DGL - Interim Results to 31 December 2025

Results announcement

,
Results for announcement to the market
Name of issuer Delegat Group Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$179,575 +1%
Total Revenue $179,575 +1%
Total Operating Revenue
1
$179,575 +1%
Operating Profit from ordinary
activities after tax (Operating
NPAT)
1

$29,687 +5%
Operating Profit from ordinary
activities before interest, tax and
depreciation (Operating EBITDA)
1


$65,601

+6%
Reported profit from continuing
operations
$22,807 +82%
Total Net Profit $22,807 +82%
Interim/Final Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$5.79 $5.39
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Refer to the Chair’s Report appended for Operating Performance and other
key metric information.
Authority for this announcement
Name of person authorised to make
this announcement
Riki Maden
Contact person for this
announcement
Riki Maden
Contact phone number +649 359 7350
Contact email address riki.maden@delegat.com
Date of release through MAP 27/02/2026
Unaudited financial statements accompany this announcement.

1. Operating Performance is a non-GAAP measure and as such does not have a standardized meaning prescribed by
GAAP. It may therefore not be comparable to non-GAAP measures presented by other entities.

---

DELEGAT GROUP LIMITED
INTERIM REPORT 2026

CONTENTS
2
7
8
9
11
13
16
20
Chair’s Report
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
Directory

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.
CHAIR’S REPORT 2026
On behalf of the Board of Directors of Delegat Group Limited, I am pleased to present its
operating and financial results for the six months ended 31 December 2025.
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 financial instruments. 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 financial
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 the impact of these fair value
adjustments.
1
OPERATING PERFORMANCE
An Operating NPAT of $29.7 million was generated compared to $28.3 million for the same
period in the previous year. Operating EBIT of $50.7 million is $2.3 million higher than the same
period last year (refer to table 1).
TABLE 1 OPERATING PERFORMANCE
1
Dec 2025 Dec 2024 % change
NZ$ millions vs 2024
Operating Revenue
1
179.6 178.6 1%
Operating Gross Profit
2
88.8 86.3 3%
Operating Gross Margin 49% 48%
Operating Expenses
3
(38.1) (37.9) -1%
Operating EBIT
4
50.7 48.4 5%
Operating EBIT % of Revenue 28% 27%
Interest and Tax (21.0) (20.1) -4%
Operating NPAT
4
29.7 28.3 5%
Operating NPAT % of Revenue 17% 16%
Operating EBITDA
4
65.6 61.6 6%
Operating EBITDA % of Revenue 37% 34%
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.
DELEGAT INTERIM REPORT  CHAIR’S REPORT
2

OPERATING PERFORMANCE CONTINUED
Delegat achieved Operating Revenue of $179.6 million on global case sales of 1,688,000 in
the six month period. As a result, revenue is up $1.0 million on the same period last year. This
is primarily due to the impact of a 3% increase in global case sales and favourable foreign
exchange movements. Gross Profit is up 3% on the same period last year due to lower cost of
goods associated with the 2025 vintage.
The Group’s case sales performance and foreign currency rates achieved are detailed in table 2.
Operating expenses (before NZ IFRS adjustments) at $38.1 million are $0.2 million higher
compared to the same period in the previous year.
Operating Net Profit After Tax of $29.7 million is $1.4 million higher compared to the same
period in the previous year. This is due to higher case sales, lower cost of goods associated
with the 2025 vintage and favourable foreign exchange movements.
TABLE 2 CASE SALES AND FOREIGN CURRENCY
Dec 2025 Dec 2024 % change
Case Sales (000s) vs 2024
UK, Ireland and Europe 553 492 12%
North America (USA and Canada) 721 785 -8%
Australia, NZ and Asia Pacific 414 357 16%
Total Cases 1,688 1,634 3%

Foreign Currency Rates
GB£ 0.4613 0.4702 2%
AU$ 0.8880 0.9100 2%
US$ 0.5946 0.5975 0%
CA$ 0.8142 0.8170 0%
DELEGAT INTERIM REPORT 2026 CHAIR’S REPORT
3

