Purcari Wineries Public Co., Ltd. · BVB:WINE
Purcari Wineries Public — Q3 2025 Earnings Presentation
43 slides from Purcari Wineries Public's earnings presentation, December 2025
Slide 1: Corporate presentation: 3rd quarter 2025 financial results
Purcari Wineries Group (PWG) Public Company Limited BVB: WINE Corporate presentation: 3rd quarter 2025 Financial results 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: Board of Directors
Board of Directors Vasile Tofan Victor Bostan Chairman of the Board of Directors Founder, Executive Director ▪ Senior Partner at Horizon Capital, with over 15 years of experience in investments in Consumer Goods and ▪ Founder of the Group, since 2002. Technology sectors. ▪ Over 35 years of experienc
Slide 4: Agenda
Agenda Negru de Purcari Amphorae Edition 1 Its bouquet reveals ripe plums, figs, Purcari Wineries Group and gentle notes of cinnamon and clove. On the palate, hints of saffron and roasted hazelnuts are balanced by silky tannins and an elegant finish. 2 75% Cabernet Sauvignon Q3 2025 Operational Resu
Slide 5: 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 5
Slide 6: Strong track record of growth year to year
1 Strong track record of growth year to year Sustainable profitability accompanying strong growth Comments ▪ IPO on Bucharest Stock Exchange in February 2018 2017 2018 2019 2020 2021 2022 2023 2024 ▪ Increased sales 2.6x since pre-IPO Revenue 142.3 168.1 199.1 203.7 248.1 302.5 369.6 382.5 ▪ Strong
Slide 7: Long history of growth, high profitability
1 Long history of growth, high profitability Revenues EBITDA Net Income RON m RON m RON m 382 107 107 369 69 101 64 281 59 57 303 281 75 51 248 79 63 65 262 60 40 46 199 204 38 54 41 169 42 29 142 33 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020
Slide 8: Our mission, vision and values
1 Our mission, vision and values Our mission Our values To bring joy to people by offering them We are Determined We are doing everything to win the hearts of the inspiration, fair wines of high quality and consumer, and we are succeeding admirably. excellent value for money. Ethical We always do th
Slide 9: Our business model: Affordable luxury
1 Our business model: Affordable luxury Modern cost-competitive winemaking Purcari is positioned at the intersections of three themes: ▪ Modern winemaking: the company is a brand, as opposed to appellation- centric and runs a cost-efficient business. ▪ Affordable luxury: as an aspirational brand, Pu
Slide 10: Growth in Vivino usage
1 Growth in Vivino usage – key for consumer engagement, ecommerce 4.2 Top 1% 76 Average score out of Global ranking based on # countries where 5.0 YoY avg. score received Purcari was scanned Page 10
Slide 11: Our strategy in a nutshell: Reach RON 200+ mn EBITDA by 2027
1 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 T
Slide 12: New Europe Wines: purpose and ambition sustained by strategic pillars
1 Purpose and ambition sustained by strategic pillars and enablers Build a global wine-making champion that promotes the rich wine- making heritage of New Europe Wines New Europe EBITDA of RON 200+ mn on sales of RON 600+ mn Wines Profitable Wine-making Commercial growth excellence excellence Talent
Slide 13: Becoming the undisputable Wine Champion in CEE
1 Becoming the undisputable Wine Champion in CEE Formula of becoming wine champion in CEE M&A focus map Purcari footprint and M&A directions ▪ Growth components both organic and Existing Newly added Directions for M&A opportunities through M&A. ▪ Focus on fundamentals: top- and bottom-line line grow
Slide 14: Purcari formula: operational excellence meets sound marketing
1 Purcari formula: operational excellence meets sound marketing Operational excellence Clever marketing ▪ Location: low-cost production platform in Romania, ▪ Philosophy: be genuine, talk to the consumer, don’t Moldova; very competitive vs. other EU, New world sell to them ▪ Scale: large and growing
Slide 15: Moldova has the largest vineyard area per hundred people globally
1 Moldova has the largest vineyard area per hundred people globally Per Hundred People vineyard area worldwide, 2024 Hectares per hundred people Europe Rest of the World 3.8 1.9 1.7 1.3 1.2 1.2 1.0 0.9 0.9 0.8 0.8 0.6 0.6 0.6 0.5 0.5 0.4 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.
