DGL - Climate Related Disclosure 2026 report

CLIM AT E-R EL AT ED
DISCLOSURE 2026

DELEGAT IS BUILDING A
LEADING GLOBAL SUPER
PREMIUM WINE COMPANY.
AS A LEADER IN THE NEW ZEALAND WINE INDUSTRY, AND AS A
FOUNDING MEMBER OF SUSTAINABLE WINEGROWING (SWNZ) SINCE
2002, THE GROUP TAKES ITS RESPONSIBILITIES TO RESPECT AND
PROTECT THE ENVIRONMENT VERY SERIOUSLY.

1 STATEMENT OF COMPLIANCE
2 BUILDING A LEADING GLOBAL SUPER PREMIUM
WINE COMPANY
3 GOVERNANCE
3.1 Board oversight of climate risks and opportunities
3.2 Board skills and competence
3.3 Management’s role in assessing and managing
climate-related risks and opportunities
3.4 Monitoring targets
4 STRATEGY
4.1 Current business model and strategy
4.2 Approach to scenario analysis
4.3 Climate scenarios
5 RISK MANAGEMENT
5.1 Climate risk identification
5.2 Process to assess climate-related risks and
opportunities
5.3 Monitoring and review
5.4 Climate-related risks and opportunities
5.5 Transition planning
6 METRICS AND TARGETS
6.1 Sustainability metrics and targets
6.2 GHG emissions
6.3 Exposure to climate-related risks and opportunities
6.4 Capital deployment FY26
6.5 Industry based metrics
6.6 Targets and emissions reductions
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4
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CONTENTS
1

A MESSAGE FROM THE CHAIR AND THE CHIEF EXECUTIVE OFFICER
We are pleased to present the 2026 Climate-Related Disclosure Report for Delegat Group Limited and its
subsidiaries (the “Group” or “Delegat”).
It is our view we have a responsibility to operate the group efficiently and to demonstrate care for the company’s
people, customers, suppliers, local communities and the natural ecosystems we depend on. As climate-related
risks intensify globally, Delegat recognises the importance of aligning our business with the transition to a low
carbon economy.
This is the third year in which we have published climate-related disclosures in alignment with the Aotearoa
New Zealand Climate Standards. Following announced changes to the reporting thresholds under the Financial
Markets Conduct Act 2013, these disclosures will no longer be mandatory for Delegat if the proposed threshold
changes are enacted. The Group has prepared this Climate Statement having regard to the climate-related
disclosure regime as it currently applies, and to the Financial Markets Authority’s ‘no-action’ approach pending
legislative change. We have elected to continue reporting on a voluntary basis to support informed business
and investment decision-making and ensure climate-related risks and opportunities remain embedded in our
governance and strategic processes. We remain committed to transparency, accountability, and continuous
improvement as we respond to the risks and opportunities associated with climate change.
Our Board maintains active oversight of climate-related risks and opportunities, supported by the Delegat Senior
Leadership Team and external experts. We continue to review these risks and opportunities annually, ensuring
our strategic decisions are informed by robust climate analysis and aligned with industry best practice.
Delegat’s sustainability framework supports a broad range of initiatives designed to deliver positive environmental,
social, and governance outcomes across the business. A central pillar of this framework is our focus on reducing
greenhouse gas (GHG) emissions. In 2026, total Scope 1 and Scope 2 emissions were 3,970 tCO2e, representing
an 18% reduction from the 2021 base year. This reduction was achieved while the total company-owned planted
vineyard area increased by 26% over the same period.
Within Scope 3 emissions, Delegat continued to advance key emissions reduction initiatives in FY26, including
the transition to 100% locally sourced glass supply and ongoing bottle-weight optimisation. As a result, total
emissions from glass decreased by 40% in FY26 compared with FY25 and by 69% compared with the FY21 base
year. Shipping freight emissions per bottle sold also decreased by 28% compared with FY21. These actions are
consistent with our broader commitment to achieving net zero emissions by 2050, in alignment with relevant
industry benchmarks.
Jim Delegat Murray Annabell
Chair Chief Executive Officer
7 October 2026 7 October 2026
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
2

