Italian Wine Brands S.p.a. · MIL:IWB
Italian Wine Brands — H1 2026 Earnings Presentation
55 slides from Italian Wine Brands's earnings presentation, Sep 22, 2026
Slide 1: H1 2026 Financial Results Presentation
H1 2026 FINANCIAL RESULTS PRESENTATION September 22nd, 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 H1 2026 Main Results 1.3 IWB awards H1 2026 1.4 Value creation path - key numbers 2 How the market cap has moved 2.1 Consensus AGENDA 2.2 IWB vs Peers 2 . 3 G o v e r n a nc e & S h a r e h o l de r s ’ s t r u c t u r e Milan September 22nd , 2026
Slide 6: The business in numbers
6 01 The business in numbers 1.1 IWB at a glance 1.2 H1 2026 Main Results 1.3 IWB Awards H1 2026 1.4 Value creation path -key numbers
Slide 7: 1.1 IWB at a glance
1.1 IWB at a glance 7 This is 175,3 70+ 83 Italian Wine Brands TOTAL EXPORT BUSINESS in numbers TURNOVER: 175,3 mln euros IN THE WORLD: over 83% 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: ➢ winem
Slide 8: 1.2 H1 2026 Main Results
8 TOP BRANDS GROWTH STRATEGY SUCCESS ➢ +8,6 % volumes; +6,6% revenues ➢ direct margin up to 50,3% (compared to 49,6% H12025) 1.2 ENTRY INTO ITALY'S LARGE SCALE RETAIL TRADE: 3 NEW LISTING H1 2026 Main Results TENUTA LE FORCONATE DEBUT ON THE NATIONAL WINE MARKET RESTYLING AND RELAUNCH OF IWB FINE WI
Slide 9: 1.3 IWB awards H1 2026
9 Italian Wine Brands awarded "BEST PRODUCER ITALY" by Mundus 1.3 IWB awards Vini, celebrating the quality and excellence of our wines. H1 2026 In the first half of 2026, Italian Wine Brands received 32 Gold Medal at the Berliner Wein Trophy 3 Barbanera wines awarded 90+ points Supporting 4 Tenuta L
Slide 10: Value creation path – key numbers
1.3 Value creation path – key numbers 10 Revenues (€m) EBITDA (€m) 250 25 11,9% 13% 11,6% 11,5% 11,8% 10,9% 10,4% 11% 200 20 9,1% 8,7% 8,8% 8,0% 9% 150 15 6,2% 7% 21,9 21,9 5% 10 19,1 100 196,8 191,2 177,3 185,1 175,3 17,3 14,2 3% 10,7 11,8 5 50 92,2 99,5 7,3 1% 69,9 70,1 6,3 6,1 64,6 69,0 4,0 0 -1%
Slide 11: How the market cap has moved
11 02 How the market cap has moved 2.1 Consensus 2.2 IWB vs Peers 2.3 Governance & Shareholders’ structure
Slide 12: 2.1 Consensus
2.1 Consensus 12 Broker Analyst Target Recommendation Reccomandation Price Banca Akros Andrea Bonfà 29,0 eur BUY andrea.bonfa@bancaakros.it 4 brokers currently cover IWB CFO SIM Gianluca Mozzali 37,5 eur BUY 2015 gianluca.mozzali@cfosim.com all have BUY recommendation Alessio Olmi with an average Ta
Slide 13: 2.2 IWB Share Performance and Market Capitalisation Versus European Peers
ITALIAN WINE BRANDS 2.2 IWB Share Performance and Market Capitalisation Versus European Peers IWB’s share price remains under pressure, broadly in line with the sector’s weaker performers Market capitalisation (€m) Equity value at 18 Sep 2026 Pure price return (%) 18 Sep 2025 – 18 Sep 2026 | dividen
