DISTIL (DIS) Trading Update summary

Operational highlights

• Malt whisky production started at Ardgowan, targeting 1m litres annually.

• Private cask sales at Ardgowan increased fourfold in 2025 compared to 2024.

• Blackwoods Brand Home open day revenues rose 63% year-on-year.

• 86 new UK distribution points secured through Global Brands partnership.

• Direct-to-consumer sales via RedLeg website up 32% in Q1 2025.

Financial performance

• Q1 2025 revenues fell 50% to £66.8k due to order phasing from new distribution.

• First half 2025 revenues increased 9.3% year-on-year to £497.4k.

• Unaudited full-year revenues to March 2025 expected at £1.043m.

• Off-trade sector sales up 13% in supermarkets, aided by warm weather.

• On-trade sector remains challenged by rising costs and lower disposable income.

Strategic and shareholder initiatives

• £5m rolling credit facility and £5m stock lending facility sought for whisky production.

• Special cask purchase terms and 10% product discount offered to shareholders.

• Strategic review ongoing, considering funding, headcount reduction, and sale of non-core assets.

• Blavod US relaunch delayed, with shipments expected in FY Q2.

• Distil holds a 6.5% coupon convertible loan note in Ardgowan, convertible to 10.5% equity.