Slides
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FY26 Results 28 August 2026
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Business Update Financial Review Outlook Agenda 2
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Business update 3
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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 5
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The Marlborough winery
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• Global case sales of 3,320,000 Up 132,000 cases on last year (+4%) • Record operating EBITDA of $134.5 million Up $18.0 million on last year (+15%) • Operating NPAT of $61.5 million Up $10.4 million on last year (+20%) • Reported NPAT of $39.5 million Down $9.5 million on last year (-19%) • Record Cash flows from operations of $110.5 million Up $4.8 million on last year (+5%) • Net Debt reduced by $51.8 million to $276.8 million. FY26 Performance Highlights 7
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• Strong uplift in Operating NPAT, despite some industry headwinds. • Growth of our global distribution footprint. • Leveraging of deep market knowledge and strong distributor relationships to navigate tariff impacts. • Reinforce Oyster Bay’s brand affinity and value proposition as a trusted quality super premium wine brand. • Continued investment in long term brand building coupled with omni channel activations to drive rate of sale in retail channels. • The 2026 harvest, yielded exceptional quality fruit across all three wine regions. • Our sustainability strategy continues to deliver tangible results across ESG metrics FY26 Operating highlights 8
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Financial review
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Volume growth driven by market diversification Case Sales (000's) Jun 2026 Jun 2025 % Change vs 2025 UK, Ireland and Europe 1,027 1,008 2% North America (USA and Canada) 1,552 1,509 3% Australia, NZ and Asia Pacific 741 671 10% Total Cases 3,320 3,188 4% Foreign Currency Rates GB£ 0.4562 0.4659 2% AU$ 0.8819 0.9149 4% US$ 0.5884 0.5945 1% CA$ 0.8118 0.8190 1% 10
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Sales Revenue Growth: Volume, Price and FX NZ$ millions June 2026 Actual June 2025 Actual % Change vs 2025 Sales Revenue 360.6 346.2 4% Sales movements breakdown: Volume 4% Value 0% Foreign Exchange 2% Price -2% US tariff -1% Country/Product Mix 1% 11
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Strong result delivered against industry challenges NZ$ millions June 2026 June 2025 % Change vs 2025 Sales Revenue 360.6 346.2 4% Operating Revenue 364.1 349.6 4% Operating Gross Profit 177.2 158.3 12% Operating Gross Margin 49% 45% Expenses (59.0) (54.6) -8% Promotion and Marketing (14.1) (14.7) 4% Operating EBIT 104.1 89.0 17% Operating EBIT % of Revenue 29% 25% Interest and Tax (42.6) (37.9) -12% Operating NPAT 61.5 51.1 20% Operating NPAT % of Revenue 17% 15% Operating EBITDA 134.5 116.5 15% Operating EBITDA % of Revenue 37% 33% 12
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Operating EBITDA Movement – Last Year NZ $millions 13
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Operating Profit Movement – Last Year NZ $millions 14
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Operating NPAT up 20%, with Reported NPAT reflecting fair value and impairment items NZ$ millions June 2026 June 2025 % Change vs 2025 Operating NPAT 61.5 51.1 20% Operating NPAT % of Revenue 17% 15% Biological Produce (Grapes) 1 (15.0) 3.7 n/m² Derivative financial Instruments (7.2) (6.6) n/m² Impairment of property, plant and equipment 3 (8.7) - n/m² Total Fair Value Items (30.9) (2.9) n/m² Taxation of NZ IFRS fair value items 8.9 0.8 n/m² Fair Value Items after Tax (22.0) (2.1) n/m² Reported NPAT 39.5 49.0 -19% 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. 3. Impairment of property, plant and equipment of the assets of Barossa Valley Estate. 15
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Reported Profit Movement – Last Year NZ $millions 16
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Solid asset base of $1.1b supports long-term growth NZ$ millions June 2026 June 2025 % Change vs 2025 Assets Current Assets 260.0 279.9 -7% Fixed Assets 845.6 854.6 -1% Other Non-current Assets - 0.2 -100% Total Assets 1,105.6 1,134.7 -3% Liabilities Current Liabilities 62.6 56.0 12% Lease Liability 90.7 94.1 -4% Deferred Tax Liabilities 54.0 59.3 -9% Senior Debt Facilities 286.9 337.2 -15% Other Non-current Liabilities 0.7 2.0 -65% Total Liabilities 494.9 548.6 -10% Equity Shareholders' Equity 610.7 586.1 4% Total Equity 610.7 586.1 4% Total Liabilities and Equity 1,105.6 1,134.7 -3% Net Debt 276.8 328.6 -16% 17
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Debt reduction driven by strong operating cashflows NZ $millions 18
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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. Capital expenditure, NZD, FY23 to FY27 Key: FY – Financial year ending $ Million 19
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Debt metrics and covenant headroom NZ$ millions June 2026 June 2025 % Change vs 2025 Funding Operating Cash Flow 110.5 105.7 5% Net Debt 276.8 328.6 -16% Key Ratios Operating Profit Measures Interest Cover 5.85 5.01 17% Return on Equity1 10.6% 9.4% 13% Return on Capital Employed2 10.7% 9.1% 17% Reported Profit Measures Interest Cover 4.11 4.85 -15% Equity / (Equity + Net Debt) % 68.8% 64.1% 7% Return on Equity 6.6% 8.6% -23% Return on Capital Employed 7.4% 8.6% -14% 1. Return on Equity (Operating) excludes all fair value items from both NPAT and Assets/Liabilities. 2. Return on Capital Employed (Operating) excludes all fair value items from both EBIT and Assets/Liabilities. 20
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Outlook
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Current asset base supports future case sales growth 9 Litre Cases Thousands, FY24 to FY29 3.6 3.2 3.3 3.4 3.5 3.6 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 2024 Actuals 2025 Actuals 2026 Actuals 2027 Forecast 2028 Projection 2029 Projection 22
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FY27 Operating Profit Guidance Based on prevailing exchange rates and market conditions, the Group forecasts to achieve an FY27 Operating NPAT that is in the range of $62 - $66 million*. This guidance excludes any US tariff refunds receivable which have been disclosed as a contingent asset in the Group’s Annual Report. * Operating NPAT is a non-GAAP measure that excludes NZ IFRS fair value items and any other one-off non-operating items. 23
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Thank you