DGL - Climate-Related Disclosure Report FY24

CLIM AT E-R EL AT ED
DISCLOSURE 2024

DELEGAT IS BUILDING A
LEADING GLOBAL SUPER
PREMIUM WINE COMPANY.
AS A LEADER IN THE NEW ZEALAND WINE INDUSTRY, AND AS A
FOUNDING MEMBER OF SUSTAINABLE WINEGROWING (SWNZ) SINCE
2002, THE GROUP TAKES ITS RESPONSIBILITIES TO RESPECT AND
PROTECT THE ENVIRONMENT VERY SERIOUSLY.

1 STATEMENT OF COMPLIANCE
2 BUILDING A LEADING GLOBAL SUPER PREMIUM
WINE COMPANY.
3 GOVERNANCE
3.1 Board oversight of climate risks and opportunities
3.2 Board skills and competence
3.3 Management’s role in assessing and managing
climate-related risks and opportunities
3.4 Monitoring targets
4 STRATEGY
4.1 Current business model and strategy
4.2 Approach to scenario analysis
4.3 Climate scenarios
4.4 Climate-related risks and opportunities
4.5 Transition plans
5 RISK MANAGEMENT
5.1 Climate risk identification
5.2 Process to assess climate-related risks and
opportunities
5.3 Monitoring and review
6 METRICS AND TARGETS
6.1 Sustainability metrics and targets
6.2 GHG emissions
6.3 Exclusions
6.4 Exposure to climate-related risks and opportunities
6.5 Capital deployment FY24
6.6 Industry based metrics
6.7 Targets and emissions reductions
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4
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CONTENTS
1

A MESSAGE FROM THE CHAIR AND THE MANAGING DIRECTOR
We are pleased to present the first Climate-related Disclosure report for Delegat Group Limited and subsidiaries
(“Group” or “Delegat”).
Climate change poses significant impacts to economic, environmental, and social systems worldwide, and the
extreme weather events of 2022 and 2023 underscore the importance of climate action. As a business we have
sought to understand how climate change influences our operations.
The climate-related risks and opportunities affecting Delegat result from two factors: physical impacts such as
extreme weather events and gradual climate change over time, and transition impacts associated with the global
shift towards a low carbon future.
Climate-related risks and opportunities are a pivotal element of the Group’s sustainability policy. Sustainability
is a priority for the Group, reflecting the strong leadership role the Group plays in the practice of sustainable
winegrowing and wine production. As a leader in the New Zealand wine industry and as a founding member of
Sustainable Winegrowing New Zealand (SWNZ) since 2002, the Group takes its responsibilities to respect and
protect the environment very seriously. The Group’s New Zealand vineyards and wineries are 100% accredited
by the audited SWNZ Sustainability Programme. The commitment to sustainability extends to operations in the
Barossa Valley, with our winery and vineyards accredited to Sustainable Winegrowing Australia (SWA), and all
Barossa Valley Estate Wines will be accredited from the 2024 vintage.
The Group utilises a sustainability framework that focuses on three key areas:
1. Building an enduring wine business (addressing climate risk and greenhouse gas emissions, shareholder
value, risk and governance, and water stewardship);
2. Our people and community thrive (encompassing health, safety and wellbeing, diversity and inclusion, and
engagement, employment, and collaboration); and
3. Crafting wine with care (covering biodiversity, packaging, and waste, and sustainable growing and
production).
This framework guides various initiatives aimed at promoting positive environmental, social and governance
outcomes throughout the business. A crucial element of the framework is to consider Greenhouse Gas (GHG) and
to target lower emissions over time. The Group has worked with Toitū Envirocare to measure carbon emissions
from 2021 to 2024 and is in the process of establishing goals and initiatives designed to lower our carbon intensity.
During 2024 we have evaluated three possible future climate scenarios to consider their potential impacts to our
business. Understanding the risks and opportunities these scenarios present will help us to better prepare for,
respond to, and adapt to climate change.
This Climate-related disclosure under the Aotearoa New Zealand Climate Standard describes our progress in
relation to governance, strategy, risk management and key metrics associated with our climate change response.
Jim Delegat Steven Carden
Chair Managing Director
30 October 2024 30 October 2024
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
2

1. STATEMENT OF COMPLIANCE
Reporting entity
This Delegat Climate-related Disclosure report covers the period of 1 July 2023 to 30 June 2024 for the Group. It
complements the 2024 Delegat Annual report which contains information on the Group’s financial and business
performance and can be found at: www.delegat.com/investor-information
Basis of preparation
The disclosures in the report comply with the Aotearoa New Zealand Climate Standards (CS) 1, 2 and 3 and covers
four thematic areas: Governance, Strategy, Risk Management and Metrics and Targets. The Group has used the
following adoption provisions available under New Zealand CS 2:
• NZCS2 (10) and (11) current financial impacts of physical and transition impacts and explanation of why
quantitative information is not able to be provided;
• NZCS2 (12), (13) and (14) anticipated financial impacts, time horizons over which these occur and explanation
of why quantitative information is not able to be provided;
• NZCS2 (15) transition plan and how it aligns with internal capital deployment and funding decisions (noting
that progress towards Delegat’s transition planning is disclosed);
• NZCS2 (17) disclosing scope 3 emissions;
• NZCS2 (22) analysis of trends from comparison of metrics.
Reasonable care and forward-looking statements
This report contains forward-looking climate-related statements which are subject to risks and uncertainties,
many of which are outside of the control of Delegat. They should not be considered a prediction or forecast of
performance outcomes.
This report has been prepared with due consideration of the need for a fair presentation using assumptions
about the company’s current business and future plans, as well as assumptions around the physical environment
currently and in the future.
The identified climate related risks and opportunities may not eventuate and if they do, the actual impacts may
differ materially from these estimates.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
3

