Treasury Wine Estates Limited · ASX:TWE
Treasury Wine Estates — Investor Day (June 2026)
111 slides from Treasury Wine Estates's investor day presentation, Jun 4, 2026
Slide 1: TWE 2026 Investor Day
4 June 2026 ASX ANNOUNCEMENT TWE 2026 Investor Day Enclosed are the materials to be presented at the Treasury Wine Estates (TWE) 2026 Investor Day. Included within the materials are key updates with respect to the Company’s financial outlook, future state brand portfolio, supply chain transformation
Slide 2: Investor Day 4 June 2026
lreasury Wine Estates INVESTOR 4 June 2026
Slide 3: Important information
Important information 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, the Appendix 4D and 2026 Interim Results, and other announcements lodged with the Australian Securities
Slide 4: Presenting Today
Today Presenting Sam Fischer Tom King Kristy Keyte Jack Wu Chief Executive Chief Commercial Chief Marketing Managing Director Officer Officer & Innovation Officer Greater China Ben Dollard Angus Lilley Kerrin Petty Justin Pipito President Managing Director Chief Supply & Interim Chief Financial Amer
Slide 5: Today's agenda
Today’s agenda 9:00 - 9:30 The future TWE | Sam Fischer 12:15 – 1.00 Q&A 9:30 - 9:45 Transforming how we operate | Tom King 1:00 – 2.00 Lunch 9:45 - 10:00 Building iconic brands | Kristy Keyte 2:00 - 2:15 Shaping a future-fit supply chain | Kerrin Petty 10:00 - 10:45 Q&A 2:15 - 2:30 Financial outloo
Slide 6: The Future TWE
The Future TWE Sam Fischer Chief Executive Officer
Slide 7: ASCENT
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 Delivering where we’ll how we future-fit consistent, win operate supply chain high-quality financial returns INVESTOR DAY 2026 6
Slide 8: Focusing where we'll win
01 Focusing where we’ll win INVESTOR DAY 2026 7
Slide 9: Wine will continue to play a meaningful role in the lives of consumers
01 Focusing where we’ll win 02 03 04 Wine will continue to play a meaningful role in the lives of consumers Marking Human Food Slowing Moments Connection Experiences Down INVESTOR DAY 2026 8
Slide 10: And key trends provide growth opportunities
01 Focusing where we’ll win 02 03 04 And key trends provide growth opportunities Luxury Wine Lighter Styles Better for You …remains an attractive segment, driven …are expected to accelerate their share …and moderation presents a by premiumisation1 gains within the wine category meaningful long term
Slide 11: So, we will strengthen our focus on three portfolio pillars
01 Focusing where we’ll win 02 03 04 So, we will strengthen our focus on three portfolio pillars Luxury Red Wine Luxury White Wine Modern Refreshment Strengthen our position in Grow our position in Grow our platform for lighter, world-class red wines with high-value, high-growth flavour-led wine exp
Slide 12: These styles represent outsized opportunities in our key markets
01 Focusing where we’ll win 02 03 04 These styles represent outsized opportunities in our key markets Modern refreshment Luxury Red Luxury White Lighter Styles Better For You Red blends Chardonnay China Cabernet Sauvignon Blanc Sauvignon Blanc Shiraz Champagne Red blends Rest of Asia Cabernet Sauvig
Slide 13: Each of these brands align to our three portfolio pillars
01 Focusing where we’ll win 02 03 04 Each of these brands align to our three portfolio pillars Strengthen our Luxury Red leadership INVESTOR DAY 2026 12
Slide 14: Each of these brands align to our three portfolio pillars
01 Focusing where we’ll win 02 03 04 Each of these brands align to our three portfolio pillars Build our position in Luxury Whites INVESTOR DAY 2026 13
Slide 15: Each of these brands align to our three portfolio pillars
01 Focusing where we’ll win 02 03 04 Each of these brands align to our three portfolio pillars Grow modern refreshment INVESTOR DAY 2026 14
Slide 16: The future-state TWE brand portfolio
01 Focusing where we’ll win 02 03 04 The future-state TWE brand portfolio Power Brands Regional Heroes % GLOBAL PORTFOLIO CONTRIBUTION: VOLUME 25% | NSR 54% | GP 72% % GLOBAL PORTFOLIO CONTRIBUTION: VOLUME 10% | NSR 14% | GP 10% Global Portfolio Contribution Percentages are per 1H26 results INVESTOR
Slide 17: The future-state TWE brand portfolio
