SEDAR Interim Financial Statements

Andrew Peller Limited Condensed Interim Consolidated Financial Statements December 31, 2025 Management’s Comments on Unaudited Condensed Interim Consolidated Financial Statements Notice of Disclosure of No Auditor Review of Condensed Interim Consolidated Financial Statements Pursuant to the Ontario Securities Act National Instrument 51-102, Part 4, subsection 4.3 (3)(a), if an auditor has not performed a review of the interim consolidated financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of Andrew Peller Limited (“the Company”) for the interim periods ended December 31, 2025 and 2024 have been prepared by and are the responsibility of the Company’s management. The unaudited condensed interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards, including International Accounting Standard (“IAS”) 34 – Interim Financial Reporting, and reflect management’s best estimates and judgement based on information currently available. The Company’s independent auditors, PricewaterhouseCoopers LLP, have not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity’s auditor. ANDREW PELLER LIMITED Condensed Consolidated Balance Sheets Unaudited December 31 March 31 (in thousands of Canadian dollars) 2025 $ 2025 $ Assets Current Assets Cash 11,418 - Accounts receivable 45,974 46,774 Inventory 156,437 170,170 Biological assets - 1,560 Prepaid expenses and other assets 3,116 5,281 Current portion of derivative financial instruments (note 8) 48 63 216,993 223,848 Property, plant, and equipment 208,506 207,630 Right-of-use assets 16,070 19,326 Intangible assets 35,715 37,406 Pension asset 2,054 1,592 Goodwill (note 7) 53,638 53,638 532,976 543,440 Liabilities Current Liabilities Bank indebtedness - 2,132 Accounts payable and accrued liabilities 36,741 53,435 Dividends payable 2,621 2,602 Income taxes payable 3,086 2,317 Current portion of lease obligations 5,321 4,190 Current portion of derivative financial instruments (note 8) 1,159 1,118 48,928 65,794 Long-term debt 175,294 180,294 Long-term derivative financial instruments (note 8) 490 1,426 Lease obligations 12,343 16,560 Post-employment benefit obligations 2,130 2,155 Deferred income taxes 34,046 33,429 273,231 299,658 Shareholders' Equity Capital stock (note 9) 30,880 29,471 Contributed surplus (note 10) 9,213 8,443 Retained earnings 220,387 206,918 Accumulated other comprehensive loss (735) (1,050) 259,745 243,782 532,976 543,440 The accompanying notes are an integral part of these condensed interim consolidated financial statements. ANDREW PELLER LIMITED Condensed Consolidated Statements of Earnings Unaudited For the three months ended For the three months ended For the nine months ended For the nine months ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (in thousands of Canadian dollars, except per share amounts) $ $ $ $ Revenue (note 11) 108,835 105,385 313,521 314,088 Cost of goods sold (notes 4 and 11) 63,310 63,001 177,709 187,198 Amortization of plant and equipment used in production 2,901 2,783 8,581 8,295 Gross profit 42,624 39,601 127,231 118,595 Selling and administ --- ration (note 4) 25,839 23,837 78,716 77,505 Amortization of plant, equipment, intangibles and right-of-use assets used in selling and administration 3,219 3,117 9,556 9,378 Interest expense 3,130 4,219 10,123 13,118 Net unrealized (gain) loss on derivative financial instruments (note 8) (323) (556) (880) 1,175 Other (income) expenses, net (180) 1,637 713 2,845 Earnings before income taxes 10,939 7,347 29,003 14,574 Income taxes Current 2,386 490 7,089 7,140 Deferred 637 (820) 507 (4,428) 3,023 (330) 7,596 2,712 Net earnings for the period 7,916 7,677 21,407 11,862 Net earnings per share Basic Class A shares 0.18 0.18 0.50 0.28 Class B shares 0.16 0.15 0.44 0.24 Diluted Class A shares 0.18 0.17 0.48 0.27 Class B shares 0.15 0.15 0.42 0.24 The accompanying notes are an integral part of these condensed interim consolidated financial statements. ANDREW PELLER LIMITED 0 0 Condensed Consolidated Statements of Comprehensive Income Unaudited December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (in thousands of Canadian dollars) $ $ $ $ Net earnings for the period 7,916 7,677 21,407 11,862 Items that are never reclassified to net earnings Net actuarial gains (losses) on post-employment benefit plans 94 (66) 425 (108) Deferred income taxes (24) 17 (110) 29 Other comprehensive income (loss) for the period 70 (49) 315 (79) Net comprehensive income for the period 7,986 7,628 21,722 11,783 For the nine months ended For the nine months ended For the three months ended For the three months ended The accompanying notes are an integral part of these condensed interim