DGL - 2025 Annual Report

We are building
a leading global
super premium
wine company.
delegat group limited annual report 2025

Oyster Bay captures the special
character of New Zealand's cool
climate viticulture....
elegant, assertive wines with
glorious fruit flavours. These
unique wine styles are
amongst the most sought after
in the world today.
THE DELEGAT STATE-OF-THE-ART MARLBOROUGH WINERY

CONTENTS
2
3
5
13
22
25
27
28
29
30
32
35
73
76
93
99
Performance Summary
Financial Summary
Chair’s Report
Chief Executive Officer Report
Board of Directors
Directors’ Responsibility Statement
Statement of Financial Performance
Statement of Other Comprehensive Income
Statement of Changes in Equity
Statement of Financial Position
Statement of Cash Flows
Notes to the Financial Statements
Independent Auditor’s Report
Corporate Governance Statement
Other Disclosures
Directory

DELEGAT ANNUAL REPORT 2025
2
PERFORMANCE SUMMARY 2025
1. Operating Performance is a non-GAAP measure and as such does not have a standardised meaning prescribed by GAAP.
It may therefore not be comparable to non-GAAP measures presented by other entities.
GLOBAL CASE SALES DOWN 12%
3.2 MILLION
OPERATING NPAT
1
DOWN 14%
$51.1 MILLION
OPERATING EBITDA
1
DOWN 9%
$116.5 MILLION
CASH FROM OPERATIONS UP 86%
$105.7 MILLION
REPORTED NPAT UP 56%
$49.0 MILLION

3
YEAR ENDED 30 JUNE20252024202320222021
Case Sales (000s)3,1883,6143,6763,3603,178
OPERATING PERFORMANCE
1
Operating Revenue
9
($m)349.6375.7375.8325.4302.7
Operating EBITDA
1, 2
($m)116.5128.5120.4112.2122.4
Operating EBIT
3, 4
($m)89.0102.796.888.899.6
Operating EBIT % of Revenue25%27%26%27%33%
Operating NPAT
5, 6
($m)51.159.759.358.165.2
Operating NPAT % of Revenue15%16%16%18%22%
Operating Cashflow ($m)105.756.959.765.674.7
Capital Expenditure
10
($m)59.969.1101.739.561.7
REPORTED PERFORMANCE
Revenue ($m) 349.6378.3381.4325.6305.4
EBITDA
1
($m)113.6107.2128.1119.0117.8
EBIT
3
($m)86.181.4104.595.695.0
EBIT % of Revenue 25%22%27%29%31%
N PAT
5
($m)49.031.464.863.061.9
NPAT % of Revenue 14%8%17%19%20%
EPS
8
48.5c31.0c64.1c62.3c61.2c
Net Assets
7
($m)586.1556.0544.8499.5453.9
Total Assets ($m) 1134.71115.91063.3967.3883.8
This Annual Report is dated 29 August 2025 and is signed on behalf of the Board by:
FINANCIAL SUMMARY 2025
Notes:
1. EBITDA means earnings before interest, tax, depreciation and amortisation.
2. Operating EDITDA means EBITDA before NZ IFRS fair value adjustments
and any other one-off non-operating items.
3. EBIT means earnings before interest and tax.
4. Operating EBIT means EBIT before NZ IFRS fair value adjustments and any
other one-off non-operating items.
5. NPAT means net profit after tax attributable to ordinary Shareholders.
6. Operating NPAT means NPAT before NZ IFRS fair value adjustments and
any other one-off non-operating items, after tax.
7. Net Assets means total assets less total liabilities.
8. EPS means earnings per share and is calculated on NPAT for the year
divided by the weighted average number of ordinary shares on issue. The
weighted average number of shares on issue are 101,130,000.
9. Operating Revenue is before fair value movements on derivative
instruments (if gains).
10. Capital expenditure consists of additions to property, plant and equipment
inclusive of capitalised interest.
J I M D E L E G A T
CHAIR
GORDON MACLEOD
DIRECTOR

5
On behalf of the Board of Directors of Delegat Group Limited, I am pleased to present the
Group’s operating and financial results for the year ended 30 June 2025.
Together, our global team have delivered a creditable operating Net Profit After Tax of $51.1
million. This has been achieved against a backdrop of uncertainty, in what has been a challenging
global market environment.
As a market led wine business the Group’s focus remains on wine category premiumisation
and value growth, aligning to the long-term trend of Super Premium wine consumption. The
strengths of our category-leading Super Premium brands, in-market sales teams, distribution
networks and strong consumer demand has provided the necessary resilience in these
challenging times and a solid foundation which positions Delegat well for future sales growth
on our journey to build a leading global Super Premium wine company.
Delegat Group is well
positioned to lead
New Zealand wine category
growth on our journey to
build a leading global Super
Premium wine company.
CHAIR’S REPORT 2025
J I M D E L E G A T
CHAIR

DELEGAT ANNUAL REPORT 2025 CHAIR’S REPORT
6
PERFORMANCE SUMMARY
• Global Case Sales of 3,188,000, down 12%.
• Operating NPAT of $51.1 million, down 14%.
• Operating EBITDA of $116.5 million, down 9%.
• Reported NPAT of $49.0 million, up 56%.
• Cash from Operations of $105.7 million, up 86%.
The Group presents its financial statements in accordance with the New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS).
To provide further insight into the Group’s underlying operational performance, the Group has
also included in this report an Operating Performance Report. This Operating Performance
Report excludes the impact of fair value adjustments required under NZ IFRS for grapes
and derivative instruments and the tax effects of the removal of depreciation deductions on
buildings in the prior year. As a fully integrated winemaking and sales operation, Operating
Profit includes the fair value adjustment in respect of grapes when packaged wine is sold rather
than on harvest of the grapes, and the fair value adjustment on derivative instruments when
these foreign exchange contracts and interest rate swaps are realised.
The Group has included a reconciliation of Operating Profit to Reported Profit which eliminates
from each line in the Statement of Financial Performance all fair value adjustments
1
.
June 2025 June 2024 % change
NZ$ millions vs 2024
Operating Revenue
1
349.6 375.7 -7%
Operating Gross Profit
2
158.3 171.2 -8%
Operating Gross Margin 45% 46%
Operating Expenses
3
(69.3) (68.5) -1%
Operating EBIT
4
89.0 102.7 -13%
Operating EBIT % of Revenue 25% 27%
Interest and Tax (37.9) (43.0) 12%
Operating NPAT
4
51.1 59.7 -14%
Operating NPAT % of Revenue 15% 16%
Operating EBITDA
4
116.5 128.5 -9%
Operating EBITDA % of Revenue 33% 34%
TABLE 1 OPERATING PERFORMANCE
1
Notes:
1. Operating Revenue is before fair value movements on derivative instruments (if gains).
2. Operating Gross Profit is before the net fair value movements on biological produce (harvest adjustment) and the NZ IFRS adjustments excluded in Note 1.
3. Operating Expenses are before fair value movements on derivative instruments (if losses) and any other one-off non-operating items.
4. Operating EBIT, EBITDA and NPAT are before any fair value adjustments and any other one-off non-operating items.
1
Operating Performance is a non-GAAP measure and as such does not have a standardised meaning prescribed by GAAP. It may therefore not be
comparable to non-GAAP measures presented by other entities. The Chair and Chief Executive Officer’s Reports are read by the auditors as part of their
responsibilities in respect of other information as disclosed in their audit report.

DELEGAT ANNUAL REPORT 2025 CHAIR’S REPORT
7
OPERATING PERFORMANCE
A creditable operating NPAT of $51.1 million was generated compared to $59.7 million in
the previous 12 months. Operating EBIT of $89.0 million is $13.7 million lower than last year,
reflecting the lower case sales volumes and resulting margin impact, higher impact on cost of
sales from the lower 2024 vintage, partially offset by the favourable impacts of price increases
and foreign exchange. Accordingly Operating EBITDA of $116.5 million is $12.0 million lower
than last year. Operating Expenses (before NZ IFRS adjustments) at $69.3 million are $0.8
million higher than last year.
Delegat achieved Operating Revenue of $349.6 million on global case sales of 3,188,000 in
the year.
The Group’s case sales performance and foreign currency rates achieved are detailed in table 2.
TABLE 2 CASE SALES AND FOREIGN CURRENCY
June 2025 June 2024 % change
Case Sales (000s) vs 2024
UK, Ireland and Europe 1,008 1,183 -15%
North America (USA and Canada) 1,509 1,725 -13%
Australia, NZ and Asia Pacific 671 706 -5%
Total Cases 3,188 3,614 -12%

Foreign Currency Rates
GB£ 0.4659 0.4839 4%
AU$ 0.9149 0.9172 0%
US$ 0.5945 0.6133 3%
CA$ 0.8190 0.8231 0%

DELEGAT ANNUAL REPORT 2025 CHAIR’S REPORT
8
NZ IFRS FAIR VALUE ADJUSTMENTS
In accordance with NZ IFRS the Group is required to account for certain assets at ‘fair value’
rather than at historic cost. All movements in these fair values are reflected in and impact
the Statement of Financial Performance. The Group records adjustments in respect of three
significant items at the year-end as described below and detailed in table 3.
• Harvest Provision Release (Grapes) – Inventory is valued at market value, rather than costs
incurred, at harvest. Any fair value adjustment is excluded from Operating Performance
for the year, by creating a Harvest Provision. This provision is then released through Cost
of Sales when inventory is sold in subsequent years. This represents the reversal of prior
periods’ fair value adjustments in respect of biological produce as finished wine is sold in
subsequent years. In 2025, the market value of the Company grapes was more than the
costs incurred, resulting in a $9.4 million write-up (2024: write-down of $5.0 million). This
write-up is due to the increased yields for the 2025 vintage (up 39% year on year). This
write-up, less the impact of prior years’ vintages being sold has resulted in a net write-up of
$3.7 million for the year (2024: write-down of $24.0 million);
• Derivative Instruments are held to hedge the Group’s foreign currency and interest rate
exposure. The mark-to-market movement of these instruments at balance date resulted in a
fair value write-down of $6.6 million (2024: write-up of $2.7 million); and
• The tax effect of removal of depreciation deductions on buildings resulted in a tax write-
down of $13.0 million in the prior year.
The above adjustments, net of taxation, amount to a write-down of $2.1 million for the year
(2024: write-down of $28.3 million).
Notes:
1. Biological Produce (Grapes) is the difference between market value paid for grapes and 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.
TABLE 3 IMPACT OF FAIR VALUE ADJUSTMENTS
June 2025 June 2024 % change
NZ$ millions vs 2024
Operating NPAT 51.1 59.7 -14%
Operating NPAT % of Revenue 15% 16%
NZ IFRS Fair Value Items
Biological Produce (Grapes)
1
3.7 (24.0) n/m
2
Derivative Financial Instruments (6.6) 2.7 n/m
2
Total Fair Value Items (2.9) (21.3) n/m
2
Taxation of NZ IFRS fair value items 0.8 6.0 n/m
2
Removal of building tax depreciation – (13.0) 100%
Fair Value Items after Tax (2.1) (28.3) n/m
2
Reported NPAT 49.0 31.4 56%

DELEGAT ANNUAL REPORT 2025 CHAIR’S REPORT
9
RECONCILIATION OF REPORTING TO OPERATING PERFORMANCE
Accounting for all fair value adjustments under NZ IFRS, the Group’s reported audited financial
performance for the year ended 30 June 2025 is reconciled to Operating Profit as detailed in
table 4.
CASH FLOW
The Group generated Cash Flows from Operations of $105.7 million in the current year, which
is an increase of $48.8 million or 86% on the previous year. This increase is principally due to
lower working capital investment when compared to the prior year. A total of $44.2 million
was paid for additional property, plant and equipment during the year. This includes vineyard
developments in New Zealand, and development of the Hawke’s Bay and Marlborough wineries,
which will provide earnings growth into the years ahead. The Group distributed $20.2 million
to Shareholders in dividends.
The Group has a $420 million syndicated Senior debt facility and is well positioned to fund its
current operations as well as future capital investment in both New Zealand and Australia. The
Group’s net debt at 30 June 2025 amounted to $328.6 million, a decrease of 9% compared to
last year due to the strong operating cash flows and remains well within the Group’s long-term
bank facilities. Future growth in cashflows will support our capital expenditure programme.
June 2025June 2024
Notes:
1. EBIT means earnings before interest and tax.
2. NPAT means net profit after tax.
TABLE 4 RECONCILIATION OF REPORTING TO OPERATING PERFORMANCE
Operating Fair Value Reported Operating Fair Value Reported
NZ$ millions Adjustment Adjustment
Revenue 349.6 – 349.6 375.7 2.7 378.3
Cost of Sales (191.3) 3.7 (187.6) (204.5) (24.0) (228.4)
Gross Profit 158.3 3.7 162.0 171.2 (21.3) 149.9
Operating Expenses (69.3) (6.6) (75.9) (68.5) – (68.5)
EBIT
1
89.0 (2.9) 86.1 102.7 (21.3) 81.4
Interest and Tax (37.9) 0.8 (37.1) (43.0) (7.0) (50.0)
N PAT
2
51.1 (2.1) 49.0 59.7 (28.3) 31.4

EBIT
1
89.0 (2.9) 86.1 102.7 (21.3) 81.4
Depreciation
and amortisation 27.5 – 27.5 25.8 – 25.8
EBITDA
3
116.5 (2.9) 113.6 128.5 (21.3) 107.2
3. EBITDA means earnings before interest, tax, depreciation and amortisation.

DELEGAT ANNUAL REPORT 2025 CHAIR’S REPORT
10
DIVIDENDS
The Directors consider that the underlying operational performance and continued strong
cash flows justify maintaining the dividend payout in line with last year. Accordingly, the
Directors are pleased to advise they have approved a fully imputed dividend payout of
20.0 cents per share. The dividend will be paid on 10 October 2025 to Shareholders on record
at 26 September 2025.
INVESTING FOR GROWTH
The Board is confident in the Group’s ability to prosper and drive sustainable sales and earnings
growth over the long term. Accordingly, the Group continues to invest in its assets, brands, and
people in line with our strategic goal.
Over the past four years, the Group has invested more than $250 million in growth assets and
is well positioned to support future growth. Looking ahead, we expect lower capital spending
over the next three years, focusing mainly on replacing essential infrastructure and productivity
initiatives. The Group plans to invest an additional $26.2 million in 2026.
The Board also fully realises the importance of driving high standards of responsibility on
Environmental, Social and Governance (ESG) issues across the business. A range of initiatives
are underway across the company focused on reducing the Delegat Group environmental
impact, enhanced Health and Safety outcomes for our people, and increasing diversity
and inclusion.
OUR DELEGAT GREAT WINE PEOPLE
The Board would like to take this opportunity to acknowledge our Delegat Great Wine
People around the world. The depth of experience and dedication of our people remains one
of our strengths, with our Delegat Great Wine People continuing to demonstrate resilience,
adaptability and our values of Aim High, Winning Together and Mastery.

13
The Group’s focus has been to:
• Implement price increases in certain markets aligned with our premiumisation strategy,
delivering an overall increase in revenue of 2% in FY25.
• Grow our global distribution footprint.
• Leverage its deep market knowledge and strong distributor relationships to navigate tariff
impacts.
• Manage inventory.
• Reinforce Oyster Bay’s brand affinity and value proposition as a trusted quality Super
Premium wine brand.
Thanks to the tremendous efforts of our entire global team in 2025, we have delivered an
Operating Net Profit after Tax of $51.1 million. The latter part of this year was impacted by
the US tariffs and ongoing global supply-chain disruptions. It is especially evident in these
challenging times that we see the hard work of our people and the resilience of our business
model, as we drive the company towards ongoing success.
CHIEF EXECUTIVE OFFICER REPORT 2025
We executed decisive actions
to align with evolving market
conditions —
ensuring we
remain well
-positioned to
deliver sustainable, long
-term
growth and shareholder value.
MURRAY ANNABELL
CHIEF EXECUTIVE OFFICER

DELEGAT ANNUAL REPORT 2025 CHIEF EXECUTIVE OFFICER REPORT
14
GLOBAL WINE TRENDS
The alcoholic beverage category, including wine, continues to experience both cyclical and
structural shifts, driven by a number of trends. Consumers are drinking less but seeking
recognised quality brands when they do. Moderation continues, driven by economic and
lifestyle factors, as well as health and generational attitudes. Consumers are choosing fewer
or lighter drinks. Premiumisation has slowed as consumers continue to focus their budgets on
necessities. Gen Z are now showing signs of engaging with the category.
Globally, white wine is forecast to perform better than other wine categories, aligning with
long-term consumer trends, for lighter and refreshing beverage choices to enjoy at home.
New Zealand wine is particularly well placed to benefit from these trends, through natural
advantages, distinctive wine styles and continuing to build premium value with engaged
wine consumers.
GLOBAL SALES PERFORMANCE
The Group achieved global sales of 3,188,000 cases, representing a 12% decline from the
prior year. This result is creditable, in the context of a challenging global market environment,
through the imposition of US tariffs, supply chain disruption, distributor and retailer inventory
rebalancing.
The US tariffs in March 2025, resulted in market uncertainty, requiring the Group to revise its
current year global case sales guidance. The year-end global sales result was in line with the
revised guidance of 3,182,000 cases.
Global sales continue to be well diversified by market, with 47% in North America, 32% in the
United Kingdom, Ireland and Europe, and 21% in the Australia, New Zealand, China and Asia
Pacific region. Our in-market sales teams are a competitive advantage for our business as they
engage productively with distributors and retailers throughout the year.
NORTH AMERICA
North America remains our largest market, with 2025 sales of 1,509,000 cases, down 13% on
the prior year.
• United States: This market is the Group’s largest market and most significant opportunity
for future growth. Oyster Bay remains a category-leading New Zealand wine brand, with
Sauvignon Blanc ranked among the top five white wines by value. Our brand growth strategy
is yielding strong results, with Pinot Grigio amongst the Top 10 within the premium global
varietal category.

DELEGAT ANNUAL REPORT 2025 CHIEF EXECUTIVE OFFICER REPORT
15
• Canada: Oyster Bay has maintained leading category positions, with all major varietals
ranking within the top 2 of their respective categories. Our presence across provincial
liquor boards and sustained investment in consumer communications continue to drive
performance. Barossa Valley Estate Shiraz and Cabernet Sauvignon are top five selling
Australian premium wines in Alberta and British Columbia.
UNITED KINGDOM, IRELAND AND EUROPE
Oyster Bay is a premium New Zealand category leading brand in these markets, with leading
consumer awareness and affinity. Sales were down 15% to 1,008,000 cases. The reduction in
sales was due to a combination of price increases implemented at the start of the year, and the
impact of heavy competitor price discounting in the latter part of the year.
• United Kingdom: Oyster Bay is amongst the top 3 rankings within the respective premium
New Zealand categories, supported by targeted promotional programming and strong
national account relationships.
• Ireland: Oyster Bay varietals have strong positions in their respective categories, with
Oyster Bay Sauvignon Blanc the leading premium Sauvignon Blanc over €11.
AUSTRALIA, NEW ZEALAND, CHINA AND ASIA PACIFIC
Oyster Bay is New Zealand’s category premium leading wine brand in these markets. The Group
delivered 671,000 cases, down 5% on the prior year, primarily due to the impact of competitor
price discounting.
• Australia: Oyster Bay Sauvignon Blanc remains the top-selling wine by value, Merlot,
Chardonnay, and Pinot Gris also hold strong positions among category leaders. Barossa
Valley Estate grew sales value ahead of the premium Australian Red Wine category.
• New Zealand: Oyster Bay Sauvignon Blanc is the category leader, while other Oyster Bay
varietals remain in the top five selling premium wines in their respective varietal categories.
• China: Sales grew 41%, with Oyster Bay the top-selling New Zealand wine brand by volume.
This reflects evolving consumption patterns, expanding distribution channels, broadening
the varietal offering and success of our digital engagement strategy.
• Asia Pacific continue to represent long-term growth markets, with emerging opportunities
in Southeast Asia.
BRANDS AND COMMUNICATIONS
Our focus has been strengthening value, recruiting new consumers through activities that
support retail distribution and brand awareness.
Through its in-market distribution model, the Group works closely with some of the world’s
largest retailers to create promotional programmes, specifically around high consumption
occasions to drive rate of sale.

OYSTER BAY IS CELEBRATED AROUND THE GLOBE AS ONE OF THE WORLDS
MOST LOVED PREMIUM NEW ZE AL AND WINE BRANDS.
Winning the world over.
3
OYSTER BAY PINOT GRIGIO IS THE
NUMBER 3 PREMIUM
PINOT GRIGIO IN CANADA
ACD Canada, Total Canada, MAT to APRIL 2025,
1
OYSTER BAY MERLOT IS THE
NUMBER 1 PREMIUM MERLOT IN
THE UNITED KINGDOM
Nielsen UK, L52 weeks ending 17/05/2025, GBP 8+
1
OYSTER BAY SAUVIGNON BLANC
IS THE NUMBER 1 PREMIUM
SAUVIGNON BLANC IN AUSTRALIA
Circana Australia, MAT to 18/05/2025, AUD $15+
2
OYSTER BAY SAUVIGNON BLANC
IS THE NUMBER 2 PREMIUM
SAUVIGNON BLANC IN THE USA
Circana USA, L52 weeks ending 18/05/2025, Total US MULO, 750m, Table Wine

DELEGAT ANNUAL REPORT 2025 CHIEF EXECUTIVE OFFICER REPORT
17
The Group deploys a range of targeted media, both consumer and retail, to grow consumer
awareness and affinity. Its media platform has global reach in excess of 92 million consumers
with over 1.2 billion impressions, attracting category leading engagement.
In the United States, retail distribution and consumer population has grown. The Group focusses
its energies on ‘must-win’ states where it has continued to see growth in brand awareness and
affinity. Interest for the Oyster Bay brand has never been higher in online search, with Oyster
Bay the number one most searched New Zealand wine brand on Google Search.
2025 HARVEST
The 2025 harvest yielded exceptional quality fruit across all three of our wine regions.
The Group harvest of 47,461 tonnes was up 39% from the 2024 harvest of 34,150 tonnes. The
vintage outcome has delivered excellent quality wines for the Group’s brands.
Our inventory levels are well positioned to support the 2026 sales forecast of 3,292,000 cases,
ensuring continuity of supply and quality.
SUSTAINABILITY
Sustainability remains 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
independently audited SWNZ Sustainability Programme, with the Barossa Valley winery and
vineyards accredited by Sustainable Winegrowing Australia.
The Group utilises a sustainability framework that focuses on three key areas: (1) Building
an enduring business (addressing climate risk and greenhouse gas emissions, Shareholder
value, risk and governance, and water stewardship); (2) Ensuring 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 viticulture and winemaking). This framework drives
various initiatives aimed at promoting positive environmental, social and governance outcomes
throughout the business.
The Group is Toitū Carbon Reduce certified and has established goals and initiatives to lower
our carbon intensity. The Group has published its Climate-Related Disclosures Statement for
FY25 alongside the annual report, providing further details on sustainability progress within
this statement (www.delegat.com/investor-information).

