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Investor Presentation Becle, S.A.B de C.V. October 2025
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72%19% 3% 6% 57% 25% 18% One of the fastest growing spirits categories in the US and the World 1 Becle: A Leading Global Spirits Company and Undisputed Leader in Tequila Worldwide Notes: 1. Based on 2024 IWSR Drinks Analysis total volume 2. Excluding China, according to IWSR Drinks Analysis 2024 3. FX: Ps$ 20.27= US$ 4. Mkt. Cap. as of December 31, 2024. Becle Today • Undisputed leader in tequila globally, ~29% market share (1) • #2 in high growth Irish Whiskey category (1) with Bushmills, Sexton and Proper No. Twelve • Comprehensive portfolio of over 30 brands distributed in more than 85 countries • Strong geographic diversification with significant exposure to the U.S. and Canada, the world’s largest spirits market (2) • Conservative leverage profile, remaining one of the strongest among peers Diversified Product Portfolio with Over 30 Brands Tequila Non- Tequila RTDs Non-Alcoholic & Other U.S. and Canada Mexico RoW Exposure to the Right Geographies… Net Sales Value Breakdown in 2024 … With the Right High-Growth Categories Net Sales Value Breakdown in 2024 Public Company 2024 Key Figures 25.4MM of 9 Liter Cases Sold 2,169 MM Net Sales (US$) (3) 439 MM EBITDA (US$) (3) 3.0x Total Debt / EBITDA 4.1 Bn Market Cap (4) (US$) (3) Largest Spirits Market (2) 1.8x Net Debt / EBITDA
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2 Notes: 1. Net sales / 9 Liter Cases 2. FX: Ps$ 20.27 = US$ 3. As of December 31st, 2024 Becle's Outstanding Performance Makes it Today a Larger Company than in 2015 18.2MM of 9 Liter Cases 933 MM Net Sales (US$) (2) 246 MM EBITDA (US$) (2) 0.9x Net Debt / EBITDA Private Net Sales by Region 25.4MM of 9 Liter Cases 2,169 MM Net Sales (US$) (2) 439 MM EBITDA (US$) (2) 1.8x Net Debt / EBITDA 1.4X 2.3X 1.8X 4.1 Bn US$ (2) Market Cap (3) Supported by solid corporate governance, including 83% independent board members US and Canada 64% Mexico 24% Row 12% Focus on brand premiumization More favorable exposure to the largest spirits’ profit pool 2015 2024 NSV/Case (1) US$85 Net Sales by Region NSV/Case (1) US$51 57% 25& 18% U.S. and Canada Mexico RoW
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3 Our Company Undisputed Global Leader in Tequila and #2 in Irish Whiskey Dominant Position in the Hottest Spirits Category… …And a Privileged Competitive Position… …In High-Growth Spirits Categories Through an Extensive Product Portfolio with Focus on Premiumization Proven Agility and Innovation Driving a Resilient Business Model with High Cash Generation Capacity Best-in-Class Capital Structure & Prudent Financial Policy Whilst Delivering Consistent Growth Strong ESG Driven Culture 1 2 3 4 5 6 9 7 Renowned Family Heritage and Strong Corporate Governance Supported by a Talented Management Team Full Year 2025 Guidance10 Long-term Bank Debt to Increase Debt Maturity Profile and Maintain Strong Liquidity8
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Undisputed Global Leader in Tequila and #2 in Irish Whiskey 28.8% 14.4% 8.4% 6.0% 4.4% 4.2% 4.0% 3.8% 3.1% 2.7% 4 Source: IWSR Drinks Analysis 2024 ... In Every Region 2.0x nearest competitor Global Leader in Tequila… As of 2024 Volume – Total Market Size 47.9 MM 9L Cases As % of volume - 2024 Mexico #2 Player in Irish Whiskey 1,565K Irish Whiskey 9L cases sold in 2024 United States 21.5% Rest of the World 31.6% 55.8% 1ST 1ST 1ST Tequila volume market share Owner of 3 of Top 6 Leading Tequila brands by volume globally Familia Jose Cuervo Jose Cuervo 1800 Don Julio Gran Centenario Jose Cuervo Jose Cuervo Platino Marca Mercado Global México / USA USA / México México México México USA / México Segment o Premium Super Premium Super Premium Ultra Premium Ultra Premium Ultra Premium Ultra Premium Posiciona- miento Joven Autentico Sofisticado Artesanal Elegante Indulgente Indulgente Posición de Mercado №1 №1 №1 №1 №3 №1 №2 # 3 # 1 # 6 9.5% 6.5% 2.8% 9L Cases Volume CAGR 2018 – 2024 1
