How was 2025 for Bayadera Elite in terms of sales and profitability? Did the premium alcohol segment grow in Ukraine, or is the market, on the contrary, shrinking?

2025 for Bayadera Holding can be characterized as stable, with a trend toward recovery and moderate growth. This applies to the holding as a whole and to all key business units: Bayadera Logistic (production and distribution of national products), Bayadera Elite (import and distribution of international brands), and Bayadera Export.

In terms of preliminary figures, the holding's total revenue in 2025 was 14.6 billion UAH, compared to 12.7 billion UAH in 2024, which indicates that we have maintained our scale and are seeing a gradual business recovery. The import division also showed moderate growth, with sales increasing from 5.7 billion to 6.0 billion UAH. However, the profitability figures for the holding and the Bayadera Elite business unit specifically remain non-public.

Regarding market dynamics and the premium segment, the global spirits market has been under pressure in recent years. According to IWSR data, it contracted by approximately 2% in 2024, and there are currently no prerequisites to expect a significant trend shift by the end of 2025. At the same time, individual categories and markets are demonstrating localized growth.

The Ukrainian market appears more complex and, in some ways, paradoxical. On one hand, we see a strengthening trend toward downtrading—a shift in demand toward the economy and standard segments. On the other hand, the premium segment is showing quite active recovery and is gradually approaching 2021 levels in monetary terms.

A similar contradiction can be observed in consumer behavior: they have begun making purchases more frequently, and the average check for the alcohol category as a whole has increased (though dynamics vary significantly by age group). Simultaneously, sensitivity to promotions has reached an all-time high: the share of purchases made with discounts exceeds 90–95%, which puts significant pressure on market margins, primarily for its distribution participants.

Is the share of imported alcohol in your portfolio growing compared to your own brands? Are global brands displacing Ukrainian producers in the premium segment?

The share of the Bayadera Elite import portfolio in the holding's total results shows different dynamics year-over-year, depending on the general market environment and the strategies of our foreign partners.

While it grew quite significantly (in monetary terms) in 2024 compared to 2023, it decreased slightly to 41% in 2025, compared to 45% in 2024.

This is due to a number of factors:

• Market-Organic Factors: For example, against the backdrop of a gradual recovery in the imported alcohol market, certain large national product categories have demonstrated a more active growth trend during specific periods.
• Retail Factors: The largest players are not only expanding their networks by increasing the number of retail outlets but are also, to some extent, reallocating "shelf priorities," driving an increase in the presence of imported alcohol at the expense of other categories.
• Financial Factors: Against the backdrop of relatively stable pricing policies by local players and portfolios, imported products have actively increased in price due to both higher manufacturer release prices (a result of global increases in COGS—Cost of Goods Sold) and national currency devaluation processes.

In 2019, the company opened the first WineWine flagship store in Kyiv. Today, it is a chain of 8 stores. What is the investment required to open a single location? And are there plans for new openings?

Yes, we are currently in the process of developing our own specialized retail project. The investment required to open one mini-format location is approximately 1.5–2 million UAH. Of course, everything depends on the square footage and other factors. As for further scaling, that is currently a trade secret, but I will say this: we are analyzing several scenarios, their pros and cons, and will make relevant decisions in the near future. I would add that in the context of an ultra-competitive specialized retail market, significant limitations in available HR resources, the commercial real estate market climate, and other factors, launching such projects is a non-trivial task. Although, as Albert Einstein said: "In the midst of every crisis, lies great opportunity."

What are the key investment plans for Bayadera Elite for 2026: new brands, distribution expansion, or developing your own retail chain?

Naturally, like any company, the details of our investment plans are not subject to public disclosure. At the same time, I can note that we are not stopping our business development. Key import focuses for 2026 include scaling, new partners, and new products.

In parallel, we continue to implement strategically important initiatives: supporting Ukraine's economy (we remain the #1 taxpayer in the industry, with over 18 billion UAH contributed during the active phase of the war), systematically assisting the Armed Forces of Ukraine (over 110 million UAH) and other services involved in the country's defense, and fully caring for the stability, development, and well-being of our large corporate team.