DELEGAT ANNUAL REPORT 2025 CHIEF EXECUTIVE OFFICER REPORT
18
GROUP STRATEGY
The Group’s strategic goal is to establish Delegat as a leading global Super Premium wine
company. The Group’s focus remains on wine category premiumisation and value growth,
aligning to the long-term trend of Super Premium wine consumption.
• Our goal is to establish Oyster Bay as New Zealand’s leading global Super Premium wine
brand.
• Invest in high-growth Super Premium varietals, Sauvignon Blanc, Pinot Gris, Chardonnay
and Pinot Noir.
• Our North American market remains our key focus. The United States, with over 50 million
premium wine consumers, is the Group’s largest market and our most significant opportunity.
• Expand our leadership position in China, where Oyster Bay is now the #1 New Zealand wine
brand, and continue our growth across Asia.
• Based on wine consumption patterns, the Group classifies markets as Established, Growth
or Emerging. Marketing activities are then tailored to the specific needs of each market and
phases of brand development.
GROUP OUTLOOK
Delegat plans to grow sales by 13% to 3.6 million cases over the next three years. The primary
driver of planned growth is Oyster Bay sales in North America. Accordingly, the Group will
continue to invest strongly in that market. We will also continue exploring opportunities to
improve our price realisation across all markets, helping improve our profitability margins.
With respect to the 2026 year, Delegat plans for global sales of 3.3 million cases and forecasts
Operating Net Profit after Tax to be in the range of $50 to $55 million.
OUR DELEGAT GREAT WINE PEOPLE
Our success is built on the dedication of our Delegat Great Wine People. Their resilience,
innovation, and commitment to excellence continue to drive our performance. I thank each of
them for their contribution to another year of progress toward our long-term goal. We live our
values of Aim High, Winning Together and Mastery, building a culture that is recognised across
the global wine industry.
TABLE 5 GROUP OUTLOOK CASE SALES
2025 2026 2027 2028
Case Sales (millions) Actual Forecast Projection Projection
Total Cases 3.2 3.3 3.4 3.6

THE DECANTER WORLD WINE AWARDS, LONDON, IS THE WORLD’S L ARGEST WINE COMPETITION. WITH WINES
TASTED AND EVALUATED BY AN ELITE PANEL OF 248 INTERNATIONAL WINE EXPERTS, INCLUDING 22 MASTER
SOMMELIERS AND 72 MASTERS OF WINE. ON THEIR SEARCH FOR EXCELLENCE, THEY AWARDED OUR WINES
REMARK ABLE SCORES.
Serious points for style.
2023 BAROSSA VALLEY ESTATE
GRENACHE SHIRAZ MOURVÈDRE
POINTS
90
POINTS
90
2023 BAROSSA VALLEY ESTATE
SHIRA Z
2021 BAROSSA VALLEY ESTATE
E&E BL ACK PEPPER SHIRAZ
POINTS
92
2023 OYSTER BAY HAWKES BAY
MERLOT
POINTS
90
2023 OYSTER BAY MARLBOROUGH
CHARDONNAY
POINTS
90
2024 OYSTER BAY MARLBOROUGH
SAUVIGNON BL ANC
POINTS
90
2023 OYSTER BAY MARLBOROUGH
PINOT NOIR
POINTS
90

22
The Board of Delegat Group Limited is responsible for the strategic direction of the Group and
ensuring the Group is managed to protect and enhance Shareholders and other stakeholders’
interests.
Some of the key responsibilities of the Board include:
• Adopting the strategic plans of the Group, set by the Chief Executive Officer (CEO) in
conjunction with the Group’s senior management team;
• Monitoring the Group’s operational and financial performance;
• Oversight of the identification, management and reporting of climate-related risks and
opportunities;
• Ensuring the Group develops effective policies and procedures concerning disclosure of
important information to the market and Shareholders;
• Setting and monitoring high standards of ethical behaviour in the Group; and
• Oversight of the Group’s people and culture policies and strategies, including: remuneration,
health and safety, succession and development, diversity and inclusion.
The Board has adopted what it believes are appropriate corporate governance policies and
procedures, which it periodically reviews to ensure that the Group’s responsibilities and
obligations are met. The principal corporate governance policies concern:
• The appointment and retirement of Directors;
• The composition and performance of the Board;
• The balance between Executive and Non-Executive Directors;
• Directors’ access to independent professional advice; and
• The constitution and operation of Board Committees, which comprise Directors, and in
some cases, by invitation, representatives of the Group’s senior management team. The
Board has formally constituted an Audit and Risk Committee and a People, Culture and
Safety Committee.
The Board currently comprises six Non-Executive Directors (Jim Delegat, Rose Delegat, Alan
Jackson, Phillipa Muir, Gordon MacLeod, and Doug McKay); two of whom are non-independent
(Jim Delegat and Rose Delegat); and four of whom are independent (Alan Jackson, Phillipa
Muir, Gordon MacLeod, and Doug McKay), as defined in the NZX Listing Rules.
The Board of Delegat Group Limited meets formally a minimum of six times during the financial
year and holds additional meetings as required to deal with specific matters of the Group.
BOARD OF DIRECTORS 2025

23
ROSEMARI (ROSE) DELEGAT Non-Executive Director
TERM OF OFFICE: Appointed April 2006 (upon listing on the NZX),
last re-elected November 2024.
Committee responsibilities: Member People, Culture and Safety
Committee.
Rose Delegat is a Non-Executive Director of Delegat Group Limited.
The Group continues to benefit from Rose’s experience and the
expertise that she has given to the company for more than 35 years.
She was responsible for initiating the Group’s drive into export markets
in the 1980s and was the inaugural Chairperson (1987 – 1990) of the
special United Kingdom Exporting Group, part of the Wine Institute
of New Zealand. She is a Member of the Institute of Directors.
JIM DELEGAT Chair
TERM OF OFFICE: Appointed April 2006 (upon listing on the NZX),
last re-elected November 2023, appointed Chair August 2023.
Jim Delegat is the Chair of Delegat Group Limited. He is responsible
for providing strategic direction and monitoring performance to
ensure successful delivery of Board-approved business plans. He has
been involved in the New Zealand wine industry all his working life and

is thoroughly experienced in every aspect of the business. Jim is one
of only a handful of second generation family wine producers in the
country. Active in industry affairs, Jim has been a Director of both the

Wine Institute of New Zealand and New Zealand Winegrowers, having
previously served on the Board of the Wine Institute of New Zealand
for more than 13 years. Jim is a Member of the Institute of Directors.
Dr ALAN JACKSON Non-Executive Independent Director
TERM OF OFFICE: Appointed October 2012, last re-elected
November 2024.

Committee responsibilities: Member Audit and Risk Committee.
Dr Alan Jackson is a Non-Executive Independent Director of Delegat
Group Limited. Alan was, until 2009, Chairman Australasia, Senior
Vice President and Director of The Boston Consulting Group. He has
been an international management consultant since 1987 with The
Boston Consulting Group and has proven experience at the most
senior levels of international and government business. In addition,
Alan has over 10 years experience, including Chair of Housing New
Zealand, New Zealand Thoroughbred Racing, ThoroughVision
Network and as a Director of Fletcher Building. Alan is a Fellow of
the Institute of Professional Engineers and Chartered Fellow of the

New Zealand Institute of Directors.

24
GORDON MACLEOD Non-Executive Independent Director
TERM OF OFFICE: Appointed February 2022, last re-elected
November 2022.

Committee responsibilities: Chair, Audit and Risk Committee;
Member People, Culture and Safety Committee.
Gordon is a Non-Executive Independent Director of Delegat Group
Limited. Gordon is a professional Director and was until recently a
Director of Spark New Zealand Limited, and a Trustee of Breast Cancer
Foundation NZ. He is also Board Advisory Chair to two privately held
family businessess. He previously worked for 15 years with Ryman
Healthcare until October 2021, as Chief Executive Officer and before
that as Deputy Chief Executive Officer and Chief Financial Officer. He
has been a corporate finance Partner with PwC and was the Finance
Director of a London-listed hi-tech engineering company. Gordon
has a Bachelor of Commerce degree and is a Fellow of Chartered
Accountants Australia and New Zealand (FCA). He is a Member of the
Institute of Directors.
DOUG MCKAY Non-Executive Independent Director
TERM OF OFFICE: Appointed August 2024, last re-elected
November 2024.

Committee responsibilities: Member Audit and Risk Committee and
People, Culture and Safety Committee.
Doug McKay is a Non-Executive Independent Director of Delegat
Group Limited. Doug is an exceptional business leader with over
30 years experience managing FMCG, export and international
markets, including USA, UK, Australia and China. Doug’s corporate
governance experience includes present and past Chair and Director
appointments with Vector, Bank of New Zealand, Fletcher Building,
IAG New Zealand, National Australia Bank, Goodman Fielder, Genesis
Energy, Ryman Healthcare and Chartered Accountants Australia and
New Zealand. In 2015, Doug was made an Officer of the New Zealand
Order of Merit for services to business and local government. Doug is
a Chartered Fellow of the Institute of Directors.
PHILLIPA MUIR Non-Executive Independent Director
TERM OF OFFICE: Appointed August 2020, last re-elected
November 2023.

Committee responsibilities: Chair, People, Culture and Safety
Committee; Member Audit and Risk Committee.
Phillipa Muir is a Non-Executive Independent Director of Delegat
Group Limited. Phillipa is currently also a senior partner and Chair of
law firm Simpson Grierson, a Trustee of Sweet Louise Foundation and
Chair of Auckland Grammar School’s Headmaster’s Council. Phillipa
was awarded the Excellence in Governance Award at the NZ Women
in Governance Awards 2018 and has held a number of previous
governance roles. She is a Member of the Institute of Directors.

25
The Directors are responsible for ensuring that the financial statements give a true and fair
view of the financial position, financial performance and cash flows for the Group as at 30 June
2025.
The Directors consider that the financial statements of the Group have been prepared using
appropriate accounting policies, consistently applied and supported by reasonable judgements
and estimates and that all relevant financial reporting and accounting standards have been
followed.
The Directors believe that proper accounting records have been kept which enable, with
reasonable accuracy, the determination of the financial position and financial performance of
the Group and the compliance of the financial statements with the Financial Markets Conduct
Act 2013 and Financial Reporting Act 2013.
The Directors consider they have taken adequate steps to safeguard assets of the Group.
The Directors have pleasure in presenting the following financial statements for the year ended
30 June 2025.
The Board of Directors of the Group authorised these financial statements for issue on 29
August 2025.
For, and on behalf of, the Board.
29 August 2025
DIRECTORS’ RESPONSIBILITY STATEMENT 2025
J I M D E L E G A T
CHAIR
CROWNTHORPE TERRACES VINEYARD, HAWKE’S BAY.
GORDON MACLEOD
DIRECTOR

BAROSSA VALLEY ESTATE CELLAR DOOR & GARDENS

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
27
STATEMENT OF FINANCIAL PERFORMANCE
Notes 2025 2024
$000 $000
Revenue 3 349,556 378,346
Profit before finance costs 4 86,118 81,283
Finance costs 3 17,7 5 4 19,705
Profit before income tax 68,364 61,578
Income tax expense 18 19,326 30,201
Profit for the year attributable to Shareholders of the Parent Company 49,038 31,377

Earnings per share
– Basic and fully diluted earnings per share (cents per share) 5 48.49 31.03

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
28
STATEMENT OF OTHER COMPREHENSIVE INCOME
Notes 2025 2024
$000 $000
Profit after income tax 49,038 31,377
Other comprehensive income that may subsequently be classified to the profit and loss:
– Translation of foreign subsidiaries 6b 980 183
– Net gain/(loss) on hedge of a net investment 462 (125)
– Income tax relating to components of other comprehensive income 18 (129) 35
Total comprehensive income for the year, net of tax 50,351 31,470

Comprehensive income attributable to Shareholders of the Parent Company 50,351 31,470

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
29
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Notes
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Balance at 30 June 2024 49,815 19 506,165 555,999
Changes in equity for the year ended 30 June 2025
Other comprehensive income
– Translation of foreign subsidiaries 6b – 980 – 980
– Net gain on hedge of a net investment – 462 – 462
– Income tax relating to components of

other comprehensive income 18 – (129) – (129)
Total other comprehensive income – 1,313 – 1,313
– Net profit for the year – – 49,038 49,038
Total comprehensive income for the year – 1,313 49,038 50,351
Equity transactions
– Dividends paid to Shareholders 7 – – (20,235) (20,235)
Balance at 30 June 2025 49,815 1,332 534,968 586,115

FOR THE YEAR ENDED 30 JUNE 2024
Notes
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Balance at 30 June 2023 49,815 (74) 495,030 544,771
Changes in equity for the year ended 30 June 2024
Other comprehensive income
– Translation of foreign subsidiaries 6b – 183 – 183
– Net loss on hedge of a net investment – (125) – (125)
– Income tax relating to components of

other comprehensive income 18 – 35 – 35
Total other comprehensive income – 93 – 93
– Net profit for the year – – 31,377 31,377
Total comprehensive income for the year – 93 31,377 31,470
Equity transactions
– Dividends paid to Shareholders 7 – – (20,242) (20,242)
Balance at 30 June 2024 49,815 19 506,165 555,999

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 30 JUNE 2025
30
STATEMENT OF FINANCIAL POSITION
Notes 2025 2024
$000 $000
Equity
Share capital 6 49,815 49,815
Foreign currency translation reserve 6b 1,332 19
Retained earnings 534,968 506,165
Total Equity 586,115 555,999

Liabilities
Current Liabilities
Trade payables and accruals 8 3 7,7 12 3 7,76 0
Derivative financial instruments 9 4,545 46
Income tax payable 3,884 2,927
Lease liability 17 9,844 9,663
55,985 50,396
Non-Current Liabilities
Deferred tax liability 18 59, 274 55,092
Derivative financial instruments 9 1,994 –
Interest-bearing loans and borrowings 10 3 3 7,17 9 369,478
Lease liability 17 94,104 84,950
492,551 509,520
Total Liabilities 548,536 559,916
Total Equity and Liabilities 1,134,651 1,115,915



The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 30 JUNE 2025
31
STATEMENT OF FINANCIAL POSITION CONTINUED
Notes 2025 2024
$000 $000
Assets
Current Assets
Cash and cash equivalents 8,625 9,384
Trade and other receivables 11 62,806 86,128
Derivative financial instruments 9 4,074 2,707
Inventories 12 1 8 7,7 7 1 181,924
Biological work in progress 13 16,604 15,565
Assets held for sale 15 – 7, 24 0
279,880 302,948
Non-Current Assets
Property, plant and equipment 14 766,411 728,180
Right-of-use assets 17 81,873 76,769
Intangible assets 16 6,336 6,434
Derivative financial instruments 9 151 1,584
854,771 812,967
Total Assets 1,134,651 1,115,915
For, and on behalf of, the Board, who authorised the issue of the financial statements on 29 August 2025.
J N Delegat, ChairG N MacLeod, Director
The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
32
STATEMENT OF CASH FLOWS
2025 2024
$000 $000

Operating Activities
Cash was provided from
Receipts from customers 368,942 352,239
Net GST received 265 1,889
369,207 354,128
Cash was applied to
Payments to suppliers and employees 228,965 262,922
Net interest paid 20,225 19,449
Net income tax paid 14,355 14,896
263,545 2 97, 2 6 7
Net Cash Inflows from Operating Activities 105,662 56,861

Investing Activities
Cash was provided from
Proceeds from sale of property, plant and equipment 7,7 3 3 99
Dividends received 20 18
7,7 5 3 117
Cash was applied to
Purchase of property, plant and equipment 46,389 65,978
Purchase of intangible assets – 32
Capitalised interest paid 5,547 5,563
51,936 71,573
Net Cash Outflows from Investing Activities (4 4,183) (71,456)

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
33
STATEMENT OF CASH FLOWS CONTINUED
2025 2024
$000 $000

Financing Activities
Cash was provided from
Proceeds from borrowings 54,961 51,056
54,961 51,056
Cash was applied to
Dividends paid to shareholders 20,213 20,232
Borrowing facility fees 597 200
Repayment of borrowings 86,305 8,032
Repayment of lease liability 10,435 5,188
117, 5 5 0 33,652
Net Cash (Outflows)/Inflows from Financing Activities (62,589) 17, 4 0 4

Net (decrease)/increase in Cash Held (1,110) 2,809
Cash and cash equivalents at beginning of the year 9,384 6,610
Effect of exchange rate changes on foreign currency balances 351 (35)
Cash and Cash Equivalents at End of the Year 8,625 9,384
The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
34
STATEMENT OF CASH FLOWS CONTINUED
2025 2024
$000 $000
Reconciliation of Profit for the Year with Cash Flows from Operating Activities
Reported profit after tax 49,038 31,377
Add/(deduct) items not involving cash flows
Depreciation and amortisation expense 27,548 25,835
Other non-cash items 585 (4,507)
Loss on disposal of assets (21) 40
Movement in derivative financial instruments 6,559 (2,689)
Movement in deferred tax liability 4,182 14,307
38,853 32,986

Movement in working capital balances are as follows
Trade payables and accruals (48) (14,451)
Trade and other receivables 23,322 (23,650)
Inventories (5,847) 27,831
Biological work in progress (1,039) (855)
Income tax 957 972

Add items classified as investing and financing activities
Capital purchases included within trade payables and inventories (171) 2,451
Borrowing facility fees 597 200
17,7 7 1 ( 7, 5 0 2)
Net Cash Inflows from Operating Activities 105,662 56,861

Reconciliation of movement in Net Debt:
Opening balance at 1 July 360,094 319,398
Per statement of cash flows:
– Net (repayment)/proceeds from borrowings (31,344) 43,024
– Borrowing facility fees (597) (200)
– Net decrease/(increase) in cash held 1,110 (2,809)
Foreign exchange movement (1,217) 283
Other
non-cash movements 508 398
Closing balance at 30 June 328,554 360,094

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
35
NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL INFORMATION
REPORTING ENTITY
The financial statements presented are those of Delegat Group Limited and its subsidiaries (the Group). Delegat
Group Limited is a company limited by shares, incorporated and domiciled in New Zealand and registered under the
Companies Act 1993. The Parent shares are publicly traded on the New Zealand Stock Exchange.
The financial statements comprise the statement of financial performance, statement of other comprehensive
income, statement of changes in equity, statement of financial position and statement of cash flows, as well as the
notes to the financial statements. The financial statements for the Group for the year ended 30 June 2025 were
authorised for issue in accordance with a resolution of the Directors on 29 August 2025.
BASIS OF PREPARATION
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New
Zealand (NZ GAAP) and the requirements of the Financial Markets Conduct Act 2013. For the purposes of complying
with NZ GAAP, the entity is a for-profit entity. These financial statements are presented in New Zealand Dollars,
rounded to the nearest thousand. They are prepared on a historical cost basis, except for derivative financial
instruments and biological produce which have been measured at fair value.
The preparation of the financial statements requires the Group to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates
and associated assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances. Actual results may vary from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimates are revised if the revision affects only that period, or in the period of revision and future periods
if the revision affects both current and future periods.
S TATE M E NT O F C O M PLI A N C E
The financial statements comply with New Zealand equivalents to IFRS Accounting Standards and other applicable
Financial Reporting Standards (NZ IFRS), as applicable to the Group as a profit-oriented entity. The financial
statements comply with IFRS Accounting Standards (IFRS).
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements of the Group as at 30 June 2025 and
comparatives as at 30 June 2024.
Subsidiaries are those entities over which the Group has control. Control is achieved when the Group is exposed, or
has rights, to variable returns from its investment in the entity, and has the ability to affect those returns through its
power over the entity. Specifically, the Group controls an entity if, and only if, the Group has:
– Power over the entity (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
– Exposure, or rights, to variable returns from its involvement with the entity; and
– The ability to use its power over the investee to affect its returns.
The financial statements of the subsidiaries are prepared for the same reporting period as the Parent, using

