Foley Wines Limited Half Yearly Report to 31 December 2025

Results announcement

Results for announcement to the market
Name of issuer Foley Wines Limited
Reporting Period 6 months to 31 December 2025 (Unaudited)
Previous Reporting Period 6 months to 31 December 2024 (Unaudited)
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$34,916 +2.5%
Total Revenue $34,916 +2.5%
Net profit/(loss) from continuing
operations
$2,307 +107.7%
Total net profit/(loss) $2,300 +112.0%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.00000000
Imputed amount per Quoted
Equity Security
$ 0.00000000
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.64 $1.66
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Other Key Metrics:
Operating Profit before revaluations and income tax
(“Operating Earnings”) $2,649 +30.2%
Operating Profit before interest, impairment, revaluations,
income tax, depreciation and amortisation (“Operating
EBITDA”) $7,607 -3.8%
This announcement should be read in conjunction with the
attached unaudited Financial Statements for the Six Months
ended 31 December 2025. A copy of the Half Yearly Report
December 2025 can also be found on the FWL web site
www.foleywines.co.nz.
Authority for this announcement
Name of person

authorised to
make this announcement
Jane Trought - CFO
Contact person for this
announcement
Mike Higgins - CEO
Contact phone number +64 21 9
11 910

Contact email address mike.higgins@foleywines.co.nz
Date of release through MAP

27 February 2026

Unaudited financial statements accompany this announcement.

---

Strong International Distribution Partnerships Deliver Results


27 FEBRUARY 2026 – Foley Wines Limited [NZX: FWL] today released their half year result.

Performance Overview:
Bottled sales revenue $32,490,000 (up 0.5%)
Case sales 290,000 (down 2%)
Operating earnings $2,649,000 (up 30.2%)
Reported profit after tax $2,300,000 (up 112%)
Operating EBITDA $7,607,000 (down 3.8%)

Foley Wines has announced growth in sales revenue and operating earnings in the Company’s half yearly report,
published today.

CEO Mike Higgins said, “It has been a very challenging period for the broader industry both domestically and
globally, but we have worked very hard to develop and protect our strong export markets for our premium
bottled wines.”

Our strong distribution partnerships in the UK and Asia have delivered growth, and our regional diversity
continues to be a competitive advantage for the Company.

Profit for the period net of tax was $2,300,000, compared with $1,085,000 the previous year. Profitability
remains a key priority but has been affected by significant investment in sales promotional support to our key
customers to combat the discounting of New Zealand wines, to protect distribution and critically, maintain stock
balance.

“We continue our efforts in premium brand building through our cellar doors and restaurants in Martinborough
and Central Otago. In November, The Runholder successfully hosted its first boutique wine, food, gin and music
festival. In addition, nine weddings are being held at The Runholder over the 2025/26 summer which
demonstrates the multipurpose nature of the venue,’ Higgins said.

Early indications are that yields from the 2026 harvest will be in line with historic averages in the Marlborough,
Martinborough and Central Otago regions.

“The Company has performed well over the first six months relative to the market, but we expect trading
conditions both domestically and internationally to remain challenging. The oversupply of wine globally, has
resulted in very competitive pricing which continues to impact margin. Supporting and expanding our
distribution partnerships for our branded products remains a priority, as does ensuring our inventory levels
remain in balance,” commented Higgins.

- ENDS -

Authorised for public release.

For further information please contact:

Mike Higgins
CEO, Foley Wines Limited
PO Box 67, Renwick, 7243, Marlborough
Tel: +64 21 911 910
Email: mike.higgins@foleywines.co.nz

