Viña Concha y Toro S A : CONSOLIDATED RESULTS 2Q2022

Second Quarter and First Half 2022

Consolidated Results

Santiago, Chile, August 16, 2022 - Viña Concha y Toro S.A. ("The Company" or "Concha y Toro") (IPSA: Conchatoro), global leading winery and the main producer and exporter of Chilean wine, announced today consolidated financial results, stated under IFRS, for the period ended June 30, 2022.

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.

2Q22 Highlights

• Consolidated revenue up 5.6% to Ch$222,180 million.
• Gross profit up 5.1% to Ch$85,359 million. Gross margin reached 38.4% (down 20 bp).
• EBITDA down 24.7% to Ch$31,860 million. EBITDA margin down 580 bp to 14.3%.
• Net profit up 0.8% to Ch$23,201 million. Net margin down 50 bp to 10.4%.

1H22 Highlights

• Consolidated revenue up 7.0% to Ch$400,236 million.
• Gross profit up 9.1% to Ch$157,011 million. Gross margin up 80 bp to 39.2%.
• EBITDA down 10.7% to Ch$63,909 million. EBITDA margin down 320 bp to 16.0%.
• Net profit up 8.3% to Ch$40,878 million. Net margin reached 10.2% (up 10 bp).

1

CEO Comments

In 2022, we have faced a highly complex and uncertain global operating and macroeconomic environment that has challenged us as a Company to adapt and respond to the new logistics and commercial context in our quest to generate sustained value over time.

Given the strong inflationary pressures and their impact on dry goods costs, freight and labor costs, we have carried out price increases throughout the portfolio, with a focus on our profitability objectives, together with effective cost management and a strategy aimed at maintaining the financial strength of the Company.

In the second quarter, consolidated sales grew 5.6%, reaching Ch$222,180 million, reflecting the increase in average price/mix, a favorable exchange rate effect, and lower volumes. The decrease in volumes of 10.8% mainly reflects lower demand in Europe, especially in the UK, where there is a normalization in post- pandemic consumption habits, a high basis of comparison and adjustments after price increases in this key market. Lower sales volumes were also observed in Russia and Ireland. Volumes in Asia were affected by a gap in shipments to Japan and South Korea. In Chile, there was also a contraction mostly in the category of non-premium wine and a decrease in Beers and Spirits, after a period of extraordinary growth. Volumes in Latin America, led by Mexico, performed strongly, as they did in Canada.

At the operational level, the different initiatives carried out and effective cost management have allowed us to show an expansion of gross profit (+5.1%) and a stable gross margin. However, higher administrative and sales expenses, as a result of increases in the cost of employment, logistic expenses and investment in brands, together with extraordinary expenses to meet our commercial commitments, have caused a fall in the operating result and its margin.

Given our favorable financial management, we ended the quarter with a lower net financial expense, as well as a positive result on exchange rate differences, contributing to net income closing the period slightly above the one of the previous year.

Despite the challenging backdrop, our belief in the solid fundamentals of the strategy and the Company remains intact. While we have seen certain contractions in the Premium segment, we are certain that our strategic vision and investment in brand and market building will continue to bring growth and profitability to the Company. In turn, the focus on efficiency and the development of investments in our integrated production model will allow us to overcome complex quarters effectively, evolving into an even more solid Company.

2

Consolidated Revenue

	Sales (Ch$ million)			2Q22			2Q21			Chg (%)			1H22			1H21			Chg (%)
Export Markets⁽1⁾	151,000		141,591		6.6%	264,555	248,508		6.5%
Chile	32,489	34,200	(5.0%)	64,046	61,947	3.4%
	Wine	23,923		25,014		(4.4%)		42,576	43,277		(1.6%)
	Beer & Spirits⁽3⁾	8,567		9,186		(6.7%)		21,470	18,669		15.0%
USA	34,271	32,530	5.4%	63,998	59,997	6.7%
Others	4,420	2,075	113.0%	7,637	3,447	121.6%
	Total Sales			222,180			210,395			5.6%			400,236			373,898			7.0%

	Volume (thousand C9L)		2Q22	2Q21	Chg (%)	1H22	1H21	Chg (%)
	Export Markets⁽1⁾	5,711	6,323	(9.7%)	10,188	11,337	(10.1%)
	Chile	2,176	2,465	(11.7%)	4,215	4,499	(6.3%)
	Wine	1,674	1,920	(12.8%)	2,943	3,339	(11.8%)
	Beer & Spirits⁽3⁾	502	545	(8.0%)	1,271	1,160	9.6%
	USA	909	1,073	(15.3%)	1,666	1,954	(14.8%)
	Total Volume		8,795	9,861	(10.8%)	16,068	17,790	(9.7%)

Average Price⁽2⁾ (per C9L)		2Q22	2Q21	Chg (%)	1H22	1H21	Chg (%)
Export Markets⁽1⁾	US$	31.3	31.3	(0.1%)	31.3	30.5	2.8%
Chile Wine	Ch$	14,292	13,028	9.7%	14,465	12,962	11.6%
USA	US$	44.5	42.3	5.2%	46.4	42.6	8.8%

1. Includes exports to third parties from Chile, Argentina, and USA, and sales in Argentina. Excludes exports from Chile and Argentina to the
   USA, which are included in USA. (2) Excludes bulk wine sales. (3) "Beer & Spirits" and "Others" were previously reported under the name Non- Wine Sales. The split of this line is intended to separate non-liquid sales (now belonging to "Others") from beverages different than wine (now belonging to "Beer & Spirits").