consistent accounting policies. The effects of intercompany transactions are eliminated in preparing the consolidated
financial statements.
Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease to be
consolidated from the date on which control is transferred out of the Group. The acquisition of subsidiaries is
accounted for using the acquisition method of accounting as noted on the following pages.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
36
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
BUSINESS COMBINATIONS
The acquisition method of accounting is used to account for all business combinations regardless of whether
equity instruments or other assets are acquired. Cost is measured as the fair value of the assets given, shares
issued or liabilities incurred or assumed at the date of exchange. Where equity instruments are issued in a business
combination, the fair value of the instruments is their published market price at the date of the exchange, unless, in
rare circumstances, it can be demonstrated that the published price at the date of exchange is an unreliable measure
of fair value. Transaction costs arising on the issue of equity instruments are recognised directly within equity.
Except for non-current assets or disposal groups classified as held for sale (which are measured at fair value
less costs to sell), all identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values as at acquisition date, irrespective of the extent of any non-
controlling interests. The excess of the cost of the business combination over the net fair value of the Group’s share
of the identifiable net assets acquired is recognised as goodwill. If the cost of the acquisition is less than the Group’s
share of the net fair value of the identifiable net assets of the subsidiary, the difference is recognised as a gain in the
statement of financial performance, but only after a reassessment of the identification and measurement of the net
assets acquired.
Where settlement of any part of the consideration is deferred, the amounts payable in the future are discounted to
the present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being
the rate at which similar borrowings could be obtained from an independent financier under comparable terms and
conditions.
GOODS AND SERVICES TAX (GST)
The statement of financial performance, statement of other comprehensive income, statement of changes in equity
and statement of cash flows have been prepared so that all components are stated net of GST. All items in the
statement of financial position are stated net of GST, with the exception of receivables and payables, which include
GST invoiced.
FOREIGN CURRENCIES
a) Functional and Presentation Currency
The presentation currency of the Group is the New Zealand Dollar. Each subsidiary company in the Group determines
its own functional currency and uses that functional currency for its individual financial statements. Subsidiary
companies with a different functional currency than that of the Group are translated through converting all reported
assets and liabilities at the closing rate at the date of the balance sheet, while income and expenses are translated
at exchange rates at the dates of the transactions. Any resulting exchange differences are recognised as a separate
component of equity.
b) Transactions and Balances
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates
ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated at the
rate of exchange ruling at the balance sheet date.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand, and short-term
deposits with an original maturity of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of change in value. For the purposes of the statement of cash flows, cash
and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.
Bank overdrafts are included within interest-bearing loans and borrowings in current liabilities in the statement of
financial position.
1. GENERAL INFORMATION (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
37
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
NET DEBT
Net debt is the sum of the Group’s interest-bearing loans and borrowings less cash and cash equivalents.
OTHER ACCOUNTING POLICIES
Other accounting policies that are relevant to an understanding of the financial statements are provided throughout
the notes to the financial statements.
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
In applying the Group’s accounting policies, management continually evaluates the judgements, estimates and
assumptions based on experience and other factors, including expectations of future events that may have an
impact upon the Group. All judgements, estimates and assumptions made are believed to be reasonable based upon
the most current set of circumstances available to management. The actual results may differ from the judgements,
estimates and assumptions used. The significant judgements, estimates and assumptions made by management in
the preparation of these financial statements are disclosed within the specific financial statement notes as shown
below:
Area of Judgement, Estimate or Assumption
Selling, marketing and promotional accruals
Fair value of grapes at point of harvest
Estimation of useful lives of assets
Impairment of property, plant and equipment
Impairment of intangible assets
Lease term and discount rates
Note
Note 3 Revenue and Segmental Reporting
Note 12 Inventories
Note 14 Property, Plant and Equipment
Note 14 Property, Plant and Equipment
Note 16 Intangible Assets
Note 17 Leases
To allow the Accounting Policies and Significant Accounting Judgements, Estimates and Assumptions to be easily
identified within the notes, Accounting Policies have been identified with an
symbol, and Significant Accounting
Judgements, Estimates and Assumptions with an
symbol.
NEW ACCOUNTING STANDARDS AND INTERPRETATIONS
In FY25, the Group has adopted amendments issued for NZ IAS 1 : Presentation of Financial Statements: Disclosures
for Current and Non-current Liabilities, and Non-current Liabilities with Covenants which clarify the criteria for
classifying liabilities and liabilities with covenants as current or non-current. The Group’s classification of liabilities
did not change as a result of these amendments.
The Group has also adopted the amendments to FRS 44 New Zealand Additional Disclosures: Disclosure of Fees
for Audit Firms’ Services which require an entity to describe the services provided by its audit or review firm and
to disclose the fees incurred by the entity for those services using prescribed categories. These disclosures are
included in note 4.
The accounting policies set out in these financial statements are consistent for all periods presented.
Accounting standards not yet effective
New or revised standards and interpretations that have been approved but are not yet effective have not been
adopted by the group for the year ended 30 June 2025.
1. GENERAL INFORMATION (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
38
Accounting standards not yet effective (continued)
NZ IFRS 18 Presentation and Disclosure in Financial Statements, issued in May 2024, is effective for annual reporting
periods beginning on or after 1 January 2027, and entities can early adopt this accounting standard. NZ IFRS 18 sets
out requirements for the presentation and disclosure of information in general purpose financial statements to help
ensure they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and
expenses. The group is yet to assess NZ IFRS 18’s full impact. The group intends to apply the standard when it
becomes mandatory from 1 January 2027.
There are no other new or amended standards that are issued but not yet effective, that are expected to have a
material impact on the group.
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s principal financial liabilities comprise interest-bearing loans and borrowings, lease liabilities and trade
payables and accruals. The main purpose of these financial liabilities is to raise funding for the Group’s ongoing
operations. The Group also has financial assets such as trade and other receivables, and cash and cash equivalents,
which arise directly from its operations.
The Group is counterparty to derivative financial instruments, principally being foreign currency forward exchange
contracts and options, and interest rate swaps. The purpose of entering into foreign currency forward exchange
contracts and options is to manage currency risk primarily arising from foreign denominated trade receivables.
Interest rate swaps are entered into with the aim of mitigating interest rate risk to movements on floating rate debt
facilities.
The main risks arising from the Group’s financial instruments are foreign currency risk, interest rate risk, credit risk
and liquidity risk. Each of the main operational risks are reviewed by the Treasury Management Committee (TMC)
and their recommendations are provided to the Board of Directors. The composition of the TMC includes the Chief
Financial Officer, Group Financial Controller, Group Financial Planning Manager and Independent Treasury Advisors.
The Board reviews and agrees policies for managing each of these risks as summarised below. Board approval is
required for any movement outside policy.
FOREIGN CURRENCY RISK
The net assets employed through subsidiary companies based overseas exposes the Group to foreign currency risk
as a result of changes in the GBP/NZD, AUD/NZD, USD/NZD, EUR/NZD, CAD/NZD, SGD/NZD, JPY/NZD, HKD/NZD
and CNY/NZD exchange rates. The Group also has foreign currency risk resulting from sales of product in a currency
which is other than that of the New Zealand Dollar. Profits from each export region are repatriated and reported in
New Zealand Dollars and the Group is exposed to changes in foreign exchange rates.
To minimise foreign currency risk the Group enters into forward exchange contracts and options for foreign
denominated sales at levels which are considered to be highly probable. The Group attempts to maintain foreign
currency cover of between 75% to 100% of highly probable sales in one to three months, 50% to 75% for highly
probable sales in four to six months, 25% to 50% for highly probable sales in seven to 12 months, 0% to 50% for
sales between 13 to 18 months and 0% to 25% for sales thereafter. The Group has the option of increasing foreign
exchange cover to 100% for any time period upon approval by the Board of Directors.
When the Group is exposed to foreign currency risk as a result of being contractually committed to purchase capital
items from an overseas supplier and such expenditure is expected to exceed $200,000, the Group’s policy is to
ensure the foreign currency exposure is covered in full. Any capital expenditure below $200,000 is to be covered at
the discretion of the TMC, based on such factors as timing for payment and expected volatility of currency markets.
It is the Group’s policy that in no instance is trading for speculative purposes permitted.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1. GENERAL INFORMATION (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
39
At 30 June 2025, had the New Zealand Dollar (NZD) moved as illustrated in the following table with all other variables
held constant, post-tax profit and equity would have been affected as follows:
IMPACT ON 2025 REPORTED IMPACT ON 2024 REPORTED
Post-Tax Equity Post-Tax Equity
Profits Profits
Group $000 $000 $000 $000

NZD/USD +5% 2,464 2,464 3,171 3,171
NZD/USD -5% (2,806) (2,806) (3,806) (3,806)
NZD/GBP +5% 2,045 2,045 2,070 2,070
NZD/GBP -5% (2,614) (2,614) (2,508) (2,508)
NZD/AUD +5% 472 (610) 693 (406)
NZD/AUD -5% (513) 684 (785) 430
NZD/CAD +5% 226 226 336 336
NZD/CAD -5% (250) (250) (384) (384)
NZD/EUR +5% 107 107 40 40
NZD/EUR -5% (118) 118 (4 4) (4 4)

The above table calculates the impact of a change in foreign exchange rates on closing equity and post-tax profits
of the Group, as a result of the Group being counterparty to transactions which are foreign currency denominated.
Foreign currency denominated balances include trade and other receivables, trade payables and accruals, loans
and borrowings, cash on hand, and unsettled foreign exchange contracts that exist at balance sheet date. The net
foreign currency exposure is determined in aggregate and the impact on post-tax profits determined as a result of a
+/- 5% movement in foreign exchange rates. A +5% movement reflects the strengthening of the NZD relative to the
other currency, whereas a -5% movement reflects the weakening of the NZD relative to the other currency.
The impact upon the Group’s equity balance is derived through determining the impact on post-tax profits as noted
above.
HEDGE OF NET INVESTMENT IN FOREIGN OPERATION
For hedges of a net investment in a foreign operation, the effective portion of the gain or loss on the
hedging instrument is recognised in the statement of other comprehensive income and accumulated in
the foreign currency translation reserve, while any ineffective portion is recognised immediately in the
statement of financial performance. On disposal of the foreign operation, the cumulative amount of any
such gains or losses accumulated within equity is transferred to the statement of financial performance.
The net assets employed in Barossa Valley Estate Pty Limited (BVE) exposes the Group to foreign currency risk as a
result of changes in the AUD/NZD exchange rate.
The foreign currency movement on translation of the net assets of BVE is included in the statement of other
comprehensive income. Since the acquisition of BVE the Group has maintained a portion of their external borrowings
in AUD to mitigate this risk. The foreign exchange movement on these external borrowings in the absence of hedge
accounting is included in the statement of financial performance.
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
Increase/
(decrease)
Increase/

(decrease)
Increase/

(decrease)
Increase/

(decrease)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
40
External borrowings of A$29,350,000 (2024: A$29,350,000) have been designated as a hedge of the net investment in
BVE. Gains or losses on the retranslation of this borrowing are transferred to the statement of other comprehensive
income to offset any gains or losses on translation of the net assets of BVE. There is no hedge ineffectiveness in the
year ended 30 June 2025.
INTEREST RATE RISK
The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long-term and
short-term debt obligations with interest payable based on floating rates of interest. Interest rate risk is monitored
by the TMC on an ongoing basis. The recommendation by the TMC to enter into fixed or variable rate debt facilities
and decisions to retire existing debt instruments is made after consideration of the economic indicators impacting
upon the overnight cash rate, which influences the rates of interest charged by financial institutions. All funding
facilities recommended by the TMC must be approved by the Board of Directors.
The Group manages interest rate risk through maintaining a mix of debt instruments having variable and fixed
interest rates. The Group’s policy is to maintain a level of fixed debt facilities between 40% to 100% of core debt for
a period of one year, between 30% to 80% of projected core debt for periods of one to three years, and between

0% to 60% of projected core debt facilities for three to five years.
The Group also manages interest rate risk through being counterparty to a series of interest rate swaps. The Group
agrees to settle or has the option to exchange, at specified dates, the difference between fixed and variable rate
interest amounts calculated by reference to an agreed upon notional principal amount. These are discussed in

Note 9: Derivative Financial Instruments.
The table below demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables
held constant, on the Group’s post-tax profits and equity:
IMPACT ON 2025 REPORTED IMPACT ON 2024 REPORTED
Post-Tax Equity Post-Tax Equity
Profits Profits
Group $000 $000 $000 $000
2.00% Increase – 200 basis points

(2024: 2.00% Increase – 200 basis points) 2,233 2,233 1,881 1,881
0.25% Decrease – 25 basis points

(2024: 0.25% Decrease – 25 basis points) (279) (279) (235) (235)

The key assumptions which impact upon the values presented in the above table are the following:
– Cash and cash equivalents include deposits on call which are at floating interest rates. The estimated impact
upon interest revenues from these sources is based upon amounts held on deposit remaining at consistent
levels as reported at the balance sheet date. For foreign denominated deposits, the impact on foreign exchange
is based on the conversion rate existing at balance sheet date.
– Account balances that are trade receivables or trade payables are generally on 30 to 90 day terms and are non-
interest bearing and are not subject to interest rate risk.
– The impact upon the fair value of the interest rate swaps is based upon the differential in rates between the
Group paying a fixed rate of interest and receiving the floating New Zealand Bank Bill Rate (BKBM) multiplied by
the nominal amount under the swap agreement up until maturity.
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
41
– Interest payable on bank debt is based upon the BKBM/BBSY plus a margin. The margin is dependent upon the
Group achieving certain financial covenants and the margin ranges from 0.93% to 2.25% (2024: 0.91% to 2.05%).
The analysis assumes that the margin and principal is held constant at the same rate as at the balance sheet
date with the sensitivity calculating the effect on interest expense of movements in the BKBM/BBSY rate. The
analysis excludes any future interest that would be capitalised as part of long-term assets.
– Included in the above table is the change in fair value of interest rate swaps, which results from changes in the
floating interest rate.
CREDIT RISK
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss
to the Group.
To the extent the Group has a receivable from another party, there is a credit risk in the event of non-performance
by that counterparty and arises principally from receivables from customers, derivative financial instruments and
the investment of cash.
The Group trades with recognised and creditworthy third parties. It is the Group’s policy that all customers who
wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an
ongoing basis.
The Group places cash, short-term deposits, and derivative financial instruments with good credit quality
counterparties.
The Group is not exposed to any significant concentrations of credit risk, within receivables, other assets, and
derivatives.
The carrying amount of financial assets recorded in the financial statements represent the Group’s maximum
exposure to credit risk.
LIQUIDITY RISK
Liquidity risk is the risk that an unforeseen event or miscalculation in the required liquidity level may lead to the
Group being unable to meet its day to day funding obligations. To minimise liquidity risk, the Group’s policy is to
maintain committed funding facilities at a minimum of 105% of the projected peak debt level over the next 12 months
(excluding the cash requirements for any business combinations).
A General Security Agreement exists in favour of Westpac New Zealand Limited, Westpac Banking Corporation,
Bank of New Zealand Limited, China Construction Bank (New Zealand) Limited and Hongkong and Shanghai
Banking Corporation Limited to secure amounts loaned to the Group. The General Security Agreement covers the
existing and future assets of Delegat Group Limited, Delegat Limited, Delegat Australia Pty Limited, and Barossa
Valley Estate Pty Limited. The amount of the guarantee in respect of the banking facilities is not included in the table
on page 42 and is the lower value of the net assets of the Group and the aggregate of the loans advanced at balance
date. Loan facilities are disclosed in Note 10.
The table on page 42 presents all contractual payments which the Group is legally obliged to make and includes
all future interest payments on interest-bearing facilities. The interest cost has been estimated by maintaining the
current principal balance and interest rates that exist at balance sheet date. The table also includes the New Zealand
Dollar equivalent for the foreign currency amounts, which are to be delivered to fulfil obligations under foreign
currency contracts.
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
42
Facility Type
30 June 2025
Facility

Limit
$000
Drawn at

Balance Sheet
Date
$000
< 1 year
$000
1 to 2 years
$000
> 2 years
$000
Working Capital facility 48,000 8,215 380 380 8,439
Multicurrency facility A 100,000 100,000 4,450 4,450 102,621
Multicurrency facility B 100,000 80,000 3,608 3,608 85,733
Term facility 90,000 90,000 4,671 4,671 92,751
Headroom facility 20,000 – – – –
AUD facility A 31,583 31,583 1,651 1,651 34,207
AUD facility B 29,592 27,978 1,454 1,454 28,835
Lease liability N/A 103,948 14,749 12,912 132,200
Low value asset leases N/A N/A 5,850 4,659 6,616
Derivative financial instruments N/A N/A 204,397 605 (952)
Trade payables and accruals N/A 31,149 31,149 – –
Financial guarantee contracts N/A N/A 124 – –
As at 30 June 2025 419,175 472,873 272,483 34,390 490,450

Included in the table above are financial guarantees which are presented at their highest possible amount that can
be called at balance date. For each individual guarantee, if the obligation at balance date is lower than the maximum
amount callable under the guarantee then the lower value has been included. The guarantees can be called in favour
of the beneficiary if certain acts of non-performance occur. The Directors consider the likelihood of each financial
guarantee being called remote.
Facility Type
30 June 2024
Facility

Limit
$000
Drawn at

Balance Sheet
Date
$000
< 1 year
$000
1 to 2 years
$000
> 2 years
$000
Working Capital facility 45,000 21,381 1,518 22,275 –
Multicurrency facility A 100,000 100,000 6,900 104,064 –
Multicurrency facility B 100,000 100,000 7,050 7,050 104,153
Term facility 39,900 39,897 3,032 41,683 –
Headroom facility 20,000 – – – –
Revolving loan facility 45,000 45,000 3,069 46,808 –
AUD facility A 32,045 32,045 1,847 1,847 33,133
AUD facility B 38,214 31,663 1,796 32,721 –
Lease liability N/A 94,613 11,752 11,988 166,732
Low value asset leases N/A N/A 5,160 3,885 5,331
Derivative financial instruments N/A N/A 184,711 17,715 (571)
Trade payables and accruals N/A 30,456 30,456 – –
Financial guarantee contracts N/A N/A 144 – –
As at 30 June 2024 420,159 495,055 257,435 290,036 308,778

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
43
All of the above facilities have a floating rate of interest which is tied to the New Zealand BKBM for NZD facility/
Australian BBSY for AUD facility plus margin. At balance sheet date the Group has interest rate swaps that cover
$157,978,000 (2024: $132,296,000) of the principal balance drawn at balance sheet date. Refer to Note 9.
The Group maintains credit facilities at a level sufficient to fund the Group’s working capital during the period
between cash expenditure and cash inflow.
SUMMARY OF FINANCIAL INSTRUMENTS HELD
At the balance sheet date the Group reports the following categories of financial instruments:
2025 2024
$000 $000
Financial Assets
Financial assets at amortised cost 65,135 85,829
Financial assets at fair value through profit and loss 4,225 4,291
69,360 90,120
Financial Liabilities
Financial liabilities at amortised cost 472,276 494,546
Financial liabilities at fair value through profit or loss 6,539 46
478,815 494,592

The Group does not have any financial assets or liabilities that are classified as fair value through other
comprehensive income (FVOCI).
FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value of financial instruments is presented in the previous table. For financial instruments measured at
fair value, further disclosure is required that allocates the fair values into a measurement hierarchy. The following
principles have been applied in classifying these instruments:
Level 1 – the fair value is calculated using quoted prices in active markets;
Level 2 – the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly (as prices) or indirectly (derived from prices);
Level 3 – the fair value is estimated using inputs for the asset or liability that are not based on observable market data.
The fair value of the financial instruments as well as the methods used to estimate the fair value are summarised below:
Level 1 Level 2 Level 3 Total
30 June 2025 $000 $000 $000 $000
Financial Assets
Foreign currency forward exchange option contracts – 1,119 – 1,119
Foreign currency forward exchange contracts – 3,106 – 3,106
– 4,225 – 4,225
Financial Liabilities
Foreign currency forward exchange option contracts – 845 – 845
Foreign currency forward exchange contracts – 2,723 – 2,723
Interest rate swap contracts – 2,971 – 2,971
– 6,539 – 6,539
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
44
The fair value of financial instruments held at balance date that are not traded on an active market include foreign
currency forward exchange contracts and options, and net settled interest rate swap contracts. The fair values are
derived through valuation techniques that maximise the use of observable market data where it is available and rely
as little as possible on entity specific estimates, calculated using discounted cash flow models and observable market
rates of interest and foreign exchange. If all significant inputs come from observable market data the instrument is
included in Level 2 of the hierarchy.
Level 1 Level 2 Level 3 Total
30 June 2024 $000 $000 $000 $000
Financial Assets
Foreign currency forward exchange option contracts – 386 – 386
Foreign currency forward exchange contracts – 856 – 856
Interest rate swap contracts – 3,049 – 3,049
– 4,291 – 4,291
Financial Liabilities
Foreign currency forward exchange contracts – 46 – 46
– 46 – 46

FINANCIAL RISK ASSOCIATED TO BEARER PLANTS
The Group is exposed to financial risks in respect of agricultural activities. The agricultural activities of the Group
consist of the management of vineyards to produce grapes for use in the production of wine.
The primary risk borne by the Group is caused by the length of time between when cash is expended on the purchase
or planting and maintenance of grape vines and on harvesting grapes and the ultimate realisation of proceeds from
the sale of finished product (wine). The Group takes reasonable measures to ensure that the current year’s harvest
is not affected by disease, drought, frost, or other factors that may have a negative effect upon yield and quality.
These measures include consultation with experts in viticulture, frost protection measures, and ensuring that each
vineyard is managed according to a specifically developed Vineyard Management Calendar.
The Group is a climate reporting entity under the Financial Markets Conduct Act 2013 and is required to prepare a
Climate-related Disclosure Statement which is released at the same time as the Annual Report. The Climate-related
Disclosure Statement outlines climate-related risks relevant to bearer plants, the anticipated impacts and controls
to mitigate these risks.
CAPITAL MANAGEMENT
When managing capital, management’s objective is to ensure the entity continues as a going concern as well as to
maintain optimal returns to shareholders and benefits for other stakeholders of the business. The ultimate aim is to
maintain a capital structure which provides flexibility to enable future growth of the Group while ensuring the lowest
cost of capital is available to the Group.
Management review the capital structure of the Group as a result of changes in market conditions which impact
upon interest and foreign exchange rates and may adjust the capital structure to take advantage of these changes.
Management has no current plans to issue further shares on the market but is intent on growing the business which
will require future funding.
The Group is subject to a series of bank covenants over its Senior Debt facilities. These are discussed in Note 10.
2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
45
3. REVENUE AND SEGMENTAL REPORTING
An operating segment is a reportable segment if the segment engages in business activities in which it
may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group’s
Chief Operating Decision Maker and for which discrete financial information is available.
The Group reviews its operational performance based upon the management and the geographic areas in which
their customers are based. Financial information which is available to management in order to assess segment
performance and investment opportunities is presented on the same basis. In accordance with NZ IFRS 8: Operating
Segments this forms the basis of presentation for Segment Reporting and is in the format adopted below:
– Delegat Limited (Delegat) is party to vineyard leases and has interests in freehold land and winery infrastructure
which allows the company to grow, harvest and make finished wine to be marketed, distributed and sold into
the Super Premium wine markets. Delegat sells and markets its product through a combination of subsidiary
companies based overseas or to customers and distributors directly in the New Zealand, Canadian, Asian and
Pacific Island markets.
– Delegat Australia Pty Limited, Delegat Europe Limited and Delegat USA, Inc. act as distributors and assist in the
marketing of product in their respective geographic regions. Wines are sold all year round to all regions and the
Group considers there is no significant variations in revenues throughout the year.
The Group implements appropriate transfer pricing regimes within the operating segments on an arm’s length basis
in a manner similar to transactions with third parties.
Management monitors the operating results of its business units separately for the purpose of making resource
allocations and performance assessments. Segment performance is evaluated based on operating profit or loss,
which may be measured differently from operating profit or loss in the consolidated financial statements as segment
reporting is based upon internal management reports. The main differences are a result of some deferred tax
balances being recognised upon consolidation not being allocated to individual subsidiaries. Also inter-company
stock margin eliminations are managed on a group basis and are not allocated to operating segments.
REVENUE
Revenue is recognised when the Group satisfies its performance obligation to the customer. Satisfaction
of a performance obligation occurs when the Group has transferred a promised good to the customer
and when the customer obtains control of that good. The following specific recognition criteria have been
applied to each individual classification of revenue:
i) Sale of Goods
The primary source of revenue earned by the Group is through providing wine to third party retailers
and distributors. Revenue is recognised when control of the wine has passed to the buyer and the costs
incurred or to be incurred in respect of the transaction can be measured reliably. Control is considered
passed to the buyer at the time of delivery of goods to the customer. External sales revenue includes
various payments to customers for volume discounts, rebates and other promotional support.
ii) Interest Revenue
Revenue is recognised as interest accrues using the effective interest rate method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant
period using the effective interest rate, which is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial asset to the net carrying amount of the financial asset.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
46
REVENUE
Sales are often made with volume discounts, other rebates and various other payments to customers
for promotional support. For volume discounts and other rebates not invoiced at the reporting date
these are estimated based on agreements with customers and estimated depletions during the period.
Other payments to customers for promotional support include listing fees, mailer fees and other
incentives. For these expenses that have not been invoiced at the reporting date these are estimated
based on agreements with customers and estimated achievement of various targets by the customer.
At 30 June 2025 the Group has recognised accruals of $28.5 million (2024: $28.8 million). The majority
of these amounts will be settled within the six months following balance date.
Year ended
30 June 2025
Delegat
Limited
$000
Delegat
Australia
Pty Ltd
$000
Delegat
Europe
Limited
$000
Delegat
USA, Inc.
$000
Other
Segments
10
$000
Eliminations
and
Adjustments
11
$000
Year Ended
30 June
2025
$000
Operating income
External sales
2,8
71,676 54,593 103,783 172,170 12,785 (66,090) 348,917
Internal sales 288,302 – – – 9,188 (297,490) –
Unrealised foreign exchange

