Italian Wine Brands S.p.a. · MIL:IWB
Italian Wine Brands — H1 2025 Earnings Presentation
59 slides from Italian Wine Brands's earnings presentation, Sep 12, 2025
Slide 1: 1H 2025 Results
1H 2025 RESULTS September 12th, 2025
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 1 ° H 2 0 2 5 M a i n F i n a n c ia l R e s u l t s 1.3 Value creation path - key numbers 2 How the market cap has moved 2.1 Shares Value 2.2 Share Value & Market cap 2.3 Consensus AGENDA 2.4 G o v e r n a nc e & S h a r e h o ld er s ’ s t r u c
Slide 6: The business in numbers
6 01 The business in numbers 1.1 IWB at a glance 1.2 1°H 2025 Main Financial Results 1.3 Value creation path - key numbers
Slide 7: IWB at a glance
1.1 IWB at a glance 7 This is 70+ 185 80 Italian Wine Brands TOTAL EXPORT BUSINESS in numbers TURNOVER: 185 mln euros IN THE WORLD: over 80% 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: ➢ winemakin
Slide 8: 1H 2025 Main Financial Results
8 IN THE 10th YEAR SINCE THE LISTING, ITALIAN WINE BRANDS ANNOUNCES FOR 1°H 2025: TOP BRANDS GROWTH STRATEGY SUCCESS (+2 %) WITH HIGH MARGINS 1.2 HO.RE.CA REVENUES . +8,8% 1°H 2025 Main Adj EBITDA CONFIRMS HISTORICAL RECORD AT 21,9 MIL (11,7%) Financial Results EBITDA IMPROVES COMPARED TO 1°H 2024 (
Slide 9: Value creation path – key numbers
1.3 Value creation path – key numbers 9 Revenues (€m) 250 EBITDA (€m) 25 11,9% 11,8% 13% 11,6% 11,5% 200 10,4% 11% 20 9,1% 8,7% 8,0% 8,8% 9% 150 15 6,2% 7% 100 196,8 191,2 21,9 21,9 177,3 185,1 5% 10 17,3 14,2 3% 50 92,2 99,5 11,8 5 10,7 64,6 69,0 69,9 70,1 6,3 6,1 7,3 1% 4,0 0 0 -1% H1 2016 H1 2017
Slide 10: How the market cap has moved
10 02 How the market cap has moved 2.1 Shares Value 2.2 Share Value & Market cap 2.3 Consensus 2.4 Governance & Shareholders’ structure
Slide 11: Shares Value
2.1 Shares Value 11 IWB shares compared to EGM Index (LTM) LTM performance recovering compared to EGM after uncertainty due to US tariffs BUT Market Cap at 210 mil corresponds to 2015 ✓ 4x compared to Ebitda Adj ✓ 8,8x compared to Net Result ✓ 7,2x compared to 2024 Cash generation M&A track record E
Slide 12: Shares Value & Market Cap
2.2 Shares Value & Market Cap 12 22,10 EUR 8 set 2025 2015 M&A track record MARKET 60 55 72 88 94 154 365 260 180 200 210 mil mil mil mil mil mil mil mil mil mil mil CAPITALISATION source
Slide 13: Consensus
2.3 Consensus 13 Reccomandation 4 brokers currently cover IWB all have BUY recommendation Broker Analyst Target Recommendation with an average Target Price at Price euro 33,28 Andrea Bonfà Banca Akros andrea.bonfa@bancaakros.it 32,0 eur BUY CFO SIM Gianluca Mozzali 37,5 eur BUY 2015 gianluca.mozzali
Slide 14: Governance & Shareholders' structure
2.4 Governance & Shareholders’ structure 14 Shareholders' Board of Directors Giorgio Pizzolo Alessandro Mutinelli Sofia Barbanera
Slide 15: 1H 2025 Results
15 03 1H 2025 Results
Slide 16: 1H 2025 Financial achievements
