#1Santander's 28th Mexico Conference - Investor Presentation Becle, S.A.B de C.V. January 17-18 2024 Hangar 1 Jet Hangar 1 YODEL REE OLY STRAIGHT imries Tabe KRAKEN KRAKEN BOODLES EST. BRITISH GIN LONDON DRY IMPORTED a ree Oli VODKA Sea The KRAKEN BLACK SPICES RUM D CONEJO JATEN OAXACA 94 PRO THE BORAER Jose Cuervo AVE 2498 1795 CREYENTE Jose Jose CENTENARIO PLATA Quervo ESPECIAL Quervo TRADICIONAL TEQUILA PLATA YEARS CREYENTE Mezcal Joven BLUE AGAVE GOLD TEQUILA WATAWAL JAMAN TEQUEA www DOBEL BUSHMILLS SINGLE MAIT 100% AGAVE 1608 BUSHMILLS ERICAN WHISK TINCU Colorado. TEQUILA SUORE ESERVADA MAESTRO EQUILER EQUILA 100% DE ABA COMPOS SEIND Reserva CUCCION Sel DE LA FAMILIA UNACAY NUMERI HECHO EM MEHIC EXTRA ANEJO Jane Cheron WENG TERA FERVA 1800 PENDLETON SILVER ALENTED CANADIAN WHI MAESTRO DOBER DIAMANTE 100% ABAVE AC SINGLE MALT URISH WHISKEY Frih Crinthed 10 608 PERSON TINCUP BANAN MOUNTAIN tranaha CASE STRENGTH SINGLE BARRE ICKY RAN PROPER TWELVE IRISH WHISKEY IRELAND SE MOOTH IS FAS#2Becle: A Leading Global Spirits Company and Undisputed Leader in Tequila Worldwide Jose Cuervo Becle Today Undisputed leader in tequila globally, ~30% 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 With the Right High-Growth Categories 2022 Key Figures 27.4MM of 9 Liter Cases Sold Exposure to the Right Geographies... Net Sales Value Breakdown in 2022 Net Sales Value Breakdown in 2022 RTDs ROW Non-Alcoholic Tequila & Other 16% 8% 3% Mexico 24% 20% 60% Non- Tequila 69% U.S. and Canada Largest Spirits Market (2) Curre Cuervo 180 180 2,362 MM Net Sales (US$) (3) 508 MM EBITDA (US$) (3) 1.8x Total Debt / EBITDA One of the fastest growing spirits categories in the US and the World 1.3x Net Debt/EBITDA BUSHNELLS PENDLE BOODLES GIN KRASE LODGE DET CREVENTE 8.0 Bn Market Cap (4) (US$) (3) Public Company Notes: 1. Based on 2022 IWSR Drinks Analysis total volume 2. Excluding China, according to IWSR Drinks Analysis 3. FX: Ps$ 19.36=US$ 4. Mkt. Cap. as of December 31, 2022. 1#3Becle's Outstanding Performance Makes it Today a Larger Company than in 2015 Jose Cuervo 2015 18.2MM 1.5X 27.3MM of 9 Liter Cases of 9 Liter Cases NSV/Case (1) US$51 Net Sales by Region Row 12% Mexico 24% US and Canada 64% Notes: 1. Net sales / 9 Liter Cases 2. FX: PS$ 17.6195 = US$ 3. As of September 30, 2023 933 MM 2.7X 2,553 MM Net Sales (US$) (2) Net Sales (US$) (2) 246 MM EBITDA (US$) (2) 1.7X 418 MM EBITDA (US$) (2) 0.9x Net Debt/ EBITDA Private 2.9x Net Debt/ EBITDA 8.3 Bn US$ (2) Market Cap (3) Supported by solid corporate governance, including 83% independent board members LTM 3Q23 NSV/Case (1) US$94 Focus on brand premiumization Net Sales by Region RoW 16% Mexico 24% 60% U.S. and Canada More favorable exposure to the largest spirits' profit pool 2#4Our Company AVE 1 Undisputed Global Leader in Tequila and #2 in Irish Whiskey 2 Dominant Position in the Hottest Spirits Category... 3 ...And a Privileged Competitive Position... 4 Jose Cuervo Jose Cuervo 100% Jose Quervo RADICION 5 TEQUILA PLATA 224 YEARS ...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 Renowned Family Heritage and Strong Corporate Governance Supported by a Talented Management Team 6 20NE ANTONIO DE 7 8 Strong ESG Driven Culture 9 Full Year 2023 Guidance 3#51 Undisputed Global Leader in Tequila and #2 in Irish Whiskey Jose Cuervo Global Leader in Tequila... As of 2022 Volume - Total Market Size 46.7MM 9L Cases Jose Cuervo DIAGEO 12.4% 29.8% ... In Every Region As % of volume - 2022 Owner of 3 of Top 6 Leading Tequila brands by volume globally Mexico (28% of 2022 Global Volume) BACARDÍ 9.7% #1 Beam Jose Cuervo 6.8% SUNTORY # 5 1800 TEQUILA 5.4% BROWN-FORMAN #6 CENTENARIO Sequila 4.2% SAZERAC 2.4x nearest 2.8% Pernod Ricard competitor CAMPARI 2.8% HEAVEN HILL 2.6% BRANDS MGP 2.0% Source: IWSR Drinks Analysis 2022 52.0% 1ST Jose Cuervo #2 Player in Irish Whiskey 