Becle (CUERVO) investor relations material

Executive summary

• Consolidated volumes rose 3.7% year-over-year, led by 5.2% growth in the spirits portfolio, with tequila as the main driver in the U.S. and Canada, despite global industry volatility.

• Net income surged 354.6% year-over-year to P$4,123 million, aided by asset divestitures and FX gains, with net income margin at 37.7%.

• EBITDA increased 63.3% year-over-year to P$3,459 million, with EBITDA margin reaching 31.7%.

• Divested all equity in Lalo Spirits Holdings and signed agreement to sell the non-core Boost brand, focusing on premium portfolio.

Financial highlights

• Net sales for 3Q25 were P$10,922 million, down 0.2% year-over-year, impacted by price normalization and currency effects.

• Gross margin expanded by 300 basis points to 56.1%, reflecting lower agave input costs and operational efficiencies.

• EBITDA margin expanded to 31.7%.

• Operating income increased 71.1% to P$3,121 million, with margin at 28.6%.

• Net cash from operating activities was P$3.3 billion pesos for the quarter; cash and cash equivalents at P$12,032 million, up P$2,915 million year-over-year.

Outlook and guidance

• Focus remains on balancing shipments and depletions, executing premiumization, and maintaining disciplined pricing and operational efficiency.

• U.S. market expected to remain highly competitive for at least the next 18 months, with continued pricing pressures.

• EMEA and APAC regions are expected to sustain momentum through commercial execution and premiumization.

• CapEx efficiency is improving, with more EBITDA generated per unit of CapEx.