Launch of Share Buyback via Reverse ABB

Naked Wines is pleased to announce the launch of a share buyback via Reverse Accelerated Bookbuild ("RABB Buyback") to purchase ordinary shares of 7.5 pence each in the capital of the Group ("Ordinary Shares") up to a maximum aggregate consideration of £2 million (the "Maximum Amount"). This Buyback is in line with the Company's policy of ongoing distributions, and follows the £2m buyback completed in September 2025. It reflects the Board's view that shares will be purchased at prices well below their intrinsic value, thereby increasing intrinsic value per share for all remaining shareholders.

Naked Wines has entered into an arrangement with Panmure Liberum Limited ("Panmure Liberum"), to conduct the RABB Buyback on its behalf starting from today, pursuant to which Panmure Liberum will purchase, as principal up to the Maximum Amount.

The RABB Buyback will commence immediately following this announcement and will be closed at 16:35 (BST) on 22nd December 2025 (or other such time as the Company and Panmure Liberum agree). The final number of Ordinary Shares to be purchased, together with the purchase price will be agreed at the close of the RABB Buyback at the sole discretion of the Company and Panmure Liberum, but no more than 7,400,413 Ordinary Shares as set out in the authority given at the 2025 AGM. The results of the RABB Buyback will be announced as soon as practicable thereafter. To the extent that the RABB Buyback is oversubscribed, orders will be scaled back (whether on a pro rata basis or otherwise) at the sole discretion of the Company and Panmure Liberum.

CREST Shareholders wishing to sell Ordinary Shares as part of the RABB Buyback should inform their broker to contact Panmure Liberum before 16:35 (BST) on 22nd December 2025.

For logistical reasons, the RABB Buyback is not being made available to shareholders who hold their Ordinary Shares in certificated form.

Purchase of the Company's Ordinary Shares pursuant to the RABB Buyback will take place following announcement of the result of the RABB Buyback, expected on or around 23 December 2025.

All Ordinary Shares purchased under the RABB Buyback shall be classified as shares held in treasury. Such treasury shares have no voting rights at the Company's general meetings.

Subject to the take-up under the RABB Buyback being below the Maximum Amount, the Company will consider implementing a further on-market share buy-back programme.