Diamond Estates Wines & Spirits, Inc. · TSXV:DWS
Diamond Estates Wines & Spirits — Shareholder Meeting (October 2025)
24 slides from Diamond Estates Wines & Spirits's shareholder meeting presentation, Oct 30, 2025
Slide 1: President's Report - Annual General Meeting
President’s Report Annual General Meeting October 30, 2025
Slide 2: Important Notice
Important Notice This presentation contains forward-looking statements, which can be identified by the use of the forward-looking terminology, such as but not limited to “may,” “intend,” “will,” “expect,” “anticipate,” “estimate,” “seek,” or “continue” or the negative thereof or other variations the
Slide 3: Diamond Estates Wines & Spirits
Diamond Estates Wines & Spirits TSX-V - DWS Estates: Lakeview, Creekside, Shiny Apple, Backyard Vineyards + ~30 acres of vineyard - 20 Bees, Fresh, Mindful, D’Ont Poke the Bear, EastDell, Creekside, Shiny Apple, Red Tractor Import Agency: Trajectory Beverage Partners F2025 Financials: $24.5M Revenue
Slide 4: Condensed History of Diamond
Condensed History of Diamond Founded as a sales agency for imported wine/spirits/beers 1997 2017 Banking moved to Bay Street with BMO Purchases two Ontario wineries and Purchases Backyard Vineyards in British begins Canadian wine journey 2000 2018 Columbia, purchase price paid half in shares Purchas
Slide 5: Executive Summary
Executive Summary Turnaround story solidifying – F25 Adj EBITDA of $0.8M; Q1 F26 of $1.3M; strong future results anticipated Early investment in Grocery channel delivering accelerated performance Growing organically and through acquisitions Significant Government VQA rebate to leverage the wine indu
Slide 6: Extended Audit and Halt Trade
Extended Audit and Halt Trade Extended audit review resulted in a late filing of F25 results and a halt trade on August 5, 2025 - Late start of year end audit process - Issue within Consignment portion of business based on incorrect procedures and reporting - Issue triggered further disclosure audit
Slide 7: Turnaround Results Summary
Turnaround Results Summary Dramatic EBITDA improvements since F23. Revenue returning to historic levels in Q1 F26 despite Western / Atlantic agency sell offs and the loss of a large Agency customer Dramatic 20 pt GM improvement Restructuring has reduced SG&A by 10 points and further improved profita
Slide 8: Key Changes – Internal and External
Key Changes – Internal and External 24 months of major Initiatives have delivered a remarkable turnaround • Early Grocery Investment providing competitive advantage with new store openings • Portfolio re-designed and premiumized • Acquisitions (DPTB, Perigon), Dispositions (QMV, TBP West) and Agency
Slide 9: Bank Debt
Bank Debt Significant debt reduction since 2023 delivering a de-levered position Reduction driven by equity investment, sales of non-strategic assets and operational improvements As of June 30, 2025, total bank debt of $12M ($9.7 term debt; $2.1M revolver) The company is now capable to capitalize on
Slide 10: Category Share by Channel
Category Share by Channel Channel share positions are stabilizing as Grocery waits for resolution of bottle return: - LCBO continues to hold the majority of wine sales (82%). Grocery has taken over 70% of the 18% lost share - Significant share of beer (60%) and RTD’s (38%) lost to Grocery and Conven
Slide 11: Grocery Share by Banner
Grocery Share by Banner Costco’s 42 stores contribute the majority of the independents, but has slipped recently given reliance on US products Loblaws has the most unopened stores and has been vocal about bottle return
Slide 12: 3 Premium Tier VQA SKUs
PREMIUM VQA OFFERINGS - COSTCO Costco dominates Grocery with ~35% share of wine sales In F25, Costco bought over $2.5M in DWS wines; expecting greater sales in F26 with Twenty Bees Rose, an icewine three pack and the 24 Days of Cheers Advent Calendar. Summer 3 Premium Tier Queen Bee Branding Seasona
Slide 13: Category Volume
