DGL - FY26 Results: Delegat delivers a strong FY26 result

Results announcement
Results for announcement to the market
Name of issuer Delegat Group Limited
Reporting Period 12 months to 30 June 2026
Previous Reporting Period 12 months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$364,117 +4%
Total Revenue $364,117 +4%
Total Operating Revenue
1
$364,117 +4%
Operating Profit from ordinary
activities after tax (Operating
NPAT)
1

$61,497 +20%
Operating Profit from ordinary
activities before interest, tax and
depreciation (Operating EBITDA)
1

$134,511 +15%
Reported Profit from continuing
operations
$39,473 -19%
Total Net Profit $39,473 -19%
Interim/Final Dividend
Amount per Quoted Equity Security $0.22000000
Imputed amount per Quoted Equity
Security
$0.08555556
Record Date 25/09/2026
Dividend Payment Date 9/10/2026
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$5.97 $5.73
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Refer to Chair and CEO’s Report, and financial statements attached to this
announcement.
Authority for this announcement
Name of person

authorised to make
this announcement
Murray Annabell
Contact person for this
announcement
Murray Annabell
Contact phone number +64 9 359 7310
Contact email address murray.annabell@delegat.com
Date of release through MAP

28/08/2026
Audited 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.

CONTENTS
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3
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16
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66

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
"Driving our
future from four
great strengths."

DELEGAT ANNUAL REPORT 2026
2
PERFORMANCE SUMMARY 2026
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 UP 4%
3.3 MILLION
OPERATING NPAT
1
UP 20%
$61.5 MILLION
$134.5 MILLION
$110.5 MILLION
REPORTED NPAT DOWN 19%
$39.5 MILLION
RECORD OPERATING EBITDA
1
UP 15%
RECORD CASH FROM OPERATIONS UP 5%

3
YEAR ENDED 30 JUNE20262025202420232022
Case Sales (000s)3,3203,1883,6143,6763,360
OPERATING PERFORMANCE
1
Operating Revenue
9
($m)364.1349.6375.7375.8325.4
Operating EBITDA
1, 2
($m)134.5116.5128.5120.4112.2
Operating EBIT
3, 4
($m)104.189.0102.796.888.8
Operating EBIT % of Revenue29%25%27%26%27%
Operating NPAT
5, 6
($m)61.551.159.759.358.1
Operating NPAT % of Revenue17%15%16%16%18%
Operating Cashflow ($m)110.5105.756.959.765.6
Capital Expenditure
10
($m)20.959.969.1101.739.5
REPORTED PERFORMANCE
Revenue ($m) 364.1349.6378.3381.4325.6
EBITDA
1
($m)112.3113.6107.2128.1119.0
EBIT
3
($m)73.286.181.4104.595.6
EBIT % of Revenue 20%25%22%27%29%
N PAT
5
($m)39.549.031.464.863.0
NPAT % of Revenue 11%14%8%17%19%
EPS
8
39.0c48.5c31.0c64.1c62.3c
Net Assets
7
($m)610.7586.1556.0544.8499.5
Total Assets ($m) 1,105.61,134.71,115.91,063.3967.3
This Annual Report is dated 28 August 2026 and is signed on behalf of the Board by:
FINANCIAL SUMMARY 2026
Notes:
1. EBITDA means earnings before interest, tax, depreciation, amortisation
and impairment.
2. Operating EBITDA 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
ALAN JACKSON
DIRECTOR

4
On behalf of the Board of Directors, I am pleased to present the financial results of Delegat
Group Limited for the year ended 30 June 2026. The Group delivered an Operating Net Profit
After Tax of $61.5 million, an increase of 20% on the previous year, reflecting the continued
strength of our premium brand portfolio and the execution of our strategy.
Our focus remains on premiumisation and sustainable value growth. While consumer preferences
continue to evolve, demand for trusted premium wine brands remains resilient. New Zealand's
reputation as a world-class wine origin, together with Oyster Bay's leadership position in key
markets, provides a strong platform for future growth.
The investments we have made in our brands, in-market sales capability, world-class vineyards
and state-of-the-art wineries continue to strengthen the business and position the Group well
for the future.
The Board remains confident in the Group's strategy, the quality of its assets and people, and
its ability to deliver sustainable long-term returns for shareholders.
The Board's priority is to grow
long-term shareholder value.
We will continue to pursue
opportunities that strengthen the
Group’s position, enhance returns,
and support the sustainable
growth of the business.
CHAIR’S REPORT 2026
J I M D E L E G A T
CHAIR

DELEGAT ANNUAL REPORT 2026 CHAIR’S REPORT
5
PERFORMANCE SUMMARY
• Global Case Sales of 3,320,000, up 4%.
• Operating NPAT of $61.5 million, up 20%.
• Record Operating EBITDA of $134.5 million, up 15%.
• Reported NPAT of $39.5 million, down 19%.
• Record Cash from Operations of $110.5 million, up 5%.
The Group presents its financial statements in accordance with the New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS).
To provide further insight into the Group’s underlying operational performance, the Group has
also included in this report an Operating Performance Report. This Operating Performance
Report excludes the impact of fair value adjustments required under NZ IFRS for grapes,
derivative instruments and impairment of property, plant and equipment. As a fully integrated
winemaking and sales operation, Operating Profit includes the fair value adjustment in respect
of grapes when packaged wine is sold rather than on harvest of the grapes, and the fair value
adjustment on derivative instruments when these foreign exchange contracts and interest rate
swaps are realised. The impairment of property, plant and equipment of the assets of Barossa
Valley Estate is excluded as a one-off non-operating item.
The Group has included a reconciliation of Operating Profit to Reported Profit which eliminates
from each line in the Statement of Financial Performance all fair value adjustments
1
.
June 2026 June 2025 % change
NZ$ millions vs 2025
Operating Revenue
1
364.1 349.6 4%
Operating Gross Profit
2
177.2 158.3 12%
Operating Gross Margin 49% 45%
Operating Expenses
3
(73.1) (69.3) -5%
Operating EBIT
4
104.1 89.0 17%
Operating EBIT % of Revenue 29% 25%
Interest and Tax (42.6) (37.9) -12%
Operating NPAT
4
61.5 51.1 20%
Operating NPAT % of Revenue 17% 15%
Operating EBITDA
4
134.5 116.5 15%
Operating EBITDA % of Revenue 37% 33%
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 2026 CHAIR’S REPORT
6
OPERATING PERFORMANCE
The Board was pleased with the Group's improved operating performance in FY26. Global
case sales increased 4% to 3.32 million cases, driving Operating EBITDA to a record $134.5
million and Operating NPAT to $61.5 million, an increase of 20% on the previous year. The result
reflects the strength of the Delegat business model, the scalability of the Group's operations,
and the benefits of the initiatives undertaken in recent years to enhance profitability, cash
generation and balance sheet strength.
Delegat achieved Operating Revenue of $364.1 million on global case sales of 3,320,000 in the
year. The Group’s case sales performance and foreign currency rates achieved are detailed in
table 2.
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.
TABLE 2 CASE SALES AND FOREIGN CURRENCY
June 2026 June 2025 % change
Case Sales (000s) vs 2025
UK, Ireland and Europe 1,027 1,008 2%
North America (USA and Canada) 1,552 1,509 3%
Australia, NZ and Asia Pacific 741 671 10%
Total Cases 3,320 3,188 4%

Foreign Currency Rates
GB£ 0.4562 0.4659 2%
AU$ 0.8819 0.9149 4%
US$ 0.5884 0.5945 1%
CA$ 0.8118 0.8190 1%

DELEGAT ANNUAL REPORT 2026 CHAIR’S REPORT
7
In 2026, the market value of the Company grapes was less than the costs incurred, resulting
in a $9.0 million write-down (2025: write-up of $9.4 million). This write-down is due to the
managed reduction in yields for the 2026 harvest (down 19% year-on-year). This write-down,
less the impact of prior years’ vintages being sold has resulted in a net write-down of $15.0
million for the year (2025: write-up of $3.7 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 $7.2 million (2025: write-down of $6.6 million).
• Impairment of property, plant and equipment – the Group has recognised a non-cash
impairment of the assets of Barossa Valley Estate of $8.7 million (A$7.2 million). Refer to
page 9 which outlines the circumstances which have led to the impairment.
The above adjustments, net of taxation, amount to a write-down of $22.0 million for the year
(2025: write-down of $2.1 million).
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 2026 is reconciled to Operating Profit as detailed in
table 4.
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.
3. Impairment of property, plant and equipment of the assets of Barossa Valley Estate.
TABLE 3 IMPACT OF FAIR VALUE ADJUSTMENTS
June 2026 June 2025 % change
NZ$ millions vs 2025
Operating NPAT 61.5 51.1 20%
Operating NPAT % of Revenue 17% 15%
NZ IFRS Fair Value Items
Biological Produce (Grapes)
1
(15.0) 3.7 n/m
2
Derivative Financial Instruments (7.2) (6.6) n/m
2
Impairment of property, plant and equipment
3
(8.7) – n/m
2
Total Fair Value Items (30.9) (2.9) n/m
2
Taxation of NZ IFRS fair value items 8.9 0.8 n/m
2
Fair Value Items after Tax (22.0) (2.1) n/m
2
Reported NPAT 39.5 49.0 -19%

