Amber Beverage Group

_________

ANNUAL REPORT 2024

Director's Report

TABLE OF CONTENTS

Director's Report: The Group at a Glance     4

Statement of the Chairman of the Supervisory Board     11

The Supervisory Board of Amber Beverage Group     12

Statement of the Chairman of the Board     16

Our Team     20

Our Performance     21

Our Corporate Governance     30

Our Brands in Global Markets     37

International Sales     38

Moskovskaya^® Vodka     40

Rooster Rojo^® Tequila     44

KAH^® Tequila     48

The Irishman^® Whiskey     52

Writers' Tears^® Whiskey     56

Our Production & Logistic Capabilities     60

Latvia     61

Mexico     64

Our Distribution Excellence     66

The Baltics     67

The United Kingdom     70

Australia     73

Austria     75

Leading Third Party Brands     77

Consolidated Financial Statements     78

Independent Auditor's Report     145

The Group at a Glance

Amber Beverage Group (hereafter ABG), established in 2014, is a rapidly growing global spirits company headquartered in Luxembourg and part of SPI Group, which is also a holding company for Stoli Group and other wines & real-estate businesses.

The company has expanded significantly through organic growth and strategic acquisitions, evolving into a global spirits industry player that unites more than 1,100 employees across over 20 companies in the Baltic States, Austria, Australia, Germany, Ireland, Mexico, and the United Kingdom.

ABG Strategic Choices

• Deliver quality and value to our consumers, customers and suppliers

• Strengthen our market positions in key territories via balanced investment into own branded business and long-term portfolio development

• Achieve operational effectiveness and efficiency by applying rigor to everything we do

• Build a truly effective international team with an ambitious, high-performance culture

• Generate superior business value through relentless focus on performance

Net Revenue 2024

2024 in Spotlight

Statement of the Chairman 
of the Supervisory Board

Dear Reader,

As Chairman of the ABG Supervisory Board during 2024, I am happy to introduce this report on the Group's activities and achievements over the last year.   

2024 was a difficult period for ABG as it was for many companies. Our business is focused on pleasure, being sociable with others, and enjoying life.  But this was a year when many consumers faced a squeeze on disposable income.  The business environment was marked by the continued impacts of the geopolitical situation and its many knock-on effects, including unpredictable fluctuations in energy costs, higher interest rates, disruptions in the supply chain, and professional workforce shortages.

All of these affected both consumer demand and margins. Fortunately, ABG's diversified portfolio covering premium spirits, wines, and beverages helped the Group to be resilient despite these many challenges. 

ABG benefited from the strength of its core brands, including Rooster Rojo® Tequila, KAH® Tequila, Writers' Tears® Whiskey, The Irishman® Whiskey, Moskovskaya® Vodka, and Riga Black Balsam®, which have continued to expand, particularly across the EMEIA and Asian markets.

Despite the challenging environment, the Group took on ambitious initiatives. These include a cutting-edge warehouse in Latvia, which will serve as our global logistics hub. The Sustainability Report set out how the Group is meeting its Environmental, Social, and Governance (ESG) duties, looking at every aspect of production, distribution and buildings from an environmental perspective.

At the beginning of 2024, Arturs Evarts took over as Chairman of the Board, and used his deep knowledge of the business, and of the sector, and his calm competence, to help the company navigate through an unpredictable environment which now includes the additional challenges of tariffs and trade tensions. 

I'm particularly grateful to him and to the rest of the ABG Management team, employees, partners, and my fellow Board members, for the ways in which they responded to the volatile international context - always with impressive determination. Their work continues to lay the foundations for longer-term growth in markets all over the world that can benefit all of ABG's numerous stakeholders and continue to give pleasure to ABG's many customers.

___________________________

Sir Geoffrey John Mulgan

Chairman of the Supervisory Board

The Supervisory Board 

of Amber Beverage Group

Founder and Managing Partner                         of Monsar Capital

Executive level global HR leader with            two decades of industry experience

Experienced wine & spirits professional, Founder of Indie Brands

Highly qualified Board member with solid track record in the beverage industry

Statement of the Chairman of the Board

Dear Reader, 

I am honored to present you with the Annual Report of Amber Beverage Group for the year ending 31 December 2024, a year marked by strategic maneuvering and steadfast progress in a challenging global landscape. The trends that have previously shaped the global alcohol beverage marketplace were transformed as the world emerged from the disruptions caused by the pandemic into a period of growing economic instability. The year has been turbulent, impacting both - the individuals and businesses internationally. 

In retrospection of the lessons learned from the trials of 2024, two primary insights surfaced. First, in a world characterized by constant change, we have gained a deeper understanding of the critical importance of flexibility, recognizing that every plan must remain adaptable in response to external forces. Second, during challenging times, it is more important than ever to keep moving 

in the right direction. 

As these two lessons seemingly stand in contradiction, it was even more crucial to strike a balance between the need for flexibility and the imperative to maintain a consistent trajectory. Navigating this delicate equilibrium demanded wise leadership and tactical intelligence. This is the reason why we remain agile to the transformation of our strategic choices, underlined by the key focus being set on fortifying our core brands, strengthening our market positions, and delivering quality and value to our consumers, customers, shareholders, and investors. Furthermore, the commitment to upholding the company's core principles was evident in actions such as maintaining transparency in business operations, prioritizing ethical practices in all dealings, and fostering a culture of collaboration within the organization. This Annual Report serves as a testament to our achievements throughout the challenging yet transformative year of 2024.

2024: Year of Transformation and Resilience  

The year 2024 has been a year of transformation that has been launched in response to the challenges coming from the outside and from within, reflecting in the decrease of revenue and profit. In spring I launched transformational initiative "Back to the Basics" in response to the rapidly changing global alcoholic drinks market and challenging economic conditions.

In 2024 we have already begun to experience the positive impacts of this program set in motion have strengthened the company's core business and enhanced internal capabilities, leading to improved profitability and operational agility that already seen in 2025 performance. Comprehensive budget revision has laid a solid foundation for more transparent performance management and clearer accountability across teams. 

By streamlining operations, refining business models, and focusing marketing efforts on strategic brand growth, has positioned itself for sustainable value creation. The commitment and active involvement of the top management team in driving these changes have accelerated progress, making the company more focused and better equipped to navigate the evolving market landscape. As a result, the company is moving toward becoming a more agile, efficient, and resilient organization-ready for the next phase of long-term growth.

In 2024, the Group`s focus has been enhancing profitability and stabilizing cash flow. In May, the company revised its budget to reflect new pricing strategies and updated margin expectations. As part of this process, cash flow indicators-such as capital turnover-were integrated into performance targets across the organization. A comprehensive review of brand profitability was carried out, leading to price adjustments where margins were found to be insufficient. One of the front runners on this journey has proven to be Amber Distribution Latvia who`s average margin from 11.8% in October 2023 to 14.9% in October 2024. Additionally, a structured approach to managing accounts receivable was implemented, enabling the company to recover a significant amount of outstanding funds. Another important focus area was the practical management of stock. At the beginning of the year, an overstock of certain products was identified, which negatively impacted on working capital.  

The first six months of 2024 were dedicated to developing a resolution plan, and the following period was spent implementing this plan and bringing stock levels under control. Overall, these actions have contributed to improved financial resilience and more efficient operations across the business.

The resilience of ABG and the steadfast commitment to our company's guiding principles proved being invaluable assets. While the fiscal year brought about an adjustment in our revenue, a 24% decrease, we remain confident in our capacity to leverage our strengths and capitalize on emerging opportunities. This resilience was palpable in various instances, such as weathering shifts in consumer preferences, adapting swiftly to economic downturns, and demonstrating unwavering resolve amidst competitive pressures. ABG exhibited resilience by implementing cost-saving measures while maintaining product quality. This allowed the company to weather the challenges posed by reduced consumer spending without compromising market position.

Throughout the year, ABG engaged in continuous and constructive negotiations with its financing partners, which played a crucial role in aligning the company's financial strategy with its long-term debt reduction goals. These efforts allowed the company to continue operations, securing repayment extensions. All agreements with the banks have been, each time under significantly improved terms, including reduced payment amounts, providing greater financial flexibility and easing cash flow pressure.

Within the period reviewed, the Group has managed to repay a substantial part of the bank debt. These fruitful negotiations have strengthened the company's financial position and supported its ongoing stabilization efforts. We have implemented factoring financial tools to support our ongoing cash focus activities. Factoring is widely used in the industry, and we look forward to broadening usage of this instrument in the future.   

The Group has successfully overcome a recent cyberattack that posed significant risks to the company's operations and data security. 

Thanks to the swift response of the internal team and collaboration with external experts, the threat was contained and neutralized with minimal disruption. In light of this experience, ABG made a strategic decision to outsource its IT function to industry-leading specialists, ensuring enhanced protection against future cyber threats and access to cutting-edge technology and expertise. This move not only strengthens the company's cybersecurity posture but also allows ABG to focus more effectively on its core business, confident that its IT infrastructure is managed by trusted professionals.

A strategic approach to brand management

To ensure comprehensive end-to-end management of ABG's own brands, a dedicated Own Branded Division has been established, responsible for overseeing the entire brand lifecycle. This division is built around a thorough demand planning process and sets meaningful growth trajectories aligned with targeted marketing initiatives. 

These initiatives are rigorously measured using the ROI principle, ensuring marketing investments are optimized for maximum impact. The division works closely with the supply chain to integrate these plans up to the production stage, guaranteeing alignment between market demand and operational execution. Following a strategic restructuring of the marketing department, now acting as the internal Brand Owner - full accountability for brand profitability, growth, and marketing spending control has been centralized.

The addition of key leadership has significantly strengthened the team's capabilities. Prioritization of markets and investment volumes based on their potential has already been completed, laying a strong foundation for the exponential growth of ABG's proprietary brands. This Own Branded Division will serve as the cornerstone for the company's future growth, driving sustainable value creation and long-term success. 

ABG has embarked on a strategic redesign aimed at sharpening its focus on the growth and development of its own branded business. Central to this new strategy is the commitment to strengthen proprietary brands as the core drivers of long-term value and profitability. 

To support this focus, the company is actively divesting non-core activities and operations that do not align with its strategic priorities. This streamlining effort allows ABG to allocate resources more efficiently, enhance operational agility, and concentrate on areas with the greatest growth potential.

By prioritizing its own branded business and shedding peripheral ventures, ABG is positioning itself for a more sustainable and profitable future.