1. STATEMENT OF COMPLIANCE
Reporting entity
This Group Climate-related Disclosure covers the period of 1 July 2025 to 30 June 2026. It complements the 2026
Delegat Annual report which contains information on the Group’s financial and business performance and can be
found at: www.delegat.com/investor-information.
Basis of preparation
The disclosures in the report have been prepared in alignment with the Aotearoa New Zealand Climate Standards
(CS 1, 2 and 3) and are presented on a voluntary basis. The New Zealand Government announced changes in
October 2025 to the reporting thresholds for listed issuers by proposed amendment to the Financial Markets
Conduct Act 2013. The Financial Markets Authority (“FMA”) has indicated a “no-action approach” for affected
entities pending legislative change. Consistent with this position, the Group has prepared this Climate Statement
having regard to the existing climate-related framework and FMA’s guidance. Scope 1 and 2 greenhouse gas
emissions disclosed in this report have not been subject to an independent limited assurance.
The Group has applied available adoption provisions under New Zealand CS 2 where appropriate, including:
• Adoption provision 2: anticipated financial impacts of climate-related risks and opportunities, time horizons
over which these occur and explanation of why quantitative information is not able to be provided;
• Adoption provision 4: disclosure of Scope 3 greenhouse gas (GHG) emissions;
• Adoption provision 5: comparative information for Scope 3 GHG emissions;
• Adoption provision 8: Scope 3 GHG emissions assurance.
Reasonable care and forward-looking statements
This report contains forward-looking climate-related statements which are subject to risks and uncertainties,
many of which are outside of the control of Delegat. They should not be considered a prediction or forecast of
performance outcomes.
This report has been prepared with due consideration of the need for a fair presentation using assumptions
about the company’s current business and future plans, as well as assumptions around the physical environment
currently and in the future.
The identified climate related risks and opportunities may not eventuate and if they do, the actual impacts may
differ materially from these estimates.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
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2. BUILDING A LEADING GLOBAL SUPER PREMIUM WINE COMPANY
At Delegat we are building a leading global Super Premium wine company. We consider that addressing the need
for activities that are consistent with a transition to a low-emissions, climate resilient future is consistent with
this goal. We are conscious of the need to allocate capital to mitigate climate-related risks and take advantage of
climate-related opportunities.
Our strategic goal is to build a leading global
Super Premium wine company.
Our strategic plan is underpinned by four pillars:
Vineyards in Three of the World’s Great Wine Regions
Scientifically and sustainably-led viticulture management of our own world-class vineyards in Marlborough,
Hawke’s Bay and the Barossa Valley, underpins the supply and consistency of quality of our renowned Super
Premium wines.
Uncompromising Super Premium Quality
Consistent Super Premium wine quality is achieved through our state-of-the-art wineries, regarded as some of
the most technologically advanced winemaking operations in the world. Our distinctly regional wine styles are
some of the most sought after in the world today.
Our Global Distribution Network
With our own dedicated sales teams in the United Kingdom, Ireland, the United States, Canada, Australia, China
and New Zealand, we directly partner with some of the world’s most recognised wine retailers and venues to lead
Super Premium category growth.
Leading Global Super Premium Wine Brands
Our Super Premium brands are regarded as category benchmarks, sought out by aspirational wine lovers looking
to experience the leading wines from the world’s most recognised wine regions. We are enormously proud that at
any given moment a bottle of our wine is being enjoyed somewhere around the world. Oyster Bay was recognised
by Drinks International as one of The World’s Most Admired Wine Brands 2024.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
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DELEGAT VALUE CHAIN
Road/Rail
Freight
Winemaking
Winery
Storage
Bottling &
Packaging
Domestic
Sales
Offshore
Sales
Road/Rail
Freight
Road/Rail
Freight
Road/Rail
Freight
Arrival
Seaport
Shipping
Departure
Seaport
There are no exclusions from the value chain
GROWING
KE Y:
BOTTLING &
PACKAGING
WINE
PRODUCTION
SHIPPING &
DISTRIBUTION
SALES
Natural
Ecosystem
Inputs
Vineyards
Agricultural
Inputs
Harvesting
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
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OUR SUSTAINABILITY FRAMEWORK
Delegat has a longstanding commitment to sustainability and a history of driving environmental sustainability
initiatives across its business. The Group has a Sustainability Strategy that helps drive positive environmental
and social outcomes and reduces risk in various parts of the business.
The Delegat Sustainability Framework was developed by the Sustainability and Climate Change Steering
Committee (SCCC) who engaged with external sustainability consultancy advisors. The board approved this
framework in 2022. It focuses on three key areas:
1. Building an enduring wine business (addressing climate risk and greenhouse gas emissions, shareholder
value, risk & governance, and water stewardship);
2. Our people and community thrive (encompassing health, safety & wellbeing, diversity, inclusion & equity,
and engagement, employment, & collaboration); and
3. Crafting wine with care (covering biodiversity, waste & packaging, and sustainable growing & production).
The Delegat values of Winning Together, Aim High, and Mastery are explicitly linked to the Sustainability
Framework, anchoring the strategy to a strong, values-based approach that will resonate with the Delegat
team internally and establishes a robust, ethical foundation for our external stakeholders. This framework
encompasses various initiatives aimed at promoting positive environmental, social, and governance outcomes.
BIODIVERSITY
WASTE &
PACKAGING
SUSTAINABLE
GROWING &
PRODUCING
CLIMATE
RISK & GHG
EMISSIONS
SHAREHOLDER
VALUE, RISK &
GOVERNANCE
WATER
STEWARDSHIP
ENGAGEMENT,
EMPLOYMENT &
COLLABORATION
DIVERSITY,
INCLUSION &
EQUITY
WE BUILD
AN ENDURING
WINE BUSINESS
OUR
PEOPLE AND
COMMUNITY
THRIVE
HEALTH, SAFETY
& WELLBEING
WE CRAFT
WINE WITH
CARE
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
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3. GOVERNANCE
This section includes a summary of the Delegat governance and management structures that are in place to
manage climate-related risks and opportunities.
GOVERNANCE STRUCTURE
3.1 BOARD OVERSIGHT OF CLIMATE RISKS AND OPPORTUNITIES
The Board of Delegat Group Limited holds the responsibility for the Group’s strategic direction and safeguarding
and enhancing the interests of Shareholders and other stakeholders. This responsibility encompasses the
oversight of risk management, including risks associated with climate change. The Board’s mandate includes
identifying, assessing, monitoring, and managing climate-related matters. The Board meets formally a minimum
of six times during the financial year, with additional sessions scheduled as needed to address specific matters
that may arise. At least annually, the Board is informed specifically about climate-related risks and opportunities.
The Audit and Risk Board Sub-Committee (ARC) oversees the framework of internal control mechanisms that
secure the proper management of the Group’s operations. These controls include designs towards safeguarding
of assets, maintaining proper accounting records, complying with legislation, ensuring the reliability of financial
information, and assessing and reviewing business operational risks. The committee advises and supports the
Board in discharging its responsibility with respect to financial reporting, tax planning, compliance, and risk
management practices of the Group. As part of these responsibilities the ARC has oversight of climate-related
risks and opportunities. It assists the Board towards identifying, assessing, monitoring, and managing these
risks and opportunities. It reviews the Group’s climate-related metrics and targets, and annual climate-related
disclosures, before recommending them to the Board for approval.
Board of Directors
Establishes framework for
identifying and managing risks
and opportunities, including
those related to climate change.
Sustainability & Climate Change
Steering Committee (SCCC)
Identifies climate-related risks
and opportunities and drives
Delegat’s sustainability and climate
change strategy.
Meets monthly to oversee climate
change related initiatives.
Business Level Senior Management
Leadership and day-to-day management, with strategic oversight and
actions on climate-related risks and opportunities.
Responsible for collecting and reporting on business level metrics.
BOARD
EXECUTIVE
BUSINESS
LEVEL
Audit and Risk Committee (ARC)
Delegated authority for overseeing
Delegat’s risk and assurance
practices, including ensuring climate
change risks and opportunities are
identified and managed.
Oversight and approval of

