Italian Wine Brands S.p.a. · MIL:IWB
Italian Wine Brands — Frankfurt Investors Conference 2025
35 slides from Italian Wine Brands's conference presentation, Apr 16, 2025
Slide 1: 2024 FY Results
2024 FY RESULTS Frankfurt, April 16th, 2025
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 4 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 IWB vs Peers 2.3 Share Value & Market cap AGENDA 2 . 4 C o n s e n s us 2 . 5 G o v e r n an c e & S h a r e
Slide 6: The business in numbers
6 01 The business in numbers 1.1 IWB at a glance 1.2 2024 Main Financial Results 1.3 Value creation path -key numbers
Slide 7: IWB at a glance
1.1 IWB at a glance 7 This is 70+ 402 80 Italian Wine Brands TOTAL EXPORT BUSINESS in numbers TURNOVER: 402 mln euros IN THE WORLD: over 80% MODEL: Over 70 Owned Brands, Private Labels We have a light asset model, not owning the land, but taking care of the key points of the value chain: ➢ winemakin
Slide 8: 2024 Main Financial Results
8 IN THE 10th YEAR SINCE THE LISTING, ITALIAN WINE BRANDS ANNOUNCES FOR 2024: TOP BRANDS GROWTH STRATEGY SUCCESS (+9%) WITH HIGH MARGINS 1.2 AND TOTAL REVENUES EQUAL TO € 401.8 MILLION 2024 Main Adj EBITDA EXCEEDS EXPECTATIONS AND REACHES A HISTORICAL HIGH OF € 50,4 MILLION EQUAL TO. 12.5% Financial
Slide 9: Value creation path – key numbers
1.3 Value creation path – key numbers 9 Revenues (€m) 500 EBITDA adj. (€m) 12,5% 450 55 12,5% 13% 11,5% 400 50 10,7% 10,9% 10,3% 11% 45 9,7% 350 9,2% 40 7,8% 8,0% 9% 300 35 250 30 7% 200 429,1 401,9 25 50,4 390,7 5% 44,3 150 313,2 20 34,0 31,1 3% 15 100 204,3 25,6 144,8 145,9 149,7 149,9 157,5 10 18
Slide 10: How the market cap has moved
10 02 How the market cap has moved 2.1 Shares Value 2.2 IWB vs Peers 2.3 Share Value & Market cap 2.4 Consensus 2.5 Governance & Shareholders’ structure
Slide 11: Shares Value
2.1 Shares Value 11 IWB shares compared to EGM Index (LTM) LTM performance is better than EGM but Market Cap at 200 mil corresponds to ✓ 4x compared to Ebitda Adj ✓ 8,8x compared to Net Result 2015 ✓ 7,5x compared to 2024 Cash generation EV/Ebitda adj: 5,7 - - - EV/Ebitda: 6,2 M&A track record Sourc
Slide 12: IWB vs Peers
2.2 IWB vs Peers 12 Market CAP Sales Ebitda EV/Ebitda (x) COMPANY Country Eur Mil Eur Mil % 2024 E 2025 E 220 402 12,5% 6,2x 5,6x 5.261 1.857 31,1% 10,8x 9,6x 626 294 30,3% 9,4x 8,7x 239 255 22% 13,2x 11,6x 114 303 16,7% 14,5x 14x 141 66 11,7% 22x 15,9x 818 923 15,8% 8,9x 8,3x 112 467 11,1% Wine pro
Slide 13: Shares Value & Market Cap
2.3 Shares Value & Market Cap 13 2015 M&A track record MARKET 60 55 72 88 94 154 365 260 180 200 mil mil mil mil mil mil mil mil mil mil CAPITALISATION source
Slide 14: Consensus
2.4 Consensus 14 Broker Analyst Target Recommendation Status Quo Price Banca Akros Andrea Bonfà 32,0 eur BUY andrea.bonfa@bancaakros.it 4 brokers currently cover IWB CFO SIM Gianluca Mozzali 37,5 eur BUY gianluca.mozzali@cfosim.com all have BUY recommendation Alessio Olmi with an average Target Pric
