Becle (CUERVO) Investor presentation summary

Market leadership and portfolio diversification

• Holds a 29% global market share in tequila and ranks #2 in Irish whiskey, with over 30 brands distributed in 85+ countries.

• Tequila and Irish whiskey account for 75% of sales, with 56% of revenue from the U.S. and Canada.

• Owns three of the top six global tequila brands and leads in every region by volume.

• Tequila is the fastest-growing major spirits category, with a 10.7% CAGR in the U.S. from 2018–2024.

• Focus on premiumization, with 72% of net sales from tequila and 19% from non-tequila spirits.

Financial performance and growth

• Net sales reached $2.4 billion in 2025, with 24.3 million 9-liter cases sold and EBITDA of $613 million.

• Net sales per case rose from $51 in 2015 to $99 in 2025, reflecting premiumization.

• Market capitalization stood at $3.8 billion at year-end 2025.

• EBITDA margin improved to 25.6% in 2025, with consolidated net income of $482 million.

• Outperformed peers in revenue and EBITDA growth, with a 7.6% EBITDA CAGR from 2017–2025.

Capital structure and liquidity

• Maintains a conservative leverage profile, with net debt/EBITDA at 0.7x and total debt/market cap at 17.2%.

• Extended debt maturity profile to 2031, with $800 million in senior notes and $535 million in new bank financing.

• 32% of debt in loans and 68% in bonds, with adjusted net debt to EBITDA at 0.9x.

• Cash and cash equivalents totaled $603 million at year-end 2025.