DGL – Interim Results to 31 December 2023 Presentation

FY24
Half-Year
Results
23 February 2024

Key messages
•New Zealand remains thefastest growing
country of originin premium USwine
•Continued growthin consumers sales
andmarket sharein the USA market
•Solid salesperformance despite distributors
and retailers resetting inventory
holdings,resulting in lower replenishment
orders for the year to date
•Investingahead of growth – increased
vineyard plantings and winery capacity to
support future earningsgrowth
2

Business update

OUR STRATEGIC GOAL IS TO
BUILD A LEADING
GLOBAL SUPER PREMIUM
WINE COMPANY.
4
OUR STRATEGIC GOAL IS TO
ESTABLISH DELEGAT AS A
LEADING GLOBAL SUPER
PREMIUM WINE COMPANY.

•Solid sales performancedespite lower
replenishment orders sby distributors and
retailers
•Strong growth in US market, achieving 6.4%
growth in consumer sales over the 6 months,
and notable strengthin the establishment of
Oyster Bay Pinot Gris globally.
•Inflationary operating environment hasrequired
price increasesin the UK, Canadaand New
Zealand
•Globally, over 700 million consumer
impressions resulting in improved consumer
awareness and affinity levels and
increased
marketing investment for our brands both
online and in-store.
HY24 Operating summary
5
Source: 1: IRI/Circana 24 Week Ending 12.31.23 – Total US MULO L

Case Sale s (000' s)
December
2023
December
2022
% Change
vs 2023
UK, Ireland and Europe579 559 4%
North America (USA and Canada)959 1,028 -7%
Australia, NZ and Asia Pacific386 383 1%
Total Cases1,924 1,970 -2%
Foreign Currency Rates
GB£0.5046 0.5200 3%
AU$0.9185 0.9300 1%
US$0.6137 0.6301 3%
CA$0.8203 0.8311 1%
Solid sales result despite retailers resetting
inventory levels
6
% change
v PCP

Delegatperforming well in the current
operating environment
Case Sales (000's)H1 24H1 23
% Change
vs HY23
New Zealand Wine Exports 16,50621,792-24%
Delegat Total Cases1,9241,970-2%
NZ$ MillionsH1 24H1 23
% Change
vs HY23
New Zealand Wine Exports Value1,149.61,454.7-21%
Delegat Sales Revenue196.8197.10%
Data Source for NZ Exports (incl Bulk):
NZ Wine Export Statistics reports Dec 2022 & Dec 2023
7

Building momentum in the USA
8
•New Zealand is the fastest growing country of origin
inpremium USwine.
(1)
•Sauvignon Blanc is the fastest growing wine varietal
in Americaand consumers are switching from other
varietals
(2)
•Oyster Bay is the second fastest growing premium
wine brandby value in USA over the last 24 weeks,
growing at 6.4%
•Oyster Bay gained over 3,400 new points of
distribution in leading national retailers in 2023
(3)
•Oyster Bay is succeeding beyond Sauvignon Blanc.
For example, Pinot Grigio growth is accelerating
(4)
Source: 1: IRI/Circana 52 Week Ending 12.31.23 – Total US MULO L
Source 2: Source: Nielsen TUS xAOC +L+C l52w w.e . 1.27.24
Source 3: SGWS National Distributor Reporting, 2023
Source 4: Source: IRI Scan Data 12-52W Ending 11.5.23 MULO

Premium brand enables
pricing strategy
9
•The Group is committed to
growing profitability in key markets
supported by price increases
NZ$millions
Dec
2023
Actual
Dec
2022
Actual
%
Chg
Sales Revenue196.8197.10%
Sales movement breakdown
Volume-2%
Value2%
Foreign Exchange2%
Price1%
Country/product mix-1%

Company on track against FY24 priorities
Continued sales growthin the
US market and improved value capture
in the more established markets
FY24 Priorities
Mid-year status
Increased investment in consumer and
shopper marketingto driverate of sale and
category leadership
Show ongoing success driving growth
of Pinot Gris/Grigio, plussecuring feature
& display for Chardonnay and Pinot Noir
Improvement in underlying profit margins
and cashflowthroughcareful cost
management & capital expenditure
6.4% growth in retail sales in US market
and strategic price increases in UK,
Canadaand New Zealand
45% increase in consumer impressions for
1H24 and continued investment in
vineyards and wineries planned for 2H24
Pinot Grigio establishment has achieved
58% growth in retail sales in 1H24 in US
market
Operating EBITDA and cashflows up on
1H23
10

