Investor Presentaiton

Definitions Term Definition Cash conversion COO CODB COGS Commercial wine DTC EPS EBITDAS EBITS EBITS Margin Exchange rates Luxury wine Material items Net debt to EBITDAS NPD Net operating cash flows before financing costs, tax and material items divided by EBITDAS Country of origin Cost of doing business. Gross profit less EBITS. Excludes non-cash items as well as tax, the cost of the Group's capital structure and non-operating transactions as a measure of underlying operational costs Cost of goods sold Wine that is sold at a price point below A$10 (or equivalent) per bottle Direct to consumer Earnings per share Earnings before interest, tax, depreciation, amortization, material items and SGARA Earnings before interest, tax, material items and SGARA EBITS divided by net sales revenue Average exchange rates used for profit and loss purposes in F23: AUD/USD 0.6732 (F22: AUD/USD 0.7258), AUD/GBP 0.5594 (F22: AUD/GBP 0.5454) Period end exchange rates used for balance sheet items in F23: AUD/USD 0.6620 (F22: AUD/USD 0.6883), AUD/GBP 0.5249 (F22: AUD/GBP 0.5677) Wine that is sold at a price point above A$30 (or equivalent) per bottle Items of income or expense which have been determined as being sufficiently significant by their size, nature or incidence and are disclosed separately to assist in understanding the Group's financial performance Ratio of Net Debt to EBITDAS includes the addition of depreciation expense attributable to capitalised leases in the period per AASB 16 Leases New product development 40 40 Wine that is sold at a price point between A$10 and A$30 (or equivalent) per bottle. Return on Capital Employed. EBITS divided by Capital Employed (at constant currency). Capital Employed is the sum of average net assets (adjusted for SGARA) and average net debt. Self-generating and re-generating assets. SGARA represents the difference between the fair value of harvested grapes (as determined under AASB 141 Agriculture) and the cost of harvest. The fair value gain or loss is excluded from Management EBITS so that earnings can be assessed based on the cost of harvested grapes, rather than their fair value. This approach results in a better reflection of the true nature of TWE's consumer branded and FMCG business and improved comparability with domestic and global peers. NSR Net sales revenue Premium wine ROCE SGARA TWE

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