consolidated financial statements. ANDREW PELLER LIMITED Condensed Consolidated Statements of Changes in Equity For the nine months ended December 31, 2025 and 2024 Unaudited Capital stock Contributed surplus Retained earnings Accumulated other comprehensive loss Total shareholders' equity $ $ $ $ $ Balance at April 1, 2024 28,835 6,567 206,753 (718) 241,437 Net earnings for the period - - 11,862 - 11,862 Net actuarial losses (net of deferred taxes) - - - (79) (79) Net comprehensive income for the period - - 11,862 (79) 11,783 Repurchase and cancellation of class A non-voting shares (note 9) (104) - (410) - (514) Exercise of share options and issuance of Class A non-voting shares 628 (628) - - - Share-based compensation (note 10) - 1,941 - - 1,941 Dividends (Class A $0.185 per share, Class B $0.161 per share) - - (7,806) - (7,806) Balance at December 31, 2024 29,359 7,880 210,399 (797) 246,841 Balance at April 1, 2025 29,471 8,443 206,918 (1,050) 243,782 Net earnings for the period - - 21,407 - 21,407 Net actuarial gains (net of deferred taxes) - - - 315 315 Net comprehensive income for the period - - 21,407 315 21,722 Repurchase and cancellation of class A non-voting shares (note 9) (22) - (96) - (118) Exercise of share awards and issuance of Class A non-voting shares 1,431 (1,403) - - 28 Share-based compensation (note 10) - 2,173 - - 2,173 Dividends (Class A $0.185 per share, Class B $0.161 per share) - - (7,842) - (7,842) Balance at December 31, 2025 30,880 9,213 220,387 (735) 259,745 (in thousands of Canadian dollars, except per share amounts) The accompanying notes are an integral part of these condensed interim consolidated financial statements. ANDREW PELLER LIMITED Condensed Consolidated Statements of Cash Flows Unaudited December 31, 2025 December 31, 2024 (in thousands of Canadian dollars) $ $ Cash provided by (used in) Operating activities Net earnings for the p --- eriod 21,407 11,862 Adjustments for: (Gain) loss on disposal of PP&E and intangibles (286) 60 Amortization of plant, equipment, right-of-use assets and intangible assets 18,137 17,673 Interest expense 10,123 13,118 Income taxes 7,596 2,712 Post-employment benefits (84) (226) Net unrealized (gain) loss on derivative financial instruments (880) 1,175 Share-based compensation (note 10) 2,045 1,884 Wine Sector Support Program, net (note 11) 4,155 1,290 Ontario Grape Support Program, net (note 11) (6,598) - Ontario Vintners Quality Alliance Support Program, net (note 11) 4,112 (1,899) Interest paid (9,003) (11,678) Income taxes paid (6,320) (1,658) 44,404 34,313 Changes in non-cash working capital items related to operations (note 5) (3,012) 25,282 41,392 59,595 Investing activities Proceeds from disposal of property, plant and equipment 3,199 - Purchase of property, plant and equipment (12,406) (12,899) Purchase of intangibles (1,167) (1,364) (10,374) (14,263) Financing activities Decrease in bank indebtedness (2,132) (199) Issuance of Class A non-voting shares 28 - Repayment of lease obligations (4,555) (3,939) Repayment of long-term debt (36,000) (63,000) Drawings on long-term debt 31,000 38,000 Repurchase and cancellation of class A non-voting shares (118) (514) Dividends paid (7,823) (7,806) (19,600) (37,458) Increase in cash during the period 11,418 7,874 Cash, beginning of period - - Cash, end of period 11,418 7,874 Supplementary Information Property, plant, and equipment and intangibles acquired that were unpaid in cash and included in accounts payable and accrued liabilities 77 35 For the nine months ended For the nine months ended The accompanying notes are an integral part of these condensed interim consolidated financial statements. Andrew Peller Limited Notes to the Condensed Interim Consolidated Financial Statements Unaudited December 31, 2025 and December 31, 2024 (in thousands of Canadian dollars, except per share amounts) 1 1 Nature of operations Andrew Peller Limited (the “Company”) produces and markets wine, spirits & wine related products. The Company’s products are produced and sold predominantly in Canada. The Company is incorporated under the Canada Business Corporations Act and is domiciled in Canada. The address of its head office is 697 South Service Road, Grimsby, Ontario, L3M 4E8. 2 Material accounting policies (A) Basis of presentation These condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) applicable to the preparation of interim financial statements, including International Accounting Standard 34 – Interim Financial Reporting. