Purcari Wineries Public Co., Ltd. · BVB:WINE
Purcari Wineries Public — Q1 2025 Earnings Presentation
24 slides from Purcari Wineries Public's earnings presentation, May 14, 2025
Slide 1: Corporate presentation: 1st quarter 2025 financial results
Purcari Wineries Group (PWG) Public Company Limited BVB: WINE Corporate presentation: 1 quarter 2025 st Financial results May 14, 2025 Page 1 BVB: WINE
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION IS MADE AVAILABLE ON THIS WEBSITE BY PURCARI WINERIES PUBLIC COMPANY LIMITED (the Company) AND IS FOR INFORMATION PURPOSES ONLY. This presentation and its contents do not, and are not intended to, constitute or form part of, and should not be construed as, constituting o
Slide 3: Today's presenters
Today’s presenters Victor Bostan Vasile Tofan Advisor to the CEO, Founder Chairman of the Board of Directors ▪ Founder of the Group, since 2002. ▪ Over 15 years' experience in FMCG ▪ Over 35 years of experience in the wine industry. ▪ Senior Partner at Horizon Capital, with focus on ▪ Built one of t
Slide 4: Our purpose
Stefan Format Our purpose Build a global wine-making champion dedicated to preserving and promoting globally the rich wine-making heritage and indigenous grape varieties of New Europe Wines. We aim to inspire our people to thrive and excel through hard work, determination, and collaboration. Page 4
Slide 5: Our strategy in a nutshell: Reach RON 200+ mn EBITDA by 2027
Our strategy in a nutshell: Reach RON 200+ mn EBITDA by 2027 MID-TERM AMBITION: 2X by 200 CORE ELEMENTS Operate market-leading wineries across five New Profitable growth enabled by Europe Wines markets and achieve EBITDA RON 200+ mn; grow 2x on key operating metrics by the Wine-making excellence Tal
Slide 6: Selected highlights for 1Q 2025
Selected highlights for 1Q 2025 ▪ New products and markets: Successfully launched new products in multiple markets (e.g., Commercial MENA, Americas), expanding our footprint. updates ▪ Extended our iconic Negru de Purcari range with the launching of an Amphorae edition. ▪ Events: Mircea Lucescu, hea
Slide 7: Key commercial updates (2/2)
Key commercial updates (2/2) 2025 events Marketing campaigns Medals George Enescu International Festival Purcari & Mircea Lucescu – two stories Gold at Mundus Vini Spring Tasting and Competition 2025 that have stood the test of time Purcari earned 9 gold medals and 4 silver A national cultural proje
Slide 8: Key financial performance metrics
Key financial TOTAL REVENUES1 CORE WINE REVENUES LEGEND performance RON mn RON mn Q1 metrics: Reference period Q1 2024 Q1 2025 Q1 2024 Q1 2025 91.1 mn In period performance Q1 2024 81.6 91.1 75.9 89.4 +11.6% Q1 2025 Change vs. corresponding period previous year +11.3% +11.6% +15.1% +17.7% GROSS MARG
Slide 9: Revenue growth mix
Revenue growth mix YoY growth Revenue growth by geography, RON m rate, % Comments +17.7% ▪ Strong start of the year, driven by +16% volume 89 growth and +2% from improved mix and pricing. 76 9 -3% Selective price increases implemented since Nov’24. RoW 12 9 8% ▪ Purcari, Bostavan, and Angel’s Estate
Slide 10: Key revenue growth enablers
Key revenue growth enablers Revenue structure, RON m Comments ▪ Total revenue up 12% YoY, 11,533832 1,138207 0,784575 91,05065 driven by a +16% increase in 81,591002 -3,996966 volume and +2% from pricing and product mix ▪ Core Wine accounts for 98% of total revenue, up +5pp YoY, as waste recycling s
Slide 11: Strong performance driven by resilient operations, enhanced profitability
Strong performance driven by resilient operations, enhanced profitability Purcari Group Ecosmart WINE Business Comments RON m 1Q25 1Q24 ∆ 1Q 1Q25 1Q24 1Q25 1Q24 ∆ 1Q ▪ Revenues increased by 12% YoY in 2025. The core wine Revenue 91.1 81.6 12% 0.0 5.0 91.1 76.6 19% business demonstrated strong growth
Slide 12: Resilient profitability when accounting for extraordinary / MIP costs
Resilient profitability when accounting for extraordinary / MIP costs Changes to operational expenses, RON m Comments ▪ Net Profit RON 9.0 million, -17% YoY 0,296082 4,997891 ▪ Gross margin up 14%, reflecting operational efficiency. Like4Like adjustment ▪ Other Income including subsidies, volumes re