1,473K Irish Whiskey 9L cases sold in 2022 BUSH BLACK RED BUSHMILLS BUSH BUSHMILLS USHMILLS USHMILLS 10 16 21 PROPER TWELVE SEXTON 1603 1603 1608 608 608 608 United States (56% of 2022 Global Volume) 1ST 22.5% Jose Cuervo Rest of the World (16% of 2022 Global Volume) 9L Cases Volume CAGR 2017 – 2022 12.0% 1ST 34.1% Jose Cuervo Tequila volume market share 9.4% 4.1% Jose Cuervo WILLIAM GRANT & SONS Pernod Ricard 4#62 Dominant Position in the Hottest Spirits Category... Since Last Issuance, Tequila has... A ...Been the Fastest Growing Major Spirits Category in the US and Second Fastest in the World (2017-2022 9L cases volume CAGR) Tequila overtook Rum as the third-largest Spirits category in the US (1) Jose Cuervo B...Significantly Increased its Market Share (In terms of 9L cases volume) With Still Significant Room For Worldwide Expansion ں 11.9% 4.3% 8.3% 7.5% 3.8% 2.5% 0.8% 0.2% (0.8%) (0.3%) Tequila Whisky Vodka Gin Rum Tequila Gin Whisky Rum Vodka ...Benefitted from a Clear Premiumization Trend Avg. price in US$ per 9L case of Tequila 1.3x 281 2017 Source: IWSR Drinks Analysis Notes: 1. 2. By volume of 9L cases sold Includes local spirits 378 231 1.5x 349 1.5x 11.4% 7.5% 2017 2022 1.6x 1.1% 1.8% 2017(2) 2022(2) Becle Soared Driven by Proximo's Strong Execution (2022 Tequila 9L cases volume growth vs. 2021) 16.90% 12.80% 11.10% 2022 2017 2022 Jose Cuervo Other tequilas Global tequila 5#73...And a Privileged Competitive Position... High Barriers of Entry Provided by Becle's Vertical Integration and Own Distribution Agriculture Competitive Advantage Resulting from Appellation of Origin for Tequila and Irish Whiskey >Production Flagship Distilleries and Bottling Facilities Support Route-to-Market Strategy Distribution Jose Cuervo Own Distribution Platform to Control Route-to Market and Brand Building Strategy 94% of volume through own network La Rojeña (Tequila) Camichines (Tequila) EDISA Bottling Facility 1800 Distillery (Tequila) In construction Proximo's route-to-market control instrumental to U.S. success • 125 Municipalities in Jalisco + 56 Municipalities in Mexico Island of Ireland, including both the Republic of Ireland and Northern Ireland 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 Notes: 1. According to CRT's plantation registry PROXIMO (bottling) BUSHMILLS IRISH WHISKEY Stranahans Stranahan's (Colorado) Proximo Bottling (Indiana) Bourbon (New York) Vertical integration of profits Control and focus of own brands Old Bushmills Distillery and Bottling (Northern Ireland) Old Bushmills Distillery expansion completed Enhancing presence in new geographies with in-market companies (IMC's) 6#84... In the Right Categories & Markets... Exposure to Dynamic Regions and Categories Spirits Growth | 2017-2022 9L cases Volume CAGR 12.3% 6.1% (2) (1) 73% of Becle's Sales are in Tequila & Irish Whiskey 60% 2.7% Jose Cuervo of Becle's Sales are in the U.S. & Canada 8.6% 8.0% (2.2%) (3) Tequila Irish Whiskey Total Spirits Tequila Irish Whiskey Total Spirits Source: Company Information, IWSR Drinks Analysis Notes: 1. Includes all Tequila Brands + Bushmills + Proper No Twelve for FY2022 2. Full Year 2022 Sales 3. Includes local spirits 7#9Through an Extensive Product Portfolio with Focus on Premiumization Diversified Brand Portfolio Tequila Reserv Jose Cuervo Jose Cuervo Family Jose Cuervo TRADICIONAL 100% DE AGAVE Others Whiskey Prestige BUSHMILLS Rum BUSHMILLS IRISH WHISKEY Premium/ Ultra Premium Super Premium Irish Whiskey PROPER TWELVE Carroo Jose Cuervo Especial 1800 180 1800 1800 Other GRAN 1800 CENTENARIO Tequila TEQUILA Premium Super Premium/ Ultra Premium Super Premium Ultra Premium PROPER Premium SEXTON TWELVE Super Premium Vodka KRAKEN Premium Hangar 1 VODKA Three Olives. Gin BOODLES BRITISH GIN Ultra Premium Premium Premium BOODLES GIN 400 CONEJOS Premium Mezcal Stranahan's 5 HALF