Emperador Inc. FY2025 Results: Key Highlights for Investors

Date: April 21, 2026

Issuer: Emperador Inc.

SEC Form: 17-C Current Report

1. Key Financial Highlights

• Total Revenue: Php 57.0 billion, down 7.5% year-on-year.
• Brandy Revenue: Php 35.8 billion, down 1.7% year-on-year.
• Whisky Revenue: Php 21.3 billion, down 15.8% year-on-year.
• Gross Profit: Php 16.6 billion (29.6% margin), down 11.5%.
• EBITDA: Php 9.1 billion (15.9% margin), down 20.3%.
• Net Profit: Php 3.86 billion (6.8% margin), down 38.9%.

Note: Figures based on unaudited financial statements. Final audited results will be disclosed separately.

2. Segment Performance

Brandy Segment

• Revenue: Slight decrease to Php 35.8 billion due to delayed stock arrivals caused by logistics issues.
• Gross Profit: Improved to Php 8.48 billion (23.6% margin), up 10.2% mainly due to better product mix and stabilized costs.
• EBITDA: Increased to Php 5.28 billion (14.4% margin).
• Net Profit: Rose 9% to Php 1.98 billion, marking a return to growth for the segment.

Investor Takeaway: The brandy segment has stabilized and returned to growth, which is a positive signal for shareholders after prior challenges.

Whisky Segment

• Revenue: Fell to Php 21.3 billion, a decrease of 15.8% compared to previous year.
• Gross Profit: Dropped to Php 8.15 billion (38% margin), affected by unfavorable product mix, especially in rare and aged whiskies.
• EBITDA: Decreased significantly by 41.6% to Php 3.8 billion.
• Net Profit: Plummeted by 58.2% to Php 1.89 billion, mainly due to higher interest expenses and lower sales in rare and aged whisky categories.

Investor Takeaway: The whisky segment continues to face a cyclical downturn, particularly in rare and aged whiskies. However, the company is selling more affordable and premium whiskies, though revenues remain subdued. Management views 2025 as a “re-base year,” with expectations for improvement in 2026.

3. Capital Expenditures (Capex) for 2026

• Total Capex Planned: Php 2.4 billion.
• Purpose: Upgrading production, warehousing, and distribution facilities.
• Whisky Focus: More than half of capex will be allocated to the whisky segment, including construction of maturation sites and facility enhancements.

Investor Takeaway: Significant investment in whisky infrastructure signals management’s commitment to rejuvenating the segment and preparing for a future rebound.

4. Forward-Looking Statements and Risks

• Management anticipates improved performance in 2026, despite ongoing geopolitical risks such as the Iran war.
• Brandy segment is expected to sustain its growth trajectory.
• Whisky segment’s recovery is dependent on the rebound of rare and aged categories, which have yet to show signs of recovery.

Investor Takeaway: Shareholders should note that the company’s outlook is cautiously optimistic, but subject to risks from global events and segment-specific challenges. The forward-looking statements are not guaranteed and actual results may differ.

5. Price-Sensitive Information

• Major Drop in Net Profit: The significant decline in consolidated net profit (down 38.9%) is material and could impact share price.
• Brandy Segment Recovery: The return to growth in brandy is positive and may support share value stability or growth.
• Whisky Segment Weakness: Continued weakness in whisky, especially rare and aged, could weigh on investor sentiment.
• Capex Commitment: Planned Php 2.4 billion investment indicates confidence in future business growth but may affect short-term cash flows.
• Management Outlook: Commentary on 2025 being a “re-base year” and expectations for 2026 improvement may influence future share price movement.

Summary for Investors

• The brandy segment is showing signs of recovery and growth, which is a positive development for Emperador Inc.
• The whisky segment remains challenged, particularly in rare and aged products, impacting overall profitability.
• Management’s commitment to capex and infrastructure upgrades, especially in whisky, suggests a focus on long-term growth.
• Shareholders should monitor the company’s ability to deliver on its forward-looking statements and watch for further disclosures in the audited annual report.

Disclaimer: This article is based on unaudited financial statements and management presentations. Actual results may vary and are subject to risks, uncertainties, and further disclosures. Investors are advised to review the final audited annual report and consult with their financial advisors before making investment decisions. The information herein does not constitute investment advice or a solicitation to buy or sell shares of Emperador Inc.

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