Lock the cases, not the currency.

We lock a binary: Delegat Group's global case sales for the year to 30 June 2027 are 3.25 million cases or more. Confidence 90%.

The plan is 3.4 million. The threshold sits about 4.4% below the plan and about 2.1% below the 3.32 million sold in FY2026, so a miss requires volume to fall year on year.

Delegat also forecasts FY2027 Operating Net Profit after Tax of NZ$62-66m. That line is earned largely in US dollars, sterling and Australian dollars and reported in New Zealand dollars, so a material part of it is a currency outcome rather than a business outcome.

This series does not take price bets, and that rule binds for currencies exactly as it does for shares and commodities. The physical quantity, cases sold, is the part of the plan management decides. Same reasoning as Vale's tonnes, ONGC's barrels and Saudi Aramco's base dividend.

Volume can be capped by supply as well as demand. The 2027 Marlborough harvest lands in March-May 2027, inside the fiscal year, and a short vintage limits what can be shipped. On the demand side, the United States is Delegat's largest market and tariff policy there can move orders.

The buffer is sized for that: narrow enough that a flat year passes and a falling year fails. Delegat's annual meeting on 3 December 2026 may update the plan; the lock stands as written.