FALT ISEF? Ultra Premium Ultra CREYENTE Premium U.S. Whiskey TINCUP PAVITO MAESTRO DOBEL TEQUILA Jose Cuervo Net Sales by Category By value as of 2022 Tequila (68%) PENDLETON PENDLETON Premium Premium/ Ultra Premium Non-Tequila (21%) RTD Non-Alcoholic RTDs (8%) Quervo Blod 1800 boost boost Non-Alcoholic & Other (3%) 8#105 Proven Agility and Innovation Driving a Resilient Business Model with High Operating Cash Generation Capacity Becle's Agile & Innovative Business Model is a Key Driver of its Outperformance Net Sales Y-o-Y | (%) 32.1% Jose Cuervo 20.6% 9.7% 2015 17.9% Becle's resiliency proven in 2022 results 18.5% 16.0% 12.5% 8.5% 6.4% 5.5% 1.4% 3.4% 6.3% 8.2% 4.8% (6.1%) 2016 2017 2018 2019 2020 2021 2022 - Average Growth of Peers (1) High EBITDA Generation EBITDA Growth CAGR 2016 - 2022 | (%) 3.3% Constellation Brands 12.5% Diageo 6.6% 6.4% 4.5% 3.5% Heineken Jose Cuervo Brown-Forman Pernod Ricard Source: Company filings, Capital IQ. Company Audited Financial Statements and most recent publicly available annual financial statements 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 that entities may differ in their application of accounting principles Notes: 1. Simple average of annual revenues growth of Constellation Brands, Diageo, Brown Forman, Heineken and Pernod Ricard 6#116 Best-in-Class Capital Structure & Prudent Financial Policy Whilst Delivering Consistent Growth Best-In-Class Credit Metrics Total Debt/ Market Cap (1) 18.1% 18.1% Total Debt/2022 EBITDA 3.3x 3.1x 2.9x Jose Cuervo 10.4% 11.0% 1.8x 7.1% 1.8x 1.3x 4.9% Pernod Diageo Campari Jose Cuervo Brown Forman Remy Cointreau Pernod Ricard Diageo Jose Cuervo Campari Brown Forman Remy Cointreau Proven Financial Discipline While Executing on a Successful Growth Strategy Ps$ MM Acquisitions BUSHMILLS IRISH WHISKEY 2.0x Net Sales Expansion While Maintaining an Almost Flat Leverage Ratio PENDLETON PROPER TWELVE WHISKY IRISH WHISKEY (2018-21) '15 2022 LTM sales CAGR: 13.8% $45,729 $39,419 $35,036 $24,396 $25,958 $28,158 $29,705 $18,475 2.3x 1.8x 1.6x 1.9x 1.7x 1.4x 1.6x 1.8x 2015 2016 2017 2018 Sales 2019 Total Debt/ EBITDA 2022 Source: Capital IQ, Company Filings. Company Audited Financial Statements and most recent publicly available annual financial statements 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 that entities may differ in their application of accounting principles 2020 2021 2022 Notes: 1. As of February 22, 2023 10#127 Renowned Family Heritage and Strong Corporate Governance Jose Cuervo Becle is a Global Spirits Company with a Profound Family Heritage Ownership • 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$7.8 (1) Bn Talented management team supported by a highly experienced and independent board of directors At the fore front of sustainability practices throughout the Tequila production cycle & other spirits bottling facilities Becle's Key Milestones Shaped the Tequila Industry 1795 1812 JOSE CUERVO FABRICANTE DE VINO MEZCAL Le Rojena TEGLASS 1852 1880 1945 First license ever to sell tequila Oldest distillery First export to in Mexico the US First distiller to bottle tequila in glass bottles Margarita created using Jose Cuervo tequila Notes: 1. As of December 31, 2022. FX: PS$ 19.36= US$ Public Float 13% Beckmann Family 87% Highly Experienced and Independent Board of Directors Independent 83% Non-Independent 17% 11#13Jose Cuervo Awards, Recognitions & Affiliated Entities EMPRESA SOCIALMENTE RESPONSABLE 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 8 Strong ESG Driven Culture Talent Attraction & Retention ining & SAFTE LOOKING A FTER OUR PEOPL Reporting LE Understanding risks & opportunities COMPACT Tax Transparency UN GROBAL Business E and Comthics อวน Policy Influence CONSEJO REGULADOR del TEQUILA. ESR Supply Chain Management WORLD ECONOMIC FORUM CNS Consejo Nacional Agropecuario Fsac