2021 first nine month results investor presentation

October 26, 2021

Nine Months Results to 30 September 2021

Investor Presentation

Table of contents

Results Summary

Sales Results

Consolidated P&L

Net Financial Debt

Marketing Initatives & business developments

Conclusion & Outlook

Annex

2

Strong business performance with double-digit growth across all indicators vs both 2020 and 2019

Net sales
Gross profit
% on sales/ margin accretion (bps)
EBIT adjusted	(2)
% on sales/ margin accretion (bps)

(1)

(2)

9M 2021	vs. 9M 2020	Q3 2021	9M 2021	Q3 2021
	Reported	Organic	Organic	Organic change	Organic change
€ million	vs. 9M 2019	vs. Q3 2019
change	change	change
1,575.7	+22.9%	+27.3%	+12.8%	+24.0%	+27.3%
961.2	+26.2%	+30.3%	+16.0%	+21.4%	+27.4%
61.0%	+160 bps	+140 bps	+170 bps	-130 bps	+10 bps
359.8	+44.8%	+54.2%	+16.2%	+31.7%	+29.0%
22.8%	+350 bps	+410 bps	+70 bps	+140 bps	+30 bps

Group profit before taxation adjusted	(3)	343.3	+56.1%
Net financial debt at period end		926.0

> Net sales organic growth in 9M 2021: +27.3% vs. 9M 2020 driven by bounce back in the on-premiseas well as the sustained home consumption; +24.0% vs. 9M 2019 thanks to solid underlying business momentum

> Sustained net sales organic growth in Q3 2021: +12.8% despite a tough comparison base (+12.9% in Q3 2020), driven by very positive momentum of the aperitifs in their key summer season. Strong growth vs. Q3 2019, up +27.3%

> EBIT adj organic margin accretion in 9M 2021 of +410 bps, resulting from gross margin accretion of +140 bps, thanks to strong high-margin aperitifs, more than offsetting the dilutive fast-growing Espolòn, neutral A&P and accretive SG&A line (+270 bps), plus favourable comparison base. EBIT adj margin accretion vs 9M 2019 driven by topline growth despite gross margin dilution due to agave effect

> Net financial debt down by €177.8 million vs. 31 December 2020 thanks to positive cash flow generation. Net financial debt to EBITDA adjusted ratio(4) down to 1.8 times

(1)	Basis points rounded to the nearest ten
(2)	Before operating adjustments of €(9.7) million in 9M 2021 (vs. €(48.3) million in 9M 2020)
(3)	Before total adjustments of €(2.1) million in 9M 2021 (vs. €(29.8) million adjustments in 9M 2020). Group profit before taxation reported at €341.2 million, up +79.4%	3
(4)	Calculated as net debt at period end divided by EBITDA adjusted for the last twelve months

Table of contents

Results Summary

Sales Results

Consolidated P&L

Net Financial Debt

Marketing Initatives & business developments

Conclusion & Outlook

Annex

4

Double-digit sales growth vs. 2020 & 2019 across all region and brand clusters: continued strong momentum in the on-premise, coupled with sustained home consumption

9M 2021 Net sales Organic Performance and Breakdown

		By Region					Organic sales growth vs. 9M 2020
AMERICAS					28.0%
		22.9%
SEMEA
						31.9%
		16.4%
NCEE
			19.8%
				32.8%
APAC
					30.4%
				36.5%
		Australia	Others
5%	3%

Others

7%

Russia

2%

UK			USA
		27%
3%
Germany
8%			Jamaica
			5%
Others			Canada
		3%
4%
France
		Others
	6%
	Italy	7%
		19%

Organic sales growth vs. 9M 2019	By Brand
GLOBAL
		27.5%
PRIORITIES	24.0%
REGIONAL
		34.2%
PRIORITIES	35.3%
LOCAL
	24.8%
PRIORITIES	25.5%

Rest of Portfolio: 11% (1)

Others 3%

Aperol

Single-serve aperitifs &22%

RTDs 9%

Others 3%	Campari 10%
Whisky 2%
Bitters 3%	Wild Turkey 7%
Sparkling wines &	The Jamaican
rums 5% Grand Marnier 7%
Vermouth 5%
Espolòn	SKYY 6%	5
5%

(1) Includes Agency brands & Co-packing 5%; Rest of own brands 6%