Slides
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Page 1 Purcari Wineries Group (PWG) Public Company Limited BVB: WINE Corporate presentation: Q3 2025 Financial results November 17, 2025 BVB: WINE
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Page 2 Disclaimer THIS PRESENTATION IS MADE AVAILABLE ON THIS WEBSITE BY PURCARI WINERIES PUBLIC COMPANY LIMITED (the Company) AND IS FOR INFORMATION PURPOSES ONLY. This presentation and its contents do not, and are not intended to, constitute or form part of, and should not be construed as, constituting or forming part of, any actual offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares issued by the Company and its subsidiary undertakings (the Group) in any jurisdiction, or any inducement to enter into any investment activity whatsoever; nor shall this document or any part of it, or the fact of it being made available, form the basis of an offer to purchase or subscribe for shares issued by the Company, or be relied on in any way whatsoever. No part of this presentation, nor the fact of its distribution, shall form part of or be relied on in connection with any contract for acquisition of or investment in any member of the Group, nor does it constitute a recommendation regarding the securities issued by the Company, nor does it purport to give legal, tax or financial advice. The recipient must make its own independent assessment and such investigations as it deems necessary. The information herein, which does not purport to be comprehensive, has not been independently verified by or on behalf of the Group, nor does the Company or its directors, officers, employees, affiliates, advisers or agents accepts any responsibility or liability whatsoever for / or make any representation or warranty, either express or implied, in relation to the accuracy, completeness or reliability of such information, which is not intended to be a complete statement or summary of the business operations, financial standing, markets or developments referred to in this presentation. No reliance may be placed for any purpose whatsoever on the information contained in this presentation. Where this presentation quotes any information or statistics from any external source, it should not be interpreted that the Company has adopted or endorsed such information or statistics as being accurate. Neither the Company, nor its directors, officers, employees or agents accepts any liability for any loss or damage arising out of the use of any part of this material. This presentation may contain statements that are not historical facts and are “forward-looking statements”, which include, without limitation, any statements preceded by, followed by or that include the words "may", "will", "would", "should", "expect", "intend", "estimate", "forecast", "anticipate", "project", "believe", "seek", "plan", "predict", "continue", "commit", "undertake" and, in each case, similar expressions or their negatives. These forward-looking statements include all matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control, and relate to events and depend on circumstances that may or may not occur in the future, which could cause the Company's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on numerous assumptions and are intended only to illustrate hypothetical results under those assumptions. As a result of these risks, uncertainties and assumptions, you should in particular not place reliance on these forward-looking statements as a prediction of actual results, or a promise or representation as to the past or future, nor as an indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared or the information or statements herein are accurate or complete. Past performance of the Group cannot be relied on as a guide to future performance. No statement in this presentation is intended to be a profit forecast. This presentation does not purport to contain all information that may be necessary in respect of the Company or its Group and in any event each person receiving this presentation needs to make an independent assessment. This presentation contains references to certain non-IFRS financial measures and operating measures. These supplemental measures should not be viewed in isolation or as alternatives to measures of the Company’s financial condition, results of operations or cash flows as presented in accordance with IFRS in its consolidated financial statements. The non-IFRS financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures used by other companies. The information presented herein is as of this date and the Company undertakes no obligation to update or revise it to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. The distribution of this presentation in certain jurisdictions may be restricted by law and persons who come into possession of it are required to inform themselves about and to observe such restrictions and limitations. 