NZ IFRS FAIR VALUE ADJUSTMENTS
In accordance with NZ IFRS, the Group is required to account for certain of their 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
two significant items at the half-year reporting date, as 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 Harvest 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. This has resulted in an adjustment of $3.4 million for the period
(31 December 2024: adjustment of $4.1 million);
• Derivative financial instruments 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 $6.2 million (31 December 2024: write-down of $17.8 million).
TABLE 3 IMPACT OF FAIR VALUE ADJUSTMENTS
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.
Dec 2025 Dec 2024 % change
NZ$ millions vs 2024
Operating NPAT 29.7 28.3 5%
Operating NPAT % of Revenue 17% 16%
NZ IFRS Fair Value Items
Biological Produce (Grapes)
1
(3.4) (4.1) n/m
2
Derivative financial Instruments (6.2) (17.8) n/m
2
Total Fair Value Items (9.6) (21.9) n/m
2
Taxation of NZ IFRS fair value items 2.7 6.1 n/m
2
Fair Value Items after Tax (6.9) (15.8) n/m
2
Reported NPAT 22.8 12.5 82%
DELEGAT INTERIM REPORT  CHAIR’S REPORT
4

RECONCILIATION OF REPORTING TO OPERATING PERFORMANCE
Accounting for all fair value adjustments under NZ IFRS, the Group’s reported unaudited
financial performance for the six months ended 31 December 2025 is reconciled to Operating
Profit as detailed in table 4.
CASH FLOW
The Group generated Cash Flows from Operations of $62.3 million in the current half-year,
which is a decrease of $13.2 million on the same period last year. The decrease is due to higher
collections from customers in the same period last year due to the timing of case sales and
higher payments to suppliers. A total of $11.4 million was paid for additional property, plant
and equipment during the period, including 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. Net
repayment from borrowings of $18.2 million were made during the six month period.
The Group 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 31 December 2025 amounted to
$307.0 million, a decrease of $38.6 million compared with the last half-year and well within the
Group’s long-term bank debt facilities of $420 million.
TABLE 4 RECONCILIATION OF REPORTING TO OPERATING PERFORMANCE
December 2025December 2024
Notes:
1. EBIT means earnings before interest and tax.
Operating Fair Value Reported Operating Fair Value Reported
NZ$ millions Adjustment Adjustment
Revenue 179.6 – 179.6 178.6 – 178.6
Cost of Sales (90.8) (3.4) (94.2) (92.3) (4.1) (96.4)
Gross Profit 88.8 (3.4) 85.4 86.3 (4.1) 82.2
Operating Expenses (38.1) (6.2) (44.3) (37.9) (17.8) (55.7)
EBIT
1
50.7 (9.6) 41.1 48.4 (21.9) 26.5
Interest and Tax (21.0) 2.7 (18.3) (20.1) 6.1 (14.0)
N PAT
2
29.7 (6.9) 22.8 28.3 (15.8) 12.5

EBIT
1
50.7 (9.6) 41.1 48.4 (21.9) 26.5
Depreciation
and amortisation 14.9 – 14.9 13.2 – 13.2
EBITDA
3
65.6 (9.6) 56.0 61.6 (21.9) 39.7
2. NPAT means net profit after tax.
3. EBITDA means earnings before interest, tax, depreciation and amortisation.
DELEGAT INTERIM REPORT 2026 CHAIR’S REPORT
5

LOOKING FORWARD
The Group expects its 2026 Operating Net Profit After Tax to be in the range of $50.0 to
$55.0 million.
J I M D E L E G A T
CHAIR
DELEGAT INTERIM REPORT 2026 CHAIR’S REPORT
6

Unaudited
Dec 2025
6 Months
$000
Audited
June 2025
12 Months
$000
Unaudited
Dec 2024
6 Months
$000
Revenue 179,575 349,556 178,644
Profit before finance costs 41,166 86,118 26,404
Finance costs 8,942 17,7 5 4 9, 0 4 2
Profit before income tax 32,224 68,364 17,362
Income tax expense 9,417 19,326 4,895
Profit for the Period attributable to

Shareholders of the Parent Company 22,807 49,038 12,467

Earnings Per Share
– Basic and fully diluted earnings per share (cents per share) 22.55 48.49 12.33
The accompanying notes form part of these financial statements
STATEMENT OF FINANCIAL PERFORMANCE
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
7

Unaudited
Dec 2025
6 Months
$000
Audited
June 2025
12 Months
$000
Unaudited
Dec 2024
6 Months
$000
Profit after income tax 22,807 49,038 12,467
Other comprehensive income that may

subsequently be classified to the profit and loss:
– Translation of foreign subsidiaries 5,163 980 3,949
– Net (loss)/gain on hedge of a net investment (2,348) 462 (304)
– Income tax relating to components

of other comprehensive income 657 (129) 85
Total comprehensive income for the period, net of tax 26,279 50,351 16,197
Comprehensive income attributable to

