Treasury Wine Estates Limited (TSRYF) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to the Treasury Wine Estates FY26 full year results. 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 Mr. Sam Fischer, Managing Director and Chief Executive Officer. Please go ahead. Good morning and thank you for joining Treasury Wine Estates 2026 full year results briefing. Joining me on the call today is Justin Pepito, our interim chief financial officer. As Justin and I and other members of our team shared with you in some detail at our recent investor day, in F26 we took decisive action to ensure the health of our brands and channels and commenced our comprehensive ascent transformation program focused on reshaping TWE for future success. While this decisive action has impacted financial performance in the short term, I'm confident will emerge a more focused and financially strong company capable of sustained attractive returns. And you can see this story of these actions reflected throughout today's announcement. including our key messages, which I'll turn to now. F26 EBITS of $492 million was ahead of our guidance, driven by Penfold's performance in the fourth quarter. Statutory NPAT was a loss of $1.1 million, driven by the non-cash impairment of US assets. This includes the additional $558 million impairment relating to US supply chain rebalancing initiatives that we announced on Monday, which has been recognised in the second half. And we are reiterating our guidance for F27 EBITs, which are expected to be at least equivalent to F26. Importantly, the underlying performance of our key brand...