2. BUILDING A LEADING GLOBAL SUPER PREMIUM WINE COMPANY
At Delegat we are building a leading global Super Premium wine company. We consider that addressing the need
for activities that are consistent with a transition to a low-emissions, climate resilient future is consistent with
this goal. We are conscious of the need to allocate capital to mitigate climate-related risks and take advantage of
climate-related opportunities.
Our strategic goal is to build a leading global
Super Premium wine company.
Our strategic plan is underpinned by four pillars:
Vineyards in Three of the World’s Great Wine Regions
Scientifically and sustainably-led viticulture management of our own world-class vineyards in Marlborough,
Hawke’s Bay and the Barossa Valley, underpins the supply and consistency of quality of our renowned Super
Premium wines.
Uncompromising Super Premium Quality
Consistent Super Premium wine quality is achieved through our state-of-the-art wineries, regarded as some
of the most technologically-advanced and efficient winemaking operations in a climate-conscious world. Our
distinctly regional wine styles are some of the most sought after in the world today.
Our Global Distribution Network
With our own dedicated sales teams in the United Kingdom, Ireland, the United States, Canada, Australia, China
and New Zealand, we directly partner with some of the world’s most recognised wine retailers and venues to lead
Super Premium category growth.
Leading Global Super Premium Wine Brands
Our Super Premium brands are regarded as category benchmarks, sought out by aspirational wine lovers looking
to experience the leading wines from the world’s most recognised wine regions. We are enormously proud that at
any given moment a bottle of our wine is being enjoyed somewhere around the world.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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DELEGAT VALUE CHAIN
Road/Rail
Freight
Winemaking
Wine
Storage
Bottling &
Packaging
Domestic
Sales
Offshore
Sales
Road/Rail
Freight
Road/Rail
Freight
Road/Rail
Freight
Arrival
Seaport
Shipping
Departure
Seaport
There are no exclusions from the value chain
GROWING
KE Y:
BOTTLING &
PACKAGING
WINE
PRODUCTION
SHIPPING &
DISTRIBUTION
SALES
Natural
Ecosystem
Inputs
Vineyards
Agricultural
Inputs
Harvesting
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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OUR SUSTAINABILITY FRAMEWORK
Delegat has a longstanding commitment to sustainability and a history of driving environmental sustainability
initiatives across its business. The Group has a Sustainability Strategy that helps drive positive environmental
and social outcomes and reduces risk in various parts of the business.
The Delegat Sustainability Framework was developed by the Sustainability and Climate Change Steering
Committee (SCCC) who engaged with external sustainability consultancy advisors. The board approved this
framework in April 2022. It focuses on three key areas:
1. Building an enduring wine business (addressing climate risk and greenhouse gas emissions, shareholder
value, risk & governance, and water stewardship);
2. Our people and community thrive (encompassing health, safety & wellbeing, diversity, inclusion & equity,
and engagement, employment, & collaboration); and
3. Crafting wine with care (covering biodiversity, waste & packaging, and sustainable growing & production).
Our values of Winning Together, Aim High, and Mastery are explicitly linked to the Sustainability Framework,
anchoring the strategy to a strong, values-based approach that resonates with the Delegat team internally and
establishes a robust, ethical foundation for our external stakeholders. This framework encompasses various
initiatives aimed at promoting positive environmental, social, and governance outcomes.
One of the key aspects of the framework is to consider Greenhouse Gases (GHG) and to lower our emissions
over time. The Group has worked with Toitū Envirocare to measure carbon emissions from 2021 to 2024 and is
establishing goals and initiatives to lower its carbon intensity.
The Group has already enjoyed success in reducing it’s carbon footprint through bottle weight reductions and the
replacement of its entire Harvester fleet to more fuel efficient machinery. Delegat has been very successful in
the development of water storage reservoirs and irrigation systems on it’s vineyards to increase water efficiency
and lower usage. Delegat is also working with glass manufacturers to use more sustainable energy sources in
their glass furnaces, with the aim to reduce emissions. More detail on the Group’s carbon reduction plan can be
found in Section 4.4 Transition Plans.
BIODIVERSITY
WASTE &
PACKAGING
SUSTAINABLE
GROWING &
PRODUCING
CLIMATE
RISK & GHG
EMISSIONS
SHAREHOLDER
VALUE, RISK &
GOVERNANCE
WATER
STEWARDSHIP
ENGAGEMENT,
EMPLOYMENT &
COLLABORATION
DIVERSITY,
INCLUSION &
EQUITY
WE BUILD
AN ENDURING
WINE BUSINESS
OUR
PEOPLE AND
COMMUNITY
THRIVE
HEALTH, SAFETY
& WELLBEING
WE CRAFT
WINE WITH
CARE
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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SUSTAINABILITY HIGHLIGHTS 2024
DELEGAT BIGGEST IMPROVER IN
FORSYTH BARR CARBON & ESG
RATINGS ON NEW ZEALAND COMPANIES
BIGGEST
IMPROVER
BAROSSA VALLEY ESTATE
ACHIEVES SUSTAINABLE WINEGROWING
AUSTRALIA CERTIFICATION
SWA
CERTIFIED
TOITŪ CARBONREDUCE
CERTIFICATION
ACHIEVED FOR FY22
AND FY23
CARBONREDUCE
CERTIFICATION
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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3. GOVERNANCE
This section includes a summary of Delegat’s governance and management structures that are in place to
manage climate-related risks and opportunities.
GOVERNANCE STRUCTURE
3.1 BOARD OVERSIGHT OF CLIMATE RISKS AND OPPORTUNITIES
The Board of Delegat Group Limited holds the responsibility for the Group’s strategic direction and guides the
Group towards management targeted on safeguarding and enhancing the interests of Shareholders and other
stakeholders. This responsibility encompasses the oversight of risk management, including risks associated
with climate change. The Board’s mandate includes identifying, assessing, monitoring, and managing climate-
related matters. The Board meets formally a minimum of six times during the financial year and schedules
additional meetings as required to address specific matters that may arise. At least annually, and more frequently
if required, the Board is informed specifically about climate-related risks and opportunities.
The Audit and Risk Board Sub-Committee (ARC) oversees the framework of internal control mechanisms that
secure the proper management of the Group’s affairs. These controls include designs towards safeguarding of
assets, maintaining proper accounting records, complying with legislation, ensuring the reliability of financial
information, and assessing and reviewing business operational risks. The committee advises and supports the
Board in discharging its responsibility with respect to financial reporting, tax planning, compliance, and risk
management practices of the Group. As part of these responsibilities the ARC has oversight of climate-related
risks and opportunities. It assists the Board towards identifying, assessing, monitoring, and managing these
risks and opportunities. During the past 18 months, the ARC has reviewed the Group’s climate-related metrics
and targets, and annual climate-related disclosures, before recommending them to the Board for approval.
Board of Directors
Establishes framework for
identifying and managing risks
and opportunities, including
those related to climate change.
Sustainability & Climate Change
Steering Committee (SCCC)
Identifies climate-related risks
and opportunities and drives
Delegat’s sustainability and climate
change strategy.
Meets monthly to oversee climate
change related initiatives.
Business Level Senior Management
Day-to-day management, with strategic oversight and actions on climate
related risks and opportunities.
Responsible for collecting and reporting on business level metrics.
BOARD
SENIOR
LEADERSHIP
BUSINESS
LEVEL
Audit and Risk Committee (ARC)
Delegated authority for overseeing
Delegat’s risk and assurance
practices, including ensuring climate
change risks and opportunities are
identified and managed.
Oversight and approval of

