Becle (CUERVO) Investor Presentation summary

Market leadership and portfolio

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

• Owns 3 of the top 6 global tequila brands and leads in every region, including the US and Mexico.

• 75% of sales are in tequila and Irish whiskey, with 56% of sales from the US and Canada.

• Product portfolio spans premium, super-premium, and ultra-premium spirits, with a focus on premiumization.

Financial performance and growth

• Net sales reached $2.17 billion in 2024, with EBITDA of $439 million and 25.4 million 9L cases sold.

• Net sales per case rose from $51 in 2015 to $85 in 2024, reflecting premiumization.

• Sales CAGR of 10.1% from 2015 to 2024, with EBITDA growth outpacing most peers.

• 2025 guidance targets mid-single digit net sales growth and $90–110 million in capital expenditures.

Competitive advantages and business model

• Vertical integration and control of agave supply, production, and distribution ensure high barriers to entry.

• 94% of volume distributed through own network, supporting brand building and market control.

• Agility and innovation drive resilient business model and high operating cash generation.