---

HALF YEARLY REPORT
For the six months ended
31 December 2025

Performance Overview 4
Chief Executive Officer (CEO) and Directors’ Report 6 – 11
Financial Statements (Unaudited)
Income Statement 13
Statement of Comprehensive Income 14
Statement of Changes In Equity 14 – 15
Statement of Financial Position 16 – 17
Statement of Cash Flows 18
Notes to the Financial Statements 20 – 26
Company Directory 27
This interim financial report does not include all of the notes of the type normally included in the annual financial
report. Accordingly, this report should be read in conjunction with the Annual Report for the year ended
30 June 2025 and any public announcements made by Foley Wines Limited during the interim period.
Foley Wines Limited is a company incorporated and domiciled in New Zealand and listed on the NZSX Board of
the New Zealand Stock Exchange (NZX). The Company is an integrated wine company producing table wines with
the marketing and sales of premium wines in New Zealand and various export markets.
These financial statements that were approved for issue on 27 February 2026 and have not been audited.
Contents
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
1

made by
land &
hand
Foley Wines is a collection of iconic
wineries and brands from New Zealand’s
most acclaimed wine regions
Each with a unique story of New Zealand to tell,
our wineries and distillery are linked by a common
unrelenting purpose; to make great wine that people
love to drink at home and around the world –
made by land & hand.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
2

Our wineries
& distillery
Martinborough Vineyard
Martinborough
Te Kairanga
Martinborough
Lighthouse Gin
Martinborough
Grove Mill
Wairau Valley, Marlborough
Vavasour
Awatere Valley, Marlborough
Mt Difficulty
Central Otago
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
3

Performance
Overview
CASE SALES 290,000 (down 2%)
BOTTLED SALES REVENUE $32,490,000 (up 0.5%)
OPERATING EARNINGS $2,649,000 (up 30.2%)
REPORTED PROFIT AFTER TAX $2,300,000 (up 112%)
OPERATING EBITDA $ 7, 6 0 7, 0 0 0 (d ow n 3. 8%)
OPERATING CASH FLOW $6,709,000 (down 39%)
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
4

On behalf of the Board of Directors of Foley Wines Limited (FWL) we present its operating
and financial results for the six months ended 31 December 2025.
OPERATING PERFORMANCE
Operating profit before revaluations and income tax (“operating earnings”) for the six
months was $2,649,000 compared with $2,034,000 for the previous financial year.
Profit for the period net of tax attributable for the shareholders was $2,300,000, up 112%
compared with $1,085,000 the previous year.
A summary of market sales is set out below on page 7.
It has been a very challenging period for the broader industry both domestically and
globally. Our export sales were up 1% on the corresponding period last year, while our
domestic sales have slowed 10% on last year. We have worked very hard to develop and
protect our strong export markets for our premium bottled wines.
Most importantly, we have established routes to market for what we produce and are not
having to focus on the bulk wine market. Bulk wine has never been a sales strategy for us,
as it contradicts our proven premiumisation strategy. We are seeing significant volumes of
bulk Sauvignon Blanc on the market at very low prices, which has added to the aggressive
price competition in the market for branded wine.
Our strong distribution partnerships in the UK and Asia have delivered growth. China has
been a major focus with demand for products from across all three regions we produce
wine in and various varietals, which is seen as a competitive advantage for Foley Wines.
CEO & Directors’
Report
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
6
Mike Higgins, CEO

Bottled case sales
BOTTLED CASE SALES (000’S) 6 MONTHS TO DECEMBER 2025
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
7
DEC 2025DEC 2024% CHANGE
New Zealand
8291(10)%
UK/Europe
8975+19%
Australia
4656(18)%
USA
4547(4)%
Asia/Pacific
2624+8%
Rest of World
23(33)%
TOTAL
290296(2)%