Climate-related disclosures.
Senior Leadership Team
Executive leadership and
day-to-day management to
ensure the delivery of strategic
objectives and targets.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
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3.2 BOARD SKILLS AND COMPETENCE
The Board endeavours to maintain the necessary skills and capabilities to provide oversight of climate-related
risks and opportunities. All Directors are required to be members of the Institute of Directors and to engage in
continuous education to remain current on how to best perform their responsibilities, including staying informed
of changes and trends in climate-related issues and governance.
To enhance decision-making, the Board also leverages the climate-related expertise of the Delegat Senior
Leadership Team and consults independent external consultants as required. Should there be significant
changes in climate-related risks or regulations, the Board holds sessions to brief members on new requirements,
proposed responses, and the impact on Delegat.
An updated Board Skills Matrix was completed in 2025, which includes sustainability and environmental
expertise. This is published in the Delegat Group Limited 2026 Annual Report.
3.3 MANAGEMENT’S ROLE IN ASSESSING AND MANAGING CLIMATE-RELATED RISKS AND
OPPORTUNITIES
The board assigns the day-to-day leadership and management of climate-related risks and opportunities to the
Senior Leadership Team. The Senior Leadership Team have oversight of the Delegat Sustainability Framework,
including climate-related initiatives and targets, and climate-related reporting. Remuneration for the Senior
Leadership team is linked to an individual’s contribution to the business, incorporating the achievement of targets
established under the Group’s Sustainability Framework, which includes climate-related initiatives.
Delegat has established a Sustainability and Climate Change Steering Committee (SCCC), chaired by the
Sustainability and Technical Support Manager and comprising four members of the Senior Leadership Team,
including the Chief Executive Officer, Chief Financial Officer, Group People & Culture Manager, and Group
Operations Manager.
The SCCC meets monthly to identify, assess, and manage climate-related risks, opportunities and initiatives.
The committee progress the integration of climate change risks and opportunities into business strategy, risk
management, financial planning, and capital allocation decisions.
All climate-related targets and metrics are developed by the SCCC and are informed by the Group’s identified
climate-related risks and opportunities. These targets and metrics are reviewed annually by the ARC, who
subsequently recommend them to the Board for approval.
The Senior Leadership Team maintains an enterprise-wide Risk Register, reviewed annually by the ARC, with the
outcomes reported to the Board. The Group’s climate-related risks and opportunities are incorporated in the
Group’s Risk Register, and the consideration of these risks and opportunities are a standing agenda item at all Risk
Register reviews. During this process, the SCCC seeks to identify and understand any significant changes to the
climate change landscape that could introduce new risks or opportunities that may impact on Group’s strategy.
The SCCC also advises on, monitors and gives feedback in climate-related disclosure records, and prepares
Delegat’s annual climate-related disclosures, which are approved by the ARC.
3.4 MONITORING TARGETS
The ARC meets at least four times a year, with additional meetings as required. These meetings include reviewing
progress against goals and targets set under the Group’s Sustainability Framework twice per year. Additionally, the
ARC discusses climate-related issues at meetings as required. During these meetings, updates on sustainability
and climate-related initiatives are presented by the SCCC. ARC proceedings are subsequently reported to the
Board by the ARC Chair at the next Board meeting.
Annually, the SCCC presents an ESG report to the Board, detailing progress against the Group’s Sustainability
Framework targets and proposing targets and metrics for the next financial year for Board approval.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
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4. STRATEGY
4.1 CURRENT BUSINESS MODEL AND STRATEGY
The Delegat strategy is to create long-term value as a leading global Super Premium wine company. Sustainability
is a cornerstone for the Group, reflecting its strong leadership role in sustainable winegrowing and production
practices. The Delegat Sustainability Framework provides a strategy focusing on long-term sustainability,
resilience and sound governance.
4.2 APPROACH TO SCENARIO ANALYSIS
Developed in 2024, the Group employs scenario analysis to identify possible climate-related risks and
opportunities that may affect our business over the next 50 years. Delegat continues to use three climate
change scenarios that are in line with the Agri-Adaptation Roadmap. In 2023, the New Zealand agricultural sector
collaborated to produce an Agri-Adaptation Roadmap to guide the sector’s adaptation to climate change. The
roadmap uses three climate-related scenarios to describe plausible futures for agriculture in New Zealand when
impacted by different physical and transitional factors. The Agri-Adaption Roadmap is the most widely accepted
set of scenarios for the agricultural sector in New Zealand and is supported by robust and tested assumptions,
and references the Intergovernmental Panel on Climate Change (IPCC) 2018 report on Global Warming of 1.5°C.
These scenarios use both Representative Concentration Pathways and Shared Socioeconomic Pathways.
Representative Concentration Pathways (RCPs) detail future emissions of greenhouse gases and related climate
impacts and have been formally adopted by the IPCC. Shared Socioeconomic Pathways (SSPs) were developed
to study how societal, demographic and economic changes globally might change over the next century and
influence various emissions scenarios. SSPs were defined in the IPCC Sixth Assessment Report on climate
change in 2021.
The RCP 2.6 and RCP 8.5 scenarios align with those used in Plant and Food Research’s June 2022 technical
paper, modelling the effect of climate change on land suitability for growing perennial crops. This paper included
sections dedicated to the impact of climate change on Sauvignon Blanc grapes in New Zealand. In 2024,
members of the SCCC met with Plant and Food scientists involved in preparing the technical paper to facilitate
a comparison between Plant and Food’s risk assessment methodology and the methodology used by Delegat.
Additionally, the RCP 4.5 and RCP 8.5 scenarios align with the Barossa Water Security Strategy prepared in 2022,
addressing the impact of climate change on the Barossa Valley region and sourcing information from Climate
Change in Australia, Climate Ready-SA and NARCliM. We also reviewed the RDA Barossa Region Climate Change
Adaptation Plan from 2014.
The SCCC conducted Climate Scenario analysis in 2024, evaluating climate-related risks and opportunities
against the three identified climate scenarios. The climate scenarios and analysis were reviewed by the ARC
and subsequently approved by the Board. In 2025, the Group enhanced its scenario analysis by incorporating
updated climate projections form the Ministry for the Environment Aotearoa New Zealand Climate Projections
Insights published in September 2024, and the IPCC Sixth Assessment Report. In 2026, scenarios analysis
has been further refined using insights from the 2026 National Climate Change Risk Assessment for Aotearoa
New Zealand. Scenarios will continue to be reviewed and updated as climate science and industry-specific
data evolve.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
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4.3 CLIMATE SCENARIOS
Orderly
(Net Zero 2050)
Disorderly

