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

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

• Focuses on premiumization across a diversified portfolio, including tequila, Irish whiskey, vodka, gin, rum, and RTDs.

Financial performance and growth

• Net sales reached $2.17 billion in 2024, up from $933 million in 2015, with 25.4 million 9L cases sold.

• EBITDA for 2024 was $439 million, with a net debt/EBITDA ratio of 1.8x and a market cap of $4.1 billion.

• Maintains strong cash generation and outperformed peers in net sales growth and EBITDA CAGR from 2016–2024.

• 2025 guidance targets mid-single digit net sales growth, $110–130 million in capex, and AMP at 20–22% of net sales.

Competitive advantages and operations

• High barriers to entry via vertical integration, control of agave supply, and proprietary distribution network.

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

• Expanded presence in new geographies and completed distillery expansions.