Profitability remains a key priority and has been affected by significant investment in
sales promotional support to our key customers to combat the discounting of New Zealand
wines and protect distribution and maintain stock balance.
BRAND HOMES AND TOAST MARTINBOROUGH
We continue our efforts in premium brand building through our cellar doors and
restaurants, an integral part of our strategy of premiumisation. Our partnership with Foley
Hospitality venues allows us to showcase our wines across our all our brands and prices
points.
The Runholder commenced its wedding season in October with nine weddings booked for
the 2025/26 summer.
In November, The Runholder hosted its first boutique wine, food, gin and music festival.
Attended by over 1,700 people, it was a wonderful opportunity to shine a light on The
Runholder and showcase our multipurpose venue. In addition to featuring Martinborough
Vineyard, Te Kairanga, Mt Difficulty, Vavasour and Lighthouse Gin, a small number of
local wineries were invited to pour their wines, and an exclusive VIP area was available for
those looking for a more elevated experience. Festival-goer feedback was overwhelmingly
positive. Off the back of this success, Toast Martinborough will return in November 2026,
hosted exclusively at The Runholder and will continue as an annual event.
We continue to welcome domestic and international visitors, as well as locals, to our
iconic Mt Difficulty Cellar Door and Restaurant. We were delighted to appoint a new
Head Chef in November, who brings flair and originality to the menu whilst showcasing
fresh produce that celebrates the flavours of the region, with imaginative dishes that
enhance our exceptional wines. The Mt Difficulty Cellar Door continues to perform
strongly offering visitors opportunities to taste back vintages and rare wines that are
available exclusively from the winery.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
8

CASH FLOW
Operating cash flow was $6,709,000 for the six months, down from $10,995,000 in the
previous year and up from $2,955,000 in the year prior. This half year’s cashflow was
significantly influenced by a number of factors:
– Decrease in case sales for the period and earlier shipping of the Christmas promotion
stock due to continued shipping delays being experienced internationally resulting in
lower trade receivables at half year end.
– Higher marketing costs to fund promotions to move through inventory and drive market
growth.
– Lower interest costs due to reduced borrowing, lower interest rates and careful cashflow
management.
Capital expenditure was $1,351,000 for the six months, compared with $1,894,000
the previous year. As outlined in the Annual Report, the majority of the expenditure
incurred this year is on vineyard development and the Vavasour winery wastewater. This
expenditure is critical for the future success of the Company.
2026 HARVEST
The early indications are that the yields from the 2026 harvest will be in line with historic
averages in the Marlborough, Martinborough and Central Otago regions. We are working
closely with our growers and viticulture teams to maintain quality and balance yields and
winery intake with anticipated demand. The market price for Sauvignon Blanc grapes in
Marlborough is down on last year’s average grape price of $1,812 per tonne and preliminary
indications are that the price for the 2026 vintage is going to be approximately 20% lower.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
10

OUTLOOK
The Company has performed well over the first six months relative to the market and is
reflective of the work that has been done delivering on our premiumisation strategy. Over
the course of the last few years we have established some strong global partnerships that
will certainly help navigate our way through the head winds in the global economy.
As previously outlined, trading conditions both domestically and around the world
continue to be challenging. There is still an oversupply of wine globally, which has led
to very competitive pricing which continues to impact margin. We will continue to focus
on supporting and expanding our distribution partnerships for our branded products and
ensuring that our inventory levels remain in balance.
For and on behalf of the Board of Directors and Management
FOLEY WINES LIMITEDFOLEY WINES LIMITED | CEO AND DIRECTORS’ REPORT
11
PR Brock
Board Chair
MS Higgins
CEO

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
Financial Statements
12

Income
Statement
For the six months ended 31 December 2025




Note
Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
Revenue 3 34,916 70,582 34,074
Expenses
Cost of sales (23,857) (48,778) (23,196)
Selling, marketing and promotion expenses (5,007) (9,254) (4,341)
Administration and corporate governance expenses (2,047) (5,037) (2,380)
Vineyard replacement and other losses (7) (543) (36)
Other expenses – (2,020) –
Expenses excluding interest (30,918) (65,632) (29,953)
Profit before interest, impairment, revaluations
and income tax 3,998 4,950 4,121
Interest revenue 32 43 21
Interest expense 4 (1,369) (3,642) (2,071)
Net finance costs (1,337) (3,599) (2,050)
Profit before impairment, revaluations and income tax 2,661 1,351 2,071
Impairment
Impairment of inventory (12) 37 (37)
Profit before revaluations and income tax 2,649 1,388 2,034
Revaluation gains and losses
Unrealised (loss)/gain in fair value of financial assets/liabilities 9 (743) 18 (1,215)
Unrealised (loss) on harvested grapes – (1,317) –
Realised reversal of loss on harvested grapes 1,387 2,132 687
Revaluation of property, plant & equipment – (4,607) –
Profit/(Loss) before income tax 3 3,293 (2,386) 1,506
Income tax (expense)/benefit (993) 529 (421)
Profit/(Loss) for the period net of tax, attributable
to Shareholders of the Parent Company 2,300 (1,857) 1,085
Basic Earnings/(Loss) per share cps (after tax) 5 3.50 (2.83) 1.65
Diluted Earnings/(Loss) per share cps (after tax) 5 3.47 (2.83) 1.65

