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Treasury Wine Estates (TWE) investor relations material
Treasury Wine Estates Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary16 Dec, 2025
Strategic actions and market environment
Announced steps to reduce customer inventory in the US and China, aligning with moderated depletion growth expectations due to economic and category weakness, and restricting shipments contributing to parallel imports in China to protect brand pricing.
Initiated the TWE Ascent transformation program, targeting AUD 100 million ($100m) per annum in cost improvements over two to three years, with initial benefits from F27.
Focused on streamlining the brand portfolio, simplifying the operating model, and enhancing execution in key markets.
Committed to maintaining a strong capital structure, with leverage projected at 2.5x for 1H26, above the 1.5-2.0x target range, and expected to remain elevated for about two years.
On-market share buyback of up to AUD 200 million ($200m) has been cancelled to support capital structure.
Financial outlook and divisional performance
First half FY26 EBITS expected between AUD 225 million and AUD 235 million ($225m-$235m), with second half EBITS anticipated to be higher as the impact of the California distribution transition lessens.
Penfolds depletions are growing in key markets, with China depletions up 21% in three months to October, but growth is slowing; inventory in China to be reduced by 400,000 cases over two years.
Treasury Americas faces moderated growth, especially in California, with inventory above optimal levels to be reduced by 300,000 cases over two years.
Treasury Collective is stable in Australia and EMEA but underperforms in the US; US tariffs to impact EBITS by about AUD 10 million ($10m).
Ultra-Luxury tiers are underperforming, and ongoing negotiations in California are underway.
Operational and structural initiatives
TWE Ascent focuses on evolving the portfolio toward luxury, transforming the operating model, and optimizing costs through simplification and automation.
Plans to redirect resources to high-potential segments, including lighter varietals and refreshment styles.
Emphasis on simplification, automation, and removal of duplication to drive efficiency and effectiveness.
Will develop dashboards and systems for better tracking of depletions and execution, aiming for best-in-class performance.
Reviewing incentive structures to align with long-term growth and shareholder value.
Impact of Penfolds China inventory reduction?
Detail TWE Ascent's $100m cost savings.
US production network changes for flexibility?
TWE Ascent: How will cost savings be allocated?
US market: What specific execution changes are planned?
Inventory rebalance: What is the H1 FY26 NSR impact?
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Next Treasury Wine Estates earnings date
H1 202611 Feb, 2026
Next Treasury Wine Estates earnings date
H1 202611 Feb, 2026
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Frequently asked questions
Treasury Wine Estates Limited, produces and markets wines in Australia, New Zealand, Asia, Europe, the Middle East, Africa, and the Americas. The company's products include sparkling wine; premium varietal wine comprising chardonnay, merlot, cabernet sauvignon, shiraz/syrah, pinot noir, grenache/garnacha, and riesling; and luxury cuvee wine.
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