Slides
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Half-Year Results (H1 FY26) for the six months ended 31 December 2025 27 February 2026
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Summary Financial Review Outlook Agenda 2
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Summary
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OUR STRATEGIC GOAL IS TO BUILD A LEADING GLOBAL SUPER PREMIUM WINE COMPANY. 4
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Achieving Delegat vision is based on excellence across 4 key success factors 5 brands W O R L D F A M O U S distribution G L O B A L quality S U P E R P R E M I U M supply E X C L U S I V E
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• Increase in Operating NPAT for H1 FY26 due to: • 3% increase in global case sales • Favourable foreign exchange movements • Lower cost of goods associated with 2025 vintage • A solid sales performance across the majority of markets. • Leveraging of deep market knowledge and strong distributor relationships. • Reinforce Oyster Bay brand affinity and value proposition as a trusted quality super premium wine brand. • Strong cash from operations and lower net debt position. H1 FY26 Operating Highlights 6 Key: H1 FY26: Six months ended 31 December 2025 H1 FY25: Six months ended 31 December 2024 FY25: Twelve months ended 30 June 2025
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Financial review
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• Global Case Sales of 1,688,000 Up 54,000 cases on H1 FY25 (+3%) • Operating EBITDA of $65.6 million Up $4.0 million on H1 FY25 (+6%) • Operating NPAT of $29.7 million Up $1.4 million on H1 FY25 (+5%) • Reported NPAT of $22.8 million Up $10.3 million on H1 FY25 (+82%) • Cash from operations of $62.3 million Down $13.2 million on H1 FY25 (-18%) • Net Debt materially reduced to $307.0 million Down $21.6 million from 30 June 2025 (-7%) Down $38.6 million from 31 December 2024 (-11%) H1 FY26 Financial Performance 8 Key: H1 FY26: Six months ended 31 December 2025 H1 FY25: Six months ended 31 December 2024 FY25: Twelve months ended 30 June 2025
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Volume growth driven by market diversification 9 Case Sales (000's) H1 FY26 H1 FY25 % Change UK, Ireland and Europe 553 492 12% North America (USA and Canada) 721 785 -8% Australia, NZ and Asia Pacific 414 357 16% Total Cases 1,688 1,634 3% Foreign Currency Rates H1 FY26 H1 FY25 % Change GB£ 0.4613 0.4702 2% AU$ 0.8880 0.9100 2% US$ 0.5946 0.5975 0% CA$ 0.8142 0.8170 0%
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Sales Revenue Growth: Volume, Price and FX 10 NZ$ millions H1 FY26 H1 FY25 % Change Sales Revenue 178.7 176.9 1% Sales movements breakdown: Volume 3% Value -2% Foreign Exchange 2% Price -2% US tariff -2% Country/Product Mix 0%
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H1 FY26 Financial Performance 11 NZ$ millions H1 FY26 H1 FY25 % Change Sales Revenue 178.7 176.9 1% Operating Revenue 179.6 178.6 1% Operating Gross Profit 88.8 86.3 3% Operating Gross Margin 49% 48% Expenses (29.3) (29.1) -1% Promotion and Marketing (8.8) (8.8) 0% Operating EBIT 50.7 48.4 5% Operating EBIT % of Revenue 28% 27% Interest and Tax (21.0) (20.1) -4% Operating NPAT 29.7 28.3 5% Operating NPAT % of Revenue 17% 16% Operating EBITDA 65.6 61.6 6% Operating EBITDA % of Revenue 37% 34%
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Operating Profit Movement – Compared to last half-year NZ $millions 12
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Lower mark-to-market movements on derivatives have increased reported profit 13 NZ$ millions H1 FY26 H1 FY25 % Change Operating NPAT 29.7 28.3 5% Operating NPAT % of Revenue 17% 16% Biological Produce (Grapes) 1 (3.4) (4.1) n/m2 Derivative financial Instruments (6.2) (17.8) n/m2 Total Fair Value Items (9.6) (21.9) n/m2 Taxation of NZ IFRS fair value items 2.7 6.1 n/m2 Fair Value Items after Tax (6.9) (15.8) n/m2 Reported NPAT 22.8 12.5 82% 1. Biological Produce (Grapes) is the difference between market value paid for grapes versus the cost to grow grapes. The harvest provision is reversed and only recognised when the finished wine is sold. 2. n/m means not meaningful.