These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
13

Statement of
Comprehensive Income
For the six months ended 31 December 2025




Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
Profit/(Loss) for the period 2,300 (1,857) 1,085
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Revaluation of property, plant and equipment – 37 –
Income tax on items taken directly to or transferred from equity – 392 1
Other comprehensive income for the period, net of tax – 429 1
Total comprehensive (expense)/income for the period,
net of tax 2,300 (1,428) 1,086
Note
Fully Paid
Ordinary
Shares
$‘000
Asset
Revaluation
Reserve
$’000
Retained
Earnings
$’000
Total
$’000
Unaudited 6 Months 31 December 2025 Group
Equity at 1 July 2025 86,518 29,881 25,600 141,999
Profit for the period – – 2,300 2,300
Other comprehensive income for the period net of tax – – – –
Transfer from Asset Revaluation Reserve to Retained Earnings – – – –
Total comprehensive income for the period – – 2,300 2,300
Distributions to owners 6 – – (1,315) (1,315)
Transactions with owners during period – – (1,315) (1,315)
Added to equity during the period – – 985 985
Equity at 31 December 2025 86,518 29,881 26,585 142,984
Dividends paid per share cps 6 2.0
For the six months ended 31 December 2025
Statement of
Changes in Equity
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
14

Statement of
Changes in Equity
(continued)
For the six months ended 31 December 2025
Note
Fully Paid
Ordinary
Shares
$‘000
Asset
Revaluation
Reserve
$’000
Retained
Earnings
$’000
Total
$’000
Audited 12 Months 30 June 2025 Group
Equity at 1 July 2024 86,518 29,716 27,193 143,427
(Loss) for the year – – (1,857) (1,857)
Other comprehensive income for the year net of tax – 429 – 429
Transfer from Asset Revaluation Reserve to Retained Earnings – (264) 264 –
Total comprehensive (expense)/income for the year – 165 (1,593) (1,428)
Distributions to owners 6 – – – –
Transactions with owners during year – – – –
(Subtracted)/Added to equity during the year – 165 (1,593) (1,428)
Equity at 30 June 2025 86,518 29,881 25,600 141,999
Dividends paid per share cps 6

Unaudited 6 Months 31 December 2024 Group
Equity at 1 July 2024 86,518 29,716 27,193 143,427
Profit for the period – – 1,085 1,085
Other comprehensive income for the period net of tax – 1 – 1
Transfer from Asset Revaluation Reserve to Retained Earnings – (3) 3 –
Total comprehensive income for the period – (2) 1,088 1,086
Distributions to owners 6 – – – –
Transactions with owners during period – – – –
Added to equity during the period – (2) 1,088 1,086
Equity at 31 December 2024 86,518 29,714 28,281 144,513
Dividends paid per share cps 6

These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
15

Statement of
Financial Position
As at 31 December 2025





Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
CURRENT ASSETS
Cash and cash equivalents 1,016 584 951
Trade and other receivables 10,453 9,443 10,553
Inventories 39,383 49,142 39,573
Biological work in progress 8,495 1,803 8,558
Prepaid expenses 1,621 392 1,872
Current tax assets – 345 –
6 0 ,96 8 61, 70 9 61, 5 07

NON–CURRENT ASSETS
Property, plant and equipment 121,325 122,779 129,054
Right–of–use assets 9,324 10,528 11,160
Intangible assets 35,125 35,125 35,125
Other financial assets – 1 –
Other receivables 657 678 814
16 6 , 431 169,111 176 ,153
TOTAL ASSETS 227,399 230,820 237,660
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
16