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the years ended March 31, 2025 and 2024, which have been prepared in accordance with IFRS Accounting Standards. The note disclosures for these condensed interim consolidated financial statements only present material changes to the disclosure found in the Company’s audited consolidated financial statements for the years ended March 31, 2025 and 2024. There have been no changes to the Company’s accounting policies from those disclosed in its consolidated financial statements for the years ended March 31, 2025 and 2024. These condensed interim consolidated financial statements are pre --- sented in Canadian dollars, which is the Company’s functional currency and dollar amounts have been rounded to the nearest thousand, except per share amounts. These condensed interim consolidated financial statements were approved by the Board of Directors on February 10, 2026. (B) Recently issued accounting pronouncements IFRS 18, Presentation and Disclosure in Financial Statements In April 2024, IFRS 18 was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company has not yet assessed the impact of the new standard on the consolidated financial statements. Andrew Peller Limited Notes to the Condensed Interim Consolidated Financial Statements Unaudited December 31, 2025 and December 31, 2024 (in thousands of Canadian dollars, except per share amounts) 2 Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments In May 2024, amendments to IFRS 9 and IFRS 7 were issued to: a) Clarify the date of recognition and derecognition of some financial assets and liabilities, with the exception of some financial liabilities settled through an electronic cash transfer system; b) Clarify and add further guidance for assessing whether a financial asset meets the “solely payments of principal and interest” criterion; c) Add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and d) Update the disclosures for equity instruments designated at fair value through other comprehensive (loss) income (FVOCI). The amendments are effective for annual reporting periods beginning on or after January 1, 2026 with earlier adoption permitted. The Company has not yet assessed the impact of the new standard on the consolidated financial statements. 3 Seasonality The second and third quarters of the Company’s fiscal year are historically the largest due to increased activity at the Company's estate properties and increased consumer purchasing of the Company’s products during the holiday season. 4 Nature of Expenses The nature of the expenses included in selling and administration and cost of goods sold are as follows: For the three months ended December 31, 2025 For the three months ended December 31, 2024 For the nine months ended December 31, 2025 For the nine months ended December 31, 2024 Raw materials and consumables $ 51,199 $ 52,869 $ 145,408 $ 154,841 Employee compensation and benefits 22,405 21,922 68,327 69,296 Advertising, promotion and distribution 9,691 7,646 24,919 22,327 Occupancy 2,911 2,975 8,097 8,679 Repairs and maintenance 2,339 1,842 6,262 5,195 Other external charges 6,100 3,526 20,037 16,356 Government support programs (note 11) (5,496) (3,942) (16,625) (11 --- ,991) $ 89,149 $ 86,838 $ 256,425 $ 264,703 Andrew Peller Limited Notes to the Condensed Interim Consolidated Financial Statements Unaudited December 31, 2025 and December 31, 2024 (in thousands of Canadian dollars, except per share amounts) 3 5 Non-cash working capital items The change in non-cash working capital items related to operations is comprised of the change in the following items: 6 Related parties and management compensation The compensation expense recorded for directors and members of the Executive Management Team of the Company was $1,847 (2024 - $1,665) for the three months ended December 31, 2025 and $5,255 (2024 - $6,187) for the nine months ended December 31, 2025. The compensation expense consists of amounts that will primarily be settled within twelve months of being earned. 7 Goodwill As at December 31, 2025, the Company’s book value of net assets exceeded its market capitalization, which was an indication of impairment and triggered an overall impairment assessment. Key assumptions and methodology used to project future cash flows remain consistent with those disclosed in the audited consolidated financial statements for the years ended March 31, 2025 and 2024. No impairment in goodwill for the three and nine months ended December 31, 2025 was recognized as a result of the impairment test. Changes in market conditions could result in changes in the carrying value of goodwill in the future. Sensitivity analysis was performed by changing the following key assumptions: discount rate, gross profit percentage, average revenue growth rate during the period of projected cash flows, and terminal growth rate. The results of the sensitivity analyses performed as of December 31, 2025 remain consistent with those disclosed in the audited consolidated financial statements for the years ended March 31, 2025 and 2024. 