Outlook for 2025 

Looking ahead to 2025, our strategic priorities remain centered on stabilizing profitability in key activities, optimizing operational efficiencies, and fortifying our financial position. We are actively exploring opportunities for refinancing and strategic partnerships to support our growth ambitions and unlock new avenues for value creation. By stabilizing our base and fostering strategic collaborations, we are confident in our ability to navigate uncertainties and chart a course towards sustained growth and prosperity.

Preparation for the Group to become a publicly listed has commenced. An agreement and detailed action plan have been approved, focusing on attracting institutional investors to support this transition. Collaboration with an investment bank is already underway to guide the company through the IPO process. This initiative also includes a comprehensive review and strengthening of all corporate governance elements to ensure the highest standards of accountability and transparency. 

In addition, efforts are being made to reinforce the management team and enhance overall transparency, laying a solid foundation for sustainable growth and investor confidence. This work will continue throughout 2025, with the goal of being fully prepared for the listing by mid-year.

Looking at the past year and the results achieved, on behalf of the ABG management, I would like to express my gratitude to the entire ABG team for the tenacity, unwavering commitment, and hard work that have been the driving force behind our success. I believe that together, we will advance, confident in our ability to overcome any obstacle and achieve even greater success in the future.

I would like to thank our customers, partners, shareholders, and investors for their contributions during our journey so far.

___________________________

Arturs Evarts

Chairman of the Board 

June 2025

Our Team

Our Performance

2024 Performance

The net revenue from continuing operations for the reporting period was generated in amount of EUR 237m (vs EUR 313,6m in 2023) indicating a decrease by 24% comparing to respective period in 2023 due to:

• Slower than expected recovery from macroeconomic slowdown in 2023 still affecting consumer spending habits 

• Price-value and investments alignment that temporarily decreased sales of Groups core brands in global markets Changes in marketing investments approach based on brand-market unit prioritization

• 
  The excise tax increase in core Group markets implied by national governments from 1 Jan 2024 resulting in lower demand

The Group is domiciled in Luxembourg, with the primary activities carried out through its own route-to-market network in the Baltics (Latvia, Lithuania, Estonia), the UK, Australia, the DACH region (Austria and Germany combined), and the global market through operations in Cyprus. The amount of revenue from external customers, broken down by the location of the customers, is shown in the following graphs:

Net revenue 2024 by location of customers

Group's operating profit for continuous operations in 2024 amounts to EUR 2.8 million. Normalized EBITDA for the reporting period is EUR 14 million.

The results for 2024 did not meet expectations due to several factors:

• inherited decisions based on overly optimistic business growth projections, which led to excess inventory for certain products;

• loss of control over Amber Talvis, which resulted in a negative financial impact on the Group, amounting to EUR 10 million in losses.

We are confident in the stability and profitability of our business foundation. Since launching our transformation initiative in June 2024, we have made steady progress in strengthening ABG - enhancing our structure, sharpening our strategic focus, and increasing overall profitability.

These efforts are already yielding positive results, particularly in one of ABG's key markets, the Baltics, where we have seen a notable rise in profitability. Furthermore, we have effectively managed operational costs, and we anticipate the full benefits of these measures to be realized beginning in 2025.
We are strengthening our relationships with key partners and suppliers, leading to increased profitability and a more stable cash flow.

Financial Ratios as of 31.12.2024 are disclosed using 

the approach of continuous operations:

Effects from discontinued operations and loss from disposal of investments are excluded.

Given the analysis above, Group has to normalize its last twelve months (LTM) EBITDA for any losses incurred; that, among other things, can stem from the consequences of loss of Amber Talvis. The normalized LTM EBITDA for Amber Talvis amounts to EUR 10 million. Therefore 31.12.2024. LTM EBITDA is adjusted by loss of profits in the amount of EUR 10 million. 

The Management uses the previously reported alternative performance indicators in assessing the Group's performance for a particular financial period and in making decisions.

Non-financial performance and activities for the reporting period

ABG brands contributed 2.1 m 9lc, or 30% of the total volume of 7 million 9lc. The decline in Stoli brand volumes by 19% caused mainly by the reduction of stock levels in key markets, 
as well as the drop of 3rd party volume by16%, has impacted the financial performance of the Group. Core brand portfolio amounts to 50%   of total ABG brands sold:

From a category perspective, Vodka has continued to be the leading category, contributing 27% of total net revenue EUR 237 million, followed by Whiskey, Brandy and Cognac (18%) and Wine, Sparkling and Cider category (17%).

Main investment projects

In ABG investments are carefully considered from the perspective of efficiency, effectiveness, and sustainability. 

ABG plans to further increase the use of green energy by installing additional solar panels on its production premises, as well as by developing of
an automated warehouse construction project in Riga, Latvia, which will have the BREEAM certificate that confirms that it has been implemented in accordance with the principles of sustainable construction.

Funding profile

The borrowings comprise the following funding: (a) the Credit Suisse AG, and Rietumu Banka AS supporting the long-term investments, (b) overdrafts and factoring provided by the Luminor Bank AS Latvian branch, BluOr Bank AS, Westpac (AU), and Ultimate Finance (UK) to support the working capital needs and (c) long-term unsecured loan facilities from related parties. As of the 31 December 2024, the composition of the debt by partners is as follows:

Since the beginning of the year, the Company has prioritized reducing its debt, lowering the total from EUR 124.2m in 2023 to EUR 103.5m in 2024, which has also decreased interest expenses. Key developments include: 

• Full repayment of EUR 2.7m in loans to Luminor during the first half of the year. 

• Extension of the Luminor overdraft in amount EUR 22.2m until December 31, 2025. 

• Gradual reduction of the overdraft with BluOr Bank, transitioning to factoring. By the end of December, the utilized overdraft was EUR 3m, EUR 11.8m down from the start of the year, while the utilized factoring amounted to EUR 8.9m. The overdraft limit has been extended to May 15, 2025. 

• A EUR 5.9m reduction in the Credit Suisse AG (UBS) facility, leaving a remaining balance of EUR 19m, extended until June 30, 2025.

On 21 April 2023, Amber Beverage Group Holding S.à r.l., with the intention of acquiring financing for the construction of a high-bay warehouse in Riga, Latvia, issued EUR 30 million in 4-year bonds (ISIN: LV0000870137,
maturity date 31st March 2027), which are listed on the Frankfurt Stock Exchange (WKN: A3LE0T). 

Since 16 October 2023, the bonds are listed on the Nasdaq Riga Stock Exchange (AMBEFLOT27A). The Group has repaid almost EUR 21 million of borrowings during reporting period and is committed to ensure further financial stabilization during 2025.

As part of the terms and conditions of the Offering Memorandum, the proceeds from the bond issue can be utilized to fund the construction of the project and to serve the respective debt. Funds obtained from the bond issue have been put on short-term deposits with Signet Bank AS with different maturities following the estimated utilization profile for the project.

In 2024, the Parent Company has continued to work on overall loan portfolio optimization.

ESG reporting in accordance with NFRD

Environmental, social, and governance in accordance with Non-Financial Reporting Directive, continue to play a vital role in shaping our strategic priorities and operational practices. Recognizing the evolving landscape of societal and environmental challenges, including climate change, economic distress, resource constraints, political and military conflicts and social equity, the Group remains committed to integrating sustainability into its business framework. 

Building on the foundation established in previous years, we are looking to refine our ESG reporting practices to provide stakeholders with transparent and meaningful insights into our progress and commitments, especially considering the ever-growing standards society imposes on the businesses.

While the Group's recent ESG report is not yet fully aligned with the European Commission's Corporate Sustainability Reporting Directive (CSRD) requirements, we have proactively set the stage to achieve compliance in the coming years.

This year's ESG report remains a vital resource, offering a transparent overview of our sustainability efforts, structured to meet the expectations of our stakeholders. 

The ESG Reporting section of the ABG website provides access to our ESG reporting efforts and additional resources, underlining our commitment to transparency and continuous improvement in this evolving area.

Financial risk management

In the ordinary course of business, the Group is exposed to a variety of financial risks, including credit risk, liquidity risk, and interest rate risk. The Group's management handles financial risks on an ongoing basis to minimize their potential adverse effects on the financial performance of the Group. 

Financial assets that potentially expose the Group to a certain degree of credit risk concentration are primarily trade receivables, receivables from related companies, and loans. Credit risk is controlled through a prudential credit policy whereby goods are sold on credit only to customers with sound credit histories. ABG performs regular assessment of customers credit worthiness (adhering to IFRS 9 regulations), thus improving payment discipline. 

The Group also complies with sanctions regimes imposed by the EU, United Nations, and US, as well as internal procedures. 
The Group has actively engaged to remedy the challenges in maintaining sufficient liquidity to meet business needs and fulfil obligations to banks, suppliers, and government institutions. Declining revenues make it difficult to ensure timely payments to creditors. To address liquidity risks, the Group's management has several priorities: 

• To improve liquidity forecast by closely monitoring cash inflows and outflows 

• Boost the use of factoring and refinance expensive loans on better terms 

• To eliminate business lines that are unprofitable or have low profit margins 

• Tight control over operating expenses, including renegotiating contracts with suppliers 

• To sell non-core assets and attract new investments. 

Interest rate risk is present as most of the borrowings have variable interest rates. The Group's management have intention to phase down total level of borrowings to reduce interest payments. Another focus is to improve working capital to avoid the necessity to take new loans.

Subsequent events

In March 2025 the Group has signed an agreement with third party on sale of its warehouse building in Lithuania. The contracted sales price for this transaction is 5 million EUR. The transaction was closed, and relevant proceeds were collected in April 2025.

Additionally, as part of the loan reduction, in April 2025, the Company made a partial repayment of the loan to Credit Suisse AG in the amount of EUR 1.7 million and to Luminor Bank AS Latvian branch in the amount of EUR 1.9 million. The overdraft facility provided by Luminor Bank AS was extended until 31 December 2025. Credit Suisse AG and the Group agreed on a further extension of the loan term until 30 June 2025 with the possibility to further extension.

Future prospects

In In 2025, our strategic focus remains on stabilizing profitability, improving operational efficiency, and strengthening our financial position. We are actively pursuing refinancing opportunities and strategic partnerships to support growth and create long-term value. These efforts aim to build a resilient foundation and position the Group for sustainable success amid market uncertainties. 