01 Focusing where we’ll win 02 03 04 The future-state TWE brand portfolio Power Brands Regional Heroes ▪ Largest growth opportunities, strong brand equity ▪ Complement Power Brands to drive presence in- and scalable in multiple markets market and play an important role for customers ▪ Consistent glo
Slide 18: We will increase investment and focus behind our Power Brands and Regional Heroes
01 Focusing where we’ll win 02 03 04 We will increase investment and focus behind our Power Brands and Regional Heroes Our Power Brands will receive the majority of investment We will significantly increase our A&P investment rate to Target rate (% NSR) Investment Principles ~10% NSR from F28 (up fr
Slide 19: Contribution of remaining brands will be carefully managed
01 Focusing where we’ll win 02 03 04 Contribution of remaining brands will be carefully managed to meet customer commitments and maintain production scale Focus and simplification will shape our Non-priority brands will be managed through four alternative five-year portfolio rationalisation targets1
Slide 20: Transforming how we operate
02 Transforming how we operate
Slide 21: We are introducing a regionally-led operating model
01 02 Transforming how we operate 03 04 We are introducing a regionally-led operating model Australia and New Greater Emerging Americas Zealand (ANZ) & China markets Europe Sales Regional marketing Commercial strategy Global supply Global marketing Corporate functions INVESTOR DAY 2026 20
Slide 22: …enabling stronger execution
01 02 Transforming how we operate 03 04 …enabling stronger execution Clear Faster accountability decision-making $100m Portfolio shaped p.a. cost around customers reduction1 and consumers 1. To be fully realised by F29, benefits commencing from F27
Slide 23: We are also implementing a sharper, more accountable performance culture
01 02 Transforming how we operate 03 04 We are also implementing a sharper, more accountable performance culture Focus & Clear ownership Data-led performance Performance-driving prioritisation with consequences management incentives Faster, more Accountability for Disciplined Top performers effectiv
Slide 24: Shaping a future-fit supply chain
03 Shaping a future-fit supply chain INVESTOR DAY 2026 23
Slide 25: Our supply chain will be transformed to service our future-state portfolio
01 02 03 Shaping a future-fit supply chain 04 Our supply chain will be transformed to service our future-state portfolio Design principles ▪ Drive agility and efficiency ▪ Align capacity to long-term demand ▪ Simplify end-to-end ▪ Increase cost flexibility ▪ Protect flexible sourcing and luxury supp
Slide 26: Delivering consistent, high-quality financial returns
04 Delivering consistent, high-quality financial returns INVESTOR DAY 2026 25
Slide 27: We have made significant progress on our key priorities
01 02 03 04 Strengthening our financial position We have made significant progress on our key priorities Regained growth momentum Commenced actions to Progressed Ascent for key brands in key markets ensure brand and channel health transformation agenda ▪ Penfolds 3Q26 depletions up in all key ▪ Rest
Slide 28: Update on the Americas
01 02 03 04 Strengthening our financial position Update on the Americas Progress Review learnings made to date Americas portfolio contains market-leading luxury brands that are well positioned to drive depletions growth over the long-term Depletions returned to growth Two elements have been identifi
Slide 29: Near-term Outlook
01 02 03 04 Strengthening our financial position Near-term Outlook Earnings Outlook ▪ F26 EBITS expected to be in the range of $480-490m ▪ F27 EBITS expected to be at least equivalent to F26, with continued focus on rebalancing China and US customer inventory levels Customer Inventory Rebalancing ▪
Slide 30: Ascent will be a multi-year transformation of TWE
01 02 03 04 Strengthening our financial position Ascent will be a multi-year transformation of TWE Key financial outcomes of the Timeline of key milestones F26 F27 F28 F29 F30 F31 transformation period Ahead of category depletions growth Base ▪ Revenue growth expected from F28, with Priorities Custo
Slide 31: ASCENT
01 02 03 04 Strengthening our financial position 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-quali
