Delegat Group Limited · NZX:DGL
Delegat — H1 FY26 Earnings Presentation
21 slides from Delegat's earnings presentation, Feb 27, 2026
Slide 1: Half-Year Results (H1 FY26)
Half-Year Results (H1 FY26) for the six months ended 31 December 2025 27 February 2026
Slide 2: Agenda
Agenda Summary Financial Review Outlook 2
Slide 3: Summary
Summary
Slide 4: Our strategic goal is to build a leading global super premium wine company
OUR STRATEGIC GOAL IS TO BUILD A LEADING GLOBAL SUPER PREMIUM WINE COMPANY. 4
Slide 5: Achieving Delegat vision is based on excellence across key success factors
Achieving Delegat vision is based on excellence across 4 key success factors quality SUPER PREMIUM brands WORLD FAMOUS supply distribution EXCLUSIVE GLOBAL 5
Slide 6: H1 FY26 Operating Highlights
H1 FY26 Operating Highlights • Increase in Operating NPAT for H1 FY26 due to: • 3% increase in global case sales • Favourable foreign exchange movements • Lower cost of goods associated with 2025 vintage • A solid sales performance across the majority of markets. • Leveraging of deep market knowledg
Slide 7: Financial review
Financial review
Slide 8: H1 FY26 Financial Performance
H1 FY26 Financial Performance • Global Case Sales of 1,688,000 Up 54,000 cases on H1 FY25 (+3%) • Operating EBITDA of $65.6 million Up $4.0 million on H1 FY25 (+6%) • Operating NPAT of $29.7 million Up $1.4 million on H1 FY25 (+5%) • Reported NPAT of $22.8 million Up $10.3 million on H1 FY25 (+82%)
Slide 9: Volume growth driven by market diversification
Volume growth driven by market diversification Case Sales (000's) H1 FY26 H1 FY25 % Change UK, Ireland and Europe 553 492 12% North America (USA and Canada) 721 785 -8% Australia, NZ and Asia Pacific 414 357 16% Total Cases 1,688 1,634 3% Foreign Currency Rates H1 FY26 H1 FY25 % Change GB£ 0.4613 0.
Slide 10: Sales Revenue Growth: Volume, Price and FX
Sales Revenue Growth: Volume, Price and FX NZ$ millions H1 FY26 H1 FY25 % Change Sales Revenue 178.7 176.9 1% Sales movements breakdown: Volume 3% Value -2% Foreign Exchange 2% Price -2% US tariff -2% Country/Product Mix 0% 10
Slide 11: H1 FY26 Financial Performance
H1 FY26 Financial Performance NZ$ millions H1 FY26 H1 FY25 % Change Sales Revenue 178.7 176.9 1% Operating Revenue 179.6 178.6 1% Operating Gross Profit 88.8 86.3 3% Operating Gross Margin 49% 48% Expenses (29.3) (29.1) -1% Promotion and Marketing (8.8) (8.8) 0% Operating EBIT 50.7 48.4 5% Operating
Slide 12: Operating Profit Movement – Compared to last half-year
Operating Profit Movement – Compared to last half-year NZ $millions 12
Slide 13: Lower mark-to-market movements on derivatives have increased reported profit
Lower mark-to-market movements on derivatives have increased reported profit H1 FY26 H1 FY25 % Change NZ$ millions Operating NPAT 29.7 28.3 5% Operating NPAT % of Revenue 17% 16% Biological Produce (Grapes) 1 (3.4) (4.1) n/m2 Derivative financial Instruments (6.2) (17.8) n/m2 Total Fair Value Items
Slide 14: Reported Profit Movement – Compared to last half-year
Reported Profit Movement – Compared to last half-year NZ $millions 14
Slide 15: Strong Balance Sheet supports long-term growth
Strong Balance Sheet supports long-term growth 31-Dec-25 30-Jun-25 % Change 31-Dec-24 % Change NZ$ millions vs Jun-25 vs Dec-24 Assets Current Assets 280.8 279.9 0% 269.9 4% Fixed Assets 855.5 854.6 0% 855.5 0% Other Non-current Assets - 0.2 -100% - 0% Total Assets 1,136.3 1,134.7 0% 1,125.4 1% Liab
Slide 16: Debt reduction driven by strong operating cash flows
Debt reduction driven by strong operating cash flows Net debt movement, June 2025 to December 2025, NZ Millions 350.0 335.0 $328.6m 320.0 $3.8m $307.0m $5.4m 305.0 $20.2m 290.0 $11.3m 275.0 ($54.6m) 260.0 ($7.7m) 245.0 230.0 215.0 200.0 30-Jun-25 Cash from Working Capex Dividend Other Net FX 31-Dec-
Slide 17: Capital expenditure investment to support future growth
Capital expenditure investment to support future growth 120 Capital expenditure, NZD, FY22 to FY26 106 Vineyard and winery developments in Hawke’s Bay, Marlborough and Barossa Valley. 100 2023: Includes $39.9 million purchase of the previously leased Dashwood vineyard in 80 Marlborough. 72 2025: Inc
Slide 18: Debt metrics and covenant headroom
Debt metrics and covenant headroom H1 FY26 FY25 % Change H1 FY25 % Change NZ$ millions vs FY25 vs H1 FY25 Funding Operating Cash Flow 62.3 105.7 -41% 75.6 -18% Net Debt 307.0 328.6 -7% 345.6 -11% Key Ratios Operating Interest Cover 5.72 5.01 14% 5.37 7% Equity / (Equity + Net Debt) % 65.9% 64.1% 3%
Slide 19: Outlook
Outlook
Slide 20: FY26 Operating Profit Guidance
FY26 Operating Profit Guidance Based on prevailing exchange rates and market conditions, the Group maintains its forecast to achieve an FY26 Operating NPAT that is in the range of $50 - $55 million*. 20 * Operating NPAT is a non-GAAP measure that excludes NZ IFRS fair value items and any other one-o
Slide 21: Thank you
Thank you