Preparations for an IPO are progressing, with an approved action plan and collaboration underway with an investment bank. We are enhancing corporate governance and reinforcing the leadership team to ensure transparency, accountability, and investor confidence. Our goal is to be fully IPO-ready by mid-2025, marking a key milestone in our growth journey.

Our Corporate 

Governance

Corporate Governance Report 2024

Corporate Governance

Our solid corporate governance underpins our endurance and plays an important role in maintaining corporate integrity, managing the risk of corporate fraud, and combating management misconduct and corruption. 

The inclusion of Amber Beverage Group bonds on the stock exchange has heightened its significance. Companies issuing bonds must adhere to stringent governance standards, including disclosure requirements, board independence, and operational transparency. With more investors participating in bonds, there's an amplified need for transparent and accountable corporate practices to ensure investor trust and protect their interests. Strong corporate governance not only enhances investor confidence but also fosters long-term sustainability and resilience, ultimately benefiting both investors and the broader economy.

We are building our business by placing the highest priority on compliance. Our aim is to fulfil our responsibilities in the best way possible and meet the expectations of our clients and society. We are constantly following the conformity of the activities of the companies as well as their employees with the requirements of international, national, industry-specific, and applicable foreign laws, as well as internal policies and procedures, and with the decisions of relevant managerial bodies.

To ensure alignment with standards and expectations, we conduct risks assessments. The aim of this approach is to identify and evaluate the potential risks associated with our activities. It applies across all areas of our operations, regardless of function or location. Managing risks supports more informed decision-making and contributes to long-term growth and sustainability.

Strategic decision approval process

We follow the principles applied in obtaining the necessary approvals for strategic decisions. These principles are embedded in internal procedures as well as implemented in the corporate regulatory documents of the companies. For the purpose of approval of strategic decisions, the General meeting of shareholders has formed the Supervisory Board of the Company. The Supervisory Board of ABG comprises of its Chairman, Board members, Independent Non-Executive members, and a Secretary. 
The main functions of the Supervisory Board are the following:

• To ensure a corporate governance framework.

• To provide strategic direction for the Group's development.

• To provide expertise and guidance in relation to the Group's international operations.

• To supervise key areas of the Group's operations, performance, and compliance.

The strategic resolutions to be taken by the Board of Managers will require the prior approval of Supervisory Board of the Company.

It is important to note that while we do not have a formal diversity policy in place, our management and supervisory bodies are comprised of professionals with diverse backgrounds and expertise. Each member brings a unique set of skills, experiences, and perspectives to the table, contributing to the richness and effectiveness of our governance practices.

Our commitment to excellence extends to ensuring that our leadership teams are composed of individuals who are highly qualified and capable in their respective areas. 
As such, our focus has been on recruiting and retaining top talents, irrespective of demographic characteristics such as age, gender, or educational background.

In 2024, the team consisted of five professionals representing different industries and areas of knowledge. With their vast experience and expertise, these entrepreneurs not only strengthened ABG with their creative contributions but also were a source of valued independent advice and governance.

From the members of the Supervisory Board Chairman is appointed to lead its meetings, along with a secretary.

Chairman

We thoughtfully leverage the wisdom of our Supervisory Board directors with the perspectives of our independent directors, both of whom remain steadfast in their support of our independence. In 2024, Sir Geoffrey John Mulgan continued performing his role as the Chairman of the Supervisory Board and sharing his perspective and expertise with the Supervisory Board of Directors.

The duties of the Chairman of the Supervisory Board at ABG comprise the following matters related to the Group:

• To lead and manage the ABG's activities.

• To develop a long-term strategy for ABG.

• To determine and lead the expansion of the Group in the industry, enter new markets, and make effective use of synergies.

• To manage Board activities, plan its work, and chair meetings of the Board.

• 
  To lead the development plan implementation i.e., evaluation of potential M&A alliances.

• To lead M&A processes, participate in negotiations with financial institutions and strategic partners to ensure the sustainable development of the Company.

• To provide entrepreneurial leadership.

• To represent ABG externally.

• To set requirements according to the best world standards of corporate governance.

• To protect the interests of ABG by working with other Board members to manage risk, liability, and financial exposure.

The Chairman's responsibilities cover the territories of all countries where the companies belonging to the Group conduct or plan to conduct business.

Secretary

The Secretary is a member of the Supervisory Board, with all respective powers with the exception of voting rights at the meetings of the Supervisory Board. Secretary's vote shall not be counted at quorum determination at the Supervisory Board meetings. 

The functions of Secretary of the Supervisory Board are:

• To organize all Supervisory Board meetings.

• To attend and record minutes of Supervisory Board meetings.

• To facilitate Supervisory Board's communications.

• To advise the Supervisory Board on its roles and responsibilities.

• To facilitate the orientation of new Supervisory Board members and assist in their training and development.

• To maintain key corporate documents and records.

Secretary is responsible for corporate disclosure and compliance with the country corporation's laws and standards, reporting and compliance, monitoring corporate governance developments, assisting the Supervisory Board in tailoring governance practices to meet the Supervisory Board's needs and shareholder expectations, serving as a focal point for communication and engagement on corporate governance issues, and performing other tasks.

Non-Executive Directors

The Non-Executive Directors, all of whom the Board has determined, are independent, experienced, and influential individuals from a diverse range of industries, backgrounds, and countries. 

The Non-Executive Directors lead the Board, keeping the members focused on the objectives, shaping the strategic agenda, and leading discussions as follows:

• Provide strategic leadership and guidance to the Board .

• Determine the quality, quantity, and timeliness of information from management.

• Improve and maximize the governance of the process but not manage the company.

• Focus the Board's attention on critical issues and help to set a positive tone.

• Contribute to the evaluation of the  Directors, and the Board.

• Ensure effective shareholder communication.

• Serve as a representative of the Board with management and the public.

While diversity is undoubtedly a critical aspect of modern governance practices, it is important to recognize that implementing a meaningful diversity policy requires careful planning, resources, and cultural shifts within the organization.

Board attendance and Decision-making in 2024

In line with good governance practice, the Board holds meetings at least once per quarter to discuss the business strategy of the Group and to review the financial results. This year, the annual financial results of the Group for the previous year as well as the budget for the current year were reviewed and approved by the Board. The intermediate financial results and possible adjustment of the budget for the current year are to be reviewed and approved by the Supervisory Board. The Supervisory Board and Management Board have adopted twenty decisions in 2024.

All members have been allowed to participate in Supervisory Board meetings through any appropriate telecommunication method. Documents such as written resolutions, draft resolutions, decisions, minutes, and other meeting-related materials may be sent via regular mail, electronic communication,
or other suitable telecommunication channels. In these cases, written resolutions may be recorded in a single document or in multiple identical copies.

The Supervisory Board met at the company's headquarters in Luxembourg as well as virtually, using audio-video conferencing, to enable Board members located in different locations and time zones to participate in meetings. Throughout the year 2024, the Supervisory Board of Amber Beverage Group convened several meetings to deliberate upon crucial matters pertinent to the company's operations, financial strategies, and contractual obligations. 

The decisions of financial management and agreements primarily focus on the financial aspects of the company's operations. The Supervisory Board deliberated and approved various agreements and arrangements aimed at managing the company's financial obligations effectively, reflecting strategic financial planning and the company's efforts to optimize its borrowing arrangements, mitigating financial risks, and demonstrating confidence in the company's financial stability.

The decisions related to group structuring, financing and development revolve around strategic initiatives aimed at expanding the company's operations. The decisions regarding corporate governance and reporting pertain to corporate governance practices, financial reporting, and subsidiary management. Each decision made was characterized by meticulous consideration, underscoring the Supervisory Board's dedication to upholding sound corporate governance principles and fostering strategic decision-making.

Committees 

The Supervisory Board may decide to create committees; the composition, duties and the scope of them shall be determined by the Supervisory Board as well as which shall report to the Supervisory Board. The Supervisory Board nominates the chairperson of each committee, who further determines the targets and tasks of the committee and performs control regarding its fulfilment through regular reports. The Chairperson of each respective committee is responsible for organizing the work of the committee.

The Audit Committee

The Audit Committee is, inter alia, established based on the following criteria: the Audit Committee is a stand-alone committee and it shall be composed of at least three members; one member shall be elected from the ABG Supervisory Board; the majority of Audit Committee members must be independent from the company; at least one member of the Audit Committee shall have competence in accounting and/or auditing; the Audit Committee members as a whole shall have competence relevant to the sector in which the Group is operating.

The Company has conducted research, reviews, and interviews with potential candidates, and the Shareholders have reviewed and evaluated those to choose Audit Committee members. The Audit Committee is elected for a three-year term.
After careful consideration, the Shareholders appointed the following individuals as Audit Committee members of the Company:

Simon Charles Rowe has been elected as the Audit Committee member from the ABG Supervisory Board. He brings with him over 30 years of experience in the financial industry, with a 21-year tenure in the private financial services industry, holding the position of Managing Director of Swicorp. Currently, Simon Charles Rowe is the Founder and Managing Partner of Monsar Capital - an independent international financial advisory and investment company.

Olivier Cagioulis has been elected as the Audit Committee member as an independent member. He brings with him 20+ years of experience in auditing from such audit companies as PricewaterhouseCoopers Luxembourg, Ernst & Young Luxembourg, and BDO Compagnie Fiduciaire. Since 2010, he has been managing the audit company, Audit & Consulting Services S.à r.l., and consulting various clients operating in such areas as trading, beverage manufacturing, real estate, banking, and insurance.

Michele Perez has been elected as the Audit Committee member as an independent member. She has over 25 years of experience in auditing in such audit companies as KPMG Luxembourg and Audit & Compliance S.à r.l., as well as being a partner in Moore Stephens Audit Sàrl and Fidewa-Clar. Since 2013, she has been managing the audit company Aumea Partner S.à r.l. and consulting various clients operating in trading and manufacturing.

Main features of internal control and risk management systems in relation to the process of consolidated financial statements

The employees involved in the accounting process meet qualitative standards and receive regular training. Duties and responsibilities are clearly assigned to different roles. Complex evaluations are assigned to specialized service providers who involve qualified in-house staff. Separating administrative, executive, treasury and report preparation functions reduces the possibility of fraud. Internal processes also ensure that changes in the Group's economic or legal environment are mapped and that new or amended legal provisions are applied in the Group's accounting rules also govern specific formal requirements placed on consolidated financial statements. These include the mandatory use of a standard and complete reporting package. The Group's Central Accounting Team assists the regional units in resolving complex accounting issues. Additional data for the presentation of external information in the notes and the Group's management report is also prepared and aggregated at the Group level. Reporting packages containing errors are identified and corrected at the Reginal or Group level. Impairment tests are conducted centrally for the specific cash-generating units, known as CGUs, from the Group's perspective to ensure that consistent, standardized evaluation criteria are applied.  