DELEGAT ANNUAL REPORT 2026 CHAIR’S REPORT
8
CASH FLOW
Cash generation remained a key highlight of FY26, with the Group delivering a record $110.5
million of operating cash flow, an increase of 5% on the previous year. The result reflects the
quality of the Group's earnings and continued growth in global case sales.
The Board has maintained a strong focus on capital allocation, balance sheet strength and cash
generation over recent years. The progress achieved during FY26 further strengthened the
Group's financial position and provides greater flexibility to support future growth initiatives.
During the year, the Group invested $21.9 million in strategic capital projects, including vineyard
development in New Zealand and continued expansion of the Hawke's Bay and Marlborough
wineries. These investments are expected to support future growth and enhance the Group's
long-term production capability. The Group also returned $20.2 million to Shareholders through
dividends.
Net debt reduced by $51.8 million to $276.8 million, reflecting the strength of cash generation
and disciplined financial management. With access to a $427 million syndicated senior debt
facility and substantial headroom within banking covenants, the Group remains well positioned
to fund its ongoing operations and future capital investment opportunities.
The Board is pleased with the continued strengthening of the Group's balance sheet. Together
with the Group's cash-generating capability and available funding facilities, this provides a
solid platform to support future investment, growth and long-term shareholder value creation.
June 2026June 2025
Notes:
1. EBIT means earnings before interest and tax.
2. NPAT means net profit after tax.
TABLE 4 RECONCILIATION OF REPORTING TO OPERATING PERFORMANCE
Operating Fair Value Reported Operating Fair Value Reported
NZ$ millions Adjustment Adjustment
Revenue 364.1 – 364.1 349.6 – 349.6
Cost of Sales (186.9) (15.0) (201.9) (191.3) 3.7 (187.6)
Gross Profit 177.2 (15.0) 162.2 158.3 3.7 162.0
Operating Expense (73.1) (7.2) (80.3) (69.3) (6.6) (75.9)
Impairment
4
– (8.7) (8.7) – – –
EBIT
1
104.1 (30.9) 73.2 89.0 (2.9) 86.1
Interest and Tax (42.6) 8.9 (33.7) (37.9) 0.8 (37.1)
N PAT
2
61.5 (22.0) 39.5 51.1 (2.1) 49.0

EBIT
1
104.1 (30.9) 73.2 89.0 (2.9) 86.1
Depreciation, amortisation
and impairment
4
30.4 8.7 39.1 27.5 – 27.5
EBITDA
3
134.5 (22.2) 112.3 116.5 (2.9) 113.6
3. EBITDA means earnings before interest, tax, depreciation, amortisation and impairment.
4. Impairment of property, plant and equipment of the assets of Barossa Valley Estate.

DELEGAT ANNUAL REPORT 2026 CHAIR’S REPORT
9
DIVIDENDS
Consistent with the Group's improved performance and strong cash-generating capability, the
Board has approved a fully imputed dividend of 22.0 cents per share, an increase of 10% on the
dividend paid for the last 5 years. The dividend reflects the Board's confidence in the Group's
financial strength and future prospects, and will be paid on 9 October 2026 to Shareholders on
record at 25 September 2026.
INVESTING FOR GROWTH
The Board remains confident in the Group's long-term growth prospects and its ability to create
sustainable value for Shareholders. Consistent with this confidence, Delegat continues to invest
in its brands, vineyards, production capability and people to support future growth.
We believe the strongest wine businesses will be those that remain focused, agile and closely
aligned to the needs of consumers and customers. Over more than seven decades, Delegat
has built a portfolio of premium brands, enduring customer relationships and world-class
winegrowing and winemaking capabilities. These foundations position the Group well for the
opportunities ahead.
Over the past five years, the Group has invested more than $240 million in strategic growth
assets to support future sales and earnings growth. The Board has approved a further $33.7
million of investment in FY27, reflecting its confidence in the Group's long-term growth strategy.
The Board also recognises the importance of maintaining high standards of environmental
stewardship, workplace safety and corporate governance. Across the Group, initiatives continue
to focus on reducing environmental impact, improving health and safety outcomes, and
ensuring Delegat operates responsibly and sustainably for the benefit of future generations.
PORTFOLIO REVIEW
The global wine industry is undergoing a period of adjustment as producers respond to changing
market conditions. Across many wine-producing regions, businesses are focusing on inventory
management, capital discipline and strengthening long-term returns. Despite these conditions,
premium New Zealand wine remains well regarded globally and Oyster Bay continues to hold
leading positions across its major markets.
The Board regularly reviews the carrying value of the Group's assets to ensure they remain
appropriate in light of prevailing market conditions and long-term earnings expectations.
As part of this process, the Group recognised a non-cash impairment of $8.7 million (A$7.2
million) relating to certain Barossa Valley Estate assets. The adjustment reflects a prudent
reassessment of future cash flows associated with premium Australian red wine assets.
The impairment has no impact on the Group's cash flow, liquidity, banking facilities or future
investment plans. The Board remains confident in the strength of the Group's core business,
the quality of its brands and assets, and its long-term growth prospects.

DELEGAT ANNUAL REPORT 2026 CHAIR’S REPORT
10
OUR DELEGAT GREAT WINE PEOPLE
On behalf of the Board, I would like to thank our Great Wine People around the world for their
contribution during the past year. The Group's achievements this year reflect the dedication,
capability and commitment of our people, who continue to work together with a clear sense of
purpose and a passion for excellence.
Our people remain one of Delegat's greatest strengths. Their efforts every day underpin the
long-term success of the Group. The Board sincerely thanks them for their contribution.
Winning the world over.
Our Delegat
Great Wine People.
ANDREW KOERNER
HEAD OF WINEMAKING

BAPPSC(WINE SCIENCE)
GREG ROWDON

SENIOR WINEMAKER, MARLBOROUGH
BSC, MSC (HONS) (WINE SCIENCE)
MICHAEL IVICEVICH

GROUP OPERATIONS MANAGER,
VITICULTURE AND WINEMAKING

BAPPSC(WINE SCIENCE)

11
FY26 was a year of strong execution. Our focus on growing premium brand demand,
strengthening distribution and disciplined management of the business delivered significantly
improved sales, profitability, cash flow and balance sheet strength in what remains a challenging
trading environment. We also responded effectively to changes in US tariffs while continuing to
invest in our brands, consumer engagement and route to market capabilities.
The Group achieved Operating NPAT of $61.5 million, an increase of 20%, and record Operating
EBITDA of $134.5 million. Record operating cash flow of $110.5 million enabled net debt to be
reduced by $51.8 million to $276.8 million, further strengthening the Group’s financial position.
This was a Winning Together result. Every part of the Group contributed, and I am proud of the
focus, adaptability and commitment shown by our Great Wine People around the world.
CHIEF EXECUTIVE OFFICER REPORT 2026
MURRAY ANNABELL
CHIEF EXECUTIVE OFFICER
The Group’s strategy of identifying
‘Growth Markets’ and ‘Emerging
Markets’ has again proven
successful, delivering improved
operating performance, increased
operating cash flows and
sustained case price realisation
despite ongoing global industry
supply imbalance.

DELEGAT ANNUAL REPORT 2026 CHIEF EXECUTIVE OFFICER REPORT
12
GLOBAL WINE TRENDS
The global wine category continues to evolve. Consumers are drinking more selectively,
prioritising quality, authenticity and trusted brands over volume consumption.
The long-term premiumisation trend remains intact, supported by consumers seeking higher-
quality experiences and wines that enhance everyday and social occasions. Millennials now
represent an increasingly important consumer segment, while legal-age Generation Z consumers
are engaging with wine in greater numbers. These consumers value quality, experience and
connection, supporting demand for premium wine brands.
These trends favour lighter, refreshing wine styles and premium brands with strong quality
credentials. New Zealand wine is well aligned with these consumer preferences, and Oyster
Bay's trusted quality, premium positioning and broad market presence provide confidence in
its long-term growth potential.
GLOBAL SALES PERFORMANCE
Global case sales increased 4% to 3.32 million cases, with growth achieved across all three
geographic regions.
Our in-market sales teams remain a key strength of the business, providing direct customer
relationships, local market insight and the agility to respond quickly to changing market
conditions. Combined with our extensive distribution network, these capabilities continue to
support brand growth, market share performance and premium positioning.
This contributed to another year of global sales growth and leaves the Group well positioned
for F Y27.
NORTH AMERICA
North America remained the Group's largest market, accounting for 47% of global case
sales. Sales increased 3% to 1,552,000 cases, supported by a record result in Canada and the
successful completion of the planned inventory reset in the United States.
The performance reflects the strength of our market-led model and the ability of our teams to
respond effectively to evolving retail conditions and changes in US tariffs.
UNITED KINGDOM, IRELAND AND EUROPE
Sales across the United Kingdom, Ireland and Europe increased 2% to 1,027,000 cases,
representing 31% of Group sales.
Growth was supported by Oyster Bay's category-leading position, targeted promotional
investment and continued consumer preference for premium New Zealand wine. The region
remains an important contributor to the Group's diversified global growth strategy.