Statement of
Financial Position
(continued)
As at 31 December 2025




Note
Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
CURRENT LIABILITIES

Trade and other payables 6,964 8,221 5,590
Loans and borrowings 616 632 622
Lease liabilities 1,424 1,301 1,322
Convertible notes 10,900 10,900 10,900
Other financial liabilities 832 310 585
Current tax liabilities 438 – 259
21,174 21, 36 4 19, 278

NON–CURRENT LIABILITIES
Loans and borrowings 36,984 39,988 43,391
Lease liabilities 10,069 11,385 12,057
Other financial liabilities 220 – 958
Deferred tax liabilities 15,968 16,084 17,463
63,241 67,457 73,869
TOTAL LIABILITIES 84,415 88,821 93,147

EQUITY
Share capital 7 86,518 86,518 86,518
Reserves 29,881 29,881 29,714
Retained earnings 26,585 25,600 28,281
TOTAL EQUITY 142,984 141,999 144,513
TOTAL LIABILITIES AND EQUITY 2 2 7, 3 9 9 2 3 0 , 8 2 0 2 3 7, 6 6 0
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
17

Statement of
Cash Flows
For the six months ended 31 December 2025




Note
Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from (applied to)
Receipts from customers 36,118 80,290 40,490
Interest received 20 13 6
Payments to suppliers and employees (27,992) (59,846) (26,959)
Interest and other costs of finance paid (1,111) (3,181) (2,071)
Income tax paid (326) (1,112) (471)
Net cash flow from operating activities 8 6,709 16,164 10,995

CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from (applied to)
Sale of property, plant and equipment 12 95 47
Purchase of property, plant and equipment (1,351) (3,541) (1,894)
Grower and other loans repaid – 151 –
Net cash flow (applied to) investing activities (1,339) (3,295) (1,8 47 )

CASH FLOW FROM FINANCING ACTIVITIES
Cash was provided for (applied to)
Dividends paid (1,315) – –
Loans advanced – 47,500 –
Loans repaid (3,020) (58,825) (7,932)
Lease liabilities repaid (603) (1,061) (366)
Net cash flow from/(applied to) financing activities (4,938) (12,386) (8,298)
Net increase in cash held 432 483 850
Cash and cash equivalents/(Bank overdraft) at beginning of period 584 101 101
Cash and cash equivalents at end of period 1,016 584 951
Comprising: Cash and cash equivalents 1,016 584 951
These financial statements should be read in conjunction with the Notes to the Financial Statements on pages 20 to 26.
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
18

FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
Notes to Financial Statements
19

1. ACCOUNTING PERIOD
The unaudited financial statements presented are for Foley Wines Limited (“the Company”, “the Parent”) and its subsidiaries
(together referred to as “the Group”) and cover the six month period to 31 December 2025. These condensed financial
statements have been prepared in accordance with NZ IAS 34 Interim Financial Statements and should be read in conjunction
with Foley Wines Limited’s Annual Report for the year ended 30 June 2025. The financial statements were authorised for issue
by the Directors on 27 February 2026.
2. ACCOUNTING POLICIES
The same accounting policies and methods of computation are followed in the interim financial statements as were followed
in the annual financial statements for the year ended 30 June 2025.
There have been no changes in accounting policies during the period.
2.1 JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
In preparing these interim financial statements under NZ IFRS the Directors are required to make judgements, estimates and
assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and various other factors that are believed to be reasonable under
the circumstance, the results of which form the basis of making the judgements. Actual results may differ from these estimates.
The significant areas of estimation, assumptions and critical judgements made in the preparation of these financial statements
are consistent with those set out in the 2025 Annual Report.
Notes to the
Financial Statements
For the six months ended 31 December 2025
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026
20