Our Brands in Global Markets

ABG manages and distributes over 1 200 brands across multiple markets,

including more than 100 own trademarks (close to 1 000 SKUs), 

produced at company's facilities.

International Sales

2024 turned out a journey of resilience and structural pressures. Following several years of strong growth post-Covid, the industry entered a correction phase influenced by ongoing geopolitical tensions in Eastern Europe and the Middle East. In this environment, we have achieved EUR 24.5 million in revenue on the back on the rigirous control over the marketing spendings, focus on protecting margins and a forward-looking mindset. With a more focused portfolio and customer-centric approach, we are setting the stage for renewed growth from 2025 onward.

GTR

In 2024, GTR navigated considerable challenges stemming from ongoing geopolitical tensions-particularly the conflicts in Ukraine and Israel-which impacted key markets in Eastern Europe and the CIS. Operational pressures included production issues (notably at Mosko and Riga Black Balsam), brand-wide supply disruptions, and delayed innovation in Walsh Whiskey range.

Despite this, the business demonstrated resilience: brand contribution remained steady (flat vs. 2023), and margins improved significantly to 53% (from 50.8% in 2023). While core portfolio volume declined by 9.7% year-over-year, new commercial efforts resulted in 11 new listings with existing partners and 4 new customer acquisitions.

Key highlights included the successful launch of a dedicated 17sqm ABG area at Riga Airport and our strategic entry into the GTR Americas through strong partnerships and a presence at leading trade events. While competition remained intense-especially in tequila and whisky-our proactive pricing and customer-focused support ensured continued relevance and momentum.
Middle East & Africa

The MEA region faced a complex geopolitical and economic landscape in 2024, leading to a 10% decline in sales volume and a 22.6% drop in NSV versus the previous year. However, brand contribution remained stable (+1%), reflecting the success of strategic RTM improvements, premiumization, and selective A&P investments.

Noteworthy achievements included market entries into Kenya, Ghana, and Egypt, enhanced positioning in Lebanon and Morocco, and robust brand traction in Israel, Lebanon, Qatar, and Nigeria. Moskovskaya^© led the region's performance, accounting for 43% of volume and 32% of NSV, with strong growth across multiple markets.

Despite distribution loss in Turkey and ongoing currency pressures, the team capitalized on premium opportunities and refined market strategies. Looking ahead to 2025, we are focused on deepening RTMs, expanding across East and North Africa, and accelerating growth through impactful brand relaunches and consumer engagement.

Northern & Central Europe

In mid-2024, the N&C Europe region underwent structural realignment-integrating Benelux, Nordics, and Central Europe-which contributed to enhanced regional focus. The year closed with 23K 9L cases, representing a decline versus 2023, largely due to pricing adjustments and resulting product shortages.

Nonetheless, promising new routes-to-market were established in Poland, the Czech Republic, and Slovakia, creating a strong foundation for improved execution and future growth.

Southern Europe & Ireland

Following a strong 2023, South Europe faced a more challenging 2024, with a 22% decline in volume and a 15% reduction in brand contribution. Yet, premiumization efforts yielded outstanding results in Spain, where brand contribution rose by 46%.

Although Moskovskaya^© volumes were temporarily impacted by distributor restructuring in Italy, these issues were addressed by year-end, setting the brand up for a strong 2025 comeback. Meanwhile, ABG continued building its e-commerce presence across key European platforms, including Amazon, responding to growing online demand.

Americas

2024 marked a tough year in the Americas, with volume down 24% and NSV declining 29%, primarily due to the suspension of Moskovskaya^© sales and softer performance of the Irish whiskey portfolio in the U.S. However, Canada stood out as a bright spot as Writers' Tears^© continued to lead the Super Premium segment, reinforcing the long-term growth potential of our premium offerings.

In Canada, premiumization and brand strength continued to drive positive momentum. While overall volume declined by 6.8%, NSV increased by 5.4%, thanks to the successful 2023 partnership rollout. Rooster Rojo^© Tequila delivered exceptional results with an 82% volume growth and a doubling of NSV. Writers' Tears^© Copper Pot held firm as the #1 SKU in the deluxe Irish whiskey category, outperforming competitors.
USA: In 2024, the Americas continued to face economic pressures and evolving consumer behavior, contributing to a challenging market environment. ABG's overall Irish whiskey portfolio declined by 31% in volume, reflecting broader softness in the category. However, The Irishman brand stood out, rebounding strongly with its premium new design, achieving +50% growth in volume and +45% in net sales value. These gains highlight the success of targeted premiumization despite a backdrop of weakened demand in traditional segments.

Asia Pacific

Asia's 2024 performance was impacted by reduced consumer confidence-especially in China-and distribution losses in several key markets including China, the Philippines, South Korea, and Singapore. These factors contributed to a 23K 9L case loss and a €1.3 million NSV decline, with total volume down 45% year-over-year and 57% below budget.

Nevertheless, Japan emerged as a standout success, exceeding volume targets by 262% and NSV by 617% thanks to a high-value product mix. Thailand remained on budget, while Taiwan, Vietnam, and Hong Kong faced short-term headwinds such as inventory challenges and lower spending.

With recovery already underway, the focus for 2025 will be on restoring inventory balance and reactivating distribution channels to unlock Asia's long-term potential. 

Moskovskaya^® Vodka

Moskovskaya^® Vodka is one of the world's oldest vodka brands with heritage trace going back to 1900. Produced in Latvia using the traditional Osobaya (special) recipe, it stands out for its unmistakably smooth taste and crisp, vibrant character.

Key Brand Benefits

• Heritage & Authenticity - 125 years of vodka-making expertise, distilled from a government-patented recipe created for the Russian Empire.

• Outstanding Liquid - Triple-distilled and slow-filtered using quartz sand and charcoal for exceptional smoothness.

• Best European Ingredients - Made exclusively with EU-sourced wheat and artesian well water from Latvia.

• Highly Awarded - Recognized globally for exceptional quality and value, with multiple international medals.

• Bold Visual Identity - Distinctive deep green bottle and heritage cues that stand out on shelf and bar.

In late 2024, the brand introduced a refreshed bottle and label design that honors its rich legacy while reinforcing premium positioning. The updated deep forest green palette, refined copper accents, and the new crowned "M" logo signal quality, confidence, and modernity.

Moskovskaya^® Vodka

• 429.9K 9Lcs sold in 2024 (-18.8% vs 2023)

• Over EUR 13M net revenue generated from brand sales

• Sustained leading positions in South Europe countries

• Strategic brand redesign opening the door to brand's 125^th Anniversary year

2024 was a challenging year for Moskovskaya^® Vodka, with international tensions and geopolitical uncertainties continuing to impact key markets, especially in the Baltics. Despite strong equity and consumer loyalty, these external headwinds led to a -19% volume decline, with total sales reaching 430K 9L cases.

Nonetheless, decisive operational improvements and disciplined A&P investment led to a +10% gain in per-case profitability, offsetting part of the volume loss and strengthening brand contribution margins.

Market Highlights:

• Maintained strong positions in core brand markets (according to IWSR & internal sources):

#2 vodka by value in Italy

#3 standard vodka in Spain

#4 standard vodka in Portugal 

• New markets showing up on brand's map: China re-emerged as a promising growth opportunity, with a new route-to-market established in 2024. Ghana and Egypt to be named among other fresh starts.

• Sustained brand presence and share in the UK, Canada, Middle East and other strategic territories, supported by focused channel strategy and smart trade investments.

The late 2024 bottle redesign set the stage for a perceptual shift-dialing up premium cues, increasing shelf impact, and reinforcing Moskovskaya's heritage as it enters its 125th vodka making Anniversary year.

Looking ahead to 2025, the global relaunch under the new campaign "History in the Making" will roll out across key markets starting in Q2, supported by local activations. The campaign leverages the brand's legacy while inspiring a new generation of consumers-aiming to return Moskovskaya^® to 2023 volume levels, while delivering a budgeted +34% increase in brand contribution through stronger margins and improved global relevance.

Rooster Rojo^® Tequila

Born at the foot of Tequila Hill in Mexico's UNESCO-protected region, Rooster Rojo^® is a bold and multi-award-winning tequila crafted for those who live life on their own terms. Made exclusively from 100% Blue Weber agave and produced at the Amber Production Tequila distillery in Jalisco, Rooster Rojo^® embodies craftsmanship and authenticity.

Key Brand Strengths:

• 100% Blue Weber Agave - Sourced from 6-7-year-old plants with high sugar content.

• Silver-Filtered - Using filtration through Mexican silver for enhanced smoothness.

• No Additives. Certified Kosher. - Crafted for purity and full transparency.

• Artisanal Production - Small-batch methods with proprietary yeast and natural ingredients.

• Rich Portfolio - From crisp Blanco to innovative Smoked Pineapple, Ahumado and Mezcal expressions.

• Award-Winning - 29 medals across 15 competitions and counting.

• Distinct Identity - A proud red rooster symbolizing Mexican heritage, freedom, and individuality.

Rooster Rojo's daring, rebellious personality and vibrant visual identity appeal to modern, urban explorers-millennials seeking authenticity, craft quality, and unforgettable brand experiences. With growing relevance across global cocktail culture, Rooster Rojo^® is more than just tequila-it's a statement.

Rooster Rojo^® Tequila

• 41.4K 9Lcs of Rooster Rojo® Tequila sold

• Over EUR 5.5M revenue from brand sales

• Sold in 55 markets worldwide

Following three consecutive years of rapid international growth (44% CAGR 2020-2023, IWSR), 2024 marked a strategic recalibration for Rooster Rojo^®. While global sales reached 41.4K 9L cases, this reflected a 22.7% decline compared to the brand's 2023 peak. 

The softer result was primarily attributed to:

• Prior years' stock build-up across key distributors,

• Strategic price increases to elevate brand positioning and long-term profitability.

Performance in 2024 varied by region. While Australia and much of Europe experienced a slowdown, several markets stood out:

The UK nearly reached 6,000 cases, growing double-digit alongside Austria, solidifying its role as a strategic growth engine.

The CIS region emerged as a promising frontier for future expansion.