Slide 32: Transforming how we operate
Transforming how we operate Tom King Chief Commercial Officer
Slide 33: We are driving market centricity whilst step-changing brand building and commercial excellence
01 02 Transforming how we operate 03 04 We are driving market centricity whilst step-changing brand building, commercial excellence, tech adoption and performance discipline Regional Standardised Commercial Digital, data Performance operating model brand building excellence and AI discipline Simplif
Slide 34: Regional operating model: enabling faster decision-making, driving clear accountability
01 02 Transforming how we operate 03 04 Regional operating model: enabling faster decision-making, driving clear accountability Principles guiding operating model design ▪ Enable flawless in-market execution to drive depletions-led growth ▪ Right-size our cost and capability model through streamlini
Slide 35: Standardised brand building: investing with conviction, building brands at scale
01 02 Transforming how we operate 03 04 Standardised brand building: investing with conviction, building brands at scale Target rate (% NSR) Power Brands 12% Regional Heroes 8% Embedding Evolving how we Future-proofing strategic invest our portfolio with marketing upweighted foundations innovation I
Slide 36: Commercial excellence: simplifying and strengthening capability and execution
01 02 Transforming how we operate 03 04 Commercial excellence: simplifying and strengthening capability and execution Execution Discipline ▪ Protect price, mix and brand equity through consistent long-term focus ▪ Choose the right RTM and hold partners accountable ▪ Use data to anticipate and act —
Slide 37: Commercial excellence: simplifying and strengthening capability and execution
01 02 Transforming how we operate 03 04 Commercial excellence: simplifying and strengthening capability and execution New Commercial Operating System Performance Metrics & Commercial Decision rights Incentives & …Powered by DD&T Scorecards Operating Rhythms and exceptions Rewards Enterprise Accounta
Slide 38: Digital, data and AI: adoption focused on Ascent priorities
01 02 Transforming how we operate 03 04 Digital, data and AI: adoption focused on Ascent priorities Single source of truth for all Better sales enablement tools Optimised connections with data, reporting and to win with customers and consumers; digitally and scorecards distributors physically Perfor
Slide 39: Performance discipline: measuring success through disciplined metrics
01 02 Transforming how we operate 03 04 Performance discipline: measuring success through disciplined metrics Key Metrics Value Demand Pricing Category Driving Category Share Power Power Innovation Points of Pricing Campaign Visibility & Execution Distribution Standards Activation Share of Shelf Pre
Slide 40: Transforming how we operate
01 02 Transforming how we operate 03 04 Transforming how we operate Regional Standardised Commercial Digital, data Performance operating model brand building excellence and AI discipline • Portfolio-aligned Sales • Inconsistent standards • Varied degrees of joint • Beginning AI journey for • Inconsi
Slide 41: Building iconic brands
Building iconic brands Kristy Keyte Chief Marketing & Innovation Officer
Slide 42: Unlocking the full potential of our brand portfolio
01 02 Transforming how we operate 03 04 Unlocking the full potential of our brand portfolio We have strong and established brands at TWE. A clear portfolio strategy has been built around linking these brands to future category growth avenues. Resulting in a distinct portfolio offering shaped to meet
Slide 43: Creating a unified and disciplined approach to brand building
01 02 Transforming how we operate 03 04 Creating a unified and disciplined approach to brand building Standardised Dual innovation Disciplined brand building system investment Driving clearer Driving Translating choices, relevance and step-changed sharper growth through investment into positioning a
Slide 44: Strategic marketing foundations in a Penfolds context
