Slides
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Investor Presentation Q3 2026
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Forward-looking Information Certain statements in this presentation may contain “forward-looking statements” within the meaning of applicable securities laws including the “safe harbour provisions” of the Securities Act (Ontario) with respect to Andrew Peller Limited and its subsidiaries. Such statements include, but are not limited to, statements about the growth of the business; its launch of new premium wines and craft beverage alcohol products; sales trends in foreign markets; its supply of domestically grown grapes; and current economic conditions. These statements are subject to certain risks, assumptions, and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. The words “believe”, “plan”, “intend”, “estimate”, “expect”, or “anticipate”, and similar expressions, as well as future or conditional verbs such as “will”, “should”, “would”, “could”, and similar verbs often identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. With respect to forward-looking statements contained in this presentation, the Company has made assumptions and applied certain factors regarding, among other things: future grape, glass bottle, and wine and spirit prices; its ability to obtain grapes, imported wine, glass, and other raw materials; fluctuations in foreign currency exchange rates; its ability to market products successfully to its anticipated customers; the trade balance within the domestic Canadian and international wine markets; market trends; reliance on key personnel; protection of its intellectual property rights; the economic environment; the regulatory requirements regarding producing, marketing, advertising, and labelling of its products; the regulation of liquor distribution and retailing in Ontario; the application of federal and provincial environmental laws; and the impact of increasing competition. These forward-looking statements are also subject to the risks and uncertainties discussed in the “Risks and Uncertainties” section and elsewhere in the Company’s MD&A and other risks detailed from time to time in the publicly filed disclosure documents of the Company which are available at www.sedarplus.ca. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which could cause actual results to differ materially from the conclusions, forecasts, or projections anticipated in these forward-looking statements. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The Company’s forward-looking statements are made only as of the date of this presentation, and except as required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new information, future events or circumstances. 2
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65 years building our long-term competitive advantages 3
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Scale and Financial Strength High-Value Assets Broad Distribution Leading Brands ~50 Canada’s largest publicly traded wine producer (TSX:ADW) Brands across key categories from ultra- premium to value >11,000 Distribution points available nationally 10 Channels >$500M Real estate portfolio and inventory $419M TTM revenue 46 years of dividends 4 Employees >1,600 Employees across the country
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Win in Critical Evolving Markets Growth in Core Wine Business Strategic Focus Innovate in High Growth Segments 5 Domestic Wine Growth and Economic Development Productivity & Asset Optimization
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Focused innovation in emerging categories to capitalize on consumer trends Leader in Better-For-You XOXO, Peller Family Vineyards and Honest Lot Honest Lot #1 growing APL brand Recently launched Laylow brand #2 Wine Supplier for Low Alcohol and 0-gram products Focus on growing sparkling trend Trius Traditional Brut, Peller Secco, and Gretzky Brut Sparkling program growing +20% 14 brands and 34 skus across all value segments Bev-Alch Innovation and Extensions Gretzky Spirits and Creams, PJ’s Creams Gretzky Ice Storm vodka growing +20% #1 fresh cream producer in Canada 6 Consumer-focused innovation
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Award-winning brands across all wine categories and consumer price points International Domestic Blends Peller Estates, Copper Moon, and XOXO Owned Imports +29% nationally Vivo now distributed across all English Canada VQA Gretzky, Gray Monk, and Black Hills Gretzky leading Ontario VQA brand Gray Monk #1 White Wine BC VQA brand Black Hills Note Bene #1 BC Ultra Premium Wine Imports Neon Coast, Ama Bene and Vivo Peller Estates our flagship brand is #2 Nationally and #1 in LCBO 7 Core wines portfolio
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Access to over 11,000 distribution points nationally 8 Sports, Entertainment and Travel National Liquor Boards Restaurants and Hospitality Ontario Retail LocationsGrocery
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Production Facilities & Equipment Modern Facilities in Kelowna, Grimsby, St. Catharines, and Truro Vineyards Over 600 Owned Acres in Okanagan and Niagara Estates Nine Estates and a Boutique Inn across the Okanagan and Ontario Development Non-core operations parcel of land in Port Moody, BC 9 High value integrated asset base Over $500M in real estate and inventory assets
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Estate wineries & inn: Building equity & loyalty in Ontario #1 visited winery in North America with over 300,000 visitors annually Niagara’s finest boutique hotel World’s best Cabernet Franc at prestigious Decanter World Wine Awards in 2018 #2 visited winery in North America Canada’s largest sparkling wine cellar 10
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Estate wineries: Building equity & loyalty in British Columbia #1 BC Pinot Gris in Canada Lieutenant Governor’s Award 2015 Nota Bene - #1 ultra premium VQA red wine Birthplace of Okanagan Winemaking Canada’s 1st Carbon Neutral Winery 11
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Financial overview
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Revenue and EBITA Growth 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue Gross Profit EBITA 33,616 35,184 40,916 45,137 52,860 52,875 61,501 63,046 39,188 38,012 50,309 62,889 (in $thousands) 13
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F26 Q3 Results Q3’25 YoY Change Q3’26 Margin 41.8% 40.2% 160bps EBITA $19.7M $ 18.5M 6.1% Sales $108.8M $105.4M 3.3% 14
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F26 YTD Results FY25 YoY Change Margin 43.3 % 40.4% 290bps EBITA $57.1M $ 49.4M 15.6% Sales $313.5M $314.1M FY26 15 0.2%
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16 Above-category revenue growth Expanded gross margins Sustained EBITA growth Maintain debt between 2.0x-3.0x Key financial targets Focus on generating sustained long-term value through EBITA growth and leveraging asset base.
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Summary
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Why Andrew Peller Limited? We are proven operators with a long history of profitable growth. 18 Gross margin recovery Operating efficiencies Favorable regulatory developments Monetization of non-core assets Positions company for improved free cash flow 65 years building our market position and competitive advantages 46 years of dividends paid Current yield ~5% High-value asset base >$500M Poised to benefit from the economic development of Niagara and other wine regions Well-established market leader Improving profitability Unlocking Value Dividend payer Long-term growth potential Asset base
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Based on market close February 9, 2024 Market facts TSX symbol ADW.A/ ADW.B Shares outstanding 43.7M Market cap ~$231M Enterprise value ~$395M Recent share price $5.30 52 week high/low $5.58/$4.16 (Class A) Quarterly dividend $0.0615 Insider ownership ADW.A 21.1%/ ADW.B 74.6% 19Based on market close February 3, 2026 Analyst coverage Acumen Canaccord
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CONTACT Renee Cauchi Chief Financial Officer (289) 439-6787 Renee.cauchi@andrewpeller.com Paul Dubkowski 20 Chief Executive Officer (416) 666-5372 Paul.dubkowski@andrewpeller.com ir.andrewpeller.com