LARK DISTILLING CO. LTD — AGM Information 2023

Nov 22, 2023

LARK AGM PRESENTATION

SATYA SHARMA - CEO

23[RD] NOVEMBER 2023

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LARK Distilling Co.

FY23 Highlights

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FY23 | Key Highlights

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Net sales of $17.0 million (down $3.3m on FY22)

Organic Net sales growth of 15%

(normalized for non-organic and opportunistic transactions)

Gross margin of 68.9% (+240bps on FY22 of 66.5%)

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Operating EBITDA of ($2.0) million

Statutory EBITDA of ($5.1) million

Balance sheet flexibility Cash position of $7.2 million + undrawn committed bank facility of $15 million extended to January 2025; full facility available to be drawn

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Whisky bank of 2.4 million litres* underwriting future sales growth

*(at 43% ABV) as at 30 June 2023

(FY22: 2.1 million litres)

Progress of Asia export business

LARK remains well positioned for growth; underpinned by high quality whisky bank

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3Investor Briefing - LARK Distilling Co.

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High Quality Whisky Bank – Underwriting Future Sales Growth

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2.35 2.38
2.18 2.22
2.06
1.95
1.34
1.24
1.09
Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 4 Q4 FY23
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LARK Distilling Co.

Growth Strategy

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AUSTRALIA’S No. 1 LUXURY

SINGLE MALT WHISKY

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STRATEGIC PRIORITIES

BUILD LONG TERM BRAND VALUE LARK will build a globally recognised and differentiated luxury brand

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INTERNATIONAL SALES MOMENTUM & DOMESTIC LEADERSHIP POSITION

Creation of repeatable and diversified (geography and channel) revenue streams

CASH & CAPITAL DISCIPLINE

LARK will prioritise cash generation to underpin growth while exercising capital discipline

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AWARD WINNING

BUILDING A REPUTATION ON THE WORLD STAGE FOR QUALITY AND INNOVATION

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LARK CLASSIC CASK
SINGLE MALT WHISKY
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DARK LARK
SINGLE MALT WHISKY
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SYMPHONY
BLENDED MALT WHISKY
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REASON TO BELIEVE

Australia’s No.1 Luxury Single Malt Whisky

Made of Tasmania:

• Ideal “Goldilocks” climate

• The purest water and air

• Fabric of community

BRAND POSITIONING

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DISTINCTIVE BRAND ASSETS

1. STANDOUT

2. RECOGNITION 3. SIMPLICITY 4. CONSISTENCY

We will optimise our suite of assets as part of our brand evolution.

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T A S M A N I A N S I N G L E M A L T W H I S K Y

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LARK FUTURE BRAND PROPOSITIONS

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TASMANIAN SINGLE MALT WHISKY

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HOUSE OF LARK TASMANIAN WHISKIES

FORTY SPOTTED TASMANIAN GIN

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Not to scale

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GROWING LARK IN INTERNATIONAL MARKETS

– A PROVEN PATH

 Key distributor partner appointments  Progress with MOUs signed for Malaysia, Indonesia, Philippines

• Build awareness and establish Distinctive Brand Assets and Reason to Believe

• Advocacy and education approach

 Drive trial to aid consideration

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SEED
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• Enter new channels

• Scale width of distribution

• Grow rate of sale through increased activation

• Ensure ongoing relevance

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NURTURE
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• Scale awareness and trial through expanding audience targeting

• Increased activation footprint

• Introduction of innovation to capitalise on established equity

• Distributor KPI review and re-alignment

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Investor Briefing - LARK Distilling Co GROW .

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GLOBAL TRAVEL RETAIL

THE ULTIMATE SHOP WINDOW

Global Travel Retail provides a unique opportunity to engage with our target audience

Consumers discover and dwell as part of their travel ritual

We will have the right architecture to supplement growing domestic awareness in this important channel

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14Investor Briefing - LARK Distilling Co.

PROTECT DOMESTIC LEADERSHIP POSITION

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FLAGSHIP BRAND HOMES & LARK HOSPITALITY

IMAGE TO BE UPDATED

INCREASED VISIBILITY & EXPANDING AUS WHISKY LANDSCAPE

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PERSONALISED DIGITAL EXPERIENCES; LARKDISTILLING.COM

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LEADING WHISKY, LUXURY HNWI COCKTAIL AND HOTEL DINNERS & BARS EXPERINECES

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KEY PARTNERSHIPS (E.G.THE WHISKY CLUB)

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15Investor Briefing - LARK Distilling Co.

OUR GROWTH PLAN

PHASE 1: ESTABLISH BEACHHEADS (FY24 – FY27)

PHASE 2: EMBED FOUNDATIONS (FY26 – FY32)

Build brand equity  BUILD BRAND EQUITY FOUNDATIONS foundationsIN KEY MARKETS PHASE 3: ACCELERATE (FY30+) Enter identified international - Expand recruitment EXPAND CONSUMER RECRUITMENT  ENTER IDENTIFIED markets - Scale international markets INTERNATIONAL MARKETS  INCREASE INTERNATIONAL - Build mass reach  EXPLODE BRAND VALUE Cash & Capital discipline - Cash & Capital disciplineFOOTPRINT  CASH & CAPITAL DISCIPLINE - Explode brand value  BUILD MASS REACH  CASH & CAPITAL DISCIPLINE - Cash & Capital discipline  CASH & CAPITAL DISCIPLINE

PHASE 3: ACCELERATE (FY30+)

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16Investor Briefing - LARK Distilling Co.

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PRIORITY	DESCRIPTION	KPI	TIMING
BUILD LONG TERM BRAND VALUE	LARK will build a globally recognized and differentiated luxury Single Malt brand, and this will be supplemented by House of Lark and FSG	LARK Single Malt Restage (architecture, format etc)	By FY25
		House of Lark Developed FSG Restage	By FY25
INTERNATIONAL SALES MOMENTUM & DOMESTIC LEADERSHIP POSITION	Creation of repeatable and diversified (geography and channel) revenue streams	Completion of top 10 target market entry GTR Growth (following market entry) Sustain domestic position and revenues	By FY26 Ongoing Ongoing
		50% of Net Sales from shipments to Export / GTR customers	By FY27
CASH & CAPITAL DISCIPLINE	Prioritisation of Cash Generation to allow increased re-investment. Ensure funding optimization and appropriate capital deployment	 Working Capital funding Renewed / Secured  Maintain subsequent rolling min age to maturity of 18 months	FY24 Ongoing
		Assessment and use of stable of assets	By FY24
		Positive Operating Cashflows	By FY26-FY27 period

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17Investor Briefing - LARK Distilling Co.

LARK Distilling Co.

Perspectives for FY24

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PERSPECTIVES FOR FY24

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T A S M A N I A N S I N G L E M A L T W H I S K Y

For more information contact:

Peter Kopanidis +61 412 171 673 investors@larkdistilling.com

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