Treasury Wine Estates Limited (TSRYF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to the Treasury Wine Estates FY25 half-year results briefing. All participants are in a listen-only mode. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Tim Ford, CEO. Please go ahead. Good morning, everybody, and thank you for joining Treasury Wine Estates 2025 interim results briefing. Joining me today, we have Stuart Boxer, our Chief Financial and Strategy Officer, Tom King, who's in Bordeaux, our Managing Director of Penfolds, Ben Dollard in Napa Valley, President of Treasury Americas, and Angus Lilley, our Managing Director of Treasury Premium Brands, who, as we've announced today, will take the leadership of our new Global Premium Division upon transition to our modified operating model and ELT from 1 July this year. So I'm pleased to announce today our results for the first half, our period where clearly our luxury-led focus drove strong performance, as reflected in all of our key metrics. EBITS grew 35.1% to $391.4 million, driven by the continued growth of Penfolds and the contribution of Dow in Treasury Americas. Our luxury portfolio net sales revenue increased 52% in the period and now represents approximately 56% of our total group NSR. Our premium and commercial portfolios did decline approximately 5%, reflecting the continued softness in demand around the globe for wine at lower price points. And on an organic basis, to be clear, that is excluding the top line expansion from Dow specifically, our group's net sales revenue also increased by 5%. Penfold's performance clearly was a significant highlight. It led by the outstanding growth in Asia and we're extremely pleased to have successfully re-esta...