(loss)/gain 489 – (31) – – 50 508
Dividend revenue 35 – – – 20,810 (20,797) 48
Interest revenue 56 10 3 1 13 – 83
Total segment revenues
1
360,558 54,603 103,755 172,171 42,796 (384,327) 349,556

Operating expenses
Interest expense
3
15,480 83 5 161 2,025 – 17,7 5 4
Depreciation and amortisation
4
24,735 449 167 499 1,698 – 27,548
Income tax expense
5
17,497 336 918 654 437 (516) 19,326

Segment profit / (loss) 43,839 770 2,751 1,990 21,812 (22,124) 49,038

Assets
Segment assets
6
1,063,193 10,105 49,008 36,468 131,347 (155,470) 1,134,651
Capital expenditure
7
59,093 – – 103 667 – 59,863

Segment liabilities 574,603 4,285 27,524 7,717 37,277 (102,870) 548,536
Refer to footnotes on page 47
3. REVENUE AND SEGMENTAL REPORTING (C O N T I N U E D)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
47
3. REVENUE AND SEGMENTAL REPORTING (C O N T I N U E D)
Year ended
30 June 2024
Delegat
Limited
$000
Delegat
Australia
Pty Ltd
$000
Delegat
Europe
Limited
$000
Delegat
USA, Inc.
$000
Other
Segments
10
$000
Eliminations
and
Adjustments
11
$000
Year Ended
30 June
2024
$000
Operating income
External sales
2,9
78,025 61,222 127,516 196,823 9,997 (98,049) 375,534
Internal sales 330,854 – – – 11,025 (341,879) –
Unrealised foreign exchange

(loss)/gain (1,294) – 45 – 2 1,294 47
Fair value gain on derivative

financial instruments 2,689 – – – – – 2,689
Dividend revenue 18 – – – 797 (781) 34
Interest revenue 25 9 2 – 6 – 42
Total segment revenues
1
410,317 61,231 127,563 196,823 21,827 (439,415) 378,346

Operating expenses
Interest expense
3
17,381 51 8 65 2,200 – 19,705
Depreciation and amortisation
4
22,877 588 158 541 1,671 – 25,835
Income tax expense
5
13,516 358 955 789 593 13,990 30,201

Segment profit/(loss) 34,456 813 2,848 2,366 2,244 (11,350) 31,377
Assets
Segment assets
6
1,038,624 9,684 49,262 46,818 110,479 (138,952) 1,115,915
Capital expenditure
7
68,559 2 – 10 549 – 69,120
Segment liabilities 540,126 3,752 32,058 19,993 38,633 (74,646) 559,916
1.
Intersegment revenues are eliminated on consolidation. Intercompany profit margins are also eliminated.
2.
External sales revenue includes various payments to customers for volume discounts, rebates and other promotional support. For volume
discounts, rebates and other promotional support not invoiced at 30 June 2024 the Group recognised accruals of $28,800,000 (30 June
2023: $25,719,000). During the year $601,000 of these accruals have been released (2024: $172,000).
3.
Interest expense is net of any interest capitalised to long-term assets and inventory. During the year $5,546,000 (2024: $5,563,000) was
capitalised to long-term assets and $5,200,000 (2024: $4,780,000) was capitalised to inventory.
4.
Depreciation and amortisation expense presented above is gross of $23,334,000 (2024: $21,159,000), which has been included within
inventory and $647,000 (2024: $637,000) which has been included within long-term assets.
5.
Segment income tax expense does not include the deferred tax impacts of temporary differences arising from intercompany stock margin
eliminations as this is managed on a group level.
6.
Segment assets include the value of investments and loan balances for subsidiaries which reside in Delegat Limited however do not include
the effects of stock margin eliminations for stock on hand in subsidiaries.
7.
Capital expenditure consists of additions of property, plant and equipment inclusive of capitalised interest. Capital expenditure is included
within each of the reported segment assets noted above.
8.
During the 2025 financial year Delegat USA, Inc had a single customer which comprised 10% or more of group sales amounting to $81,091,000.
9.
During the 2024 financial year Delegat USA, Inc had a single customer which comprised 10% or more of group sales amounting to $96,737,000.
10.
Other segments’ assets include non-current assets of Barossa Valley Estate Pty Limited of $43,866,000 (2024: $45,492,000) which are
located in Australia.
11.
The eliminations and adjustments of segment profit, assets and liabilities relate to intercompany transactions and balances which are
eliminated on consolidation.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
48
4 . E X P E N S E S
Expenses by function have been categorised as follows:
Notes 2025 2024
$000 $000
Cost of sales 1 8 7, 5 5 7 228,488
Selling, marketing and promotion expenses 51,605 49,637
Corporate governance expenses 1,596 1,709
Administration expenses 16,122 17, 2 2 9
Fair value loss on derivative financial instruments 6,558 –
263,438 2 97, 0 6 3
Specific components of the above expenses include:
Directors’ fees – Delegat Group Limited 721 660
Directors’ fees – Overseas subsidiaries 54 54
Depreciation
1
14, 17 2 7, 5 3 4 25,492
Amortisation

16 14 343
Wages and salaries
2
55,758 55,397
Defined contribution pension plans
2
2,242 2,177
Termination benefits paid

258 186

Auditor Remuneration
3,4
Audit and review of the financial statements
Audit and review of the financial statements 458 467
Other assurance services and other agreed-upon procedures engagement/s:
Limited assurance over selected Greenhouse Gas (GHG) information
included in the Climate-related Disclosures (Assurance enagement) 28 –
Taxation services
Tax compliance – 40
Total remuneration paid to auditor 486 507

1.
The depreciation figure presented above represents the gross depreciation charge for the year. Depreciation is recorded in the business
function to which the asset relates. Depreciation incurred on assets directly associated with winemaking and viticulture of $23,344,000
(2024: $21,159,000) is included within the cost of inventories and expensed as a cost of sales when product is sold, and $647,000 (2024:
$637,000) is capitalised within long-term assets.
Depreciation on vineyard development commences when the vineyard is considered to be in commercial production, which is generally
when the vineyard has produced approximately 60% of the expected yield at full production.
2.
The employee benefit figures above represent the gross employee benefits expense for the year. Included within inventory is remuneration
paid to employees directly associated with winemaking, bottling and packaging. During the year $13,593,000 (2024: $13,813,000) of employee
benefits were included within inventory. These costs are included within inventory until the stock to which the expenditure relates is sold.
3.
The auditor of Delegat Group Limited is Deloitte. Amounts received, or due and receivable, by Deloitte are as disclosed above.
4.
During the year the Group also paid $6,000 (2024: $6,000) to SBA Stone Forest CPA Co Ltd for the audit of the local financial statements of
Delegat (Shanghai) Trading Co. Limited.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
49
5. EARNINGS PER SHARE
Basic earnings per share is calculated as Group profit after income tax attributable to ordinary
shareholders of the Parent, adjusted to exclude any costs of servicing equity (other than dividends) and
preference share dividends, divided by the weighted average number of ordinary shares on issue.
Diluted earnings per share is calculated as Group profit after income tax attributable to ordinary
shareholders of the Parent adjusted for:
– costs of servicing equity (other than dividends) and preference share dividends;
– the after tax effect of dividends and interest associated with dilutive potential ordinary shares that
have been recognised as expenses; and
– other non-discretionary changes in revenues and expenses during the period that would result from
the dilution of potential ordinary shares;
divided by the weighted average number of ordinary shares and dilutive potential ordinary shares.
The following reflects the earnings used in the calculation of the basic and fully diluted earnings per share:
2025 2024
a) Earnings Used in Calculating Earnings per Share
Profit for the year – basic and fully diluted ($000) 49,038 31,377
b) Weighted Average Number of Shares
Weighted average number of shares – basic and fully diluted (000s) 101,130 101,130
c) Reported Earnings per Share on Statement of Financial Performance
(expressed as cents per share)
Basic and fully diluted earnings per share 48.49 31.03

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
50
6. SHARE CAPITAL
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares
or options are shown in equity as a deduction from the proceeds.
2025 2024
$000 $000
Balance at beginning of the year 49,815 49,815
Balance at end of the year 49,815 49,815

a) Movement in the Number of Ordinary Shares on Issue Shares Held
000s 000s
Balance at beginning of the year 101,130 101,130
Balance at end of the year 101,130 101,130
All ordinary shares have equal voting rights and share equally in dividends and surplus on winding up.
b) Nature and Purpose of Reserves
Foreign Currency Translation Reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the
financial statements of foreign subsidiaries. During the year equity increased by $980,000 upon the translation of
foreign subsidiaries (2024: $183,000).
7. DIVIDENDS PAID AND PROPOSED
a) Recognised Amounts
Dividends that were declared and paid on ordinary shares during the year amounted to $20,235,000 (2024:
$20,242,000) equating to 20.0 cents per share (2024: 20.0 cents per share).
b) Unrecognised Amounts
After the balance sheet date, dividends of 20.0 cents per share were approved by the Board of Directors. These
amounts are not recognised in these financial statements as the declaration date was subsequent to year-end.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
51
8. TRADE PAYABLES AND ACCRUALS
Trade payables are initially recognised at fair value and then carried at amortised cost, and due to their
short-term nature, they are not discounted. They represent liabilities for goods and services provided
to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes
obliged to make future payments in respect of the purchase of these goods and services.
Provisions and accruals are recognised when the Group has a present obligation as a result of a past
event and it is probable that an outflow of economic resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions and accruals are measured as the present value of management’s best estimate of the
expenditure required to settle the present value of the obligation at the balance sheet date. If the effect
of the time value of money is material, provisions and accruals are discounted using a pre-tax rate that
reflects the time value of money and the risks specific to the liability. The increase in the provision or
accruals resulting from the passage of time is recognised as a finance cost.
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulated sick
leave expected to be settled within 12 months of the reporting date, are recognised in respect of the
employee’s services up to the reporting date. They are measured as the amounts expected to be paid
when the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave
is taken and is measured at the rates paid or payable.
The Group makes regular contributions to various defined contribution pension plans. Included within
the statement of financial performance are amounts paid and payable by the Group into these pension
plans, net of any related tax rebates. The Group does not make available or make contributions to any
defined benefit superannuation plans.
2025 2024
$000 $000
Trade payables 19,769 15,008
Employee entitlements and leave benefits 5,781 6,614
Goods and services tax 782 691
Accrued expenses 11,380 15,4 47
3 7,7 12 3 7,76 0

Trade payables are unsecured, non-interest bearing and are generally settled on 30 to 60 day terms. The carrying
amount disclosed above is a reasonable approximation of fair value.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
52
9. DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments such as forward currency contracts and options to
economically hedge its risks associated with foreign currency fluctuations and interest rate swaps to
manage interest rate risk. Such derivative financial instruments are initially recognised at fair value on
the date on which a derivative contract is entered into, and are subsequently remeasured to fair value at
balance date. Any gains or losses arising from changes in the fair value of derivatives are taken directly
to the statement of financial performance. The fair value of forward exchange contracts and options is
determined by reference to current forward exchange rates for contracts with similar maturity profiles.
The fair value of interest rate swaps is determined by reference to market inputs for similar instruments.
The Group has the following derivative financial instruments outstanding at the balance sheet date:
a) Foreign Currency Forward Exchange Contracts and Options
i) Forward Exchange Contracts
AVERAGE CONTRACTED RATE NOTIONAL VALUE
2025 2024 2025 2024
Selling Currency/Buying NZD $000 $000
Sell AUD, maturity 0-5 months 0.9077 0.9133 8,538 18,034
Sell USD, maturity 0-9 months 0.5846 0.6046 62,025 69,593
Sell GBP, maturity 0-11 months 0.4632 0.4798 61,997 42,219
Sell CAD, maturity 0-10 months 0.8121 0.8196 20,435 15,077
Sell SGD, maturity 0-10 months 0.7778 0.7981 939 533
Sell HKD, maturity 0-5 months 4.5473 4.6626 1,535 1,047
Sell EUR, maturity 0-9 months 0.5398 0.5597 6,549 6,255

Buying Currency/Selling NZD

Buy EUR – 0.5692 – 764
Buy AUD, maturity 0 months 0.9274 – 253 –
Buy USD – 0.6096 – 1,132
Buy GBP, maturity 4-5 months 0.4636 – 4,314 –
The fair value of forward exchange contracts is determined by comparing the market rates for contracts with the
same nominal amount, exercise price and length of time to maturity.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
53
a) Foreign Currency Forward Exchange Contracts and Options (continued)
ii) Forward Currency Options
AVERAGE CONTRACTED RATE NOTIONAL VALUE
2025 2024 2025 2024
Selling Currency/Buying NZD $000 $000
Sell USD, maturity 1–13 months 0.5864 0.5906 26,860 29,605
Sell GBP, maturity 1–12 months 0.4666 0.4807 16,073 20,794
Sell AUD, maturity 2–4 months 0.8982 0.9113 2,783 2,195
Sell CAD – 0.8207 – 2,132

NZ IFRS 9: Financial Instruments requires that derivative financial instruments are classified as fair value
through profit or loss for measurement purposes unless they are accounted for as hedges. Under NZ
IAS 1: Presentation of Financial Statements, assets and liabilities under the fair value through profit or
loss classification would generally be classified as current in the statement of financial position if held for
trading. However, if the intent is not to actually trade the derivative financial instruments with maturities
greater than one year but to hold them until maturity, then the derivative financial instruments are
more appropriately classified as non-current. The amounts that are classified as non-current reflect the
amounts that will not be settled in the next 12 months.
The classification of forward exchange contracts and forward currency options between current and non-current
is based on whether the contracts will be settled in the next 12 months. The fair value of open contracts existing at
balance sheet date are classified as follows:
2025 2024
Assets Liabilities Assets Liabilities
$000 $000 $000 $000
Current
Forward Exchange Contracts 3,106 2,723 821 46
Foreign Currency Options 968 845 305 –
4,074 3,568 1,126 46

Non-current
Forward Exchange Contracts – – 36 –
Foreign Currency Options 151 – 80 –
151 – 116 –

9. DERIVATIVE FINANCIAL INSTRUMENTS (C O N T I N U E D)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
54
b) Interest Rate Swaps
In order to protect against risks relating to increases in interest rates, the Group has entered into interest rate swap
contracts under which the Group receives interest at variable rates and has agreed to pay interest at fixed rates for
varying terms of principal and time durations.
At balance sheet date interest rate contracts are in place that cover a total $130,000,000 (2024: $105,000,000) of
current New Zealand dollar denominated Group debt through seven separate cap rate agreements, which range in
maturity from six months to four years, with a weighted average interest rate cap of 3.73% plus bank margin (2024:
3.22% plus bank margin). In addition, interest rate contracts are in place that cover a total A$26,000,000 (2024:
A$25,000,000) of current Australian Dollar denominated Group debt through six separate cap rate agreements,
which range in maturity from six months to three years, with a weighted average interest rate cap of 3.19% plus bank
margin (2024: 2.05% plus bank margin).
At balance sheet date the Group has three further seperate cap rate agreement that covers NZ$45,000,000 which
applies at a future date to cover future Group indebtedness (2024: $45,000,000). Maturity ranges from three to four
years, with a weighted average interest rate cap of 3.74% plus bank margin (2024: 4.25% plus bank margin). The Group
has five additional Australian Dollar denominated cap rate agreement in place that covers a total A$26,000,000
(2024: A$27,000,000), which range in maturity from two to four years, with a weighted average interest rate cap of
3.75% plus bank margin (2024: 3.78% plus bank margin).
The total fair value of these contracts at balance sheet date is a liability of $2,971,000 (2024: asset of $3,049,000).
The Group has elected not to apply hedge accounting to its derivative financial instruments and
accordingly the instruments have been classified as fair value through profit and loss.
The classification between current and non-current is based on whether the contracts or portion of contracts will be
settled within the next 12 months. The total fair value of these contracts at balance sheet date is classified as follows:
2025 2024
Assets Liabilities Assets Liabilities
$000 $000 $000 $000
Current
Interest Rate Swaps – 977 1,581 –
– 977 1,581 –

Non–current
Interest Rate Swaps – 1,994 1,468 –
– 1,994 1,468 –
9. DERIVATIVE FINANCIAL INSTRUMENTS (C O N T I N U E D)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
55
10. INTEREST-BEARING LOANS AND BORROWINGS
a) Debt Facilities Existing at Balance Sheet Date
Interest-bearing loans and borrowings are initially recognised at the fair value of the consideration
received, less directly attributable transaction costs. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the effective interest method. Fees paid
on the establishment of loan facilities are included as part of the carrying amount of the interest-bearing
loans and borrowings. Interest-bearing loans and borrowings are classified as current liabilities, unless
the Group has a right at the end of the reporting period to defer settlement of the liability for at least 12
months after balance sheet date.
Borrowing costs are expensed as incurred, except when they are directly attributable to the acquisition
or construction of a qualifying asset. When this is the case, they are capitalised as part of that asset.
Once the asset is put into productive use, capitalisation of the borrowing costs ceases.
At the balance sheet date the following debt facilities have been drawn upon by the Group:
MaturityEffective Interest Rate2025
$000
2024
$000
20252024
Non-Current Debt Obligations
Multicurrency facility A31 January 20284.67%6.90% 99,850 99,920
Multicurrency facility B31 January 20294.73%5.68% 79,790 99,799
AUD facility A31 January 20294.70%5.76% 31,583 31,983
AUD facility B31 January 20285.20%5.67% 2 7, 9 7 8 31,619
Term facility31 January 20285.19%7.60% 89,865 39,865
Headroom facility31 January 2028N/AN/A (30) (17)
Revolving loan facilityN/AN/AN/A – 44,964
Working Capital facility31 January 20284.63%7.10 % 8,143 21,345
3 3 7,17 9 369,478
The carrying amount of the Group’s non-current interest-bearing loans and borrowings are the fair values at balance
sheet date.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
56
b) Terms and Conditions of Debt Facilities
i) Senior Debt Facilities
In June 2025, the Group successfully completed the renegotiation of its syndicated Senior Debt facilities agreement
with Westpac New Zealand Limited, Westpac Banking Corporation, Bank of New Zealand Limited (BNZ), China
Construction Bank (New Zealand) Limited (CCB) and Hong Kong and Shanghai Banking Corporation Limited
(HSBC). With the syndicated facility a General Security Agreement has been put in place in favour of the banks over
the existing and future assets of Delegat Group Limited, Delegat Limited, Delegat Australia Pty Limited and Barossa
Valley Estate Pty Limited.
At balance sheet date the Working Capital facility, Multicurrency facility A, Multicurrency facility B, AUD facility A,
AUD facility B, Term facility and Headroom facility collectively make up the syndicated Senior Debt Facilities of
Delegat, which provide funding for the assets of the Group. The maximum limit of the Working Capital facility is
NZ$48,000,000 (2024: NZ$45,000,000), the Multicurrency facility A is NZ$100,000,000 (2024: NZ$100,000,000),
the Multicurrency facility B is NZ$100,000,000 (2024: NZ$100,000,000), the AUD facility A is A$29,350,000 (2024:
A$29,350,000), the AUD facility B is A$27,500,000 (2024: A$35,000,000), Term facility is NZ$90,000,000 (2024:
NZ$39,900,000), Headroom facility is NZ$20,000,000 (2024: NZ$20,000,000) and Revolving loan facility is NZ$Nil
(2024: NZ$45,000,000). At balance sheet date NZ$81,399,000 (2024: NZ$50,170,000) is available for further
drawdown on these facilities.
The amount drawn down on the AUD facility A and AUD facility B at the balance sheet date was A$55,350,000 (2024:
A$58,350,000).
Interest on these facilities is based on the BKBM/BBSY plus margin. The facility agreement requires that certain
banking covenants be met and requires the Group to maintain or better specified EBITDA and fixed charges
coverage ratios, and maintain or better a minimum adjusted equity balance. The Group must also maintain or better
a specified total tangible asset backing. At year-end, and at measurement dates during the year, the covenants of the
Senior Debt Facilities have been met.
ii) Other Facilities
Delegat also has available an overdraft limit of $1,000,000 (2024: $1,000,000). Interest charged on this facility is at
the commercial lending rate (2024: commercial lending rate). At 30 June 2025 the commercial lending rate is 7.45%
(2024: commercial lending rate 9.80%). No amount is drawn against this facility at balance sheet date.
10. INTEREST-BEARING LOANS AND BORROWINGS (C O NTI N U E D)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
57
11. TRADE AND OTHER RECEIVABLES
On initial recognition, the Group’s trade receivables are recognised at their transaction price as defined
in NZ IFRS 15: Revenue from Contracts with Customers. The Group’s trade receivable balances are
generally short-term and do not contain a significant financing component. They are subsequently
measured at amortised cost using the effective interest method, less an allowance for expected future
credit losses.
The Group applies the simplified approach to measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and sundry receivables if financial assets. Expected
credit losses are measured by grouping trade receivables based on shared credit risk characteristics
and the days past due. A provision matrix is then determined based on the historical credit loss rates for
each group of customers, adjusted for any material expected changes to the future risk for that customer
group.
Individual trade receivable balances which are known to be uncollectible are written off where the Group
has no reasonable expectation of recovering the trade receivable balance.
2025 2024
$000 $000

Trade receivables 56,510 76,445
Prepayments and sundry receivables 4,618 7, 8 3 1
Goods and services tax 1,678 1,852
62,806 86,128