Shareholders of the Parent Company 26,279 50,351 16,197
The accompanying notes form part of these financial statements
STATEMENT OF OTHER COMPREHENSIVE INCOME
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
8

Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Audited balance at 30 June 2025 49,815 1,332 534,968 586,115
Changes in equity for the period ended 31 December 2025
Other comprehensive income
– Translation of foreign subsidiaries – 5,163 – 5,163
– Net loss on hedge of a net investment – (2,348) – (2,348)
– Income tax relating to components of other comprehensive income – 657 – 657
Total other comprehensive income – 3,472 – 3,472
– Net profit for the period – – 22,807 22,807
Total comprehensive income for the period – 3,472 22,807 26,279
Equity Transactions
– Dividends paid to shareholders – – (20,233) (20,233)
Unaudited balance at 31 December 2025 49,815 4,804 537,542 592,161

FOR THE PERIOD ENDED 31 DECEMBER 2025 (UNAUDITED)
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Audited 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 – 980 – 980
– Net gain on hedge of a net investment – 462 – 462
– Income tax relating to components of other comprehensive income – (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 – – (20,235) (20,235)
Audited balance at 30 June 2025 49,815 1,332 534,968 586,115
FOR THE YEAR ENDED 30 JUNE 2025 (AUDITED)
The accompanying notes form part of these financial statements
STATEMENT OF CHANGES IN EQUITY
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
9

Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Audited balance at 30 June 2024 49,815 19 506,165 555,999
Changes in equity for the period ended 31 December 2024
Other comprehensive income
– Translation of foreign subsidiaries – 3,949 – 3,949
– Net loss on hedge of a net investment – (304) – (304)
– Income tax relating to components of other comprehensive income – 85 – 85
Total other comprehensive income – 3,730 – 3,730
– Net profit for the period – – 12,467 12,467
Total comprehensive income for the period – 3,730 12,467 16,197
Equity Transactions
– Dividends paid to shareholders – – (20,233) (20,233)
Unaudited balance at 31 December 2024 49,815 3,749 498,399 551,963
FOR THE PERIOD ENDED 31 DECEMBER 2024 (UNAUDITED)
The accompanying notes form part of these financial statements
STATEMENT OF CHANGES IN EQUITY CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
10

Unaudited
Dec 2025
$000
Audited
June 2025
$000
Unaudited
Dec 2024
$000
Equity
Share capital 49,815 49,815 49,815
Foreign currency translation reserve 4,804 1,332 3,749
Retained earnings 5 3 7, 5 4 2 534,968 498,399
Total Equity 592,161 586,115 551,963

Liabilities
Current Liabilities
Trade payables and accruals 43,860 3 7,7 12 41 , 4 0 5
Derivative financial instruments 6,834 4,545 11,466
Income tax payable 1,185 3,884 4,163
Lease liability 8,370 9,844 7,626
60,249 55,985 64,660
Non-Current Liabilities
Deferred tax liability 65,971 59, 274 56,755
Derivative financial instruments 1,692 1,994 2,160
Interest-bearing loans and borrowings (secured) 323,426 337,179 353,794
Lease liability 92,783 94,104 96,041
483,872 492,551 508,750
Total Liabilities 54 4,121 548,536 573,410
Total Equity and Liabilities 1,136,282 1,134,651 1,125,373


STATEMENT OF FINANCIAL POSITION
The accompanying notes form part of these financial statements
DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 31 DECEMBER 2025
11

J N Delegat, ChairG N MacLeod, Director
Unaudited
Dec 2025
$000
Audited
June 2025
$000
Unaudited
Dec 2024
$000
Assets
Current Assets
Cash and cash equivalents 16,397 8,625 8,161
Trade and other receivables 60,157 62,806 69,144
Derivative financial instruments 16 4,074 29
Inventories 143,059 18 7,7 7 1 13 7, 6 6 8
Biological work in progress 61,194 16,604 54,902
280,823 279,880 269,904
Non-Current Assets
Property, plant and equipment 768,660 766,411 766,951
Right-of-use assets 80,044 81,873 82,036
Intangible assets 6,755 6,336 6,482
Derivative financial instruments – 151 –
855,459 854,771 855,469
Total Assets 1,136,282 1,134,651 1,125,373
For, and on behalf of, the Board who authorised the issue of the financial statements on 26 February 2026.
The accompanying notes form part of these financial statements
STATEMENT OF FINANCIAL POSITION CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 31 DECEMBER 2025
12