Market Rankings 

(IWSR 2024 Report & internal):

#2 Premium Tequila in Greece and Spain

#5 Premium Tequila in Italy

The brand maintained strong equity and shelf presence in Southern Europe, supported by highly selective marketing focused on high-potential digital and e-commerce activations. Rooster Rojo's bartender advocacy continued to build loyalty within the on-trade community, reinforcing its presence in cocktail programs and curated events.

Looking Ahead to 2025: The brand aims to exceed 2023 volume by +5%, backed by structural improvements: late-2024 adjustments to production and A&P allocation improved operational efficiency and margin quality. Similarly, a drop in global agave prices is expected to further enhance value chain flexibility.

Key focus markets include the US, Canada, and Southern Europe, while the UK is set to continue its growth trajectory. Australia is receiving renewed investment to rebuild its success story.

2025 will also mark a transformational leap in brand communication. A refreshed positioning, updated trade materials, global bartender programs, and a suite of digitally led PR initiatives will be unveiled-setting the stage for Rooster Rojo's next growth chapter.

KAH^® Tequila

KAH^® is a super-premium tequila that transcends liquid quality to become a cultural icon. Produced in the heart of Tequila, Jalisco, it is crafted from 100% hand-selected Blue Weber Agave, slow-cooked and aged in American oak barrels to develop extraordinary depth and smoothness.

What makes KAH^® unmistakable is its vivid connection to Latin American cultural traditions. Each hand-painted skull-shaped bottle pays tribute to rituals surrounding Día de los Muertos (Day of the Dead), celebrating life through powerful symbolism, color, and emotion. From Bolivia to Nicaragua, each variant in the range is inspired by a unique cultural interpretation of this ancient celebration.

Key Brand Strengths:

• 100% Blue Agave - Premium tequila made with rigorously selected agave aged 7+ years.

• Craft Excellence - Slow-cooked, aged and bottled with artisanal precision.

• Visual Masterpiece - Distinctive skull bottles, hand-painted and globally recognized.

• Award-Winning - Gold medals and high ratings from San Francisco World Spirits Competition, Beverage Tasting Institute, and more.

• Ultra-Premium Standing - Positioned next to Don Julio, Patrón, and Clase Azul.

• Art Meets Ritual - Each variant tells a story of ancestral traditions, creating a deeply emotive consumer experience.

While rooted in heritage, KAH^® is evolving beyond its origins. In 2025, a major repositioning will elevate KAH from a brand defined by a single holiday into one that embraces the broader themes of mysticism, beauty, and eternal celebration-making it relevant to a wider spectrum of luxury consumers and premium moments.

KAH^® Tequila

• 8.2K 9Lcs sold in 2024

• 2.4M EUR net revenue in sales 

For KAH^®, 2024 marked a return to balance and realism following several years of aggressive growth and distribution expansion. A 49% drop in volume versus 2023 was the result of complex but ultimately healthy recalibrations. Overselling to key regions like Latin America and the US in 2023 led to distributor stocks buildup, while the ultra-premium tequila category softened in North America. At the same time, overambitious growth targets in Australia, South Africa, and parts of Europe came under pressure from intensifying competition. Selective pricing corrections, such as those introduced in UK retail, also led to planned volume reductions in favor of long-term premium positioning.

Despite this contraction in shipments, sell-out trends remained more stable, indicating that consumer pull remains intact. Encouragingly, markets like Kenya, Austria, and notably Indonesia showed healthy gains, with Indonesia delivering triple-digit growth, led by strong performance in the on-trade for KAH^® Extra Añejo.

Late in 2024, Amber Beverage Group introduced a series of strategic corrections to prepare KAH^® for sustainable recovery. 

These included a full review of pricing architecture, improved reinvestment efficiency, sharpened market prioritization, and a more precise competitive set assessment. A new global sales incentive framework was also launched, creating stronger alignment and motivation across regions.

Looking to 2025, KAH^® is entering a pivotal phase. The brand will unveil a major repositioning, shifting its narrative from a Day of the Dead-themed product to a more emotionally resonant, timeless celebration of life, mystery, and beauty. This will be backed by refreshed visual assets, updated trade materials, and a toolkit to reframe how KAH is experienced and sold.

Strategically, the brand will double down on channels that reward visibility-global travel retail, upper-tier retail, premium on-trade, and e-commerce. Geographic focus will return to the US and Latin America, with renewed attention on emerging markets in Asia, where premium consumption rituals are expanding rapidly.

KAH^® is more than ready to reassert its role among the world's finest tequilas-not only as a product of excellence, but as a beacon of cultural expression and catchy emotional storytelling.

The Irishman^® Whiskey

The Irishman^® stands proudly as a champion of Irish single malt tradition. Triple-distilled and matured in first-fill bourbon, sherry, and specialty casks, The Irishman offers a refined experience that honors Ireland's heritage while looking firmly toward its future.

Rooted in the vision of reviving Ireland's most elegant whiskey style, The Irishman^® blends superior craft with heartfelt storytelling. From core expressions like The Harvest and Single Malt to aged icons like the 12-Year-Old and 17-Year-Old Single Malts, every bottle is a tribute to authenticity and excellence. 

Key Brand Strengths:

• Single Malt Excellence - The defining core of The Irishman's identity.

• Triple Distilled Smoothness - For exceptional clarity and balance.

• Award-Winning Reputation - Consistently recognized at Irish Whiskey Awards and global competitions.

• Authentic Storytelling - An elegant Irish soul, inspired by the past, created for the modern enthusiast.

• Evolving Range - From the core portfolio to rare limited editions like Cask Strength, the range offers both structure and discovery.

As the brand undergoes a visual and strategic evolution, it aims to bring Irish single malt into the spotlight of the global whisky stage-bridging the finesse of Scotch malts with the approachable warmth of Irish character.

The Irishman^® Whiskey

• 
  

• 20.4K 9Lcs sold in 2024

• Over 4M EUR net revenue contribution

• Continued global advocacy stream backed by Board BIA / Irish government support

• Launch of annual The Irishman^® Cask Strength Release in Q2 2024

2024 was a year of mixed dynamics for The Irishman^®. As the brand continues its integration into Amber Beverage Group's global structure, it navigated the complex balance between strategic investment, market maturity, and evolving channel opportunities.

Total volume declined by 13% compared to 2023, with the primary pressure coming from traditionally strong CIS markets, where volatility in currency and intensified competitor activity subdued results. Simultaneously, the brand was still in early distribution stages within Amber's own markets-UK, Latvia, and others-where initial sell-in volumes were measured but promising, marking the start of a broader footprint expansion.

Amid these challenges, notable bright spots emerged. The US and Canada, which together represent around 10% of The Irishman's business, grew by 16%, reinforcing the brand's relevance in the world's largest Irish whiskey market and laying groundwork for scalable growth.

Another key achievement was a 9% improvement in per-case profitability, driven by a more premium SKU mix and well-executed pricing strategies across select regions. This improvement signals the brand's resilience and growing alignment between product positioning and commercial performance.

The Irishman^® is also backed by compelling category momentum. Irish single malt, still a relatively niche segment, is rapidly gaining global traction-reflected in The Irishman's impressive 58% CAGR between 2020-2023 (IWSR). With this momentum, the brand is setting an ambitious 35% YoY growth target for 2025, underpinned by a refined commercial approach and revitalized brand identity.

On the innovation front, 2024 was quieter, focused primarily on the annual Cask Strength release. However, 2025 will mark a transformational year: a major range revamp is on the horizon, introducing prestige aged whiskeys, refined SKU alignment, and a longer-term innovation and gifting strategy tailored to core and emerging markets.

Geographically, growth will be driven by both established and expansion territories. New launches are planned in Africa, the Middle East, and Asia, where demand for super-premium, storytelling-led spirits continues to rise.

With renewed purpose, a distinctive voice, and a singular commitment to Irish single malt, The Irishman^® is poised to elevate its place within the global whiskey landscape.

Writers' Tears^® Whiskey

Writers' Tears^® is a pot still-inspired, super-premium Irish whiskey brand born from a unique union of Irish spirit and storytelling tradition. Drawing on the golden era of 19th and early 20th-century Irish literature-when Ireland was the world's whiskey and creative capital-Writers' Tears^® pays tribute to great minds like James Joyce, Oscar Wilde, and W.B. Yeats. It brings their legacy to life through liquid that is both expressive and elegant.

What sets Writers' Tears^® apart is its distinctive blend of single pot still and single malt whiskeys-eschewing grain entirely to deliver richness, complexity, and authenticity. Each whiskey is triple-distilled and non-chill filtered, then aged in a diverse set of casks ranging from classic bourbon to bold finishes like Mizunara oak, Marsala, and tequila.

Key Brand Strengths:

• Creative Legacy - The only whiskey brand to fully embrace Irish literary heritage as its central narrative.

• Unique Blend - A marriage of pot still and malt - no grain - resulting in a richer profile.

• Experimental Edge - A super-premium portfolio enriched with rare cask finishes and limited editions.

• Award-Winning Craftsmanship - Recognized by Irish Whiskey Awards and global spirits competitions.

• Standout Visual Identity - Designed for modern creatives who seek both depth and originality.

With its roots in inspiration and its eyes on innovation, Writers' Tears^® continues to build a cultural presence in the whiskey world, inviting a new generation of drinkers to explore Irish whiskey through the lens of creativity.

Writers' Tears^® Whiskey

• 22,7K 9Lcs sold in 2024

• 4.2M EUR in Net Revenue

• Continued disruptive innovation strategy to remain brand's core attribute

2024 proved a challenging year for Writers' Tears^®, with shifting market dynamics and increased pressure across core territories. Volumes declined by 26% year-on-year, driven by a convergence of factors-firstly, a difficult commercial environment in the CIS region, which historically provided strong support for the brand. Secondly, the ultra-competitive landscape in the United States prompted deeper discounting strategies among Irish whiskey brands, temporarily crowding out premium-positioned players like Writers' Tears^®.

However, a certain drop in volume was accompanied by a 26% uplift in per-case profitability, highlighting the impact of a more favorable market mix. Sales growth in higher-margin territories such as France, Japan, the Netherlands, and Switzerland helped stabilize financial performance, reinforcing the value of global diversification. In Canada, the brand maintained its stronghold with LCBO in Ontario, one of the world's most influential spirits buyers, underscoring its continued appeal among North American consumers.

