Abrau-Durso PJSC confirmed its high credit rating of ruA+

On August 4, 2025, the Expert RA rating agency confirmed the credit rating of Abrau-Durso PJSC at ruA+ with a stable outlook. The assigned rating reflects the stability of the company's financial and operational performance, its leading position in the industry, as well as an effective management model and a low level of corporate risk.

Abrau-Durso PJSC is the largest producer of sparkling wines in Russia. The portfolio is based on wines under the Russian Sparkling, Victor Dravigny, Brut d'Or, Imperial brands, as well as the Abrau and Abrau Estate still wines and the Vedernikov Winery products. In addition, the range of non-alcoholic drinks, such as Abrau Vinonade and 4 Waters, and low-alcohol drinks is actively expanding. Abrau Spirit's line of strong alcoholic products is growing dynamically: 7 Herbs and Chameleon gins, 7 Vegetables liqueur, 7 Grains vodka, Danza del Fuego Cuban rum and cognacs.

The restaurant segment and its own retail network are also actively developing in the business structure. The Abrau-Durso resort remains the largest wine tourism site in the country.

Abrau-Durso PJSC's high credit rating of ruA+ is based on its strong market and competitive position, profitability indicators, comfortable debt burden and liquidity, and low corporate risk.

Among the advantages of Abrau-Durso PJSC, Expert RA analysts noted sales growth: 66.862 million bottles were sold in 2024, which is 18% higher than the previous year's figures. Despite the industry's average risk profile, the company demonstrates resilience to external shocks thanks to its extensive vertical integration, large-scale distribution, and its own raw material base, which includes its own grape seedling nursery and 6,800 hectares of grape-suitable land, of which 4,100 hectares are vineyards.

Experts also emphasize the company's broad geographic presence and developed sales system: over 200 contracts with regional distributors and leading federal chains ensure coverage of 85% of retail outlets in Russia. Sales are evenly distributed across channels without concentration on one partner.

Analysts also praised the company's level of corporate governance: it has a board of directors with four independent members, a high-quality strategic development plan covering the long term, and risk management elements. Transparency of business processes and a high level of strategic and operational planning ensure a positive assessment of the operating model.

The reduction in debt burden and the increase in profitability were taken into account by analysts as significant factors when confirming the credit rating level. The net debt/EBITDA ratio for 2024 decreased to 2.0x compared to 3.2x a year earlier, while the EBITDA margin increased to 32% (according to Expert RA methodology). Comfortable liquidity was also noted: current operating flows and cash balances allow the company to fully cover capital expenditures, debt burden, and shareholder payments.

"The confirmation of our high-level credit rating reflects the sustainability of our business model and the effectiveness of the strategy we have been consistently implementing. We continue to strengthen our market position and expand our product portfolio, while maintaining high financial discipline," Elena Zaritskaya, CEO of Abrau-Durso PJSC, commented on Expert RA's assessment.

The combination of the above factors is reflected in Abrau-Durso PJSC's credit rating. On August 4, 2025, Expert RA confirmed the rating at ruA+ with a stable outlook. The forecast suggests a high probability of maintaining the rating at the current level for 12 months. The agency's rating was first assigned in 2021 and was upgraded to its current value in August 2022.