Yes it does. And this vertical proved it. See also Jancis's article on sherry, and Montilla, Gems of Andalucía ignored, published today.
To celebrate the tenth anniversary of Tio Pepe's En Rama, seven of the previous releases were gathered in London to be tasted and assessed (bottles of the 2010 and 2015 editions could not be located). This was an especially unusual tasting because the whole premise of En Rama was to create a wine that had to be drunk young. In fact, in an unprecedented step for wine, the first release even had a 'best before' date on the back label.
Tio Pepe En Rama is a selection from 22 different soleras. For the first release in 2009, a limited run was created, all of which was destined for the UK market and sold mostly through The Wine Society and Lea & Sandeman. Originally, there was a great deal of trepidation about releasing an unfined and unfiltered wine within a new category, but the reaction was very positive and the wine quickly sold out. This year's release comprises 18,000 bottles from 67 casks, and is available in at least 17 countries around the world. In the UK, around one-third is now sold via the on-trade.
During this year's selection, a mild and wet autumn was followed by a cold and dry winter, which created ideal conditions for strong flor growth in the cellars. Consequently, the 2019 is cloudier than last year's, and the aromatic style is definitely more flor than fruit. Head winemaker Antonio Flores refers to this as the 'second element of terroir' (the first being the vineyard). Because this en rama is bottled unfined and unfiltered, and therefore with yeast in suspension, he describes the bottle as the third element of terroir, with the 'natural nutrients giving ageability'.
There is no question that the oldest of these Tio Pepe En Rama wines are not just still drinkable, but have developed bottle-matured characteristics in much the same way as any other fine wine. Intriguingly, they also seem to exhibit the same predisposition to adolescent awkwardness, with the 2013 and 2014 editions seeming more shut down than both their younger and older siblings.
To find out more about En Rama, click the tag at the top of this article, and see this guide to a whole week of sherry coverage, including several videos, back in 2011.
These eight wines are presented in the order they were tasted.