16 HIGHER PROFITABILITY AND OUTSTANDING 0 CASH GENERATION STABLE OUTSTANDING REVENUES CASH GENERATION 1H 2025 Eur 185,1 m Revenues +17,6 m Financial 3 -3,2% vs 1H 2024 Vs NFP 1H 2024 achievements SOUND & INCREASED IMPROVED NET PROFITABILITY RESULT Eur 21,9 mil Eur 10,3 mil Eb i t d a Ad j u s t e d
Slide 17: Financial Highlights: Net Sales
3.1 Financial Highlights IWB GROUP 17 NET SALES – KEY HIGHLIGHTS - 3,6 mil euros Distance Selling - 6,5 mil euros lower prices + Better Mix: Top Brands* about +2% + 4 mil euro due to higher volumes 191,1 185,1 HO.RE.CA: + 8,8% 100% Export revenue increase: +8,8% of which: 27,6 30,0 UK + 14,9% 90% US
Slide 18: Financial Highlights: Revenues by area and channel
3.1 Financial Highlights 18 ITALY & EUROPE REVENUES BY AREA • High performance UK: +9.4% 1H 2024 1H 2025 3% • Strong presence in key markets (DE/NL). 2% 11% 10% 17% 19% • Increasing revenues in strategic & high potential markets: East Europe + 8,7% excluding Russia) AMERICAS 68% 70% Italy Europe Nor
Slide 19: Distance Selling channel mix trend
19 3.1 Financial Highlights Distance Selling channel mix trend 1H 2017 1H 2025 8% 36% 46% 41% 51% 18% 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 20: Net Revenue – EBITDA Margin
20 3.2 Financial Highlights NET REVENUE – EBITDA MARGIN 11,5% EBITDA margin 11,8% EBITDA margin 1H 2024 1H 2025 250,0 200,0 191,2 185,1 150,0 100,0 50,0 21,9 21,9 0,0 1° Half 24 1° Half 25 EBITDA
Slide 21: Cost Structure
21 3.2 Financial Highlights COST STRUCTURE RAW MATERIAL SERVICES PERSONNEL 125,4 31,9 13,1 120,7 30,4 13,1 1° Half 24 1° Half 25 1° Half 24 1° Half 25 1° Half 24 1° Half 25 • Mix improvements • 0,7 mil outsourcing. New contract + temporay employee • Glasses cost reduction mid • 0,9 mil transport. im
Slide 22: EBITDA equal to a historical record
22 3.2 Financial Highlights EBITDA EQUAL TO A HISTORICAL RECORD 25,0 21,9 21,9 20,0 15,0 Better mix and 10,0 Synergies impact 5,0 0,0 1° Half 24 1° Half 25 Revenues 191,2 185,1
Slide 23: Segment Reporting
3.3 Financial Highlights 23 SEGMENT REPORTING 2015 B2B: 41% Revenues B2C: 59% Revenues 180,0 163,1 160,7 160,0 140,0 2020 120,0 B2B: 59 % Revenues 100,0 B2C: 41% Revenues 80,0 13,4 13,8 60,0 % % 1° H 2025 40,0 21,9 22,2 28,1 24,5 20,0 B2B: 86,9 % Revenues 0,4 0,1 B2C: 13,1% Revenues 0,0 B2B B2C Reve
Slide 24: From EBITDA to Net Result
24 3.4 Financial Highlights 25 23 21 50,4 21,9 4,8 19 17 0,9 15 16,2 2,3 13 13,9 3,6 11 9 10,3 +13% vs 1H 2025 7 5 1H 24 3 1 -1 Ebitda 2025 Depr. Amort. & Non Recurring EBIT 2025 Net Fin. Inc / EBT 2025 Taxes Net Result 2025 Provisions (Costs) 25 20 21,9 6,3 15 1,6 14,0 1,7 12,3 3,2 1H 2024 10 9,1 5
Slide 25: NFP & Free cash flows yield
3.4 NPF & Free cash flows yield 25 +10,7 mil Free Cash Flow 100,0 50,4 90,0 21,0 80,0 -3,1 70,2 70,0 -3,6 64,5 0,0 59,5 -3,6 -2,3 60,0 -3,4 53,6 50,0 -10,9 40,0 30,0 1H 2025 20,0 10,0 0,0 +11,4 mil Free Cash Flow 100,0 20,3 90,0 82,3 80,0 -4,3 -1,4 70,9 -3,2 -1,7 70,0 60,0 54,5 0,0 -26,1 49,0 1H 202
Slide 26: Net Financial Position trend