(Delayed Transition)
Hothouse

(Current Policies)
SSP
RCP
SSP1
RCP2.6
SSP2
RCP4.5
SSP5
RCP8.5
Warming Level1.5°C warming by 2100
1
2.0°C warming by 2100
1
3.0°C warming by 2100
1
Description
This scenario follows an
immediate but orderly
transition to Net Zero. It
assumes decisive and
coordinated action intended
to keep the global mean
temperature to warming
within 1.5°C. Both physical
and transition risks are
relatively subdued. A global
net zero emissions economy is
achieved by 2050.
This scenario follows a
disorderly transition with
delayed and uncoordinated
global efforts and emissions
reductions until 2030. From
2030 aggressive responses
are required to keep the global
mean temperature to within
2.0°C. Consequently, physical
and transition risks are higher.
This scenario follows a business
as usual approach where no
further policies are introduced
to address climate change. The
physical impacts of climate
change are severe with some
irreversible changes. The global
mean temperature will rise to
more than 3.0°C.
Climate Change Effects
on New Zealand grape-
growing regions.
(Plant and Food
Research paper
on Climate change
impacts on Sauvignon
Blanc, Ministry for
the Environment
Aotearoa New Zealand
Climate Projections
Insights, 2026 National
Climate Change
Risk Assessment for
Aotearoa New Zealand.)
About half of the North Island
is expected to decrease
in suitability for growing
Sauvignon Blanc grapes, but
the remainder of the North
Island and the bulk of the
South Island is expected to
have small to moderate gains in
suitability.
Some current Sauvignon Blanc
vineyards in Gisborne and
Hawke’s Bay may be negatively
impacted, but Marlborough
is expected to increase
slightly in suitability, as well as
Canterbury and Central Otago.
Most changes will occur by
mid-century.
There are projected to be an
increase of 17 hot days (>25°C)
per year mid century and 33
days by the end of the century
in the Hawke’s Bay. Drought
exposure projected to increase
in the East of the North Island
and areas that are currently
optimal could become too hot.
Marlborough will see smaller
increases in daily temperatures
and number of hot days.
Annual rainfall will stay the
same but with an increase in
extreme rainfall events. The
number of frosts each year will
reduce.
Increasing irrigation demand
and water-deficits by mid-
centur y.
By mid-century the changes
are on par with the low GHG
concentration pathway, with
slightly greater increases in
suitability in Canterbury and
Central Otago.
By the end of the century, most
of the North Island is expected
to have substantial losses in
suitability, and these losses also
affect Marlborough.
Most of the South Island
is expected to have gains
in suitability by the end of
the century, some of them
substantial, and Canterbury
and parts of Otago overtake
Marlborough in suitability.
Drought and irrigation
challenges intensify due to
less rainfall, more dry days and
constrained water allocations.
Climate Change Effects
on Barossa Valley
Region
(Barossa Water Security
Strategy, RDA Barossa
Region Climate Change
Adaptation Plan, IPCC
Sixth Assessment
Report.)
Annual frequency of days over
35°C may increase 25–85% by
2090. South Australia could
see a 15% reduction in annual
rainfall by 2050. An increase of
severe fire weather days across
Australia could increase by
between 5-35% by 2050.
Annual average rainfall in the
Barossa could decline by 7.4%
to 15% by 2050 with the largest
decline projected to occur
in spring. Average irrigation
water demand is projected to
increase by 23% in the 2050s.
The number of hot days (over
35°C) is projected to increase,
with a significant number
of projections showing the
possibility of 50% more hot
days by mid-century. By 2050,
increases in average maximum
temperatures are projected
across all seasons.
Changes in growing season
temperatures likely to see more
warmer than cooler vintages and
increases in growing degree days
are likely to affect phenological
development. Irrigation water
demand will not be met in 55%
of years by the 2050s. Time
in drought could be 60% by
2090. A greater risk of bushfires
creating increased risk of smoke
taint in wine. Climate change
could make the Barossa Valley
Region more popular for wine-
grape growing as other regions
in Australia become less suitable
for certain varietals.
1 Rise in average global temperatures in the 2081-2100 period relative to the preindustrial baseline (1850-1900).
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
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Pathway Assumptions
These pathways illustrate a broad spectrum of climate outcomes and should not be seen as forecasts or policy
recommendations. They encompass a wide range of assumptions regarding population growth, economic
development, technological innovation and attitudes to social and environmental sustainability. Each pathway
can be met by a combination of different socioeconomic assumptions as per the IPCC’s SSP-RCP scenarios.
Limitations of Scenarios
Climate scenarios give some insights to the impacts the business may face because of climate change. They are
created with assumptions and projections based on the best information available at the time. These assumptions
may not reflect actual outcomes and are not intended to present a definitive view of the future.
5. RISK MANAGEMENT
5.1 CLIMATE RISK IDENTIFICATION
The climate change analysis for Delegat considers three potential future scenarios.
These scenarios help Delegat identify ways to reduce the impact of climate change and build climate resilient
business strategies and operations.
We have considered the impact of each scenario over a 50-year time horizon, which aligns generally with the
lifetime of our vineyard and winery assets.
Short-termMedium-termLong-term
1-3 years
Aligns with business planning and capital
allocation processes
4-10 years
Aligns with long-term business planning
and global climate change ambitions
under the Paris Agreement 2030
11-50 years
Aligns with vineyard growing cycles and
the lifespan of major assets
5.2 PROCESS TO ASSESS CLIMATE-RELATED RISKS AND OPPORTUNITIES
The Delegat risk management process includes identifying and managing risks, including climate-related risks,
to support the Group’s business objectives and strategy. This process comprises five steps:
Stage 1: Identification
New climate-related physical risks and opportunities are identified, and existing ones are reviewed during the
Group’s annual risk review undertaken by the Senior Leadership Team, with input from internal or external
experts as needed. This review encompasses all parts of the Delegat value chain. An annual workshop for the
SCCC facilitates climate scenario analysis, examining climate-related risks and opportunities against the three
identified climate scenarios.
Stage 2: Analysis
Climate-related risks are analysed against the Group’s climate change scenarios and time horizons using the
Delegat Risk Matrix. The Risk Matrix rating for all of the Group’s risks, including climate-related risks, determines
their level of priority for action required by management and the Board. Opportunities are analysed to determine
their potential benefit to the business.
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Stage 3: Evaluation
The effectiveness of existing controls for managing each risk are evaluated and new controls are considered
where required. The remaining risk after the effective operation of controls is considered the residual risk.
Opportunities for each scenario are assessed to determine those which could present the most benefit for the
business.
Stage 4: Treat Risk
For each residual risk, an assessment is made to either:
• Accept the risk and make a conscious decision not to take any action.
• Accept the risk but take some actions to lessen or minimise likelihood or impact.
• Transfer the risk to another individual or organisation (e.g. through insurance) where possible.
• Eliminate the risk by ceasing to perform the activity causing it.
Stage 5: Escalation
The severity of the residual risk rating determines which climate-related risks are escalated via the SCCC to
the ARC. Climate-related opportunities that could deliver material benefits for the Group are escalated to the
Board. The Board consider their feasibility, and if appropriate, determine support, funding and actions required
to capitalise on these opportunities.
5.3 MONITORING AND REVIEW
Climate-related risks and opportunities, controls, action plans and owners are documented and monitored through
the Delegat risk management process. All climate-related risks and opportunities will be reviewed annually by the
Senior Leadership Team and integrated into the Delegat Risk Register. Climate-related reporting requirements,
supporting documentation and changes to regulations are captured in the company’s risk management system
and monitored on an ongoing basis.
Consequence Severity
InsignificantMinorModerateMajorCatastrophic
Almost CertainPriority 2Priority 2Priority 1Priority 1Priority 1
LikelyPriority 3Priority 2Priority 2Priority 1Priority 1
PossiblePriority 4Priority 3Priority 2Priority 1Priority 1
UnlikelyPriority 4Priority 4Priority 3Priority 2Priority 1
RarePriority 4Priority 4Priority 3Priority 2Priority 2
Priority 1
Immediate action required to actively manage risk and limit exposure
Priority 2
Attention required to ensure risk exposure is managed effectively, disruptions minimised and outcomes monitored
Priority 3
Cost/benefit analysis to assess extent to which risk should be mitigated. Monitor to ensure risk does not increase over time
Priority 4
Effectively manage through routine procedures and appropriate internal controls
Likelihood
Risk Matrix
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5.4 CLIMATE-RELATED RISKS AND OPPORTUNITIES
Climate-related risks and opportunities are defined below.
Physical Risks:
Physical climate change risks encompass both acute and chronic impacts resulting from shifts in climatic
conditions. Acute risks involve sudden and severe events such as cyclones and heatwaves, while chronic risks
include gradual changes such as sea level rise and altered precipitation patterns.
Transitional Risks:
Transitional climate change risks refer to the challenges and uncertainties associated with transitioning from a
high-carbon to a low-carbon economy. These risks include economic disruptions in sectors dependent on fossil
fuels, as well as opportunities and challenges in emerging clean energy industries. Additionally, transitional risks
encompass social and political implications, such as job displacement and retraining needs, shifts in energy
geopolitics, and changes in investor behaviour and regulatory landscapes. Effective management of these risks
necessitates proactive policies, strategic investments, and societal adaptation to facilitate a smooth and fair
transition towards sustainability.
Opportunities:
Climate-related opportunities encompass the potential benefits and advantages arising from addressing climate
change and transitioning to a low-carbon economy. These opportunities span investments in renewable energy
infrastructure, green technologies, and sustainable practices that drive economic growth, job creation, and
innovation. Additionally, climate action presents opportunities to enhance resilience, improve public health,
foster social equity, and preserve natural ecosystems. Embracing climate-related opportunities can lead to a
more sustainable and prosperous future for society.
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Climate-related risks, current and anticipated impacts, and controls
RiskCurrent ImpactAnticipated ImpactControlsGeographyType/Time
Horizon
Customers
and
consumers
become more
interested in
sustainability
No current impact.Sustainability considerations are
likely to become more prevalent
in the procurement decisions of
customers and end consumers,
with increased demand for low
emission products.
Market share could be lost to
more sustainable competitors.
• Execution of our decarbonisation
plan to demonstrate emissions
reductions.
• Communicate progress to
customers and investors.
• Continue to invest in lower
emissions products.
• Continue to reduce glass bottle
weights.
New
Zealand,
Australia,
North
America and
Europe.
Ty p e :
Transition.
Time Horizon:
Shor t-term .
Increased
frequency
and intensity
of extreme
climate events,
specifically
storms,
extreme wind,
and extreme
rainfall events
Severe weather
events in
Marlborough in
mid-2025 caused
significant flooding in
region and damage
to vineyards and
infrastructure.
Financial impact in
FY26 was $894,000.
Volatility of our own growing
yields and supply from third-
party grape growers.
Damage to assets or land.
Risk to internal, local, regional
and national transport
infrastructure, causing short-
term operational disruption
or long-lasting damage, and
increased costs for alternate
routes or modes.
• Investment in technology to mitigate
quality loss.
• Spot market grape purchases to
offset yield risks.
• Diversification of growing regions
across New Zealand.
• Delegat self-insure company-owned
vines and property. Crop insurance
premiums are restrictive at the
current time, but the Group will
continue to assess the cost/benefit
of crop insurance.
• Engagement with transport
suppliers to improve risk
understanding and alternate
options.
New Zealand