Climate-related disclosures.
Senior Leadership Team
Day-to-day management to
ensure the delivery of strategic
objectives and targets.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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3.2 BOARD SKILLS AND COMPETENCE
The Board endeavours to ensure it has the appropriate skills and capabilities to provide oversight of climate-
related risks and opportunities. All Directors are required to be members of the Institute of Directors and to
engage in continuous education to remain current on how to best perform their responsibilities, including staying
informed of changes and trends in climate-related issues and governance.
The Board also leverages the climate-related expertise held by the Delegat Senior Leadership Team and employs
independent external consultants when required. Should there be significant changes in climate-related risks
or regulations, the Board holds sessions to brief members on new requirements, proposed responses, and the
impact on Delegat.
In June 2024, the Sustainability and Climate Change Steering Committee (SCCC) facilitated a Board ESG
education workshop, which was attended by all members. The workshop focused on sustainability and climate
change to ensure the Board thoroughly understand how the matters affect Delegat. The session provided
information on the Group’s current GHG emissions inventory, ongoing emissions reduction programme and
industry wide initiatives aimed at mitigating the potential impacts of climate change on grape growing.
3.3 MANAGEMENT’S ROLE IN ASSESSING AND MANAGING CLIMATE-RELATED RISKS AND
OPPORTUNITIES
The board assigns the day-to-day leadership and management of climate-related risks and opportunities to the
Senior Leadership Team. The Senior Leadership Team have oversight of Delegat’s Sustainability Framework,
including climate-related initiatives and targets, and climate related reporting.
Remuneration for the Senior Leadership team is linked to an individual’s contribution to the business, including
the achievement of targets established under the Group’s Sustainability Framework, which comprises climate-
related initiatives.
Delegat has established a Sustainability and Climate Change Steering Committee comprising four members of
the Senior Leadership Team, including the Managing Director, Chief Financial Officer, Group Technical Manager,
and Group Operations Manager.
The SCCC meets monthly and is tasked with identifying, assessing, and managing climate-related risks,
opportunities and initiatives. The SCCC progress the integration of climate change risks and opportunities into
business strategy, risk management, financial planning, and capital allocation decisions.
All climate-related targets and metrics are developed by the committee and are informed by the Group’s
identified climate related risks and opportunities. Targets and metrics are reviewed annually by the ARC, who
then recommend to the Board for approval.
The Senior Leadership Team maintains an enterprise-wide Risk Register, reviewed annually by the ARC, with the
outcomes reported to the Board. In the April 2024 review, the Group’s climate-related risks and opportunities
were reviewed. It was agreed that these would be incorporated in the Risk Register moving forward, and the
consideration of these risks and opportunities would be a standing agenda item at all future Risk Register
reviews. During this process, the SCCC seeks to identify and understand any significant changes to the climate
change landscape that could introduce new risks or opportunities that may impact on Group’s strategy.
The SCCC also advises on, monitors and gives feedback in climate-related disclosure records, and prepares
Delegat’s annual climate change disclosures, which are approved by the ARC.
3.4 MONITORING TARGETS
The ARC meets at least four times a year, with additional meetings as required. Annually, the ARC meets to
discuss climate related issues. These meetings include reviewing progress against goals and targets set under
the Group’s Sustainability Framework. During these reviews, updates on sustainability and climate-related
initiatives are presented by the SCCC. ARC proceedings are subsequently reported to the Board by the ARC
Chair at the next Board meeting.
Annually, management presents an ESG report to the Board, detailing progress against the Group’s Sustainability
Framework targets and proposing targets and metrics for the next financial year for Board approval.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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4. STRATEGY
4.1 CURRENT BUSINESS MODEL AND STRATEGY
The Delegat strategy is to create long-term value as a leading global Super Premium wine company. Sustainability
is a cornerstone for the Group, reflecting its strong leadership role in sustainable winegrowing and production
practices. The Delegat Sustainability Framework provides a strategy focusing on long-term sustainability,
resilience and sound governance.
4.2 APPROACH TO SCENARIO ANALYSIS
The Group has employed scenario analysis to identify possible climate related risks and opportunities that may
affect our business over the next 50 years. Delegat’s three climate change scenarios are in line with the Agri-
Adaptation Roadmap. In 2023, the New Zealand agricultural sector collaborated to produce an Agri-Adaptation
Roadmap to guide the sector’s adaptation to climate change. The roadmap uses three climate-related scenarios
to describe plausible futures for agriculture in New Zealand when impacted by different physical and transitional
factors. The Agri-Adaption Roadmap is the most widely accepted set of scenarios for the agricultural sector and
is supported by robust and tested assumptions, and references the Intergovernmental Panel on Climate Change
(IPCC) 2018 report on Global Warming of 1.5
°C.
Representative Concentration Pathways (RCPs) detail future emissions of greenhouse gases and related climate
impacts and have been formally adopted by the IPCC. Shared Socioeconomic Pathways (SSPs) were developed
to study how societal, demographic and economic changes globally might change over the next century and
influence various emissions scenarios. SSPs were defined in the IPCC Sixth Assessment Report on climate
change in 2021.
The RCP 2.6 and RCP 8.5 scenarios align with those used in Plant and Food Research’s June 2022 technical
paper, modelling the effect of climate change on land suitability for growing perennial crops. This paper included
sections dedicated to the impact of climate change on Sauvignon Blanc grapes in New Zealand. In 2024,
members of the SCCC met with Plant and Food scientists involved in preparing the technical paper to facilitate
a comparison between Plant and Food’s risk assessment methodology and the methodology used by Delegat.
Additionally, the RCP 4.5 and RCP 8.5 scenarios align with the Barossa Water Security Strategy prepared in 2022,
addressing the impact of climate change on the Barossa Valley region and sourcing information from Climate
Change in Australia, Climate Ready-SA and NARCliM. We also reviewed the RDA Barossa Region Climate Change
Adaptation Plan from 2014.
The SCCC has conducted Climate Scenario analysis, evaluating climate-related risks and opportunities against
the three identified climate scenarios. The climate scenarios and analysis were reviewed by the ARC, and
subsequently approved by the Board.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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4.3 CLIMATE SCENARIOS
Orderly
(Net Zero 2050)
Disorderly