Slide 15: Governance & Shareholders' structure
2.5 Governance & Shareholders’ structure 15 Shareholders' 5,71% Board of Directors 14,80% 8,10% 71,39% Free float Provinco srl Gruppo Pizzolo Otus Capital Giorgio Pizzolo Alessandro Mutinelli Sofia Barbanera
Slide 16: 2024 FY Results
16 03 2024 FY Results
Slide 17: 2024 FY Financial achievements
17 HIGHER PROFITABILITY AND OUTSTANDING 0 CASH GENERATION STABLE OUTSTANDING REVENUES CASH GENERATION 2024 FY Eur 401,9 m Revenues +26,6 m Financial 3 -6,3% vs FY 2023 Vs NFP YE 2023 achievements SOUND & INCREASED IMPROVED NET PROFITABILITY RESULT Eur 50,4 mil + Eur 22,6 mil Eb i t d a Ad j u s t e
Slide 18: Financial Highlights: Net Sales
3.1 Financial Highlights IWB GROUP 18 NET SALES – KEY HIGHLIGHTS • - 4 mil euros Distance Selling • - 12 mil euro due to lower volumes/PL + Better Mix: Top Brands* about +9% • - 11 mil euros lower prices 428,9 401,8 HO.RE.CA 100% • Export revenue increase: +10% of which: 54,8 Uk + 20,5% 90% 59,3 Ire
Slide 19: Financial Highlights: Revenues by Area and Channel
3.1 Financial Highlights 19 REVENUES BY AREA ITALY & EUROPE 2023 2024 3% 3% • High performance in Italy: +9.3% 9% 16% 10% 18% • Strong presence in key markets (UK /DE/CH/). • Increasing revenues in strategic & high potential markets: East Europe +17%) AMERICAS 72% 69% Italy Europe North America Othe
Slide 20: Distance Selling channel mix trend
20 3.1 Financial Highlights Distance Selling channel mix trend FY 2017 FY 2024 11% 36% 46% 37% 53% 18% 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 21: Net Revenue – EBITDA Margin
21 3.2 Financial Highlights NET REVENUE – EBITDA MARGIN 10,3% EBITDA margin 12,5% EBITDA margin FY 2023 FY 2024 500,0 450,0 429,1 401,9 400,0 350,0 300,0 250,0 200,0 150,0 100,0 44,3 50,4 50,0 0,0 FY 2023 FY 2024 Revenues EBITDA
Slide 22: Cost Structure
22 3.2 Financial Highlights COST STRUCTURE RAW MATERIAL SERVICES PERSONNEL 291,6 70,9 262,3 25,1 25,4 65,7 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 • Mix improvements • 0,6 mil utilities. Increase due to additional internal • Dry products cost reduction./ • 1,8 mil sinergies productions that
Slide 23: EBITDA Increase
23 3.2 Financial Highlights EBITDA INCREASE 8,8% 11,7% 11,5% 13,5% 30,0 28,5 27,1 25,0 21,9 20,0 17,3 Better mix and Synergies 15,0 impact 10,0 5,0 0,0 Ebitda H1 Ebitda H2 2023 2024 Revenues 196,8 191,2 232,4 210,7
Slide 24: Segment Reporting
3.3 Financial Highlights 24 SEGMENT REPORTING 2015 B2B: 41% Revenues 400,0 B2C: 59% Revenues 350,0 343,8 300,0 2020 250,0 B2B: 59 % Revenues B2C: 41% Revenues 200,0 14,5% 2,1% 150,0 2024 100,0 B2B: 71 % Revenues 49,9 58,1 50,0 B2C: 29% Revenues 0,0 1,2 B2B B2C Revenues EBITDA Increasing revenues wit
Slide 25: EBITDA to Net Result bridge