Slide 13: Consistent financial performance track record
Consistent financial performance track record Revenues Gross Profit EBITDA RON m RON m RON m 91 41 24 11.6% 23 16.1% 82 16.7% 36 21 20 73 33 20 29 17 56 26 24 14 50 46 20 42 11 32 14 1Q’18 1Q’19 1Q’20 1Q’21 1Q’22 1Q’23 1Q24 1Q’25 1Q’18 1Q’19 1Q’20 1Q’21 1Q’22 1Q’23 1Q24 1Q’25 1Q’18 1Q’19 1Q’20 1Q’21
Slide 14: Enabling growth with a strong balance sheet
Enabling growth with a strong balance sheet Cash Position Net Debt Comments RON m RON m Strong Cash position on prudent 51,1 50,3 189 Cash and 141 cash management while navigating Debt 112 operational and investment priorities. 24,5 19,1 19,4 21,8 78 16,1 14,0 54 92 77 36 Net Debt reflecting higher
Slide 15: Guidance 2025: maintaining the guidance for the year
Guidance 2025: maintaining the guidance for the year Target 2025 guidance 2025 Q1 actuals Status Comments ▪ 1Q growth in line with guidance, despite a higher comparable base due to RON 5m in Ecosmart Revenue sales included in 1Q 2024, now discontinued. growth +12-17% +12% = ▪ Core Wine up 18% in 1Q
Slide 16: Investor Relations Highlights
Investor Relations Highlights Consensus forecasts Backed by reputable shareholders Rating Target Price Date Oddo BHF (Raiffeisen) Buy 18.40 Apr-25 Goldring na 15.21 Mar-25 Intercapital Buy 20.35 Jan-25 BRK Buy 19.30 Nov-24 Wood & Company Buy 17.80 Oct-23 BT Capital Outperform 12.262 Aug-23 Ipopema B
Slide 17: Investor Relations Highlights – AGM voting
Investor Relations Highlights – AGM voting ITEM 1 Re-election of Ms. Paula-Catalina Banu as independent, non-executive Director of the Company. ITEM 2 Re-election of Ms. Raluca-Ioana Man as independent, non-executive Director of the Company. Re-appointment of the independent auditors Pricewaterhouse
Slide 18: Stock performance, WINE +60% since March 2023, ahead of BET
Stock performance, WINE +60% since the March 2023 (as of May-5), ahead of BET WINE (Purcari Wineries) SFG (Sphera Franchise Group) DIGI (Digi Communications) M (Med Life) AQ (Aquila Part) BET (index) 200 169 | SFG 150 “Consumer” peers = relevant companies outside of financials, utility, and energy s
Slide 19: Purcari shares liquidity
Purcari shares liquidity Rapid rise of stock’s liquidity after starting working with Market Makers Relative to Market Cap, our stock is top-ranked among BET for Purcari shares components Daily volume Ratio of daily trade value to Market Capitalization, 2021-2025 YTD average, bps BRK 1 + Raiffeisen C
Slide 20: EBITDA profitability relative to WINE listed peers
EBITDA profitability relative to WINE listed peers Purcari vs selected Wine public companies LTM EBITDA Margin, % 26,4% 25,4% 15,9% 15,8% Average margin: 13.2% 12,0% 11,3% 10,1% 9,3% 7,0% 6,4% 5,8% 1 Source: Capital IQ, Company Data as per Capital IQ as of May 5, 2025. Note: (1) Italian Wine Brands
Slide 21: Valuation relative to wine peers
Valuation relative to wine peers Purcari vs Selected wine public companies P/E LTM Multiples 136.3 119.0 47,2 36,8 Average P/E: 35.0x 11,4 11,4 11,1 10,3 10,2 9,6 8,6 8,3 1 Source: Capital IQ, Company Data as per Capital IQ as of May 5, 2025. Note: Diluted EPS excluding extra items used for P/E mult
Slide 22: Valuation relative to Romanian listed peers
Valuation relative to Romanian listed peers Purcari vs selected Romanian public companies P/E LTM Multiples 127.7 Average P/E: 20.3x 16,4 14,4 12,4 11,3 Average P/E w/o Medlife: 9.5x 10,3 8,2 7,0 7,0 5,4 3,2 1 Source: Capital IQ, Company Data as per Capital IQ as of May 5, 2025. Note: Diluted EPS ex
Slide 23: High growth not reflected in valuation yet
High growth not reflected in valuation yet Purcari vs selected wine public companies Purcari vs selected Romanian public companies 35 35 30 30 1 25 25 Revenue CAGR’18-24 in USD Revenue CAGR’18-24 in USD 20 20 15 15 10 10 5 5 0 0 -5 -5 -10 -10 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 1
Slide 24: Thank you for your attention!
Thank you for your attention! Investors Reports Wineries Discover more at https://purcariwineries.com/investitori/ Page 24
Purcari Wineries Public Company — Q1 2025 Earnings Presentation on 6ix