(Delayed Transition)
Hothouse

(Current Policies)
Shared Socio-economic
Pathways (SSP)
Representative
Concentration Pathway
(RCP)
SSP1
RCP2.6
SSP2
RCP4.5
SSP5
RCP8.5
Warming Level1.5°C warming by 2100
1
2.0°C warming by 2100
1
3°C warming by 2100
1
Description
This scenario follows an
immediate but orderly
transition to Net Zero. It
assumes decisive and
coordinated action intended
to keep the global mean
temperature to warming within
1.5°C.
A global net zero emissions
economy is achieved by 2050.
This scenario follows a
disorderly transition where
delayed and uncoordinated
global efforts and emissions
reductions until 2030. From
2030 aggressive responses
are required to keep the global
mean temperature to within
2°C.
This scenario follows a
business as usual approach
where no further policies are
introduced to address climate
change. The global mean
temperature will rise to more
than 3°C.
Climate Change Effects
on Sauvignon Blanc in
New Zealand.

(Plant and Food report)
“About half of the North Island
is expected to decrease
in suitability for Growing
Sauvignon Blanc grapes, but
the remainder of the North
Island and the bulk of the
South Island is expected to
have small to moderate gains
in suitability.
Some current Sauvignon Blanc
vineyards in Gisborne and
Hawkes Bay may be negatively
impacted, but Marlborough
is expected to increase
slightly in suitability, as well as
Canterbury and Central Otago
Most changes will occur by
mid-centur y.”
2
Scenario not considered by
report.
“By mid-century the changes
are on par with the low GHG
concentration pathway, with
slightly greater increases in
suitability in Canterbury and
Central Otago.
By the end of the century, most
of the North Island is expected
to have substantial losses in
suitability, and these loses also
effect Marlborough.
Most of the South Island
is expected to have gains
in suitability by the end of
the century, some of them
substantial, and Canterbury
and parts of Otago overtake
Marlborough in suitability.”
2
Climate Change Effects
on Barossa Valley Region
(Barossa Water Security
Strategy, RDA Barossa
Region Climate Change
Adaptation Plan)
Scenario not considered by
reports.
Annual average rainfall in the
Barossa could decline by 7.4%
to 15% by 2050 with the largest
decline projected to occur
in spring. The number of hot
days (over 35°C) is projected
to increase, with a significant
number of projections showing
the possibility of 50% more hot
days by mid-century. By 2050,
increases in average maximum
temperatures are projected
across all seasons.
3
Changes in growing season
temperatures likely to see
more warmer than cooler
vintages and increases in
growing degree days are
likely to affect phenological
development. A greater risk of
bushfires creating increased
risk of smoke taint in wine.
Climate change could make the
Barossa Valley Region more
popular for wine-grape growing
as other regions in Australia
become less suitable for
certain varietals.
3
1 Rise in average global temperatures in the 2081-2100 period relative to the preindustrial baseline (1850-1900).
2 Sourced from Climate Change Impacts on Sauvignon Blanc, Plant and Food Research, 2021.
3 Projections from Barossa Water Security Strategy, 2022 and A Climate Change Adaption Plan for the RDA Barossa Region, 2014
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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Pathway Assumptions
These pathways illustrate a broad spectrum of climate outcomes and should not be seen as forecasts or policy
recommendations. They encompass a wide range of assumptions regarding population growth, economic
development, technological innovation and attitudes to social and environmental sustainability. Each pathway
can be met by a combination of different socioeconomic assumptions as per the IPCC’s SSP-RCP scenarios.
Limitations of scenarios
Climate scenarios give some insights to the impacts the business may face because of climate change. They are
created with assumptions and projections based on the best information available at the time. These assumptions
may not reflect actual outcomes and are not intended to present a definitive view of the future.
4.4 CLIMATE RELATED RISKS AND OPPORTUNITIES
Climate-related risks and opportunities are defined below.
Physical Risks:
Physical climate change risks encompass both acute and chronic impacts resulting from shifts in climatic
conditions. Acute risks involve sudden and severe events such as cyclones and heatwaves, while chronic risks
include gradual changes such as sea level rise and altered precipitation patterns.
Transitional Risks:
Transitional climate change risks refer to the challenges and uncertainties associated with transitioning from a
high-carbon to a low-carbon economy. These risks include economic disruptions in sectors dependent on fossil
fuels, as well as opportunities and challenges in emerging clean energy industries. Additionally, transitional risks
encompass social and political implications, such as job displacement and retraining needs, shifts in energy
geopolitics, and changes in investor behaviour and regulatory landscapes. Effective management of these risks
necessitates proactive policies, strategic investments, and societal adaptation to facilitate a smooth and fair
transition towards sustainability.
Opportunities:
Climate-related opportunities encompass the potential benefits and advantages arising from addressing climate
change and transitioning to a low-carbon economy. These opportunities span investments in renewable energy
infrastructure, green technologies, and sustainable practices that drive economic growth, job creation, and
innovation. Additionally, climate action presents opportunities to enhance resilience, improve public health,
