DGL - Interim results to 31 December 2025 Presentation

Half-Year Results (H1 FY26)
for the six months
ended 31 December 2025
27 February 2026

Summary
Financial Review
Outlook
Agenda
2

Summary

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

Achieving Delegat vision is based on
excellence across 4 key success factors
5
brands
W O R L D F A M O U S
distribution
G L O B A L
quality
S U P E R P R E M I U M
supply
E X C L U S I V E

•Increase in Operating NPAT for H1 FY26 due
to:
•3% increase in global case sales
•Favourable foreign exchange
movements
•Lower cost of goods associated with
2025 vintage
•A solid sales performance across the majority
of markets.
•Leveraging of deep market knowledge and
strong distributor relationships.
•Reinforce Oyster Bay brand affinity and value
proposition as a trusted quality super premium
wine brand.
•Strong cash from operations and lower net
debt position.
H1 FY26 Operating Highlights
6
Key:
H1 FY26: Six months ended 31 December 2025
H1 FY25: Six months ended 31 December 2024
FY25: Twelve months ended 30 June 2025

Financial review

•Global Case Sales of 1,688,000
Up 54,000 cases on H1 FY25 (+3%)
•Operating EBITDA of $65.6 million
Up $4.0 million on H1 FY25 (+6%)
•Operating NPAT of $29.7 million
Up $1.4 million on H1 FY25 (+5%)
•Reported NPAT of $22.8 million
Up $10.3 million on H1 FY25 (+82%)
•Cash from operations of $62.3 million
Down $13.2 million on H1 FY25 (-18%)
•Net Debt materially reduced to $307.0 million
Down $21.6 million from 30 June 2025 (-7%)
Down $38.6 million from 31 December 2024 (-11%)
H1 FY26 Financial Performance
8
Key:
H1 FY26: Six months ended 31 December 2025
H1 FY25: Six months ended 31 December 2024
FY25: Twelve months ended 30 June 2025

Volume growth driven by market diversification
9
Case Sales (000's)
H1 FY26
H1 FY25
% Change
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
H1 FY26
H1 FY25
% Change
GB£
0.4613


0.4702


2%
AU$
0.8880


0.9100


2%
US$
0.5946


0.5975


0%
CA$
0.8142


0.8170


0%

Sales Revenue Growth: Volume, Price and FX
10
NZ$ millionsH1 FY26H1 FY25% Change
Sales Revenue178.7 176.9 1%
Sales movements breakdown:
Volume3%
Value-2%
Foreign Exchange2%
Price-2%
US tariff-2%
Country/Product Mix0%

H1 FY26 Financial Performance
11
NZ$ millionsH1 FY26H1 FY25% Change
Sales Revenue178.7 176.9 1%
Operating Revenue179.6 178.6 1%
Operating Gross Profit88.8 86.3 3%
Operating Gross Margin49%48%
Expenses (29.3) (29.1) -1%
Promotion and Marketing(8.8) (8.8) 0%
Operating EBIT50.7 48.4 5%
Operating EBIT % of Revenue28%27%
Interest and Tax(21.0) (20.1) -4%
Operating NPAT29.7 28.3 5%
Operating NPAT % of Revenue17%16%
Operating EBITDA65.6 61.6 6%
Operating EBITDA % of Revenue37%34%

Operating Profit Movement – Compared to last half-year
NZ
$millions
12

Lower mark-to-market movements on derivatives have increased
reported profit
13
NZ$ millions
H1 FY26H1 FY25% Change
Operating NPAT29.7 28.3 5%
Operating NPAT % of Revenue17%16%
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 items2.7 6.1
n/m
2
Fair Value Items after Tax (6.9) (15.8)
n/m
2
Reported NPAT22.8 12.5 82%
1. Bi ol ogi ca l Produce (Gra pe s ) i s the di ffe re nce be twe e n ma rke t va l ue pa i d for gra pe s ve rs us the cos t to grow gra pe s .
The ha rve s t provi s i on i s re ve rs e d a nd onl y re cogni s e d whe n the fi ni s he d wi ne i s s ol d.
2. n/m me a ns not me a ni ngful .

Reported Profit Movement – Compared to last half-year
NZ
$millions
14

Strong Balance Sheet supports long-term growth
15
NZ$ millions
31-Dec-2530-Jun-25% Change
vs Jun-25
31-Dec-24% Change
vs Dec-24
Assets
Current Assets280.8 279.9 0%269.9 4%
Fixed Assets855.5 854.6 0%855.5 0%
Other Non-current Assets- 0.2 -100%- 0%
Total Assets1,136.3 1,134.7 0%1,125.4 1%
Liabilities
Current Liabilities60.2 56.0 8%64.6 -7%
Lease Liability92.8 94.1 -1%96.0 -3%
Deferred Tax Liabilities66.0 59.3 11%56.8 16%
Senior Debt Facilities323.4 337.2 -4%353.8 -9%
Other Non-current Liabilities1.7 2.0 -15%2.2 -23%
Total Liabilities544.1 548.6 -1%573.4 -5%
Equity
Shareholders' Equity592.2 586.1 1%552.0 7%
Total Equity592.2 586.1 1%552.0 7%
Total Liabilities and Equity1,136.3 1,134.7 0%1,125.4 1%
Net Debt307.0 328.6 -7%345.6 -11%

Debt reduction driven by strong operating cash
flows
16
Net debt movement, June 2025 to December 2025, NZ Millions
200.0
215.0
230.0
245.0
260.0
275.0
290.0
305.0
320.0
335.0
350.0
30-Jun-25Cash from
Operations
Working
Capital
CapexDividendOther
financing
activities
Net FX
Impact
31-Dec-25
$3.8m
$11.3m
$328.6m
$307.0m
($7.7m)
($54.6m)
$20.2m
$5.4m

Capital expenditure investment to support future growth
Vineyard and winery developments in Hawke’s
Bay, Marlborough and Barossa Valley.
2023: Includes $39.9 million purchase of the
previously leased Dashwood vineyard in
Marlborough.
2025: Includes $10.0 million purchase of the
previously leased Fault Lake vineyard land in
Marlborough, offset by proceeds from the sale
and leaseback of Auckland warehouses.
17
Capital expenditure, NZD, FY22 to FY26
38
106
72
52
26
-
20
40
60
80
100
120
FY22
Actual
FY23
Actual
FY24
Actual
FY25
Actual
FY26
Forecast
$ Millions
Key:
FY - Financial year ending

Debt metrics and covenant headroom
18
Key:
H1 FY26: Six months ended 31 December 2025
H1 FY25: Six months ended 31 December 2024
FY25: Twelve months ended 30 June 2025
NZ$ millions
H1 FY26
FY25
% Change
vs FY25
H1 FY25
% Change
vs H1 FY25
Funding
Operating Cash Flow
62.3


105.7


-41%
75.6


-18%
Net Debt
307.0


328.6


-7%
345.6


-11%
Key Ratios
Operating Interest Cover
5.72


5.01


14%
5.37


7%
Equity / (Equity + Net Debt) %
65.9%
64.1%
3%
61.5%
7%
Senior Debt Ratio
2.75


3.03


-9%
3.12


12%

Outlook

FY26 Operating Profit Guidance
Based on prevailing exchange rates and market
conditions, the Group maintains its forecast to
achieve anFY26Operating NPAT that is in the
range of $50 - $55 million*.
20
* Operating NPAT is a non-GAAP measure that excludes NZ IFRS fair value items and any other one-off non-operating items.

Thank you