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7.4% 12.7% 1.1% 1.9% 287 393 248 382 2015 2020 2015 2020 1.7x 1.7x 1.4x 1.5x 5 Since 2018, Tequila has… Source: IWSR 2024 Drinks Analysis Notes: 1. By volume of 9L cases sold 2. Includes local spirits With Still Significant Room For Worldwide Expansion A Tequila overtook Rum as the third-largest Spirits category in the US (1) …Been the Fastest Growing Major Spirits Category in the US and in the World (2018 - 2024 9L cases volume CAGR) B …Significantly Increased its Market Share (In terms of 9L cases volume) C …Benefitted from a Clear Premiumization Trend Avg. price in US$ per 9L case of Tequila Dominant Position in the Hottest Spirits Category… 2 2018 20182024 20242018 2018(2)2024 2024(2) 7.2% 6.7% 5.4% 2.7% 1.4% (-0.9%) Tequila Irish Whiskey Gin Whisky Rum Vodka 10.7% 1.6% (-0.6%) (-1.5%) (-1.4%) Tequila Whisky Vodka Gin Rum
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…And a Privileged Competitive Position… 6 High Barriers of Entry Provided by Becle’s Vertical Integration and Own Distribution Agriculture Production Distribution Competitive Advantage Resulting from Appellation of Origin for Tequila and Irish Whiskey Flagship Distilleries and Bottling Facilities Support Route-to-Market Strategy Own Distribution Platform to Control Route-to Market and Brand Building Strategy • Tequila can only be produced from Agave Azul (Tequilana Weber) • Becle is the largest Agave Azul producer(1) • Becle is involved in full Agave cycle (plant, growth, harvest and freight) • Irish whiskey can only be made throughout the island of Ireland Source: Company Information La Rojeña (Tequila) Camichines (Tequila) EDISA Bottling Facility 1800 Distillery (Tequila) Stranahan’s (Colorado) Proximo Bottling (Indiana) Old Bushmills Distillery and Bottling (Northern Ireland) In expansion Old Bushmills Distillery expansion completed 3 (bottling) Bourbon (New York) 125 Municipalities in Jalisco + 56 Municipalities in Mexico Island of Ireland, including both the Republic of Ireland and Northern Ireland ✓94% of volume through own network ✓Proximo's route-to-market control instrumental to U.S. success ✓Vertical integration of profits ✓Control and focus of own brands ✓Enhancing presence in new geographies with in-market companies (IMC’s) Notes: 1. According to CRT’s plantation registry
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10.7% 2.8% 1.1% … In the Right Categories & Markets… 7 4 Exposure to Dynamic Regions and Categories Spirits Growth | 2018-2024 9L cases Volume CAGR 7.2% 6.7% (1.8%) Tequila Irish Whiskey Total Spirits Tequila Irish Whiskey Total Spirits 75% of Becle’s Sales are in Tequila & Irish Whiskey 56% of Becle’s Sales are in the U.S. & Canada (1) Source: Company Information, IWSR Drinks Analysis Notes: 1. Includes all Tequila Brands + Bushmills + Proper No Twelve for FY2024 2. Full Year 2024 Sales 3. Includes local spirits (3) (2)
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… Through an Extensive Product Portfolio with Focus on Premiumization 8 4 Diversified Brand Portfolio TequilaWhiskey 1800 OtherJose Cuervo Family Others Rum Premium Ultra Premium Premium Vodka Premium Gin Premium Mezcal Ultra Premium RTD Non-Alcoholic RTDs (13%) Premium Irish Whiskey U.S. Whiskey Premium Ultra Premium Super Premium Premium & Ultra Premium Net Sales by Category By value as of 2024 Non-Alcoholic & Other (3%) RTDs (6%) Non-Tequila (19%) Tequila (72%) Premium Super Premium Prestige Super & Ultra Premium Super Premium Ultra Premium Premium & Ultra Premium
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7.6% 7.1% 4.9% 4.5% 4.4% 3.1% 9 Becle’s Agile & Innovative Business Model is a Key Driver of its Outperformance Net Sales Y-o-Y | (%) Average Growth of Peers (1) High EBITDA Generation EBITDA Growth CAGR 2016 – 2024 | (%) Source: Company filings, Capital IQ. Company Audited Financial Statements and most recent publicly available annual financial stateme nts for our peers. We have included the information presented in this chart for illustrative purposes only and we cannot assure you of the accuracy or comparability of our peers’ financial statements. Operating profit may be measured differently by our peers for many reasons, including the fact t hat entities may differ in their application of accounting principles Notes: 1. Simple average of annual revenue growth of Campari, Diageo, Brown Forman, Remy Cointreau and Pernod Ricard. Proven Agility and Innovation Driving a Resilient Business Model with High Operating Cash Generation Capacity 5 Brown-FormanRemy Cointreau Pernod RicardCampari Diageo 3.7% 4.4% 2015 2018 (2.9%)(4.0%) 20172016 2.1% 2019 2020 2021 20.6% 32.0% 6.4% 8.5% 5.5% 12.5% 17.9% 10.9% (8.4%) 16.0% 2022 20.0% 5.7% (1.7%) 2023 2024 (0.9%) (1.8%) Becle