26 3.4 Financial Highlights NET FINANCIAL POSITION TREND 154,2 mil 108,1 mil 90,5 mil LEVERAGE 3,83 LEVERAGE 2,21 LEVERAGE 1,80 180,0 160,0 4,5 140,0 15,7 12,2 15,7 120,0 1,4 100,0 14,5 14,5 0,4 80,0 12,1 136,8 134,1 60,0 134,1 92,1 92,1 40,0 78,0 20,0 - H1 2023 H1 2024 H1 2025 Net Debt (€m) IFRS 16
Slide 27: Market
POGGIO Dnt CONCONE TOSGANA Market 27
Slide 28: Market: import update 1H 2025
4 Market: import update 1° Half 2025 28 A) 1° H 2025 Variance 3,8% VOLUME VALUE PRICE 2,9% 8,9% 7,1% 1,7% 1,2% 2,5% 1,4% 0,2% -1,2% -1,8% -4,6% * Source: UIV Customs observatory
Slide 29: Market: import update 2Q 2025
4 Market: import update 2° QTR 2025 29 2° QTR Variance VOLUME VALUE PRICE 7,1% 6,3% 11,0% 3,7% 2,7% -0,2% -1,5% -0,9% -4,8% -3,9% -4,1% -6,2% * Source: UIV Customs observatory
Slide 30: Import % change on sparkling wines
4 How do we intend to increase value creation? 30 B) Import % change 1° H 2025 vs 1° H 2024 on sparkling wines Import Value 20,0% 15,0% 10,0% 5,0% 0,0% US UK Germany Canada Japan China Switzerland France Hong Kong Brasil South Korea -5,0% -10,0% -15,0% -20,0% Wine Sparkling * Source UIV
Slide 31: The most interesting niches
4 31 The most interesting niches C) IWB is in the right product categories, which are expected to grow the most Organic Wines – Key drivers Market ➢ Millennials CAGR 25 Bn US$ 11,3%* ➢ Quality, Health, Sustainability ➢ Packaging innovation 9Bn US$ ➢ European leadership NO- LOW Alcohol – Key drivers
Slide 32: What's next
What’s next 32 " iy
Slide 33: Value Growth Actions
5 Value Growth Actions 33 TOP LINE TOP BRANDS NO ALCOHOL AI Revenues Increase LAUNCH (Artificial Intelligence) COSTS Additional saving on «dry products» M&A Scouting on going Sustainability 2024 CSRD Report to be published by the end of September
Slide 34: Conclusion and Q&A
34 06 Conclusion and Q&A Appendix Follow us: rirowines.com
Slide 35: Appendix: Financials
Appendix 1 Financials Italianwinebrands.it
Slide 36: Net Sales – Wholesale
36 7.1.1 Financials NET SALES – WHOLESALE Eur Millions 1H2016 1H2017 1H2018 1H2019 1H2020 1H2021 1H2022 1H2023 1H2024 1H2025 ∆ % 24/25 Cagr 16/25 Wholesale - Italy 0,0 0,0 0,7 1,5 2,6 3,2 19,5 18,6 24,2 21,3 (12,0%) N/A Wholesale - International 25,3 30,4 34,5 35,8 48,0 53,3 106,3 121,5 111,2 109,3
Slide 37: 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 ∆ % 24/25 Cagr 16/25 Ho.re.ca - Italy 0,0 0,0 0,0 0,0 0,0 0,0 0,2 1,5 1,0 1,2 20,6% N/A Ho.re.ca - International 0,0 0,0 0,0 0,0 0,0 0,0 17,7 25,4 26,6 28,8 8,3% N/A UK 0,0 0,0
Slide 38: Net Sales – Distance Selling
38 7.1.3 Financials NET SALES – DISTANCE SELLING 30.06.2017 30.06.2017 30.06.2019 30.06.2020 30.06.2021 30.06.2022 30.06.2023 30.06.2024 30.06.2025 ∆ % 24/25 Cagr 17/25 Distance Selling - Italy 17.952 17.952 13.916 16.772 16.379 12.991 11.174 11.025 9.300 (15,65%) (7,89%) Direct Mailing 7.313 7.313
Slide 39: Extended P&L 1H 2016 - 1H 2025
39 7.2 Financials EXTENDED PL 1H 2016 - 1H 2025 (migliaia di Euro) 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 30.06.2023 30.