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Reported Profit Movement – Compared to last half-year NZ $millions 14
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Strong Balance Sheet supports long-term growth 15 NZ$ millions 31-Dec-25 30-Jun-25 % Change vs Jun-25 31-Dec-24 % Change vs Dec-24 Assets Current Assets 280.8 279.9 0% 269.9 4% Fixed Assets 855.5 854.6 0% 855.5 0% Other Non-current Assets - 0.2 -100% - 0% Total Assets 1,136.3 1,134.7 0% 1,125.4 1% Liabilities Current Liabilities 60.2 56.0 8% 64.6 -7% Lease Liability 92.8 94.1 -1% 96.0 -3% Deferred Tax Liabilities 66.0 59.3 11% 56.8 16% Senior Debt Facilities 323.4 337.2 -4% 353.8 -9% Other Non-current Liabilities 1.7 2.0 -15% 2.2 -23% Total Liabilities 544.1 548.6 -1% 573.4 -5% Equity Shareholders' Equity 592.2 586.1 1% 552.0 7% Total Equity 592.2 586.1 1% 552.0 7% Total Liabilities and Equity 1,136.3 1,134.7 0% 1,125.4 1% Net Debt 307.0 328.6 -7% 345.6 -11%
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Debt reduction driven by strong operating cash flows 16 Net debt movement, June 2025 to December 2025, NZ Millions 200.0 215.0 230.0 245.0 260.0 275.0 290.0 305.0 320.0 335.0 350.0 30-Jun-25 Cash from Operations Working Capital Capex Dividend Other financing activities Net FX Impact 31-Dec-25 $3.8m $11.3m $328.6m $307.0m ($7.7m) ($54.6m) $20.2m $5.4m
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Capital expenditure investment to support future growth Vineyard and winery developments in Hawke’s Bay, Marlborough and Barossa Valley. 2023: Includes $39.9 million purchase of the previously leased Dashwood vineyard in Marlborough. 2025: Includes $10.0 million purchase of the previously leased Fault Lake vineyard land in Marlborough, offset by proceeds from the sale and leaseback of Auckland warehouses. 17 Capital expenditure, NZD, FY22 to FY26 38 106 72 52 26 - 20 40 60 80 100 120 FY22 Actual FY23 Actual FY24 Actual FY25 Actual FY26 Forecast $ Millions Key: FY - Financial year ending
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Debt metrics and covenant headroom 18 Key: H1 FY26: Six months ended 31 December 2025 H1 FY25: Six months ended 31 December 2024 FY25: Twelve months ended 30 June 2025 NZ$ millions H1 FY26 FY25 % Change vs FY25 H1 FY25 % Change vs H1 FY25 Funding Operating Cash Flow 62.3 105.7 -41% 75.6 -18% Net Debt 307.0 328.6 -7% 345.6 -11% Key Ratios Operating Interest Cover 5.72 5.01 14% 5.37 7% Equity / (Equity + Net Debt) % 65.9% 64.1% 3% 61.5% 7% Senior Debt Ratio 2.75 3.03 -9% 3.12 12%
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Outlook
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FY26 Operating Profit Guidance Based on prevailing exchange rates and market conditions, the Group maintains its forecast to achieve an FY26 Operating NPAT that is in the range of $50 - $55 million*. 20 * Operating NPAT is a non-GAAP measure that excludes NZ IFRS fair value items and any other one-off non-operating items.
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Thank you