foster social equity, and preserve natural ecosystems. Embracing climate-related opportunities can lead to a
more sustainable and prosperous future for society.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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4.4 CLIMATE RELATED RISKS AND OPPORTUNITIES
Climate-related risks, current and anticipated impacts, and controls
We set out Delegat’s material climate-related risks and opportunities below. The material risks and opportunities
identified will influence our capital deployment processes. We have not yet included consideration of the current
or anticipated financial impacts and have utilised the adoption provisions in NZCS2 (10), (11), (12), (13), and (14) as
financial modelling is yet to be completed.
RiskCurrent ImpactAnticipated ImpactControlsGeographyType/Time
Horizon
Customers and
consumers
become more
interested in
sustainability
NilSustainability considerations
are likely to become more
prevalent in the procurement
decisions of customers
and end consumers, with
increased demand for low
emission products.
Market share could be
lost to more sustainable
competitors.
• Execution of our decarbonisation
plan to demonstrate emissions
reductions
• Communicate progress to
customers and investors
• Continue to invest in lower
emissions products
• Continue to reduce glass bottle
weights
New Zealand,
Australia,
North
America, and
Europe.
Type: Transition
Time Horizon:
Shor t-term
Increased
frequency
and intensity
of extreme
climate events,
specifically
storms, extreme
wind, and
extreme rainfall
events
Cyclone Gabrielle
had a limited impact
on our Hawkes Bay
Vineyards, with no
crop losses suffered.
The financial impact
of damage to plant
and equipment was
largely offset by
insurance proceeds.
Volatility of our own growing
yields and supply from third
party grape growers.
Insurance products may
become unavailable.
• Investment in technology to
mitigate quality loss
• Spot market grape purchases to
offset yield risks
• Diversification of growing
regions across New Zealand
• Self-insure company owned
vines. Crop insurance is
expensive, and premiums are
restrictive at the current time.
The Group will continue to
assess the cost/benefit of crop
insurance
New Zealand
and Australia
Type: Physical
Time Horizon:
Shor t-term
Increased
regional
temperatures.
More hot days
each year
(>25°C), less
summer rainfall,
and increased
drought risk
NilVine heat stress and an
increase in soil moisture
deficits could lead to a
reduction in yields and
changes to wine styles.
• Continued investigation and
modification of growing systems
to enable more resilience to
heatwave and drought events
• Continued investigation into sun
protectant products
• Continued investment in
reservoirs and irrigation systems
at vineyards
• Continued investment in
measuring water requirements
and increasing the efficiency of
the Group’s water use
• Explore further diversification of
growing regions
New Zealand
and Australia
Type: Physical
Time Horizon:
Short / Mid-
term
Increasing
regional
temperatures
lead to water
scarcity and
increased water
regulation
NilThis risk and the risk
of increased regional
temperatures are related.
Increase demand for water
may result in additional
regulation as well as
reductions in allowable water
take. This could result in land
use change or reductions in
growing yields and third-party
grape supply.
• Continued investment in
reservoirs and irrigation systems
at vineyards
• Continued investment in
measuring water requirements
and increasing the efficiency of
our water use
• Engagement in regulatory
processes around water
allocation
New Zealand
and Australia
Type: Physical
& Transition
Time Horizon:
Mid/Long-term
Carbon
emission
regulation
increases
NilFuel, refrigerant, packaging
and fertiliser may all
become subject to taxes or
in increased regulation in
the future. This may lead to
increased compliance costs
and cost of capital.
• Execution of our emissions
reduction plans including
targets and actions on reducing
Company Scope 1 vineyard and
winery diesel usage, improving
energy efficiency, and innovating
the value chain to decarbonise
goods and services.
AllType: Transition
Time Horizon:
Mid/Long-term
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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Climate-related opportunities, current and anticipated impacts, and controls
RiskCurrent
Impact
Anticipated ImpactControlsGeographyType/Time
Horizon
New growing
areas will
become
available.


NilAs the climate warms new
areas in New Zealand and
Australia could become
suitable for growing grapes.
• Explore the diversification of
growing regions for Delegat
New Zealand
and Australia
Type: Physical
Time Horizon:
Long-term
Growers will
seek climate-
tolerant grape
varietals
NilAs the climate warms and
weather events become
more extreme growers will
seek new climate-tolerant
grape varietals.
• Continue investment in
partnerships to research
and commercialise climate
resistant varietals. Delegat
is a Gold participant in the
Sauvignon Blanc Grapevine
Improvement Programme,
run by the Bragato Research
Group, and funded by MPI,
the Sustainable Food and
Fibre Futures Fund and New
Zealand Winegrowers
New ZealandType: Physical
& transitional
Time Horizon:
Short to Long-
term
Customers
more
focused on
sustainability
NilThrough our
decarbonisation and
sustainability progress,
we expect to enhance
relationships with
customers and increase
demand for our products.
• Execution of our emissions
reduction plans to
demonstrate emissions
reductions
• Continue to invest in lower
emissions products
• Continue to reduce glass
bottle weights
• Improve systems and data to
that provide improved supply
chain transparency
GlobalTy p e :
Transition
Time Horizon:
Shor t-term
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
14