Slide 16: Wine markets evolve, as wine moves from novelty to masses
1 Wine markets evolve, as wine moves from novelty to masses Stage 3: “Mass appeal” Stage 2: ▪ Customer taste highly “Beyond early adopters” developed; abundance of offers ▪ Wine treated as a day-to- day item ▪ Customer taste evolves, ▪ Local brands highly Stage 1: diversity increases developed, high
Slide 17: Global wine belt leaves ample space for New Frontier
1 Global wine belt does leave ample space for pushing New Frontier ahead (5) Napa (US); (6) Bordeaux (FR); (7) Mendoza (AR); (8) Marlborough (NZ). Source: Vinepair – The World’s Coffee & Wine Belts Page 17
Slide 18: Agenda
Agenda Sapiens Sauvignon Blanc de Purcari 1 Purcari Wineries Group Pale straw with emerald reflections, this wine opens with fresh aromas of gooseberry and grapefruit peel. A crisp acidity defines the 2 palate, balanced by notes of cut Q3 2025 Operational Results grass, blackcurrant buds, and smooth
Slide 19: Selected highlights for 9M 2025
2 Selected highlights for 9M 2025 ▪ Second consecutive quarter with sales exceeding RON 100 mn, ranking just below the seasonal peaks of Q4 2024 and Q4 2023. Commercial ▪ Three domestic markets accounted for 82% of total sales, with Romania leading (i.e., 61%). updates ▪ Purcari brand showed strong
Slide 20: Key commercial updates
2 Key commercial updates Events Product launches Campaigns National Wine Day in Chisinau Wine Crime Prosecco Summer Campaign – Cuvée de Purcari On October 4-5, Purcari Wineries Extension of the Wine Crime sparkling range A campaign dedicated to Purcari’s participated at the National Wine Day in with
Slide 21: Key financial performance metrics
Key financial TOTAL REVENUES TOTAL REVENUES performance RON mn RON mn LEGEND metrics: 9M 2024 9M 2025 Q3 2024 Q3 2025 9M Reference period 300.6 mn 9M 2024 262.0 300.6 96.1 75.9 105.2 89.4 In period performance 9M 2025 +15% +3.8% +14.7% +5.5% +15.1% +9.5% +17.7% Change vs corresponding period previou
Slide 22: Core Revenue growth mix
2 Core Revenue growth mix YoY growth Revenue growth by geography, RON mn rate, % Comments +16% ▪ Growth continues in 3Q, with two-thirds driven by 295 an improved mix and pricing, while higher 255 27 30% volumes contributed the remaining one-third. RoW 28 19 13 32 -9% ▪ Second consecutive quarter wi
Slide 23: Consistent financial performance track record
2 Consistent financial performance track record Revenues Gross Profit EBITDA RON mn RON mn RON mn 301 139 86 85 15.6% 262 15.5% 123 13.2% 253 72 104 200 91 61 58 85 166 46 69 68 44 139 138 39 57 113 31 95 44 ‘17 ’18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 ‘25 ‘17 ’18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 ‘25 ‘17 ’18 ‘19 ‘20 ‘21
Slide 24: Strong performance driven by resilient operations
2 Strong performance driven by resilient operations Comments ▪ Revenue: Growth sustained in 3Q, with Purcari and Angel’s Estate up 22% and 25% YoY at 9M, respectively. Bostavan, Bardar, and Crama Ceptura posted single-digit Purcari Group gains. Romania remains the key market, contributing 61% of Gro
Slide 25: Resilient profitability when accounting for extraordinary / MIP costs
2 Resilient profitability when accounting for extraordinary / MIP costs Changes to operational expenses, RON m Comments ▪ Net Profit RON 36.1 million, -17% YoY 16.0 ▪ Gross margin up 13%, with operational efficiency partially offsetting the headwind of higher-cost bulk wine sourced from 7.4 1.7 1.5
Slide 26: A strong balance sheet enabling sustained growth
2 A strong balance sheet enabling sustained growth Cash Position Net Debt Comments RON mn RON mn Strong Cash position thanks to 50.8 246 Cash and 189 prudent cash management while Receivables 32.1 navigating operational and 23.5 18.6 20.7 17.2 109 128 21.8 98 12.6 76 46 66 investment priorities. Dec
Slide 27: Strong 2025 Harvest Secured with Superior Quality
2 Strong 2025 Harvest Secured with Superior Quality 2025 harvest, with exceptional quality vintage Comments Own harvest and 3rd party purchases of grapes, million kg 38.0 ▪ Processed over 31 million kilograms of grapes, securing 35.1 34.1 sufficient wine stocks to support the Group’s growth ambition
Slide 28: Agenda
Agenda Cattleya Rose 1 This wine displays a contemporary Purcari Wineries Group blush-pink color, revealing a delicate bouquet of wild forest strawberries, grapefruit, and ripe, juicy fruits. On the palate, it is smooth and subtly sweet, finishing 2 with a refreshing citrus lift. Q3 2025 Operational
Slide 29: Guidance 2025: maintaining the guidance for the year
Guidance 2025: maintaining the guidance for the year Target 2025 guidance 9M 2025 actuals Status Comments ▪ Core Wine posted mid-double-digit growth in the third quarter, landing at the Revenue midpoint of the guidance range. growth +12-17% +15% = ▪ Well-defined commercial plans and new partnership
