Corby Spirit And Wine Limited Class A · TSX:CSW.A
Corby Spirit And Wine Limited Class A — Q3 FY2026 Earnings Presentation
25 slides from Corby Spirit And Wine Limited Class A's earnings presentation, May 15, 2026
Slide 1: Earnings Call
Ea rn in gs C al l For the three- and nine-months periods ending March 31, 2026 May 15, 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 | Q3 and March FYTD 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 statements
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”, “expects”, “anticipates”,
Slide 5: Record FYTD March revenue driven by continued RTD growth and share gains
Record FYTD March revenue (+15% reported / +16% organic1) driven by continued RTD business growth and spirits market share gains, plus favourable Q3 LCBO order phasing • Strong FYTD results reflects continued excellence in sales execution, with strong share gains across our total portfolio (consiste
Slide 6: Market Context
SECTION* 2 MARKET CONTEXT CORBY
Slide 7: Market vs Corby: R3 value growth
MARKET CO R BY R31 OTC Value Growth SPIRITS -4.2% +0.0% vs. market RTD +9.7% +22.4% vs. market WINE -0.4% +12.0% vs. market 1. Rolling 3-month period ending Mar 31, 2026 77 Source: ACD ( Mar ‘26) – Retail $ Value including Duty Free. Retail sales data for Nude Beverages in Alberta is not provided by
Slide 8: Corby has outperformed the Canadian market for fourteen consecutive quarters
Corby has consistently outperformed the Canadian market in value growth for fourteen consecutive quarters MARKET CO R BY R121 OTC Value Growth SPIRITS -3.6% +3.1% vs. market RTD +12.0% +31.6% vs. market WINE -0.6% +16.2% vs. market 1. Rolling 12-month period ending Mar 31, 2026 88 Source: ACD ( Mar
Slide 9: Canadian Spirits Market Retail Value
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 1611 R121 Retail Value ($m) 1104 1015 966 552 434 302 288 192 127 VODKA CANADIAN LIQUEURS RUM TEQUILA GIN SINGLE MALT BLENDED IRISH WHISKEY COGNAC WHISKY SCOTCH SCOTCH Category Growth -3.6% +4.2% -1.4% -4.1% +1.9% -3.7% +0.4% +2.1% +10.0
Slide 10: Growth Strategy
SECTION 2 GROWTH STRATEGY CORBY
Slide 11: Corby RTD growth has accelerated with share gains sustained by innovation
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 expanding National Footprint Canada Dry Mott's (CDMI) partnership adding meaningful scale and dedicated Alberta, Manitoba and Saskatchewan cov
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: Q3 and YTD March FY26 Financial Results
SECTION 3 Q3 AND YTD March FY26 F I N A N C I A L R E S U LT S
Slide 14: Q3 FY26 Results
Q3 FY26 RESULTS CORBY
Slide 15: Q3 FY26 key results
Reported +21% Organic1 +22% Reported +63% Adjusted1 +52% Reported +97% Adjusted1 +67% 15 15 Three-month period ended March 31, 2026 vs. Last Year / 1. See “Non-IFRS Financial Measures” in Corby’s Q3 FY26 MD&A
Slide 16: Q3 Net sales by segment
• Led by RTD business expansion in Ontario and Western Canada Domestic Reported • LCBO order phasing was favourable in Case Goods +33% Q3 in anticipation of an ERP system $48.2 million Organic1 upgrade +35% (83% of NS) • Continued spirits market share gains in a declining spirits market Total • Wine
Slide 17: YTD March FY26 Results
YTD March FY26 RESULTS CORBY
Slide 18: YTD March FY26 key results
Reported +15% Organic1 +16% Reported +20% Adjusted1 +16% Reported +27% Adjusted1 +20% 18 Nine-month period ended March 31, 2026 vs. Last Year / 1. See “Non-IFRS Financial Measures” in Corby’s Q3 FY26 MD&A 18
Slide 19: YTD Net sales by segment
• RTD business acceleration Domestic Reported • Improved shelf prominence from the Case Goods +18% removal of US origin products in key $163.0 million Organic1 provinces +20% (81% of NS) • Favourable LCBO shipment phasing Net • Wines portfolio lapping higher Commissions Reported comparison basis in
Slide 20: YTD income statement summary
YTD YTD % $ mCAD FY25 FY26 change Revenue 174.8 200.6 +15% $0.97 +20% Total operating expenses2 (139.3) (158.7) +14% Earnings from Operations 35.7 42.8 +20% ADJUSTED EPS1 Adj. Earnings from Operations1 36.3 41.9 +16% Adj. EBITDA1 48.4 52.8 +9% $0.95 Net financial expenses (6.1) (5.7) -7% +27% Income
Slide 21: Net Debt / Adjusted EBITDA and cash flow
YTD YTD $ $ mCAD FY25 FY26 Change 76% 80% Net cash / (debt), beginning of period (105.8) (91.0) +14.8 Net earnings adjusted for non-cash items 47.8 53.3 +5.6 Net change in non-cash working capital balances (9.9) (19.4) (9.5) Dividend payout Dividend payout Net payments for interest and income taxes
Slide 22: Why Invest in Corby
SECTION 4 WHY, INVEST IN»COR BY CORBY
Slide 23: Well positioned to continue outperforming the market in FY26
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
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