Fundación de Investigaciones Sociales SUSTAINABLE E GOVERNANCE esilience & adaptation to change Heritage to the future Product Safety & Quality Responsible Drinking Sustainable Marketing Community Development Sustainab ric Biodiversity Measuring impact Innovation FROM SOURCE TO MARKET Business Innovation Waste Management Water Stewardship Our Commitment has Granted us Recognition and Certifications Among Several Institutions 12#148 Becle's Environmental Initiatives are Aligned to the UN Sustainable Development Targets and to the Global Compact Jose Cuervo LIFE 15 ON LAND SDG Alignment PARTNERSHIPS FOR THE GOALS 13 CLIMATE ACTION SUSTAINABLE DEVELOPMENT GOALS 12 RESPONSIBLE CONSUMPTION AND PRODUCTION QO 11 LECITIES AND COMMUNITIES DECENT WORK AND 8 ECONOMIC GROWTH M 3 AND WELL-BEING GOOD HEALTH AFFORDABLE AND CLEAN ENERGY Sustainable Agriculture Traceability of our agave plantations, guaranteeing non-deforestation and improvement of the land we manage. Biodiversity Allowing local fauna to perform their natural interactions, such as pollination and fertilization. Climate Change Sustainable Sourcing Sourcing of most of our ingredients locally. Carbon Footprint CLEAN WATER AND SANITATION F Integrating climate risk monitoring into our overall risk management and corporate strategies. Our strategy contemplates evaluating technologies that will help us reduce energy consumption and material usage linked to carbon emissions. Through our strategic framework, we will also be able to contribute to the United Nations Sustainable Development Goals (SDGs). Energy 46% of our global energy consumption comes from renewable sources. Water Stewardship We operate 2 state-of-the-art water plants for the biological treatment of effluents, such as tequila vinasse. Waste Management 100% of bagasse waste generated is used in our agave fields or repurposed for bio-based products. 13#15PLATINO TEQUILA PLATA Reserva DE LA FAMILIA PLATINO. 100% DE AGAVE Jose Cuervo HECHO EN MÉXICO 40% ALC/VOL 750 ML • Jose Cuervo Financial Statements 14#16Consolidated Statements of Comprehensive Income Jose Cuervo Annual Nine months ended September 30th Last 12 months 2022 2022 % of net sales 2023 % of net sales 2023 2023 in US$ (1) Net sales 45,729 31,929 31,190 44,991 2,553 Cost of goods sold 20,642 14,783 46.3 15,640 50.1 21,499 1,220 Gross profit 25,087 17,146 53.7 15,551 49.9 23,492 1,333 Advertising, marketing and promotion 10,162 6,217 19.5 7,141 22.9 11,087 629 Distribution 2,193 1,536 4.8 1,402 4.5 2,059 117 Selling and administrative 3,877 2,730 8.6 3,023 9.7 4,169 237 Other expenses (income), net (34) (44) (0.1) (97) (0.3) (88) -5 Operating income 8,890 6,706 21.0 4,080 13.1 6,263 355 Financing results 659 390 1.2 232 0.7 501 28 Profit before income taxes 8,231 6,317 19.8 3,849 12.3 5,764 327 Income taxes 2,350 1,832 5.7 1,078 3.5 1,596 91 Consolidated net income 5,881 4,485 14.0 2,771 8.9 4,167 236 EBITDA 9,843 7,348 23.0 4,876 15.6 7,371 418 1. MXN figures converted to US$ at a rate of 17.6195 (rate as of September 30, 2023), solely for the convenience of the reader 15#17Consolidated Statements of Financial Position 2022 Jose Cuervo As of September 30th 2023 2023 in US$ (7) Assets Cash and cash equivalents Trade receivables Inventories (1) Other assets (2) Total current assets 4,521 4,024 228 11,812 9,382 532 18,258 18,587 1,055 4,892 7,145 406 39,483 39,138 2,221 Inventories (1) 6,044 6,104 346 Property, plant and equipment 14,074 15,156 860 Intangible assets 18,849 17,081 969 Goodwill 6,022 5,479 311 Right-of-use assets Other assets 2,679 2,302 131 (3) Total non-current assets 10,715 11,702 665 58,383 57,824 3,282 97,866 96,962 5,503 Total assets Liabilities Bank Loans 8,857 503 Senior Notes 96 201 11 Trade payable 8,442 4,582 260 Other accounts payable (4) 6,964 5,609 318 Total current liabilities 15,502 19,249 1,092 