INVESTOR UPDATE For personal use only 17 December 2025 Important information All references to '$' throughout this presentation refer to Australian Dollars, unless marked otherwise. This presentation is in summary form and is not necessarily complete. It should be read together with the Company's Annual Report for 30 June 2025 including the Appendix 4E, the Appendix 4D and 2025 Interim Results, and other announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. Thi ...

Core Viewpoint - Andrew Peller Limited reported strong financial results for the second quarter and year-to-date periods, highlighting significant year-over-year growth in margins, earnings, and cash flow, while also improving its balance sheet [3][4]. Financial Highlights - Revenue for Q2 2026 was $105.5 million, a decrease of 3.4% from $109.2 million in Q2 2025; year-to-date revenue was $204.7 million, down 1.9% from $208.7 million [4][5]. - Gross margin increased to 45.7% in Q2 2026 from 42.4% in the prior year, and to 44.1% from 40.5% for the six-month period [6][8]. - EBITA rose by 18% to $21.3 million in Q2 2026 from $18.0 million in Q2 2025, and increased by 21% to $37.4 million for the six-month period [6][10]. - Net earnings improved to $8.9 million ($0.21 per Class A share) in Q2 2026 compared to $4.6 million ($0.11 per Class A share) in the prior year, and to $13.5 million ($0.32 per Class A share) for the six months ended September 30, 2025, compared to $4.2 million ($0.10 per Class A share) in the prior year [6][13]. Cost Management - Selling and administrative expenses as a percentage of revenue improved to 25.6% for Q2 2026 from 26.0% in the prior year, primarily due to reduced compensation expenses from restructuring initiatives [9]. - Interest expense decreased by 28.4% for Q2 2026 and by 21.4% for the six-month period, attributed to lower average debt levels and reduced interest rates [11]. Strategic Initiatives - The company sold non-core assets in British Columbia for net proceeds of $1.2 million, indicating a strategy to recognize value from such assets [14]. - The Ontario Grape Support Program contributed $2.4 million and $4.5 million to gross margin for the three and six-month periods ended September 30, 2025, respectively, which was not available in the comparable periods of the prior year [8]. Market Position - The company is well-positioned to continue growing market share in its core wine businesses while expanding into high-growth product segments and new sales channels in Ontario [3].

Core Insights - Treasury Wine Estates Ltd. shares have fallen to a 10-year low after the company withdrew its earnings guidance for the 2026 financial year and paused a planned share buy-back due to uncertain market conditions in China and California [1][4]. Market Performance - The company's stock price dropped by as much as 14% on Monday morning, reaching its lowest point since September 2015, following the announcement of the earnings guidance withdrawal [2]. - The planned A$200 million ($130 million) share buy-back has been paused after being 15% completed, reflecting the company's cautious outlook [6]. Market Challenges - Lower-than-expected stock depletions in China during September have raised concerns that the depletion targets for the 2026 financial year may not be met [2][5]. - A distributor transition in California is negatively impacting Treasury Americas' performance, leading the company to retract its guidance for modest EBITS growth in that region [3]. Leadership Transition - The announcement of the earnings guidance withdrawal and share buy-back pause comes as new CEO Sam Fischer prepares to take over from outgoing head Tim Ford, highlighting the challenges facing the new leadership [4].

China’s “enormous variety of climates and soils” means it can make everything from syrupy dessert wines to dry reds and whites https://t.co/SIb71FD0uYPhoto: Gilles Sabrié https://t.co/pEAXiLwC6a ...

Despite all the improvements China’s winemakers have made in recent years, Chinese wines do not rank among the world’s most coveted bottles https://t.co/SIb71FD0uYPhoto: Gilles Sabrié https://t.co/RDkWdc6g2O ...

Group 1: Industry Overview - More than 10 listed liquor companies reported their semi-annual results, showing a general decline in performance among second-tier liquor brands, with many experiencing significant setbacks [1] - First-tier liquor brands continue to launch new products and upgrade existing ones to capture market share [1] Group 2: New Product Launches - Moutai's new product, Moutai 1935, is positioned as a high-end offering with a price of 998 yuan for 500ml, set to launch on August 28 [2] - Wuliangye is set to launch a new 29-degree product called "Wuliangye·Yijianqingxin" this week, with three different flavor samples previously tested [3] - Shede Liquor will introduce its first low-alcohol, high-flavor aged liquor, "Shede Zizai," also at 29 degrees, on August 30 [3] - Gujing Gongjiu has launched a new low-alcohol product, "Gujing Gongjiu·Nianfen Yuanjiang Qingdu 20," with an alcohol content of 26 degrees, priced at 375 yuan for 375ml [3] Group 3: Company Performance - China Resources Beer reported a 0.8% increase in revenue to 23.942 billion yuan, with a 23% rise in net profit to 5.789 billion yuan, while beer sales grew by 2.2% [6] - Jinhui Liquor achieved a revenue of 1.759 billion yuan, a slight increase of 0.31%, and a net profit of 298 million yuan, up 1.12% [7] - Shede Liquor's revenue fell by 17.41% to 2.701 billion yuan, with a net profit decrease of 24.98% [9] - Jiu Gui Jiu reported a 43.54% drop in revenue to 561 million yuan and a 92.6% decline in net profit [10] - Tian You De Jiu's revenue decreased by 11.24% to 674 million yuan, with a net profit drop of 35.37% [10] - Huazhi Liquor's revenue fell by 33.55% to 3.949 billion yuan, with a net profit decline of 63.75% [11] - Kouzi Jiao's revenue decreased by 20.07% to 2.531 billion yuan, with a net profit drop of 24.63% [12] - Kuaijishan reported an 11.03% increase in revenue to 817 million yuan, with a net profit increase of 3.41% [13] - Zhenjiu Lidu's revenue fell by 39.6% to 2.497 billion yuan, but the gross margin increased to 59% [14]

