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Diamond Estates Wines & Spirits Reports Q1 2026 Financial Results

Niagara-on-the-Lake, Ontario--(Newsfile Corp. - August 27, 2025) - Diamond Estates Wines & Spirits Inc. (TSXV: DWS) ("Diamond Estates" or "the Company") today announced its financial results of position for the three months ended June 30, 2025 (Q1 2026).

Q1 2026 Summary:

• Revenue for Q1 2026 was $8.3 million, an increase of $2.1 million from $6.2 million in Q1 2025. The Winery division experienced an increase in sales of $2.9 million driven by industry retail expansion, D'Ont Poke the Bear, VQA rebate enhancements and buy local consumer sentiment. The Agency division experienced a decrease of $0.8 million driven by the sale of Western Canada operations to Renaissance which has been offset by the acquisition of Perigon.
• Gross margin¹ for Q1 2026 was $4.7 million, an increase of $1.9 million, from $2.8 million in Q1 2025 while gross margin as a percentage of revenue was 56.5% for Q1 2026 compared to 44.8% in Q1 2025. The increase in gross margins came from the Winery experiencing an increase of $1.8 million while the Agency division increased by $0.1 million. The gross margin improvement in the Winery division was driven by the increase in sales volumes in the grocery and convenience channels as well as enhancements in the VQA Wine support program.
• EBITDA¹ increased by $2.5 million to positive $1.4 million in Q1 2026 from a negative $1.1 million in Q1 2025.
• Adjusted¹ EBITDA increased by $1.7 million to positive $1.3 million in Q1 2026 from a negative $0.4 million in Q1 2025. Both EBITDA and Adjusted EBITDA increases are attributed to improving gross margins in the Winery division.
• Net loss decreased from $2.0 million in Q1 2025 to net income of $0.4 million in Q1 2026, an improvement of $2.4M.

Subsequent Events:

• In July, 2025, the Company issued an aggregate of 221,875 DSUs in settlement of $44,375 of previously accrued deferred directors compensation.

President's Message:

"Q1 2026 was the strongest performing quarter since Q3 2018, highlighting the meaningful progress we have made in strengthening our business. With our turnaround continuing to progress, we remain focused on executing our growth initiatives. Our strong positioning in the Grocery channel has allowed us to benefit disproportionately from the recent retail expansion, and that same success is now carrying into the emerging Convenience channel. The industry retail changes, together with enhanced government support, have created meaningful opportunities for our VQA portfolio, where consumer interest in Canadian wines continues to strengthen. We are also pleased with the integration of the D'Ont Poke the Bear brand and the Perigon Beverage Group sales agency, both of which align with our strategy of building a stronger, more diversified platform. These initiatives, along with our disciplined sales execution, position the Company to deliver ongoing value to our stakeholders," said Andrew Howard, President and CEO.

CFO Transition

"I am truly excited to be joining Diamond Estates at such a pivotal time in its turnaround journey. The Company has already demonstrated strong momentum through disciplined execution, channel expansion, and renewed consumer enthusiasm for Canadian wines. My focus as Chief Financial Officer will be to build on this foundation-strengthening our financial disciplines, supporting sustainable growth, and helping the team execute on our long-term strategy.

"It is a privilege to join such a passionate and committed organization, and I look forward to working with the team to deliver ongoing value to our shareholders and stakeholders." - Basman Alias, CFO

About Diamond Estates Wines and Spirits Inc.

Diamond Estates Wines and Spirits Inc. is a producer of high-quality wines and ciders as well as a sales agent for over 120 beverage alcohol brands across Canada. The Company operates four production facilities, three in Ontario and one in British Columbia, that produce predominantly VQA wines under such well-known brand names as 20 Bees, Creekside, D'Ont Poke the Bear, EastDell, Lakeview Cellars, Mindful, Shiny Apple Cider, Fresh Wines, Red Tractor, Seasons, Serenity and Backyard Vineyards.

Through its commercial division, Trajectory Beverage Partners, the Company is the sales agent for many leading international brands. These recognizable brands include Fat Bastard and Gabriel Meffre wines from France, Talamonti and Cielo wines from Italy, Kaiken wines from Argentina, Koyle Family Wines from Chile, Kings of Prohibition and McWilliams Wines from Australia, Yealands Family Wines and Joiy Sparkling wine from New Zealand, Cofradia Tequilas from Mexico, Maverick Distillery spirits (including Tag Vodka, Ginslinger Gin and Barnburner Whisky), Bench Brewing, Niagara Cider, Darling Ready to Drink and Hounds Vodka from Canada, Porta 6, Julia Florista, Catedral and Cabeca de Toiro wines from Portugal, Edinburgh Gin, Tamdhu, Glengoyne and Smokehead single-malt Scotch whiskies, Islay Mist and Waterproof blended Scotch whiskies, Glen Breton Canadian whiskies, C.K Mondavi & Family, Line 39, Harken, FitVine and Rabble wines from California & Charles Krug wines from Napa Valley, Rodenbach beer from Belgium, La Trappe beer from the Netherlands, and Tequila Rose Strawberry Cream, Five Farms Irish Cream Liqueur, Broker's Gin, Hussong's Tequila, 360 Vodka and Holladay Bourbon from McCormick Distilling International.

Forward-Looking Statements

This press release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Diamond Estates Wines and Spirits Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the economy generally; consumer interest in the services and products of the Company; financing; competition; and anticipated and unanticipated costs. While the Company acknowledges that subsequent events and developments may cause its views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the views of the Company as of any date subsequent to the date of this press release. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Non-IFRS Financial Measure

Management uses net income (loss) and comprehensive income (loss) as presented in the unaudited interim condensed consolidated statements of net income (loss) and comprehensive income (loss) as well as "gross margin", "EBITDA" and "Adjusted EBITDA" as a measure to assess performance of the Company. The Company defines "gross margin" as gross profit excluding depreciation. EBITDA and "Adjusted EBITDA" are other financial measures and are reconciled to net income (loss) and comprehensive income (loss) below under "Results of Operations".

EBITDA and Adjusted EBITDA are supplemental financial measures to further assist readers in assessing the Company's ability to generate income from operations before considering the Company's financing decisions, depreciation of property, plant and equipment and amortization of intangible assets. EBITDA comprises gross margin less operating costs before financial expenses, depreciation and amortization, non-cash expenses such as share-based compensation, one-time and other unusual items, and income tax. Adjusted EBITDA comprises EBITDA before non-recurring expenses including cost of sales adjustments related to inventory acquired in business combinations, EWG transaction costs expensed, cost of sales adjustment to fixed production overheads, and other non-recurring adjustments included in the calculation of EBITDA. Gross margin is defined as gross profit excluding depreciation on property, plant and equipment used in production. Operating expenses exclude interest, depreciation on property, plant and equipment used in selling and administration, and amortization of intangible assets.

EBITDA does not represent the actual cash provided by the operating activities nor is it a recognized measure of financial performance under IFRS. Readers are cautioned that this measure should not be considered as a replacement for those as per the consolidated financial statements prepared under IFRS. The Company's definitions of this non-IFRS financial measure may differ from those used by other companies.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

¹ See definition of selected terms under the heading "Non-IFRS Financial Measures"

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