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Page 3 Today’s presenters ▪ Over 18 years of experience in corporate finance, controlling, external audit and internal control. Previous held positions in: KPMG, Nestlé and AkzoNobel. ▪ Master Degree in Public Finance and Taxation from State University of Moldova, ▪ ACCA Advanced Diploma in Accounting and Business Anatol Belibov Chief Financial Officer ▪ Founder of the Group, since 2002. ▪ Over 35 years of experience in the wine industry. ▪ Built one of the largest wine companies in RU, exiting in 2002. ▪ Technical University, Oenology. ▪ Speaks FR, RO, RU. Victor Bostan Advisor to the CEO, Founder ▪ ~20 years of experience in finance and management consulting. ▪ Previously held positions as coordinating partner at McKinsey & Company, Bucharest and Head of the Digital Technology practice for Central Europe. ▪ Bachelor’s degree in Economics from the University of Granada, Spain and a Master’s degree in Economics and Finance from the University of Nottingham, UK. Alexandru Filip Chief Executive Officer ▪ Part of the IR team since 2022, supporting investor engagement, sustainability integration, and disclosure alignment (CSRD/ ESRS). ▪ Master in Finance and Risk Management and BBus (EcoFin) from “Alexandru Ioan Cuza” University of Iași. ▪ Speaks EN, RO, RU, DE. Victoria Moldovan Senior IR and ESG
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Page 4 Selected highlights for 9M 2025 ▪ The voluntary takeover bid held July 16–30, 2025 resulted in significant shareholding changes, with MASPEX becoming the majority shareholder in WINE with a 72.5% stake. ▪ Competition Authorities in Moldova, Romania, and Bulgaria approved the transaction (last approval as of November 5, 2025). ▪ Final regulatory step: clearance from Romania’s CEISD for the Takeover Bid. Maspex Romania S.R.L. submitted the required notification on July 31, 2025. IR updates ▪ EBITDA reached RON 84.7 mn and Net Profit RON 36.1 mn, with 28.2% and 12% margins, respectively. ▪ Cost structure remains under pressure due to higher bulk wine prices, while packaging costs have been contained through strict cost control and improved supplier terms. ▪ Non-monetary RON 7mn FX loss being offset by fair value gain from the biological assets. Operational updates Commercial updates ▪ Second consecutive quarter with sales exceeding RON 100 mn, ranking just below the seasonal peaks of Q4 2024 and Q4 2023. ▪ Three domestic markets accounted for 82% of total sales, with Romania leading (i.e., 61%). ▪ Purcari brand showed strong traction across markets, driving growth and representing 60% of total sales. ▪ Launched the Group’s first Prosecco, under the Wine Crime and Motiv brands.
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Page 5 Key commercial updates Events Product launches Campaigns Summer Campaign – Rosé de Purcari A campaign dedicated to the 1827 Rosé de Purcari; “Make your summer Rosé” Motiv Launch of the Motiv range on the Moldovan market – 5 still, dry wines, from the Valul lui Traian PGI Electric Castle (July 16 – 20) A unique, immersive 5 day, 24/7 experience, taking place in the heart of Transylvania next to the iconic 15th century Banffy Castle, bringing together 250+ music artists and a 300,000 crowd Flavours of Romania and the Republic of Moldova Purcari was one of the main partners of the documentary “Flavours of Romania and the Republic of Moldova” directed by the British filmmaker Charlie Ottley. The documentary is available on Netflix. Barbu A range of Divin of 5 and 7 years, for the economy segment, inspired by the well- known Romanian fiddler Barbu Lautaru. George Enescu International Festival A national cultural project that took place in Bucharest, between Aug 24 – Sep 21, 2025, aimed to discover and promote talented young musicians from around de world. Summer Campaign – Cuvée de Purcari A campaign dedicated to Purcari’s sparkling; “Cuvée Voyage – a vacation in your glass” Wine Crime Prosecco Extension of the Wine Crime sparkling range with a “Prosecco – so good, it would be a crime not to try it!” National Wine Day in Chisinau On October 4-5, Purcari Wineries participated at the National Wine Day in Moldova, an event that gathered over 250,000 wine enthusiasts.
