Becle (CUERVO) Investor Presentation summary

Market leadership and portfolio

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

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

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

• Product portfolio emphasizes premiumization, with 72% of net sales from tequila and 19% from non-tequila spirits.

Financial performance and growth

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

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

• Market cap stands at $4.1 billion as of December 2024.

• Maintains a conservative leverage profile with net debt/EBITDA at 1.8x.

Competitive advantages and operations

• Vertical integration and control of agave supply, with 94% of volume distributed through its own network.

• High barriers to entry due to appellation of origin for tequila and Irish whiskey.

• Flagship distilleries and bottling facilities support global route-to-market strategy.