Unaudited
Dec 2025
6 Months
$000
Audited
June 2025

12 Months
$000
Unaudited
Dec 2024
6 Months
$000
Operating Activities
Cash was provided from
Receipts from customers 186,101 368,942 193,667
Net GST received 1,147 265 143
1 8 7, 24 8 369,207 193,810
Cash was applied to
Payments to suppliers and employees 111,212 228,965 107,060
Net interest paid 8,835 20,225 9,229
Net income tax paid 4,863 14,355 1,967
124,910 263,545 118,256
Net Cash Inflows from Operating Activities 62,338 105,662 75,554
Investing Activities
Cash was provided from
Proceeds from sale of property, plant and equipment 72 7,7 3 3 7, 5 9 6
Dividends received 1 20 16
73 7,7 5 3 7, 612
Cash was applied to
Purchase of property, plant and equipment 10,519 46,389 37,395
Capitalised interest paid 892 5,5 47 3,374
11,411 51,936 40,769
Net Cash Outflows from Investing Activities (11,338) (4 4,183) (33,157)

The accompanying notes form part of these financial statements
STATEMENT OF CASH FLOWS
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
13

Unaudited
Dec 2025
6 Months
$000
Audited
June 2025

12 Months
$000
Unaudited
Dec 2024
6 Months
$000
Financing Activities
Cash was provided from
Proceeds from borrowings 22,690 54,961 4,858
22,690 54,961 4,858
Cash was applied to
Dividends paid to shareholders 20,227 20,213 20,213
Borrowing facility fees 114 597 –
Repayment of borrowings 40,905 86,305 21,312
Repayment of lease liability 5,252 10,435 7,491
66,498 117,550 49,016
Net Cash Outflows from Financing Activities (43,808) (62,589) (44,158)

Net Increase/(Decrease) in Cash Held 7,1 9 2 (1,110) (1,761)
Cash and cash equivalents at beginning of the year 8,625 9,384 9,384
Effect of exchange rate changes on

foreign currency balances 580 351 538
Cash and Cash Equivalents at End of the Period 16,397 8,625 8,161


The accompanying notes form part of these financial statements
STATEMENT OF CASH FLOWS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
14

Unaudited
Dec 2025
6 Months
$000
Audited
June 2025
12 Months
$000
Unaudited
Dec 2024
6 Months
$000
Reconciliation of Profit for the Period with

Cash Flows from Operating Activities:
Reported profit after tax 22,807 49,038 12,467
Add/(deduct) items not involving cash flows
Depreciation and amortisation expense 14,895 27,548 13,326
Other non-cash items 4,095 585 3,471
Net (gain)/loss on disposal of assets (28) (21) 40
Movement in derivative financial instruments 6,196 6 , 5 5 9 17, 8 4 2
Movement in deferred tax liability 6,697 4,182 1,663
31,855 38,853 36,342

Movement in working capital balances are as follows:
Trade payables and accruals 6,148 (48) 3,645
Trade and other receivables 2,649 23,322 16,984
Inventories 44,712 (5,847) 4 4,256
Biological work in progress (44,590) (1,039) (39,337)
Income tax (2,699) 957 1,236
Add items classified as investing

and financing activities
Capital purchases included

within trade payables and inventories 1,342 (171) (39)
Borrowing facility fees 114 597 –
7, 6 76 17,771 26,745
Net Cash Inflows from Operating Activities 62,338 105,662 75,554

Reconciliation of movement in Net Debt:
Opening balance at beginning of the year 328,554 360,094 360,094
Per statement of cash flows:
– Net repayment of borrowings (18,215) (31,344) (16,454)
– Borrowing facility fees (114) (597) –
– Net (increase)/decrease in cash held ( 7,1 9 2) 1,110 1,761
Foreign exchange movement 3,848 (1,217) 66
Other non-cash movements 148 508 166
Closing balance at end of the Period 3 07, 0 2 9 328,554 345,633
The accompanying notes form part of these financial statements
STATEMENT OF CASH FLOWS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
15