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Page 6 Key financial performance metrics: 9M 2024 9M 2025 TOTAL REVENUES RON mn 9M 2025 262.0 9M 2024 300.6 +3.8% +14.7% EBITDA % 9M 2025 84.7 9M 2024 85.9 32.8% 28.2% Net Profit RON mn 9M 2025 36.1 9M 2024 43.4 16.6% 12% 89.475.9 +15.1% +17.7% TOTAL REVENUES RON mn Q3 2025 105.2 Q3 2024 96.1 +5.5% +9.5% LEGEND 9M Reference period 300.6 mn In period performance +15% Change vs corresponding period previous year 89.475.9 +15.1% +17.7% GROSS MARGIN % 9M 2025 139.2 9M 2024 123.2 47.0% 46.3%
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Page 7 22% Core Revenue growth mix 151 180 43 4810 1332 2819 27 9M 2024 9M 2025 RoW CEE1 Bulgaria Moldova Romania 255 295 +16% CEE Revenue growth by geography, RON mn Revenue growth by brand, RON mn YoY growth rate, % 144 177 41 4438 3822 239 112 3 9M 2024 9M 2025 Cuza Angels Ceptura Bostavan Bardar Purcari 295 +16% 30% -9% 32% 12% 19% 18% 25% 2% 5% 8% Comments 1 Central and Eastern Europe, excluding domestic markets (i.e., Romania, Moldova, Bulgaria) 255 ▪ Growth continues in 3Q, with two-thirds driven by an improved mix and pricing, while higher volumes contributed the remaining one-third. ▪ Second consecutive quarter with sales exceeding RON 100 million. Achieved an all-time high 3Q sales of RON 103.5 million ▪ Romania remains the key growth engine, driving 60% of Group sales; the Purcari brand contributes 60% of total revenues. ▪ Moldova delivers low double-digit growth for the third consecutive quarter, driven by improved pricing and mix, while the recovery in Duty-Free continues. ▪ Bulgaria leads in relative growth, building momentum from a smaller base amid ongoing market expansion. ▪ CEE mixed: Ukraine & Baltics strong; Poland, Czechia, Slovakia impacted by lower stocking and fewer promotions. ▪ RoW strong performance in Western Europe and Asia laying the foundation for long-term partnerships and growth.
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Page 8 Consistent financial performance track record Revenues RON mn EBITDA RON mnGross Profit RON mn Annual growth rate 9M 2018 – 9M 2025, % 95 113 139 138 166 200 253 262 301 15.6% 31 39 46 44 58 61 72 86 85 13.2% 44 57 69 68 85 91 104 123 139 ‘21‘17 ’18 ‘19 ‘23‘22 ‘24‘20 ‘25 ‘21‘17 ’18 ‘19 ‘23‘22 ‘24‘20 ‘25 15.5% ‘21‘17 ’18 ‘19 ‘23‘22 ‘24‘20 ‘25
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Page 9 Strong performance driven by resilient operations ▪ Revenue: Growth sustained in 3Q, with Purcari and Angel’s Estate up 22% and 25% YoY at 9M, respectively. Bostavan, Bardar, and Crama Ceptura posted single-digit gains. Romania remains the key market, contributing 61% of Group sales, while Purcari brand accounts for 60% of total sales. ▪ Gross profit: delivered strong performance in 3Q with +17% growth. Gross profit margin exceed last year’s level, supported by an improved product mix and effective price execution across most geographies. Additional positive impact came from a lower COGS base, reflecting a more favorable packaging cost structure. Pressure from higher bulk wine prices for the 2024 vintage persists. ▪ Marketing and selling expenses: at level of 15% of revenue, up 23% YoY. Increase was largely driven by higher costs associated with the Warranty Return System in Romania, which accounted for more than one-third of the total M&S cost increase. Salary-related expenses also rose, reflecting our ongoing efforts to strengthen commercial excellence through investments in our team. Transport costs were up by 31%, consistent with higher sales volumes and changes in the distribution channel and geographical mix. ▪ G&A expenses: accounted for 14% of revenue, marking a 45% YoY increase, primarily impacted by higher staff related cost, including implemented MIP, together with performance-bonus costs recognized pro-rata over the year starting with 2025 for consistency in the P&L (no