As at 30 June 2025 the ageing of trade receivables is as follows:
Ageing of receivables
New Zealand
(including
Asia Pacific)
AustraliaUnited
Kingdom
United
States of
America
CanadaGroup
As at 30 June 2025 $000 $000 $000 $000 $000 $000
Current 3,785 7, 517 24,093 13,049 5,156 53,600
1 to 30 days 274 2 1,284 1,011 10 2,581
31 to 60 days – – 301 – – 301
61 to 90 days – – 28 – – 28
Total trade receivables 4,059 7, 5 1 9 25,706 14,060 5,166 56,510
All amounts recognised as trade receivables are unsecured and the maximum credit risk is equivalent to the carrying
values noted directly above. Trade receivables are non-interest bearing and generally settled on 30 to 90 day terms.
Due to their short-term nature trade receivables are not discounted.
In determining the historic loss rates to be applied to these customer groups and ageing buckets the Group has
reviewed whether there were any bad debts written off over the last five years and has identified that these were $nil
(2024: $nil). Accordingly the historic loss rates applied to each customer group at 30 June 2025 are 0% (2024: 0%).
Due to the short term nature of the Group’s trade receivables, the nature of the Group’s customer base, the Group’s
experience over the past five years and other forward looking information, the historic loss rates have not been
adjusted for any material expected future changes in credit risk.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
58
12. INVENTORIES
Inventories are valued at the lower of cost and net realisable value. Net realisable value is the estimated
selling price in the ordinary course of business, less estimated costs of completion and the estimated
costs necessary to make the sale. Costs of finished goods sold are assigned on a weighted average cost
basis.
GRAPES
Included within the cost of inventory is the fair value of the grapes (agricultural produce) at the time the
grapes are harvested. At the point of harvest, the harvest of grapes qualify as agricultural produce under
NZ IAS 41: Agriculture and are recorded at fair value at that date. The fair value becomes the basis of cost
when accounting for inventories.
Harvesting of the grape crop is ordinarily performed in late March or early April. Costs incurred in growing
the grapes, including any applicable harvest costs, are initially allocated into the cost of inventory as
part of the total costs to acquire and grow the agricultural produce. At the point of harvest, a fair value
adjustment is made so that the cost per tonne is adjusted to fair value in accordance with NZ IAS 41:
Agriculture and NZ IFRS 13: Fair Value Measurement. Any difference between cost and fair value is
included within the statement of financial performance as cost of sales.
The fair value of grapes at the point of harvest is determined by reference to the market prices for each
variety of grape grown in the local area and the market price paid to independent grape growers. Any
difference between cost and fair value is included within the statement of financial performance as cost
of sales.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
59
2025 2024
$000 $000

Current vintage 106,878 105,198
Aged wine 72,885 67,823
Winery ingredients, packaging materials and other 8,008 8,903
1 8 7,7 7 1 181,924

During the year the Group harvested a total of 47,461 tonnes of grapes (2024: 34,150 tonnes) in New Zealand
and Australia. The 2025 harvest was 39% higher than the 2024 harvest. Of this amount a total of 12,280 tonnes

(2024: 11,083 tonnes) were purchased from independent third party growers. The fair value of agricultural produce
from the Group’s owned and leased vineyards at the point of harvest was $67,680,000 (2024: $50,400,000). A fair
value gain of $9,355,000 (2024: $4,977,000 loss) was recorded during the year and included within cost of sales.
Included within cost of sales is a total of $196,912,000 (2024: $223,512,000) which represents costs expended in
grape growing (inclusive of lease costs), procurement, delivery and materials.
13. BIOLOGICAL WORK IN PROGRESS
2025 2024
$000 $000

Growing costs relating to next harvest 16,604 15,565
16,604 15,565

As allowed under NZ IAS 41: Agriculture the vineyard costs in the period to 30 June have been recognised
as work in progress for the next harvest and the Group has determined that cost is equal to fair value at
this point of the growth cycle.
12. INVENTORIES (C O NTI N U E D)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
60
14. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is stated at historical cost less accumulated depreciation and any
accumulated impairment losses. Such costs include the cost of replacing parts that are eligible for
capitalisation when the cost of replacing the parts is incurred. The cost of purchased property, plant and
equipment is the value of the consideration given to acquire the assets and the value of other directly
attributable costs that have been incurred in bringing the assets to the location and condition necessary
for their intended service.
The cost of self-constructed assets includes the cost of all materials used in the construction, direct
labour on the project, lease costs and financing costs that are directly attributable to the project and an
appropriate proportion of directly attributable variable and fixed overheads. Costs cease to be capitalised
when the asset is ready for productive use. In respect of vineyard improvements, capitalisation of costs
continues until the vineyards are ready for productive use, which is when the vineyard has produced
approximately 60% of expected yield at full production, ordinarily a period of three years after the planting
of vines.
Land and Land Improvement assets are measured at cost and are not subject to depreciation.
IMPAIRMENT
Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. If an impairment trigger exists, the recoverable amount of the asset is
determined, being the higher of an asset’s fair value less costs to sell, and value in use. An impairment
charge is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. For the purposes of assessing impairment, the recoverable amount is determined at the lowest
level for which there are separately identifiable cash flows (cash-generating units).
DEPRECIATION
Depreciation of property, plant and equipment, other than land and land improvements, which has an
indefinite economic life and hence not depreciated, is charged on a straight-line basis so as to write off
the assets to their expected residual value over their estimated useful lives. The estimated useful lives
are as follows:
B
uildings 10–50 years
Plant and Equipment 3–50 years
Vineyard Improvements 3–50 years
Bearer Plants 50 years
The estimation of the useful lives of assets has been based on historical experience as well as lease terms.
The condition of the assets is assessed at least once per year and considered against the remaining
useful life. Adjustments to useful lives are made when considered necessary.
Depreciation on vineyard improvements commences when the vineyard is considered to be in
commercial production, which is when the vineyard has produced approximately 60% of the expected
yield at full production, ordinarily a period of three years after the planting of vines. The assets’ residual
values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at the end of
each financial year.
Capitalised assets on leased vineyards or office premises are depreciated over the shorter of the
estimated useful life of the asset and the remaining lease term.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
61
IMPAIRMENT
The Group assesses impairment of all assets at each reporting date by evaluating conditions specific to
the Group and to the particular asset that may lead to impairment. If an impairment trigger exists the
recoverable amount of the asset is determined.
Impairment testing of property, plant and equipment and intangible assets is an area where estimates
and judgements have a significant risk of causing a material adjustment to the carrying amount of the
Group’s property, plant and equipment and indefinite life intangible assets.
The Group considers that the Group’s assets comprise two cash-generating units (CGUs), New Zealand
and Barossa Valley. In the current year the Group considers that there are indicators of impairment in
respect of the Barossa Valley Estate (BVE) CGU due to current market conditions and have therefore
determined the recoverable amount of the BVE CGUs assets.
The recoverable amount of the BVE CGU is determined on a value-in-use basis using a discounted cash
flow model. The cash flow forecasts are primarily based on the business units’ forecast seven-year plan
prepared by management and approved by the Board. A seven-year forecast has been used given the
time required for vineyard, winery and market development to meet customer demands and the Group
has established processes to ensure forecasts are accurate for this seven-year period.
The key assumptions used in the value in use calculation are as follows:
– Sales growth - Projected case sales are based on the 7-year plan from FY26-FY32 supported by
management’s expectation of an improving case sales profile.
– Discount rate - The cash flow projections are discounted using a pre-tax rate of 11.0% (2024: 8.4%)
which reflects the weighted average cost of capital for the Group. This rate reflects the risk profile of
the business and the market which BVE operates.
– Terminal growth rate - The cash flow projections include a 2% terminal growth assumption (2024: 1%)
from FY32.
The discounted cash flows from the cash generating unit confirmed that there was no impairment, and
that the recoverable value from value in use exceeds the carrying value of the BVE CGUs assets by $6.8
million (2024: $36.6 million).
The BVE CGU is sensitive to changes in forecast sales growth, the discount rate and terminal growth
rate. A reduction in forecast case sales by 5%, an increase in the discount rate by 0.5%, or a reduction
in the terminal growth rate by 0.5%, would reduce the recoverable amount by $3.6 million, $5.5 million,
and $4.1 million respectively (2024: $4.9 million, $9.3 million, $7.9 million respectively). An increase in the
discount rate by 0.6% would result in the recoverable amount equalling the carrying value of the CGUs
assets. This sensitivity analysis for each assumption assumes all other assumptions in the model are
held constant.
14. PROPERTY, PLANT AND EQUIPMENT (C O N T I N U E D)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
62
a) Reconciliation of Carrying Amounts at Beginning and End of the Year
Year ended 30 June 2025
Freehold Land
and Land
Improvements
Vineyard
Improvements
Bearer PlantsBuildingsPlant and
Equipment
Capital Work in
Progress
Total

$000 $000 $000 $000 $000 $000 $000
Net book value at 1 July 2024 182,686 100,068 47,022 103,003 172,895 122,506 728,180
Additions/Transfers 24,270 82,030 10,189 18,105 11,027 (85,758) 59,863
Disposals – – – (1) (162) – (163)
Foreign currency translation (104) (200) (38) (131) (56) (18) (547)
Depreciation charge – (4,238) (1,469) (3,298) (11,917) – (20,922)
Net book value at 30 June 2025 206,852 177,660 55,704 117,678 171,787 36,730 766,411

At cost 206,859 239,514 76,808 153,351 302,397 36,730 1,015,659
Accumulated depreciation and

impairment (7) (61,854) (21,104) (35,673) (130,610) – (249,248)
Net book value at 30 June 2025 206,852 177,660 55,704 117,678 171,787 36,730 766,411

Year ended 30 June 2024
Freehold Land
and Land
Improvements
Vineyard
Improvements
Bearer PlantsBuildingsPlant and
Equipment
Capital Work in
Progress
Total

$000 $000 $000 $000 $000 $000 $000
Net book value at 1 July 2023 185,862 103,690 48,429 110,172 163,382 74,467 686,002
Additions/Transfers – 87 1 61 20,903 48,032 69,084
Disposals – – – – (136) – (136)
Transfer to assets held for sale (3,204) – – (4,036) – – ( 7, 24 0)
Foreign currency translation 28 54 10 36 11 7 146
Depreciation charge – (3,763) (1,418) (3,230) (11,265) – (19,676)
Net book value at 30 June 2024 182,686 100,068 47,022 103,003 172,895 122,506 728,180

At cost 182,693 157,748 66,667 135,449 295,226 122,506 960,289
Accumulated depreciation and

impairment (7) (57,680) (19,645) (32,446) (122,331) – (232,109)
Net book value at 30 June 2024 182,686 100,068 47,022 103,003 172,895 122,506 728,180

b) Other Items
The weighted average interest rate on interest capitalised during the year was 6.38% (2024: 7.03%).
Bearer Plants consist of grape vines on our vineyards located in New Zealand and the Barossa Valley, Australia.

At 30 June 2025 the Group has grape vines planted on 2,104 productive hectares of land (2024: 1,934 productive
hectares) in New Zealand and 175 productive hectares (2024: 175 productive hectares) in Australia.
14. PROPERTY, PLANT AND EQUIPMENT (C O N T I N U E D)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
63
b) Other Items (continued)
The net book value of vines on leased land where the Group does not have the beneficial ownership in the vine asset,
is not reported above, as the risks and rewards incidental to owning the vines do not transfer to the Group. The
Group is however party to leases of land on which vine stock is owned by the Group, refer Note 17. The net book value
of these assets are reported, as the risk and rewards incidental to ownership are retained by the Group.
15. ASSETS HELD FOR SALE
Non-current assets are classified as held for sale and stated at the lower of their carrying amount and fair
value less costs to sell if their carrying amount will be recovered principally through a sale transaction
rather than through continuing use.
An impairment loss is recognised for any initial or subsequent write down of the asset to fair value less
costs to sell.
A gain or loss not previously recognised by the date of the sale of the non-current asset is recognised at
the date of de-recognition. Non-current assets are not depreciated while they are classified as held for
sale. Non-current assets classified as held for sale are presented separately from the other assets in the
Statement of Financial Position.
Assets held for sale in the prior year relate to land and buildings used for warehousing. On 4 June 2024, a conditional
agreement to sell these assets was entered into between the Group and a purchaser. Subsequent to balance date
the sale and purchase agreement became unconditional, with the sale completing on 31 July 2024. The carrying
value of the land and buildings was $7,240,000 and was measured at the lower of its carrying value and fair value less
cost to sell. This asset was previously reported under the ‘Delegat’ segment in accordance with NZ IFRS 8.
16. INTANGIBLE ASSETS
Intangible assets acquired separately are measured on initial recognition at cost. The cost of the
intangible assets acquired in a business combination is their fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and
accumulated impairment losses.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite
lives are amortised over their useful life and assessed for impairment whenever there is an indication
that the intangible asset may be impaired. Intangible assets with indefinite useful lives are not amortised,
but are tested for impairment annually, either individually or at the cash-generating unit (CGU) level. The
assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
supportable; if not, the change in useful life from indefinite to finite is made on a prospective basis.
Water rights currently owned by the Group have been assessed as having indefinite useful lives and are
therefore tested annually for impairment at the CGU level. The recoverable amount of the CGU’s assets
are higher than the water rights’ carrying value and therefore no impairment is required to be recognised.
Refer to note 14 for the basis and key assumptions used in the determination of the recoverable amount.
Water rights currently owned by the Group consist of water rights in both New Zealand and Australia.
Barossa Valley Estate Pty Limited (BVE) owns water rights consisting of shares in Barossa Infrastructure Limited
and associated infrastructure levies. These water rights grant BVE the right to a fixed number of units of water per
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
14. PROPERTY, PLANT AND EQUIPMENT (C O N T I N U E D)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
64
share and were purchased by BVE to support their vineyard activities. BVE continues to have the right to use the
water over an indefinite period and therefore the water rights are considered to have an indefinite useful life. At
balance date the carrying value of BVE’s water rights are $5,717,000 (2024: $5,800,000).
Delegat Limited (Delegat) owns water rights consisting of shares in Lower Waihopai Dam Limited. These water rights
grant Delegat the right to a fixed number of units of water per share and were purchased by Delegat to support their
vineyard activities. Delegat continues to have the right to use the water over an indefinite period and therefore the
water rights are considered to have an indefinite useful life. At balance date the carrying value of Delegat’s water
rights are $600,000 (2024: $600,000).
Costs incurred in developing systems, acquiring software and licences, are capitalised to software where the
activities create an intangible asset that the Group controls and the intangible asset meets the recognition criteria.
Amortisation of software assets is calculated on a straight-line basis over the useful life of the asset (typically 3 to
10 years). Costs related to Software-as-a-Service arrangements are expensed unless they meet the definition of an
intangible asset.
The movement in the value of intangible assets is summarised as follows:
Year ended 30 June 2025 Water Rights Software Total
$000 $000 $000
Carrying value at 1 July 2024 6,400 34 6,434
Foreign currency translation (84) – (84)
Amortisation – (14) (14)
Carrying value at 30 June 2025 6,316 20 6,336

At cost 6,316 5,030 11,346
Accumulated amortisation – (5,010) (5,010)
Carrying value at 30 June 2025 6,316 20 6,336

Year ended 30 June 2024 Water Rights Software Total
$000 $000 $000
Carrying value at 1 July 2023 6,377 344 6,721
Additions – 36 36
Disposals – (3) (3)
Foreign currency translation 23 – 23
Amortisation – (343) (343)
Carrying value at 30 June 2024 6,400 34 6,434

At cost 6,400 5,030 11,430
Accumulated amortisation – (4,996) (4,996)
Carrying value at 30 June 2024 6,400 34 6,434
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
16. INTANGIBLE ASSETS (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
65
17. LE A S E S
At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration.
The Group applies a single recognition and measurement approach for all leases, except for leases of
low-value assets. The Group applies the low-value assets recognition exemption for its barrel leases.
Payments on the Group’s barrel leases are expensed on a straight line basis over the lease terms. The
Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to
use the underlying assets.
RIGHT-OF-USE ASSETS
The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets
are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date,
less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the
shorter of the lease term and the estimated useful lives of the assets. The estimated useful lives of right-of-
use assets are determined on the same basis as those of property, plant and equipment.
LEASE LIABILITY
At the commencement date of the lease, the Group recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. In calculating the present value of lease payments,
the Group uses the interest rate implicit in the lease when readily determinable; if the implicit interest rate is
not readily determinable the Group uses its incremental borrowing rate at the lease commencement date.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest
and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term or a change in the lease payments.
Right-of-use asset depreciation and lease liability interest that are directly attributable to bringing new
vineyards to working condition for their intended use are capitalised up until the time the vineyards become
commercially productive. The accumulated amount is then amortised over the remaining lease term.
The Group determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised. When the Group has the
option to extend a lease, management uses its judgement to determine whether or not an option would be
reasonably certain to be exercised. Management considers all facts and circumstances, including its past
practice and any cost that will be incurred to change the asset if an option to extend is not taken, to help
determine the lease term. After the commencement date, the Group reassesses the lease term if there is a
significant event or change in circumstances that is within its control and affects its ability to exercise or not
to exercise the option to renew.
To determine the value of the lease liability, the future lease payments are discounted using the interest
rate implicit in the lease, otherwise the Group’s incremental borrowing rate is used. Implicit interest rates
are present in most of the Group’s vineyard leases. The Group’s incremental borrowing rate is the rate that
the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar
economic environment with similar terms and conditions. The Group is required to revise the discount rate
used if there is a change in the lease term, a change in the assessment of an option to purchase the underlying
asset, a change in future lease payments resulting from a change in an index or a rate used to determine those
payments, or where there is a lease modification that is not accounted for as a separate lease.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
66
RIGHT-OF-USE ASSETS
Leases held by the Group include long-term land leases, vineyard improvements and bearer plants, which allow the
Group to access prime viticultural land in the Marlborough and Hawke’s Bay areas. The leases provide the Group
the right of first refusal in the event that the land is put up for sale. Other leases include office building, car and
equipment leases.
a) Reconciliation of Right-of-Use Assets at the Beginning and End of the Year
Year ended 30 June 2025
Freehold Land
and Land
Improvements
Vineyard
Improvements
Bearer PlantsBuildingsPlant and
Equipment
Total
$000 $000 $000 $000 $000 $000
Net book value at 1 July 2024 40,739 7,757 2,604 22,006 3,663 76,769
Additions 1,815 265 86 6,486 11,339 19,991
Disposals (8,035) – – (213) (63) (8,311)
Foreign currency translation – – – 39 (3) 36
Depreciation charge (1,955) (564) (188) (2,898) (1,007) (6,612)
Net book value at 30 June 2025 32,564 7,458 2,502 25,420 13,929 81,873

At cost 55,531 18,279 5,845 41,414 17,290 138,359
Accumulated depreciation (22,967) (10,821) (3,343) (15,994) (3,361) (56,486)
Net book value at 30 June 2025 32,564 7,458 2,502 25,420 13,929 81,873

Year ended 30 June 2024
Freehold Land
and Land
Improvements
Vineyard
Improvements
Bearer PlantsBuildingsPlant and
Equipment
Total
$000 $000 $000 $000 $000 $000
Net book value at 1 July 2023 35,686 8,032 2,701 21,337 3,701 71,457
Additions 6,940 270 87 3,554 745 11,596
Disposals – – – (377) (53) (430)
Foreign currency translation – – – (41) 3 (38)
Depreciation charge (1,887) (545) (184) (2,467) (733) (5,816)
Net book value at 30 June 2024 40,739 7,757 2,604 22,006 3,663 76,769

At cost 64,337 18,014 5,759 35,920 6,471 130,501
Accumulated depreciation (23,598) (10,257) (3,155) (13,914) (2,808) (53,732)
Net book value at 30 June 2024 40,739 7,757 2,604 22,006 3,663 76,769


17. LEASES (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
67
LEASE LIABILITY
b) Reconciliation of Lease Liability at the Beginning and End of the Year
2025 2024
$000 $000
Balance at beginning of the year 94,613 93,559
Per Statement of Cash Flows:
– Interest Expense 5,833 5,352
– Repayments (16,268) (10,540)
Additions/Transfers 20,015 6,446
Disposals (271) (164)
Foreign currency translation 26 (40)
Balance at end of the year 103,948 94,613

Current 9,844 9,663
Non-current 94,104 84,950
103,948 94,613

The maturity analysis of lease liabilities is disclosed in Note 2.
c) Other Items
The Group had total cash outflows for leases of $21,967,000 (2024: $15,675,000), this includes an amount of
$5,699,000 (2024: $5,135,000) in relation to leases of low-value assets. Low value asset lease expenses are expensed
on a straight line basis over the lease terms.
17. LEASES (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
68
18. INCOME TAX EXPENSE
Current tax assets and liabilities for the current and prior periods are measured as the amount expected
to be recovered from, or paid to, the taxation authorities based on the current period’s taxable income.
The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted at the balance sheet date.
Deferred income tax is provided for all temporary differences at the balance sheet date between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes. Such assets
and liabilities are not recognised if the temporary difference arises from the initial recognition (other than
in a business combination or for transactions that give rise to equal taxable and deductible temporary
differences) of other assets and liabilities in a transaction that affects neither the taxable profit, nor the
accounting profit. In addition a deferred tax liability is not recognised if the temporary difference arises
from the initial recognition of goodwill. Deferred income tax assets are recognised for all deductible
temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it
is probable that taxable profit will be available against which the deductible temporary differences and
the carry-forward of unused tax credits and unused tax losses can be utilised. The carrying amount of
deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all, or part of, the deferred income
tax asset to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to
the year when the asset is realised or the liability is settled, based on the tax rates and tax laws that have
been enacted or substantively enacted at the balance sheet date.
Income taxes relating to items recognised directly in equity are recognised in equity and not in the
statement of financial performance.
Deferred tax assets and liabilities are offset only if a legally enforceable right exists to set off current tax
assets against current tax liabilities, and the deferred tax assets and liabilities relate to the same taxable
entity and the same taxation authority.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
69
2025 2024
$000 $000
a) Numerical reconciliation between aggregate tax expense
in the statement of financial performance and tax expense
calculated per the statutory income tax rate
Accounting profit before tax 68,364 61,578
At the Group’s statutory income tax rate of 28% (2024: 28%) 19,142 17, 24 2

Tax impact of the following items:
Adjustments in respect of income tax of prior years (107) (79)
Entertainment 42 153
Legal fees 7 82
Non-assessable income 27 60
Removal of tax depreciation for buildings – 13,032
Non-deductible items 425 23
Tax on foreign income due to different tax rates (210) (312)
Income tax expense for the year 19,326 30,201

b) The major components of income tax expense are:
Income tax reported in the statement of financial performance
Estimated current period tax assessment 15,317 15,973
Adjustments in respect of income tax of prior years (107) (79)
Movements in the deferred income tax liability 4,116 14,307
Income tax expense for the year 19,326 30,201