Slide 40: Extended Balance Sheet 1H 2016 - 1H 2025
40 7.3 Financials EXTENDED BS 1H 2016 - 1H 2025 (migliaia di Euro) Eur/000 30.06.2016 30.06.2017 30.06.2018 30.06.2019 30.06.2020 30.06.2021 30.06.2022 30.06.2022 30.06.2023 30.06.2024 30.06.2025 Intangibles & Goodwill net of tax reserves 75.081 76.074 78.039 78.765 93.687 95.135 227.058 227.058 248
Slide 41: Extended Cash Flow 1H 2016 - 1H 2025
41 7.4 Financials EXTENDED CASH FLOW 1H 2016 - 1H 2025 Eur/000 30.06.2016 30.06.2017 30.06.2018 30.06.2019 30.06.2020 30.06.2021 30.06.2022 30.06.2023 30.06.2024 30.06.2025 Ebitda reported 3.150 6.301 5.328 6.670 10.151 11.640 13.849 16.224 20.309 20.975 +(-) changes in NWC (4.406) (5.686) (5.471) (
Slide 42: Assets held for sale
42 7.5 Assets held for sale ASSET Book Value Euro th Land and building 7.381 Plants 1.928 Equipments 367 Others 64 TOTAL 9.740 The asset represents the previous Valle Talloria plant & building located in Piedmont in the prestigious Langhe area. Potential Value is represented on both - productive and
Slide 43: Appendix: M&A Journey & Business Model
• Appendix 2 M&A Journey & Business Model • Italianwinebrands.it
Slide 44: Business Evolution: M&A Journey and Value Creation path
BUSINESS EVOLUTION M&A Journey and Value Creation path 44 • 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 45: IWB M&A journey
IWB M&A journey 45 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 46: 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 47: IWB reshaped the wine industry in Italy
47 08 IWB reshaped the wine Industry in Italy
Slide 48: IWB reshaped the wine industry in Italy
48 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 49: We are asset light and we focus on cash generation
49 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 50: We are market driven
50 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 51: Scale, efficiency, competitiveness
51 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 52: Our team: Italian wine people
52 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 53: How do we intend to increase value creation?
53 09 How do we intend to increase value creation?
Slide 54: Global export wine market expected to grow
9 54 How do we intend to increase value creation? A) The global export wine market is expected to grow and Italy and IWB are leading exporters EXPORT WINE The value of the International MARKET VALUE wine trade is 37 B € (of which (€ Billions) France 12 B €, and Italy 7,7 B €) Source Ismea – mod. And
Slide 55: Focus on sparkling and premium categories
9 55 How do we intend to increase value creation? B) IWB is in the right product categories, which are expected to grow the most Sparkling and Premium wine is forecasted 11% Sparkling/Prosecco to become a >$100bn market by 2025, 5,0% IWB FOCUS 1 and we intend to be leaders globally 3,5% • Sparkling/
Slide 56: Focus on USA and Emerging Markets
9 56 How do we intend to increase value creation? C) We will focus on USA and Emerging Markets A selected number of markets matter most in the premium and luxury segment • Global premium and luxury wine segment sales totaled $60bn in 2020, with US being the predominant market Largest premium and lux
Slide 57: Improve Net Financial Position and selected M&A
9 57 How do we intend to increase value creation? D) We will improve our Net Financial Position and exploit new selected M&A activities We have a historic high cash generation, which allows us to improve consistently our net financial position. For example, as of 31.12.23, this reduction in NFP has
Slide 58: Conclusion
58 Conclusion 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 59: Thank You
Thank You Italianwinebrands.it