01 02 Transforming how we operate 03 04 Strategic marketing foundations in a Penfolds context A distinctive and ownable set of marketing foundations serve as a single reference point for how we shape and activate Penfolds globally Beyond tactics: Penfolds marketing Brand Blueprints effectiveness ap
Slide 45: From strategy to distinctive market expression
01 02 Transforming how we operate 03 04 From strategy to distinctive market expression Clear marketing foundations translate into consistent, distinctive brand experiences across markets and touchpoints DNA & Brand Codes Cultural Position Brand Thematic Creative Approach INVESTOR DAY 2026 44
Slide 46: Growing Penfolds brand equity
01 02 Transforming how we operate 03 04 Growing Penfolds brand equity Penfolds Demand Power1 Consistent brand execution is 14.9% strengthening Penfolds Demand Power, 12.7% 12.5% 12.6% as measured by Kantar 11.9% 11.3% 10.7% Demand Power is a measure of a brand’s 9.5% 9.3% inherent market strength -
Slide 47: The role of innovation as a key driver of growth and value creation
01 02 Transforming how we operate 03 04 The role of innovation as a key driver of growth and value creation Paint the Drive cultural Build brand future, disrupt & generational strength the category relevance Get ahead of emerging Anchor our brands in Leverage Brand trends to redefine how and meaning
Slide 48: A dual engine innovation system will build a healthier TWE
01 02 Transforming how we operate 03 04 A dual engine innovation system will build a healthier TWE Core Innovation Breakthrough Innovation Drive incremental growth in core & growing wine occasions Create new wine occasions & modern propositions Line extensions aligned to strategic portfolio ▪ Mix sh
Slide 49: Using AI to optimise and accelerate innovation
01 02 Transforming how we operate 03 04 Using AI to optimise and accelerate innovation Use Cases AI in Action AI-powered innovation Accelerating and optimising NPD Consumer Insight and Market Research AI-enabled delivery Concept Idea to MVP in under 90 days generation AI insights engine identified C
Slide 50: Upweighted investment, deployed with discipline
01 02 Transforming how we operate 03 04 Upweighted investment, deployed with discipline Tiered Investment Translating a step-change in investment into brand strength Architecture (% NSR) Power Brands at 12%: scaled, globally consistent programs building 1. Balance the long and 2. Build Demand Power.
Slide 51: Each of our Power Brands holds a distinctive position in wine
01 02 Transforming how we operate 03 04 Each of our Power Brands holds a distinctive position in wine Penfolds is the pinnacle of DAOU has redefined Matua, the first NZ Sauvignon modern luxury wine luxury Cabernet Blanc ▪ A brand defined by heritage, ▪ Has put Paso on the map for cabernet ▪ Has stro
Slide 52: Elevating brand building at TWE
01 02 Transforming how we operate 03 04 Elevating brand building at TWE Standardised Dual innovation Disciplined brand building system investment Embedding Differentiated Upweighting A&P strategic marketing approach to investment with foundations breakthrough and focus on building core innovation eq
Slide 53: Winning in Market
Winning in Market Jack Wu Ben Dollard Angus Lilley Tom King Managing Director President Managing Director Chief Commercial Greater China Americas ANZ & Europe Officer
Slide 54: Greater China
Greater China Jack Wu Managing Director | Greater China
Slide 55: Shaping the next era of wine in Greater China
01 02 Transforming how we operate 03 04 GREATER CHINA “Shaping the next era of wine in Greater China; leading the category and winning new occasions” INVESTOR DAY 2026 54
Slide 56: Regional Overview: TWE in Greater China
01 02 Transforming how we operate 03 04 Regional Overview: TWE in Greater China Key financial metrics – 1H26 NSR contribution by market and portfolio – 1H26 HK, Taiwan Regional Heroes 15% 2% EBITS Volume NSR NSR/case EBITS margin Power Brands 0.7m 9le $249m $372 $106m 43% 98% Mainland China 85% 2023
Slide 57: The opportunity in China extends beyond luxury wine to the baijiu consumer
01 02 Transforming how we operate 03 04 The opportunity in China extends beyond the luxury wine category to the baijiu consumer Total Wine & Baijiu (in USD Billions) Baijiu holds a unique and dominant position in the Chinese market, both culturally and economically 212.7 210.6 208.5 206.4 204.3 Baij