Category Volume Market expansion has provided a lift for Beer, RTD’s and Wine in Ontario. The lack of US products impacts the wine category the most given the 16% SOM that US wines represented prior to the boycott Volume growth in Ontario by category YTD vol % growth +38.1% 0.0% -7.8% +24.5% YTD vol
Slide 14: YTD Wine Gains by Channel
Country and Channel Dynamic Change in Wine All major countries growing with US boycott; Canada wines growing fastest VQA growth outpacing Internation/Domestic Blends and driving premiumization While all channels growing, Grocery and Convenience are the key drivers VQA sources the highest amount of i
Slide 15: US Boycott Country Winners
US Boycott Country Winners Consumers have substituted US wines with domestic and old-world offerings Canada has captured 8 of the 16 point US wine losses; Buy Local sentiment delivering 3 points more than fair share (5 pts) Jan R3 vol. share vs. Aug R3 ex. USA Gains CANADA-CIC 22% 26% +4.6% 18% 20%
Slide 16: Growth History By Country
Growth History By Country VQA wine has been a top 5 growth gainer in 5 of the past 9 years 2025 growth driven by retail expansion (4x greater VQA share in Grocery vs LCBO) and the Buy Local movement Top wine volume gainers Rank 2017 2018 2019 2020 2021 2022 2023 2024 2025 to date 1 Italy Italy Spain
Slide 17: Top 10 Grocery Participants
Top 10 Grocery Participants TBP is the #5 Grocery agent driven by strong VQA development and minor exposure to US boycott Most top 10 Agents are bigger than TBP in Independents with Costco being the key driver Recent Costco wins are significant indicating further opportunity Agents R3 wine vol. shar
Slide 18: Industry Leading Growth Across Key Brands
Industry Leading Growth Across Key Brands Shiny Cherry Limeade Fresh Wines 20 Bees Mindful 970+ Cases Sold +55% R6 +107% R6 +14% R6 Lakeview D’Ont Poke The Bear EastDell Creekside +376% R6 +41% R6 +500 Cases Sold in P7 +98% R6
Slide 19: Creekside's Refreshed Identity
Creekside’s refreshed identity is reshaping perceptions in market. Entry-level products showcasing the new design are now on shelves, receiving strong engagement from trade partners and consumers, fueling momentum across the portfolio. Next up: mid and reserve tiers rolling out in 2026 extending the
Slide 20: Celebrating Excellence Across Our Portfolio
Celebrating Excellence Across Our Portfolio Remarkable year for top tier awards: • Creekside Shiraz 2020 wins Best Red Wine & Double Gold at All Canadian Wine Championships • Lakeview Sparkling Brut 2020 awarded 91 Points and wins Silver Medal at Decanter Awards • Queen Bee Rosé 2023 wins Gold at Al
Slide 21: Financial Performance
Financial Performance Revenue dips in F25 to $24.5M with the sale of non-strategic assets and a change in Consignment business reporting that only considers gross margin for our import consignment business (ie sales to restaurants). As noted on Slide 7, Q1 F26 revenue grew by $2.2M vs prior year Gro
Slide 22: Balance Sheet
Balance Sheet Current assets decreased by $3.7M reflecting tighter inventory management, as well as receiving the full year F2024 VQA rebate in June (which also reduces bank loan under Current Liabilities) Long-term assets decreased by $0.9M driven by depreciation & amortization. Current liabilities
Slide 23: Executive Summary
Executive Summary Turnaround story solidifying – F25 Adj EBITDA of $0.8M; Q1 F26 of $1.3M; strong future results anticipated Early investment in Grocery channel delivering accelerated performance Growing organically and through acquisitions Significant Government VQA rebate to leverage the wine indu
Slide 24: After Two Years of Significant Change
After two years of significant change to our business and in our industry, the results in F25 started to demonstrate the rapid change in our financial results. This has been a year of significant change in the beverage alcohol industry and for us as a company. I am confident that we are on the right
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