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42.8% 42.1% 31.3% 28.1% 15.6% 14.1% Pernod Ricard Campari Cuervo Diageo Remy Cointreau Brown Forman $18,475 $24,396 $25,958 $28,158 $29,705 $35,036 $39,419 $45,729 $44,355 $43,962 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Proven Financial Discipline While Executing on a Successful Growth Strategy 10 Best-In-Class Credit Metrics Notes: 1. Bloomberg: As of December 31st, 2024. Net Debt / EBITDA (1) Total Debt / Market Cap (1) 2.0x Net Sales Expansion While Maintaining an Almost Flat Leverage Ratio ’15 – 2024 LTM sales CAGR: 10.1% Best-in-Class Capital Structure & Prudent Financial Policy Whilst Delivering Consistent Growth 6 Source: Capital IQ, Company Filings. Company Audited Financial Statements and most recent publicly available annual financial stateme nts for our peers. We have included the information presented in this chart for illustrative purposes only and we cannot assure you of the accuracy or comparability of our peers’ financial statements. Operating profit may be measured differently by our peers for many reasons, including the fact t hat entities may differ in their application of accounting principles Sales in Ps$ MM (2018-21) Acquisitions 1.8x 1.7x 1.4x 1.6x 1.5x 1.3x 2.3x 1.8x Total Debt / EBITDA 2024Sales 3.3x 4.2x 3.5x 3.1x 1.9x 1.8x 1.8x Campari Pernod Ricard Diageo Remy Cointreau Brown Forman Jose Cuervo 3.0x
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11 Notes: 1. As of December 31, 2024. FX: Ps$ 20.27= US$ • Founded in 1758, Becle is today an 11th generation managed spirits company • Public company since 2017 and part of the S&P/BMV IPC index ─ Market Cap of US$4.1 (1) Bn • Talented management team supported by a highly experienced and independent board of directors • At the fore front of sustainability practices throughout the Tequila production cycle & other spirits bottling facilities Beckmann Family 87% Public Float 13% Independent 83% Non-Independent 17% 1795 1812 1852 1880 1945 First license ever to sell tequila Oldest distillery in Mexico First export to the US First distiller to bottle tequila in glass bottles Margarita created using Jose Cuervo tequila Becle is a Global Spirits Company with a Profound Family Heritage Highly Experienced and Independent Board of Directors Renowned Family Heritage and Strong Corporate Governance 7 Becle’s Key Milestones Shaped the Tequila Industry Ownership
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11 Notes: 1. As of September 30, 2025. FX: Ps$ 18.38= US$ 2. Adjusted for Lease Liabilities Long-term Bank Debt to Increase Debt Maturity Profile and Maintain Strong Liquidity Transaction Rationale 655 - - - 385 - - 800 Cash 2025 2026 2027 2028 2029 2030 2031 As of September 2025 | US$ MM(1) Cash Senior Notes Long -term Bank Debt (Term) • Term out US$535mn of bank financing, essentially all of the Company’s short-term indebtedness ➢ Leave no relevant debt maturities until May 2025 (US$153mn balance outstanding from the JBYCMX 3.75% 05/13/25 Senior Notes) ➢ Extend the average life of debt by c.1.5 years • Combine a term loan with a revolving facility for added flexibility / liquidity • Expand and diversify funding sources and bank counterparties • Maintain leverage unchanged Debt Maturity Profile Sources Uses Term Facility US$385mn 72% Repay existing short-term indebtedness of US$500mn with US$35mn left undrawn under the RCFRevolving Facility US$150mn 28% Sources & Uses Total Debt: MXN21.3bn (US$1.2bn equiv.) Net Debt: MXN9.3bn (US$506mn equiv.) Adjusted Net Debt to EBITDA: c.1.0x (2) Adjusted Net Debt to Market Cap: c.16% Debt Composition (by type): 32% loans 68% bonds Debt Stats Unchanged for the Transaction 8