4.5 TRANSITION PLANS
Delegat has not prepared a standalone transition plan to date. However, to reduce the risks and impacts of
climate change the Group has set multiple emissions reduction targets which are integrated into the Delegat
Sustainability Framework. The initiatives presented in the table below are some of the actions we are currently
implementing or planning to implement to reduce emissions. These actions complement and build on our ongoing
long-term initiatives and projects.
Transition InitiativesProgress to Date
All harvester machines were replaced for the 2024 vintage with new fuel-efficient,
Euro 5 emissions standards compliant machines. These machines will reduce diesel
use over the annual harvest period by 25% and reduce GHG emissions by 30%.
Completed in FY24
The Group plans to replace its tractor fleet over the next 5 years with modern fuel-
efficient Euro 5 emissions standards compliant vehicles. This Programme will reduce
diesel usage by 25% and reduce GHG emissions by 30%.
Initiated in FY24
The Group plans to replace it’s Marlborough winery cooling plant with new
technology for increased cooling/production capacity. It will utilise modern heat
recovery technology to produce all hot water requirements on site, eliminating the
need for diesel fuelled hot water heating. The carbon emission reduction will be at
least the fuel usage reduction versus the current cooling plant.
Planned for FY27
The Group plans to replace diesel electricity generation at its Birch Hill vineyard to
lines electricity, delivering a 5% emissions reduction.
Planned FY27

(dependent on Marlborough Lines
capital infrastructure investment)
The Group will continue with ongoing bottle weight reductions using lightweight
glass.
Burgundy shape bottle reduction to a
390g bottle will commence in FY25
The Group is working with glass manufacturers to use more sustainable energy
sources in their glass furnaces, with the aim to reduce emissions from glass
production by 45%.
Continue work in progress from FY24
Further improve vineyard water use efficiency.Projects identified to start in FY25
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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A HISTORY OF REDUCING EMISSIONS THROUGH BOTTLE-WEIGHT OPTIMISATION.
CASE STUDY: LIGHTWEIGHT GLASS
The Sustainable Wine Roundtable (SWR) is an independent global collective of producers, material
suppliers and retailers working together to improve environmental outcomes in the wine industry.
According to research by the SWR, the bottle itself accounts for up to half of wine’s carbon impact
due to the embedded carbon from its manufacturing and the energy required for transport.
Delegat has long recognised the impact of wine bottle weight on carbon emissions, beginning
their initiative towards using lightweight glass in 2003. At the time, the average weight of an Oyster
Bay still wine bottle was 565 grams. Through collaboration with suppliers and consideration of
all factors including the structural integrity of lighter bottles, phased reductions were made
through our procurement process, lowering the bottle’s weight four times to an average of
417 grams by 2021. In 2024, we introduced 390 gram bottles for several Oyster Bay wines.
These reductions have notably reduced the energy required to transport Oyster Bay to our key
global markets and reduced the cradle-to-gate emissions associated with the glass bottles.
As of 2023, the Sustainable Wine Roundtable reported that the average weight of 750ml still wine
bottles sold by key retail members in the United Kingdom is approximately 550 grams. Last year,
97% of Oyster Bay still wines were in bottles weighing 420 grams or less.
Delegat continues to pursue further reductions in bottle weight as they become available,
while actively engaging with suppliers and industry partners to explore options to packaging
and transport.
16
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024

5. RISK MANAGEMENT
5.1 CLIMATE RISK IDENTIFICATION
The climate change analysis for Delegat considers three potential future scenarios:
These scenarios help Delegat identify ways to reduce the impact of climate change and build climate resilient
business strategies and operations.
We have considered the impact of each scenario over a 50-year time horizon, which aligns generally with the
lifetime of our vineyard and winery assets.
Short-termMedium-termLong-term
1-3 years
Aligns with business planning and
capital allocation processes
4-10 years
Aligns with long-term business
planning and global climate change
ambitions under the Paris Agreement
2030
11-50 years
Aligns with vineyard growing cycles
and the lifespan of major assets
5.2 PROCESS TO ASSESS CLIMATE-RELATED RISKS AND OPPORTUNITIES
The Delegat risk management process includes identifying and managing risks, including climate-related risks,
to support the Group’s business objectives and strategy. This process comprises five steps:
Stage 1: Identification
New climate-related physical risks and opportunities are identified, and existing ones are reviewed during the
Group’s annual risk review undertaken by the Senior Leadership Team, with input from internal or external
experts as needed. This review encompasses all parts of the Delegat value chain. An annual workshop for the
Senior Leadership team, and hosted by the SCCC facilitates climate scenario analysis, examining climate-related
risks and opportunities against three identified climate scenarios.
Stage 2: Analysis
Climate-related risks are analysed against the Group’s climate change scenarios and time horizons using the
Delegat Risk Matrix. The Risk Matrix rating for all of the Group’s risks, including climate-related risks, determines
their level of priority for action required by management and the Board. Opportunities are analysed to determine
their potential benefit to the business and the environment.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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RISK MATRIX
Stage 3: Evaluation
The effectiveness of existing controls for managing each risk are evaluated and new controls are considered
where required. The remaining risk after the effective operation of controls is considered the residual risk.
Opportunities for each scenario are assessed to determine those which could present the most benefit for the
business.
Stage 4: Treat Risk
For each residual risk, an assessment is made to either:
• Accept the risk and make a conscious decision not to take any action.
• Accept the risk but take some actions to lessen or minimise likelihood or impact.
• Transfer the risk to another individual or organisation (e.g. through insurance) where possible.
• Eliminate the risk by ceasing to perform the activity causing it.
Stage 5: Escalation
The severity of the residual risk rating determines which climate-related risks are escalated via the SCCC to
the ARC. Climate-related opportunities that could deliver material benefits for the Group are escalated to the
Board. The Board consider their feasibility, and if appropriate, determine support, funding and actions required
to capitalise on these opportunities.
5.3 MONITORING AND REVIEW
Climate-related risks and opportunities, controls, action plans and owners are documented and monitored through
the Delegat risk management process. All climate-related risks and opportunities will be reviewed annually by the
Senior Leadership Team and integrated into the Delegat Risk Register. Climate-related reporting requirements,
supporting documentation and changes to regulations are captured in the company’s risk management system
and monitored on an ongoing basis.
Consequence Severity
InsignificantMinorModerateMajorCatastrophic
Almost CertainPriority 2Priority 2Priority 1Priority 1Priority 1
LikelyPriority 3Priority 2Priority 2Priority 1Priority 1
PossiblePriority4Priority 3Priority 2Priority 1Priority 1
UnlikelyPriority4Priority4Priority 3Priority 2Priority 1
RarePriority4Priority4Priority 3Priority 2Priority 2
Priority 1
Immediate action required to actively manage risk and limit exposure
Priority 2
Attention required to ensure risk exposure is managed effectively, disruptions minimised and outcomes monitored
Priority 3
Cost/benefit analysis to assess extent to which risk should be mitigated. Monitor to ensure risk does not increase over time
Priority4
Effectively manage through routine procedures and appropriate internal controls
Likelihood
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
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6. METRICS AND TARGETS
6.1 SUSTAINABILITY METRICS AND TARGETS
Delegat establishes annual targets within its Sustainability Framework, which encompasses various social and
environmental initiatives, including emission reduction goals under the ‘We build an Enduring Wine Business’
pillar. Delegat’s climate-related risks and opportunities presented in 4.4 are taken into consideration when
setting metrics and targets. The Group’s current targets are aimed at emissions reductions, to play our part in
limiting global warming, as detailed in section 6.7 of this report.
6.2 GHG EMISSIONS
Delegat partners with Toitū Envirocare to prepare its annual GHG Inventory for scope 1 and 2 emissions. Emissions
data is collated and tracked throughout the financial year and includes information from third-party suppliers and
internal records. The GHG inventory is prepared in accordance with the requirements of the Toitū Programme
4
,
which is based on the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) and
ISO 14064-1:2018 Specification with Guidance at the Organisation Level for Quantification and Reporting of
Greenhouse Gas Emissions and Removals. Where relevant, the inventory is aligned with industry or sector best
practice for emissions measurement and reporting.
All emissions are calculated using Toitū with emissions factors and Global Warming Potentials provided by
the Programme. Global Warming Potentials (GWP) from the Intergovernmental Panel on Climate Change Fifth
Assessment Report (AR5) are the preferred GWP conversion. An operational control consolidation approach is
used to account for emissions.
The emissions metric tracked is tonnes of CO
2
equivalent (tCO
2
e).
4 Toitū Programme refers to the Toitū carbonreduce and the Toitū carbon zero programmes
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
19

