What you need to know: • DWS is expected to release Q3/26 financials in late February and we are projecting revenues of $7.1M (+10% YoY) and EBITDA margins of 10%. This would be Diamond’s third consecutive quarter of positive YoY growth. • There has been significant insider buying on the stock from CEO Andrew Howard, CFO Basman Alias and Director Ronald McEachern. • Our confidence in DWS remains strong as it proves its turnaround to investors and insiders continue to meaningfully add to their stakes. • We recently initiated coverage on DWS; read our full report here. As we eagerly await Diamond Estates Wines and Spirits’ (DWS:TSXV, DWWEF:OTC) upcoming Q3 results (ending December 31st), we are putting out a brief preview to frame what we see as an increasingly constructive setup into the quarter, with the Company’s multi-year turnaround now largely complete. We are expecting top-line growth and steady profitability, as seen below. We remind readers that U.S. wines are still not on the shelves of the LCBO. We would also like to highlight the continued insider buying by management and directors, along with some recent balance sheet updates. We are maintaining our BUY Rating and target price of $0.30/share on Diamond Estates. Q3 Financials Preview The Company is expected to report Q3/26 financial results in late February, for which we are expecting the following: • Revenue of $7.1M (+10% YoY) vs. $6.4M in Q3/25 • Gross Profit of $3.9M (55% margin) vs. $3.5M last year (54% margin) • Adjusted EBITDA of $0.7M (10% margin) vs. $0.6M last year (10% margin) • Net income of ($0.1M) vs. $0.5M in Q3/25 Insider Buying Since our last note (see here), Andrew Howard (CEO), Basman Alias (CFO), and Ronald McEachern (Director) have purchases shares in the public market. Mr. Howard purchased 175.5K shares ($30K), bringing his total ownership to ~283.7K shares, whereas Mr. Alias has purchased a total of 166.5K shares ($30K), bringing his new total ownership to ~227.5K shares. Mr. McEachern has purchased 160K shares ($30K), resulting in a total ownership of ~674.2K shares.