Becle, S.a.b. De C.v. · BMV:CUERVO
Becle, S.a.b. De C.v — Investor Presentation (May 2025)
20 slides from Becle, S.a.b. De C.v's investor presentation, May 2025
Slide 1: Investor Presentation
Investor Presentation Becle, S.A.B de C.V. May 2025
Slide 2: Becle: A Leading Global Spirits Company and Undisputed Leader in Tequila Worldwide
Becle: A Leading Global Spirits Company and Undisputed Leader in Tequila Worldwide Becle Today Diversified Product Portfolio with Over 30 Brands 2024 Key Figures Exposure to the Right … With the Right High-Growth 25.4MM • Undisputed leader in tequila globally, Geographies… Categories of 9 Liter Case
Slide 3: Becle's Outstanding Performance Makes it Today a Larger Company than in 2015
Becle's Outstanding Performance Makes it Today a Larger Company than in 2015 2015 2024 18.2MM 1.4X 25.4MM of 9 Liter Cases of 9 Liter Cases NSV/Case (1) US$51 NSV/Case (1) US$85 933 MM 2.3X 2,169 MM Net Sales (US$) (2) Net Sales (US$) (2) Focus on brand premiumization Net Sales by Region 246 MM 1.8X
Slide 4: Our Company
Our Company 1 Undisputed Global Leader in Tequila and #2 in Irish Whiskey 2 Dominant Position in the Hottest Spirits Category… 3 …And a Privileged Competitive Position… …In High-Growth Spirits Categories Through an Extensive Product 4 Portfolio with Focus on Premiumization Proven Agility and Innovat
Slide 5: Undisputed Global Leader in Tequila and #2 in Irish Whiskey
1 Undisputed Global Leader in Tequila and #2 in Irish Whiskey Global Leader in Tequila… ... In Every Region As of 2023 Volume – Total Market Size 48.5 MM 9L Cases As % of volume - 2023 United States 28.9% 1ST 22.0% 13.6% Owner of 3 of Top 6 Leading Tequila brands by Rest of the World volume globally
Slide 6: Dominant Position in the Hottest Spirits Category…
2 Dominant Position in the Hottest Spirits Category… Since 2018, Tequila has… A …Been the Fastest Growing Major Spirits Category in the US and in the World (2018 - 2023 9L cases volume CAGR) Tequila overtook Rum as the third-largest Spirits category in the US (1) 11.4% 8.0% 7.3% 5.8% 2.7% 2.6% 1.4%
Slide 7: …And a Privileged Competitive Position…
3 …And a Privileged Competitive Position… High Barriers of Entry Provided by Becle’s Vertical Integration and Own Distribution Agriculture Production Distribution Competitive Advantage Resulting from Appellation of Flagship Distilleries and Bottling Facilities Support Own Distribution Platform to Co
Slide 8: … In the Right Categories & Markets…
4 … In the Right Categories & Markets… Exposure to Dynamic Regions and Categories Spirits Growth | 2018-2023 9L cases Volume CAGR (1) (2) 75% of Becle’s Sales are in Tequila & Irish Whiskey 56% of Becle’s Sales are in the U.S. & Canada 11.4% 8.0% 7.3% 4.1% 1.9% (1.9%) (3) Tequila Irish Whiskey Total
Slide 9: … Through an Extensive Product Portfolio with Focus on Premiumization
4 … Through an Extensive Product Portfolio with Focus on Premiumization Diversified Brand Portfolio Net Sales by Category Jose Cuervo Family 1800 Other By value as of 2024 Tequila Premium Super Premium Prestige Super & Ultra Premium Super Premium Ultra Premium Irish Whiskey U.S. Whiskey Tequila (72%
Slide 10: Proven Agility and Innovation Driving a Resilient Business Model with High Operating Cash Generation Capacity
5 Proven Agility and Innovation Driving a Resilient Business Model with High Operating Cash Generation Capacity Becle’s Agile & Innovative Business Model is a Key Driver of its Outperformance Net Sales Y-o-Y | (%) 32.0% 20.6% 20.0% 17.9% 12.5% 6.4% 8.5% 16.0% 5.7% 5.5% 3.7% 10.9% (0.9%) 4.4% 2.1% (2
Slide 11: Best-in-Class Capital Structure & Prudent Financial Policy Whilst Delivering Consistent Growth
6 Best-in-Class Capital Structure & Prudent Financial Policy Whilst Delivering Consistent Growth Best-In-Class Credit Metrics Total Debt / Market Cap (1) Net Debt / EBITDA (1) 4.2x 42.8% 42.1% 3.5x 3.1x 31.3% 28.1% 1.9x 1.8x 1.8x 15.6% 14.1% Pernod Ricard Campari Cuervo Diageo Remy Cointreau Brown F
Slide 12: Renowned Family Heritage and Strong Corporate Governance
7 Renowned Family Heritage and Strong Corporate Governance Becle is a Global Spirits Company with a Profound Family Heritage Ownership • Founded in 1758, Becle is today an 11th generation managed spirits company Public Float 13% • Public company since 2017 and part of the S&P/BMV IPC index ─ Market
Slide 13: Long-term Bank Debt to Increase Debt Maturity Profile and Maintain Strong Liquidity
8 Long-term Bank Debt to Increase Debt Maturity Profile and Maintain Strong Liquidity Transaction Rationale Sources & Uses • Term out US$535mn of bank financing, essentially all of the Company’s Sources Uses short-term indebtedness ➢ Leave no relevant debt maturities until May 2025 (US$153mn balance
Slide 14: Strong ESG Driven Culture
9 Strong ESG Driven Culture Our ESG (Environmental, Social and Governance) strategy is based on clear and defined business values and actions divided in three pillars for a sustainable future: i) Sustainable Governance, ii) From Source to Market and iii) Looking After Our People Awards, Recognitions
Slide 15: Becle's Environmental Initiatives are Aligned to the UN Sustainable Development Targets and to the Global Compact
9 Becle’s Environmental Initiatives are Aligned to the UN Sustainable Development Targets and to the Global Compact SDG Alignment Sustainable Agriculture Biodiversity Sustainable Sourcing Traceability of our agave plantations, Allowing local fauna to perform Sourcing of most of our guaranteeing non-
Slide 16: Financial Statements
Financial Statements 14
Slide 17: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income Twelve months ended December 31st First quarter ended March 31st % of net % of net % of net % of net 2023 2024 2024 (USD) (1) 2024 2025 2025 (USD) (2) sales sales sales sales (Ps$MM) Net sales 44,355 43,962 2,169 8,960 9,628 474 Cost of goods sold 21,8
Slide 18: Consolidated Statements of Financial Position
Consolidated Statements of Financial Position Twelve months ended December 31st (Ps$ MM) 1Q25 2023 2024 2024 (USD) (7) Assets Cash and cash equivalents 11,014 6,367 10,685 527 Trade receivables 9,511 11,229 12,038 594 Inventories (1) 15,545 16,935 15,903 785 Other assets (2) 4,717 3,563 3,182 157 To
Slide 19: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Three months ended March 31st (Ps$ MM) 2024 2025 2025 (USD) (1) Operating activities: Income before income taxes 1,402 1,576 78 Adjustment from items not implying cash flows: Depreciation and amortization 270 328 16 Loss on sale of property, plant and equipment
Slide 20: Full Year 2025 Guidance
10 Full Year 2024 Guidance As of April 30th, 2025 • Items provided below are based on the Company's current estimates and are not a guarantee of future performance. • There could be significant risks and uncertainties that could cause actual results to differ materially, including the risk factors d
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