Purcari Wineries Public Co., Ltd. · BVB:WINE
Purcari Wineries Public — Q1 2025 Earnings Presentation
46 slides from Purcari Wineries Public's earnings presentation, July 2025
Slide 1: Corporate presentation: 1st quarter 2025
Purcari Wineries Group (PWG) Public Company Limited BVB: WINE Corporate presentation: 1st 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 Q1 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: Purcari Wineries Group at a glance
1 Purcari Wineries Group at a glance Leading wine player in Central and Eastern Europe... ... with a strong & expanding regional footprint Founded in 1827, Purcari Wineries Group is now... Geographical breakdown of sales for Q1 2025, % MD In the Top 3 most awarded wineries in the World for 2023. 4%
Slide 7: 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 8: 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 9: 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 10: 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 11: Topping competition at engagement and quality
1 Topping competition at engagement and quality Aspirational brand which consumers like sharing about Highest number of ratings and highest scores on Vivino No. of #brand uses on Instagram (k), by key Romanian brands X axis – number of Vivino ratings; Y axis – average Vivino score 18.7 4.2 4.1 4.0 3
Slide 12: 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 12
Slide 13: 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 14: Purpose and ambition sustained by strategic pillars and enablers
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 15: 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 16: 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 17: 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 18: 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 19: Global wine belt does leave 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 19
Slide 20: 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 Q1 2025 Operational Results grass, blackcurrant buds, and smooth
Slide 21: Selected highlights for 1Q 2025
2 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, h
Slide 22: Key commercial updates
2 Key commercial updates 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 project t
Slide 23: Strong performance driven by resilient operations, enhanced profitability
2 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 grow
Slide 24: Consistent financial performance track record
2 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’
Slide 25: Enabling growth with a strong balance sheet
2 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 highe
Slide 26: Revenue growth mix
2 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 9 12 ▪ Purcari, Bostavan, and Angel’s Estate
Slide 27: 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 28: Key revenue growth enablers
2 Key revenue growth enablers Revenue structure, RON m Comments ▪ Total revenue up 12% YoY, 11.53 1.14 0.78 91.05 driven by a +16% increase in 81.59 -4.00 volume and +2% from pricing and product mix ▪ Core Wine accounts for 98% of total revenue, up +5pp YoY, as waste recycling services were disconti
Slide 29: 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 9.0 million, -17% YoY 5.0 0.3 ▪ Gross margin up 14%, reflecting operational efficiency. Like4Like adjustment ▪ Other Income including subsidies, volumes rebates, i
Slide 30: 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. Q1 2025 Operational
Slide 31: Guidance 2025: maintaining the guidance for the year
3 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 1
Slide 32: Agenda
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. Q1 2025 Operational Results Aged in oak
Slide 33: Purcari Wineries PCL (BVB:WINE)
4 Purcari Wineries PCL (BVB:WINE) 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 Ipope
Slide 34: Stock performance, WINE +60% since March 2023, ahead of BET
4 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
Slide 35: Purcari shares liquidity
4 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
Slide 36: EBITDA profitability relative to WINE listed peers
4 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 Brand
Slide 37: Valuation relative to wine peers
4 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 mu
Slide 38: Valuation relative to Romanian listed peers
4 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
Slide 39: 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 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
Slide 40: 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 Q1 2025 Operational Results quality and want to add a s
Slide 41: 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 42: 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 43: Vine & Soil (2024–2027): Advancing Precision Viticulture
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 44: 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 45: 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 46: Thank you for your attention!
Thank you for your attention! Investors Reports Wineries Discover more at https://purcariwineries.com/en/investors/ Page 46
Purcari Wineries Public Company — Q1 2025 Earnings Presentation on 6ix