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.

• Owns three of the top six global tequila brands and leads in every major region, including 52.6% market share in Mexico.

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

• Product portfolio spans tequila, whiskey, rum, gin, vodka, mezcal, and RTDs, with a strong focus on premiumization.

Financial performance and growth

• Sold 25.4 million 9-liter cases in 2024, up from 18.2 million in 2015, with net sales rising from $933M to $2.17B.

• EBITDA reached $439M in 2024, with a net debt/EBITDA ratio of 1.8x and a market cap of $4.1B.

• Net sales have doubled since 2015 while maintaining a conservative leverage profile.

• 2024 net income was $195M, with a gross margin of 50.7% and EBITDA margin of 16.5%.

Competitive advantages and operational strategy

• Maintains high barriers to entry through vertical integration, controlling 94% of volume via its own distribution network.

• Largest Agave Azul producer, fully integrated in the agave cycle, and operates flagship distilleries in key regions.

• Demonstrates agility and innovation, consistently outperforming peers in net sales growth.