DELEGAT ANNUAL REPORT 2026 CHIEF EXECUTIVE OFFICER REPORT
13
AUSTRALIA, NEW ZEALAND, CHINA AND ASIA PACIFIC
Sales across Australia, New Zealand, China and Asia Pacific increased 10% to 741,000 cases,
representing 22% of Group sales.
Our brands continue to hold category-leading positions, supported by strong consumer
awareness, trusted quality and enduring customer relationships. Combined with the strength
of Barossa Valley Estate, this provides a solid platform for future growth.
China remains one of the Group's most attractive long-term opportunities and will continue to
be an important area of investment and focus.
Across Asia Pacific, we remain focused on strengthening distribution, building customer
confidence and expanding the reach of our brands in selected markets.
BRANDS AND COMMUNICATIONS
Our focus remains on strengthening brand value, recruiting new consumers and supporting
retail distribution through targeted consumer and customer activity.
Through our unique in-market distribution model, we work closely with many of the world's
leading retailers to develop promotional programmes aligned to key consumption occasions,
supporting both rate of sale and category growth.
We continue to invest in targeted consumer and trade communications to build brand
awareness, consumer engagement and purchase intent. These programmes provide global
reach, strengthen consumer affinity and support Oyster Bay's premium positioning across our
key markets.
Oyster Bay remains the Group's primary growth engine and one of the world's leading premium
New Zealand wine brands. Its trusted quality, broad international presence and strong consumer
relevance continue to differentiate the brand in an increasingly competitive global market.
In the United States, we remain focused on our "must-win" states where consumer awareness,
affinity and retail distribution continue to strengthen. Consumer interest in Oyster Bay remains
exceptionally strong, with Oyster Bay continuing to be the most searched New Zealand wine
brand on Google.
Our strategy remains unchanged. We will continue to invest behind Oyster Bay, strengthen
consumer engagement and support conversion from awareness to purchase, building long-
term brand equity and sustainable growth.
2026 HARVEST
The 2026 harvest delivered exceptional quality fruit across Marlborough, Hawke's Bay and the
Barossa Valley.
The Group harvested 38,255 tonnes, 19% below the 2025 harvest, consistent with the inventory
management strategy communicated last year.
Inventory levels are aligned to support FY27 case sales.

DELEGAT ANNUAL REPORT 2026 CHIEF EXECUTIVE OFFICER REPORT
14
SUSTAINABILITY
Delegat has been a founding member of Sustainable Winegrowing New Zealand since 2002.
Sustainability is integral to the long-term success of our business. The quality of our wines
depends on healthy vineyards, secure water resources, capable people and operating assets
that will perform for generations. Our New Zealand vineyards and wineries are accredited
under Sustainable Winegrowing New Zealand, and Barossa Valley Estate is accredited under
Sustainable Winegrowing Australia.
Our sustainability framework focuses on building an enduring business, enabling our people
and communities to thrive, and crafting wine with care. During FY26, we continued targeted
initiatives across emissions, water, health and safety, biodiversity, packaging, waste and
sustainable viticulture, prioritising areas where we can achieve meaningful and measurable
outcomes.
The Group remains Toitū Carbon Reduce certified and committed to reducing carbon intensity
across its operations. Further information on our progress, targets and climate-related risks is
provided in the Group's Climate-Related Disclosures.
GROUP STRATEGY
Our strategic goal is to establish Delegat as a leading global Super Premium wine company.
Our key success factors:
Leading Brands:
At any given moment a glass of Oyster Bay is being enjoyed as an everyday reward or as part
of a premium dining experience somewhere in the world. So sought-after is Oyster Bay that
it has transcended the New Zealand wine category and is now part of aspirational culture in
many parts of the world.
Global Distribution:
We are a global business that never sleeps. With our own dedicated sales force in the UK, USA,
Canada, Australia, China and New Zealand, we directly manage thousands of retail accounts
while continuing to build and future-proof a powerful distribution network.
Super Premium Quality:
We own and manage a group of world-class wineries, widely regarded as some of the most
sophisticated Super-Premium winemaking operations in the Southern Hemisphere.
Exclusive Supply:
Meticulous management of our own extensive vineyards in Marlborough, Hawke's Bay and
Barossa Valley coupled with the contribution of our exclusive grower partners, underpins the
supply and consistency of our renowned Super-Premium quality wines. These vineyards are
regarded as amongst New Zealand and Australia's best.

DELEGAT ANNUAL REPORT 2026 CHIEF EXECUTIVE OFFICER REPORT
15
GROUP OUTLOOK
The strength and resilience of the Group positions us well to look ahead to the next phase of
growth.
Delegat plans to grow global case sales by 5% to 3.6 million cases over the next three years. The
primary driver of planned growth is Oyster Bay sales in North America. We will also continue
exploring opportunities to improve case price realisation across all markets to improve profit
margins.
With respect to the 2027 year, Delegat plans for global sales of 3.4 million cases and forecasts
Operating Net Profit after Tax be in the range of $62 – $66 million.
TABLE 5 GROUP OUTLOOK CASE SALES
2026 2027 2028 2029
Case Sales (millions) Actual Forecast Projection Projection
Total Cases 3.3 3.4 3.5 3.6
OUR DELEGAT GREAT WINE PEOPLE
Winning Together. I thank our Delegat Great Wine People around the world for their commitment
and contribution throughout the year. Our values of Aim High, Winning Together and Mastery
continue to guide how we work, support one another and pursue excellence. They remain
fundamental to the strong culture that sits at the heart of our business.

16
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 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 2026

17
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.

18
GORDON MACLEOD Non-Executive Independent Director
TERM OF OFFICE: Appointed February 2022, last re-elected
December 2025.

Committee responsibilities: Chair, Audit and Risk Committee;
Member People, Culture and Safety Committee.
Gordon Macleod is a Non-Executive Director of Delegat Group
Limited. Gordon is a professional Director and is a Trustee of Breast
Cancer Foundation NZ, and previously a Director of Spark New
Zealand Limited. He is also Board Advisory Chair to two privately
held family businesses. 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 year’s 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.

19
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 2026.
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 2026.
The Board of Directors of the Group authorised these financial statements for issue on
28 August 2026.
For, and on behalf of, the Board.
28 August 2026
DIRECTORS’ RESPONSIBILITY STATEMENT 2026
J I M D E L E G A T
CHAIR
CROWNTHORPE TERRACES VINEYARD, HAWKE’S BAY.
ALAN JACKSON
DIRECTOR

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
20
STATEMENT OF FINANCIAL PERFORMANCE
Notes 2026 2025
$000 $000
Revenue 3 364,117 349,556
Profit before finance costs and impairment 4 81,834 86,118
Finance costs 3 17,7 76 17,7 5 4
Impairment of property, plant and equipment 14 8,727 –
Profit before income tax 55,331 68,364
Income tax expense 17 15,858 19,326
Profit for the year attributable to Shareholders of the Parent Company 39,473 49,038

Earnings per share
– Basic and fully diluted earnings per share (cents per share) 5 39.03 48.49

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
21
STATEMENT OF OTHER COMPREHENSIVE INCOME
Notes 2026 2025
$000 $000
Profit after income tax 39,473 49,038
Other comprehensive income that may subsequently be classified to the profit and loss:
– Translation of foreign subsidiaries 6b 8,323 980
– Net (loss)/gain on hedge of a net investment (4,079) 462
– Income tax relating to components of other comprehensive income 17 1,142 (129)
Total comprehensive income for the year, net of tax 44,859 50,351