8 Financial instruments Fair value The fair value of accounts receivable, bank indebtedness, accounts payable and accrued liabilities, and dividends payable approximate their carrying values because of the short-term maturity of these instruments. For the nine months ended December 31, 2025 For the nine months ended December 31, 2024 Accounts receivable $ 1,350 $ 1,319 Inventory 8,388 22,016 Biological assets 1,560 522 Prepaid expenses and other assets 2,165 (2,123) Accounts payable and accrued liabilities (16,475) 3,548 $ (3,012) $ 25,282 Andrew Peller Limited Notes to the Condensed Interim Consolidated Financial Statements Unaudited December 31, 2025 and December 31, 2024 (in thousands of Canadian dollars, except per share amounts) 4 The fair value of long-term debt is equivalent to the carrying value because the variable interest rate is comparable to market rates. The fair value of the interest rate swaps used to fix the interest rate on long-term debt is included in the derivative financial instruments in the condensed consolidated balance sheets. The fair value of foreign exchange forward contracts is determined based on the difference between the contract rate and the forward rate at the date of valuation. The fair value of interest rate swaps is determined based on the difference between the fixed interest rate in the contract that will be paid by the Company and the forward curve of the floating interest rates that are expected to be paid by the counterparty. The fair values of foreign exchange forward contracts and the interest rate swaps are adjusted to reflect any changes in the Company’s or the counter --- party’s credit risk. Fair value estimates are made at a specific point in time, using available information about the instrument. These estimates are subjective in nature and often cannot be determined with precision. The net unrealized (gain) loss on derivative financial instruments is comprised of: For the three months ended December 31, 2025 For the three months ended December 31, 2024 For the nine months ended December 31, 2025 For the nine months ended December 31, 2024 Unrealized (gain) loss on interest rate swaps $ (361) $ (167) $ (895) $ 1,500 Unrealized loss (gain) on foreign exchange forward contracts 38 (389) 15 (325) $ (323) $ (556) $ (880) $ 1,175 The fair value measurements of the Company’s financial instruments are classified in the hierarchy below according to the significance of the inputs used in making the fair value measurements. December 31, 2025 Quoted prices in active markets for identical assets (Level 1) Significant observable inputs other than quoted prices (Level 2) Significant unobservable inputs (Level 3) Interest rate swap liability $ - $ (1,649) $ - Foreign exchange forward contracts asset - 48 - Andrew Peller Limited Notes to the Condensed Interim Consolidated Financial Statements Unaudited December 31, 2025 and December 31, 2024 (in thousands of Canadian dollars, except per share amounts) 5 March 31, 2025 Quoted prices in active markets for identical assets (Level 1) Significant observable inputs other than quoted prices (Level 2) Significant unobservable inputs (Level 3) Interest rate swap liability $ - $ (2,544) $ - Foreign exchange forward contracts asset - 63 - There were no transfers of financial instruments between levels during the quarter. 9 Normal course issuer bid On July 15, 2024, the Company announced its normal course issuer bid had been approved by the Toronto Stock Exchange. Under the issuer bid the Company was authorized to purchase for cancellation up to 1,000,000 of its outstanding Class A non-voting common shares, representing 2.8% of the Class A non-voting common shares outstanding at the time, over the ensuing twelve months. The total number of Class A non-voting common shares repurchased for cancellation under the NCIB during the nine-month period ended December 31, 2025 amounted to 26,700 common shares, at a weighted average price of $4.41 per Class A non-voting common share, for a total cash consideration of $118. For the nine-month period ended December 31, 2025, the Company’s share capital was reduced by $22 and the remaining $96 was accounted for as a decrease to retained earnings. 