cost record in 9M 2024), higher salary costs (including new FTEs and currently within the budgeted payroll cost) focusing to build capabilities in line with our strategy 2X. Higher rent and professional fees are also the contributor total G&A cost increase. ▪ EBITDA: Reached RON 84.7 million, slightly below last year’s level, but with a 28% margin, at the upper end of the guidance range, supported by continued margin improvement that had a positive impact on overall profitability. ▪ Net Profit: reached RON 36.1 million in 9M25, with a 12% margin. Q3 increased by 45% vs. Q3 2024. At non-cash level the RON 7.2 million Net FX loss has been fully offset by a fair value gain on biological assets. Furthermore, change in the accounting approach — recording staff cost accruals throughout the year instead of a one-off posting at YE creates inconsistency when comparing profitability levels YoY (more details on next slide). Comments Purcari Group RON m Q3 '25 Q3 '24 ∆ Q3 9M25 9M24 ∆ 9M Revenue 105.2 96.1 9% 300.6 262.0 15% Cost of Sales -53.2 -51.6 3% -161.5 -138.8 16% Gross Profit 52.0 44.6 17% 139.2 123.2 13% Gross Profit margin 49.4% 46.4% 3 pp 46% 47% (1 pp) SG&A: -30.7 -22.2 38% -85.8 -64.5 33% Marketing and selling -15.8 -12.8 23% -45.1 -36.5 23% General and Administrative -14.9 -9.4 59% -40.7 -28.0 45% Other income/ (expenses): 6.1 0.1 - 7.3 2.9 149% EBITDA 35.6 30.6 16% 84.7 85.9 -1% EBITDA margin 33.8% 31.9% 2 pp 28% 33% (5 pp) Net Profit 20.5 14.1 45% 36.1 43.4 -17% Net Profit margin 19% 15% 5 pp 12% 17% (5 pp)
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Page 10 Resilient profitability when accounting for extraordinary / MIP costs ▪ Net Profit RON 36.1 million, -17% YoY ▪ Gross margin up 13%, with operational efficiency partially offsetting the headwind of higher-cost bulk wine sourced from the 2023–2024 vintages. ▪ Other Income including subsidies, volumes rebates, income from disposal of fixed assets and provisions corrections. ▪ OPEX supporting operational growth, including Marketing and Selling Activity, General and Administrative expenses and employees related costs. ▪ Forex – The foreign-currency translation differences resulting from the sharp depreciation of the MDL, TRY, and RON in Q2 ‘25 remained largely unchanged in Q3. ▪ Interest – Higher loans to finance operating activities and capital-expenditure initiatives were partly offset by savings from credit renegotiation and refinancing. ▪ MIP1/ Performance Bonus pro rata – RON 6.0 million of incentive-plan and performance-bonus costs have been recognized pro-rata over the year for consistency in the P&L ▪ Ecosmart – accounting for RON 1.7 million in total Net profit in 9M 2024. ▪ Tax – lower tax expense, consistent with the profitability trend, and reversal of a provision for a non-materialized tax deductibility, affecting comparability versus 2024. ▪ Normalized Net Profit 9M 2025 RON 51.8 million, +19% YoY CommentsChanges to operational expenses, RON m (1) MIP (Management Incentive Plan) 2024–2027, approved at the AGM on May 22, comprises free shares, subject to achieving performance KPIs and stock options, exercisable at strike prices of RON 15, RON 20, and RON 25. Vesting period 4 years. Net Profit 9M24 Gross Margin Impact OPEX Other Operating Expenses Ecosmart Interest Ecosmart Bad Debt provision MIP pro- rata1 Performance Bonus pro-rata Net Profit 9M 25 43.4 16.0 -15.2 7.4 -0.6 -2.4 1.7 1.5 51.8 -2.2 -3.8 -5.6 -2.4 -1.7 36.1 FX Bad Debt provision Taxes Normalized Net Profit 9M25