Slide 58: Navigating the tiered route to market system both online and offline
01 02 Transforming how we operate 03 04 Navigating the tiered route to market system both online and offline Direct Indirect Online to National Key Regional & National TIER 1 E-Commerce Offline (O2O) Accounts (NKA) T1 Distributors T2 Distributor TIER 2 OUTLETS POP Store1 O2O NKA Regional Liquor Liqu
Slide 59: Greater China Execution Priorities
01 02 Transforming how we operate 03 04 Greater China Execution Priorities Online Offline Commercial Distribution Distribution Excellence Building a winning A multi-tier approach Drive discipline and online ecosystem to to drive depth of best in class execution drive sustainable coverage and across
Slide 60: Online Distribution: building a winning online ecosystem
01 02 Transforming how we operate 03 04 Online Distribution Building a winning online ecosystem to drive sustainable channel ownership and growth Cross-Border Domestic O2O (Online to Offline) E-Commerce (CBEC) E-Commerce Instant Retail Gain greater control on Accelerate sales across Capture new cons
Slide 61: Offline Distribution: multi-tier approach to coverage and distribution
01 02 Transforming how we operate 03 04 Offline Distribution A multi-tier approach to driving depth of coverage and distribution across the market Tier 1 Distributors 30+ Tier 2 Distributors 200+ Outlets 13,000 • Deepen partnerships with high-quality • Target premium baijiu outlets that • ~28 region
Slide 62: Offline Distribution: breadth of regional coverage in core cities & provinces
01 02 Transforming how we operate 03 04 Offline Distribution Driving breadth of regional coverage with a focus on high investment in core cities & provinces # Cities & Provinces 189 Current Target A&P High Core Population High Coverage Coverage Salesforce High Markets GDP per capita High ~60% 80% Co
Slide 63: Commercial Excellence
01 02 Transforming how we operate 03 04 Commercial Excellence Driving discipline and best in class commercial excellence across customer, consumers and sales teams Customer Consumer Consum Contract Enforcement er Authenticity al rn te Ex Incentive Management Digital Excellence Customer COMMERCIAL EX
Slide 64: We are making meaningful progress towards strengthening channel health in China
01 02 Transforming how we operate 03 04 We are making meaningful progress towards strengthening channel health in China Market Dynamics TWE Strategic Actions Progress to date ▪ Historical parallel trade Restricting shipments contributing to ✓ Significant reduction parallel imports to China to parall
Slide 65: Americas
Americas Ben Dollard President | Americas
Slide 66: World-class wines and powerful consumer experiences
01 02 Transforming how we operate 03 04 AMERICAS “World-class wines and powerful consumer experiences in the world’s largest wine market” INVESTOR DAY 2026 65
Slide 67: Regional Overview: TWE in the Americas
01 02 Transforming how we operate 03 04 Regional Overview: TWE in the Americas Key financial metrics – 1H26 NSR contribution by market and portfolio – 1H26 Canada, Latin Other America 36% EBITS 9% Volume NSR NSR/case EBITS margin Regional Heroes United States 2.9m 9le $477m $167 $50m 10% 22% 91% Pow
Slide 68: Americas Execution Priorities
01 02 Transforming how we operate 03 04 Americas Execution Priorities Brand-building Execution Direct to Excellence Consumer Leverage market Drive distribution Scale brand-led direct leading position to expansion for key to consumer drive continued brands performance through depletions growth for ex
Slide 69: Brand-building: F26 focus areas
01 02 Transforming how we operate 03 04 Brand-building: F26 focus areas Defining modern luxury through Bringing world-class wine & hospitality to Owning contemporary refreshment storytelling and bold experiences life in the nation’s top wine markets to recruit the next eneration INVESTOR DAY 2026 68
Slide 70: Brand-building: Luxury depletions return to growth in 2H26
01 02 Transforming how we operate 03 04 Brand-building: Luxury depletions return to growth in 2H26 US luxury portfolio (TAM) wholesale depletions growth/(decline) vs pcp1 1H performance impacted by CA distributor transition 9.1% • CA (11.4)% vs prior year • US ex-CA +1.8% 3.9% (2.6)% 1H26 3Q26 Apr/M