Product-wise, 2024 was a year of continued innovation and community engagement. The Tequila Cask Finish, launched the previous year, remained the best-selling limited edition in the brand's history. 
This was followed by the highly anticipated Gruit Stout Cask, a micro-batch release for the Irish market that received strong praise from whiskey enthusiasts for its bold, unconventional character.

On the cultural front, Writers' Tears^® upheld its reputation as a storyteller's spirit, activating around Bloomsday in both Ireland and the US to celebrate James Joyce's legacy. The brand continued to champion whiskey education and advocacy across multiple global events, reinforcing its link to the world of creativity.

Looking forward, 2025 will bring renewed momentum and refinement. Writers' Tears^® will amplify its narrative platform, The Creative's Companion, positioning the brand at the intersection of culture, storytelling, and whiskey craft. Alongside The Irishman^®, the brand will undergo a portfolio review, strengthening its pot still-forward core and accelerating experimentation with new cask finishes and limited editions.

With its voice firmly rooted in literary tradition and its gaze set on modern creative audiences, Writers' Tears^® is well positioned to regain its growth trajectory and further deepen its cultural and commercial footprint in the years ahead.

Our Production 

& Logistic Capabilities

Latvia 

Overcoming challenges to increase agility and efficiency

Amber Latvijas balzams AS (ALB) is the leading producer of alcohol beverages in the Baltic States. It was established in 1900 as Riga's first state alcohol warehouse. With more than 700 SKUs for which ALB production lines are adapted, more than 400 SKUs were in production throughout 2024 covering more than 100 different brands owned by ABG and third-party brand owners. 

The production range includes all the major types of alcohol beverages, such as vodka, liqueurs, brandy, bitters, gin, sparkling wines, fortified wines, ciders, and ready-to-drink cocktails (RTDs). Production continued to be distributed between two sites in Riga owned by ALB: one producing strong alcoholic beverages and a another producing sparkling wines, RTDs and other light alcoholic beverages. 

The major challenges ALB faced in 2024 were adapting own resources, either workforce, equipment capacities and working capital to the reduced production volumes that continued to decrease into 2024. The leading driver for such decrease was continued effect from implementation of revised strategies initiated by Stoli Group in 2023, the major customer, including rebranding, optimizing stock policies and sales patterns. Nevertheless, despite the production for Stoli Group have decreased to 1.5 million 9Lcs cases in 2024, Stoli Group remained the major customer of ALB securing 45% of the total production volume.

Further outlook suggests the trend will turn positive evidenced by stabilizing monthly sales and production volumes by the middle of 2024 and moderate growth in the second half of the year.   

Although the decrease in volumes influenced cash availability and demanded adaptive and adjusting measures to be applied, maintaining the outstanding quality of the products remained the key priority for ALB. Despite very limited investment activity aimed mostly at maintaining the required level of technical condition of production equipment and the previously achieved level of efficiency, the quality level did not suffer and remained at a level no lower than that achieved previously. Efficiency of the bottling equipment (OEE) has been maintained within 70-75% range. ALB have successfully maintained FSCC and ISO certifications.

On the supply side, decreased cash availability demanded very thorough and detailed management of raw materials availability and supplies. In addition to the constant work on ensuring the supply of materials for production needs, the company strategically focused on optimizing the terms of cooperation with suppliers. The focus was on ensuring long-term and guaranteed supplies in combination with extended payment terms. Such efforts will ensure much better position to base on and further optimization in 2025 given that ALB continues to cooperate with the largest suppliers of raw materials and consumables in the European Union. 

In addition to the start of the transition of Moskovskaya^® Vodka to the new design, 2024 was characterized by a deliberately conservative approach to the development and implementation of new brands and products.
The main focus was on assessing, reviewing and optimizing the current SKU portfolio and developing the most profitable positions. The work will continue in 2025.

Another important area of optimization and search for strategic solutions to increase efficiency in the supply chain has become the entire set of logistics operations. The total volume of logistics operations managed by ALB includes processing of incoming materials, packaging, cargo formation, and sending of own-produced products to consumers, as well as servicing the flow of the group's distribution companies and the cargo flow of third parties. In addition to receiving, storing, assembling cargo lots and sending cargo, additional services are also provided (registration of excise stamps, sorting, repackaging, etc.).

The entire scope of logistics operations has been concentrated in a specially designated operational division, Amber Logistics (AmLog), which is now considered a separate functional entity. This entity operates two leased warehouses, including a customs warehouse and excise warehouses, as well as a finished goods warehouse at ALB production facilities.

Along with the allocation and concentration of logistics functions, active construction of a completely new warehouse in the port area of the city of Riga continued in 2024. The construction will be completed in early 2025. As intended initially, the main purpose of this warehouse project is to centralize the logistic capabilities and resources of the Group, improve process efficiency and logistics capacity and contribute to the strategic growth targets of the Group both in Baltic and Global markets. 

With these plans being implemented, AmLog will in fact become a separate logistics business, which is capable of further developing in this specificity. Such a business is not considered by the Group strategically as one of the principal fields of the Group's overall activities, given the need to ensure constant efficiency and development of the logistics. 
Accordingly, the establishment of AmLog is considered as the next step to create synergy with leading operators in the logistics business, where the entire scope of current and future growing operations servicing the Group's cargo flows will become the core for further development and will thus be serviced on an outsourcing basis.

Estonia 

A stable platform for servicing PL customers,

small to medium volume orders and the local market

Since 1991, Amber Production Remedia (APR) has grown to become the third largest spirits producer in Estonia, being the first private company to obtain the right to produce alcoholic beverages at the very beginning. As part of the group, APR specializes in small and medium scale production, providing great opportunities for the production of niche and locally oriented products in relatively small batches, which is especially in demand by private label (PL) customers.

The range of implemented formats and the range of types of manufactured products provide wide opportunities for customers. Traditionally, APR's portfolio includes vodkas, flavored vodkas, organic vodkas, gins, premium rums, natural berry and fruit liqueurs, herbal liqueurs and bitters. The company also produces cream liqueur and natural egg liqueur.

Due to its specialization, APR has been practically unaffected by the strategic changes in Stoli Group, since Stoli practically does not use APR's capacities to produce SCUs from their portfolio. The same specialization does not require maximum integration into the general supply chains of the Group's enterprises, in this case - into the supply chains of Amber Latvian balsams, considering regional proximity. These features allowed APR to maintain a fairly stable pace of activity during 2024, comparable to the previous period. A set of core PL clients, stable demand for products of local traditional brands and the ability to implement irregular production orders promptly and in relatively small volumes remained the main foundations of APR's activities in 2024.
At the same time, the Group does not consider it expedient to independently actively develop production capacities and a portfolio of brands and SCS for production at APR in the foreseeable future. Strategically, a more effective direction for the development of this production is considered to be attracting external partnerships in the form of targeted investments from interested PL customers, independent and developing brand owners and other niche-oriented players in the alcoholic beverage industry.

Mexico

Releasing strategic potential and improving efficiency 

to fuel the growth of tequila business

Established in 1999, Amber Production Tequila S.A. de C.V. (APT) began producing premium tequilas in 2000 using traditional tequila-making methods. The company is located in the heart of Tequila, Jalisco, Mexico-surrounded by an agave landscape recognized as an international heritage site by UNESCO-and is the second-closest distillery to the Tequila Volcano.

Over the years, APT has developed more than 30 brands. Its flagship products include Rooster Rojo, KAH, Tonala, Tenoch, and Zapopan. In addition to its owned brands, APT also partners with private clients to produce tequila brands that are successfully exported worldwide.

APT maintains a strong collaboration with Stoli Group, co-producing the super-premium Tequila Cenote, which continues to strengthen its market position in the U.S.

Following successful product launches in previous years, APT expanded into the mezcal category with its own Rooster Rojo Mezcal, crafted according to traditional Oaxacan methods. The unique spirit quickly gained consumer appeal and was awarded at the 2024 Tequila and Mezcal Masters.

Despite a general market slowdown, sales have remained stable at 50 9L cases, with Rooster Rojo and KAH sustaining performance in new markets and remaining above global market trends.

The brands have expanded to new countries across four continents: West Africa, South America, South/West Asia, and North America.

Operational productivity has increased by over 41% through lean manufacturing methods, improving cost efficiency and agility in response to market fluctuations.

APT's private label business has grown by 10%, driven by industry-wide recognition for product quality and reliability.

The company maintains a 99% reliability rate in stock counting and inventory control, with monthly counts reducing scrap and preserving finished goods quality for customers.

Amber Agave Operations has achieved a 60% reduction in costs through strategic supplier development and labor efficiency, enabling a long-term response to agave price volatility projected until 2030.

APT upholds a zero-waste policy at its distillery and agave fields, supported by sustainable practices and partnerships with Mexican environmental programs such as SEMADET and SEMARNAT.

Since its inception (as the former Fabrica de Tequila Finos), APT had not focused heavily on efficiency due to strong global demand. However, a significant sales downturn in 2023-continuing into 2024 with only slight recovery-prompted a reevaluation of operations, particularly amid rising agave inventory costs and warehouse overstock.

After in-depth analysis, the Supply Chain team implemented targeted solutions that enhanced operational execution, achieving over 40% greater efficiency and reducing operational costs by approximately 29%, while maintaining full production capacity and product output.

Our Distribution Excellence

Experience in operating distribution units brings ABG closer to its consumers

and enables strong brand-owner partnerships driving the business forward

Baltics 

Amber Beverage Group's Baltic distribution segment comprises distribution companies Amber Distribution Latvia SIA (ADLV), Amber Distribution Lithuania UAB (ADLT), Amber Distribution Estonia OU (ADEE), Interbaltija Amber SIA) (IB), as well as 65 retail stores: 47 Latvijas balzams stores in Latvia within the structure of ADLV, 17 Bravo Alco stores in Lithuania within ADLT, and 3 exclusive wine stores Vinothek Gourmet within IB - in Latvia. 

ADLV is the No. 1 distribution company in Latvia in terms of volume and revenue, serving more than 3 500 customers in all trade segments, from international key accounts to alco specialists, traditional trade, the HoReCa segment and border trade. 

IB is a specialist premium wine and spirits distributor that focuses on the HoReCa segment, RIEDEL, as well as S.Pellegrino and Acqua Panna mineral water and soft drinks. Despite market was on decline in 2024, IB was able to grow the sales volumes with key brands like Taittinger +5%, Ruggeri +10%, Louis Latour +18%, Fantini +40%, Planeta +16%, Grupo Baron de Ley +11%, Villa Maria +15%, Cono Sur +9%. Total volume delivered to our customers was 491K 9Lcs annually.

