Corby Spirit And Wine Limited Class A · TSX:CSW.A
Corby Spirit And Wine Limited Class A — Q3 FY2025 Earnings Presentation
24 slides from Corby Spirit And Wine Limited Class A's earnings presentation, May 15, 2025
Slide 1: Earnings Call
Ear nings C all For the periods ending March 31, 2025 M a y 1 5 th, 2 0 2 5 TSX: CSW.A and CSW.B
Slide 2: Summary
SUMMARY S E C T I O N 1 | Market Context S E C T I O N 2 | Growth Strategy S E C T I O N 3 | Q3 and FYTD March’25 Financial Results S E C T I O N 4 | Conclusion: Why Invest in Corby
Slide 3: Today's speakers
To d a y ’ s s p e a k e r s NICOLAS KRANTZ President & CEO JUAN ALONSO Vice-President & CFO
Slide 4: Forward-Looking Statement
Forward-Looking Statement Today’s presentation contains forward-looking statements, including statements concerning possible or assumed future results of operations of Corby Spirit and Wine Limited. Forward-looking statements typically are preceded by, followed by or include the words “believes”,
Slide 5: Resilient FYTD Mar'25 performance with continued share gains
Resilient FYTD Mar’25 performance with continued share gains, demonstrating Corby’s portfolio strength in a challenging market Continued spirits share gains in FYTD March in a volatile market environment, resulted in +7% reported revenue growth boosted by buoyant RTD business & PR represented brands
Slide 6: Market Context
SECTION 1 MARKET CONTEXT
Slide 7: Corby beats the market
Corby beats the market Corby consistently outperforming the Canadian market in value since FY23 MARKET CORBY R121 OTC Value Growth +1.6 pts SPIRITS -3.6% -1.9% vs. market +2 .8 pts RTD +6.3% +9.1% vs. market 1. Rolling 12-month period ending March 31, 2025 77 Source: ACD ( Mar ‘25) – Retail $ Value
Slide 8: Corby outpacing market in almost all spirits categories over R12
Corby outpacing market in almost all spirits categories over R121 C A N A D I A N S P I R I T S M A R K E T R E TA I L V A L U E 1671 S pir its T ota l ma r ket C or by S pir its R 12 1 CO R B Y V S R121 Retail Value ($m) 1073 1017 1007 MA R KE T - 3 .6 % - 1.9 % +1.6 pts 542 451 299 281 271 175 VOD
Slide 9: Growth Strategy
SECTION 2 G R O W T H S T R AT E G Y
Slide 10: Our strategy to generate long-term sustainable growth and value
Our strategy to generate long-term sustainable growth and value Grow portfolio sustainably at a faster rate than the overall spirits market • Supported by best-in-class brand activation and excellence in commercial execution • Impactful innovative launches to deliver roughly one-third of our annual
Slide 11: Total Corby RTD portfolio gaining share, sustained by strong innovation pipeline
Total Corby RTD portfolio has been gaining share in value over the last 12 months, sustained by a strong innovation pipeline Corby/PR RTDs Recent acquisitions of ABG and Nude brands enabled Corby to enter at scale one of the most dynamic beverage alcohol categories in one of the largest Successful i
Slide 12: Q3 & FYTD March 25 Financial Results
SECTION 3 Q3 & FYTD MARCH 25 F I N A N C I A L R E S U LT S
Slide 13: Q3 FY25 Results
Q3 FY25 RESULTS CORBY
Slide 14: Q3 revenue impacted by high comparison basis and de-stocking
Our Q3 revenue, typically the lowest quarter of the year, was impacted by a high comparison basis last year, amplified by de-stocking pattern this year REVENUE EVOLUTION ($M) Reminder of prior year’s Q3 results drivers • Q3 FY24 revenue delivered a very robust performance with an organic Total Corby
Slide 15: Q3 FY25 results affected by technical phasing effects and soft consumer trends
Q3 FY25 results affected by technical phasing effects and soft underlying consumer trends Q 3 F Y 2 4 vs F Y 2 3 R ev enue Reported -1% Reported +50% C a s h f r om $48.0m Organic1 -9% Organic2 +18% O per a t ing A ct iv it ies $(6.3)m +$0.1m A dj. E B I T D A 1 $11.7m Adjusted1 -10% Adjusted1 +53%
Slide 16: FYTD March'25 Results
FYTD March’25 RESULTS CORBY
Slide 17: FYTD March earnings growth and continued market share gains
FYTD March earnings growth and continued market share gains in a volatile market environment C a s h f r om R ev enue Reported +7% O per a t ing A ct iv it ies $174.8m Organic1 Flat $29.2m +$14.6m Y T D Q 3 D iv idends decla r ed A dj. E B I T D A 1 Adjusted1 +4% $0.68 $48.4m +$0.05 / +8% vs YTD Q3
Slide 18: FYTD March Revenue was $174.8m, growing +7%
Corby’s FYTD March Revenue was $174.8m, growing +7% vs last year • ABG brands (excl. Nude) grew +8%, capitalizing on new channel expansion Domestic Reported in Ontario Case Goods +7% • Resilient performance despite Organic1 $137.8 million -2% negative impact of LCBO strike in Q1 FY25 and soft underl
Slide 19: Strong reported EPS growth of +11%
Strong reported EPS growth of +11%, supported by disciplined execution YTD Mar YTD Mar % C$m FY24 FY25 change Revenue 163.1 174.8 +7% $0.81 Total operating expenses2 (131.1) (139.1) +6% +1% Earnings from Operations 32.0 35.7 +11% ADJUSTED Adj. Earnings from Operations1 35.4 36.3 +3% EPS1 Adj. EBITDA
Slide 20: Healthy balance sheet and strong cash flow generation
Healthy balance sheet and strong cash flow generation, highlighting the sustainability of Corby’s quarterly dividend Q3 YTD Q3 YTD $ C$m FY24 FY25 change 54% 96% Net Cash / (Debt), beginning of period 39.4 (105.8) (145.2) Net earnings adjusted for non-cash items 43.0 47.8 +4.7 Dividend payout Divide
Slide 21: Well-positioned to navigate a volatile market in the last quarter of FY25
With a diversified portfolio and clear strategy, Corby is well- positioned to navigate a volatile market in the last quarter of FY25 In a challenging market environment, we anticipate continued resilience in the last quarter of fiscal 2025: • Market Share Gains: continued growth in a declining spiri
Slide 22: Conclusion: Why Invest in Corby
SECTION 4 C O N C LU S I O N : W H Y I N V E S T I N C O R BY
Slide 23: Why invest in Corby?
Why invest in Corby? Largest publicly-listed, multi-beverage alcohol company in Canada with the most 1 comprehensive & diverse portfolio in the industry Close partnership with Pernod Ricard, a global industry leader, bringing strategic advantages, 2 best practices, and operational and financial supp
Slide 24: Thank You
T H A N K YO U Questions or looking for more information? Please reach out to investors.corby@pernod-ricard.com FOLLOW US TSX: CSW.A and CSW.B
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