Slide 71: Execution Excellence: Diversified US route to market
01 02 Transforming how we operate 03 04 Execution Excellence: Diversified US route to market Evolved footprint reflects recent changes to the US distribution landscape ▪ TWE has consented to the transition of ten markets1 to Reyes Beverage Group (Reyes), effective 29 May, representing ~20% of Americ
Slide 72: Execution Excellence: Expanding distribution will remain a key focus
01 02 Transforming how we operate 03 04 Execution Excellence: Expanding distribution will remain a key focus Total Accounts Sold Total Accounts Sold Total Accounts Sold Off-Premise CAGR : 11.0% | On-Premise CAGR : 5.5% Off-Premise CAGR : 8.3% | On-Premise CAGR : 10.1% Off-Premise CAGR : 6.7% | On-Pr
Slide 73: Direct to consumer: Building a scalable relationship platform
01 02 Transforming how we operate 03 04 Direct to consumer: Building a scalable relationship platform DIGITAL & ECOMMERCE DTC NSR share by channel1 Meet the consumer where they are: 12% Other • ‘Easy to find, easy to buy, easy to enjoy’ Drive a full-funnel consumer journey: Digital • Guide consumers
Slide 74: ANZ & Europe
ANZ & Europe Angus Lilley Managing Director | ANZ & Europe
Slide 75: From icon to innovation - powering growth with a portfolio that leads and scales
01 02 Transforming how we operate 03 04 ANZ & EUROPE “From icon to innovation - powering growth with a portfolio that leads, scales, and energises the category while recruiting new consumers” 74
Slide 76: Regional Overview: TWE in ANZ and Europe
01 02 Transforming how we operate 03 04 Regional Overview: TWE in ANZ and Europe Key financial metrics – 1H26 NSR contribution by market and portfolio – 1H26 Other, 13% Continental Europe EBITS 8% Other Volume NSR NSR/case EBITS margin UK 53% 20% 5.7m 9le $428m $75 $52m 12% Regional Heroes 18% Austr
Slide 77: ANZ & Europe Execution Priorities
01 02 Transforming how we operate 03 04 ANZ & Europe Execution Priorities Drive the Core Expand reach Unlock Growth Leverage our leading Expand presence in Utilise direct to brands of scale to drive Independent and On- consumer channels growth in partnership premise to drive further and expand prese
Slide 78: Driving the Core: Squealing Pig case study
01 02 Transforming how we operate 03 04 Driving the Core: Squealing Pig case study UNPARALLELED GROWTH CATEGORY LEADERSHIP RECRUITING YOUNGER INNOVATION ENGINE EXCELLENCE IN-STORE 6x #1 25-39yo 11% 86% volume growth Wine brand in over-indexing with of brand GP from Conversion from over the past Cole
Slide 79: Driving the Core: Pepperjack case study
01 02 Transforming how we operate 03 04 Driving the Core: Pepperjack case study CONSISTENT CATEGORY RECRUITING NEW PREMIUM EXECUTIONAL GROWTH LEADERSHIP CONSUMERS EQUITY EXCELLENCE +44% #1 2x faster 47% 45% Volume growth since F18 Shiraz in Australia Lighter & refreshing varietals are now Associate
Slide 80: Expand Reach: Increasing on-premise and independent trade penetration
01 02 Transforming how we operate 03 04 Expand Reach: Increasing on-premise and independent trade penetration On Premise Independent Retail ▪ Address under-penetration ▪ Increase field presence leveraging united portfolio strength ▪ Focus investment in growth & luxury sub segments ▪ Drive conversion
Slide 81: Expand Reach: Driving Penfolds presence in European fine wine
01 02 Transforming how we operate 03 04 Expand Reach: Driving Penfolds presence and demand power in European fine wine La Place de Bordeaux Fine Wine Retail High Net Wealth Events Brand Activation ▪ Distribution via negociant ▪ Upweighted focus on fine wine ▪ Curated experiences to build ▪ Iconic pa
Slide 82: Emerging Markets
Emerging Markets Tom King Chief Commercial Officer
Slide 83: Building a growth engine in Emerging Markets; scaling luxury
01 02 Transforming how we operate 03 04 EMERGING MARKETS “Building a growth engine in Emerging Markets; scaling luxury demand and expanding with discipline” INVESTOR DAY 2026 82
Slide 84: Regional Overview: TWE in Emerging Markets