Core Viewpoint - The liquor industry is undergoing a deep adjustment period, prompting industry leaders to explore new opportunities, such as the launch of a new beer product by Wu Xiangdong, chairman of Zhenjiu Lidu and Huazhi Wine Industry [1][3]. Company Developments - Wu Xiangdong announced the launch of a new beer called "Niu Shi" (牛市) on August 8, which he describes as "super beer" [3]. - The beer is linked to a foreign investment company, Hunan Dongniang Niu Shi Beer Co., Ltd., which was registered in December 2023 with an investment of 20 million HKD [3]. - Wu Xiangdong has a history with the beer industry, having invested in Xinbaher Beer in 2017, which has seen significant growth in production and sales [4]. Industry Trends - The overall liquor industry is experiencing a decline in production, with a 5.8% decrease in white liquor production and a 0.3% decrease in beer production in the first half of 2023 [4][5]. - The industry is characterized by a "volume reduction" phenomenon, where production declines reflect reduced consumption and a concentration of market share among leading companies [5]. - The introduction of new products and targeting younger consumers are seen as key strategies for companies to navigate the current market challenges [6]. Market Dynamics - The liquor market is facing structural changes due to supply contraction, shifting demand, and rising costs, leading to a deep adjustment phase [5]. - Companies are focusing on product innovation and expanding their consumer base, with Wu Xiangdong emphasizing a new drinking lifestyle aimed at younger audiences [6]. - The profitability of beer is lower than that of white liquor, with beer's gross margin around 50% compared to white liquor's 65% or higher, posing challenges for companies transitioning between these segments [6].

Group 1: Industry Performance - A-share and Hong Kong stock market liquor companies have officially entered the semi-annual report period [1] - Guizhou Moutai's MSCI ESG rating has been upgraded from BBB to A, ranking second in the beverage industry in China [2] - The liquor, beverage, and refined tea manufacturing industry in Guizhou grew by 3.7% in the first half of 2025 [18] Group 2: Company Financials - Budweiser APAC reported revenue of $3.136 billion and EBITDA of $983 million for the first half of 2025, with a decline in key operating metrics compared to the previous year [3] - Heineken achieved revenue of €16.924 billion and operating profit of €1.433 billion in the first half of 2025, with a notable growth in authorized beer sales in China exceeding 30% [4][5] - Luzhou Laojiao announced a cash dividend of approximately ¥6.759 billion, distributing ¥45.92 per 10 shares [6] Group 3: Corporate Actions - Budweiser APAC is focusing on non-drinking channels and cost control measures to mitigate revenue and profit declines [3] - Jinwei Wine's controlling shareholder pledged 10 million shares, with a total of 75.36% of their shares now pledged [8][9] - The resignation of the former chairman of Shede Liquor, Ni Qiang, was announced, marking a significant leadership change [19] Group 4: New Product Launches - Kuaijishan plans to launch new products including 1743 raw yellow wine and pure five-year raw Shaoxing wine [13] - The new version of Langjiu will start accepting sales orders on August 11, 2025, with shipments beginning on August 25 [14] Group 5: Regulatory and Compliance - The Guizhou market supervision authority issued a reminder to liquor producers to maintain the reputation of Guizhou liquor and comply with production standards [15] - The Chongqing market regulatory authority reported that a beer was found to contain a harmful substance similar to Viagra, leading to the company's cancellation [12] Group 6: Management Changes - The resignation of the deputy general manager of Guyue Longshan, Lü Danlin, was announced [20] - Tianyoude Liquor has reappointed Lu Shuilong as deputy general manager, responsible for market strategy and business development [21]

Industry Opinion - Willamette Valley 被认为是勃艮第以外，地球上最适合凉爽气候霞多丽 (Chardonnay) 的地方 [1] Regional Focus - 俄勒冈州 (Oregon) 的葡萄酒长期以来被行业所忽视 [1]

Core Insights - Willamette Valley Vineyards has been recognized as the 1 Tasting Room in the Nation for the second consecutive year by USA TODAY's 10Best Readers' Choice Awards, reflecting strong support from shareholders and club members [1][2] - The winery emphasizes a unique culinary program that pairs local ingredients with its wines, enhancing the overall tasting experience [3][4] - Willamette Valley Vineyards' Wine Club has also been ranked 2 in the Nation, offering various membership tiers and exclusive benefits [5] Company Overview - Founded in 1983, Willamette Valley Vineyards has grown to become a leading winery in Oregon, focusing on sustainable practices and producing acclaimed Pinot Noir [7] - The winery operates with a community-ownership model, boasting over 27,000 shareholders, which supports its mission to democratize wine [5][7] - Willamette Valley Vineyards has expanded to include nine tasting rooms across Oregon, Washington, and California, enhancing its reach and accessibility [7] Tasting Room Experience - The Estate Tasting Room offers immersive experiences, including personalized tastings and seasonal pairing menus, designed to be inclusive for all visitors [2][4] - Chef DJ MacIntyre leads the culinary program, focusing on local and sustainable ingredients to create dishes that complement the winery's diverse portfolio [3][6] - The tasting room fosters a warm atmosphere with panoramic vineyard views, promoting a sense of community and passion for wine and culinary arts [2][4] Sustainability and Innovation - Willamette Valley Vineyards is recognized for its sustainable farming practices, with all vineyards certified through LIVE and Salmon-Safe programs [7] - The winery produces over 75 different bottlings, including Pinot Noir and Chardonnay, showcasing its commitment to quality and innovation in the wine industry [6][7]