25 3.4 Financial Highlights 50 45 50,4 10,8 40 3,8 35 35,8 5,0 30 25 30,8 8,2 20 22,6 +37% vs FY 23 FY2024 15 10 5 0 Ebitda 2024 Depr. Amort. & Non Recurring EBIT 2024 Net Fin. Inc / EBT 2024 Taxes Net Result 2024 Provisions (Costs) 50 45 40 44,3 13,6 35 30 3,4 25 27,4 7,8 20 FY2023 19,6 3,1 15 16,5
Slide 26: NFP walking & Free cash flow yield
3.4 NPF walking & Free cash flows yield 26 140,0 +31,3 mil Free Cash Flow 120,0 50,4 46,6 FCF Yield Ltm> 18% -2,0 102,2 100,0 -5,0 -8,2 -5,0 80,0 70,9 65,1 0,0 59,5 60,0 -32,2 -5,6 40,0 FY2024 20,0 0,0 120,0 +33,7 mil Free Cash Flow 41,0 3,4 100,0 94,7 -7,6 -3,1 80,0 -7,8 71,2 0,0 70,9 61,0 -15,7 -0
Slide 27: Net Financial Position trend
27 3.4 Financial Highlights NET FINANCIAL POSITION TREND 146,5 mil 115,9 mil 89,3 mil LEVERAGE 4,72 LEVERAGE 2,62 LEVERAGE 1,77 160,0 7,6 140,0 17,0 12,2 15,7 120,0 4,4 100,0 15,2 14,5 0,4 80,0 13,4 136,8 134,1 60,0 121,9 92,1 96,3 40,0 75,5 20,0 - FY 2022 FY 2023 FY 2024 Net Debt (€m) IFRS 16 (€m)
Slide 28: Market
POGGIO Dnt CONCONE TOSGANA Market 28
Slide 29: How do we intend to increase value creation? A) Wine Import
4 How do we intend to increase value creation? 29 A) 2024 Wine Import Import: % change in values 2024 vs 2023, total wine From the World From Italy United States 1,6% 6,6% Canada 0,2% 1,3% Japan -7,7% -0,7% China 37,6% -9,8% Switzerland -7,1% -2,9% Australia -6,4% -0,1% South Korea -8,7% -9,6% Norwa
Slide 30: How do we intend to increase value creation? B) Sparkling
4 How do we intend to increase value creation? 30 B) Sparkling Import: % change in values 2024 vs 2023, on sparkling wines 11,2% 11,0% 10,2% 9,4% 8,9% 5,9% 4,8% 4,5% 3,8% 1,2% -2,0% -2,0% -4,4% -5,1% -6,3% -6,9% -7,3% -7,8% -9,6% -11,4% -12,1 -12,3% -12,6% -12,7% -14,4% -15,9% United Japan Switzerla
Slide 31: The most interesting niches
4 31 The most interesting niches C) IWB is in the right product categories, which are expected to grow the most Organic Wines – Key drivers Market ➢ Millennials CAGR 25 Bn US$ 11,3%* ➢ Quality, Health, Sustainability ➢ Packaging innovation 9Bn US$ ➢ European leadership NO- LOW Alcohol – Key drivers
Slide 32: What's next
32 05 What’s next
Slide 33: Value Growth Actions
5 Value Growth Actions 33 TOP LINE TOP BRANDS NO ALCOHOL AI Revenues Increase LAUNCH (Artificial Intelligence) COSTS Full Year Synergies M&A Near to be closed Sustainability 2024 CSRD Report to be published 1° Half
Slide 34: Sustainability
SUSTAINABILITY 34 ISO 14001:2015 – July, 2nd 2024 For the following activities Development, processing, production and bottling of wines and wine products. Storage and delivery. We look ahead and innovate to keep up with the times. VIVA Certification Everyone is responsible for ▪ Air indicator seizi
Slide 35: Conclusion and Q&A
35 06 Conclusion and Q&A Appendix Follow us: rirowines.com
Italian Wine Brands — Frankfurt Investors Conference 2025 on 6ix