Comprehensive income attributable to Shareholders of the Parent Company 44,859 50,351
The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
22
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2026
Notes
Share
Capital
$000
Foreign
Currency
Translation
Reserve
$000
Retained
Earnings
$000
Total
Equity
$000
Balance at 30 June 2025 49,815 1,332 534,968 586,115
Changes in equity for the year ended 30 June 2026
Other comprehensive income
– Translation of foreign subsidiaries 6b – 8,323 – 8,323
– Net loss on hedge of a net investment – (4,079) – (4,079)
– Income tax relating to components of

other comprehensive income 17 – 1,142 – 1,142
Total other comprehensive income – 5,386 – 5,386
– Net profit for the year – – 39,473 39,473
Total comprehensive income for the year – 5,386 39,473 44,859
Equity transactions
– Dividends paid to Shareholders 7 – – (20,234) (20,234)
Balance at 30 June 2026 49,815 6,718 554,207 610,740

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 17 – (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

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 30 JUNE 2026
23
STATEMENT OF FINANCIAL POSITION
Notes 2026 2025
$000 $000
Equity
Share capital 6 49,815 49,815
Foreign currency translation reserve 6b 6,718 1,332
Retained earnings 554,207 534,968
Total Equity 610,740 586,115

Liabilities
Current Liabilities
Trade payables and accruals 8 36,384 3 7,7 12
Derivative financial instruments 9 8,805 4,545
Income tax payable 9,179 3,884
Lease liability 16 8,315 9,844
62,683 55,985
Non-Current Liabilities
Deferred tax liability 17 53,970 59,274
Derivative financial instruments 9 728 1,994
Interest-bearing loans and borrowings 10 286,856 3 3 7,17 9
Lease liability 16 90,660 94,104
432,214 492,551
Total Liabilities 494,897 548,536
Total Equity and Liabilities 1,105,637 1,134,651

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. AS AT 30 JUNE 2026
24
STATEMENT OF FINANCIAL POSITION CONTINUED
Notes 2026 2025
$000 $000
Assets
Current Assets
Cash and cash equivalents 10,062 8,625
Trade and other receivables 11 59,160 62,806
Derivative financial instruments 9 44 4,074
Inventories 12 174,231 18 7,7 7 1
Biological work in progress 13 16,543 16,604
260,040 279,880
Non-Current Assets
Property, plant and equipment 14 759,747 766,411
Right-of-use assets 16 78,786 81,873
Intangible assets 15 7, 0 6 4 6,336
Derivative financial instruments 9 – 151
845,597 854,771
Total Assets 1,105,637 1,134,651
For, and on behalf of, the Board, who authorised the issue of the financial statements on 28 August 2026.
J N Delegat, Chair
The accompanying notes form part of these financial statements
A T Jackson, Director

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
25
STATEMENT OF CASH FLOWS
2026 2025
$000 $000

Operating Activities
Cash was provided from
Receipts from customers 372,348 368,942
Net GST received 116 265
372,464 369,207
Cash was applied to
Payments to suppliers and employees 231,051 228,965
Net interest paid 16,031 20,225
Net income tax paid 14,932 14,355
262,014 263,545
Net Cash Inflows from Operating Activities 110,450 105,662

Investing Activities
Cash was provided from
Proceeds from sale of property, plant and equipment 154 7,7 3 3
Dividends received 19 20
173 7,7 5 3
Cash was applied to
Purchase of property, plant and equipment 20,709 46,389
Capitalised interest paid 1,361 5,547
22,070 51,936
Net Cash Outflows from Investing Activities (21,897) (4 4,183)

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
26
STATEMENT OF CASH FLOWS CONTINUED
2026 2025
$000 $000

Financing Activities
Cash was provided from
Proceeds from borrowings 23,350 54,961
23,350 54,961
Cash was applied to
Dividends paid to shareholders 20,228 20,213
Borrowing facility fees 113 597
Repayment of borrowings 81,563 86,305
Repayment of lease liability 9,559 10,435
111,463 117, 5 5 0
Net Cash Outflows from Financing Activities (88,113) (62,589)
Net increase /(decrease) in Cash Held 440 (1,110)
Cash and cash equivalents at beginning of the year 8,625 9,384
Effect of exchange rate changes on foreign currency balances 997 351
Cash and Cash Equivalents at End of the Year 10,062 8,625
The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
27
STATEMENT OF CASH FLOWS CONTINUED
2026 2025
$000 $000
Reconciliation of Profit for the Year with Cash Flows from Operating Activities
Reported profit after tax 39,473 49,038
Add/(deduct) items not involving cash flows
Depreciation and amortisation expense 30,421 27,548
Other non-cash items 7, 3 0 8 585
Gain on disposal of assets (81) (21)
Impairment of property, plant and equipment 8,727 –
Movement in derivative financial instruments 7,17 5 6,559
Movement in deferred tax liability (5,304) 4,182
48,246 38,853

Movement in working capital balances are as follows
Trade payables and accruals (1,328) (48)
Trade and other receivables 3,646 23,322
Inventories 13,540 (5,847)
Biological work in progress 61 (1,039)
Income tax 5,295 957

Add items classified as investing and financing activities
Capital purchases included within trade payables and inventories 1,404 (171)
Borrowing facility fees 113 597
22,731 17,7 7 1
Net Cash Inflows from Operating Activities 110,450 105,662

Reconciliation of movement in Net Debt:
Opening balance at 1 July 328,554 360,094
Per statement of cash flows:
– Net repayment from borrowings (58,213) (31,344)
– Borrowing facility fees (113) (597)
– Net (increase)/decrease in cash held (440) 1,110
Foreign exchange movement 6,695 (1,217)
Other
non-cash movements 311 508
Closing balance at 30 June 276,794 328,554

The accompanying notes form part of these financial statements

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
28
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 2026 were
authorised for issue in accordance with a resolution of the Directors on 28 August 2026.
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 2026 and
comparatives as at 30 June 2025.
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 2026
29
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 (NZD), which is also the functional currency of
the parent. 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 2026
30
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 15 Intangible Assets
Note 16 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
The accounting policies adopted are consistent with those of the previous year.
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 2026.
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 does not currently expect NZ IFRS 18 to have a material impact on recognition or measurement,
although presentation and disclosure changes are expected. 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.
1. GENERAL INFORMATION (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
31
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 Finance Manager, 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

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
32
At 30 June 2026, 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 2026 REPORTED IMPACT ON 2025 REPORTED
Post-Tax Equity Post-Tax Equity
Profits Profits
Group $000 $000 $000 $000

NZD/USD +5% 3,548 3,548 2,464 2,464
NZD/USD -5% (4,133) (4,133) (2,806) (2,806)
NZD/GBP +5% 2,856 2,856 2,045 2,045
NZD/GBP -5% (3,193) (3,193) (2,614) (2,614)
NZD/AUD +5% 1,246 22 472 (610)
NZD/AUD -5% (1,365) (14) (513) 684
NZD/CAD +5% 955 955 226 226
NZD/CAD -5% (1,076) (1,076) (250) (250)
NZD/EUR +5% 161 161 107 107
NZD/EUR -5% (178) (178) (118) (118)
NZD/CNY +5% 214 214 – –
NZD/CNY -5% (236) (236) – –

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 2026
33
External borrowings of A$29,350,000 (2025: 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 2026.
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 2026 REPORTED IMPACT ON 2025 REPORTED
Post-Tax Equity Post-Tax Equity
Profits Profits
Group $000 $000 $000 $000
2.00% Increase – 200 basis points

(2025: 2.00% Increase – 200 basis points) 980 980 2,233 2,233
0.25% Decrease – 25 basis points

(2025: 0.25% Decrease – 25 basis points) (123) (123) (279) (279)

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 2026
34
– 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% (2025: 0.93% to 2.25%).
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 35 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 35 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 2026
35
Facility Type
30 June 2026
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 – – – –
Multicurrency facility A 100,000 100,000 3,685 102,171 –
Multicurrency facility B 100,000 30,000 1,124 1,124 30,662
Term facility 90,000 90,000 3,983 92,346 –
Headroom facility 20,000 – – – –
AUD facility A 35,662 35,662 1,843 1,843 36,748
AUD facility B 33,414 31,592 1,642 32,559 –
Lease liability N/A 98,975 13,726 12,919 123,886
Low value asset leases N/A N/A 4,923 3,767 3,310
Derivative financial instruments N/A N/A 263,807 (570) (158)
Trade payables and accruals N/A 27,105 27,105 – –
Financial guarantee contracts N/A N/A 130 – –
As at 30 June 2026 427,076 413,334 321,968 246,159 194,448

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 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

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 2026
36
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
$175,844,000 (2025: $157,978,000) 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:
2026 2025
$000 $000
Financial Assets
Financial assets at amortised cost 59,110 65,135
Financial assets at fair value through profit and loss 44 4,225
59,154 69,360
Financial Liabilities
Financial liabilities at amortised cost 412,936 472,276
Financial liabilities at fair value through profit or loss 9,533 6,539
422,469 478,815

