DGL - Interim Results to 31 December 2024 Presentation

FY25
Half-Year
Results
28 February 2025

Key messages
•Decrease in operating net profit after tax for the
six monthperiod was expected following:
•Lower yielding 2024 vintage.
•Challenging consumer and inventory
dynamics.
•Planned price increases in certain
markets impacting on case sales volumes
in the short-term.
•Strong cash from operations.
•Lower net debt position.
•The Group expects its FY25 Operating Net
Profit After Tax
*
to be at the lower end of the
range of $55.0 million to $60.0 million.
2
* Operating NPAT is a non-GAAP measure that excludes NZ IFRS fair value items and any other
one-off non-operating items.

Business update

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

Sales performance reflects lower shipments to
UK, Ireland and North American markets.
5
Case Sales (000's)Dec 2024Dec 2023
% Change
vs 2023
UK, Ireland and Europe492 579 -15%
North America (USA and Canada)785 959 -18%
Australia, NZ and Asia Pacific357 386 -8%
Total Cases1,634 1,924 -15%
Foreign Currency RatesDec 2024Dec 2023
% Change
vs 2023
GB£0.4702 0.5046 7%
AU$0.9100 0.9185 1%
US$0.5975 0.6137 3%
CA$0.8170 0.8203 0%

Maintaining focus on the USA
6
•Oyster Bay is now a Top 10 Premium wine brand in
the USA.
(1)

•Oyster Bay gained over 6,100 new points of
distribution in 2024.
(2)
•Oyster Bay Pinot Grigio is now a Top 10 Premium
Pinot Gris/Grigio varietal in the USA.
(3)
•Sauvignon Blanc remains the fastest growing wine
varietal in the USA.
Source 1: Circana L24wks ending 12.29.25 by $, $10+ Table Wine, 750ml
Source 2: VIP IDIG Data Reporting
Source 3: Circana L52wks ending 12.29.25 by Vol, $10+ Table Wine, 750ml
Source 4: SipSource 12M through Dec 2024, $11-25 Table Wine, 750ml

Financial Results

•Global Case Sales of 1,634,000
Down 290,000 cases on HY24 (-15%)
•Operating EBITDA of $61.6 million
Down $13.2 million on HY24 (-18%)
•Operating NPAT of $28.3 million
Down $9.5 million on HY24 (-25%)
•Reported NPAT of $12.5 million
Down $20.9 million on HY24 (-63%)
•Cash from operations of $75.6 million
Up $39.8 million on HY24 (+111%)
HY25 Financial summary
8

First Half Financial Performance
9
NZ$ millions
Dec 2024Dec 2023
% Change
vs 2023
Sales Revenue176.9 196.8 -10%
Operating Revenue
178.6 198.6 -10%
Operating Gross Profit
86.3 96.1 -10%
Operating Gross Margin48%48%
Expenses (29.1) (26.9) -8%
Promotion and Marketing(8.8) (7.2) -22%
Operating EBIT48.4 62.0 -22%
Operating EBIT % of Revenue27%31%
Interest and Tax(20.1) (24.2) 17%
Operating NPAT28.3 37.8 -25%
Operating NPAT % of Revenue16%19%
Operating EBITDA61.6 74.8 -18%
Operating EBITDA % of Revenue34%38%

Operating Profit Movement - Last Year
NZ$millions
10

Impact of ‘Fair Value’ Adjustments
11
NZ$ millions
Dec 2024Dec 2023% Change
vs 2023
Operating NPAT28.3 37.8 -25%
Operating NPAT % of Revenue
16%19%
Biological Produce (Grapes)
1
(4.1) (10.5) -61%
Derivative financial Instruments (17.8) 4.5
n/m
2
Total Fair Value Items(21.9) (6.0)
n/m
2
Taxation of NZ IFRS fair value items6.1 1.6
n/m
2
Fair Value Items after Tax (15.8) (4.4)
n/m
2
Reported NPAT12.5 33.4 -63%
1. Biological Produce (Grapes) is the difference between market value paid for grapes versus 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.

Reported Profit Movement - Last Year
NZ$millions
12

Balance Sheet Summary
13
NZ$ millions
Dec 2024Dec 2023
% Change
vs 2023
Assets
Current Assets269.9 304.5 -11%
Fixed Assets855.5 800.6 7%
Other Non-current Assets- 0.5 -100%
Total Assets1,125.4 1,105.6 2%
Liabilities
Current Liabilities64.6 59.0 9%
Lease Liability96.0 91.0 5%
Deferred Tax Liabilities56.8 41.8 36%
Senior Debt Facilities353.8 357.6 -1%
Other Non-current Liabilities2.2 - 0%
Total Liabilities573.4 549.4 4%
Equity
Shareholders' Equity552.0 556.2 -1%
Total Equity552.0 556.2 -1%
Total Liabilities and Equity1,125.4 1,105.6 2%
Net Debt345.6 352.3 -2%

Reducing debt through strong operating cash
flows
14
Net debt movement, June 2024 to December 2024, NZ Millions

Net Debt Overview
15
NZ$ millions
Dec 2024Dec 2023
% Change
vs 2023
Funding
Operating Cash Flow75.6 35.8 111%
Net Debt345.6 352.3 -2%
Key Ratios
Operating Profit Measures
Interest Cover5.37 6.46 -17%
Equity / (Equity + Net Debt) %61.5%61.2%0%
Senior Debt Ratio3.12 3.16 -1%

Investing in vineyard development
and winery expansion to support
future earnings growth
16
•During the period, the Group
invested $43.2m in New Zealand
vineyard developments and
winery expansion.
•Lower level of investment in
vineyards and wineries at $12.0m
planned for 2H25.

Capital expenditure update
2022: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley.
2023: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley, and the $39.9 million
purchase of the previously leased Dashwood
vineyard in Marlborough.
2024: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley.
2025: Includes vineyard and winery
developments in Hawke’s Bay, Marlborough
and Barossa Valley, and the $10.0 million
purchase of freehold Marlborough vineyard
lease.
Capital expenditure NZD, FY22 to FY25F
38
106
72
55
-
20
40
60
80
100
120
FY22FY23FY24FY25
$ Millions
17

The Group expects its FY25
Operating Net Profit After Tax* to be
at the lower end of the range of
$55.0 million to $60.0 million.
Full Year Guidance
18
* Operating NPAT is a non-GAAP measure that excludes NZ IFRS fair value items and any other
one-off non-operating items.

Thank you