Viña Concha y Toro S A : CONSOLIDATED RESULTS 3Q2021

Third Quarter and Nine Months ended September 30, 2021 Consolidated Results

Santiago, Chile, November 3, 2021 - 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 September 30, 2021.

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.

3Q21 Highlights

• Consolidated revenue down 2.9% to Ch$204,440 million.
• EBITDA +0.4% to Ch$43,701 million. EBITDA margin: 21.4% (+70bp).
• Net profit up 15.4% to Ch$30,316 million. Net margin: 14.8% (+240bp).

9M21 Highlights

• Consolidated revenue up 4.3% to Ch$578,338 million.
• EBITDA up 7.6% to Ch$115,244 million. EBITDA margin: 19.9% (+60bp).
• Net profit up 23.0% to Ch$68,062 million. Net margin: 11.8% (+180bp).

1

CEO Comments

During the third quarter of 2021, the Company was able to maintain sales and operating profit at a similar level to all-time highs seen in 2020. We highlight net income growth in a challenging context for exports, marked by a global navy and ground logistics crisis that has deepened over the last months of 2021.

The Company has been focused on managing this supply chain crisis, leveraged on the strengths of its integrated distribution model. However, the crisis impact on our shipments was translated into a decline of 2.9% in the consolidated revenue in 3Q21. With that, revenue had an increase of 4.3% in the nine months ended September 30th, in comparison with the previous year.

We highlight a strong performance in the domestic market of Chile, with 25% value growth in the quarter. On the other side, sales declined 8% in Export Markets and USA, where disruptions in route to market impeded a complete execution of shipments, together with a challenging comparison base.

Regarding our strategy, sales mix continues to evolve positively. Principal and Invest brands represented 48% of the mix in 3Q21, vs. 45% in the 3Q20. This reflects the growth of our priority brands in the Invest category, which increased 17% in value. Our Principal brand, Casillero del Diablo, was impacted by the crisis on a higher extent, given its large exposure to export markets, driving an 8% decline in value. On the other side, super and ultra-premium brands had a strong performance, with an increase of 18% in value, a recovery versus 2020 in a scenario with higher mobility and the opening of the on-premise channel.

The gross margin expanded 100bp in the quarter, as a result of a better mix/average price. At the SG&A level, the relative normalization of marketing activities in comparison with 2020, in the context of pandemic, lower volume to dilute fixed costs and expenses, and higher freight expenses were reflected on a higher S&A/sales ratio. Additionally, in this quarter, the Company recorded income from Real Estate divestments in line with the plan set in 2017 for maximizing the profitability of assets. Accordingly, the quarter's EBITDA was similar to the 3Q20's figure, with a 70bp margin accretion to 21.4% of sales.

In the period, the company recorded an important increase in income from its affiliated company, Almaviva, related to the successful placement of the 2019 vintage in September, in La Place de Bordeaux.

As a result, the bottom line increased 15% in the quarter, with an expansion of 240bp in the margin to 14.8%.

Looking forward, the Company remains confident on its strategy, its long term fundamentals, and on its ability to adapt to change, as well as on its internal targets on results set towards 2022. At the logistics front, the Company is focused on managing the supply-chain contingency.

2

Consolidated Revenue by Segment

Sales (Ch$ million)	3Q21	3Q20	Chg (%)	9M21	9M20	Chg (%)
Export Markets⁽1⁾	129,388	141,290	(8.4%)	376,172	369,579	1.8%
Chile	42,832	34,241	25.1%	104,779	81,226	29.0%
Wine	29,486	26,340	11.9%	72,763	63,014	15.5%
Beer & Spirits⁽3⁾	13,346	7,901	68.9%	32,016	18,212	75.8%
USA	29,370	32,103	(8.5%)	89,367	95,555	(6.5%)
Argentina	1,505	1,100	36.8%	3,229	2,892	11.7%
Others	1,345	1,867	(28.0%)	4,791	5,312	(9.8%)
Total Sales	204,440	210,601	(2.9%)	578,338	554,563	4.3%

Volume (thousand liters)	3Q21	3Q20	Chg (%)	9M21	9M20	Chg (%)
Export Markets⁽1⁾	47,043	57,816	(18.6%)	146,721	150,446	(2.5%)
Chile	26,207	26,783	(2.2%)	66,695	64,294	3.7%
Wine	19,097	21,504	(11.2%)	49,145	52,673	(6.7%)
Beer & Spirits	7,110	5,280	34.7%	17,549	11,621	51.0%
USA	7,884	9,031	(12.7%)	25,473	25,422	0.2%
Argentina	978	1,930	(49.3%)	3,336	4,486	(25.6%)
Total Volume	82,113	95,560	(14.1%)	242,225	244,648	(1.0%)