Consolidated Revenue by Geography

2Q22

Africa & M. East

Asia1.1% 7.2%

Latin America	Europe
36.4%
21.8%

Chile

14.6%

USA & Canada

18.9%

3

2Q22 Results

1. Consolidated Revenue

In 2Q22, consolidated sales grew 5.6% to Ch$222,180 million. This result comes from a positive price/mix effect as the Company has carried out price increases in the different markets during the quarter, and a favorable exchange rate effect, partly offset by a 10.8% decrease in total volume.

Lower volumes have been driven by several factors, such as the price increases that have been made in different markets, consumption adjustments in a post-pandemic scenario along with high bases of comparison, the loss of promotional slots due to disruptions in logistics, a situation that continued to affect certain routes in the quarter, among others. The Company evidenced weaker volumes in its major markets of Chile, Europe and the USA. On the other hand, Latin America and Canada posted volume growth in the period.

In a challenging context, our brands in the Principal and Invest categories showed sales increases of 2.4% in value and a decrease of 11.1% in volume, due to weaker volumes in the main export markets. Consequently, the Company showed a slightly lower sales mix compared to the same quarter of 2021, with the Principal and Invest categories representing 49.1% of total Company sales (-100 bp).

For the quarter, we highlight the increase in the average price/mix in Chile Wine (+9.7%) and the USA (+5.2%); in Export Markets the Company has carried out price increases in local currency in most of its markets.

1.1. Export Markets

The company's sales in Export Markets grew 6.6% in value, reaching Ch$151,000 million. This result reflects the positive effect of price increases in local currency and the exchange rate effect, partly compensated by a 9.7% decrease in volumes.

In Europe, sales decreased 1.1%, with volumes down 15.3%, mainly due to lower volumes in the UK, Ireland and Russia. In the UK, volumes declined 12.2% mainly reflecting industry adjustments following pandemic restrictions and normal shopping behaviors returning, and volume adjustments following price increases in this key market.

In Asia, sales decreased 8.0% in value with volumes 27.5% down. This is largely explained by the phasing of shipments to Japan into the second half of the year, and lower volumes to South Korea in this quarter. We highlight sales growth in China, of 17.9% in value and 10.7% in volume, despite COVID restrictions affecting the large city of Shanghai in the months of April and May. The strategy and focus on the Premium categories that the Company has carried out had a positive performance with Invest brands increasing 124% in volume, and the Super and Ultra Premium portfolio expanding 24.7%.

4

In Latin America, sales had a positive performance (+38.0% in value, +8.9% in volume), led by Mexico with growth of 48.6% in value and 29.9% in volume, boosted by the Principal, Invest and Protect categories all posting double digit volume growth. Brazil's sales grew 7.2% in value.

In Canada, sales grew 14.5% in value and 3.6% in volume, with a solid performance of the Principal category.

Regarding the exchange rate impact, when compared with the same quarter of the previous year, in 2Q22, the average Chilean peso depreciated against all the currencies of our export markets: the Brazilian Real (26.0%), US dollar (18.4%), Mexican peso (17.7%), Chinese Yuan (14.8%), Canadian dollar (13.5%), Pound Sterling (5.8%), Norwegian krone (4.4%), Euro (4.4%), and Swedish krona (0.5%)1.

1.2. Chile

In the domestic market of Chile, wine sales decreased 4.4% to Ch$23,923 million as a result of a 9.7% increase in the average price/mix and a volume decrease of 12.8%. The volume decline was concentrated in the non-premium wine segment, reflecting mainly the downward trend in this category. On the other hand, Principal and Invest brands combined grew 5.6% in value and 1.1% in volume with an average price increase of 4.5% and a 370 bp increase in value mix.

The Beer & Spirits category showed a deceleration with sales decreasing 6.7% in value and 8.0% in volume. This result is mainly explained by a high comparative base from consecutive double- digit growth in previous quarters.

1.3. USA

Sales in the market of USA include sales of Bonterra Organic Estates (ex Fetzer Vineyards) and the imported portfolio from Chile and Argentina, currently commercialized by Bonterra Organic Estates.

In USA, sales increased 5.4% in value, with 5.2% higher average price/mix in US dollars. Total volume recorded a 15.3% decrease, mainly explained by lower sales in the non-premium portfolio (

1 Based on the relevant exchange rates for Viña Concha y Toro.

5