Slide 1: 2026 Annual Results Investor and Analyst Presentation
13 August 2026 ASX ANNOUNCEMENT 2026 Annual Results Investor and Analyst Presentation Enclosed are the presentation materials for the investor and analyst webcast and conference call to be hosted by Treasury Wine Estates commencing at 10:00am (AEST) on 13 August 2026. Links to register for the confe
Slide 2: F26 Full Year Results
F26 Full Year Results 13 August 2026
Slide 3: Important information
Important information All references to ‘$’ throughout this presentation refer to Australian Dollars, unless marked otherwise. This presentation is in summary form and is not necessarily complete. It should be read together with the Company’s Annual Report for 30 June 2026 including the Appendix 4E,
Slide 4: Presenters
Presenters Sam Fischer Justin Pipito Chief Executive Officer Interim Chief Financial Officer
Slide 5: Overview
Change image Overview
Slide 6: Key messages
Key messages F26 EBITS delivery ahead of Investor Depletions performance for key Progressing initiatives to ensure Day guidance brands remains strong1 brand and channel health • EBITS $492.3m versus $480-$490m • Penfolds depletions up globally, led by • Significant reduction to presence of parallel
Slide 7: F26 Financial Performance
F26 Financial Performance 1,2,3 Performance driven by moderated category trends, initiatives to protect brand & channel health and the cycling of elevated shipments in the prior year NSR EBITS NPAT $2.6bn 12.8% $492.3m 36.1% $275.3m 41.5% NSR per case EBITS margin EPS $133.6 3.2% 19.2% 7.0 ppts 34.1
Slide 8: F26 Divisional performance
F26 Divisional performance Operating momentum improved in 2H26, led by Penfolds Division F26 EBITS Performance insights Penfolds • Strong depletions growth moderated by reduction of China customer inventory cover and action to restrict shipments contributing to parallel importing to China $404.3m •
Slide 9: F26 Depletions performance
F26 Depletions performance Depletions provide a clearer view of underlying momentum, with Penfolds and Treasury Americas improving in 2H26 Depletions Depletions Depletions China 34.7% Total US2 4.2% Premium Australia 5.1% portfolio3 Asia ex-China1 18.1% California (1.3)% US (9.1)% Australia 5.7% US
Slide 10: Penfolds - a global luxury icon
Penfolds - a global luxury icon Targeted activations are strengthening Demand Power and supporting the strong depletions growth Global Grange campaign; Penfolds Demand Power continues to building strengthen in key markets1 awareness, brand power and luxury Q424 16.7% credentials Q425 15.4% Q426 Shan
Slide 11: Strong execution centred around our portfolio growth pillars
Strong execution centred around our portfolio growth pillars Strengthening our luxury Building a stronger position Growing our position in red wine leadership in luxury white wine modern refreshment DAOU depletions grew 5.0% in F261, Depletions growth accelerated across Matua had another year of gro
Slide 12: Brand and channel health initiatives progressing to plan
Brand and channel health initiatives progressing to plan Significant progress against previously announced objectives China United States Customer inventory cover reduced 0.2m cases in F26; ~50% target achieved Customer inventory cover stable in F26 • Ahead of guidance, with strong depletions perfor
Slide 13: TWE Ascent
TWE Ascent Update of recent progress ASCENT We see a bright future for TWE as a more focused, market- centred, simpler and financially strong wine company. 01 02 03 04 Focusing Transforming Shaping a future-fit Delivering consistent, where we’ll win how we operate supply chain high-quality financial
Slide 14: Financial Performance
Financial Performance
Slide 15: F26 Material items
F26 Material items Total P&L Total P&L (A$m) Cash (pre –tax) (post –tax) • $557.7m post tax-material items expense Non-cash Impairment of US-based assets (1120.6) (866.3) - recognised in 2H26, relating primarily to Goodwill write-down (676.1) (532.4) - the US strategic review and acceleration Brands
Slide 16: Ascent one-off items
Ascent one-off items Update to expected one-off material items following the announcement of actions to rebalance US supply chain Ascent material items, pre-tax ($m) (excluding brand and asset divestments) Total Recognised Expected Item Timing P&L in F26 cash Program implementation, F26-30 $(85-100)
Slide 17: Balance sheet
Balance sheet1,2 F26 F25 A$m 30-Jun-26 30-Jun-25 Cash & cash equivalents 221.8 427.7 • Net assets decreased $1,453.5m to $3,348.3m at 30 June Receivables3 720.9 745.5 2026, driven by the impairment of US based assets Current inventories 803.3 985.4 • Intangible assets decreased $1,194.7m due to Non-