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 2026 $000 $000 $000 $000
Financial Assets
Foreign currency forward exchange option contracts – 8 – 8
Foreign currency forward exchange contracts – 36 – 36
– 44 – 44
Financial Liabilities
Foreign currency forward exchange option contracts – 1,072 – 1,072
Foreign currency forward exchange contracts – 7,024 – 7, 0 24
Interest rate swap contracts – 1,437 – 1,437
– 9,533 – 9,533
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 2026
37
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 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

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 prepares a Climate-related Disclosure Statement which is released at the same time as the Annual Report.
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 2026
38
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 intercompany
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 to
have passed to the buyer at the point specified under the terms of sale agreed with the customer, which
may occur upon shipment or delivery of the goods. 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 2026
39
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 2026 the Group has recognised accruals of $34.7 million (2025: $28.5 million). The majority
of these amounts will be settled within the six months following balance date.
Year ended
30 June 2026
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
2026
$000
Operating income
External sales
2,8
78,640 59,383 115,176 174,738 21,410 (85,331) 364,016
Internal sales 315,206 – – – 14,307 (329,513) –
Dividend revenue 19 – – – 839 (828) 30
Interest revenue 11 9 3 39 9 – 71
Total segment revenues
1
393,876 59,392 115,179 174,777 36,565 (415,672) 364,117

Operating expenses
Interest expense
3
15,774 47 2 143 1,810 – 17,7 76
Depreciation and amortisation
4
27,533 413 174 522 1,779 – 30,421
Impairment of property,

plant and equipment – – – – 8,727 – 8,727
Income tax expense
5
18,038 377 983 801 (2,327) (2,014) 15,858

Segment profit / (loss) 44,207 861 2,942 1,734 (4,268) (6,003) 39,473

Assets
Segment assets
6
1,044,311 12,797 55,410 40,796 114,673 (162,350) 1,105,637
Capital expenditure
7
20,418 51 6 – 410 – 20,885

Segment liabilities 515,418 6,204 30,151 8,127 39,571 (104,574) 494,897
Refer to footnotes on page 40
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 2026
40
3. REVENUE AND SEGMENTAL REPORTING (C O N T I N U E D)
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
2,9
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
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:
$28,800,000). During the year $525,000 of these accruals have been released (2025: $601,000).
3.
Interest expense is net of any interest capitalised to long-term assets and inventory. During the year $1,362,000 (2025: $5,546,000) was
capitalised to long-term assets and $5,099,000 (2025: $5,200,000) was capitalised to inventory.
4.
Depreciation and amortisation expense presented above is gross of $25,814,000 (2025: $23,334,000), which has been included within
inventory and $1,058,000 (2025: $647,000) 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 2026 financial year Delegat USA, Inc had a single customer which comprised 10% or more of group sales amounting to $87,750,000.
9.
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.
10.
Other segments’ assets include non-current assets of Barossa Valley Estate Pty Limited of $39,155,000 (2025: $43,866,000) 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 2026
41
4 . E X P E N S E S
Included in profit before finance costs and impairment are the following expenses categorised by function:
Notes 2026 2025
$000 $000
Cost of sales 201,990 18 7, 5 5 7
Selling, marketing and promotion expenses 54,555 51,605
Corporate governance expenses 1,678 1,596
Administration expenses 16,886 16,122
Fair value loss on derivative financial instruments 7,174 6,558
282,283 263,438
Specific components of the above expenses include:
Directors’ fees – Delegat Group Limited 730 721
Directors’ fees – Overseas subsidiaries 61 54
Depreciation
1
14, 16 30,410 27,534
Amortisation

15 11 14
Wages and salaries
2
59,592 55,758
Defined contribution pension plans
2
2,465 2,242
Termination benefits paid

427 258

Auditor Remuneration
3,4
Audit and review of the financial statements
Audit and review of the financial statements 472 458
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 engagement) – 28
Total remuneration paid to auditor 472 486

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 $25,814,000
(2025: $23,334,000) is included within the cost of inventories and expensed as a cost of sales when product is sold, and $1,058,000 (2025:
$647,000) 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 $13,851,000 (2025: $13,593,000) 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 $7,000 (2025: $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 2026
42
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:
2026 2025
a) Earnings Used in Calculating Earnings per Share
Profit for the year – basic and fully diluted ($000) 39,473 49,038
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 39.03 48.49

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
43
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.
2026 2025
$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, adjusted for the effect of the net investment hedge described in note 2.
During the year equity increased by $8,323,000 upon the translation of foreign subsidiaries (2025: $980,000).
7. DIVIDENDS PAID AND PROPOSED
a) Recognised Amounts
Dividends that were declared and paid on ordinary shares during the year amounted to $20,234,000 (2025:
$20,235,000) equating to 20.0 cents per share (2025: 20.0 cents per share).
b) Unrecognised Amounts
After the balance sheet date, dividends of 22.0 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 2026
44
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.
2026 2025
$000 $000
Trade payables 14,923 19,769
Employee entitlements and leave benefits 8,249 5,781
Goods and services tax 1,030 782
Accrued expenses 12,182 11,380
36,384 3 7,7 12

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 2026
45
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
2026 2025 2026 2025
$000 $000
Selling Currency/Buying NZD
Sell AUD, maturity 0-11 months 0.8738 0.9077 26,580 8,538
Sell USD, maturity 0-12 months 0.5857 0.5846 89,639 62,025
Sell GBP, maturity 0-11 months 0.4424 0.4632 7 7, 6 7 0 61,997
Sell CAD, maturity 0-12 months 0.8010 0.8121 29,963 20,435
Sell SGD, maturity 0-6 months 0.74 67 0.7778 690 939
Sell HKD, maturity 0-4 months 4.4883 4.5473 1,883 1,535
Sell EUR, maturity 0-12 months 0.4997 0.5398 7, 5 0 4 6,549
Sell CNY, maturity 0-11 months 3.9175 – 6,075 –

Buying Currency/Selling NZD

Buy EUR, maturity 0 months 0.4953 – 121 –
Buy AUD – 0.9274 – 253
Buy GBP – 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 2026
46
a) Foreign Currency Forward Exchange Contracts and Options (continued)
ii) Forward Currency Options
AVERAGE CONTRACTED RATE NOTIONAL VALUE
2026 2025 2026 2025
$000 $000
Selling Currency/Buying NZD
Sell USD, maturity 1-12 months 0.5840 0.5864 23,972 26,860
Sell GBP, maturity 1-5 months 0.4494 0.4666 2,225 16,073
Sell AUD, maturity 1-2 months 0.8831 0.8982 1,132 2,783
Sell CAD, maturity 7 months 0.7975 – 627 –

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:
2026 2025
Assets Liabilities Assets Liabilities
$000 $000 $000 $000
Current
Forward Exchange Contracts 36 7,024 3,106 2,723
Foreign Currency Options 8 1,072 968 845
44 8,096 4,074 3,568

Non-current
Foreign Currency Options – – 151 –
– – 151 –

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 2026
47
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 $140,000,000 (2025: $130,000,000) of
current New Zealand dollar denominated Group debt through eight separate cap rate agreements, which range in
maturity from one month to two and a half years, with a weighted average interest rate cap of 4.23% plus bank margin
(2025: 3.73% plus bank margin). In addition, interest rate contracts are in place that cover a total A$29,500,000 (2025:
A$26,000,000) of current Australian Dollar denominated Group debt through six separate cap rate agreements,
which range in maturity from three months to two and a half years, with a weighted average interest rate cap of 3.50%
plus bank margin (2025: 3.19% plus bank margin).
At balance sheet date the Group has one further separate cap rate agreement that covers NZ$10,000,000 which
applies at a future date to cover future Group indebtedness (2025: $45,000,000). The maturity is two years, with an
interest rate cap of 3.65% plus bank margin (2025: 3.74% plus bank margin). The Group has four additional Australian
Dollar denominated cap rate agreements in place that covers a total A$21,000,000 (2025: A$26,000,000), which
range in maturity from two to four years, with a weighted average interest rate cap of 4.25% plus bank margin

(2025: 3.75% plus bank margin).
The total fair value of these contracts at balance sheet date is a liability of $1,437,000 (2025: liability of $2,971,000).
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:
2026 2025
Assets Liabilities Assets Liabilities
$000 $000 $000 $000
Current
Interest Rate Swaps – 709 – 977
– 709 – 977