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Strong ESG Driven Culture 12 Awards, Recognitions & Affiliated Entities Our Commitment has Granted us Recognition and Certifications Among Several Institutions 9 Consejo Nacional Agropecuario Our ESG (Environmental, Social and Governance) strategy is based on clear and defined business values and actions divided in three pillars for a sustainable future: i) Sustainable Governance, ii) From Source to Market and iii) Looking After Our People
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13 Becle’s Environmental Initiatives are Aligned to the UN Sustainable Development Targets and to the Global Compact 9 Climate Change Water Stewardship Sustainable Agriculture Waste Management 100% of bagasse waste generated is used in our agave fields or repurposed for bio-based products. Integrating climate risk monitoring into our overall risk management and corporate strategies. We operate 2 state-of-the-art water plants for the biological treatment of effluents, such as tequila vinasse. Traceability of our agave plantations, guaranteeing non-deforestation and improvement of the land we manage. Through our strategic framework, we will also be able to contribute to the United Nations Sustainable Development Goals (SDGs). SDG Alignment Energy Biodiversity Allowing local fauna to perform their natural interactions, such as pollination and fertilization. Sustainable Sourcing Sourcing of most of our ingredients locally. Carbon Footprint Our strategy contemplates evaluating technologies that will help us reduce energy consumption and material usage linked to carbon emissions. 46% of our global energy consumption comes from renewable sources.
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Financial Statements 14
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Consolidated Statements of Comprehensive Income 1. MXN figures converted to US$ at a rate of 20.27 solely for the convenience of the reader 15 Twelve months ended December 31st Third quarter ended September 30th (Ps$MM) 2023 % of net sales 2024 % of net sales 2024 (USD) (1) 2024 % of net sales 2025 % of net sales 2025 (USD) (2) Net sales 44,355 43,962 2,169 10,949 10,922 594 Cost of goods sold 21,874 49.3 20,450 46.5 1,009 5,138 46.9 4,799 43.9 261 Gross profit 22,480 50.7 23,512 53.5 1,160 5,811 53.1 6,123 56.1 333 Advertising, marketing and promotion 9,986 22.5 9,122 20.7 450 2,213 20.2 2,127 19.5 116 Distribution 1,926 4.3 1,809 4.1 89 453 4.1 487 4.5 26 Selling and administrative 4,252 9.6 4,808 10.9 237 1,295 11.8 1,141 10.4 62 Other expenses (income), net 78 0.2 9 0.0 0 26 0.2 (753) (6.9) (41) Operating income 6,238 14.1 7,765 17.7 383 1,824 16.7 3,121 28.6 170 Financing results 7 0.0 2,500 5.7 123 564 5.2 (2,451) (22.4) (133) Equity method 43 0.1 42 0.1 2 - - - - - Profit before income taxes 6,188 14.0 5,223 11.9 258 1,260 11.5 5,572 51.0 303 Income taxes 1,454 3.3 1,261 2.9 62 353 3.2 1,449 13.3 79 Consolidated net income 4,734 10.7 3,962 9.0 195 907 8.3 4,123 37.7 224 EBITDA 7,336 16.5 8,902 20.2 439 2,118 19.3 3,459 31.7 188 2. MXN figures converted to US$ at a rate of 18.38 solely for the convenience of the reader
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Consolidated Statements of Financial Position 1. Includes Biological assets 2. Includes related parties, recoverable income tax, other recoverable taxes and receivables, financial instruments at fair v alue through profit and loss and prepayments 3. Includes Investments in associates, Deferred income taxes, Employee benefits - Net and Other assets 4. Includes Lease liabilities, Related parties and Dividends 5. Includes Environmental reserve, Deferred income taxes and Dividend payable. 