Slide 1: 2026 Interim Results Investor and Analyst Presentation
16 February 2026 ASX ANNOUNCEMENT 2026 Interim 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 10:30am (AEDT) on 16 February 2026. Links to register for the
Slide 2: F26 Interim Results
F26 Interim Results 16 February 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 2025 including the Appendix 4E,
Slide 4: Presenters
Presenters Sam Fischer Stuart Boxer Chief Executive Officer Chief Financial and Strategy Officer
Slide 5: Introduction
Change image Introduction
Slide 6: Key messages
Key messages 1H26 performance in line with Underlying business Retaining TWE’s capital December guidance performance remains positive structure strength is a priority • Depletions growth continues in key markets • Leverage 2.4x, in line with guidance • EBITS $236.4m versus $225-$235m guidance – Penf
Slide 7: 1H26 Financial Performance
1H26 Financial Performance 123 As disclosed in December, performance driven by softer category trends, the restriction of shipments contributing to parallel import activity and the cycling of elevated shipments in the pcp NSR EBITS NPAT $1.3bn 16.0% $236.4m 39.6% $128.5m 46.3% NSR per case EBITS mar
Slide 8: 1H26 Divisional performance
1H26 Divisional performance Results reflect the performance dynamics outlined in the December Investor Update Division 1H26 EBITS Performance insights Penfolds • Cycling of shipments associated with the initial distribution build in China and the active focus in 1H26 to restrict shipments that were
Slide 9: Depletions performance
Depletions performance Depletions provide a clearer view of underlying business momentum Depletions Depletions Depletions China1 17.2% Total US (2.6)% Premium UK (5.4)% portfolio4 Asia ex-China (0.4)% California (11.4)% Australia 7.6% Australia 3.5% US ex-California 1.8% US (13.8)% Commercial5 Globa
Slide 10: Focused on execution to drive depletions growth
Focused on execution to drive depletions growth Strong activation and distribution growth across key brands driving positive momentum in depletions Penfolds x Maybach collaboration, “A Shared Path to Luxury” with quarterly activations through 2026 Category leading DAOU grew national activations driv
Slide 11: Short & Medium-Term Agenda
Short & Medium-Term Agenda A clear set of priorities guide our focus Market execution • Drive depletions-led execution performance across all markets • Continue the underlying momentum on core brands – consumer activation and distribution focused Cash focus • Elevated focus on costs • Suspension of
Slide 12: TWE Ascent – building for the future
TWE Ascent – building for the future Program implementation progressing well, with high confidence of cost saving and asset realisation benefits Transform our Materially reduce Pillar 01 Evolve our portfolio 02 operating model 03 operating costs Guiding A portfolio of brands that individually Increa
Slide 13: TWE Ascent
TWE Ascent The program is being executed in three phases, with plans and targets to be presented in June Phase 1 | December to March Phase 2 | April To June Phase 3 | From June DEFINING THE FUTURE BUILDING IMPLEMENTATION THE FUTURE 01. PORTFOLIO STRATEGY Interdependencies and ongoing iteration Detai
Slide 14: Financial Performance
ART OF BLN! Financial Performance
Slide 15: 1H26 Material items
1H26 Material items Total Total (A$m) (pre –tax) (post –tax) • Non-cash impairment of US-based assets Non-cash Impairment of US-based assets (987.6) (770.5) announced 1 December 2025 Goodwill write-down (676.1) • TWE has applied more conservative long-term growth assumptions, resulting in reduced lo
Slide 16: Balance sheet
Balance sheet1,2 1H26 F25 A$m 31-Dec-25 30-Jun-25 Cash & cash equivalents 216.1 427.7 • Net assets decreased $930.9m to $3,870.9m in the six months to 31 Receivables 645.2 745.5 December 2025, driven by the impairment of US based assets. Current inventories 862.7 985.4 Adjusting for foreign exchange
Slide 17: Inventory analysis
Inventory analysis Inventory at book value by price segment1,2 $862.7m $1,094.5m $1,536.6m $1,288.2m $2,399.3m $2,382.7m • Total inventory volume decreased 2% versus the pcp reflecting reduced Commercial and Premium inventory partially offset by increased Luxury • Total inventory value increased 2%
Slide 18: Cash flow and net debt
Cash flow and net debt1 A$m (unless otherwise stated) 1H26 1H25 EBITDAS 321.1 473.1 • Net operating cash flow reduced 38.1% to $264.6m in 1H26, driven Change in working capital (35.0) (36.6) by reduced sales, with cash conversion 82.4% Other items (21.5) (8.7) Net operating cash flows before financi
Slide 19: Capital Management
Capital Management • Leverage (Net Debt / EBITDAS) 2.4x, in line with the guidance Debt maturity profile A$m provided in December Undrawn Bilateral Facilities • Full-year Leverage is expected to be higher, predominantly due to lower trailing 12-month EBITDAS and lower cash conversion 800 Drawn Bilat
Slide 20: Outlook & Summary
Outlook & Summary
Slide 21: Summary
Summary • 1H26 performance and full year expectations reflect the impact of challenging market conditions and strategic measures to maintain brand strength and ensure healthy sales channels • Underlying performance of key brands remains positive, as reflected in depletions growth • 2H26 EBITS expect
Slide 22: Questions
Questions 21
Slide 23: Supplementary Information
Supplementary Change image Information 2 2
Slide 24: Penfolds
Penfolds Results reflect restriction of shipments contributing to parallel imports and cycling of China distribution build in the pcp, while depletions performance remains strong Reported Currency Constant Currency Performance summary1 1H26 1H25 % 1H25 % • EBITS decreased 19.6% and EBITS margin decr
Slide 25: Treasury Americas
Treasury Americas Challenging market conditions driven by California, depletions up across other markets Reported Currency Constant Currency Performance summary1 1H26 1H25 % 1H25 % • EBITS decreased 63.6%, with EBITS margin reducing 15.0ppts to 15.5% Volume (m 9Le) 0.8 1.1 (27.0)% 1.1 (27.0)% driven
Slide 26: Treasury Collective
Treasury Collective US performance driving declines, ANZ and EMEA in line with expectation Reported Currency Constant Currency Performance summary1 1H26 1H25 % 1H25 % • EBITS decreased 56.3% and EBITS margin declined 5.2ppts to 5.5% Volume (m 9Le) 7.7 8.7 (10.9)% 8.7 (10.9)% • NSR declined 14.4% and
Slide 27: Impact of foreign exchange and hedging
Impact of foreign exchange and hedging 1H26 EBITS constant currency impact 2H26 EBITS sensitivity and risk management CFX Impact (A$m) FY26 H2 EBITS Currency Underlying Hedging1 Total Primary Currency Pair Movement Sensitivity Exposure AUD/USD and AUD/GBP 3.2 2.2 5.4 (A$m) Net other currencies 0.5 (
Slide 28: Division brand portfolios
Division brand portfolios 27
Slide 29: 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,