Non–current
Interest Rate Swaps – 728 – 1,994
– 728 – 1,994

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 2026
48
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 Rate2026
$000
2025
$000
20262025
Non-Current Debt Obligations
Multicurrency facility A31 January 20285.83%4.67% 99,892 99,850
Multicurrency facility B31 January 20296.31%4.73% 29,892 79,790
AUD facility A31 January 20295.69%4.70% 35,629 31,583
AUD facility B31 January 20285.69%5.20% 31,561 27,978
Term facility31 January 20284.74%5.19% 89,933 89,865
Headroom facility31 January 2028N/AN/A (15) (30)
Working Capital facility31 January 2028N/A4.63% (36) 8,143
286,856 3 3 7,17 9
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 2026
49
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 (2025: NZ$48,000,000), the Multicurrency facility A is NZ$100,000,000 (2025: NZ$100,000,000),
the Multicurrency facility B is NZ$100,000,000 (2025: NZ$100,000,000), the AUD facility A is A$29,350,000
(2025: A$29,350,000), the AUD facility B is A$27,500,000 (2025: A$27,500,000), Term facility is NZ$90,000,000
(2025: NZ$90,000,000) and Headroom facility is NZ$20,000,000 (2025: NZ$20,000,000). At balance sheet date
NZ$139,823,000 (2025: NZ$81,399,000) 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 (2025:
A$55,350,000).
Interest on these facilities is based on the BKBM/BBSY plus margin. The syndicated Senior Debt facilities 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 quarterly 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 (2025: $1,000,000). Interest charged on this facility is at
the commercial lending rate (2025: commercial lending rate). At 30 June 2026 the commercial lending rate is 6.50%
(2025: commercial lending rate 7.45%). 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 2026
50
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.
2026 2025
$000 $000

Trade receivables 49,048 56,510
Prepayments and sundry receivables 8,303 4,618
Goods and services tax 1,809 1,678
59,160 62,806

As at 30 June 2026 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 2026 $000 $000 $000 $000 $000 $000
Current 2,317 9,701 23,934 6,666 3,652 46,270
1 to 30 days 83 – 1,100 1,395 18 2,596
31 to 60 days 2 – 134 39 1 176
61 to 90 days – – – 6 – 6
Total trade receivables 2,402 9,701 25,168 8,106 3,671 49,048
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
(2025: $nil). Accordingly the historic loss rates applied to each customer group at 30 June 2026 are 0% (2025: 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 2026
51
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 2026
52
2026 2025
$000 $000

Current vintage 81,988 106,878
Aged wine 87,053 72,885
Winery ingredients, packaging materials and other 5,190 8,008
174,231 18 7,7 7 1

During the year the Group harvested a total of 38,255 tonnes of grapes (2025: 47,461 tonnes) in New Zealand and
Australia. The 2026 harvest reflects a managed reduction of 19% compared to the 2025 harvest. Of this amount a
total of 7,785 tonnes (2025: 12,280 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 $48,890,000 (2025:
$67,680,000). A fair value loss of $8,952,000 (2025: $9,355,000 gain) was recorded during the year and included
within cost of sales. Included within cost of sales is a total of $193,038,000 (2025: $196,912,000) which represents
costs expended in grape growing (inclusive of lease costs), procurement, delivery and materials.
13. BIOLOGICAL WORK IN PROGRESS
2026 2025
$000 $000

Growing costs relating to next harvest 16,543 16,604
16,543 16,604

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 2026
53
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 2026
54
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.
For impairment testing purposes, the Group has identified the New Zealand operations and Barossa
Valley Estate operations as the relevant cash generating units (CGUs). 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 FY27-FY33 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 11.3% (2025: 11.0%)
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 (2025: 2%)
from FY33.
The discounted cash flows of the BVE CGU have determined a recoverable amount of $47.9 million
(2025: $60.4 million). This is lower than the carrying value of the BVE CGU’s assets by $8.7 million
(2025: higher by $6.8 million) resulting in an impairment being required to be recognised in the current
year. The impairment reflects a more conservative assessment of future cash flows in light of current
market conditions affecting premium Australian red wine, including elevated global inventory levels and
increasing competition across key export markets.
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 $3.2 million, $4.4 million,
and $3.3 million respectively (2025: $3.6 million, $5.5 million, $4.1 million respectively). 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 2026
55
a) Reconciliation of Carrying Amounts at Beginning and End of the Year
Year ended 30 June 2026
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 2025 206,852 177,660 55,704 117,678 171,787 36,730 766,411
Additions/Transfers – 18,608 1,362 13,831 12,005 (24,921) 20,885
Disposals – – – – (104) – (104)
Foreign currency translation 918 1,794 331 1,151 549 115 4,858
Depreciation charge – (5,864) (1,629) (3,872) (12,211) – (23,576)
Impairment charge (1,705) (3,365) (625) (2,098) (934) – (8,727)
Net book value at 30 June 2026 206,065 188,833 55,143 126,690 171,092 11,924 759,747

At cost 207,777 260,505 78,590 168,684 315,724 11,924 1,043,204
Accumulated depreciation and

impairment (1,712) (71,672) (23,447) (41,994) (144,632) – (283,457)
Net book value at 30 June 2026 206,065 188,833 55,143 126,690 171,092 11,924 759,747

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

b) Other Items
The weighted average interest rate on interest capitalised during the year was 5.80% (2025: 6.38%).
Bearer Plants consist of grape vines on our vineyards located in New Zealand and the Barossa Valley, Australia.

At 30 June 2026 the Group has grape vines planted on 2,697 productive hectares of land (2025: 2,104 productive
hectares) in New Zealand and 179 productive hectares (2025: 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 2026
56
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 16. The net book value
of these assets are reported, as the risk and rewards incidental to ownership are retained by the Group.
15. 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
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 $6,455,000 (2025: $5,717,000).
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 (2025: $600,000).
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 2026
57
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 2026 Water Rights Software Total
$000 $000 $000
Carrying value at 1 July 2025 6,316 20 6,336
Foreign currency translation 739 – 739
Amortisation – (11) (11)
Carrying value at 30 June 2026 7,055 9 7, 0 6 4

At cost 7,055 5,030 12,085
Accumulated amortisation – (5,021) (5,021)
Carrying value at 30 June 2026 7,055 9 7, 0 6 4

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
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
15. INTANGIBLE ASSETS (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
58
16. LEASES
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 2026
59
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 2026
Freehold Land
and Land
Improvements
Vineyard
Improvements
Bearer PlantsBuildingsPlant and
Equipment
Total
$000 $000 $000 $000 $000 $000
Net book value at 1 July 2025 32,564 7,458 2,502 25,420 13,929 81,873
Additions 816 458 153 2,182 972 4,581
Disposals – – – (263) (871) (1,134)
Foreign currency translation – – – 249 51 300
Depreciation charge (1,996) (593) (199) (2,994) (1,052) (6,834)
Net book value at 30 June 2026 31,384 7,323 2,456 24,594 13,029 78,786

At cost 56,347 18,737 5,998 43,795 16,698 141,575
Accumulated depreciation (24,963) (11,414) (3,542) (19,201) (3,669) (62,789)
Net book value at 30 June 2026 31,384 7,323 2,456 24,594 13,029 78,786

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

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

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
60
LEASE LIABILITY
b) Reconciliation of Lease Liability at the Beginning and End of the Year
2026 2025
$000 $000
Balance at beginning of the year 103,948 94,613
Per Statement of Cash Flows:
– Interest Expense 5,739 5,833
– Repayments (15,298) (16,268)
Additions/Transfers 4,581 20,015
Disposals (339) (271)
Foreign currency translation 344 26
Balance at end of the year 98,975 103,948

Current 8,315 9,844
Non–current 90,660 94,104
98,975 103,948

The maturity analysis of lease liabilities is disclosed in Note 2.
c) Other Items
The Group had total cash outflows for leases of $21,339,000 (2025: $21,967,000), this includes an amount of
$6,041,000 (2025: $5,699,000) in relation to leases of low-value assets. Low value asset lease expenses are expensed
on a straight line basis over the lease terms.
16. LEASES (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
61
17. 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 2026
62
2026 2025
$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 55,331 68,364
At the Group’s statutory income tax rate of 28% (2025: 28%) 15,493 19,142

Tax impact of the following items:
Adjustments in respect of income tax of prior years 103 (107)
Entertainment 157 42
Legal fees 73 7
Non-assessable income (103) 27
Non-deductible items 514 425
Tax on foreign income due to different tax rates (379) (210)
Income tax expense for the year 15,858 19,326

b) The major components of income tax expense are:
Income tax reported in the statement of financial performance
Estimated current period tax assessment 21,369 15,317
Adjustments in respect of income tax of prior years 103 (107)
Movements in the deferred income tax liability (5,614) 4,116
Income tax expense for the year 15,858 19,326

Income tax reported in the statement of other comprehensive income
Net (loss)/gain on hedge of net investment (1,142) 129
Income tax (credited)/charged to other comprehensive income (1,142) 129