Scope 1 and 2 GHG Emissions Inventory
The current New Zealand Emissions Trading Scheme Price was used when assessing our decarbonisation
initiatives for FY24 for our internal abatement calculation.
The Group’s emissions base year is 2021.
Emissions Category2021
tCO
2
e
unassured
2022
tCO
2
e
unassured
2023
tCO
2
e
unassured
2024
tCO
2
e
unassured
% change 2021
vs. 2024
Scope 13,5413,6223,6033,354-5%
Mobile Combustion2,5352,4942,7532,5350%
Stationary Combustion1161111201279%
Emissions – Industrial Processes10510810597-8%
Fertiliser Use398423337279-30%
Addition of lime to soils388421283310-20%
Leakage of refrigerants–66–6–
Scope 21,3161,001868929-29%
Electricity consumption1,3161,001868929-29%
Total scope 1 and 24,8574,6234,4714,283-11%
tCO2e per million dollars of operating
revenue
16.0514.2111.9011.40-29%
kgCO2e per litre of wine produced0.180.150.140.16-14%
Delegat has utilised the exemption provisions in NZCS2 (17) to not disclose scope 3 emissions and NZCS (22) to
not disclose an analysis of emission trends.
The emissions sources deemed significant for inclusion in this inventory were classified into the following
categories:
Scope 1: Direct GHG Emissions
Scope 1 Direct Emissions includes GHG emissions from sources owned or controlled by Delegat. This includes
fuel combusted in vehicles owned or leased by Delegat, stationary combustion of fuel for heating, and any
leakage of refrigerants.
Scope 2: Indirect GHG Emissions from purchased energy
Scope 2 Indirect Emissions are from the generation of electricity purchased by Delegat. Purchased electricity is
measured by the installation control point (ICP). All purchased and generated energy emissions are reported as
gross emissions using the location-based method.
The table below provides detail on the categories of emissions included in the GHG emissions inventory, an
overview of how activity data were collected for each emissions source, and an explanation of any uncertainties
or assumptions made based on the source of activity data. Overall assessment of uncertainty for Scope 1 and 2
emissions is low.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
20

Activity data has been obtained from a variety of sources. Where practical information has been obtained directly
from supplier sources via invoice or online portals. Additionally, the Group tracks relevant raw material, freight
weight and usage data directly from its ERP system.
ScopeEmission CategoryActivityData SourceMethodology, Data Quality,
Uncertainty (Qualitative)
Scope 1Stationary combustionFossil fuels used by
plant equipment
InvoicesFuel based method. Low
uncertainty.
Mobile combustionFossil fuels used by
fleet/pool vehicles and
forklifts
Fuel purchase
transaction history
Fuel based method. Low
uncertainty.
Fertiliser UseFertiliser use by
viticulture activities.
Spray Schedules and
Invoices
Use approach. Low uncertainty.
Fugitive emissionsRefrigerant used by
refrigeration equipment
Maintenance reports
and invoices
Top up method. Applicable to
owned refrigeration equipment.
Low uncertainty.
Scope 2Purchased EnergyElectricity consumptionInvoicesLocation based method. High
data quality and low uncertainty
due to complete invoice sets.
6.3 EXCLUSIONS
All of the Group’s viticulture and winemaking operations in New Zealand and Australia have been included in
the emissions inventory. Our offshore sales and marketing operations in Australia, Europe, North America and
China have been excluded. These emissions sources are considered relevant to our operations, however, are
not material in the context of the inventory. We will be actively working on improving our data collection and
assessing our estimation options for emissions in these categories.
6.4 EXPOSURE TO CLIMATE-RELATED RISKS AND OPPORTUNITIES
Vulnerability to Physical Risks
The Group’s viticulture operations are exposed to both chronic and acute climate events. Winemaking and supply
chain operations are also exposed to this risk due to the integrated value chain within the business.
As a conservative estimate, 100% of Delegat business activities are exposed to some degree of physical climate-
related risk.
Vulnerability to Transition Risks
The Group’s viticulture operations are currently the most exposed to climate-related regulation for viticultural
practices (e.g. fertiliser and water). The Group’s winemaking and supply chain operations have some exposure to
potential changes in climate-related regulations and shifts in consumer preferences.
As a conservative estimate, 100% of Delegat business activities are exposed to some degree of transitional
climate-related risk.
Climate Related Opportunities
The Group’s viticulture operations are the most likely to benefit from climate-related opportunities, such as new
areas becoming suitable for growing grapes because of climate change.
DELEGAT LIMITED CLIMATE(RELATED DISCLOSURE REPORT )2)0
21