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Page 11 A strong balance sheet enabling sustained growth2 Comments Strong Cash position thanks to prudent cash management while navigating operational and investment priorities. Net Debt reflecting higher leverage to support strategic initiatives, with RON 59 million invested in 9M 2025 in property, plant, and equipment to drive future growth while maintaining healthy debt-servicing capacity. Solid financial flexibility with a 2.59x current ratio and a stable 0.09x cash ratio. Debt within a manageable range, ensuring company's ability to service its obligations while pursuing expansion. Cash and Receivables Liquidity Solvency RON mn Cash Position RON mn Net Debt Current Ratio Debt-to-Equity Net Debt-to-LTM EBITDA Cash Ratio 21.8 12.6 50.8 32.1 23.5 18.6 20.7 17.2 76 98 46 66 109 128 189 246 2.08x 1.47x 1.78x 1.25x 1.78x 2.71x 2.41x 2.59x 0.28x 0.13x 0.48x 0.20x 0.13x 0.13x 0.12x 0.09x 62% 37%43% 41% 63% 53% 1.40x 1.50x 0.76x0.88x 1.01x 1.27x 1.77x 2.34x 40% Dec-22Dec-20Dec-19 Dec-21Dec-18 Dec-23 Dec-24 Sep-25 Dec-22Dec-20Dec-19 Dec-21Dec-18 Dec-23 Dec-24 Sep-25 Dec-22Dec-20Dec-19 Dec-21Dec-18 Dec-23 Dec-24 Sep-25 Dec-22Dec-20Dec-19 Dec-21Dec-18 Dec-23 Dec-24 Sep-25 64% Dec-22Dec-20Dec-19 Dec-21Dec-18 Dec-23 Dec-24 Sep-25 Dec-22Dec-20Dec-19 Dec-21Dec-18 Dec-23 Dec-24 Sep-25
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Page 12 Own harvest and 3rd party purchases of grapes, million kg 2025 harvest, with exceptional quality vintage Strong 2025 Harvest Secured with Superior Quality Note (1): Preliminary data as of November 5, 2025 Comments ▪ Processed over 31 million kilograms of grapes, securing sufficient wine stocks to support the Group’s growth ambitions under the 2x by 200 strategy. ▪ Own harvest up 24% vs. 5-year average, despite challenging weather conditions, including drought and early frost in some regions. ▪ Procured 17 million kilograms from third-party farmers, 6% above the 8-year median for external grape acquisitions, ensuring supply continuity for key brands. ▪ Vineyards recovering after the 2024 drought and summer heatwave. ▪ 2025 vintage grapes secured at improved cost levels, expected to alleviate gross margins starting from H2 2026. ▪ Irrigation system fully operational at Purcari Winery since 2022, delivering strong results. Roll-out at Cuza Vineyards (Bostavan) rescheduled for 2026, with possible 2027 extension pending state support timeline. 2 10.2 12.2 11.1 6.3 9.0 13.7 16.0 9.2 13.6 13.2 22.9 14.8 10.0 18.1 20.4 22.0 11.1 17.4 23.4 35.1 25.9 16.3 27.1 34.1 38.0 20.3 31.1 2017 2018 2019 2020 2021 2022 2023 2024 20251 Partner farmers Own harvest
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Page 13 Guidance 2025: maintaining the guidance for the year Target Comments ▪ Core Wine posted mid-double-digit growth in the third quarter, landing at the midpoint of the guidance range. ▪ Well-defined commercial plans and new partnerships in motion ahead of the key fourth quarter. ▪ EBITDA margin improved by 3pp versus 1H 2025, reaching the upper end of the guidance range. ▪ Net income margin in Q3 reached 19.5% YoY, reversing the negative trend from the first two quarters. 9M margin improved by 4pp vs 1H 2025, despite FX losses reducing it by 2.1pp. Status2025 guidance 9M 2025 actuals EBITDA margin = 26-28% 28% Revenue growth =+12-17% +15% Net income margin < 13-15% 12%
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Page 14 Changes in shareholder structure for Maspex’ voluntary takeover bid Before Voluntary Takeover Bid1 ~108 institutional investors 20% / 80% Retail / Institutional ~47 other institutional investors ~3,000 retail investors After Voluntary Takeover Bid 72.5%2 15.1% 6.3% 5.8% Note: (1) Maspex Voluntary Takeover Bid (June 25–July 30, 2025) (2) Transaction has been approved by Competition Authorities in Moldova, Romania, and Bulgaria (last approval being communicated as of November 5, 2025). The final regulatory step for completing the Takeover Bid is obtaining clearance from Romania’s Commission for the Examination of Foreign Direct Investments (CEISD).
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Page 20 Thank you for your attention! Wineries Investors Reports Discover more at https://purcariwineries.com/investitori/