Income tax reported in the statement of other comprehensive income
Net gain/(loss) on hedge of net investment 129 (35)
Income tax charged/(credited) to other comprehensive income 129 (35)

18. INCOME TAX EXPENSE (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
70
2025 2024
$000 $000

c) Deferred income tax at balance sheet date relates to the following:
Capitalised interest 8,947 7, 6 07
Capitalised leases 496 568
Accelerated depreciation of long-term assets 47, 4 5 3 43,779
Leases (6,135) (6,390)
Fair value adjustments on biological produce 5,871 4,444
Excess of fair value on acquisition of bearer plants over tax values 8,673 8,673
Provisions (1,052) (962)
Stock profit eliminations (4,331) (3,815)
Derivative financial instruments (648) 1,188
Net deferred tax liability 59, 274 55,092

Balance at beginning of the year 55,092 40,785
On surplus for year 4,116 14,307
Adjustments in respect of income tax of prior years 75 (1)
Foreign currency translation (9) 1
Balance at end of the year 59, 274 55,092

There are no elements of deferred taxes which are reported within equity.
On 28 March 2024, the New Zealand Government enacted changes to the tax legislation to remove the ability
to depreciate commercial buildings for tax depreciation purposes. For the Group the application of this taxation
change under NZ IAS 12: Income Taxes, reduced the tax carrying value of New Zealand buildings to nil. The impact
of this change resulted in an increase in deferred tax liability by $13,032,000 and a corresponding one-off, non-cash
accounting adjustment to the tax expense for the year ended 30 June 2024.
19. IMPUTATION CREDIT ACCOUNT
2025 2024
$000 $000
Balance at beginning of the year 122,314 117,12 1
Tax payments 12,453 12,671
Fully imputed dividend paid ( 7, 4 8 7 ) ( 7, 47 8)
Balance at end of the year 12 7, 2 8 0 122,314

20. COMMITMENTS
The estimated capital expenditure contracted for at 30 June 2025 but not provided for is $4,857,000 (2024:
$35,145,000).
18. INCOME TAX EXPENSE (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
71
21. RELATED PARTIES
a) Investment in Subsidiaries
Investments in controlled entities are as follows:
Name of EntityPrincipal ActivityCountry of
Incorporation
Ownership Interest %
20252024
Delegat LimitedWinemaking, Sales and
Distribution
New Zealand 100.00 100.00
Delegat Canada LimitedBrand MarketingCanada 100.00 100.00
Delegat Australia Pty LimitedSales and DistributionAustralia 100.00 100.00
Delegat USA, Inc.Sales and DistributionUnited States of
America
100.00 100.00
Delegat Europe LimitedSales and DistributionUnited Kingdom 100.00 100.00
Delegat (Singapore) Pte. LimitedInvestment Holding
Company
Singapore 100.00 100.00
Barossa Valley Estate Pty LimitedWinemakingAustralia 100.00 100.00
Delegat (Shanghai) Trading Co.
Limited
Sales and DistributionChina100.00100.00
The parent company of all subsidiaries is Delegat Group Limited, except for Delegat Europe Limited and Barossa
Valley Estate Pty Limited whose immediate parent company is Delegat Limited, and Delegat (Shanghai) Trading Co.
Limited whose immediate parent company is Delegat (Singapore) Pte. Limited.
All subsidiaries have a 30 June balance date, except for Delegat (Shanghai) Trading Co. Limited which has a

31 December balance date as required by law in China.
b) Key Management Personnel
Details relating to key management personnel, including remuneration paid, are included within Note 22.
c) Related Parties by Virtue of Share Ownership
The following Directors hold the following number of Shares in the Parent20252024
Delegat Share Protection Trust

(Jim Delegat, Rosamari Delegat and BPM Trustees (DSPT) Limited – Trustees) 6 6 , 8 5 7,14 2 6 6 , 8 5 7,14 2
Gordon Neil MacLeod 11,600 3,700
McKay Family Trust Partnership 3,100 N/A
The individuals above are considered related parties as a result of their shareholding or by virtue of being considered
a member of key management.
During the year, a total of $103,000 (2024: $99,000) was paid to Rosamari Delegat in her capacity as a Non-Executive
Director.
During the year, a total of $180,000 (2024: $146,000) was paid to Jim Delegat in his capacity as Chair.
During the prior year Delegat Limited paid a total of $23,000 to Gordon MacLeod in his capacity as an independent
consultant and under normal terms and conditions. The agreement for these additional consulting services was
cancelled in the prior year.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
72
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
d) Transactions with Related Parties who have Significant Influence over Subsidiary Companies
During the year Delegat Australia Pty Limited paid a total of $27,000 (2024: $27,000) to Yaroona Pty Limited. The
payments made to Yaroona Pty Limited were made in Peter Taylor’s capacity as Company Director. Peter Taylor was
considered to be a related party by virtue of his ability to significantly influence the financial and operating policies
of a subsidiary company.
During the year Barossa Valley Estate Pty Limited paid a total of $36,000 (2024: $46,000) to Range Road Estate
Pty Limited, including directors fees of $22,000 (2024: $27,000). The remaining payments made to Range Road
Estate Pty Limited were made in Alan Hoey’s capacity as an independent consultant and under normal terms and
conditions. Alan Hoey was considered to be a related party by virtue of his ability to significantly influence the
financial and operating policies of a subsidiary company.
During the year Delegat Limited paid a total of $8,000 (2024: $5,000) to Camelot Trust Pte. Limited, a company
in which a Director of Delegat (Singapore) Pte. Limited has an interest. The payments made to Camelot Trust Pte.
Limited are made in Anita Chew Peck Hwa’s capacity as Company Director and under normal terms and conditions.
22. KEY MANAGEMENT PERSONNEL
Compensation of Key Management Personnel
Included in the definition of related parties are Key Management Personnel having authority and responsibility for
planning, directing and controlling the activities of the entity either directly or indirectly, including any Director.
Management have assessed the composition of the Key Management and their compensation for the year ended

30 June is presented below:
2025 2024
$000 $000
Short-term employee benefits (including Directors’ fees) 9,284 9,358
Post-employment benefits (including defined contribution pension plan) 346 355
Termination benefits paid – 6
9,630 9,719
23. EVENTS SUBSEQUENT TO BALANCE SHEET DATE
On 29 August 2025, the Directors of the Parent declared a fully imputed dividend of $20,226,000 (20.0 cents per
Share) to be paid on 10 October 2025.
21. RELATED PARTIES (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
73



Independent Auditor’s Report
To the Shareholders of Delegat Group Limited
Opinion
We have audited the consolidated financial statements of Delegat Group Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated statement of financial position
as at 30 June 2025, and the statement of financial performance, statement of other
comprehensive income, statement of changes in equity and statement of cash flows for
the year then ended, and notes to the consolidated financial statements, including
material accounting policy information.

In our opinion, the accompanying consolidated financial statements, on pages 27 to 72,
present fairly, in all material respects, the consolidated financial position of the Group as
at 30 June 2025, and its consolidated financial performance and cash flows for the year
then ended in accordance with New Zealand Equivalents to IFRS Accounting
Standards
(‘NZ IFRS’) as issued by the External Reporting Board and IFRS Accounting Standards
(‘IFRS’) as issued by the International Accounting Standards Board.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’)
and International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities
under those standards are further described in the
Auditor’s Responsibilities for the Audit
of the Consolidated Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand)
issued by the New Zealand Auditing and
Assurance Standards Board and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International
Independence Standards)
, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Other than in our capacity as auditor and the provision of a limited assurance engagement
over the Selected Greenhouse Gas (GHG) Disclosures included within the Group Climate
Statements for Scope 1 and 2 GHG emissions, we have no relationship with or inter
ests in
the Company or any of its subsidiaries. These services have not impaired our
independence as auditor of the Company and Group.

Audit materiality


We consider materiality primarily in terms of the magnitude of misstatement in the
financial statements of the Group that in our judgement would make it probable that the
economic decisions of a reasonably knowledgeable person would be changed or
influence
d (the ‘quantitative’ materiality). In addition, we also assess whether other
matters that come to our attention during the audit would in our judgement change or
influence the decisions of such a person (the ‘qualitative’ materiality). We use materiality
both in planning the scope of our audit work and in evaluating the results of our work.

Key audit matters Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the consolidated financial statements of the current period.
These matters were addressed in the context of our audit of the consolidated fin
ancial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.




INDEPENDENT AUDITOR’S REPORT

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
74




Key audit matter How our audit addressed the key audit matter
Revenue Recognition – Rebates & Promotional
Allowances Accruals
Revenue is recognised net of volume discounts, other
rebates and various other payments to customers for
promotional support. Volume discounts and rebates not
invoiced at reporting date are estimated estimated based
on agreements with customers and estimated depletions
during the period.
As disclosed in note 3, the value of the rebates and
promotional allowance accruals as at 30 June 2025 was
$28.5m (2024: $28.8m)
The value of rebates and promotional allowances accruals
as at 30 June 2025 is a key audit matter due to the high
levels of judgement involved in the calculation of the
accruals as management must estimate the level of
achievement of future targets by customers in order to
calculate the level of rebates and promotional allowances
that will be incurred.

In order to respond to the significant judgment in
estimating the rebates and promotional expenses accruals
we:
• held discussions with management to understand the
process and models for estimating the rebates and
promotional allowances accruals;
• evaluated the design and tested the implementation
of relevant controls over the rebates and promotional
allowances accruals and associated revenue
recognition;
• performed a look-back analysis comparing previous
rebates and promotional allowances accruals to the
actual cost incurred; and
• obtained the Group’s calculation of the 30 June 2025
rebates and promotional allowances accruals,
checked the calculation for mathematical accuracy
and agreed to supporting evidence on a sample basis.


Other information

The directors are responsible on behalf of the Group for the other information. The other
information comprises the information in the Financial Report that accompanies the
consolidated financial statements and the audit report, and the Annual Report and
C
limate Related Disclosure Statement 2025, which are expected to made available to us
after the date of the audit report.
Our opinion on the consolidated financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and consider whether it is materially
inconsistent with the consolidated financial
statements, or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If so, we are required to report that
fact. We have nothing to report in this regard.
When we read the Annual Report and Climate Related Disclosure Statement 2025, if we
conclude that there is a material misstatement therein, we are required to communicate
the matter to the directors and consider further appropriate actions.

Directors’ responsibilities for
the consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair
presentation of the consolidated financial statements in accordance with NZ IFRS and
IFRS, and for such internal control as the directors determine is necessary to enable the

preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible on behalf
of the Group for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.



INDEPENDENT AUDITOR’S REPORT CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
75




Auditor’s responsibilities for the
audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assu
rance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they
could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located on the External Reporting Board’s website at:

https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-
report-1-1/
This description forms part of our auditor’s report.
Restriction on use

This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the f
ullest
extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company’s shareholders as a body, for our audit work, for this report, or for the
opinions we have formed.




Andrew Dick
Partner
for Deloitte Limited
Auckland, New Zealand
29 August 2025




INDEPENDENT AUDITOR’S REPORT CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
76
CORPORATE GOVERNANCE STATEMENT
CORPORATE GOVERNANCE
Delegat Group Limited (“the Group”) is committed to maintaining the highest standards of governance by
adopting and implementing best practice structures and policies. This Corporate Governance Statement sets
out the corporate governance policies, practices, and processes adopted and followed by the Group (including
the guiding principles, authority, responsibilities, membership and operation of the Board of Directors) as at
29 August 2025 and has been approved by the Board.
The best practice principles (and underlying recommendations) which the Group has had regard to in determining
its governance approach are the principles set out in the NZX Corporate Governance Code 2025 (‘NZX Code’).
The Board’s view is that the Group’s corporate governance policies, practices and processes generally follow
the recommendations of the NZX Code. This Corporate Governance Statement includes disclosure of the
extent to which the Group has followed each of the recommendations in the NZX Code (or where applicable,
an explanation as to why a recommendation was not followed and any alternative practice followed in lieu of the
recommendation).
The Group is a company incorporated in New Zealand and listed on the NZX Main Board. Further information
about the Group’s corporate governance framework (including the Board and Board Committee charters, and
codes and selected policies referred to in this section) is available on the Group’s website at www.delegat.com,
under the Investor Relations section.
PRINCIPLE 1 – ETHICAL STANDARDS
Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for
these standards being followed throughout the organisation.
CODE OF ETHICS AND RELATED POLICIES
Recommendation 1.1: The board should document minimum standards of ethical behaviour to which the
issuer’s directors and employees are expected to adhere (a code of ethics).
The Group expects its Directors, senior management and employees to maintain the highest standards of
honesty, integrity and ethical conduct in day to day behaviour and decision making. The Board has adopted a
Code of Ethics which incorporates the requirements set out in Recommendation 1.1, forms part of the induction
process for all new employees and is available on the Group’s website. All Directors, senior management and
employees must provide acknowledgement that they have read and understood the content.
Delegat Group operates a phone service which can be used by Delegat Group’s personnel to report suspected
unacceptable, unethical or illegal behaviour in the workplace.
In addition, the Group has a Modern Slavery Policy, which provides for a zero-tolerance approach to all forms of
forced labour, including modern forms of slavery and any form of human trafficking within our supply chain.
FINANCIAL PRODUCTS TRADING POLICY
Recommendation 1.2: An issuer should have a financial product dealing policy which applies to employees
and directors.
The Financial Products Trading Policy sets out the Group’s requirements for all Directors and employees
in relation to trading the Group’s shares and is available on the Group’s website. This policy incorporates all
trading restraints. In general, Directors and employees are allowed to trade in the Group shares during
two ‘trading windows’. Trading windows commence on the day after the half-year and full-year results are
announced to the market and close on the respective half-year and full-year balance date, which typically
means an ‘open period’ of approximately 120 days. Trading outside these windows is generally prohibited.

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CORPORATE GOVERNANCE STATEMENT CONTINUED
FINANCIAL PRODUCTS TRADING POLICY (CONTINUED)
Proposed transactions by Directors and employees during the trading windows require approval from the
Chairman of the Audit and Risk Committee. The policy also provides that no Directors or employees can trade
shares if they are in possession of price sensitive information that is not publicly available. In addition, through
our share registry, Computershare Investor Services Limited, we actively monitor trading in Delegat Group
Limited shares by senior personnel.
PRINCIPLE 2 – BOARD COMPOSITION AND PERFORMANCE
To ensure an effective board, there should be a balance of independence, skills, knowledge, experience and
perspectives.
BOARD CHARTER
Recommendation 2.1: The board of an issuer should operate under a written charter which sets out the roles
and responsibilities of the board. The board charter should clearly distinguish and disclose the respective
roles and responsibilities of the board and management.
The Board has adopted a formal Board Charter which sets out the respective roles, responsibilities, composition
and structure of the Board and senior management, and this is available on the Group’s website. The Board is
responsible for the direction and control of the Group’s activities and acknowledges the need for the highest
standard of corporate governance. The responsibility includes such areas of stewardship as the identification
and control of the Group’s business risks, the integrity of management systems and reporting to Shareholders.
The primary objective of the Board is to build long-term Shareholder value, with due regard to other stakeholder
interests. It does this by adopting the strategic plans, objectives and policies that have been set for the Group by
the Chief Executive Officer, together with senior management. Responsibility for day-to-day management of the
Group has been delegated to the Chief Executive Officer and other members of senior management, to deliver
effective execution of the strategic plans and manage the daily affairs of the Group. The Chief Executive Officer
reports regularly to the Board on Group performance, as well as the progress being made against the strategic
plans. Management is responsible for implementing the objectives and strategies approved by the Board, within
the ambit of risk set by the Board.
NOMINATION AND APPOINTMENT OF DIRECTORS
Recommendations 2.2 and 2.3: Every issuer should have a procedure for the nomination and appointment
of directors to the board. An issuer should enter into written agreements with each newly appointed director
establishing the terms of their appointment.
The Board collectively considers the nominations of Directors. In doing this, the Board’s procedure involves
careful consideration of the composition of the Board in relation to the Group’s needs and operating environment
to ensure relevant skills and experience. This also applies to the consideration of additional or replacement
Directors, subject to the constitutional limitation on the number of Directors. In so doing, as noted, the priority
must be on ensuring the skills, experience and diversity on the Board, and the skills that are necessary or
desirable for the Board to fulfil its governance role and to contribute to the long-term strategic direction of the
Group. The Board may engage consultants to assist in the identification, recruitment and appointment of suitable
candidates.
The Board skills matrix (prepared under the aggregate methodology) below outlines the key skills and elements
describing these skills determined as relevant by the Board, and the number of directors who have self-assessed
their competency against these skills as high, direct or aware. “High” representing high level of competency
and experience, “Direct” representing direct and practical experience, and “Aware” representing awareness.
Compiled shows the collective assessment of the total Board against each of these skills:

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
78
SKILLS KEY ELEMENTS LEVEL OF SKILL COMPILED 
HIGHDIRECTAWARE 
Strategic oversight Ability to identify strategic opportunities and threats with
demonstrated success in developing and implementing
strategic priorities and achievement of business objectives. 
5 –1 
 
Viticulture and
Winemaking 
Experience in the wine industry in viticulture or
winemaking. 
2 1 3 
 
Marketing and brand
expertise 
Marketing, omnichannel, brand development, customer
relationships. 
2 1 3 
 
Global markets Experience operating in overseas markets. 4 1 1 
 
Major projects
oversight 
Managing or overseeing major projects of an organisation. 4 –2 
 
Growth company
oversight 
Growth company CEO or director experience. 4 2 –
 
Capital Markets
experience with a
Public Listed Entity 
Capital markets, capital raisings, experience in a listed
entity. 
2 2 2 
 
Information
management and
technology 
Implementing, managing or overseeing information and
communication technology, cybersecurity, and data
analytics. 
– 4 2 
 
Risk management
oversight 
Implementing, managing or overseeing risk management
and compliance frameworks including legal and regulatory
compliance. 
3 2 1 
 
Financial expertise Accounting and financial reporting oversight, financial risk
management. 
2 2 2 
 
Corporate
governance
experience 
Experience as a director, experience in governance
structures.
4 2 –
 
Government
and regulatory
engagement oversight 
Engagement with government stakeholders, legal, policy
and regulatory environments. 
3 2 1 
 
Sustainability and
environmental 
Sustainability frameworks, ESG reporting, understanding
potential risk and opportunities from an environmental
perspective. 
1 2 3 
 
People, culture and
human rights (social)
experience 
Talent management, governing remuneration, and
experience in relation social responsibility. 
4 1 1 
 
Health, safety and
wellbeing oversight 
Implementing health, safety and wellbeing strategies,
proactive identification and prevention of health and
safety risks. 
4 1 1 
 
Key: High Direct Aware
NOMINATION AND APPOINTMENT OF DIRECTORS (CONTINUED)
CORPORATE GOVERNANCE STATEMENT CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
79
When appointing new Directors, the Board ensures that the constitutional requirements in respect of Directors
will continue to be satisfied. There must be at least three and no more than nine, at least two Directors must
be resident in New Zealand and, while the Company is listed, at least two Directors must be determined by the
Board to be independent. Each director receives a letter formalising his or her appointment. That letter outlines
the key terms and conditions of his or her appointment, including Delegat Group’s expectations of the role of
Director, and is required to be countersigned confirming agreement.
The NZX Listing Rules and the Group’s Constitution requires that all Directors stand for re-election at the Annual
Meeting of Shareholders within three years of last being elected. Directors may be appointed by the Board to
fill vacancies, but they are then subject to re-election at the next Annual Meeting of Shareholders. In addition
to Directors retiring by rotation, and eligible for re-election, nominations may be made by Shareholders. All new
Directors will enter into a written agreement with the Group setting out the terms of their appointment.
DIRECTORS
Recommendation 2.4: Every issuer should disclose information about each Director in its annual report or on
its website, including a profile of experience, length of service, ownership interests, Director attendance at
Board meetings, and the Board’s assessment of the Director’s independence, including a description as to
why the Board has determined the Director to be independent if one of the factors listed in table 2.4 of the
NZX Corporate Governance Code applies to the Director, along with a description of the interest, relationship
or position that triggers the application of the relevant factor.
The Board currently comprises six Non-Executive Directors. The Board has considered which of its Directors are
deemed to be independent for the purposes of the NZX Listing Rules and has determined that as at 29 August
2025, four Directors were independent Directors, including the Chair of the Audit and Risk Committee and the
Chair of the People, Culture and Safety Committee.
In judging whether a Director is independent the Board has regard to all relevant factors, including whether the
Director is a Substantial Product Holder (or is an associated person of a Substantial Product Holder) and is free
of any interest, position or personal relationship that may materially interfere with the exercise of independent
judgement. The Board also has regard to whether the Director has been employed by the company or any of its
subsidiaries in an executive capacity in the last three years, or has, within the last 12 months derived a substantial
portion of their annual revenue from the company, or within the past three years has been a material supplier
or customer of the company, or has been engaged to provide material professional or external audit services
to the company or any of its subsidiaries. The Board also takes Director tenure into account in considering
independence. The NZX recommends that issuers consider the effect of tenure after 12 years of service.
The Board of Directors has carefully considered Dr Alan Jackson’s tenure, which exceeds the recommended
twelve-year threshold set by the NZX Corporate Governance Code. Despite his 12 years of service, the Board
unanimously determined that Dr Alan Jackson continues to demonstrate a high level of independence in both
thought and action.
NOMINATION AND APPOINTMENT OF DIRECTORS (CONTINUED)
CORPORATE GOVERNANCE STATEMENT CONTINUED