6.5 CAPITAL DEPLOYMENT 2024 – TO ADDRESS CLIMATE RELATED RISKS AND
OPPORTUNITIES
The Group’s recent investments to mitigate climate risk includes purchasing fuel efficient machinery and the
development of water storage reservoirs and irrigation systems to reduce the risk of crop loss because of drought
conditions. Funding decisions are assessed using a combination of cost/benefit and payback period analysis.
Capital deployment in relation to climate related initiatives in FY24 is detailed below:
DescriptionCapital Deployed in FY24 (NZD)Transition Initiative
Replacement of Harvester Machines
with new fuel-efficient, Euro 5 emissions
standards compliant machines.
$5.2 million Reduction of diesel use over the annual
harvest period by 25% and reduction of
GHG emissions by 30%
Replacement of Tractors with new fuel-
efficient, Euro 5 emissions standards
compliant machines.
$ 1.1 million Reduction of diesel use by 25% and
reduction of GHG emissions by 30%
Reservoir and Irrigation construction$3.7 millionProtection of grape vines against
the potential of increased regional
temperatures, less summer rainfall, and
increased drought risk
6.6 INDUSTRY BASED METRICS
We have disclosed tC0
2
e/million dollars revenue and kgC0
2
e/litre of wine produced, which are widely adopted
metrics across the wine industry as per the EECA National Greenhouse Gas Emissions Reports prepared for
Sustainable Winegrowing New Zealand and reports from Australian Wine Research Institute with support from
Sustainable Wine Australia.
6.7 TARGETS AND EMISSIONS REDUCTIONS
Delegat is committed to lowering GHG emissions and adapting to climate change. New Zealand Winegrowers, the
national organisation for the country’s grape and wine sector, has a target to be Carbon Neutral by 2050. Similarly,
Sustainable Winegrowing Australia has set 2050 Net Zero targets for carbon emissions and waste. Our targets
and emission reduction programme is guided by these industry benchmarks and we have set targets based on
the Science-Based Target methods. Progress to date against GHG targets does not include any offsetting and
the Group does not plan to use offsetting to achieve its net zero by 2050 target.
The IPCC special report 2018 states “Limiting global warming to 1.5°C compared to 2°C is projected to lower
the impacts on terrestrial, freshwater, and coastal ecosystems and to retain more of their services to humans.”
Achieving the net zero target contributes to limiting global warming to 1.5 degrees Celsius by mitigating the worst
impacts of climate change through reducing vulnerability and exposure to its detrimental effects. This year, New
Zealand Winegrowers, with support from EECA, prepared the Roadmap to Net Zero 2050, that outlined the key
opportunities to reduce GHG emissions for the New Zealand wine industry. These measures include improving
energy efficiency, reducing diesel usage, decarbonising electricity, and innovating the value chain to decarbonise
goods and services. These initiatives will be guided by industry emission reduction targets and actions.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2024
22

Currently, our emission reduction targets encompass scope 1 and 2, and we are developing targets for scope 3.
Our objectives and programmes will evolve as more data becomes available and technologies advance. The table
below summarises our current targets.
Ta r ge tBase
year
MetricTimeframeCommentary
NET ZERO
BY 2050
2021tCO
2
eBy 2050The Group has reduced its Scope 1 and 2 emissions by 11% since
2021. The Group’s emission reduction targets all are guided by
the industry benchmark of Net Zero by 2050.
Reduce
company
Scope 1
diesel usage.
2021kg CO
2
/
tonne of
grapes
harvested
By 2028The Group has replaced its Harvester machines and will replace
its tractor fleet over the next five years with modern fuel efficient
and E5 emissions standards, which will reduce diesel usage by
25% and GHG emissions by 30%.
Reduce
company
Scope 1
diesel usage
2021Ta r ge t
vineyard
diesel
usage
emissions
- 0 tCO2e
2029 onwardsEmission reduction past 2030 in this area will depend on
suitable commercially available technology to replace diesel
motive power across all tractor, harvester and frost fan usage.
The approach the Group will apply is to evaluate best in class
vineyard technology for each cycle of harvester, tractor and
frost fan motive power replacement cycle. This is typically five
years for tractors and 10 years for harvesters, with have several
opportunities to select best performance/least carbon emission
technology at each replacement cycle. This is in line with NZ and
NZ Wine Industry stated targets.
Scope 2
Renewable
Electricity
supply 100%
by 2035
2021100%
renewable
electrical
energy
2035 onwardsPrimarily the Group will achieve this through the NZ energy
Sector reduction target alignment (reliance). Delegat will
also consider using photovoltaic power generation at the
Marlborough winery at the completion of the cooling / heat
recovery plant replacement FY26 and will move to do this if it
makes economic sense, including taking into account full carbon
emission costs.
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