Could you begin by giving us an overview of Tikveš Winery, its history, and the scale of its operations today?

Tikveš is one of the oldest wine producers in the Balkans, and in 2025 we celebrated 140 years of organized wine production in North Macedonia. When we acquired the winery in 2003, it was already the country’s largest producer, but its focus was largely on bulk wine and low-priced bottled products. The brand was well known throughout the former Yugoslavia, yet there had been little investment in premiumization, vineyard development, or international positioning.

We made a conscious decision that if we were going to compete, we had to aim for the highest standards. Since 2007, our strategy has focused entirely on quality, premium wines, and long-term value creation. That transformation required substantial investment in vineyards, winemaking expertise, and terroir identification. We worked closely with renowned French oenologist Philippe Cambie for more than a decade, and his contribution was instrumental in raising our standards.

Today, Tikveš operates four wineries, including facilities in North Macedonia and France, and manages wines from five distinct terroirs. Last year we generated approximately €60 million in revenue, with EBITDA approaching €15 million. Despite challenges facing the global wine industry, we continue to grow and expect to reach approximately €70 million in turnover. Our objective remains unchanged: to build one of Europe’s most respected wine companies through quality, consistency, and continuous improvement.

What are the company’s key priorities for growth and performance in 2026 and beyond?

Our immediate objective is to complete the long process of transformation and consolidation that began more than two decades ago. Financially, we expect continued growth in both revenue and profitability, but our strategy extends far beyond financial indicators. We are investing heavily in vineyards, sustainability initiatives, tourism, and premium wine production because we believe these are the foundations of long-term success.

The wine industry is currently facing significant challenges worldwide. Consumption is declining in many traditional markets, including France, Australia, and parts of the United States. However, periods of disruption also create opportunities for well-organized companies that are willing to adapt. Our focus is not on volume but on premiumization and value creation.

We are also expanding our international footprint. In addition to our operations in North Macedonia, we have invested in Château de Gourdon in France and are developing a new project in Dalmatia. Serbia remains our largest export market, and we see further opportunities across Southeast Europe. Today, exports account for approximately two-thirds of our sales, and we expect that share to continue growing.

At the same time, we are investing in agriculture itself. Climate change, demographic shifts, and declining vineyard acreage across Europe are creating long-term supply challenges. We believe that securing high-quality grape production and controlling a larger portion of our own vineyard supply will be essential to maintaining quality and competitiveness in the years ahead.

Tikveš exports to more than 25 countries. How are you approaching international expansion and the move toward higher-value wines?

International expansion begins with understanding how consumer preferences are changing. One of the most important lessons we have learned over the past twenty years is that success depends on listening carefully to the market and adapting quickly. For example, we recognized much earlier than many producers that demand for white wines was growing faster than demand for red wines. Today, white wines represent approximately 63% of our sales, while rosé accounts for 14% and red wines for 23%.

We are particularly focused on strategic markets such as the United States and Germany, while continuing to strengthen our position throughout the Balkans. The region remains our natural home market, and we are the market leader in countries such as Serbia, Bosnia and Herzegovina, and North Macedonia. At the same time, we see significant opportunities to expand internationally through premium positioning.

A valuable advantage is the strong Macedonian diaspora, particularly in Germany and the United States. Many Macedonian-owned restaurants have become important ambassadors for our wines and help introduce international consumers to the quality of what we produce.

Premiumization is at the heart of our strategy. We do not compete on price. We focus on delivering value, authenticity, and quality. Consumers today are willing to pay for products that offer a genuine experience and a strong sense of place. Building trust through consistency is therefore essential. Every bottle must reinforce our reputation, because long-term success depends on loyal consumers who recognize and appreciate quality.

How is Tikveš supporting the broader development of North Macedonia through agriculture, tourism, and sustainability?

We see ourselves not only as a winery but also as an ambassador for North Macedonia. Wine has the power to showcase a country’s culture, landscapes, and identity, and we believe our success can contribute to the broader development of the region.

Wine tourism has become an increasingly important part of that vision. We are investing in hospitality infrastructure, including a new hotel in the Barovo region, one of our most distinctive terroirs. This area offers exceptional natural beauty, unique volcanic soils, and a remarkable sense of tranquility. We often say that it offers many of the qualities visitors associate with Tuscany, but in a much quieter and less crowded environment.

Sustainability is another major priority. We are one of the few agricultural companies in the region participating in international climate initiatives and have committed ourselves to ambitious environmental goals. We are investing heavily in renewable energy and expect solar power to cover the vast majority of our energy needs. We are also working with leading international experts and research institutions to improve vineyard management, adapt to climate change, and reduce emissions throughout our operations.

The results are increasingly visible. Our wines continue to earn recognition at major international competitions, receiving numerous gold medals and high ratings from respected judges. These awards validate our efforts and demonstrate that North Macedonia can compete successfully on the world stage with some of the finest wine-producing regions.

How do you work with independent grape growers, and what is your vision for the future of agriculture in North Macedonia?

Independent grape growers remain a critical part of our ecosystem, and we have spent many years building stronger partnerships with them. Our approach is based on long-term cooperation rather than short-term transactions. We encourage growers to adopt internationally recognized production standards and reward quality through higher pricing and long-term contracts.

In many cases, growers who meet these standards receive prices that are competitive with or even exceed those available in some established European wine regions. Our goal is to create incentives for investment, modernization, and continuous improvement. We believe quality must be rewarded if agriculture is to remain economically viable.

One of the major challenges facing the sector is fragmentation. Many vineyards remain very small, making mechanization and technological innovation difficult. We encourage greater collaboration and consolidation so that producers can benefit from automation, artificial intelligence, and modern vineyard management systems.

The reality is that agriculture throughout Europe is confronting labor shortages, demographic decline, and changing economic priorities. Young people are increasingly reluctant to enter the sector. We therefore need a new model that combines technology, investment, education, and long-term planning.

For Tikveš, securing a sustainable supply of high-quality grapes is not simply a business necessity; it is fundamental to the future of North Macedonian wine. We believe the country’s agricultural potential remains significant, but realizing that potential will require cooperation between producers, growers, financial institutions, and policymakers.

What message would you share with international investors considering opportunities in North Macedonia?

North Macedonia is a small market, but investors should view it as part of a much larger regional opportunity. The country offers access to Southeast European markets, strong trade relationships, and a strategic geographic position connecting multiple regions. For investors willing to take a long-term view, there are significant opportunities across energy, agriculture, food production, tourism, and related industries.

Energy is particularly promising. We are seeing substantial investment in renewable power generation, and the country’s natural conditions create attractive opportunities in solar energy and energy storage. At Tikveš, we are investing heavily in this area ourselves because sustainability and energy independence will be increasingly important in the future.

Agriculture also presents considerable potential. The region imports large quantities of food products that could potentially be produced locally. Areas such as livestock, specialty foods, and high-value agricultural production offer opportunities for investors with the right expertise and long-term commitment.

The wine sector remains attractive as well, particularly when approached from a regional perspective. Markets such as Serbia and Croatia continue to offer growth potential, while premium wines from the Balkans are receiving increasing international recognition. For investors who understand the importance of quality, patience, and long-term value creation, the region offers opportunities that remain largely undiscovered by the wider investment community.