10 Share based compensation The Company has a share-based compensation plan comprised of stock options, performance share units (PSUs), restricted share units (RSUs) and deferred share units (DSUs). The impact of the share-based compensation expense recorded for the nine months ended December 31, 2025 and 2024 is summarized as follows: For the nine months ended December 31, 2025 For the nine months ended December 31, 2024 1,628,567 stock options (March 31, 2025 – 1,634,833) (a) $ 75 $ 93 468,627 performance share units (March 31, 2025 – 490,383) (b) 583 596 875,849 restricted share units (March 31, 2025 – 787,644) (c) 1,273 1,068 99,259 deferred share units (March 31, 2025 – 53,019) (d) 114 127 $ 2,045 $ 1,884 The stock options, PSUs, RSUs, and DSUs are equity settled and as such, the expense associated with these instruments is recorded as share-based compensation expense through the condensed conso --- lidated statements of earnings with a corresponding entry made to contributed surplus on the condensed consolidated balance sheets. Andrew Peller Limited Notes to the Condensed Interim Consolidated Financial Statements Unaudited December 31, 2025 and December 31, 2024 (in thousands of Canadian dollars, except per share amounts) 6 The maximum number of shares that may be issued under all share-based compensation arrangements implemented by the Company may not exceed 10% of the total number of Class A non-voting common shares issued and outstanding from time to time. As at December 31, 2025, the Company had 4,532,683 Class A non- voting common shares reserved for issuance under the share-based compensation arrangements. a) Stock options The Company has a stock option plan under which options to purchase Class A non-voting common shares may be granted to officers and employees of the Company. Options granted under the plan have an exercise price of not less than the volume weighted average trading price of the Class A non-voting common shares where they are listed for the five trading days prior to the date of the grant. Options granted vest in tranches, equally over a three-year period on each anniversary of the grant date, commencing on the first anniversary of the grant date. December 31, 2025 December 31, 2024 Number of Awards Weighted average exercise price per share $ Number of Awards Weighted average exercise price per share $ Balance – Beginning of year 1,634,833 8.65 1,966,500 8.31 Issued - - - - Exercised (6,266) (4.40) - - Forfeited - - (346,401) (6.56) Balance – End of period 1,628,567 8.66 1,620,099 8.71 Exercisable 1,486,835 9.10 1,294,830 9.74 b) PSU plan The Company has established a PSU plan for employees and officers of the Company. PSUs represent the right to receive Class A non-voting common shares settled by the issuance of treasury shares or shares purchased on the open market. PSU’s granted after March 31, 2024 vest in three tranches with one-third vesting at each fiscal year end following the grant date. PSUs granted in prior years vest in full at the end of the third fiscal year after the grant date. The number of units that will vest is determined based on the achievement of certain performance conditions (i.e. financial targets) established by the Board of Directors and are adjusted by a factor, which ranges from 0.5 to 2.0, depending on the achievement of the targets established. Therefore, the number of units that will vest and be exchanged for Class A non-voting common shares may be higher or lower than the number of units originally granted to a participant. Andrew Peller Limited Notes to the Condensed Interim Consolidated Financial Statements Unaudited December 31, 2025 and December 31, 2024 (in thousands of Canadian dollars, except per share amounts) 7 December 31, 2025 December 31, 2024 Number of Awards Weighted average exercise price per share $ Number of Awards Weighted average exercise price per share $ Balance – Beginning of year 490,383 4.42 462,114 5.87 Issued 181,091 5.24 208,958 3.96 Exercised (186,941) (4.76) - - Forfeited (15,906) (4.62) (162,347) (7.48) Balance – End of period 468,627 4.59 508,725 4.57 c) RSU plan The Company has established a RSU plan for employees and officers of the Company. RSUs represent the right to receive Class A non-voting common shares settled by the issuance of treasury shares or shares purchased on the open market. RSUs will vest ratably over the Restriction Period, --- as to one-third of the RSUs on each anniversary of the grant date, commencing on the first anniversary of the grant date. December 31, 2025 December 31, 2024 Number of Awards Weighted average exercise price per share $ Number of Awards Weighted average exercise price per share $ Balance – Beginning of year 787,644 4.04 246,038 5.04 Issued 224,850 5.24 663,720 3.92 Exercised (131,580) (3.86) (96,111) (5.50) Forfeited (5,065) (4.49) (26,003) (5.06) Balance – End of period 875,849 4.37 787,644 4.04 d) DSU plan The Company has established a DSU plan for employees, officers