01 02 Transforming how we operate 03 04 Regional Overview: TWE in Emerging Markets Key financial metrics – 1H26 NSR contribution by market and portfolio – 1H26 Other, 5% Other Middle East & Africa 11% 10% Regional Heroes EBITS 1% Volume NSR NSR/case EBITS margin Southeast Asia Power Brands 0.7m 9le
Slide 85: Emerging Markets Execution Priorities
01 02 Transforming how we operate 03 04 Penfolds Thematic Pop Up, Bangkok Emerging Markets Execution Priorities Driving Core Seeding the New Expanding with Markets Frontier Discipline Singapore - Thailand - Indonesia - India - UAE All Malaysia Engines of premium Early-stage markets Disciplined distr
Slide 86: Driving core markets: Scaling luxury demand through sharper execution in Asia
01 02 Transforming how we operate 03 04 Driving core markets: Scaling luxury demand through sharper execution in Asia Thailand ▪ Accelerating demand power 13.9% (+0.4ppts vs YA) Penfolds Distribution ▪ Expand distribution beyond Bangkok through Current 6,240 structured tier 2 wholesaler model ▪ Cont
Slide 87: Scaling the new frontier: investing ahead of the curve
01 02 Transforming how we operate 03 04 Scaling the new frontier: investing ahead of the curve to reach new markets India ▪ Build early distribution across priority cities (Mumbai, Delhi, Bangalore, Haryana) ▪ Deepening relevance via gifting and occasion-led consumption ▪ Accelerate category develop
Slide 88: Expanding with discipline: distributor management accountability
01 02 Transforming how we operate 03 04 Expanding with discipline: Converting presence into growth with distributor management accountability and execution excellence 01 Joint Business Plan ▪ Annual depletion & shipment targets Commit to shared ▪ Agreed priority distribution targets measurable goals
Slide 89: Shaping a future-fit supply chain
Shaping a future-fit supply chain Kerrin Petty Chief Supply & Sustainability Officer
Slide 90: ASCENT
01 02 Transforming how we operate 03 04 ASCENT Align production Release Future- Minimise dis- to long-term capital Proofing supply synergy demand chain Reshape our Deliver supply chain to Mitigate negative meaningful Invest in our future-state scale through capital release innovation, portfolio and
Slide 91: Aligning to Ascent: reshaping our supply chain
01 02 03 Shaping a future-fit supply chain 04 Aligning to Ascent: reshaping our supply chain Current global supply chain model EMEA Vineyards Wineries ASIA 9 (345 ha) 5 Vineyards Wineries 1 (51 ha) 1 We are aligning our supply chain to support our Power Brands and Regional Heroes and working hard to
Slide 92: Aligning to Ascent: track record of driving efficiencies
01 02 03 Shaping a future-fit supply chain 04 Aligning to Ascent: Strong track record of driving efficiencies and investing in luxury wine production Supply chain optimisation program (2021-23) Australian wine production and cost (CAGR V20-25)1 ▪ Global program, ~$90m p.a saving through strategic so
Slide 93: Aligning to Ascent: Geographic Deep Dive
01 02 03 Shaping a future-fit supply chain 04 Aligning to Ascent: Geographic Deep Dive Priorities by geography California Australia Other Geographies ▪ Pursue structural overhaul ▪ Drive efficiency and ▪ Uplifting output and quality of end-to-end supply variabilisation of cost from France and China
Slide 94: Aligning to Ascent: California supply transformation priorities
01 02 03 Shaping a future-fit supply chain 04 Aligning to Ascent: California supply transformation priorities Key Transformation Priorities California Vineyard & Winery Footprint Initiative Implementation Frank Family Vineyards Rationalise ▪ Non-renewal of expiring contracts with some St Helena grow
Slide 95: Aligning to Ascent: ANZ supply chain transformation priorities
01 02 03 Shaping a future-fit supply chain 04 Aligning to Ascent: ANZ supply chain transformation priorities Key Transformation Priorities ANZ Vineyard & Winery Footprint Initiative Implementation WA Divestment of winery and vineyards Reduce vineyard ▪ Divestment and exit of leases, with reduction i
Slide 96: Aligning to Ascent: transformation outcomes
01 02 03 Shaping a future-fit supply chain 04 Aligning to Ascent: transformation outcomes Supply chain transformation initiatives will Key transformation initiatives and expected P&L benefit recognition minimise per unit COGS increases and support P&L offset our EBITS margin ambition Region Initiati