Slide 30: Agenda
4 Agenda Divin Bardar Platinum XO 15 years 1 An aged divin that offers a rich Purcari Wineries Group bouquet with floral and almond notes, blending the scent of blooming vines and autumn oak. The taste is complex and harmonious, with smooth hints of 2 chocolate. Q3 2025 Operational Results Aged in o
Slide 31: Changes in shareholder structure for Maspex' voluntary takeover bid
4 Changes in shareholder structure for Maspex’ voluntary takeover bid Before Voluntary Takeover Bid1 After Voluntary Takeover Bid 72.5%2 15.1% ~47 other institutional investors 5.8% ~3,000 retail investors 6.3% Note: 20% / 80% (1) Maspex Voluntary Takeover Bid (June 25–July 30, 2025) ~108 institutio
Slide 32: Stock performance, WINE +105% since 2023, ahead of BET
4 Stock performance, WINE +105% since 2023 (as of November-3), ahead of BET WINE (Purcari Wineries) SFG (Sphera Franchise Group) DIGI (Digi Communications) M (Med Life) AQ (Aquila Part) BET (index) 250.00 200.00 191 | DIGI “Consumer” peers = relevant companies outside of financials, 167 | SFG utilit
Slide 33: EBITDA profitability relative to WINE listed peers
4 EBITDA profitability relative to WINE listed peers Purcari vs selected Wine public companies LTM EBITDA Margin, % 30.6% 28.6% 23.6% 15.3% Average margin: 13.7% 11.5% 11.2% 8.7% 7.9% 4.9% 4.3% 4.2% 1 Source: Capital IQ, Company Data as per Capital IQ as of November 3, 2025. Note: (1) Italian Wine B
Slide 34: Valuation relative to wine peers
4 Valuation relative to wine peers Purcari vs selected Wine public companies P/E LTM Multiples 79.1 Average P/E: 17.3x 16.7 15.3 11.7 11.0 10.6 10.2 10.2 8.9 8.5 7.5 1 Source: Capital IQ, Company Data as per Capital IQ as of November 3, 2025. Note: Diluted EPS excluding extra items used for P/E mult
Slide 35: Valuation relative to Romanian listed peers
4 Valuation relative to Romanian listed peers Purcari vs selected Romanian public companies P/E LTM Multiples 23.5 16.7 16.0 16.0 14.6 Average P/E: 12.9x 12.3 9.5 8.4 6.9 5.1 1 Source: Capital IQ, Company Data as per Capital IQ as of November 3, 2025. Note: Diluted EPS excluding extra items used for
Slide 36: High growth not reflected in valuation yet
4 High growth not reflected in valuation yet Purcari vs selected wine public companies Purcari vs selected Romanian public companies 35 35 30 30 25 25 Revenue CAGR’18-24 in USD Revenue CAGR’18-24 in USD 20 20 15 15 1 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
Slide 37: Agenda
Agenda Wine Crime Rosé Brut 1 Pinot Noir & Chardonnay Purcari Wineries Group Made by the traditional method with at least 9 months of bottle fermentation, it stands out through elegance and refined complexity. 2 Perfect for those who appreciate Q3 2025 Operational Results quality and want to add a s
Slide 38: StIMUNN(ECOBOOST) Project: UV-C Technology for Sustainable Viticulture
5 StIMUNN(ECOBOOST) Project: UV-C Technology for Sustainable Viticulture ▪ StIMUNN(ECOBOOST) project launched in 2023, targeting a 50% reduction in chemical inputs over a 2-year period through UV-C light technology. ▪ UV-C stimulation systems used as an alternative to phytosanitary products for dise
Slide 39: Rară Neagră 2.0: Genetic Conservation for the Future of Winemaking
5 Rară Neagră 2.0: Genetic Conservation for the Future of Winemaking ▪ Rară Neagră 2.0 is a long-term biodiversity and sustainability project (2023–2033) dedicated to preserving the native Rara Neagră grape variety. ▪ Focus on identifying and collecting resilient biotypes for polyclonal selection, f
Slide 40: Vine & Soil (2024–2027): Advancing Precision Viticulture at Purcari
5 Vine & Soil (2024–2027): Advancing Precision Viticulture at Purcari ▪ Precision viticulture project focused on improving soil management and vineyard productivity across 300 hectares. ▪ Implemented in collaboration with Geocarta using high- resolution, non-invasive soil mapping through ARP technol
Slide 41: Renewable Energy: Powering Sustainable Operations
5 Renewable Energy: Powering Sustainable Operations ▪ Rooftop photovoltaic system of 500 kW at Purcari Winery, currently supplying ~40% of electricity needs. ▪ In 2024, the Purcari system generated energy cost savings exceeding 1.4 million MDL. ▪ Bostavan and Bardar wineries each equipped with 200 k
Slide 42: Smart Irrigation: securing yield and quality
5 Smart Irrigation: securing yield and quality ▪ Fully automated sub-surface drip irrigation system implemented since 2021, currently covering 300 hectares; expansion planned to 500 hectares. ▪ System integrates soil moisture sensors, weather stations, and digital monitoring for precise, real-time w
Slide 43: Thank you for your attention!
Thank you for your attention! Investors Reports Wineries Discover more at https://purcariwineries.com/en/investors/ Page 43
Purcari Wineries Public Company — Q3 2025 Earnings Presentation on 6ix