and
Australia.
Ty p e :
Physical.
Time Horizon:
Shor t-term
Increased
regional
temperatures.
More hot
days each
year (>25°C),
less summer
rainfall, and
increased
drought risk
No current impact.Vine heat stress and an increase
in soil moisture deficits could
lead to a reduction in yields and
changes to wine styles. Increase
in pest and disease risk.
• Continued investigation and
modification of growing systems to
enable more resilience to heatwave
and drought events.
• Continued investigation into sun
protectant products.
• Continued investment in reservoirs
and irrigation systems at vineyards.
• Continued investment in measuring
water requirements and increasing
the efficiency of the Group’s water
use.
• Continued investment into precision
viticulture technology.
• Explore further diversification of
growing regions.
New Zealand

and
Australia.
Ty p e :
Physical.
Time Horizon:
Short/Mid-
term.
Increasing
regional
temperatures
lead to water
scarcity and
increased
water
regulation
Due to dry conditions
throughout the
growing season,
additional water
allocation was
required to be
brought forward for
irrigation of Barossa
Valley vineyards.
Financial impact in
FY26 was $38,000
(FY25 $91,000).
This risk and the risk of
increased regional temperatures
are related. Increased demand
for water may result in additional
regulation as well as reductions
in allowable water take. This
could result in land use change
or reductions in growing yields
and third-party grape supply.
• Continued investment in reservoirs
and irrigation systems at vineyards.
• Continued investment in measuring
water requirements and increasing
the efficiency of our water use.
• Engagement in regulatory
processes around water allocation.
• Continued investment into precision
viticulture technology.
New Zealand

and
Australia.
Ty p e :
Physical &
Transition.
Time Horizon:
Mid/Long-
term.
Carbon
emission
regulation
increases
No current impact.Fuel, refrigerant, packaging
and fertiliser may all become
subject to taxes or increased
regulation in the future. This may
lead to increased compliance
costs and cost of capital. Access
to specific markets could be
reduced as they prioritise or
require wines with certain
certifications.
• Execution of our emissions
reduction plans including targets
and actions on reducing company
Scope 1 vineyard and winery diesel
usage, improving energy efficiency,
and innovating the value chain to
decarbonise goods and services.
All.Ty p e :
Transition.
Time Horizon:
Mid/Long-
term.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
14

Climate-related opportunities, current and anticipated impacts, and controls
OpportunityCurrent ImpactAnticipated ImpactControlsGeographyType/Time
Horizon
New growing
areas will
become
available
No current impact.As the climate warms new
areas in New Zealand and
Australia could become
suitable for growing grapes.
• Explore the diversification of
growing regions for Delegat.
New
Zealand

and
Australia.
Ty p e :
Physical.
Time
Horizon:
Long-term.
Growers will
seek climate-
tolerant grape
varietals
Delegat is a gold
participant in
the Sauvignon
Blanc Grapevine
Improvement
Research
Programme.
Financial impact
in FY26 $20,000
(FY25 $20,000).
As the climate warms and
weather events become
more extreme, growers will
seek new climate-tolerant
grape varietals.
• Continue investment in
partnerships to research and
commercialise climate-tolerant
varietals.
New
Zealand.
Ty p e :
Physical &
Transitional.
Time
Horizon:
Short to
Long-term.
Customers and
consumers
become more
interested in
sustainability
No current impact.Our decarbonisation and
sustainability progress to
date presents a competitive
advantage against some of
our competitors. We expect
this to enhance relationships
with customers and increase
demand for our products.
• Execution of our emissions
reduction plans to
demonstrate emissions
reductions.
• Continue to invest in lower
emissions products.
• Continue to reduce glass bottle
weights.
• Improve systems and data to
that provide improved supply
chain transparency.
Global.Ty p e :
Transition.
Time
Horizon:
Shor t-term .
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
15

5.5 TRANSITION PLANNING
Delegat’s transition planning is structured to address and manage the climate-related risks and opportunities
identified within the overall business strategy. Although no changes are planned for the Delegat business model or
the strategic goal to build a leading global Super Premium wine company, these key aspects address the climate-
related risks and opportunities identified within the four pillars that underpin the strategic plan, considering the
potential impacts on stakeholders and society.
Building climate resilience
In 2024, the Group conducted scenario analysis to identify potential climate-related risks and opportunities
that may impact its business over the next 50 years. These risks and opportunities are integrated into related
management processes and are reviewed annually to improve business and operational resilience against
climate change.
Projected changes in growing season temperatures will likely result in areas of Marlborough having increased
suitability for grape growing. The first harvest at the Birch Hill vineyard was completed in 2025, a development
block in the Wairau Valley, Marlborough. The selection of this site considered the long-term increase in suitability
of this area, based on projections and insights from research completed by Plant and Food Research and
historical weather data. Delegat continues to explore the diversification of growing regions.
Future water availability challenges for Delegat are significantly influenced by climate change and subsequent
government policy responses. Water stewardship is an important area of focus for Delegat, and the Group’s
transition planning includes continued investment in reservoirs and irrigation systems at vineyards, improvements
in measuring water requirements, increasing the efficiency of the Group’s water use and engagement in
regulatory processes around water allocation. A water availability risk assessment and mitigation strategy has
been established across all vineyard sites, with ongoing work to incorporate vine water use data and forecast
demand.
A climate-related opportunity is identified through climate and disease tolerant grape varietals. Delegat is an
industry participant in the seven-year Sauvignon Blanc Grapevine Improvement programme, led by the Bragato
Research Institute and in partnership with the Ministry for Primary Industries. This research will develop 12,000
entirely new variants of New Zealand Sauvignon Blanc, with the goal of making the wine industry both more
resilient and more sustainable. The project aims to create, identify and select vines that display resilient traits
such as drought and frost resistance, and natural resistance to pests and diseases. Vines that either maintain
the iconic Marlborough Sauvignon Blanc wine flavour and aroma or offer novel Sauvignon Blanc styles to expand
market opportunities will be progressed.
Managing carbon emissions
Increasing carbon emission regulations and evolving customer expectations present both risks and opportunities.
Since 2021, Delegat has measured GHG emissions and set emissions reduction targets with a long-term emission
reduction target of Net Zero by 2050, aligning with New Zealand Winegrowers. The Group’s priority is to reduce
Scope 1 and 2 emissions through technology upgrades and energy efficiency projects. Detailed plans beyond
FY30 for achieving this target are not yet developed, as emission reduction past 2030 is reliant on suitable
technology becoming commercially available.
Approximately 90% of our carbon footprint comes from Scope 3 emissions. The largest sources are from
purchased goods and services and upstream freight. Initiatives include ongoing reductions in glass bottle weight
and collaboration with glass manufacturers to increase the use of sustainable energy and recycled content. Total
emissions from glass have reduced by 69% since FY21. Shipping freight emissions per bottle sold in FY26 have
reduced by 28%.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
16

