Treasury Wine Estates Limited · ASX:TWE
Treasury Wine Estates — Corporate Update (December 2025)
20 slides from Treasury Wine Estates's corporate update, Dec 17, 2025
Slide 1: Investor Update and 1H26 Outlook Presentation
17 December 2025 ASX ANNOUNCEMENT Investor Update and 1H26 Outlook 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 (AEDT) on 17 December 2025. Links to register for the conferenc
Slide 2: Investor Update
INVESTOR UPDATE 17 December 2025
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: Agenda
Agenda 1 CEO Perspectives 2 Near-term expectations 3 Transformation Agenda: TWE Ascent 4 Questions 4
Slide 6: Key messages
Key messages Update on performance expectations reflecting recent market conditions and actions the Board and new CEO have decided upon to ensure TWE remains positioned for sustainable, profitable growth • Category dynamics have weakened in recent months, particularly in the US and China • Moderated
Slide 7: CEO Perspectives
ART OF BLN! CEO Perspectives
Slide 8: CEO perspectives: Strong foundations, imperative for decisive change
CEO perspectives: Strong foundations, imperative for decisive change Priorities for change Quality business with strong foundations for sustainable, Evolve our portfolio Transform our operating model profitable growth • Precision required around where we play • TWE has a complex operating model, and
Slide 9: Near-term expectations
Near-term expectations
Slide 10: Near-term outlook
Near-term outlook The near-term outlook reflects weaker market trends in the US and China, moderated depletion expectations for key brands and actions taken to ensure healthy customer sales channels 1H26 EBITS Division expectation1 F26 performance insights Penfolds • Depletions continue to grow acro
Slide 11: Penfolds
Penfolds Depletions growth continues in key markets, however outlook moderated due to China market dynamics • Penfolds continues to grow across its key markets: Penfolds Demand Power continues to strengthen across – In China, depletions are up 21% on the prior year1, with growth a number of key mark
Slide 12: Treasury Americas
Treasury Americas Softer market conditions driving further moderation of near-term outlook; DAOU and FFV outperforming ex-California • US Luxury wine conditions have moderated in recent months1 US Luxury (US$20+) wine market trends1 • Treasury Americas continues to deliver depletions growth 5.4% out
Slide 13: Treasury Collective
Treasury Collective Stable performance in Australia and EMEA, near-term challenged in the US • Treasury Collective portfolio continues to perform in line Priority brands are in growth in Australia and the UK with expectations in Australia and EMEA, led by Growth and Innovation brands, with reduced C
Slide 14: Balance Sheet inventory
Balance Sheet inventory Long ageing profile for Luxury wine provides time and flexibility to manage inventory position, particularly in Australia • Moderated demand expectations will result in an increase Luxury sourcing model of Luxury inventory on TWE’s balance sheet • In Australia, TWE’s flexible
Slide 15: Capital structure
Capital structure Retaining the strength and flexibility of TWE’s capital structure is a priority • Leverage is expected to be above the 1.5-2.0x target range Debt facility maturity profile1 for approximately two years as TWE works through re- balancing customer inventory • 1H26 Leverage expected to
Slide 16: Transformation Agenda: TWE Ascent
Transformation Agenda: TWE Ascent
Slide 17: TWE Ascent
TWE Ascent Driving transformation to create a stronger TWE with a focus on delivering attractive returns and cash generation; targeting $100m p.a. cost improvement, with initial benefits commencing in F27 and full realisation across a two to three-year period Transform our Optimise our 01 Evolve our
Slide 18: Closing
Closing Strategic actions underway • TWE is taking deliberate strategic measures to maintain brand strength and healthy sales channels across key markets • Reducing customer inventory in China and the US, and significantly restricting shipments contributing to parallel import activity in China are k
Slide 19: Questions
Questions 1 8
Slide 20: Definitions
Definitions 9Le 9 litre equivalent case Case 9 litre equivalent case COGS* Cost of goods sold Commercial wine Wine that is sold at a retail shelf price below A$10 (or equivalent) per bottle EBITS* Earnings before interest, tax, material items and SGARA EBITS margin* EBITS divided by Net sales revenu
Treasury Wine Estates — Corporate Update (December 2025) on 6ix