Treasury Wine Estates Limited (TSRYF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to the Treasury Wine Estates TWE FY26 half year results briefing. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. 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 Sam Fisher, Chief Executive Officer and Managing Director. Please go ahead. Thank you, Operator, and good morning and thank you for joining Treasury Wine Estate's 2026 Interim Results Briefing. Joining me on the call today is Stuart Boxer, our Chief Financial and Strategy Officer. You may notice that our divisional leaders aren't on today's call, which is a shift in how we would like to present our results moving forward, with Stuart and I to lead this forum while allowing the rest of the team to remain fully focused on the business and our commercial execution. Going forward, we will of course provide opportunities for you to engage with the broader leadership team, including at our Investor Day in early June and other engagement events that our investor relations team will lead. Turning now to the key messages that we'd like you to take away from today's announcement, which are an update on the key areas we laid out in our update in mid-December. In first half 2026, EBITS of $236 million was just ahead of the guidance range from December, and statutory NPAT was a loss of $626 million, driven by the non-cash impairment of US assets that, again, we announced on 1 December. While the headline results announced today are clearly disappointing, They also reflect the decisive action we are taking to return TWE to a path of long-term, sustainable, profitable growth. In recent months, we've c...