Slide 14: 2.3 Governance & Shareholders' structure
2.3 Governance & Shareholders’ structure 14 Shareholders' Board of Directors 10,3% 74,9% Giorgio Pizzolo Alessandro Mutinelli Sofia Barbanera
Slide 15: 2026 H1 Financial Results
15 03 2026 H1 Financial Results
Slide 16: H1 2026 Financial Achievements
ITALIAN WINE BRANDS H1 2026 FINANCIAL ACHIEVEMENTS Resilient profitability, lower debt and Top Brands momentum support the investment case REVENUES ADJ. EBITDA ADJ. NET RESULT NET FINANCIAL POSITION LEVERAGE €175.3m €19.1m €8.4m €81.8m 1.77x -5.3% vs H1 2025 10.9% H1 margin 4.8% H1 margin -€8.7m vs
Slide 17: Global Exports down 6.2%, but the outlook remains positive
3.1 17 Italian Wine Exports – First-Half Results 20,00% 15,70% 15,00% 10,00% Global Exports 5,00% down 6.2%, 0,00% but the outlook -1,70% -1,40% -5,00% -3% -4,30% -4,10% -6,20% remains positive -6,80% -6,60% -7,50% -10,00% -11% -11,40% -15,00% -14,10% -20,00% SVEZIA SVIZZERA EXTRA UE CANADA MONDO UN
Slide 18: 3.1 Financial Highlights
3.1 Financial Highlights IWB GROUP 18 NET SALES – BEAT THE MARKET - 4 mil euros Distance Selling - 3,4 mil euros lower prices + Better Mix: Top Brands* about +6,6% - 2,2 mil euro due to lower volumes 185,1 175,3 HO.RE.CA ➢ Decrease in traditional export countries 100% UK - 8,9% 90% 30,0 27,6 US - 25
Slide 19: 3.1 Financial Highlights
3.1 Financial Highlights 19 ITALY & EUROPE REVENUES BY AREA • High performance Italy: +43% ho.re.ca; + H1 2025 H1 2026 6%wholesale 3% 2% 11% 17% 10% 18% • Strong presence in key markets (France/NL) driven by Prosecco • Increasing revenues in strategic & high potential markets: East Europe + 4,4% inc
Slide 20: 3.1 Financial Highlights
20 3.1 Financial Highlights Distance Selling channel mix trend 1H 2017 1H 2026 8% 38% 47% 41% 51% 15% 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: 3.2 Financial Highlights
21 3.2 Financial Highlights NET REVENUE – EBITDA MARGIN 11,8% EBITDA margin 10,9% EBITDA margin 1H 2025 1H 2026 200,0 12,0% 185,1 180,0 175,3 11,8% 160,0 11,6% 140,0 11,4% 120,0 100,0 11,2% 80,0 11,0% 60,0 10,8% 40,0 21,9 19,1 10,6% 20,0 0,0 10,4% 1° Half 25 1° Half 26 Revenues EBITDA
Slide 22: 3.2 Financial Highlights
22 3.2 Financial Highlights COST STRUCTURE RAW MATERIAL SERVICES PERSONNEL 120,7 30,4 13,9 28,8 114,6 13,1 1° Half 25 1° Half 26 1° Half 25 1° Half 26 1° Half 25 1° Half 26 • Mix improvements • Sharp reduction in B2C costs New contract + temporay employee • Glasses cost reduction mid • Transport sta
Slide 23: 3.3 Financial Highlights