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

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
63
2026 2025
$000 $000

c) Deferred income tax at balance sheet date relates to the following:
Capitalised interest 9,087 8,947
Capitalised leases 425 496
Accelerated depreciation of long-term assets 52,000 47, 4 5 3
Impairment of long-term assets (2,729) –
Leases (5,620) (6,135)
Fair value adjustments on biological produce 2,175 5,871
Excess of fair value on acquisition of bearer plants over tax values 8,673 8,673
Provisions (1,041) (1,052)
Stock profit eliminations (6,343) (4,331)
Derivative financial instruments (2,657) (648)
Net deferred tax liability 53,970 59,274

Balance at beginning of the year 59, 274 55,092
On surplus for year (5,614) 4,116
Adjustments in respect of income tax of prior years 138 75
Foreign currency translation 172 (9)
Balance at end of the year 53,970 59,274

There are no elements of deferred taxes which are reported within equity.
18. IMPUTATION CREDIT ACCOUNT
2026 2025
$000 $000
Balance at beginning of the year 12 7, 2 8 0 122,314
Tax payments 17, 3 2 0 12,453
Fully imputed dividend paid ( 7, 4 9 0) ( 7, 4 8 7 )
Balance at end of the year 137,110 127,280

19. COMMITMENTS
The estimated capital expenditure contracted for at 30 June 2026 but not provided for is $10,446,000
(2025: $4,857,000).
17. INCOME TAX EXPENSE (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
64
20. RELATED PARTIES
a) Investment in Subsidiaries
Investments in controlled entities are as follows:
Name of EntityPrincipal ActivityCountry of
Incorporation
Ownership Interest %
20262025
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., LtdSales 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.,
Ltd whose immediate parent company is Delegat (Singapore) Pte. Limited.
All subsidiaries have a 30 June balance date, except for Delegat (Shanghai) Trading Co., Ltd 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 21.
c) Related Parties by Virtue of Share Ownership
20262025
The following Directors hold the following number of Shares in the Parent
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 11,600
McKay Family Trust Partnership 3,100 3,100
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 (2025: $103,000) was paid to Rosamari Delegat in her capacity as a Non-Executive
Director.
During the year, a total of $180,000 (2025: $180,000) was paid to Jim Delegat in his capacity as Chair.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
65
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 $29,000 (2025: $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 $49,000 (2025: $36,000) to Range Road Estate
Pty Limited, including directors fees of $23,000 (2025: $22,000). 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 $7,000 (2025: $8,000) 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.
21. 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:
2026 2025
$000 $000
Short-term employee benefits (including Directors’ fees) 9,076 9,284
Post-employment benefits (including defined contribution pension plan) 380 346
Termination benefits paid 312 –
9,768 9,630
22. CONTINGENT ASSET
On 23 February 2026, the tariffs imposed by the US Administration under the International Emergency Economic
Powers Act (IEEPA) on imports of the Group’s wine into the United States during the period April 2025 to February
2026 were declared unlawful by the United States Supreme Court. US Customs and Border Protection subsequently
established a process for importers to claim refunds of tariffs paid during this period. Refund amounts potentially
receivable by the Group via its US distributors where they were the importer of record are estimated to be US$9.1
million (NZ$16.1 million). Collection of these amounts is dependent on the relevant US distributors first receiving the
refunds from US Customs and Border Protection and then agreeing and remitting the amounts payable to the Group.
There is uncertainty regarding the timing and amount of refunds that the Group will ultimately receive. Accordingly,
no asset has been recognised in respect of these amounts at 30 June 2026.
23. EVENTS SUBSEQUENT TO BALANCE SHEET DATE
On 28 August 2026, the Directors of the Parent declared a fully imputed dividend of $22,249,000 (22.0 cents per
share) to be paid on 9 October 2026.
20. RELATED PARTIES (CONTINUED)

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
66
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report
To the Shareholders of Delegat Group Limited
Opinion
W
e 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 2026, 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 20 to 65,
present fairly, in all material respects, the consolidated financial position of the Group as at 30
June 2026, 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) (‘PES 1’) 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)
(‘IESBA Code’) as applicable to audits of financial statements of public interest entities. We
have also fulfilled our other ethical responsibilities in accordance with PES 1 and the IESBA
Code.
Other than in our capacity as auditor, we have no relationship with or interests in the Company
or any of its subsidiaries, except that partners and employees of our firm deal with the
Company and its subsidiaries on normal terms within the ordinary course of trading activities of
the business of the Company and its subsidiaries.
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 influenced (the
‘quantitative’ materiality). In addition, we also assess whether other matters that come to our
attention dur
ing 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.

We determined materiality for the Group financial statements as a whole to be $4.75million.
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 financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
67
INDEPENDENT AUDITOR’S REPORT CONTINUED
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 based on rates agreed 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 2026 was $34.7m (2025:
$28.5m).
The value of rebates and promotional allowances accruals as at
30 June 2026 is a key audit matter due to the high levels of
judgement involved in determining whether customers will
achieve future targets entitling them to rebates and
promotional allowance on goods sold to date.
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 2026
rebates and promotional allowances accruals,
evaluated the key assumptions used in the calculation,
checked the calculation for mathematical accuracy and
agreed inputs to supporting evidence on a sample basis.
Impairment of Property, Plant & Equipment and Intangible
A
ssets
As disclosed in notes 14 and 15, the Group holds property,
plant and equipment and indefinite-life intangible assets within
the Barossa Valley Estate cash-generating unit.
In the current year the Group identified impairment indicators
for the Barossa Valley Estate cash-generating unit as a result of
current market conditions affecting premium Australian red
wine, including elevated global inventory levels and increased
competition across key export markets. This resulted in the
recognition of an impairment charge of NZ$8.7 million.
The recoverable amount was determined using a value-in-use
(“VIU”) model, which requires estimates of forecast growth,
future operating performance, the discount rate and terminal
growth rate. Changes in these assumptions could materially
affect the impairment charge recognised and the carrying value
of the related assets.
The impairment assessment of the Barossa Valley Estate cash-
generating unit is a key audit matter due to the significant
judgement involved in determining the recoverable amount and
the sensitivity of the valuation to changes in key assumptions.
In responding to this key audit matter, we:
•obtained an understanding of the Group’s value-in-use
model, including the process for preparing cash flow
forecasts and developing key assumptions.
•tested the mathematical accuracy and integrity of the
Group’s value-in-use model supporting the impairment
charge recognised in the current year;
•assessed the valuation methodology and the
reasonableness of the discount rate and terminal growth
rate applied in the model with the assistance of our
valuation specialists;
•challenged the key assumptions used in the forecast
cash flows, including revenue growth, operating
performance and the achievability of forecast
improvements, and assessed the accuracy of prior
forecasts and the impact on the reliability of forecast
cash flows;
•
assessed the allocation of the impairment charge across
the non-financial assets; and
•evaluated the adequacy of the related financial
statement disclosures, including disclosures of key
assumptions and sensitivity information.
Other information The directors are responsible on behalf of the Group for the other information. The other
information comprises the information in the Annual Report that accompanies the
consolidated financial statements and 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.

DELEGAT GROUP LIMITED AND SUBSIDIARIES. FOR THE YEAR ENDED 30 JUNE 2026
68
INDEPENDENT AUDITOR’S REPORT CONTINUED
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.
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 assurance 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 fullest 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.
Jason Stachurski
Partner
for Deloitte Limited
Auckland, New Zealand
28 August 2026

---

FY26 Results
28 August 2026

Business Update
Financial Review
Outlook
Agenda
2

Business update
3

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
5

The Marlborough winery

•Global case sales of 3,320,000
Up 132,000 cases on last year (+4%)
•Record operating EBITDA of $134.5 million
Up $18.0 million on last year (+15%)
•Operating NPAT of $61.5 million
Up $10.4 million on last year (+20%)
•Reported NPAT of $39.5 million
Down $9.5 million on last year (-19%)
•Record Cash flows from operations of $110.5 million
Up $4.8 million on last year (+5%)
•Net Debt reduced by $51.8 million to $276.8 million.
FY26 Performance Highlights
7

•Strong uplift in Operating NPAT, despite some industry
headwinds.
•Growth of our global distribution footprint.
•Leveraging of deep market knowledge and strong distributor
relationships to navigate tariff impacts.
•Reinforce Oyster Bay’s brand affinity and value proposition as a
trusted quality super premium wine brand.
•Continued investment in long term brand building coupled with
omni channel activations to drive rate of sale in retail channels.
•The 2026 harvest, yielded exceptional quality fruit across all
three wine regions.
•Oursustainability strategy continues to deliver tangible results
across ESG metrics
FY26 Operating highlights
8

Financial review

Volume growth driven by market diversification
Case Sales (000's)
Jun 2026
Jun 2025
% Change
vs 2025
UK, Ireland and Europe
1,027