Delegat has planned transition initiatives to adopt technologies, improving energy efficiency, and drive
sustainable innovation as outlined below:
Transition InitiativesExpected ReductionsProgress to Date
All harvester machines were replaced for the 2024
vintage with new fuel-efficient, Euro 5 emissions
standards compliant machines.
These machines reduce diesel
usage per ha of producing area by
approximately 25%.
Completed in FY24.
The Group plans to replace its tractor fleet over
the next 5 years with modern fuel-efficient Euro 5
emissions standards compliant vehicles.
This programme will reduce tractor
diesel usage per hectare of planted
area by 25%.
19 tractors have been replaced and
30% of operational tractors now
have Tier 5 engines. 24 tractors to
be replaced in FY27. Average litres
diesel usage per hour for tractors
with Tier 5 engines was 28% lower
than other company tractors.
The Group plans to replace its Marlborough winery
cooling plant with new technology for increased
cooling/production capacity. It will utilise modern
heat recovery technology to produce all hot water
requirements on site, eliminating the need for
diesel-fuelled hot water heating.
The carbon emission reduction will
be at least the fuel usage reduction
versus the current cooling plant.
Deferred to FY28 due to capital
deployment prioritisation.
The Group plans to replace diesel electricity
generation at its Birch Hill vineyard to lines
electricity.
5% reduction in Marlborough
viticulture diesel use.
Planned FY30

(dependent on Marlborough Lines
capital infrastructure investment).
The Group will continue with ongoing bottle weight
reductions using lightweight glass.
Target to reduce total emissions
from glass production by 45%.
Reductions in bottle weight
subsequently reduce freight
emissions.
94% of products in 390g bottle
in FY26. Weight reductions also
introduced for Sparkling and
Barossa Valley Estate bottles, with
average bottle weight in FY26 399
grams, compared to 480 grams in
FY21.
The Group is working with glass manufacturers to
use more sustainable energy sources in their glass
furnaces, and to transition to more New Zealand
supplied bottles.
Target to reduce total emissions
from glass production by 45%.
The Group transitioned to 100%
locally sourced glass supply in
FY26. This resulted in a reduction
of 1900 tCO2 emissions from FY25
associated with transporting the
bottles prior to bottling. Higher
percentage of recycled content
in glass bottles reduced glass
emissions by 40% from FY25, and
69% from FY21.
Navigating increased regulations and access to markets
With increasing carbon emission regulations, Delegat must collaborate with suppliers to reduce Scope 3
emissions. Access to specific markets could be reduced as regulations are introduced or they prioritise or require
wines with certain certifications. Ensuring compliance with environmental reporting requirements remains a
priority to safeguard market access and maintain competitiveness.
Extended producer responsibility (EPR) schemes in global markets requires increased reporting of packaging
data and paying of EPR fees. Several U.S. states have passed packaging EPR laws in recent years and the UK
government has expanded regulated payment for the EPR scheme from October 2025. Delegat continues to
work with suppliers and industry partners to seek ways to optimise our packaging and innovate the value chain
to decarbonise goods and services, while preparing for increased compliance costs.
DELEGAT LIMITED CLIMATE(RELATED DISCLOSURE REPORT )2)0
17

Growing Capability and Engagement
Internal Capability
To ensure that climate-related risks and opportunities are effectively managed, Delegat is investing in internal
capability at all levels. The Board will be responsible for the oversight of transition planning. At a Board level, the
Sustainability and Climate Change Steering Committee (SCCC) ensure the directors are informed of changes
and trends in climate-related issues and governance.
Delegat’s SCCC, established in 2022, progress the integration of climate-related risks and opportunities into
business strategy, risk management, financial planning, and capital allocation decisions. All committee members
engage in continuous education to stay informed of changes and trends in climate-related issues and governance.
Members of the SCCC and other key personnel attend external industry sessions to continue to build knowledge.
The wine industry will need to collaborate to build shared knowledge and understanding on current and projected
risks, investigate industry solutions, and engage collectively with government and local councils. Delegat
is represented in the Marlborough Circular Wine Group, which acts in an advisory role to allow Council, Wine
Marlborough, New Zealand Winegrowers and key industry participants and suppliers to seek input and make
decisions on sustainability and circular economy issues facing the Marlborough wine industry. Delegat continues
to connect with others in the wine industry to investigate new vineyard technology and automation solutions to
improve environmental outcomes.
Engagement with all our teams is crucial, and every employee has the opportunity to contribute to the Delegat
sustainability initiatives through the work they do. An internal engagement programme is ongoing to increase the
understanding of the Delegat Sustainability Framework, helping educate teams and improve engagement and
involvement in the development and delivery of our sustainability initiatives and actions, including our emissions
reduction and adaptation plans. In 2024, specific sustainability questions were added to our annual Culture
Survey to allow us to benchmark our engagement with the framework company-wide and measure improvements.
In the November 2025 survey, 90% of respondents were aware of Delegat’s sustainability framework, and 86%
agree that Delegat is committed to minimising its impact on the environment (compared to the Qualtrics global
average of 61%).
Support Growers and Supply Chain to Transition
All growers are members of Sustainable Winegrowers NZ, through which they have the resources to measure
and reduce their largest sources of emissions such as diesel usage and electricity. The Delegat Grower Business
Development Programme supports our Growers to maintain best environmental practise in the vineyards and
Delegat holds annual grower meetings, which provides a platform to share climate knowledge as required.
Our value chain is critical to our adaptation and decarbonisation efforts. Delegat will continue to engage with our
supply chain to improve information collection and accuracy of emission factors. We are committed to support
and influence change where we can in our supply chain by actively engaging with our suppliers and are introducing
a supplier code of conduct in 2027 which includes expectations for environmental performance.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
18