and Directors of the Company. DSUs represent the right to receive Class A non-voting common shares settled by the issuance of treasury shares or shares purchased on the open market. DSUs vest immediately but are only exercisable when the participant’s employment with the Company ceases, or when the participant is no longer a Director of the Company. DSUs may be offered to directors of the Company subsequent to the year in which fees are earned. As a result, the issuance of DSUs is reflected as an increase in contributed surplus in the period the offer is made, which may not correspond to when the expense is recognized. Andrew Peller Limited Notes to the Condensed Interim Consolidated Financial Statements Unaudited December 31, 2025 and December 31, 2024 (in thousands of Canadian dollars, except per share amounts) 8 December 31, 2025 December 31, 2024 Number of Awards Weighted average exercise price per share $ Number of Awards Weighted average exercise price per share $ Balance – Beginning of year 53,019 5.91 29,559 12.82 Issued 46,240 5.24 45,700 3.96 Exercised - - (5,490) (18.22) Balance – End of period 99,259 5.60 69,769 6.58 11 Government Support Programs Wine Sector Support Program In June 2022, Agriculture Canada announced the Wine Sector Support Program (WSSP) to provide non- repayable support to licensed Canadian wineries based on the production of bulk wine fermented in Canada from domestic and/or imported grapes. In November 2025, the Company received $14,182 attributed to the WSSP renewal with the offset recorded as a reduction to the cost of inventory. In the Company’s judgement, the support is intended to compensate for inventory production costs that the Company incurred to produce bulk wine in the prior year, and will be recognized in the condensed interim consolidated statement of earnings as a reduction in the cost of goods sold in the period the eligible wine is sold. For the three and nine months ended December 31, 2025, $3,411 (December 31, 2024 - $3,942) and $10,027 (December 31, 2024 - $11,991) of the support has been recognized as a credit to cost of goods sold. As at December 31, 2025, $12,296 (March 31, 2025 - $8,141) remains recorded as a reduction to the cost of inventory which will be released to cost of goods sold as the inventory is sold. Ontario Grape Support Program In May 2025, the government introduced the Ontario Grape Support Program (OGSP) to provide non-repayable support to eligible Ontario wineries for the production of Ontario non-VQA wine and International Domestic Blend wine. In the Company’s judgement, as the intent of the program is to increase the percentage of Ontario grape content included in the production of Ontario non-VQA wine and International Domestic Blend wine, it is recognized in the condensed interim consolidated statements of earnings as a reduction in the cost of goods sold in the period the eligible wine is sold. --- For the three and nine months ended December 31, 2025, $2,085 (December 31, 2024 - $nil) and $6,598 (December 31, 2024 - $nil) has been recognized as a credit to cost of goods sold, respectively. As at December 31, 2025, $16,348 (March 31, 2025 - $9,750) is included in accounts receivable. Andrew Peller Limited Notes to the Condensed Interim Consolidated Financial Statements Unaudited December 31, 2025 and December 31, 2024 (in thousands of Canadian dollars, except per share amounts) 9 Vintners Quality Alliance (VQA) and other domestic support programs The stated objectives of these programs are to provide support to help wineries invest in growing their VQA wine business and promote investment in growing the VQA and the domestic wine industry in Canada. Funds received under these programs are earned in the ordinary course of business and are estimated based on program documentation and the Company’s determination of product eligibility. The amounts are subject to change as the programs are administered. For the three months ended December 31, 2025, included within revenue are product sales of $104,337 (December 31, 2024 - $101,324) and other revenue associated with various provincial wine support programs of $4,498 (December 31, 2024 - $4,061). For the nine months ended December 31, 2025, included within revenue are product sales of $299,719 (December 31, 2024 - $302,261) and other revenue associated with various provincial wine support programs of $13,802 (December 31, 2024 - $11,827). The Company received $15,145 (December 31, 2024 - $7,351) in connection with the Ontario VQA support program during the nine months ended December 31, 2025. At December 31, 2025, $5,035 (March 31, 2025 - $9,147) is included in accounts receivable relating to this program.