Slide 97: Future proofing supply chain: innovation, technology and sustainability
01 02 03 Shaping a future-fit supply chain 04 Future proofing supply chain: through innovation, technology and sustainability initiatives NoLo Innovation Advanced optimisation tools AI enablement Automation and robotics INNOVATION & TECHNOLOGY $15m invested in industry-leading Benefits from intake p
Slide 98: Future proofing supply chain: climate resilience
01 02 03 Shaping a future-fit supply chain 04 Future proofing supply chain: climate resilience is core to our footprint and viticultural practice Mature climate Multi-regional analysis sourcing Reducing cost, risk and emissions Adaptation-informed AI and agtech practice innovation INVESTOR DAY 2026
Slide 99: Future proofing supply chain: Investing in NoLo production capability
01 02 03 Shaping a future-fit supply chain 04 Future proofing supply chain: Investing in NoLo production capability Proprietary in-house capability NoLo vacuum distillation Customised technology and proprietary process developed by TWE Through investment in the world-first FlavourLock technology at
Slide 100: ASCENT
01 02 Transforming how we operate 03 04 ASCENT Align production Release Future- Minimise dis- to long-term capital Proofing supply synergy demand chain Reshape our Mitigate negative Deliver Invest in supply chain to scale through meaningful innovation, our future-state optimised global capital relea
Slide 101: Financial outlook
Financial outlook Justin Pipito Interim Chief Financial Officer
Slide 102: ASCENT
01 02 03 04 Strengthening our financial position 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-quali
Slide 103: Transformation and financial benefits will occur over a number of years
01 02 03 04 Strengthening our financial position Transformation and financial benefits will occur over a number of years Timeline of key milestones F26 F27 F28 F29 F30 F31 Description Ahead of category depletions growth Drive above category growth for Power Brands and Regional Heroes Base Priorities
Slide 104: Ascent will give rise to a number of one-off, material items
01 02 03 04 Strengthening our financial position Ascent will give rise to a number of one-off, material items Ascent program costs Ascent material items ($m) Will be incurred progressively over time, with the majority of P&L (excluding brand and asset divestments) and cash impacts expected to be rec
Slide 105: Long-term perspectives by division
01 02 03 04 Strengthening our financial position Long-term perspectives by division Penfolds Treasury Americas Treasury Collective Focused on sustaining depletions Declines expected to continue, driven Maintaining positive momentum in Depletions growth ahead of peer set across key by non-priority br
Slide 106: Focused on strengthening our balance sheet, with a clear path to reduce leverage
01 02 03 04 Strengthening our financial position We are focused on strengthening our balance sheet, with a clear path to reduce leverage to our target of below 2.0x by the end of F28 Leverage is expected to We enjoy strong support from our global lenders… peak in F26…. ▪ Recent $300m increase in com
Slide 107: Targeting higher ROCE from improved earnings and disciplined capital allocation
01 02 03 04 Strengthening our financial position Targeting higher ROCE from improved earnings and disciplined capital allocation Power Brand historic growth rates • Penfolds +13%1 Higher A&P • DAOU +6%2 investment Top-line • Matua +3%2 growth of priority brands Lower overheads Higher EBITS margin +
Slide 108: Closing
Closing Sam Fischer Chief Executive Officer
Slide 109: ASCENT
ASCENT We see a bright future for TWE as a more focused, market- centred, simpler and financially strong wine company. INVESTOR DAY 2026 108
Slide 110: Supplementary Information
Supplementary Information
Slide 111: Definitions
Definitions 9Le 9 litre equivalent case Cash conversion* Net operating cash flows before financing costs, tax and material items divided by EBITDAS COO Country of origin CODB* Cost of doing business. Gross profit less EBITS. Excludes non-cash items as well as tax, the cost of the Group’s capital str