Engaging With Customers
Growing customer interest in sustainability is both a risk and an opportunity for Delegat. As the global focus on
environmental responsibility intensifies, several of our customers are setting ambitious decarbonisation and
sustainability targets for themselves and their supply chains. Consequently, they are increasingly requesting
detailed information on Delegat’s own sustainability goals, progress, and actions. In FY26, we met with UK and
Australian customers, and hosted key suppliers at our operations to focus on these topics. Delegat will continue
to work with our biggest customers to strengthen our relationships with these key accounts.
Capital Deployment
Certain funding decisions have been influenced by the identification of climate risks. The Group’s most significant
investments to date to mitigate climate risk is the investment in fuel efficient machinery and the development of
water storage reservoirs and irrigation systems to reduce the risk of crop loss due to drought conditions. Funding
decisions are assessed using a combination of cost/benefit and payback period analysis. Capital deployment in
relation to climate related initiatives in FY26 is detailed in the metrics and targets section.
While influenced, Delegat’s transition initiatives listed are not separately accounted for and have been
undertaken through the standard capital deployment process. Equipment selection considers carbon reduction
targets and transitional planning. Further capital spend may be required in the years ahead to support transition
aspects of our strategy independent of the capital replacement program. Future reporting years will provide
more information on estimated capital deployment towards climate-related transition plans.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
19

6. METRICS AND TARGETS
6.1 SUSTAINABILITY METRICS AND TARGETS
Delegat establishes annual targets within its Sustainability Framework, which encompasses various social and
environmental initiatives, including emission reduction goals under the ‘We build an Enduring Wine Business’
pillar. Delegat’s climate-related risks and opportunities are taken into consideration when setting metrics and
targets.
6.2 GHG EMISSIONS
Delegat partners with Toitū Envirocare to prepare its annual GHG Inventory for scope 1 and 2 emissions. Emissions
data is collated and tracked throughout the financial year and includes information from third-party suppliers and
internal records. The GHG emissions have been measured in accordance with the Greenhouse Gas Protocol; A
Corporate Accounting and Reporting Standard (Revised Edition) (‘GHG Protocol’). Where relevant, the inventory
is aligned with industry or sector best practice for emissions measurement and reporting.
All Scope 1 and 2 emissions are calculated using emissions factors sourced by geographical region. Sources are
New Zealand Ministry for the Environment, MfE Guidance for Voluntary Greenhouse Gas Reporting 2026 (MfE,
2026), and Australian Department of Climate Change, Energy, the Environment and Water, National Greenhouse
Accounts Factors 2025 (DCCEEW, 2025). Global Warming Potentials (GWP) are provided by the Toitū Programme
with those from the Intergovernmental Panel on Climate Change Fifth Assessment Report (AR5) the preferred
GWP conversion. An operational control consolidation approach is used to account for emissions.
The current New Zealand Emissions Trading Scheme Price was used when assessing our decarbonisation
initiatives for our internal abatement calculation. Remuneration policies do not directly link performance against
these metrics and targets.
Scope 1 and 2 greenhouse gas emissions for FY26 have not been subject to an independent limited assurance
engagement. In FY25, emissions were subject to limited assurance by Deloitte Limited. Delegat will continue
to maintain Toitū Carbon Reduce certification to support the quality and integrity of emissions reporting.
Management considers this approach provides an appropriate level of external validation given the voluntary
nature of the FY26 disclosure.
The GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to
determine emissions factors and the values needed to combine emissions of different gases.
Delegat has utilised the exemption provisions in NZCS2 to not disclose scope 3 emissions (adoption provision 4).
The emissions metric tracked is tonnes of CO2 equivalent (tCO
2
e).
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
20

Scope 1 and 2 GHG Emissions Inventory
Emissions Category2021
tCO
2
e
unassured
2024
tCO
2
e
unassured
2025
tCO
2
e
assured
2026
tCO
2
e
unassured
% change
2021

vs. 2026
Scope 13,5413,3544,1823,026-15%
Mobile Combustion2,5342,5353,0382,6344%
Stationary Combustion116127121109-6%
Emissions – Industrial Processes105978692-12%
Fertiliser Use398279348118-70 %
Addition of lime to soils38831058973-81%
Leakage of refrigerants–6–––
Scope 2 – location based1,3169291,170944-28%
Purchased electricity
(location-based)
1,3169291,170944-28%
Total scope 1 and 24,8574,2835,3523,970-18%
The Group’s emissions base year is 2021. Total Scope 1 and Scope 2 emissions was 3,970 tCO
2
e in 2026, a
decrease of 18% from 2021. This reduction was driven by decreases in both Scope 1 and Scope 2 emissions.
Scope 1 emissions decreased by 15% since the base year. The largest source of direct emissions remains mobile
combustion, primarily vineyard diesel use which varies annually with different seasonal requirements due to
weather. Since 2021, Delegat has expanded the total company-owned planted vineyard area by 26%; on an intensity
basis, vineyard diesel emissions per planted hectare reduced by 15% over this period. The overall reduction in
Scope 1 emissions was principally supported by lower emissions from fertiliser use, which decreased by 70%, and
additions of lime to soils, which decreased by 81%. These reductions reflect lower levels of vineyard development
in FY26, and seasonal variations with ongoing integrated management programmes. Scope 2 location-based
emissions decreased by 28%, due to both reduced electricity consumption and the high availability of renewable
electricity generation in New Zealand during 2026.
Emissions Intensity Metrics
Emissions Intensity Metrics2021202420252026% change
2021

vs. 2026
tCO
2
e per million dollars of operating
revenue
16.0511.4015.3110.90-32%
kgCO
2
e per litre of wine produced0.180.160.150.14-22%
Inclusions
The emissions sources deemed significant for inclusion in this inventory were classified into the following
categories:
Scope 1 Direct GHG Emissions: Scope 1 Direct Emissions includes GHG emissions from sources owned
or controlled by Delegat. This includes fuel combusted in vehicles owned or leased by Delegat, stationary
combustion of fuel for heating, addition of nitrogen-containing fertiliser and lime in vineyards and any leakage of
refrigerants.
Scope 2 Indirect GHG Emissions from purchased energy: Scope 2 Indirect Emissions are from the generation
of electricity purchased by Delegat. Purchased electricity is measured by the installation control point (ICP). All
purchased and generated energy emissions are reported as gross emissions using the location-based method.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
21

Calculation Methodology
The table below provides detail on the categories of emissions included in the GHG emissions inventory, an
overview of how activity data was collected for each emissions source, and an explanation of any uncertainties
or assumptions made based on the source of activity data. Overall assessment of uncertainty for Scope 1 and 2
emissions is low.
Activity data has been obtained from a variety of sources. Where practical, information has been obtained
directly from supplier sources via invoice or online portals. Additionally, the Group tracks relevant raw material,
freight weight and usage data directly from its ERP system.
ScopeEmission
Category
ActivityData SourceMethodology, Data Quality,
Uncertainty (Qualitative)
Emission
factor source
Scope 1
Mobile
combustion.
Fossil fuels used by
vehicles and equipment
– Diesel industry, Diesel,
Petrol premium, Petrol
reg ular.
Fuel purchase
transaction
history and
invoices.
Fuel-based method.

Low uncertainty.
MfE (2026)
DCCEEW
(2025)
Stationary
combustion.
Fossil fuels used by
plant equipment – LPG
stationary commercial,
LPG stationary industry,
Natural Gas distributed
industry.
Invoices.Fuel-based method.