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 for the Group for the six months ended 31 December 2025 were authorised for issue in
accordance with a resolution of the Directors on 26 February 2026.
BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice
in New Zealand (NZ GAAP), the requirements of the Financial Markets Conduct Act 2013, and NZ IAS 34: Interim
Financial Reporting. Accounting policies applied in these interim financial statements comply with New Zealand
equivalents to International Financial Reporting Standards, and other applicable Financial Reporting Standards

(NZ IFRS) as applicable to the Group as a profit-oriented entity.
The interim 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 interim financial statements in conformity with NZ IAS 34 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.
DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments such as forward currency contracts and options to economically
hedge its risk associated with foreign currency and interest rate swaps to manage interest rate risk. Such 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. In estimating the fair value of the derivative financial
instruments the Group uses level 2 inputs of the fair value measurement hierarchy. The Group’s derivative financial
instruments fall into level 2 of the fair value measurement hierarchy because their fair value is determined 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). 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.
CHANGES IN ACCOUNTING POLICIES
The accounting policies adopted are consistent with those of the previous financial year. Refer to the published
financial statements for the year ended 30 June 2025 for a complete listing of the Group accounting policies.
NOTES TO THE FINANCIAL STATEMENTS
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
16

2. SEGMENTAL REPORTING
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 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 variation 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 intercompany
stock margin eliminations are managed on a group basis and are not allocated to operating segments.
For the 6 months
ended
31 December 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
6 months
ended
31 December
2025
$000
Operating income
External sales
2,8
41,294 32,717 62,477 79,768 8,698 (45,407) 179,547
Internal sales 149,979 – – – 3,711 (153,690) –
Dividend revenue 1 – – – 839 (828) 12
Interest revenue 6 3 – – 7 – 16
Total segment revenues
1
191,280 32,720 62,477 79,768 13,255 (199,925) 179,575

Operating expenses
Interest expense
3
7,996 11 2 76 857 – 8,942
Depreciation and amortisation
4
13,475 182 88 265 885 – 14,895
Income tax expense
5
8,511 212 527 417 (26) (224) 9,417

Segment profit / (loss) 20,747 483 1,576 684 722 (1,405) 22,807

Assets
Segment assets
6
1,065,865 15,567 48,022 42,081 120,115 (155,368) 1,136,282
Capital expenditure
7
10,543 – 6 – 335 – 10,884

Segment liabilities 559,186 9,659 24,332 11,249 41,886 (102,191) 54 4,121

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
17

For the 6 months
ended
31 December 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
6 months
ended
31 December
2024
$000
Operating income
External sales
2,9
36,980 30,217 48,777 90,064 5,783 (33,230) 178,591
Internal sales 154,233 – – – 4,040 (158,273) –
Dividend revenue 16 – – – 810 (797) 29
Interest revenue 12 4 3 1 4 – 24
Total segment revenues
1
191,241 30,221 48,780 90,065 10,637 (192,300) 178,644

Operating expenses
Interest expense
3
7,832 52 3 79 1,076 – 9,042
Depreciation and amortisation
4
11,879 251 82 245 869 – 13,326
Income tax expense
5
5,025 184 431 377 363 (1,485) 4,895

Segment profit 12,637 421 1,291 1,006 1,726 (4,614) 12,467

Assets
Segment assets
6
1,027,787 16,260 50,016 37,248 119,452 (125,390) 1,125,373
Capital expenditure
7
40,274 – – – 238 – 40,512

Segment liabilities 550,948 10,652 30,331 7,369 44,408 (70,298) 573,410
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 2025 the Group recognised accruals of
$28,501,000 (30 June 2024: $28,780,000). During the six months ended 31 December 2025 $1,330,000 of additional expense
has been incurred (31 December 2024: release of $206,000).
3. Interest expense is net of any interest capitalised to long-term assets and inventory. During the period $892,000 (31 December
2024: $3,374,000) was capitalised to long-term assets. During the period $2,595,000 (31 December 2024: $2,494,000) was
capitalised to inventory.
4. Depreciation expense presented above is gross of $13,171,000 (31 December 2024: $11,459,000), which has been included within
inventory.
5. Segment income tax expense does not include the deferred tax impacts of temporary differences arising from intercompany
stock margin eliminations or fair value adjustments resulting from the purchase of subsidiary companies as these are 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. For the six months ended 31 December 2025 Delegat USA, Inc. had a single customer which comprised 10% or more of Group
sales amounting to $37,468,000.
9. For the six months ended 31 December 2024 Delegat USA, Inc. had a single customer which comprised 10% or more of Group
sales amounting to $44,979,000.
10. Other segments’ assets include non-current assets of Barossa Valley Estate Pty Limited of $46,580,000 (31 December 2024:
$45,387,000) 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.
2. SEGMENTAL REPORTING (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
18

