Corby Spirit And Wine Limited Class A · TSX:CSW.A
Corby Spirit And Wine Limited Class A — Q2 FY26 Earnings Presentation
25 slides from Corby Spirit And Wine Limited Class A's earnings presentation, Feb 12, 2026
Slide 1: Earnings Call
Ear ni n gs C a l l For the three- and six-months periods ending December 31, 2025 February 12, 2026 TSX: CSW.A and CSW.B
Slide 2: Summary
SUMMARY S E C T I O N 1 | Market context S E C T I O N 2 | Growth Strategy S E C T I O N 3 | Q2 and H1 FY25 financial results S E C T I O N 4 | Why invest in Corby
Slide 3: Today's Speakers
T O D AY ’ S S P E A K E R S FLORENCE TRESARRIEU President & CEO JUAN ALONSO Vice-President & CFO
Slide 4: Forward-Looking Statement
Forward-Looking Statement Today’s presentation contains forward-looking statements, including statements concerning possible or assumed future results of operations of Corby Spirit and Wine Limited. Forward-looking statements typically are preceded by, followed by or include the words “believes”,
Slide 5: Very strong H1 performance driven by RTD acceleration and market share gains in Spirits
Very strong H1 performance driven by RTD acceleration and market share gains in Spirits Record H1 revenue (+12% reported / +13% organic1) driven by continued spirits market share gains and RTD business expansion • Strong H1 results reflects continued excellence in sales execution, with strong share
Slide 6: Market Context
SECTION* 2 MARKET CONTEXT CORBY
Slide 7: Corby saw an acceleration of its market share gains in Q2 FY26
Corby saw an acceleration of its market share gains in Q2 FY26… Corby reaped the benefit of sales execution plan to capture share from US-origin products removed from shelves MARKET CORBY R31 OTC Value Growth SPIRITS -4.4% +2.5% vs. market RTD +11.2% +27.7% vs. market WINE -0.7% +11.9% vs. market 1.
Slide 8: Driving strong growth over R12 in a softer spirits and wine market
… driving strong growth over R12 in a softer spirits and wine market Corby has consistently outperformed the Canadian market in value growth for thirteen consecutive quarters MARKET CORBY R121 OTC Value Growth SPIRITS -4.4% +1.9% vs. market RTD +11.7% +28.1% vs. market WINE -2.1% +13.7% vs. market 1
Slide 9: Corby outpacing the market in most spirits categories R12
Corby outpacing the market in most spirits categories R12 C A N A D I A N S P I R I T S M A R K E T R E TA I L V A L U E 1623 R121 Retail Value ($m) 1101 1014 974 553 439 303 289 190 100 VODKA CANADIAN LIQUEURS RUM TEQUILA GIN SINGLE MALT BLENDED IRISH WHISKEY BOURBON WHISKY SCOTCH SCOTCH Category G
Slide 10: Growth Strategy
. Ciao | Hee ue GROWTH STRATEGY CORBY
Slide 11: Corby RTD growth has accelerated over the last 12 months with share gains sustained
Corby RTD growth has accelerated over the last 12 months with share gains sustained by strong innovation and market expansion Specialized RTD route-to-market strategy, gaining penetration and share in both Ontario and Western Canada via RTD-focused sales execution. Corby RTD portfolio well-positione
Slide 12: Our strategy supporting long-term sustainable value creation
Our strategy supporting long-term sustainable value creation Continue to gain share in spirits • Leveraging best-in-class brand activation and excellence in commercial execution • Building on impactful innovative launches to deliver roughly one-third of our annual revenue growth • Continuously impro
Slide 13: Q2 and H1 FY26 Financial Results
SECTION 3 Q2 AND H1 FY26 F I N A N C I A L R E S U LT S
Slide 14: Q2 FY26 Results
M a Q2 FY26 RESULTS CORBY
Slide 15: Reported Organic 1 Reported
Reported +9% Organic1 +10% +6% Reported +12% Adjusted1 +8% 15 Three-month period ended December 31, 2025 vs. Last Year / 1. See “Non-IFRS Financial Measures” in Corby’s Q2 FY26 MD&A 15
Slide 16: Domestic Case Goods $53.4 million
Domestic • Led by RTD business expansion Reported capitalizing on RTM modernization in Case Goods +11% Ontario $53.4 million Organic1 • Continued spirits market share gains +12% (80% of NS) in a declining spirits market Total Commissions Reported • Cycling off a strong Q2 FY25 with $7.8 million -8%
Slide 17: H1 FY26 Results
M a H1 FY26 RESULTS CORBY
Slide 18: Reported Organic 1 Reported
Reported +12% Organic1 +13% +6% Reported +11% Adjusted1 +8% 18 Six-month period ended December 31, 2025 vs. Last Year / 1. See “Non-IFRS Financial Measures” in Corby’s Q2 FY26 MD&A 18
Slide 19: Domestic Case Goods $114.8 million
• Improved shelf prominence from the Domestic removal of US origin products in key Reported Case Goods provinces +13% $114.8 million Organic1 • RTD business acceleration (81% of NS) +14% • Lapping LCBO labour strike impact LY Net • Wines portfolio lapping higher Commissions Reported comparison basis
Slide 20: H1 FY26 financial results
H1 H1 % $ mCAD FY25 FY26 change Revenue 126.8 142.3 +12% $0.71 +8% Total operating expenses2 (98.7) (112.0) +13% Earnings from Operations 28.0 30.3 +8% ADJUSTED EPS1 Adj. Earnings from Operations1 28.6 30.3 +6% Adj. EBITDA1 36.7 37.6 +2% $0.67 Net financial expenses (4.1) (4.1) -2% +11% Income taxes
Slide 21: 1.1x Net Debt / Adjusted EBITDA
H1 H1 $ $ mCAD FY25 FY26 Change Net cash / (debt), beginning of period (105.8) (91.0) +14.8 57% 90% Net earnings adjusted for non-cash items 36.0 37.2 +1.2 Net change in non-cash working capital balances 5.0 9.9 +5.0 Dividend payout Dividend payout Net payments for interest and income taxes (5.4) (1
Slide 22: Why Invest in Corby
SECTION, 3 WHY INVEST IN-CORBY CORBY
Slide 23: With a diversified portfolio and clear strategy, Corby is well positioned to continue outperforming
With a diversified portfolio and clear strategy, Corby is well positioned to continue outperforming the market in FY26 In a dynamic backdrop, we remain ambitious and confident in our strategy to continue gaining market share while driving earnings growth in FY26: • RTD Portfolio: Unlocking potential
Slide 24: Why invest in Corby?
Why invest in Corby? Largest publicly-listed, multi-beverage alcohol company in Canada with the most 1 comprehensive & diverse portfolio in the industry Close partnership with Pernod Ricard, a global industry leader, bringing strategic advantages, 2 best practices, and operational and financial supp
Slide 25: Thank You
T H A N K YO U Questions or looking for more information? Please reach out to investors.corby@pernod-ricard.com FOLLOW US TSX: CSW.A and CSW.B
Corby Spirit and Wine — Q2 FY26 Earnings Presentation on 6ix