ADLT is the No. 1 alcohol importer in Lithuania with the most prestigious and diversified portfolio in all categories, serving over 5200 customers in its key accounts, the HoReCa segment, and traditional trade channels. ADLT has a well-developed distribution network throughout Lithuania, with sales of more than 1.6m 9Lcs annually. 

ADEE is a medium-sized, but competitive and dynamically developing player in the Estonian beverage market, offering customers a wide range of international spirits and wines. As a distributor of international spirits and wine brands, ADEE maintained its market position in 2024 and continues growing. The company serve more than 1,100 points of sale across the country, with a portfolio of over 190 brands.
The beverage market in 2024 has been affected by a +6.8% increase in excise tax for strong alcohol, +10.1% for still and sparkling wines, and +10% for beer in Lithuania. In Latvia, 2024 after 8% Excise tax increase for strong and 10% all other categories as of March 24 we see decline in strong spirit consumption and consumer move to lower ABV alcohol. As a result, +0.6% in the total alcohol market driven purely by beer consumption (+3% beer, -5,7% strong spirits, -2,2% fermented beverages, +0,2% wine, and RTD with -2.4%) as per State Revenue Service. The beverage market in 2024 has been affected by a +5% increase in excise tax for all alcohol in Estonia.

Major Brands 

Torres Brandy: In Lithuania, brand volume grew +2.5% and market share increased by +0.7p.p. whilst total brandy category declined by -6% compared to 2023. In Latvia, brandy volume grew by+3% while category declined by -5% key contributor of growth was behind further distribution build up and steady promo execution. In Estonia, brandy volume was flat vs. 2023, the market itself in a slight decline.

Grand Cavalier Brandy: In Latvia we launched brand across the market as one of new core brands selling 1,1K 9Lc and reaching distribution at 1000+ outlets with first 2 SKU's.

Monkey Shoulder Whisky: Brand successfully maintained its leadership position in the premium whisky segment in Lithuania, achieving 2.2% increase in sales despite a declining category. This growth is attributed to expanded distribution in the off-trade channel and effective brand-building initiatives in on-trade channel.

Amber Gold Vodka: In Lithuania the brand experienced 12.8% volume growth due to strengthened brand distribution in Horeca and Traditional Trade sales channels.  

Saare Gin: In Estonia, the brand's performance was over expectations positive, with volume increase reaching + 39% compared to 2023. Main growth factors distribution expansion and active promotion.

Diablo Wine: In Lithuania, the brand experienced 28% volume growth by successfully expanding current and gaining new distribution in modern trade outlets as well as brand extension with 2 new SKUs vs. 2023.  In Estonia, the brand was growing 2% vs 2023.

Riga Sparkling Wine: in Latvia achieved 148K 9Lc +8% vs. LY securing Market share leadership volume and value as well as #1 Alco Volume brand in ADLV portfolio when category experienced -5% decline.

Cosmopolitan Diva: In Estonia, the brand's performance was notably positive, with volume increase reaching +16% compared to 2023. Main growth factors distribution expansion, new SKU and active promotion.
SanPellegrino^®: In Lithuania, the brand's performance was notably positive, with volume increase reaching +20.7% compared to 2023. Main growth factors were successful launch of three new San Pellegrino soft drinks flavors in 33cl cans, distribution expansion and active promotion and communication schedule. Also in Latvia, brand has grown by more than +20% and according to Nielsen data, S.Pellegrino was No 1 imported mineral water brand by volume and Sanpellegrino soft drinks was among top 3 brands in LV market

Online Sales Platforms 

In recent year consumer behavior worldwide changed significantly with a greater proportion of purchases of essential products, such as food and beverages, being made online. ABG Baltic distribution units continue to follow and respond to this trend.

ADLT further developed and promoted its online sales platform www.amberdrinks.lt. The platform offers a wide range of alcohol beverages, outstanding wine collections and more.  Latvijas balzams stores continued online sales at the e-commerce platform www.lbveikali.lv. In addition, the opportunity to sell ABG assortments via the external delivery online platform Bolt was also utilized. Along with e-commerce platform development, Latvijas balzams stores promoted and advertised core brands on social media, which undoubtedly increased the visibility and distribution of our core brands throughout Latvia.

Portfolio Development 

During 2024, the portfolio of ADLT in Lithuania was optimized and further strengthened by: 

1. New third-party supplier successful product launches in the market: Torres Brandy line extensions, Courvoisier Rouge cognac, Jack Daniel's Tripple Mash and Liathmor whiskey, Jim Beam Peach and Grants Tropical Fiesta flavored whiskey, Diplomatico Rum, Larios gin, Hendrick's Grand Cabaret gin;

2. Wine portfolio development with Maison Castel, Frontera and Vina Sol line extensions as well as taking over distribution of Vina Maipo brand from competitors.

3. Franklins & Sons soft drink portfolio and The King cigarette brand added to the portfolio. 

The key focus for 2024 in Latvia was portfolio optimization, including delisting of unprofitable ABG and third-party brands and SKUs. On there were several new brands & SKUs taken onboard: 

1.     WG&S - Grant's and Hendriks Flavors

2.     Suntory Global Spirit portfolio expansion - Larios Gin, Jim beam Peach.

3.     Vina Maipo wine & Franklin & Sons take over. 

4.     Interbaltija Amber has added new Cognac brands - Hine, Monnet and Davidoff

Estonia's focus for 2024 was to optimize the product portfolio. On top the company successfully introduced and started distributing:

1.     WG&S - Grant's and Hendriks Flavors

2.     Suntory Global Spirit portfolio expansion - Larios Gin, Jim beam Peach

3.     Vina Maipo wine & Franklin & Sons take over

4.     Hine and Monnet cognac take over

In 2024, the UK alcohol beverages industry was shaped by a challenging macroeconomic environment marked by inflationary pressure, declining consumer confidence, and regulatory changes.

Persistent inflation significantly increased input costs across the supply chain. Energy, packaging, and transport expenses remained high, squeezing profit margins for producers and retailers. Alcohol prices rose faster than the national average, driven in part by higher operational costs and supply-side constraints.

The government's alcohol duty changes, introduced in August 2023, continued to impact the market in 2024. The new system taxes products based on alcohol strength, which led to increased duties on high-ABV drinks. This disproportionately affected producers of premium and stronger alcoholic beverages and encouraged some manufacturers to reduce alcohol content to avoid higher taxes. 

Economic uncertainty and cost of living pressures changed consumer purchasing habits; consumer confidence fell to -18 in November 2024. While overall sales of alcoholic drinks fell, there was still demand for affordable premium options. Some consumers opted for fewer but higher quality purchases. Additionally, at home consumption continued to rise, and interest in low and no alcohol alternatives grew, influenced by both economic and health considerations.

Hospitality venues, including major pub chains, responded by raising prices to offset higher costs. Some streamlined product offerings and shifted both marketing and their drinks offer towards value and experience based propositions. There have also been a handful of high-profile bankruptcies; for example TGI Fridays were forced to close 35 of their 86 sites nationwide.
Overall, the alcohol beverages industry in 2024 was shaped by inflation, taxation policy, and evolving consumer habits, prompting businesses to adapt rapidly to try and maintain profitability in a complex economic landscape.

Against this challenging backdrop ABUK continued to streamline and optimize business performance through consistent monitoring of its internal structure and processes. ABUK streamlined cash flow and payment processes and agreed a new working capital facility. The sales team underwent a series of training sessions designed to boost productivity and improve ways of working with customers.

Portfolio

2024 saw two major exits and two major additions to the portfolio. ABM (Finest Call and Real) left the portfolio in November and was swiftly replaced by a superior quality brand, ODK, whose product range extends beyond that of ABM; this opened sectors of the market where ABUK did not previously operate. Don Papa (purchased by Diageo) was replaced by Flor de Cana Rum, including a white rum, a coffee rum, a coconut rum, and multiple age statements. 

Rooster Rojo^® Tequila

The brand continued its excellent growth trajectory, increasing in volume by +26.1% vs 2023. The volume growth in Amazon, some cash and carry channels, as well as continuous on-trade listing and tender success, sets the brand up well to explore the grocery multiple markets. 

Moskovskaya^® Vodka

The brand experienced impressive volume growth of +12.4% vs 2023, driven by multiple new listings in the on-trade, growth in Amazon. It also saw shoots of growth in non-Scottish wholesalers (eg Venus, Matthew Clark, Nectar), demonstrating the broadening appeal of the brand.

Stoli^® Premium

It was a challenging year for this brand, reaching 77% of prior year volume. This was driven predominantly by a decline in sales in multiple grocers (which reflects broader industry trends), and a challenging year in the on-trade where operators increasingly sought cheaper alternatives in order to maintain pricing and margin. Vodka is particularly vulnerable to this trend in the UK due to its neutral flavour profile.

Luxardo^® liqueurs

It was a mixed year for the brand as a decline in UK sambuca volume adversely affected growth across the rest of the range. Luxardo sambuca was only 74% of prior year, whereas the rest of the brand portfolio saw 8% growth.

Arran^® whisky

2024 saw impressive growth for this brand as it grew 17% vs prior year. This growth was driven almost entirely by off-trade multiples, independents, and e-commerce; the on-trade whisky segment remains dominated by the top 5 largest whisky brands.

Faustino^® wines

ABUK recognized sales of 151,000 x 9lc in 2024 vs 192,000 x 9lc in 2023, a -21% volume decline. The two biggest customers, Tesco and Asda both saw sizeable drops compared to a very impressive 2023.  A number of promotional periods fell flat representing the intense competition for consumer attention as competitor wine brands continued to offer heavy discounts throughout the year, especially in Q4.

Australia

2024 was a pivotal year for Amber Beverage Australia (ABAU)-a year of consolidation, strategic brand recalibration, and renewed commercial discipline. Following the double-digit growth of 2023, we took decisive steps to future-proof the business, enhance advocacy, and streamline operations in response to a softening spirits market and persistent macroeconomic headwinds.

Strategic Brand Reprioritization

Despite increasing excise pressure and a contracting category, ABAU maintained brand equity while laying the groundwork for sustainable growth. We exited low-margin, non-strategic brands and redirected resources toward scalable trademarks aligned with emerging consumer preferences and long-term market relevance.