3.3 Financial Highlights 23 SEGMENT REPORTING 2015 180,0 B2B: 41% Revenues 160,7 154,8 B2C: 59% Revenues 160,0 140,0 120,0 2020 100,0 B2B: 59 % Revenues B2C: 41% Revenues 80,0 60,0 13,4% 12,5% 0,5% 0,9% 40,0 H1 2026 22,2 19,3 24,5 20,5 20,0 B2B: 88,3% Revenues 0,1 0,2 B2C: 11,7% Revenues 0,0 B2B B2C
Slide 24: 3.4 Financial Highlights
24 3.4 Financial Highlights 25 20 50,4 19,1 4,9 15 0,8 13,3 2,5 10 10,9 3,0 2026 7,9 Outlook 1H 2026 5 + 2 mil 0 vs 2025 Ebitda 2026 Depr. Amort. & Non Recurring EBIT 2026 Net Fin. Inc / EBT 2026 Taxes Net Result 2026 Provisions (Costs) 25 23 21 21,9 4,8 19 17 0,9 15 16,2 2,3 13 13,9 3,6 11 1H 2025
Slide 25: 3.4 NPF walking & Free cash flows
3.4 NPF walking & Free cash flowsAdvance 25 -16,2 mil Free Cash Flow payment to 120,0 18,3 suppliers 100,0 90,2 80,0 -25,2 74,0 -4,9 68,1 -4,4 -2,5 -3,4 59,1 60,0 -3,7 -5,3 40,0 1H 2026 20,0 0,0 100,0 +12,4 mil Free Cash Flow 90,0 21,0 80,0 -3,1 71,9 70,0 -3,6 -1,8 64,5 0,0 59,5 -2,3 60,0 -5,2 53,6
Slide 26: 3.4 Net Financial Position trend
26 3.4 Financial Highlights NET FINANCIAL POSITION TREND 108,1 mil 90,5 mil 81,8 mil LEVERAGE 2,21 LEVERAGE 1,80 LEVERAGE 1,77 120,0 1,4 100,0 14,5 0,4 12,2 15,7 80,0 12,1 9,4 60,0 14,5 136,8 134,1 92,1 40,0 78,0 72,3 92,1 20,0 - H1 2024 H1 2025 H1 2026 Net Debt (€m) IFRS 16 (€m) Def Price (€m) 14 m
Slide 27: Market
POGGIO Dnt CONCONE TOSGANA Market 27
Slide 28: Market estimates
4 Market estimates 28 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 Change in value 2029/2024 3,5% 3,5% -2,9% -2,6% -5,2% Basic Popular Premium Luxory Totale * Source: UIV Customs
Slide 29: What's next
What’s next 29 " iy
Slide 30: Value Growth Actions
5 30 Value Growth Actions TOP LINE TOP OF MIND BRAND RECALL BRAND RECOGNITION UNAWARE OF A BRAND TOP BRANDS EMERGING MARKETS BRAND BUILDING R e ve n u e s I n c r e a s e COSTS Efficiency from process automation investments M&A Scouting on going FINANCING Bond refinancing / Buy back
Slide 31: Conclusion and Q&A
31 06 Conclusion and Q&A Appendix Follow us: rirowines.com
Slide 32: Appendix Financials
Appendix 1 Financials Italianwinebrands.it
Slide 33: 5.1 How will IWB increase value creation?
33 5.1 How will IWB increase value creation? STRENGTHENING PREMIUM DISTRIBUTION IN ESTABLISHED MARKETS AND INVESTING IN EMERGING MARKETS Established wine markets: targeted commercial investments ➢ USA, UK and Switzerland: local subsidiaries are investing in dedicated sales teams, premium and luxury
Slide 34: 5.2 Priority growth markets through 2029
34 5.2 Priority growth markets through 2029 Markets to watch: sparkling wine Markets to watch: still wine France 3.9% Brazil 8.6% 7.6% 3.2% Poland 2.3% Mexico 5.1% 4.8% 3.1% Mexico 3.4% South Korea 2.7% 4.8% 1.0% Czech Rep. 8.4% Romania 12.2% 6.4% 4.1% Romania 11.1% Colombia 5.2% 6.9% 3.0% Brazil 3.
Slide 35: 5.3 How will IWB increase value creation?