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2025




Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
3. PROFIT/(LOSS) FOR THE PERIOD
Included in profit/(loss) before income tax for the period are the following:
REVENUE:
Sales revenue – sale of goods – bottled wine 32,490 66,374 32,320
Sales revenue – other 2,382 4,157 1,729
Total sales revenue 34,872 70,531 34,049
Other revenue – rent received 28 51 25
Other revenue – insurance proceeds 16 – –
Total revenue 34,916 70,582 34,074
Sales revenue – other includes the sale of other products such as bulk wine,
spirits, merchandise, restaurant meals and non–alcoholic beverages.
EXPENSES:
Amortisation – lease right–of–use assets 614 1,312 678
Depreciation 2,804 5,868 2,909
Directors’ fees 120 240 120
Employee benefits expense: Short–term employee benefits 5,368 13,187 5,188
Excise duty and HPA levy 3,054 6,135 3,272
Fees paid to auditors:
– Audit of the financial statements (fees and disbursements) 62 131 78
Cost of inventories recognised as expense 20,803 42,643 19,924

4. INTEREST EXPENSE

Interest on loans and borrowings 1,007 2,921 1,709
Interest on convertible notes 357 709 357
Interest expense on lease liabilities 3 9 5
Interest expense on hire purchases 2 3 –
Total Interest expense 1,369 3,642 2,071

21
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2025




Unaudited
6 Months
31 Dec 2025
Group
$
Audited
12 M o n t h s
30 Jun 2025
Group
$
Unaudited
6 Months
31 Dec 2024
Group
$
5. EARNINGS/(LOSS) PER SHARE
Basic Earnings/(Loss) per share ($) 3.50 (2.83) 1.65

The calculation of basic earnings/(loss) per share is based on profit/(loss) of the Group of $2,300,000 (30Jun25
$(1,857,000); 31Dec24 $1,085,000) and the weighted average of 65,736,148 ordinary shares on issue during the period
(30Jun25 65,736,148; 31Dec24 65,736,148).
Diluted Earnings/(Loss) per share ($) 3.47 (2.83) 1.65
The calculation of diluted earnings/(loss) per share is based on profit/(loss) of $2,557,000 (31Dec24 $1,342,000), being
profit/(loss) for the year adjusted for the interest on the convertible notes after income tax, and the weighted average of
73,599,173 ordinary shares on issue during the year (31Dec24 73,599,173). (30Jun25: The calculation of diluted (loss) per
share in respect of 2025 based on (loss) of $(1,857,000) and the weighted average of 65,736,148 ordinary shares on issue
during the year).
The weighted average number of ordinary shares for the purposes of diluted earnings/(loss) per share reconciles to the
weighted average number of ordinary shares used in the calculation of basic earnings/(loss) per share as follows:
31 Dec 2025
Number of
shares
30 Jun 2025
Number of
shares
31 Dec 2024
Number of
shares
Weighted average number of ordinary shares (Basic) 65,736,148 65,736,148 65,736,148
Convertible notes outstanding at period end 7,863,025 – 7,863,025
Weighted average number of ordinary shares (Diluted) 73,599,173 65,736,148 73,599,173
In the year ended 30 June 2025 the Company made a loss and therefore the diluted earnings per share excludes the
adjustment for interest on the convertible notes after income tax and convertible notes shares outstanding at year end as this
is anti-dilutive.
22
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2025
6. DIVIDENDS PAID PER SHARE
The calculation of dividends per share in respect of the interim 2026 period is based on the final dividend for 2025 paid in
October totalling $1,315,000 (30Jun25: 2024 Final dividend $Nil; 31Dec24: $Nil).




Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
7. SHARE CAPITAL
FULLY PAID UP ORDINARY SHARES
Balance at beginning of period 86,518 86,518 86,518
Movements in share capital – – –
Balance at end of period 86,518 86,518 86,518
Number of fully paid ordinary shares 65,736,148 65,736,148 65,736,148

There were no shares issued during the period.
23
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2025




Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
8. CASH FLOW INFORMATION
(a) NET CASH FLOW FROM OPERATING ACTIVITIES
PROFIT/(LOSS) AFTER INCOME TAX FOR THE PERIOD 2,300 (1,857) 1,085
NON–CASH ITEMS:
Depreciation 2,804 5,868 2,909
Amortisation 614 1,312 678
(Decrease) in deferred tax (116) (1,466) (479)
Impairment loss/(gain) recognised on inventories 11 (37) 36
Adjustments resulting from revaluation of grapes (1,387) (814) (687)
Loss/(gain) on disposal of property, plant and equipment (11) 330 (14)
Loss on asset revaluations – 4,607 –
Grower advance adjustments 43 (30) (15)
Unrealised loss/(gain) in fair value of financial assets/liabilities 743 (18) 1,216
2,701 9,752 3,644
MOVEMENTS IN WORKING CAPITAL BALANCES:
Trade and other receivables (1,032) 5,160 4,050
Inventories 11,135 2,132 11,501
Biological work in progress (6,692) 97 (6,658)
Prepaid expenses and other current assets (1,229) (12) (1,492)
Trade and other payables (1,257) 1,067 (1,564)
Current tax assets/liabilities 783 (175) 429
1,708 8,269 6,266
NET CASH FLOW FROM OPERATING ACTIVITIES 6,709 16,164 10,995
(b) NET LOANS AND BORROWINGS
RECONCILIATION
Total Loans and borrowings 37,600 40,620 44,013
Loans advanced during the year – cash inflow – 47,500 –
Loans repaid during the year – cash outflow (3,020) (58,825) (7,932)
Net movement in net debt – all cash flows (3,020) (11,325) (7,932)

24
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2025




Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
9. FINANCIAL INSTRUMENTS
Change in fair value of financial assets/liabilities consists of:
Foreign currency forward contracts (743) 18 (1,215)
$ $ $
10. NET TANGIBLE ASSETS
Net tangible assets per share ($) 1.64 1.63 1.66

11. RELATED PARTY TRANSACTIONS
(a) Material transactions with related parties during the period are set out below:
(i) Sales were made to Foley Family Wines, Inc., a company that owns 33.33% of FFW Opco, LLC., the majority
shareholder in Foley Holdings New Zealand Limited, the parent of Foley Wines Limited. Sales for the period were
$3,564,000 for the Group (Jun25: $11,040,000; Dec24: $3,891,000). Commissions/ Management fees paid in
relation to sales during the year totalled $116,000 (Jun25: $159,000; Dec24: $78,000), Discounts in relation to the
new US tariffs were $204,000 (Jun25: $139,000; Dec24: $Nil) and Advertising and Promotion cost contributions/
market support (A&P), which are included in Selling, marketing and promotion expenses in the Income Statement,
totalled $425,000 (Jun25: $1,267,000; Dec24: $478,000). A&P provided to importers/distributors by wine
companies are common for the wine industry business to co-fund the promotion of the products of the Company.
(ii) Interest was paid/payable to Foley Holdings New Zealand Limited, the parent of Foley Wines Limited, under the
convertible note. Interest paid/payable for the period was $357,000 for the Group (Jun25: $709,000; Dec24:
$357,000).
(iii) Sales were made to Wharekauhau Country Estate Limited, a luxurylodge 74.6% owned by Bill Foley, the majority
shareholder of the ultimate parent. Sales for the period totalled $29,000 for the Group (Jun25: $29,000; Dec24:
$11,000). Accommodation, meals, events, labour and vouchers for Foley Rewards provided by Wharekauhau to
the Company and Foley Rewards customers during the period totalled $18,000 (Jun25: $15,000; Dec24: $5,000).
(iv) Lighthouse Gin product was purchased for global distribution from Lighthouse Distillery Limited, a company owned
by Mark Turnbull, CEO and Director of Foley Wines Limited, until 27 February 2025 and Paul Brock, Director and
Board Chair, from 27 February 2025. Purchases during the period totalled $43,000 (Jun25: $91,000; Dec24:
$42,000). Administration services, rental, electricity and contract distilling services were provided to Lighthouse
Distillery Limited during the period of $84,000 (Jun25: $169,000; Dec24: $87,000). Lighthouse Distillery Limited
paid the Company a sales commission on spirits sold direct to customer during the year of $Nil (Jun25: $340,000;
Dec24: $229,000).
(v) Sales were made to Foley Hospitality Limited group restaurants, a group owned 100% by Foley Holdings New
Zealand Limited, the parent company of Foley Wines Limited. Sales for the period were $145,000 (Jun25:
$463,000; Dec24: $249,000). Meals, events, contract labour, training and vouchers for Foley Rewards provided
by Foley Hospitality during the period of $14,000 (Jun25: $25,000; Dec24: $5,000). Contract services from the
Interim CEO/CEO of $105,000 were charged during the year (Interim CEO: Jun25: $77,000; Dec24: $Nil).
25
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026