6. Includes Capital stock, Share premium, Capital reserves, Retained earnings and Other comprehensive income 7. MXN figures converted to US$ at a rate of 20.27 (rate as of December 31, 2024), solely for the convenience of the reader 16 As of September 30th Twelve months ended December 31st (Ps$ MM) 3Q25 2023 2024 2024 (USD) (7) Assets Cash and cash equivalents 12,032 6,367 10,685 527 Restricted cash 413 - - - Trade receivables 10,313 11,229 12,038 594 Inventories (1) 14,048 16,935 15,903 785 Other assets (2) 3,748 3,563 3,182 157 Total current assets 40,552 38,094 41,808 2,063 Inventories (1) 18,296 16,107 17,665 872 Other receivables 298 - - - Property, plant and equipment 17,493 15,743 17,834 880 Intangible assets 19,168 16,919 20,004 987 Goodwill 6,298 5,536 6,627 327 Right-of-use assets 1,876 2,813 2,266 112 Other assets (3) 5,814 4,013 7,041 347 Total non-current assets 69,215 61,131 71,436 3,525 Total assets 109,767 99,225 113,244 5,587 Liabilities Senior Notes 170 84 3,207 158 Syndicated Loan 35 47 43 2 Trade payable 5,271 4,486 5,483 271 Other accounts payable (4) 7,181 7,189 7,106 351 Total current liabilities 12,657 11,806 15,838 781 Senior Notes 14,092 15,373 15,456 763 Syndicated Loan 7,039 8,393 7,749 382 Lease liabilities 1,493 2,486 2,049 101 Other long-term liabilities (5) 4,133 3,528 5,356 264 Total non-current liabilities 26,757 29,780 30,610 1,510 Total liabilities 39,414 41,586 46,449 2,292 Stockholders' equity Controlling interest (6) 70,278 57,504 66,723 3,292 Non-controlling interest 75 135 72 4 Total stockholders' equity 70,353 57,639 66,795 3,296 Total liabilities and stockholders' equity 109,767 99,225 113,244 5,587
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Consolidated Statements of Cash Flows 171. U.S. dollars translated at 18.89 Mexican pesos solely for the convenience of the reader 2. Net decrease in accounts in operating activities section includes movement in the following accounts: trade receivables, r elated parties, other recoverable taxes and other receivables, inventories, biological assets, prepayments, trade payable, other assets, other accounts payables, employee benefits, income taxes paid or recoverable Nine months ended September 30th (Ps$ MM) 2024 2025 2025 (USD) (1) Operating activities: Income before income taxes 3,359 9,859 536 Adjustment from non-cash items: Depreciation and amortization 830 997 54 Loss on sale of property, plant and equipment 119 5 0 Net proceeds from divestment in associates - (2,475) Non-cash items 170 (444) (24) Interest income (344) (275) (15) Unrealized foreign exchange profit 1,271 (893) (49) Interest expense 761 647 35 Net cost for the period of employee benefits 22 24 1 Subtotal 6,188 7,445 405 Net cash from operating activities 7,561 6,568 357 Investment Activitites: Property, plant and equipment (1,327) (899) (49) Intangible assets (141) (151) (8) Investment in associates and joint ventures (157) (98) (5) Acquisition of subsidiaries - (466) (25) Divestment in associates - 2,922 159 Interest income 344 275 15 Net cash flows used in investment activities (1,281) 1,583 86 Financing activities Dividends paid (1,420) (1,426) (78) Senior Notes paid - (2,989) (163) Interest lease payment (847) (786) (43) Interest paid (740) (646) (35) Net cash flows used from financing activities (3,007) (5,847) (318) Net increase of cash and cash equivalents 1,803 2,305 125 Cash and cash equivalents at beginning of year: At beginning of the period 6,367 10,685 581 Restricted cash - (413) (22) Effects of exchange rate changes on cash and cash equivalents 947 (544) (30) Cash and cash equivalents at end of period 9,117 12,032 655
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18 • Items provided below are based on the Company's current estimates and are not a guarantee of future performance. • There could be significant risks and uncertainties that could cause actual results to differ materially, including the risk f actors discussed in the Company's reports on file with the Comisión Nacional Bancaria y de Valores (Mexican National Banking and Securities Commission). • Becle undertakes no duty to update any forward -looking statements or estimates. Full Year 2025 Guidance 10 Full Year 2025 As of October 23rd, 2025 Notes: (1) Consolidated Capital Expenditures are comprised of distillery expansion capabilities (Tequila and other spirits), aging and warehousing, in order tosupport our long-term growth plan, and other normal and customary capital expenditures. Consolidated Net Sales Value Low-single digit growth “area” Consolidated Capital Expenditures (1) US$70-90 million “area” Advertising, marketing and promotion (AMP) Range of 20-22% of Net Sales Value