3. EXPENSES
Expenses by function have been categorised as follows:
Unaudited
Dec 2025
6 Months
$000
Audited
June 2025
12 Months
$000
Unaudited
Dec 2024
6 Months
$000
Cost of sales 94,177 187,557 96,413
Selling, marketing and promotion expenses 29,259 51,605 28,135
Corporate governance expenses 831 1,596 783
Administration expenses 7, 5 0 2 16,122 8,260
Unrealised foreign exchange losses 444 – 807
Fair value loss on financial derivative instruments 6,196 6 , 5 5 8 17, 8 4 2

4. ACQUISITION AND DISPOSAL OF ASSETS
During the six months ended 31 December 2025 the Group incurred total capital expenditure of $10,884,000
(31 December 2024: $40,512,000). During the six months ended 31 December 2025 the Group disposed of property,
plant and equipment with a net book value of $46,000 (31 December 2024: $7,342,000).
5. CAPITAL COMMITMENTS
The estimated capital expenditure contracted for at 31 December 2025 but not provided for is $7,628,000
(31 December 2024: $11,856,000).
6. EVENTS SUBSEQUENT TO BALANCE SHEET DATE
On 20 February 2026 the United States Supreme Court announced the US tariffs imposed by the US administration
under the International Emergency Economic Powers Act (IEEPA) on imported goods into the US from New Zealand
during the period April 2025 to 20 February 2026 were unlawful. The Group continues to work through these
uncertainties.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
19

Directors
Jakov Nikola Delegat
Rosamari Suzan Delegat
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 Limited
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.
DIRECTORY
DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
20

---

Media release
27 February 2026
Delegat Group reports H1 FY26 results
H1 FY26 financial summary
• 1.69 million global case sales, up 3% on H1 FY25
• Operating Revenues of $179.6 million, up 1% on H1 FY25
• Operating EBITDA of $65.6 million, up 6% on H1 FY25
• Operating EBIT of $50.7 million, up 5% on H1 FY25
• Operating NPAT of $29.7 million, up 5% on H1 FY25
• Reported NPAT of $22.8 million, up 82% on H1 FY25
• Cash from Operations of $62.3 million, down 18% on H1 FY25
• Net debt down $21.6 million from 30 June 2025
NZX-listed wine maker and exporter, Delegat Group, this week reported a strong H1 FY26 result, with sales revenues of
$178.7 million, up 1% on H1 FY25, operating EBITDA of $65.6 million, up 6% on H1 FY25, and Operating NPAT of $29.7
million, up 5% on H1 FY25. The increase in Operating NPAT for H1 FY26 was due to higher case sales, lower cost of goods
associated with the 2025 vintage and favourable foreign exchange movements.

The Reported NPAT of $22.8 million is up 82% on H1 FY25, primarily driven by lower mark-to-market movements on
derivatives which has increased reported profit.

Delegat Chief Executive Officer, Murray Annabell, says the Group achieved global sales of 1.69 million cases over the six-
month period, 3% higher than the previous half-year. A solid sales performance across the majority of markets. The Group’s
sales continue to be well diversified by market, with 43% in North America, 33% in the United Kingdom, Ireland and Europe,
and 24% in Australia, New Zealand, China and the Asia Pacific region.

The Group achieved operating cashflows of $62.3 million in H1 FY26, which enabled the repayment of debt of $21.6 million.
Net debt is $307.0 million as at 31 December 2025. The Group has a solid asset base of $1.1b which will support long-term
growth.

The Group’s distribution channels and world-class viticulture and winemaking assets already provide strong foundations for
growth. $10.9 million was invested in property, plant, and equipment in H1 FY26, including vineyard and winery
developments in New Zealand.

The Group maintains its forecast to achieve an FY26 Operating Profit guidance in the range of $50 million to $55 million.


Ends.
For further information:
Murray Annabell
Chief Executive Officer
Delegat Group Limited
Telephone 64 9 359 7310