Advocacy Investment

We elevated our on-premise presence through a focused advocacy program-driven by Rooster Rojo, Fernet-Branca, and Stoli Vodka-underpinned by bartender engagement, cocktail competitions, and state-based activations. These efforts translated to increased visibility and deeper trade relationships. Notably, our Brand Ambassadors earned industry acclaim:

• • Abbie Weir - Finalist, Best Brand Ambassador, ALIA 2024 (Stoli Vodka)

• • Federico Malavenda - Top 12 Brand Ambassadors, Australian Bar Awards 2024 (Fernet-Branca)

• • Federico Malavenda - Top 100 Most Influential, Australian Bar Awards 2024

New Brands acquired Fueling Growth

ABAU achieved incremental value and volume gains from the full-year impact of 2023 launches and a new wave of portfolio innovation:

• • Curatif RTDs added +8.7k 9L cases through expanded distribution

• • 818 Tequila and Shanky's Whip delivered a combined +3.9k 9L cases

• • New 2024 introductions-Dodge (alcohol recovery), Hickson House (craft gin), and Seven Seasons (First Nations spirits)-aligned with rising consumer interest in authenticity, wellness, and cultural storytelling

Industry Recognition

Amber Beverage Australia was recognised as Highly Commended Wholesaler or Distributor at the 2024 Australian Liquor Industry Awards (ALIA), affirming our commitment to brand building, advocacy, and executional excellence. Additionally, Hickson House earned two prestigious ALIA category awards:

• • Best Light Spirit (under $79.99) - Australian Gin

• • Luxury Light Spirit (over $80) - Harbour Strength Gin

Outlook for 2025: Returning to Growth

With FY24 EBITDA closing at -$1.6 million, ABAU has established a clear roadmap toward profitability and operational efficiency in 2025:

• • Targeting 85k 9L cases (+19% YoY volume)

  • Delivering $564k EBITDA (+$2.2M YoY)

  • Driving growth via high-margin third-party brands that complement SPI's core portfolio

  • Sustaining performance with no increase in headcount

From 1 April 2025, Lyre's Non-Alcoholic Spirits will join the ABAU portfolio-significantly expanding our footprint in the no- and low-alcohol category. The brand is forecast to deliver +23k 9L cases and approximately $1 million in EBITDA, reinforcing our early leadership in the segment since introducing Seedlip in 2016.

2024 was a year of disciplined groundwork: refining our portfolio, tightening cost controls, and doubling down on brands with clear differentiation and long-term potential. As we move into 2025, ABAU is poised for a return to growth-guided by focus, operational rigour, and a strengthened, future-ready portfolio.

Austria

A Year of Transformation and Strategic Focus

1.53m Total sales volume (+13,3% vs. LY) | 8.96m Total net sales (+2,4% vs. LY)

2024 was a year of transformation, optimization, and a clear focus on strengthening our most important brands at Amber Beverage Austria (ABAT). As part of this process, we deliberately removed segments and brands from our portfolio that reduced our efficiency and hindered successful growth. One of the most important steps was the decision to exit the beer business. After many years of distributing the Warsteiner Group in Austria, we ended this partnership in mid-2024 and redirected our full focus to our core business - spirits.

In addition to exiting the beer business, we also discontinued our wine segment and the supply of private label vodka to an Austrian discounter. While these measures resulted in a significant loss of revenue and had a noticeable impact on our total sales volumes, they were absolutely necessary due to the low profitability of these business areas.

Reinforcing Our On-Trade Sales Team

To support growth in the on-trade segment, we completely restructured our on-trade sales team in 2024. With new appointments in Austrias Capital Vienna, as well as in three other key regions, we positioned ourselves optimally for the future to accelerate growth and gain market share in this strategic channel.

Brand Performance and Portfolio Focus

Despite structural shifts, we achieved strong results with our core brands. Three Sixty Vodka is now among the top 6 vodka brands in Austrian retail (+59% vs. previous year) and ranks No. 2 in the premium vodka segment. Disaronno also recorded gains in the Off trade. Our top-performing brand in 2024 was Badel 1862, reaching 13.8k 9LtrCs, alongside Gschpusi also at 13.8k 9LtrCs and Three Sixty Vodka with 11.2k 9LtrCs. Although the beer business achieved a good volume performance its profitability unfortunately left a lot to be desired.  

We also saw strong development in our own brands. With Cenote Tequila, Rooster Rojo Tequila, The Irishman Whisky, and continued strength from Writers' Tears Whisky, we successfully increased brand awareness and sales volumes, particularly in the off trade.

New Brands and Opportunities

In early 2024, we added Torres Brandy to our portfolio, a brand already well established within other Amber Beverage Group markets. In May, Zwack Unicum, a well-known Hungarian herbal liqueur, followed as a new addition. We see strong potential for both brands, particularly in the retail sector

Team and Leadership Transition

Our success would not be possible without our team. 2024 brought significant organizational changes. In May, we welcomed a new Commercial Director Michael Arnold, who now leads our sales division with knowledge, experience, and passion. 
The most notable change came in October - after more than 20 years, Markus Panzl left the company. Marco Weber was appointed as new Managing Director. With his experience, ambition, social competence, and team spirit, he is now driving the future of Amber Beverage Austria with a clear vision and motivated goals.

Conclusion and Outlook

2024 was a year of challenges, but also of important strategic achievements and steps. With a clear focus on our spirits portfolio, a strengthened on-trade team, and continuous development of our key brands, we are well equipped for future success.

We look ahead to an exciting 2025, with plans to strategically expand our portfolio to cover all key product categories and further strengthen our market position.

Leading 3^rd Party Brands

Consolidated Financial 

Statements

Amber Beverage Group Holding S.À R.L. Consolidated financial statements for 2024

Amber Beverage Group Holding S.À R.L.

(Registration number B218246)

Consolidated financial 

Statements for 2024

prepared in accordance with

IFRS Accounting Standards as adopted by the EU

Information on The Group     

Name of the Parent Company     Amber Beverage Group Holding S.à r.l. 

Registration Number     No. B218246

Address     44, Rue de la Vallée, Luxembourg, L-2661

Core business activities 

of the Parent Company     Holding and management activities.

Major shareholder     SPI Group Holding Limited (94%, incorporated in Cyprus)

Names and positions 

of the Supervisory Board Members

     Sir Geoffrey John Mulgan,

Chairman, Member of the Supervisory Board (until 14.04.2025)

     Mr. Simon Charles Rowe,

     Member of the Supervisory Board

     Mr. Douglas Brougham Cunningham,

     Member of the Supervisory Board
     

     Ms. Sabina Fatkullina

     Member of the Supervisory Board

     Mr. Arturs Evarts,

     Secretary, Member of the Supervisory Board

     Ms. Jekaterina Stuģe,

     Member of the Supervisory Board (until 29.01.2024)

Names and positions 

of the Board of Managers     Mr. Arturs Evarts,

     Chairman of the Board 

     Mr. Javier Minguillon Espinosa,

     Member of the Board (until 09.07.2024)

     Ms. Jekaterina Stuģe,

     Chairperson of the Board (until 29.01.2024)

Contents

Primary Statements

Consolidated Statement of Profit or loss and Other Comprehensive Income 

Consolidated Statement of Financial Position 

Consolidated Statement of Changes in Equity 

Consolidated Statement of Cash Flows 

Notes to the Consolidated Financial Statements 

Accounting information and policies 

1. General Information 

2. Basis of Preparation 

3. Changes in accounting policies and disclosures 

4. Significant accounting judgments, estimates and assumptions 

Results for the Year 

5. Segment Reporting 

6. Operating Profit 

7. Auditor's Remuneration 

8. Staff Costs 

9. Finance Income and Costs 

10. Corporate Income Tax 

Operating Assets and Liabilities 

11. Business Combinations and Assets Held for Sale and Discontinued Operations

12. Intangible Assets 

13. Property, Plant and Equipment 

14. Right-of-use Assets 

15. Biological Assets 

16. Working Capital 

Risk Management and Capital Structure 

17. Risk Management 

18. Borrowings 

19. Leases 

20. Cash and Cash Equivalents 

21. Capital Management 

22. Share Capital and Share Premium 

23. Group pooling reserve 

24. Non-controlling Interest 

Other Financial Information 

25. Commitments and Contingencies 

26. Related Party Transactions 

27. Investment Properties 

28. Group Information 

29. Other Accounting Policies 

30. Impact from Correction of an Error and Prior Period Reclassification

31. Events After the Balance Sheet Date

Statement of the Board of Managers' Responsibilities for the Preparation and Approval 
of the Consolidated Financial Statements

The Board of Managers is responsible for the preparation, publishing and fair presentation of the consolidated financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the consolidated financial statements, and for such internal control as the Board of Managers determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Board of Managers is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Managers either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

We confirm that to the best of our knowledge and belief: 

• The consolidated financial statements of Amber Beverage Group S.à r.l. (the 'Company') presented in this Annual Report and established in conformity with IFRS Accounting  Standards as adopted by the European Union give a true and fair view of the consolidated statements of comprehensive income, changes in equity and cash flows for the year that ended, and notes to the consolidated financial statements, including a summary of significant accounting policies; and 

• The Directors' Report includes a fair review of the development and performance of the business and position of the Company and the undertakings included within the consolidation taken as a whole, together with a description of the principal risks and uncertainties it faces.

Approved by the Board of Managers and signed on its behalf on 27 June 2025 by:

____________________________

Arturs Evarts

Chairman of the Board of Managers

Consolidated Statement of Profit or Loss and Other Comprehensive Income

* Please refer to Note 30.

The Notes on pages 91 to 144 are an integral part of these consolidated financial statements.

Consolidated Statement of Financial Position

Assets

*For additional information on adjustments, see Note 30.

The Notes on pages 91 to 144 are an integral part of these consolidated financial statements.

Consolidated Statement of Financial Position

Equity and liabilities

*For additional information on adjustments, see Note 30.

The Notes on pages 91 to 144 are an integral part of these consolidated financial statements.

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

The Notes on pages 91 to 144 are an integral part of these consolidated financial statements.

Notes to the Consolidated Financial Statements

Accounting information and policies

This section describes the basis of preparation of the consolidated financial statements and the Group's accounting policies that are applicable to the financial statements as a whole. Accounting policies, critical accounting estimates, and judgements that are specific to a note are included in the note to which they relate. This section also explains new accounting standards, amendments, and interpretations that the Group has adopted in the current financial year or will adopt in subsequent years.