1,008


2%
North America (USA and Canada)
1,552


1,509


3%
Australia, NZ and Asia Pacific
741


671


10%
Total Cases
3,320


3,188


4%
Foreign Currency Rates
GB£
0.4562


0.4659


2%
AU$
0.8819


0.9149


4%
US$
0.5884


0.5945


1%
CA$
0.8118


0.8190


1%
10

Sales Revenue Growth: Volume, Price and FX
NZ$ millions
June 2026
Actual
June 2025
Actual
% Change
vs 2025
Sales Revenue360.6 346.2 4%
Sales movements breakdown:
Volume4%
Value0%
Foreign Exchange2%
Price-2%
US tariff-1%
Country/Product Mix1%
11

Strong result delivered against industry challenges
NZ$ millions
June 2026
June 2025
% Change
vs 2025
Sales Revenue
360.6


346.2


4%
Operating Revenue
364.1


349.6


4%
Operating Gross Profit
177.2


158.3


12%
Operating Gross Margin
49%
45%
Expenses
(59.0)


(54.6)


-8%
Promotion and Marketing
(14.1)


(14.7)


4%
Operating EBIT
104.1


89.0


17%
Operating EBIT % of Revenue
29%
25%
Interest and Tax
(42.6)


(37.9)


-12%
Operating NPAT
61.5


51.1


20%
Operating NPAT % of Revenue
17%
15%
Operating EBITDA
134.5


116.5


15%
Operating EBITDA % of Revenue
37%
33%
12

Operating EBITDA Movement – Last Year
NZ $millions
















13

Operating Profit Movement – Last Year
NZ $millions
14

Operating NPAT up 20%, with Reported NPAT reflecting fair value and
impairment items
NZ$ millions
June 2026
June 2025
% Change
vs 2025
Operating NPAT
61.5


51.1


20%
Operating NPAT % of Revenue
17%
15%
Biological Produce (Grapes)
1
(15.0)


3.7


n/m²
Derivative financial Instruments
(7.2)


(6.6)


n/m²
Impairment of property, plant and equipment
3
(8.7)


-


n/m²
Total Fair Value Items
(30.9)


(2.9)


n/m²
Taxation of NZ IFRS fair value items
8.9


0.8


n/m²
Fair Value Items after Tax
(22.0)


(2.1)


n/m²
Reported NPAT
39.5


49.0


-19%
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 .
3. I mpa i rme nt of prope rty, pl a nt a nd e qui pme nt of the a s s e ts of Ba ros s a Va l l e y Es ta te .
15

Reported Profit Movement – Last Year
NZ $millions
16

Solid asset base of $1.1b supports long-term growth
NZ$ millions
June 2026June 2025% Change
vs 2025
Assets
Current Assets260.0 279.9 -7%
Fixed Assets845.6 854.6 -1%
Other Non-current Assets- 0.2 -100%
Total Assets1,105.6 1,134.7 -3%
Liabilities
Current Liabilities62.6 56.0 12%
Lease Liability90.7 94.1 -4%
Deferred Tax Liabilities54.0 59.3 -9%
Senior Debt Facilities286.9 337.2 -15%
Other Non-current Liabilities0.7 2.0 -65%
Total Liabilities494.9 548.6 -10%
Equity
Shareholders' Equity610.7 586.1 4%
Total Equity610.7 586.1 4%
Total Liabilities and Equity1,105.6 1,134.7 -3%
Net Debt276.8 328.6 -16%
17

Debt reduction driven by strong operating cashflows
NZ $millions
18

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.
Capital expenditure, NZD, FY23 to FY27
Key:
FY – Financial year ending






















$ Million
19

Debt metrics and covenant headroom
NZ$ millions
June 2026June 2025% Change
vs 2025
Funding
Operating Cash Flow110.5 105.7 5%
Net Debt276.8 328.6 -16%
Key Ratios
Operating Profit Measures
Interest Cover5.85 5.01 17%
Return on Equity
1
10.6%9.4%13%
Return on Capital Employed
2
10.7%9.1%17%
Reported Profit Measures
Interest Cover4.11 4.85 -15%
Equity / (Equity + Net Debt) %68.8%64.1%7%
Return on Equity6.6%8.6%-23%
Return on Capital Employed7.4%8.6%-14%
1. Return on Equi ty (Operati ng) excl udes al l fai r val ue i tems from both NPAT and As s ets /Li abi l i ti es .
2. Return on Capi tal Empl oyed (Operati ng) excl udes al l fai r val ue i tems from both EBIT and As s ets /Li abi l i ti es .
20

Outlook

Current asset base supports future case sales growth
9 Litre Cases Thousands, FY24 to FY29
3.6
3.2
3.3
3.4
3.5
3.6
2.9
3.0
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
2024
Actuals
2025
Actuals
2026
Actuals
2027
Forecast
2028
Projection
2029
Projection
22

FY27 Operating Profit Guidance
Based on prevailing exchange rates and market
conditions, the Group forecasts to achieve an
FY27Operating NPAT that is in the range of
$62 - $66 million*.
This guidance excludes any US tariff refunds receivable which have been disclosed as a
contingent asset in the Group’s Annual Report.
* Operating NPAT is a non-GAAP measure that excludes NZ IFRS fair value items and any other one-off non-operating items.
23

Thank you

---

Media release
28 August 2026
Delegat Group reports FY26 results
FY26 financial summary
• 3.3 million global case sales, up 4% on FY25
• Operating Revenues of $364.1 million, up 4% on FY25
• Record Operating EBITDA of $134.5 million, up 15% on FY25
• Operating EBIT of $104.1 million, up 17% on FY25
• Operating NPAT of $61.5 million, up 20% on FY25
• Reported NPAT of $39.5 million, down 19% on FY25
• Record Cash from Operations of $110.5 million, up 5% on FY25
• Net debt reduced by $51.8 million.
NZX-listed wine maker and exporter, Delegat Group, this week reported a strong FY26 result, with sales revenues of $364.1
million, up 4% on FY25, record operating EBITDA of $134.5 million, up 15% on FY25, and Operating NPAT of $61.5 million, up
20% on FY25.

The Reported NPAT of $39.5 million is down 19% on FY25, primarily driven by NZ IFRS requirement to value biological
produce (grapes) at their market value, as opposed to their cost to grow, and a non-cash impairment recognised on the
assets of Barossa Valley Estate of $8.7 million. This year’s adjustment for biological produce (grapes) resulted in a write-
down of $9.0 million compared to a write-up of $9.4 million in FY25, due to the managed reduction in yields for the 2026
harvest. The non-cash impairment charge in respect of the assets of Barossa Valley Estate reflects a prudent reassessment of
future cashflows associated with premium Australian red wine assets. It has no impact on the Group’s cash flow, liquidity,
banking facilities or future investment plans. The Group remains confident in the strength of the Group’s core business, the
quality of its brands and assets, and its long-term growth prospects.

Delegat Chief Executive Officer, Murray Annabell, says the Group achieved global sales of 3.3 million cases in 2026, 4%
higher than the previous year.

“FY26 was a year of strong execution. Our focus on growing premium brand demand, strengthening distribution and
disciplined management of the business delivered significantly improved sales, profitability, cash flow and balance sheet
strength in what remains a challenging trading environment”.
“We also responded effectively to changes in US tariffs while continuing to invest in our brands, consumer engagement and
route to market capabilities”.

The Group achieved record operating cashflows of $110.5 million in FY26, which enabled the repayment of debt of $51.8
million, further strengthening the Group’s financial position.

The Group’s sales continue to be well diversified by market, with 47% in North America, 31% in the United Kingdom, Ireland
and Europe, and 22% in Australia, New Zealand, China and the Asia Pacific region.

The Group continues to invest in targeted consumer and trade communications to build brand awareness, consumer
engagement and purchase intent. These programmes provide global reach, strengthen customer affinity and support Oyster
Bay’s premium positioning across our key markets.

The 2026 harvest delivered exceptional quality fruit across Marlborough, Hawke’s Bay and the Barossa Valley. The Group
harvested 38,255 tonnes, 19% below the 2025 harvest, consistent with the inventory management strategy communicated
last year. Inventory levels are aligned to support FY27 case sales.

The Group’s distribution channels and world-class viticulture and winemaking assets already provide strong foundations for
growth. Annabell says “Over the past five years, the Group has invested more than $240 million in strategic growth assets
to support future sales and earnings growth. Looking ahead the Group plans to invest an additional $33.7 million in FY27,
reflecting the confidence in the Group’s long-term strategy.”

Delegat confirmed the Board’s decision to pay a fully imputed dividend of 22.0 cents per share on 9 October 2026 to
shareholders on record as at 25 September 2026, an increase of 10% on the dividend paid for the last five years.

The Group is forecasting to lift case sales by 5% over the next three years. With respect to the 2027 year, Delegat plans for
global sales of 3.4 million cases and forecasts Operating Net Profit after Tax to be in the range of $62 to $66 million.


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