Low uncertainty.
MfE (2026)
DCCEEW
(2025)
Emissions
– Industrial
Processes.
CO
2
used in
winemaking.
Invoices.Location-based method.
Low uncertainty.
MfE (2026)
Fertiliser Use.Nitrogen-containing
fertiliser use in
vineyards.
Invoices.Purchase approach. Low
uncertainty. Assume that
consumption occurred in the
same year as purchased.
MfE (2026)
Addition of lime to
soils.
Lime use in vineyards.Invoices.Purchase and use approach.
Low uncertainty.
MfE (2026)
Leakage of
refrigerants.
Refrigerant used by
refrigeration equipment.
Maintenance
reports and
invoices.
Top-up method. Applicable
to owned refrigeration
equipment. Low uncertainty.
MfE (2026)
Scope 2
Purchased Energy.Electricity consumption.Invoices and
supplier reports.
Location-based method.
High data quality and low
uncertainty due to complete
invoice sets.
MfE (2026)
DCCEEW
(2025)
Exclusions
All the Group’s viticulture and winemaking operations in New Zealand and Australia have been included in the
emissions inventory. Our offshore sales and marketing operations in Australia, Europe, North America and China
have been excluded. These emissions sources are considered relevant to our operations, however, are either
not material to stakeholders, not material in the context of the inventory, and/or not technically feasible or cost
effective to be quantified at present.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
22

6.3 EXPOSURE TO CLIMATE-RELATED RISKS AND OPPORTUNITIES
Vulnerability to Physical Risks
The Group’s viticulture operations are exposed to both chronic and acute climate events. Winemaking and supply
chain operations are also exposed to this risk due to the integrated value chain within the business.
As a conservative estimate, 100% of Delegat business activities are exposed to some degree of physical climate-
related risk.
Vulnerability to Transition Risks
The Group’s viticulture operations are currently the most exposed to climate-related regulation for viticultural
practices (e.g. fertiliser and water). The Group’s winemaking and supply chain operations have some exposure to
potential changes in climate-related regulations and shifts in consumer preferences.
As a conservative estimate, 100% of Delegat business activities are exposed to some degree of transitional
climate-related risk.
Climate-related Opportunities
The Group’s viticulture operations are the most exposed to climate-related opportunities, such as new areas
becoming suitable for growing grapes because of climate change.
6.4 CAPITAL DEPLOYMENT 2026 – TO ADDRESS CLIMATE-RELATED RISKS AND
OPPORTUNITIES
Certain funding decisions have been influenced by the identification of climate risks. The Group’s most significant
investments to date to mitigate climate risk is the investment in fuel efficient machinery and the development
of water storage reservoirs and irrigation systems to reduce the risk of crop loss because of drought conditions.
Funding decisions are assessed using a combination of cost/benefit and payback period analysis.
Capital deployment in relation to climate related initiatives is detailed below:
Transition InitiativeCapital Deployed in
FY24 (NZD)
Capital Deployed in

FY25 (NZD)
Capital Deployed in

FY26 (NZD)
Ta r ge t  
Replacement of Harvester
Machines with new fuel-
efficient, Euro 5 emissions
standards compliant machines.
$5.2 million––Reduction of diesel use in
vineyards by 25% by 2030.
Replacement of Tractors with
new fuel-efficient, Euro 5
emissions standards compliant
machines. Leased and
purchased.
$1.1 million$1.7 million –Reduction of diesel use in
vineyards by 25% by 2030.
Reservoir and Irrigation
construction.
$3.7 million$2.5 million$0.7 millionProtection of grape vines
against the potential
of increased regional
temperatures, less
summer rainfall, and
increased drought risk.
6.5 INDUSTRY BASED METRICS
We have disclosed tCO
2
e/million dollars revenue and kgCO
2
e/litre of wine produced, which are widely adopted
metrics across the wine industry as per the EECA National Greenhouse Gas Emissions Reports prepared for
Sustainable Winegrowing New Zealand and reports from Australian Wine Research Institute with support from
Sustainable Wine Australia.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
23

6.6 TARGETS AND EMISSIONS REDUCTIONS
The IPCC special report 2018 states “Limiting global warming to 1.5°C compared to 2°C is projected to lower
the impacts on terrestrial, freshwater, and coastal ecosystems and to retain more of their services to humans.”
Limiting global warming to 1.5°C requires reaching net zero C02 globally around 2050, mitigating the worst
impacts of climate change through reducing vulnerability and exposure to its detrimental effects.
New Zealand Winegrowers, the national organisation for the country’s grape and wine sector, has a target to be
Carbon Neutral by 2050. In 2024, New Zealand Winegrowers, with support from EECA, prepared the Roadmap
to Net Zero 2050, outlining the key opportunities to reduce GHG emissions for the New Zealand wine industry.
These measures include improving energy efficiency, reducing diesel usage, decarbonising electricity, and
innovating the value chain to decarbonise goods and services. These initiatives will be guided by industry
emission reduction targets and actions. Similarly, Sustainable Winegrowing Australia has set 2050 Net Zero
targets for carbon emissions and waste. Delegat has aligned its emission reduction programme to these industry
benchmarks based on Science-Based Target methods, a framework that aligns with the 1.5°C pathway and is
consistent with the latest climate science. Progress to date against GHG targets does not include any offsetting
and the Group does not currently plan to use offsetting to achieve its net zero by 2050 target.
Currently, our emission reduction targets encompass scope 1 and 2, and we are developing additional targets for
Scope 3. Our objectives and programmes will evolve as more data becomes available and technologies advance.
The table below summarises our current targets.
Ta r ge tBase
year
MetricTimeframeCommentary
Net zero by
2050
2021tCO
2
eBy 2050The Group’s emission reduction targets all are guided by the industry
benchmark of Net Zero by 2050.
Reduce
company Scope
1 diesel usage
by 25%.
2021kg CO
2
/
planted ha
area
By 2028The Group has replaced its Harvester machines and will replace its
tractor fleet over the next five years with modern fuel efficient and
E5 emissions standards, which will reduce diesel usage by vineyard
planted hectare by 25%. In FY25, average litres diesel usage per hour
for tractors with Tier 5 engines was 28% lower than other company
tractors.
Reduce
company Scope
1 diesel usage.
2021Vineyard
diesel
usage
emissions
tCO
2
e
2029 onwardsEmission reduction past 2030 in this area will depend on suitable
commercially available technology to replace diesel power across
all tractor, harvester and frost fan usage. The approach the Group
will apply is to evaluate best in class vineyard technology for each
cycle of harvester, tractor and frost fan power replacement cycle.
This is typically five years for tractors and 10 years for harvesters,
with several opportunities to select best performance/least carbon
emission technology at each replacement cycle. This is in line with
NZ Wine Industry stated targets.
Renewable
electricity
supply 100% by
2035.
2021100%
renewable
electrical
energy
2035 onwardsPrimarily the Group will achieve this through the NZ energy Sector
reduction target alignment (reliance). Delegat will also consider
using photovoltaic power generation at the Marlborough winery at
the completion of the cooling / heat recovery plant replacement
FY28 and will move to do this if it makes economic sense, including
considering full carbon emission costs.
DELEGAT LIMITED CLIMATE-RELATED DISCLOSURE REPORT 2026
24