Notes to the
Financial Statements
(continued)
For the six months ended 31 December 2025




Unaudited
6 Months
31 Dec 2025
Group
$’000
Audited
12 M o n t h s
30 Jun 2025
Group
$’000
Unaudited
6 Months
31 Dec 2024
Group
$’000
11. RELATED PARTY TRANSACTIONS (continued)
(b) Amounts owing to related parties at balance date:
Foley Holdings New Zealand Limited – convertible note 10,900 10,900 10,900
Foley Hospitality Limited 1 12 1
Lighthouse Distillery Limited 17 6 2
Wharekauhau Country Estate Limited 8 2 –
(c) Amounts owing from related parties at balance date:
Foley Family Wines Inc. 2,370 2,880 2,390
Foley Hospitality Limited 61 33 52
Lighthouse Distillery Limited 158 146 216
Wharekauhau Country Estate Limited 18 – 5

12. FOREIGN CURRENCY EXCHANGE RATES
The following spot foreign exchange rates have been applied at balance date:
NZ $1.00 =

31 December 2025

30 June 2025

31 December 2024
FWL BuyFWL SellFWL BuyFWL SellFWL BuyFWL Sell
Australian dollar 0.8621 0.8690 0.9189 0.9263 0.9026 0.9098
United States dollar 0.5779 0.5825 0.6006 0.6054 0.5621 0.5666
Great British pound 0.4291 0.4325 0.4391 0.4426 0.4480 0.4516
Euro 0.4915 0.4955 0.5134 0.5175 0.5405 0.5449

13. SUBSEQUENT EVENTS
No material events have occurred since balance date.
14. SHAREHOLDER INFORMATION
August 2026 Annual Report Published
November 2026 Annual Shareholders Meeting
26
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026

For the six months ended 31 December 2025
DIRECTORS:
PR Brock (Chair)
AJ Anselmi
GR Graham
WP Foley, II
HEAD OFFICE ADDRESS:
13 Waihopai Valley Road
RD6, Blenheim 7276, Marlborough, New Zealand
Telephone +64 3 572 8200
Facsimile +64 3 572 8211
POSTAL ADDRESS:
PO Box 67, Renwick 7243, Marlborough, New Zealand
EMAIL:
info@foleywines.co.nz
WEBSITES:
www.foleywines.co.nz
www.grovemill.co.nz
www.vavasour.com
www.tekairanga.com
www.martinborough–vineyard.co.nz
www.mtdifficulty.nz
www.lighthousegin.co.nz
NATURE OF BUSINESS:
Production and distribution of wine
AUDITORS:
Deloitte Limited, Auckland
SOLICITORS:
Bell Gully, Auckland
BANKERS:
Bank of New Zealand, Auckland
REGISTRATION NO.
307139
REGISTERED OFFICE:
13 Waihopai Valley Road, RD6 Blenheim 7276, Marlborough, New Zealand
SHARE REGISTRAR:
MUFG Pension & Market Services
Level 30, PwC Tower, 15 Customs Street West, Auckland 1010
PO Box 91976, Auckland 1142
Telephone +64 9 375 5998
Email: enquiries.nz@cm.mpms.mufg.com
(please quote CSN or shareholder number)
Website for shareholders to change address or payment instructions or view
investment portfolio: www.mpms.mufg.com
SHARE TRADING:
NZX Main Board – Security Code “FWL”
Company
Directory
27
FOLEY WINES LIMITEDFOLEY WINES LIMITED | HALF YEARLY REPORT 2026

Investors who wish to join the Foley VIP Cellar,
please email info@ foleywines.co.nz