Slide 18: Inventory analysis
Inventory analysis Inventory at book value by price segment1,2 $803.3m $985.4m $1,502.4m $1,495.3m $2,305.7m $2,480.7m • Total inventory value decreased $175.0m, a reduction of 7%: – Current inventory decreased $182.1m to $803.3m reflecting moderated sales expectations in Treasury Americas and Treas
Slide 19: Cash flow and net debt
Cash flow and net debt1 A$m (unless otherwise stated) F26 F25 EBITDAS 657.5 936.8 Change in working capital (106.1) (98.5) • Net operating cash flow reduced 34.7% to $535.3m in Other items (16.1) (19.1) F26, driven by reduced sales Net operating cash flows before financing costs, tax & material item
Slide 20: Capital Management
Capital Management • Leverage 2.8x, expected to be the peak ahead of return to Debt maturity profile target, below 2.0x, by the end of F28 A$m 1000 • Deliberate and disciplined approach to deleveraging: Undrawn Bilateral Facilities – Elevated focus on near-term cost and working capital Drawn Bilater
Slide 21: Outlook & Summary
Outlook & Summary 20
Slide 22: Growth driven by our Power Brands and Regional Heroes
Growth driven by our Power Brands and Regional Heroes Providing a strong foundation for future growth, supported by increased focus and investment Power Brands Regional Heroes F26 depletions performance Chg v pcp Power brands Penfolds1 +13.6% DAOU +5.0% Matua +7.4% Regional heroes US portfolio +2.2%
Slide 23: F27 Outlook
F27 Outlook While EBITS appear flat due to progression of customer inventory rebalancing, underlying performance shows substantial improvement year on year Group • F27 EBITS expected to be at least equivalent to F26 • EBITS are expected to be weighted to the second half, – Topline growth for Penfold
Slide 24: Focused on delivering consistent, high-quality returns
Focused on delivering consistent, high-quality returns • Revenue growth expected from F28, with Timeline of key milestones customer inventory rebalanced F27 F28 F29 F30 F31 Ahead of category depletions growth • Remain focused on sustainable, high-quality Base Priorities earnings growth over the long
Slide 25: Closing
Closing • F26 was a year of decisive action and significant change • We enter F27 with improved momentum and clear priorities: - Continuing above category depletions growth for our power brands and regional heroes - Advancing customer inventory rebalancing towards completion - Reducing leverage, wit
Slide 26: Questions
Questions
Slide 27: Supplementary Information
Supplementary Change image Information 2 6
Slide 28: Penfolds
Penfolds Strong depletion growth moderated by China customer inventory rebalancing and measures to restrict parallel imports Reported Currency Constant Currency F26 Performance summary1 F26 F25 % F25 % • EBITS decreased 15.9% and EBITS margin decreased 4.4ppts to 40.5% Volume (m 9Le) 2.8 2.9 (2.7)%
Slide 29: Treasury Americas
Treasury Americas Depletions performance improved in 2H26, returning to growth in California and nationally Reported Currency Constant Currency F26 Performance summary1 F26 F25 % F25 % • EBITS decreased 60.1%, with EBITS margin reducing 16.7ppts to 15.7% Volume (m 9Le) 1.6 1.9 (15.5)% 1.9 (15.5)% dr
Slide 30: Treasury Collective
Treasury Collective ANZ and EMEA performance in line with expectations, US declines led by 19 Crimes Reported Currency Constant Currency F26 Performance summary1 F26 F25 % F25 % • EBITS decreased 46.1% and EBITS margin declined 4.4ppts to 6.9% Volume (m 9Le) 14.7 16.5 (10.6)% 16.5 (10.6)% • NSR decl
Slide 31: Historical regional financials
Historical regional financials The following historic financial information is provided with respect to TWE’s new regional operating model Greater China 1H25 2H25 F25 1H26 2H26 F26 Emerging Markets 1H25 2H25 F25 1H26 2H26 F26 Volume (m 9Le) 0.8 0.8 1.6 0.7 0.8 1.5 Volume (m 9Le) 0.6 0.7 1.3 0.7 0.5
Slide 32: Impact of foreign exchange and hedging
Impact of foreign exchange and hedging F26 EBITS constant currency impact F27 EBITS sensitivity and risk management CFX Impact (A$m) F27 EBITS Currency Pair Primary Exposure Movement Currency Underlying Hedging1 Total Sensitivity (A$m) AUD/USD and AUD/GBP (22.9) 8.7 (14.2) AUD/USD COGS, EBITS + 1% (
Slide 33: Definitions
Definitions 9Le 9 litre equivalent case Cash conversion* Net operating cash flows before financing costs, tax and material items divided by EBITDAS CFX Constant foreign exchange rates COO Country of origin CODB* Cost of doing business. Gross profit less EBITS. Excludes non-cash items as well as tax,