35 5.3 How will IWB increase value creation? INVESTING IN BRAND BUILDING AND PRODUCT EXPERIENCE Strong brands and distinctive product experiences increase differentiation, strengthen consumer loyalty and support higher margins. IWB INVESTS CONSISTENTLY IN: • Marketing and brand building • Product an
Slide 36: 7.1.1 Financials: Net Sales – Wholesale
36 7.1.1 Financials NET SALES – WHOLESALE Eur Millions 1H2016 1H2017 1H2018 1H2019 1H2020 1H2021 1H2022 1H2023 1H2024 1H2025 1H2026 ∆ % 25/26 Cagr 16/26 Wholesale - Italy 0,0 0,0 0,7 1,5 2,6 3,2 19,5 18,6 24,2 21,3 21,8 2,6% N/A Wholesale - International 25,3 30,4 34,5 35,8 48,0 53,3 106,3 121,5 111
Slide 37: 7.1.2 Financials: Net Sales – Ho.re.ca
37 7.1.2 Financials NET SALES – HO.RE.CA Eur Millions 1H2016 1H2017 1H2018 1H2019 1H2020 1H2021 1H2022 1H2023 1H2024 1H2025 1H2026 ∆ % 25/26 Cagr 22/26 Ho.re.ca - Italy 0,0 0,0 0,0 0,0 0,0 0,0 0,2 1,5 1,0 1,2 1,8 43,0% 71,4% Ho.re.ca - International 0,0 0,0 0,0 0,0 0,0 0,0 17,7 25,4 26,6 28,8 25,8 (
Slide 38: 7.1.3 Financials: Net Sales – Distance Selling
38 7.1.3 Financials NET SALES – DISTANCE SELLING Eur Millions 1H2017 1H2018 1H2019 1H2020 1H2021 1H2022 1H2023 1H2024 1H2025 1H2026 ∆ % 25/26 Cagr 17/26 Distance selling Italy 18,0 15,1 13,9 16,8 16,4 13,0 11,2 11,0 9,3 7,7 (17,0%) (9,0%) Direct Mailing 7,3 7,0 6,5 7,6 7,6 5,8 4,4 4,3 3,5 2,7 (22,5%
Slide 39: 7.2 Financials: Extended P&L
39 7.2 Financials EXTENDED PL 1H 2016 - 1H 2026 (migliaia di Euro) Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Eur/000 30.06.2016 30.06.2017 30.06.2018 30.06.2019 30.06.2020 30.06.2021 30.06.2021PF 30.06.2022 30.06.2022PF 30.06
Slide 40: 7.3 Financials: Extended BS
40 7.3 Financials EXTENDED BS 1H 2016 - 1H 2026 (migliaia di Euro) Eur/000 30.06.2016 30.06.2017 30.06.2018 30.06.2019 30.06.2020 30.06.2021 30.06.2021PF 30.06.2022 30.06.2022 30.06.2023 30.06.2024 30.06.2025 30.06.2026 Intangibles & Goodwill net of tax 75.081 76.074 78.039 78.765 93.687 95.135 211.
Slide 41: 7.4 Financials: Extended Cash Flow
41 7.4 Financials EXTENDED CASH FLOW 1H 2016 - 1H 2026 30.06.2016 30.06.2017 30.06.2018 30.06.2019 30.06.2020 30.06.2021 30.06.2021PF 30.06.2022 30.06.2022PF 30.06.2023 30.06.2024 30.06.2025 30.06.2026 Eur/000 Ebitda reported 3.150 6.301 5.328 6.670 10.151 11.640 18.879 13.849 13.921 16.224 20.309 2
Slide 42: Appendix M&A Journey & Business Model
• Appendix 2 M&A Journey & Business Model • Italianwinebrands.it
Slide 43: Business Evolution
BUSINESS EVOLUTION M&A Journey and Value Creation path 43 • 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 44: IWB M&A journey
IWB M&A journey 44 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 45: 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 46: IWB reshaped the wine Industry in Italy
46 08 IWB reshaped the wine Industry in Italy
Slide 47: New Label restyling; New U.S. in-store campaign
47 1. New Label restyling 2. New U.S. in-store campaign From July to mid-October 2026 Across more than 150 supermarkets in the following states: NY, NJ, MA, FL, GA, TX, NC, CT, DE, MD (1H 2026)
Slide 48: New OOH Campaign in Verona for Vinitaly
48 1. New OOH Campaign in Verona for Vinitaly 2. VOGA Lounge at Vinitaly, featuring Michelin-starred Chef Peter Brunel. 3. New Collaboration with Artist Ale Giorgini for the VOGA 20th Anniversary Limited Edition Pinot Grigio bottleand exclusive 20th Anniversary merchandise (1H 2026)
Slide 49: IWB reshaped the wine industry in Italy
49 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 50: We are asset light and we focus on cash generation
50 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 51: We are market driven
51 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 52: Scale, efficiency, competitiveness
52 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 53: Our team: Italian wine people
53 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 54: Disclaimer
54 Disclaimer 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 55: Thank You
Thank You Italianwinebrands.it