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80
CORPORATE GOVERNANCE STATEMENT CONTINUED
DIRECTORS (CONTINUED)
The key reasons for this conclusion are as follows:
1. Objective and critical thinking: Throughout his tenure, Dr Alan Jackson has consistently exhibited strong
independence of judgement. He has a track record of robustly challenging management on strategic issues,
risk oversight, and governance matters.
2. Lack of Conflicts of Interest: Dr Alan Jackson has no relationships with the Company, its executives, or major
Shareholders that could impair his independence. He has no financial or personal ties to the Company outside
of his Director’s role and is not involved in any consultancy or advisory positions that could compromise his
objectivity.
3. Institutional Knowledge and Expertise: Dr Alan Jackson’s deep knowledge of the Company’s operations
and industry context, gained through his years of service, provides valuable insights that benefit the Board
and the Company. His understanding of the business’s historical context, coupled with his ability to remain
independent of management’s influence, makes him a critical contributor to the Board’s deliberations.
4. Continuous Board Refreshment: The Board has implemented regular reviews of each Director’s performance,
including peer evaluations, to ensure that they continue to bring fresh perspectives and remain independent.
Dr Alan Jackson’s participation in these reviews, along with his willingness to engage with external consultants
on board effectiveness, supports our belief in his continued independence.
After a thorough evaluation, the Board is confident that Dr Alan Jackson continues to bring independent oversight
and challenge to the Board’s discussion, and thus should remain classified as an Independent Director.
The Board has also considered where Directors receive a substantial portion of their total income for the year
from Director fees from the Group and at this stage do not consider that this effects the classification of these
Independent Directors.
As at 29 August 2025, the Directors are:
Jakov (Jim) Delegat Non-Executive Appointed in April 2006
Rosemari (Rose) Delegat Non-Executive Appointed in April 2006
Phillipa Muir Independent Appointed in August 2020
Dr Alan Jackson Independent Appointed in October 2012
Gordon MacLeod Independent Appointed in February 2022
Doug McKay Independent Appointed in August 2024
A profile of experience for each Director is available on the Group’s website and included in the Annual Report on
pages 23 through 24.
D I V E R S I T Y
Recommendation 2.5: An issuer should have a written diversity policy which includes requirement for the
Board or a relevant committee of the Board to set measurable objectives for achieving diversity (which, at
a minimum, should address gender diversity) and to assess annually both the objectives and the entity’s
progress in achieving them. The issuer should disclose the policy or a summary of it.
The Group values diversity and our workforce, including potential employees, come from all walks of life. Every
individual is unique, having different skills and experiences. People come from many cultures and backgrounds,
along with a wide range of other personal attributes including gender, age, culture, disability (mental, learning,
physical), economic background, language(s) spoken, marital/partnered status, race, religious beliefs and sexual
orientation. The Group has a commitment to attracting, selecting, developing and retaining the most suitable

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CORPORATE GOVERNANCE STATEMENT CONTINUED
DIVERSITY (CONTINUED)
employees from this diverse range of attributes. The Group’s Diversity Policy (including inclusiveness) is available
on the Group’s website.
A breakdown of the gender composition of the Group is:
2025Global
Sales
%Viticulture%Winemaking,
Bottling and
Warehousing
%Management
and Admin
%Tot a l%
Female8056%2525%4731%5061%20242%
Male6244%7775%10569%3239%27658%
14210215282478
2024Global
Sales
%Viticulture%Winemaking,
Bottling and
Warehousing
%Management
and Admin
%Tot a l%
Female8455%2323%4731%5060%20442%
Male7045%7977%10369%3340%28558%
15410215083489
A breakdown of the gender composition of Directors and senior management at the Group’s balance date is:
% Female (Number) % Male (Number)
% Female (Number)% Male (Number)
2025202420252024
Directors33% (2)33% (2)67% (4)67% (4)
Senior management32% (6)28% (5)68% (13)72% (13)
The Board and management recognise that diversity, equity and inclusion activities can enhance organizational
culture. Enabling employees to feel they can be themselves at work, perform their best and fully participate in the
workplace with a sense of belonging.
The Group has in place a formal diversity plan focused on three areas:
• Commit – to equity at all levels of the business and commit to increasing diversity in homogenous teams and
management positions.
• Cultivate – an inclusive organisational culture where all leaders and managers feel a shared responsibility to
cultivate inclusivity.
• Measure – diversity and inclusion impact and report on progress.
During the year under review, the Group has made progress against this plan, specifically:
• The gender balance for women in management roles in the Corporate Office and Sales teams has increased
to 43% from 41% in 2024;
• Continued to deliver inclusive leadership training.
The Board has approved the 2026 work plan and are satisfied with the rate of progress to date on group wide
initiatives.

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CORPORATE GOVERNANCE STATEMENT CONTINUED
DIRECTOR TRAINING
Recommendation 2.6: Directors should undertake appropriate training to remain current on how to best
perform their duties as directors of an issuer.
The Board expects all Directors to be members of the Institute of Directors and to undertake continuous
education to remain current on how to best perform their responsibilities and keep abreast of changes and trends
in economic, political, social, financial and legal climates and governance practices. The Board also ensures that
new Directors are appropriately introduced to management and the business, that all Directors are updated
on relevant industry and Group issues and receives copies of appropriate Group documents to enable them to
perform their roles. The Board visits each of the Group’s main operational areas by rotation annually, to observe
first-hand the safety and other management practices and business responses to issues.
BOARD EVALUATION
Recommendation 2.7: The Board should have a procedure to regularly assess Director, Board and committee
performance.
The Chairman of the Board every two years leads a performance review and evaluation of the performance of
the Directors, the Board as a whole, and of the Board committees against the Board and committee charters,
including seeking Directors’ views relating to Board and committee process, efficiency and effectiveness. All
Non-Executive Directors are expected to participate in performance reviews, particularly prior to the re-election
of a Non-Executive Director to the Board. The findings of the performance review process are used to identify,
assess and enhance Directors’ competencies and to define characteristics or skills which should be sought in
future Board candidates.
DIRECTOR INDEPENDENCE
Recommendations 2.8, 2.9, and 2.10: A majority of the Board should be independent Directors. An issuer
should have an independent Chair of the Board. The Chair and the CEO should be different people.
The Board currently comprises six Directors, four of whom are deemed “independent” according to the NZX
Code. With respect to Director composition and given the various operating environments of the Group and
its needs, the Board considers that the profile offered by each Director, and all Directors collectively, provides
appropriate experience, skill and diversity to meet its governance responsibilities. In looking to future Board
appointments the Board is committed to achieving compliance with the Code and will, when appropriate, propose
suitable or additional nominees.
The Board Charter is explicit in that the Chair and Chief Executive Officer roles are separate.
PRINCIPLE 3 – BOARD COMMITTEES
The Board should use committees where this will enhance its effectiveness in key areas, while still retaining board
responsibility.
AUDIT AND RISK COMMITTEE
Recommendation 3.1: An issuer’s audit committee should operate under a written charter. An audit committee
should only comprise Non-Executive Directors of the issuer. One member of the committee should be both
independent and have an accounting or financial background. The Chair of the audit committee should be an
independent Director and not the Chair of the Board.
The Audit and Risk Committee operates under a written Charter, and this is available on the Group’s website.
As at 30 June 2025 the Audit and Risk Committee comprised Gordon MacLeod (Chair), Dr Alan Jackson,
Phillipa Muir and Doug McKay. Gordon MacLeod is an Independent Director with an accounting and finance
background, and is not the Chair of the Board. The Committee meets at least four times during the year, and
more frequently if required. The Audit and Risk Committee is responsible for the framework of internal control

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CORPORATE GOVERNANCE STATEMENT CONTINUED
AUDIT AND RISK COMMITTEE (CONTINUED)
mechanisms that ensure proper management of the Group’s affairs. These controls include the 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 is responsible for the
identification, management and reporting of climate-related risks and opportunities. The committee advises and
assists the Board in discharging its responsibility with respect to financial reporting, tax planning, compliance
and risk management practices of the Group.
Recommendation 3.2: Employees should only attend audit committees at the invitation of the audit
committee.
The Chief Executive Officer and Chief Financial Officer attend Audit and Risk Committee meetings at the
invitation of the Audit and Risk Committee. The Audit and Risk Committee may invite any senior management
member to present on their respective function or a particular subject matter that is relevant in the committee
considering the Group’s compliance or risk management practices. The Group’s external auditor also attends
meetings at the committee’s invitation. The Audit and Risk Committee receives feedback from the external
auditor (without management present), concerning any matters that arise in connection with the audit and
performance of management’s roles.
PEOPLE, CULTURE AND SAFETY (REMUNERATION) COMMITTEE
Recommendation 3.3: An issuer should have a remuneration committee which operates under a written
charter (unless this is carried out by the whole Board). At least a majority of the remuneration committee
should be independent Directors. Management should only attend remuneration committees at the invitation
of the remuneration committee.
The People, Culture and Safety Committee operates under a written Charter, and this is available on the
Group’s website. As at 30 June 2025 the People, Culture and Safety Committee comprised Phillipa Muir (Chair),
Gordon MacLeod, Rose Delegat and Doug McKay. The committee meets at least three times during the year,
and more frequently if required. The People, Culture and Safety Committee assists the Board in discharging
its responsibilities with respect to the remuneration and performance of the Chief Executive Officer and other
senior management, remuneration of Directors, human resources policy and strategy, and succession planning.
The committee also monitors and reports on general trends and proposals concerning employment conditions
and remuneration. The Chief Executive Officer and Group People and Culture Manager attend People, Culture
and Safety Committee meetings at the invitation of the People, Culture and Safety Committee.
NOMINATION COMMITTEE
Recommendation 3.4: An issuer should establish a nomination committee to recommend Director
appointments to the Board (unless this is carried out by the whole Board), which should operate under a
written charter. At least a majority of the nomination committee should be independent Directors.
The Board does not operate a separate Nomination Committee as Director appointments are considered by the
Board as a whole. The Board’s procedure for the nomination and appointment of Directors is summarised under
Principle 2 above (under the heading “Nomination and Appointment of Directors”).
OVERVIEW OF BOARD COMMITTEES
Recommendation 3.5: An issuer should consider whether it is appropriate to have any other Board committees
as standing Board committees. All committees should operate under written charters. An issuer should
identify the members of each of its committees, and periodically report member attendance.
The Board does not operate any other committees apart from the Audit and Risk Committee and the People,
Culture and Safety Committee. The Group has considered whether any other standing Board committees

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CORPORATE GOVERNANCE STATEMENT CONTINUED
OVERVIEW OF BOARD COMMITTEES (CONTINUED)
are appropriate and has determined the existing committee structure is appropriate for meeting governance
obligations. Each committee operates under a charter which is available on the Group’s website. Committee
members are appointed from members of the Board and membership is reviewed on an annual basis. Any
recommendation made by the committee is typically submitted to the Board for formal approval. The Chief
Executive Officer and relevant key executives are invited to attend committee meetings as appropriate.
ATTENDANCE AT BOARD AND COMMITTEE MEETINGS
For the year ended 30 June 2025
For the Year Ended 30 June 2025
BoardAudit and Risk
People, Culture
and Safety
Number of meetings held664
AttendedAttendedAttended
Jim Delegat643
Rose Delegat614
Phillipa Muir654
Dr Alan Jackson651
Gordon MacLeod664
Doug McKay664
Steven Carden (resigned January 2025)322
TAKEOVER PROTOCOLS
Recommendation 3.6: The Board should establish appropriate protocols that set out the procedures to be
followed if there is a ‘control transaction’ for the issuer including the procedure for any communication between
the issuer’s Board and management and the bidder. The Board should disclose the scope of independent
advisory reports to Shareholders. These protocols should include the option of establishing an independent
control transaction committee, and the likely composition and implementation of an independent control
transaction committee.
Given the Group’s shareholding structure, with the largest Shareholder being the Delegat Share Protection Trust
(a related party), the Board considers the likelihood of an unanticipated control transaction to be low, and so the
Board, in the event of a control transaction offer, has agreed that a Control Transaction Response Committee
would be convened comprising Independent Directors. That committee would consider the Group’s actions
in relation to the control transaction offer, including seeking appropriate legal, financial, and strategic advice,
complying with takeover regulation (including the appointment of an independent advisor under the Takeovers
Code and the preparation of a Target Company Statement) and determining what additional information (if any)
would be provided by the Group to the bidder.
PRINCIPLE 4 – REPORTING AND DISCLOSURE
The Board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of
corporate disclosures.
The Board is committed to timely, accurate and meaningful reporting of financial and non-financial information.

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CORPORATE GOVERNANCE STATEMENT CONTINUED
CONTINUOUS DISCLOSURE
Recommendation 4.1: An issuer’s Board should have a written continuous disclosure policy.
As a listed company there is an imperative for the Group to ensure the market is appropriately informed and
Delegat is committed to ensuring that all of our Shareholders have timely access to full and accurate material
information about the Group. The Group has a Continuous Disclosure Policy, and this is available on the Group’s
website. The purpose of this policy is to ensure the Group complies with its continuous disclosure obligations
by ensuring timely, accurate and complete information is provided to all Shareholders and market participants.
Directors formally consider at each Board meeting whether there is relevant material information which should
be disclosed to the market.
CHARTERS AND POLICIES
Recommendation 4.2: An issuer should make its code of ethics, board and committee charters and the policies
recommended in the NZX Code, together with other key governance documents, available on its website.
Information about the Group’s corporate governance framework (including Code of Ethics, Board and Committee
charters, and other selected key governance codes and policies) is available to view on the Group’s website.
FINANCIAL AND NON-FINANCIAL REPORTING
Recommendation 4.3 and 4.4: Financial reporting should be balanced, clear and objective. An issuer should
provide non-financial disclosure at least annually, including considering environmental, social sustainability
and governance factors and practices. It should explain how operational or non-financial targets are
measured. Non-financial reporting should be informative, including forward looking assessments, and align
with key strategies and metrics monitored by the Board.
FINANCIAL REPORTING
The Audit and Risk Committee is accountable to the Board for the recommendations of the external auditors,
Deloitte, directing and monitoring the audit function and reviewing the adequacy and quality of the annual audit
process. This includes receiving reports on the Group’s internal information system control environment. The
committee oversees the quality and integrity of external financial reporting including the accuracy, completeness
and timeliness of financial statements, and ensuring the financial reporting is balanced, clear and objective. It
reviews annual and half year financial statements and makes recommendations to the Board concerning the
application of accounting policies and practices, areas of judgement, compliance with accounting standards,
stock exchange and legal requirements, and the results of the external audit.
Management’s accountability for the Group’s financial reporting is reinforced by the written confirmation from
the Chief Executive Officer and Chief Financial Officer that, in their opinion, financial records have been properly
maintained and that the financial statements comply with the appropriate accounting standards and give a true
and fair view of the financial position and performance of the Group. Such representations are given based on a
sound system of risk management and internal control which is operating effectively in all material respects in
relation to financial reporting risk.
NON-FINANCIAL REPORTING
The Group assesses its exposure to environmental, economic and social sustainability as part of the overall
framework for managing risk (see Principle 6 – Risk Management). The Group is committed to improving
standards of environmental performance to enable a more efficient and sustainable future. Accordingly, the
Group follows long standing practices regarding management of environmental factors affecting the business,
including strategies relating to water conservation, viticulture management, sustainable winegrowing practices
and wetland preservation initiatives.

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CORPORATE GOVERNANCE STATEMENT CONTINUED
NON-FINANCIAL REPORTING (CONTINUED)
The Group has remained focused on the development of measurable initiatives in respect to three key areas;
inclusion, people and climate change. Each of these areas is key to supporting a value based organisation which
focuses on harnessing the passion of people who are intent on personal achievement and growth.
Sustainability in all its forms remains 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 since 2002 of Sustainable Winegrowing New Zealand (SWNZ), the Group takes its
responsibilities to respect and protect the environment very seriously.
Utilising a sustainability framework that covers three main areas, building an enduring wine business (covering
climate risk and greenhouse gas emissions); helping our people and community to thrive (covering health,
safety and wellbeing, diversity and inclusion); and crafting wine with care (covering biodiversity, packaging
and waste, and sustainable growing and production), the Group has a range of initiatives helping drive positive
environmental and social outcomes across the business. For example, the Group has achieved Toitu Envirocare
carbon reduce certification. The Group continues to work on its health, safety and wellbeing performance for all
its people around the world and has specific programmes identifying opportunities for improvements in diversity
and inclusion in the Group.
The Group applies many of these same sustainable growing practices in the Barossa Valley, again as a leader of
sustainable winegrowing practices within the Australian wine industry.
The Group will issue its Climate Related Disclosure for the period ended 30 June 2025 alongside the Annual
Report in September 2025. The disclosure is prepared in accordance with the Aotearoa New Zealand Climate
Reporting Standards (CS) 1, 2 & 3, and sets out the Group’s approach to climate-related risks and opportunities,
using the key themes of governance, strategy, risk management and metrics and targets. The report will be
available on the Group’s website at www.delegat.com, under the Investor Relations section.
The company’s Sustainability and Climate Change Steering Group reports progress to the Board on a regular
basis against milestones established under the Group’s Sustainability Strategy, approved by the Board in April
2022.
PRINCIPLE 5 – REMUNERATION
The remuneration of Directors and executives should be transparent, fair and reasonable.
DIRECTORS’ REMUNERATION
Recommendation 5.1: An issuer should have a remuneration policy for the remuneration of Directors. An
issuer should recommend Director remuneration to Shareholders for approval in a transparent manner.
Actual Director remuneration should be clearly disclosed in the issuer’s annual report.
REMUNERATION – CHIEF EXECUTIVE OFFICER
The criteria for reviewing the remuneration for Executive Directors includes, as appropriate, advice obtained
from external independent consultants, specific market comparison of roles using independent surveys,
consideration of role expectations and requirements, and level of achievement against business and personal
objectives.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
87
CORPORATE GOVERNANCE STATEMENT CONTINUED
REMUNERATION – NON-EXECUTIVE DIRECTORS
Remuneration levels are set at competitive levels to attract and retain appropriately qualified Directors.
The Group’s policy is to pay its Directors in cash. The fees of the Non-Executive Directors are set within the
aggregate amount determined by Shareholders by a resolution. The criteria for reviewing Non-Executive
Director remuneration includes obtaining advice from external consultants as appropriate, information on Board
arrangements for other corporations of similar size and complexity, and the review of current and expected
workloads (including as Chairman of the Board Committees). The NZX Listing Rules require that the Shareholders
approve the total aggregate amount payable to all Directors as Directors’ fees. Approval was last sought in 2022,
when the pool limit was set at $730,000 per annum. Director remuneration is included in the Annual Report on
page 94.
REMUNERATION POLICY
Recommendation 5.2: An issuer should have a remuneration policy for remuneration of Directors and officers,
which outlines the relative weightings of remuneration components and relevant performance criteria.
The Group has adopted a Remuneration Policy which sets out the remuneration principles that apply to all Non-
Executive Directors and all employees including senior management, to ensure that remuneration practices
are fair and appropriate, and that there is a clear link between remuneration and performance. The Group
is committed to applying fair and equitable remuneration and reward practices in the workplace, taking into
account internal and external relativity, the commercial environment, the ability to achieve the Group’s business
objectives and the creation of Shareholder value. Under the Group’s remuneration practices, job size relative to
the relevant competitive market for talent, as well as individual performance against defined key performance
objectives, are key considerations in all remuneration-based decisions.
EMPLOYEE REMUNERATION
The number of employees and former employees within the Group, receiving remuneration and benefits above
$100,000, relating to the year ended 30 June 2025 is included in the Annual Report on page 97.
MANAGING DIRECTOR (CHIEF EXECUTIVE OFFICER) REMUNERATION
Recommendation 5.3: An issuer should disclose the remuneration arrangements in place for the CEO in its
annual report. This should include disclosure of the base salary, short-term incentives and the performance
criteria used to determine performance based payments.
The remuneration of the Managing Director for the year ended 30 June 2025 is included in the Annual Report on
page 94.
The remuneration of the Managing Director (Chief Executive Officer) comprises both a fixed and variable
performance component. Fixed remuneration includes a base salary, contributions to superannuation, wine
and phone allowances. The Managing Director (Chief Executive Officer) can receive a discretionary variable
performance incentive linked to Group performance and achievement against strategic goals.
The remuneration disclosures below relate to Steven Carden who was Managing Director until 31 January 2025
(but was on leave from 20 December 2024) and Murray Annabell who was appointed Acting Chief Executive
Officer from 21 December 2024.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
88
CORPORATE GOVERNANCE STATEMENT CONTINUED
Managing Director (Acting Chief Executive Officer) Total Remuneration
Fixed
Remuneration
Variable
Remuneration
Managing Director / Acting Chief
Executive Officer
Financial yearSalary