Senior Notes 17,508 16,009 909 Lease liabilities Other long-term liabilities (5) Total non-current liabilities Total liabilities Stockholders' equity Controlling interest (6) Non-controlling interest 2,410 1,963 111 4,023 3,614 205 23,941 21,586 1,225 39,443 40,835 2,318 Total stockholders' equity Total liabilities and stockholders' equity 1. Includes Biological assets 58,306 117 58,423 97,866 55,992 3,178 135 8 56,127 3,186 96,962 5,503 2. Includes related parties, recoverable income tax, other recoverable taxes and receivables, financial instruments at fair value through profit and loss and prepayments 3. Includes Investments in associates, Deferred income taxes, Employee benefits - Net and Other assets 4. Includes Lease liabilities and Related parties 5. Includes Environmental reserve and Deferred income taxes 6. Includes Capital stock, Share premium, Capital reserves, Retained earnings and Other comprehensive income 7. MXN figures converted to US$ at a rate of 17.6195 (rate as of September 30, 2023), solely for the convenience of the reader 16#18Consolidated Statements of Cash Flows Operating activities: Annual 2022 Jose Cuervo 9 months ended September 30th Last 12 months 2022 2023 2023 2023 in US$ (1) Income before income taxes 8,231 6,317 3,849 5,763 327 Adjustment from items not implying cash flows: Depreciation and amortization 953 642 796 1,107 63 Loss on sale of property, plant and equipment 68 56 13 25 1 Non-cash items (54) 213 181 (86) (5) Interest income (143) (101) (209) (251) (14) Unrealized foreign exchange (386) (326) (364) (424) (24) Interest expense 519 391 523 651 37 Equity Method 39 39 2 Net cost for the period of employee benefits 54 32 86 5 Subtotal 9,281 7,191 4,821 6,911 Net decrease in accounts (11,025) (9,162) (8,393) (8,655) 392 (491) Net cash from operating activities (1,744) (1,971) (3,572) (1,744) (99) Investment Activitites: Property, plant and equipment (3,728) (2,370) (2,207) (3,565) (202) Intangible assets (86) (149) (46) 17 1 Investment in associates (118) (30) (379) (467) (27) Interest income 143 101 209 251 14 Net cash flows used in investment activities (3,789) (2,449) (2,423) (3,763) (214) Financing activities: Dividends Paid Bank loan Principal lease payment Interest paid Net cash from financing activities Net decrease of cash and cash equivalents Cash and cash equivalents at beginning of year: At beginning of the period Cash proceeds from acquisition Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of period (1,510) (1,510) (1,764) (1,764) (100) 8,813 8,813 500 (686) (502) (813) (997) (57) (636) (322) (447) (761) (43) (2,832) (2,333) 5,790 5,291 300 (8,365) (6,753) (206) (1,818) (103) 12,791 12,791 4,521 5,793 329 25 25 70 4,521 (270) 5,793 (290) 4,024 50 4,024 3 228 1. LTM MXN figures converted to US$ at a rate of 17.6195 (rate as of September 30, 2023), solely for the convenience of the reader 2. Net decrease in accounts in operating activities section includes movement in the following accounts: trade receivables, related 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 17#199 Full Year 2023 Guidance Jose Cuervo As of January 17th, 2024 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 factors 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 2023 Consolidated Net Sales Value Consolidated Capital Expenditures (1) Advertising, marketing and promotion (AMP) Exchange Rate (USD/MXN) Notes: Mid-to-high single digit growth "area" (constant currency) Low single digit decrease “area” (functional currency) US$160-180 million "area" Range of 21% to 23% of Net Sales 17.79 average and 16.90 end-of-period (1) Consolidated Capital Expenditures are comprised of distillery expansion capabilities (Tequila and other spirits), aging and warehousing, in order to support our long-term growth plan, and other normal and customary capital expenditures. 18