Viña Concha y Toro S A : CONSOLIDATED RESULTS 1Q2023

PRESS RELEASE

1Q23

INDEX

CHAPTER 01

Highlights

CHAPTER 02

CEO's Comments

CHAPTER 03

1Q23 Results

CHAPTER 04

Income Statement

CHAPTER 05

Statement of Financial Position as of March 31, 2023

PRESS RELEASE

1Q23

Press Release (*)

Viña Concha y Toro

1. Consolidated figures of the following analysis are expressed in Chilean pesos, in accordance with reporting standards of the Financial Markets Commission of Chile. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Investor Presentation

Tuesday, May 2, 11:00 hrs.

Contact:

Daniela Lama

Head of Investor Relations [e-mail]

About Viña Concha y Toro

Founded in 1883, Viña Concha y Toro is the leading Latin American wine maker, and one of the world's largest wine companies. It holds around 12,000 hectares of vineyards in Chile, Argentina, and United States, and its wine portfolio includes iconic brands, such as Don Melchor and Almaviva (Joint Venture 50% - 50% with Baron Philippe de Rothschild), its flagship brand Casillero del Diablo, Trivento from Argentina, and Bonterra brands from California.

Forward Looking Statements

This press release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and certain plans and objectives of the Company with respect to these items Forward-looking statements are declaration of intentions, beliefs or expectations of Viña Concha y Toro and its administration with respect to future results of the Company. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that occur in the future.

PRESS RELEASE

1Q23

CHAPTER 01

Highlights

1Q23

• Consolidated sales down 8.4% QoQ to Ch$163,172 million.
• Principal and Invest mix account for 50.5% of the company's total sales, up 10 bps QoQ.
• Gross profit down 16.6% QoQ to Ch$59,786 million. The gross margin was 36.6% (down 360 bps) explained by 3.4 points for extraordinary expenses.
• EBITDA down 59.4% QoQ to Ch$13,014 million. The EBITDA margin was down 1,000 bps to 8.0%.
• Net income attributable to shareholders down 82.2% QoQ to Ch$3,152 million. The net margin was 1.9% (down 800 bps).

PRESS RELEASE

1Q23

CHAPTER 02

CEO's Comments

The complex global situation, marked by inflationary pressures, excess inventory seeking to cover logistics disruptions, economic slowdown, higher interest rates, cost increases for dry goods and shipping costs, and lower consumption, continued during the first quarter of 2023. As such, our performance in this period was not in line with our forecasts. This has affected our business, which can be clearly observed in the higher level of accumulated inventory in the markets, resulting in a drop of sales in terms of both volume and value.

In response to this scenario, in the fourth quarter of 2022 the company initiated a complete efficiency plan throughout the holding's operations. Additionally, price increases were implemented throughout the portfolio during 2022, and we placed emphasis on a strategy which aims to maintain the company's financial strength.

Our most conservative forecasts lead us to expect an improvement in sales during the second half of the year, in the extent that the extraordinary global conditions that have affected the industry begin to recede and the measures taken by the company start to deliver benefits. Our forecasts suggest that we will exceed the volumes sold in 2022.

Over the last five years, the company has implemented a Premiumization and transformation strategy, ending in 2022. During this period, which was marked by global uncertainty and macroeconomic challenges, we have achieved a more efficient and agile operation with a more Premium portfolio.

In the coming months, we will launch a new ambitious strategic plan for 2023-2025, which will aim to accelerate the recovery of sales from 2023 and achieve high and sustained medium-term growth. We are convinced that we have all the fundamentals to undertake this new challenge and take Viña Concha y Toro to the next level.