$000
3
Other
Benefits
4

$000
Short-term
Incentive
Paid
5

Tot a l
Remuneration
$000
Steven Carden
1
FY251,12835141,177
Murray Annabell
2
FY2545025–475
Steven Carden
1
FY24769312121,012
1. Steven Carden resigned from his position as Managing Director on 31 January 2025.
2. Murray Annabell was appointed Acting Chief Executive Officer from 21 December 2024 and his remuneration disclosed in the table above is from this date. Murray Annabell
was previously and remained Chief Financial Officer of the Group until 30 June 2025.
3. Salary includes base salary, contractual payment and annual leave entitlements.
4. Other benefits include contributions to superannuation, car, wine and phone allowances.
5. The short-term incentive (STI) paid in the current financial year relates to the STI earned in the prior year.
Managing Director Discretionary Variable Remuneration
Short-term Incentive Outcomes (Earned)
1
STI
Weighting
Weighted
Outcome
FY24
Operating EBIT and Group performance targets
2
55%9%
Strategic, Workplace Health and Safety, and
Sustainability initiatives
2
45%–
FY23
Operating EBIT and Group performance targets
2
55%69%
Strategic, Workplace Health and Safety, and
Sustainability initiatives
2
45%78%
1. The short-term incentive (STI) paid in the current financial year relates to the STI earned in the prior year.
2. A performance hurdle of 95% of EBIT must be achieved to earn an STI outcome for both Operating EBIT and Group performance targets and Strategic, Workplace Health and
Safety, and Sustainability initiatives.
3. The short-term incentive target for FY24 was $305,000 (FY23: $291,000). A maximum amount of $389,000 (FY23: $371,000) was payable for outstanding performance.
4. No STI is earned or payable in relation to FY25.
SENIOR MANAGEMENT
The Group’s senior management is appointed by the Chief Executive Officer. Senior management’s key
performance objectives are comprised of specific Group financial objectives along with business related
individual objectives. Establishing and monitoring these key performance objectives is undertaken annually by
the Chief Executive Officer, recommending them to the People, Culture and Safety Committee, for approval. The
performance of the senior managers against these key performance objectives is evaluated annually and serves
as a key determinant of any short-term incentive scheme values and payments.
SHORT-TERM INCENTIVE PAYMENTS
Short-term incentive payments are at risk cash payments designed to motivate and reward for short-term
(within each financial year) performance. The target value of a short-term incentive payment is set by the Chief
Executive Officer with a specified dollar potential available to each participant in the scheme. The target areas
for all employees who are entitled to participate in the discretionary short-term incentive scheme are set based
on a combination of Group financial performance and specific sales targets relative to the employee’s area of
MANAGING DIRECTOR (CHIEF EXECUTIVE OFFICER) REMUNERATION (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
89
CORPORATE GOVERNANCE STATEMENT CONTINUED
responsibility and individual goals. The weightings applied to each of the target areas will be generally consistent
throughout the Group for roles entitled to a short-term incentive payment, but may vary depending on specific
areas of focus as determined by the Chief Executive Officer. The People, Culture and Safety Committee approves
senior management short-term incentive payments, and the Chief Executive Officer approves the short-term
incentive payments to be made to sales employees at the end of the financial year and approves the sales
employee’s targets for the following year.
PRINCIPLE 6 – RISK MANAGEMENT
Directors should have a sound understanding of the material risks faced by the issuer and how to manage them.
The Board should regularly verify that the issuer has appropriate processes that identify and manage potential and
material risks.
RISK MANAGEMENT
Recommendation 6.1: An issuer should have a risk management framework for its business and the issuer’s
board should receive and review regular reports. An issuer should report the material risks facing the business
and how these are being managed.
Risk management is an acknowledged important factor in corporate governance. The Board is responsible for
the Group’s risk assessment, management and internal control and considers it has carried out a robust risk
assessment process. The Board has identified a number of risks in the Group’s operations that are commonly
faced by other entities in the industry in which the Group operates. The Board and management of the Group
considers they have taken all reasonable steps to manage and mitigate these risks.
In viticulture the issues of weather, disease and pest control are an ongoing management activity. Viticultural
techniques are in place and in practice which the Board and management considers effectively mitigate this risk.
Brand reputation and brand security are identified risks that are the subject of ongoing surveillance, and
techniques and practices are in place which the Board and management considers mitigate this risk effectively.
Supply chain risk is monitored, and the Group has identified a range of suppliers operating in different jurisdictions
to mitigate the risk of the loss of a single supplier.
Technology risk, particularly in relation to hacking or illegal access to systems, is managed through a dedicated
information technology department, along with external consultants which the Board and management consider
mitigate this risk effectively. The Audit and Risk Committee regularly receives technology control finding updates.
Information reporting includes updates about the status of previously raised items, fraud risk management,
cyber risks and security monitoring, access governance and vendor management reviews, along with the latest
assessment of evolving risk matters for consideration.
The Chief Executive Officer, together with senior management, meets regularly on risk assessment affecting the
business and maintain a risk matrix which is used to monitor and mitigate these risks. A risk matrix measures
the impact of the risk and likelihood of occurrence and is provided to the Audit and Risk Committee and Board
annually. The Group maintains insurance policies that it considers adequate to meet insurable risks.
HEALTH AND SAFETY
Recommendation 6.2: An issuer should disclose how it manages its health and safety risks and should report
on its health and safety risks, performance and management.
The health, safety and wellbeing of people is of the utmost importance to Delegat. A safe and healthy workplace
is one in which people and suppliers are accountable and empowered to work together to protect and promote
the health, safety and wellbeing of all.
SHORT-TERM INCENTIVE PAYMENTS (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
90
CORPORATE GOVERNANCE STATEMENT CONTINUED
HEALTH AND SAFETY (CONTINUED)
The Board has responsibility for ensuring the Group maintains a health and safety management system that
meets best practice standards to protect the health and safety of employees and contractors engaged by the
Group. A Workplace Health and Safety Report, which covers Group performance across a range of measures
of Health and Safety, is presented to and reviewed by the Board at each Board meeting. The Board and senior
management are appraised of all notifiable incidents and injuries and the actions taken to ensure the health and
wellbeing of injured persons. Actions taken to prevent incident reoccurrence are also advised. Each year Board
members conduct a number of visits to the Group’s vineyards and wineries to observe and review health and
safety practices.
The Group People and Culture Manager and specialist team members in the People and Culture function assist
the Board in meeting its responsibilities under the Health and Safety at Work Act 2015, as well as other regulations
and policies.
Management operates and assesses the effectiveness of risk assessment and mitigation, safety processes and
systems, capability of staff and the general culture of the business in relation to safety.
The Group has implemented a Health and Safety Risk Matrix to identify specific hazards and risks, assess their
severity of impact and likelihood of occurrence, document mitigation strategies and determine the level of
residual risk. This matrix is reviewed at least annually by the Board and annual Health and Safety objectives and
key performance indicators are set for the business based on the significant risks identified.
The Group has introduced wellbeing initiatives to help create a healthy working environment with the goal for
promoting and maintaining physical, mental, and social wellbeing for everyone at Delegat.
PRINCIPLE 7 – AUDITORS
The Board should ensure the quality and independence of the external audit process.
EXTERNAL AUDIT
Recommendations 7.1 and 7.2: The Board should establish a framework for the issuer’s relationship with its
external auditors. This should include procedures prescribed in the NZX Code. The external auditor should
attend the issuer’s annual Shareholders meeting to answer questions from Shareholders in relation to the
audit.
The Board has adopted a policy in relation to the provision of the non-audit services by the Group’s external
auditor to ensure the independence of the external auditor. This is based on the principle that work that may
detract from the external auditor’s independence and impartiality (or that may be perceived as doing so) should
not be carried out by the external auditors.
The Audit and Risk Committee is responsible for the oversight of the Group’s external audit arrangements. These
arrangements include procedures for the matters described in Recommendation 7.1 of the NZX Code.
The Audit and Risk Committee is committed to ensuring the Group’s external auditor is able to carry out its work
independently so that financial reporting is reliable and credible. The Audit and Risk Committee is responsible for
the appointment of Delegat’s external auditors, its terms of engagement and the level of fees incurred (subject
to Shareholder approval). The Audit and Risk Committee monitors the nature and extent of other services
provided by the external auditor, and the ratio of audit fees to non-audit fees, to ensure that those services
are complementary to the external audit and compatible with maintaining external audit independence. Regular
rotation of the external audit firm is not mandated, however rotation of the key audit partner of Delegat is required
every five years. The Group’s external auditor is Deloitte. Total fees paid to Deloitte in its capacity as auditor are
included in the Annual Report on page 48.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
91
EXTERNAL AUDIT (CONTINUED)
CORPORATE GOVERNANCE STATEMENT CONTINUED
The Group invites representatives of Delegat’s external auditors to attend the Annual Meeting of Shareholders
and for the lead audit partner to be available to answer Shareholder questions about the conduct of their audit
and the preparation and content of the auditor’s report.
INTERNAL AUDIT
Recommendation 7.3: Internal audit functions should be disclosed.
The Group does not have an internal audit function. Procedures have been established at a Board and executive
management levels that are designed to safeguard the assets and interests of the Group and ensure the
integrity of reporting. These include accounting, financial reporting and internal control policies and procedures.
The Board acknowledges that it is responsible for the overall internal control framework but recognises that
no cost-effective internal control system will preclude all errors and irregularities. To assist in discharging this
responsibility, the Board has instigated an internal control framework as follows:
Financial reporting – there is a comprehensive budgeting system with an annual budget approved by the Board.
Monthly actual results are reported against budget and revised forecasts for the year are prepared regularly.
The consolidated entity reports to Shareholders half-yearly. Procedures are also in place to ensure that price-
sensitive information is reported to the NZX in accordance with continuous disclosure obligations;
Operating unit controls – financial controls and standard operating procedures, including information system
controls, are in operation throughout the consolidated entity; and
Investment appraisal – the consolidated entity has clear guidelines for capital expenditure. These include annual
budgets, as well as detailed appraisal and review procedures.
PRINCIPLE 8 – SHAREHOLDER RIGHTS AND RELATIONS
The Board should respect the rights of Shareholders and foster constructive relationships with Shareholders that
encourage them to engage with the issuer.
INFORMATION FOR THE SHAREHOLDERS
Recommendation 8.1: An issuer should have a website where investors and interested stakeholders can
assess financial and operational information and key corporate governance information about the issuer.
The Group is committed to an open and transparent relationship with Shareholders. The Board aims to ensure that
all Shareholders are provided with all information necessary to assess the Group’s direction and performance.
This is undertaken through a range of communication methods, including periodic and continuous disclosures
to the NZX, half-year and annual reports and the Annual Shareholders’ Meeting. The Chief Executive Officer and
Chief Financial Officer present via an analysts’ and investors’ conference call after the release of the interim and
final year results and answer questions raised by analysts and investors. The Group’s website provides financial
and operational information, details about its Directors and copies of its governance documents, for investors
and interested stakeholders to access at any time.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
92
COMMUNICATING WITH SHAREHOLDERS
Recommendation 8.2: An issuer should allow investors the ability to easily communicate with the issuer,
including by designing its Shareholder meeting arrangements to encourage Shareholder participation and
by providing the option to receive communications from the issuer electronically.
Shareholders have the option of receiving their communications electronically, including by email or through
the Group’s website. Shareholders are actively encouraged to take up this option. The Board has always been
committed to having an open dialogue with Shareholders and welcomes investor enquiries.
Delegat’s annual meetings provide an opportunity for Shareholders to raise questions for their Board and to
make comments about the Company’s operations and performance.
SHAREHOLDER VOTING RIGHTS
Recommendations 8.3 and 8.4: Quoted equity security holders should have the right to vote on major
decisions which may change the nature of the issuer in which they are invested. If seeking additional equity
capital, issuers of quoted equity securities should offer further equity security holders of the same class on a
pro rata basis, and on no less favourable terms, before further equity securities are offered to other investors.
In accordance with the Companies Act 1993, the Group’s Constitution and the NZX Listing Rules, the Group
refers any significant matters to Shareholders for approval at a Shareholders’ Meeting. All Shareholders are
entitled to attend the Group’s Annual Shareholders’ Meeting, either in person or by representative. Resolutions
at Shareholders’ meetings are by way of poll, where each Shareholder is entitled to one vote per share.
NOTICE OF ANNUAL SHAREHOLDERS MEETING
Recommendation 8.5: The Board should ensure that the notices of annual or special meetings of quoted
equity security holders is posted on the issuer’s website as soon as possible and at least 20 working days
prior to the meeting.
The Group posts any Notices of Shareholders’ Meetings on its website as soon as these are available. The general
practice is to make these available not less than four weeks prior to the Shareholders’ Meeting.
CORPORATE GOVERNANCE STATEMENT CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
93
OTHER DISCLOSURES
DISCLOSURE OF INTERESTS BY DIRECTORS
In accordance with section 140(2) of the Companies Act 1993, the Directors have made general disclosure of their
relevant interests for entry into the Group’s Interest Register.
Directors have declared interests in the following transactions with subsidiary companies during the financial year:
• Delegat Australia Pty Limited paid fees to Yaroona Pty Limited, a company in which a Director of Delegat
Australia Pty Limited has an interest;
• Delegat Limited paid fees to Camelot Trust Pte. Limited, a company in which a Director of Delegat (Singapore)
Pte. Limited has an interest; and
• Barossa Valley Estate Pty Limited paid fees to Range Road Estate Pty Limited, a company in which a Director
of Barossa Valley Estate Pty Limited has an interest.
The details of these transactions are given in Note 21 to the financial statements, “Related Parties”.
At 30 June 2025 and 29 August 2025 the following Directors, or entities related to them, had interests in the following
company shares:

ORDINARY SHARES
Delegat Group LimitedBeneficialNon-Beneficial
JN Delegat
1
– 6 6 , 8 5 7,14 2
RS Delegat
1
– 6 6 , 8 5 7,14 2
GN MacLeod 11,600 –
DA McKay
2
3,100 –
1
JN Delegat and RS Delegat jointly hold non-beneficially 66,857,142 shares in their capacity as trustees of the Delegat Share Protection Trust.
2
DA McKay is the beneficial owner of 3,100 shares held by the McKay Family Trust Partnership.
DIRECTOR INTERESTS
In accordance with sections 140 and 211(e) of the Companies Act 1993, the table below lists the general disclosures
of interest by directors of the Delegat Group during FY25:
DirectorEntityRelationship
Jakov Nikola DelegatSelwyn Investments LimitedDirector and Shareholder
NJPD Trustee LimitedDirector and Shareholder
JAPD Trustee LimitedDirector and Shareholder
Rosamari Suzan DelegatNoneNone
Alan Trevor JacksonSenior Living Developments LimitedDirector and Shareholder
Phillipa Margaret MuirSimpson GriersonChair & Senior Partner
Portview North Forest GP LimitedShareholder
Gordon Neil MacLeodSpark New Zealand LimitedDirector
New Zealand Breast Cancer FoundationBoard member
Spanbild NZ LimitedBoard advisor
Brannigans Consulting LimitedBoard advisor
Doug Alexander McKayVector LimitedChair
IAG New Zealand LimitedDirector
IAG (NZ) Holdings LimitedDirector
Wymac Consulting LimitedDirector and Shareholder
Contact Energy LimitedShareholder

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
94
OTHER DISCLOSURES CONTINUED
SHARE DEALINGS BY DIRECTORS
During the year GN Macleod purchased 7,900 shares in Delegat Group Limited. No other Director dealt in any shares
of the Company, or in the shares of a subsidiary company during the year.
REMUNERATION OF DIRECTORS
Directors received the following fees and remuneration from Delegat Group Limited:
2025 2024
$000 $000
Non-Executive Directors
JN Delegat
1
180 146
RS Delegat 103 99
GS Lord
2
– 77
AT Jackson

102 103
PM Muir
3
118 118
GN MacLeod
4
118 118
DA McKay
7
100 –

721 661
Executive Directors
5

SD Carden
6
1,177 1,012
1
Jim Delegat was paid $180,000 (2024: $99,000) for his role as Chair. Jim Delegat was appointed as Chair on 23 November 2023. In the prior
year Jim Delegat’s remuneration included Non-Executive Director fees of $47,000.
2
Graeme Lord retired from his position as Chair on 23 November 2023. In the prior year Graeme Lord was paid $77,000 for his role as Chair.
3
Phillipa Muir was paid $15,000 (2024: $15,000) in addition to her Director fees for her role as Chair of the People, Culture and Safety
Committee.
4
Gordon MacLeod was paid $15,000 (2024: $15,000) in addition to his Director fees for his role as Chair of the Audit and Risk Committee.
5
Executive Directors remuneration includes salary and benefits received in their capacity as employees. Executive Directors do not receive
Directors fees.
6
Steven Carden resigned from his position as Managing Director on 31 January 2025. Steven Carden’s remuneration included remuneration
of $1,128,000 (2024: $769,000), short-term incentive payments of $14,000 (2024: $212,000) and other benefits of $35,000 (2024: $31,000).
7
Doug McKay was appointed as Independent Non-Executive Director on 1 August 2024.
DIRECTORS’ AND OFFICERS’ INSURANCE LIABILITY
As permitted by the New Zealand Companies Act 1993, the Company has arranged a policy of Directors’ and Officers’
liability insurance which insures those persons indemnified to certain liabilities and costs.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
95
OTHER DISCLOSURES CONTINUED
STOCK EXCHANGE LISTINGS
The Company’s shares are listed on the New Zealand Stock Exchange.
20 Largest Shareholders as at 30 June 2025
Holder Shares Held % of Shares
Jakov Nikola Delegat, Rosamari Suzan Delegat & BPM Trustees (DSPT) Limited 6 6 , 8 5 7,14 2 66.11
Forsyth Barr Custodians Limited 10,214,808 10.10
TEA Custodians Limited - NZCSD
1
4,679,994 4.63
HSBC Nominees (New Zealand) Limited - NZCSD
1
3 ,747, 5 5 8 3.71
Accident Compensation Corporation - NZCSD
1
3,181,917 3.15
Custodial Services Limited 2,587,038 2.56
Robert Lawrence Wilton 765,872 0.76
Forsyth Barr Custodians Limited 552,429 0.55
New Zealand Depository Nominee Limited 247, 5 93 0.24
Rainer Huebner & Shanti Huebner 239,977 0.24
Warren Fraser Sanderson & Elizabeth Ann Sanderson 200,000 0.20
Citibank Nominees (New Zealand) Limited - NZCSD
1
180,320 0.18
Weijun Zhang & Yuhua Yang 150,000 0.15
JP Morgan Chase Bank - NZCSD
1
148,494 0.15
FNZ Custodians Limited 13 7, 0 6 5 0.14
Jiahuan Fu 9 7, 4 3 7 0.10
JB Were (NZ) Nominees Limited 83,297 0.08
David Herlihy Russell 80,000 0.08
Public Trust RIF Nominees Limited - NZCSD
1
72,307 0.07
Forsyth Barr Custodians Limited 69,400 0.07
Total for Top 20 94,292,648 93.24
1
Shareholdings held in New Zealand Central Securities Depository Limited (NZCSD). Total holding at 30 June 2025 in NZCSD were 12,010,590.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
96
OTHER DISCLOSURES CONTINUED
DISTRIBUTION OF ORDINARY SHARES
Holder Holders Shares Held % of Shares
1 – 5,000 1,462 2,792,877 2.76
5,001 – 10,000 195 1,516,470 1.50
10,001 – 100,000 132 2,930,638 2.90
100,001 plus
1
15 93,890,207 92.84
To t a l 1,804 101,130,192 100.00
1
NZCSD holdings are considered one holder for the purpose of the distribution of ordinary shares.
GEOGRAPHIC DISTRIBUTION
Holder Holders Shares Held % of Shares
New Zealand 1,743 90,444,578 89.43
United States of America 6 10,223,527 10.10
Australia 30 402,790 0.40
Other Overseas 25 59,297 0.07
To t a l 1,804 101,130,192 100.00
SUBSTANTIAL SECURITY HOLDERS
According to notices given to the Company under the Financial Markets Conduct Act 2013, as at 30 June 2025, the
substantial security holders in the Company are:
Substantial Security Holders Relevant Interest % of Shares Date of Notice
Jakov Nikola Delegat, Rosamari Suzan Delegat and

BPM Trustees (DSPT) Limited 66,857,142 66.11 21 Dec 2011
K&M Douglas Trust, Douglas Irrevocable Trust FBO Jake Douglas,

Irrevocable Trust FBO Summer Douglas, Irrevocable Trust FBO
Amanda Douglas, Irrevocable Trust FBO Alexander Douglas,
Douglas FT FBO James Douglas, Douglas FT FBO Kevin Douglas 10,208,808 10.09 5 April 2017

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
97
OTHER DISCLOSURES CONTINUED
EMPLOYEE REMUNERATION
Section 211(1)(g) of the New Zealand Companies Act 1993 requires disclosure of remuneration and other benefits,
including redundancy and other payments made on termination of employment, in excess of $100,000 per year, paid
by the Company or any of its subsidiaries worldwide to any employees who are not Directors of the Company.
Fr o m To 2025 2024
$ $

100,001 110,000 30 22
110,001 120,000 18 23
120,001 130,000 21 24
130,001 140,000 19 20
140,001 150,000 16 14
150,001 160,000 8 6
160,001 170,000 10 6
170,001 180,000 12 14
180,001 190,000 8 3
190,001 200,000 8 10
200,001 210,000 8 5
210,001 220,000 4 9
220,001 230,000 5 5
230,001 240,000 8 3
240,001 250,000 2 1
250,001 260,000 3 4
260,001 270,000 3 3
270,001 280,000 5 2
280,001 290,000 2 1
290,001 300,000 4 3
300,001 310,000 – 2
310,001 320,000 2 2
320,001 330,000 2 1
330,001 340,000 – 1
340,001 350,000 1 2
350,001 360,000 3 2
360,001 370,000 – 2
370,001 380,000 1 1
390,001 400,000 5 2
400,001 410,000 – 1
410,001 420,000 1 1
420,001 430,000 – 1
430,001 440,000 1 1
450,001 460,000 – 1
490,001 500,000 – 1
500,001 510,000 1 1
620,001 630,000 1 –
670,001 680,000 – 1
740,001 750,000 – 1
840,001 850,000 1 –
213 202

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
98
OTHER DISCLOSURES CONTINUED
SUBSIDIARY COMPANY DIRECTORS
Section 211(1)(2) of the New Zealand Companies Act 1993 requires the Company to disclose, in relation to its
subsidiaries, the total remuneration and value of other benefits received by Directors and former Directors and
particulars of entries in the interest registers made during the year ended 30 June 2025.
Apart from Delegat Australia Pty Limited, Delegat (Singapore) Pte. Limited and Barossa Valley Estate Pty Limited,
which are required to have a local resident as a Director of the Company, no wholly owned subsidiary has any employee
appointed as a Director of Delegat Group Limited or its subsidiaries who receives, or retains any remuneration or
other benefits, as a Director. No other Director of any subsidiary Company within the Group receives Director’s fees
or other benefits as a Director.
The following persons respectively held office as Directors of subsidiary companies at the end of the year or in the
case of those persons with the letter (R) after their name ceased to hold office during the year. Alternate Directors
are indicated by the letter (A) after their name.
Delegat Limited
JN Delegat, SD Carden (R), MR Annabell
Delegat Europe Limited
JN Delegat, SD Carden (R), MR Annabell
Delegat Australia Pty Limited
JN Delegat, PJ Taylor, SD Carden (R), MR Annabell
Delegat USA, Inc.
JN Delegat, SD Carden (R), MR Annabell
Delegat Canada Limited
JN Delegat, SD Carden (R), MR Annabell
Delegat (Singapore) Pte. Limited
JN Delegat, A Chew Peck Hwa, MR Annabell
Oyster Bay Wines New Zealand Limited
SD Carden (R), MR Annabell
Barossa Valley Estate Pty Limited
JN Delegat, AW Hoey, SD Carden (R), MR Annabell
DONATIONS
During the year the Parent and subsidiaries made donations of $nil (2024: $nil).
NEW ZEALAND EXCHANGE WAIVERS
Delegat Group Limited has not obtained any waivers from the NZX in the financial year ended 30 June 2025.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2025
99
DIRECTORY
Directors
Jakov Nikola Delegat
Rosamari Suzan Delegat
Steven David Carden (resigned 31 January 2025)
Alan Trevor Jackson
Doug Alexander McKay
Gordon Neil MacLeod
Phillipa Margaret Muir
Registered Office
Level 31, 15 Customs Street West
Auckland 1010
PO Box 91681
Victoria Street West
Auckland 1142
Solicitors
Heimsath Alexander
Level 1, Shed 22, Prince’s Wharf
147 Quay Street
PO Box 105884
Auckland 1143
Auditors
Deloitte
Deloitte Centre, 1 Queen Street
Auckland 1010
Private Bag 115033
Shortland Street
Auckland 1140
Share Registrar
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Managing your shareholding online:
To change your address, update your payment
instructions and to view your registered details
including transactions, please visit:
www.investorcentre.com/NZ
General enquiries can be directed to:
enquiry@computershare.co.nz
Private Bag 92119
Auckland 1142
Telephone:
+64 9 488 8777
Facsimile:
+64 9 488 8787
Please assist our registry by quoting your CSN or
Shareholder number.