wine S.p.A. Brands S.p.A. Giordano Vini S.p.A. Pro.di.ve S.r.l. 100% 100% Giordano B2C Enoitalia S.p.A. 100% Enovation Brands Inc Raphael 85% IWB Italia Dal Bo AG Provinco Deutschland GmbH Provinco Italia 100% Spa
Slide 47: IWB reshaped the wine Industry in Italy
47 08 IWB reshaped the wine Industry in Italy
Slide 48: IWB reshaped the wine industry
48 In an extremely fragmented market characterized by thousands of small businesses, IWB was the first winery to be listed on the stock exchange in Italy in 0 2015, with the aim of consolidating the sector and expanding competitively across all markets. We achieved the target to become the largest p
Slide 49: We are asset light and focus on cash generation
49 IWB has no agricultural investments, which are capital intensive, have too low profitability, are subject to climate 0 change, and do not allow flexibility in terms of production based on market demands. WE ARE ASSET LIGHT THE VALUE CHAIN: AND WE FOCUS ON 8 Vinification, Sales, Agricultural blend
Slide 50: We are market driven
50 We don't produce anything that isn't already sold! It's a reversed approach compared to agricultural producers, who first produce and then seek customers. 0 We can do that, because we have no investments in vineyards, and we offer to our customers what they love to buy, keeping low inventories, h
Slide 51: Scale, efficiency, competitiveness
51 We are the largest private producer of Italy, we run three state of the art and highly efficient, conveniently located facilities. 0 SCALE, EFFICIENCY, THE IWB COMPETITIVE FACTORS RAW MATERIAL SOURCING HIGHLY COMPETITIVE PRODUCTION LARGEST PORTFOLIO OF BRAND BUILDING STRONG SALES 8 POWER ITALIAN
Slide 52: Our team: Italian wine people
52 The strength of IWB lies in a highly qualified team. 350 motivated employees are committed to delivering 700,000 bottles worldwide every 0 single day. IWB KEY PEOPLE OUR TEAM: ITALIAN > 20 > 30 > 40 WINE QUALITY CONTROLS KEY ACCOUNT 8 WINEMAKERS EMPLOYEES MANAGERS PEOPLE IWB CORE COMPETENCE Growi
Slide 53: Conclusion
53 Conclusion This document has been prepared by IWB SpA (“IWB SpA” or the “Company”) solely for this presentation and does not represent any investment research, recommendation, consulting or suggestion, concerning the Company or its shares or any other securities/financial instruments issued by th
Slide 54: Thank You
Thank You Italianwinebrands.it