Average Price⁽2⁾ (per liter)		3Q21	3Q20	Chg (%)	9M21	9M20	Chg (%)
Export Markets⁽1⁾	US$	3.56	3.13	13.6%	3.48	3.06	13.5%
Chile Wine	Ch$	1,544	1,225	26.1%	1,481	1,196	23.8%
USA	US$	4.82	4.55	5.9%	4.76	4.67	2.0%
Argentina	US$	1.99	0.73	172.1%	1.30	0.81	61.1%

1. Includes exports to third parties from Chile, Argentina, and USA. 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 segment 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

3Q21

Asia Africa & ME

5.7% 0.9%

Latin America

16.2%

Chile

Europe 38.5%

21.1%

USA & Canada

17.6%

3

3Q21 Results

1. Consolidated Revenue

Consolidated revenue reached Ch$204,440 million, a decline of 2.9%, as a result of lower sales in Export Markets and USA, in a challenging context for global logistics that impacted volumes shipped. On the other hand, Chile showed increases of 25.1% in sales value, reflecting a higher average price of wine and strong sales for Beer & Spirits category, while Argentina registered an increase of 36.8%.

The higher average price across all of our markets reflects the continued focus on the premiumization of the mix which in this quarter was driven by Invest brands. We highlight value growth of Diablo (+100%), Marques de Casa Concha (+30.7%), Trivento Golden (+126%) and Don Melchor (+55,9%). In the quarter, our sales mix improved, with Principal and Invest categories together representing 48% of sales value, which compares to 45% in 3Q20.

The Chile non-wine business recorded solid sales growth driven by Beer & Spirits, which increased 68,9%.

1.1. Export Markets

In Export Markets, sales value decreased 8.4% to Ch$129,388 million, as a result of a 18.6% decrease in volume, which was partly offset by a higher average price (+13.6%). Despite the decrease of sales in Export Markets, due to the shortage of containers, delays in ports, among others, the sales mix continued to improve with solid performance of the Invest category.

Sales value has declined 10% in Europe and 27% in Asia, while Latin America increased 3%.

In China, sales value increased 5.2%, with 48% growth in average price, as a consequence of the new commercial strategy focused on high value segments, and the deliberate exit of commercial segments after the opening of the commercial office in this country in early 2021.

Regarding the exchange rate impact, when compared with the same quarter of the previous year, in 3Q21, the average Chilean peso appreciated against the Mexican peso (6.7%), US dollar (1.1%) and Euro (0.3%). The Chilean peso depreciated against the Sterling pound (5.2%), Canadian dollar (4.4%), Norwegian krone (3.0%), Brazilian Real (1.6%), and Swedish krona (1.4%)1.

1 Based on data provided by the Central Bank of Chile.

4

1.2. Chile

In the Chilean market, wine sales grew 11.9% in value to Ch$29,486 million and declined 11.2% in terms of volume, reflecting the success of our premiumization strategy for this market.

As consequence, the Principal and Invest brand categories continued to grow 34,9% and 115% in value terms, respectively, while the Protect and Watch categories showed decreases of volume, in line with the strategy. This is evidenced by the increase of the average price (+6.9%). Additionally, the Company showed a solid execution at the traditional and retail channels, while online sales continued to surge.

The segment Beer & Spirits in Chile, showed an expansion of 34.7% in volume and 68.9% in value, as a result of a great execution at all our sales channels in a context of positive trends for premium beverages.

1.3. USA

Sales in the USA market include sales of Fetzer Vineyards and the imported portfolio from Chile and Argentina, currently commercialized by Fetzer Vineyards.

In this market, sales volume and value decreased 12.7% and 8.5% in Chilean pesos, respectively (- 7.6% in dollars), as consequence of declines of Fetzer and Frontera brands from the Protect category, and our Principal brand Casillero del Diablo, affected by logistic crisis that impacted volumes shipped. This was partly offset by the volume growth in the Invest category, with favorable performance of Trivento Golden from Argentina, and Marques de Casa Concha, Cono Sur Organico, Gran Reserva and Cono Sur Bicicleta from Chile, brands that boost a better mix, evidenced by a 5.9% average price increase for this market.

1.4. Argentina

In the domestic market of Argentina, that represented 0.7% of consolidated revenue, sales volume decreased 49.3% and sales value increased 36.8% in Chilean pesos, as consequence of a better average price/mix driven by the growth of the Principal and Invest categories and the deliberately exit of low profitability brands.

The productive operation in Argentina is oriented to Export Markets and has had a remarkable performance in terms of sales and profitability, through a flexible and competitive productive model and structure.

5