Financial Results

•Global Case Sales of 1,924,000
Down 46,000 cases on HY23 (-2%)
•Operating EBITDA of $74.8 million
Up $0.6 million on HY23 (1%)
•Operating NPAT of $37.8 million
Down $2.4 million on HY23 (-6%)
•Reported NPAT of $33.4 million
Down $7.3 million on HY23 (-18%)
•Cash from operations of $35.8 million
Up $0.5 million on HY23 (1%)
HY24 Financial summary
12

Growth in Operating EBITDA
13
NZ$ millions
De c 2023De c 2022
% Change
vs 2022
Sales Revenue196.8 197.1 0%
Operating Revenue198.6 198.8 0%
Operating Gross Profit96.1 95.6 1%
Operating Gross Margin48%48%
Expenses ( 26.9) ( 26.9) 0%
Promotion and Marketing( 7.2) ( 6.5) -11%
Operating EBIT62.0 62.2 0%
Operating EBIT % of Revenue31%31%
Interest and Tax( 24.2) ( 22.0) -10%
Operating NPAT37.8 40.2 -6%
Operating NPAT % of Revenue19%20%
Operating EBITDA74.8 74.2 1%
Operating EBITDA % of Revenue38%37%

Operating Profit Movement - Last Year
NZ$millions
14

COGS Summary
•COGS are higher
across production,
shipping and packaging
costs.
•Cost of Grapeimpacted
by vintage yield
outcomes
Cost of Sales ($/Case)
15
0
10
20
30
40
50
60
FY22FY23FY24H1
Cost of ProductionPackagingShipping & Freight

Impact of ‘Fair Value’ Adjustments
16
NZ$ millions
De c 2023De c 2022% Change
vs 2022
Operating NPAT37.8 40.2 -6%
Operating NPAT % of Revenue19%20%
Biological Produce (Grapes)
1
( 10.5) ( 9.6) 9%
Derivative financial Instruments
4.5 10.4 -57%
Total Fair Value Items
(6.0) 0.8
n/m
2
Taxation of NZ IFRS fair value items1.6
( 0.3)
n/m
2
Fair Value Items after Tax (4.4)
0.5
n/m
2
Reported NPAT33.4 40.7 -18%
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.

Reported Profit Movement - Last Year
NZ$millions
17

Balance Sheet Summary
18
NZ$ millions
De c 2023De c 2022% Change
vs 2022
Assets
Current Assets304.5 271.2 12%
Fixed Assets800.6 735.9 9%
Other Non-current Assets0.5 2.9 -83%
Total Assets1,105.6 1,010.0 9%
Liabilities
Current Liabilities
59.0 46.8 26%
Lease Liability91.0 88.7 3%
Deferred Tax Liabilities41.8 42.2 -1%
Senior Debt Facilities357.6 313.9 14%
Total Liabilities549.4
491.6 12%
Equity
Shareholders' Equity
556.2 518.4 7%
Total Equity556.2 518.4 7%
Total Liabilities and Equity1,105.6 1,010.0 9%
Net Debt352.3 305.8 15%

Increased debt levelsdriven by capital
expenditure program
19
Net debt movement, June 2023 to December 2023, NZ Millions

Net Debt Overview
20

Investing in vineyard development
and winery expansion to support
future earnings growth
21
•During the year, the Group has
invested $44.4m in New Zealand
vineyard developments and
winery expansion.
•Continued investment in
vineyards and wineries is planned
for 2H24.

Capital Expenditure program
2021: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley, and land acquisition in
New Zealand.
2022: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley.
2023: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley, and the $39.9 million
purchase of freehold Dashwood vineyard,
Marlborough.
2024: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley.
22
33
29
62
102
44
86
0
20
40
60
80
100
120
FY20FY21FY22FY23FY24
NZ$ Millions
2H24 capital
expenditure

The Group maintains its FY24
Operating Profit guidance in the
range of $57 million to $61 million.
Full Year Guidance
23

Thank you