Becle, S.a.b. De C.v. · BMV:CUERVO
Becle, S.a.b. De C.v — Q3 2025 Earnings Presentation
22 slides from Becle, S.a.b. De C.v's earnings presentation, Oct 23, 2025
Slide 1: 3Q25 Conference Call
3Q25 Conference Call Becle, S.A.B de C.V. October 23rd, 2025 1
Slide 2: Juan Domingo Beckmann, Chief Executive Officer
Juan Domingo Beckmann Chief Executive Officer 2
Slide 3: Consolidated and Regional Performance
Consolidated and Regional Performance Consolidated Volume Spirits Volume Gross Margin EBITDA 3Q25 +3.7% +5.2% 56.1% (expanded 300bps YoY) 3.5 billion (63.3% increase YoY) U.S. & Canada Mexico & LatAm EMEA & APAC Volume boosted by Tequila Positive results led by our Volume and NSV growth by premiumiz
Slide 4: Mauricio Vergara, U.S. & Canada
Mauricio Vergara U.S. & CANADA 4
Slide 5: USA & Canada - 3Q25 results
USA & Canada - 3Q25 results 3Q25 Net Sales (1) Shipments Depletions -10.3% -6.4% -4.4% Continued softness in our RTS portfolio. Disruptions in Canada due to retail boycotts accounted for 120,000 cases of impact. High-end Tequilas led the stronger performance within our full-strength spirits portfoli
Slide 6: USA & Canada – Nielsen & SipSource Data
USA & Canada – Nielsen & SipSource Data US Nielsen Data (1)(2) Spirits Industry Becle According to SipSource, Proximo outperformed the broader industry within full strength Spirits, including the Tequila category, over the three-month period ending August. -3.4% -3.5% (1) For the 13 weeks ending Sep
Slide 7: Prepared Cocktails and Tequila
Prepared Cocktails Tequila Softness in RTS offset by Small format offerings momentum in RTD continue to outperform 7
Slide 8: U.S. & Canada
U.S. & Canada On-premise shipments outperformed the off-premise. Key initiatives are driving greater brand visibility and consumer reach. We anticipate improving long-term fundamentals in the U.S spirits market, particularly across our focus categories. 8
Slide 9: Olga Limón, Mexico & LatAm
Olga Limón Mexico & LatAm 9
Slide 10: Mexico - 3Q25 Results
Mexico - 3Q25 Results 3Q25 vs 3Q24 Volume Net Sales +18.3% +24.3% Favorable product & channel mix as high-end Tequilas outperformed the rest of the portfolio. Inventory levels remain healthy and well- balanced across channels. 10 10
Slide 11: Mexico - NISCAM Data
Mexico - NISCAM Data Spirits Value YTD Spirits Volume YTD 3.4% 3.4% Becle Industry 0.0% Becle Industry -1.1% 11
Slide 12: Mexico – Portfolio Optimization
Mexico – Portfolio Optimization 2024 938,000 3.7% of our Nine-liter cases consolidated volume Strategic step to further optimize our portfolio with the sale of b:oost. This transaction reflects our continued focus on our core spirits business. 12
Slide 13: LatAm 3Q25
13 LatAm 3Q25 Strong performance with shipments and net sales both increasing double-digit. 13 13
Slide 14: Shane Hoyne, EMEA & APAC
Shane Hoyne EMEA & APAC 14
Slide 15: EMEA & APAC - Performance
EMEA & APAC - Performance EMEA & APAC delivered solid performance despite macroeconomic uncertainty, aggressive competitive pricing, Shipments and continued cost of living pressures. +11.0% Our premium spirits portfolio continued to deliver STRONG RESULTS, led by robust growth in super-premium Tequi
Slide 16: Rodrigo de la Maza, Chief Financial Officer
Rodrigo de la Maza Chief Financial Officer 16
Slide 17: Key Financial Metrics
Key Financial Metrics Gross Margin Evolution 20.2% 57.8% 19.5% AMP 56.1% 55.1% 3Q24 3Q25 54.3% 54.1% 53.1% 52.6% 52.1% 11.8% 10.4% SG&A 48.1% 3Q24 3Q25 31.7% 19.3% EBITDA Margin 3Q24 3Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 As a % of NSV 17
Slide 18: Key Financial Metrics
Key Financial Metrics Net Income Evolution Strong track record of generating Net Cash from Operating Activities 4,123 4,338 3,458 3,253 3,328 2,006 2,196 2,112 1,963 1,732 1,544 1,508 1,166 1,010 907 501 207 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 18
Slide 19: Capital Allocation Priorities
Capital Allocation Priorities 1 2 3 Investing in Managing Value Creating Organic Growth Portfolio Investments 19
Slide 20: More EBITDA, Less CAPEX
More EBITDA, Less CAPEX CAPEX approaching pre-pandemic levels while EBITDA generation is improving towards historical levels even with suppressed demand. 3,500 35.0% 31.2% 31.7% 3,000 30.0% 27.1% 26.2% 24.2% 24.4% 2,500 25.0% 22.0% 23.4% 21.7% 21.6% 20.7% 19.8% 22.5% 2,000 20.0% 18.8% 18.5% 20.0% 20
Slide 21: Lower Leverage & Higher ROIC
Lower Leverage & Higher ROIC Lease adjusted Net Debt / EBITDA ROIC +1.6 pp 2.3x 7.5% 2.1x 1.9x 1.7x 6.6% 6.4% 5.9% 5.9% 1.0x 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 ROIC = NOPAT / Average (Invested Capital of current year + Invested Capital of previous year) 21 Invested Capital = Total Ass
Slide 22: Q&A
Q&A 22
Becle, S.A.B. de C.V. — Q3 2025 Earnings Presentation on 6ix