• Luxury NSR increased 52.0% (18.2% organic growth) and now represents 55.8% of Group NSR
• Penfolds delivers an outstanding result, with strong growth in Bin & Icon portfolio shipments to Asia
• DAOU NSR grew 11.2% versus the pcp and business integration is progressing to plan

TWE's Luxury-led focus delivers strong performance in 1H25, with EBITS growing 35.1% to $391.4m and EBITS margin increasing 2.8ppts to 25.3%. Luxury NSR increased 52.0% (18.2% organic growth) and now represents 55.8% of Group NSR. Combined, NSR for TWE's Premium and Commercial portfolios declined 4.9%, reflecting continued softness in consumer demand for wine at lower price points. Penfolds delivers an outstanding result, with strong growth in Bin & Icon portfolio shipments to Asia reflecting the re-establishment of the Australian COO portfolio in China and continued momentum in other Asian markets. In Treasury Americas, DAOU NSR grew 11.2% versus the pcp and business integration is progressing to plan, with acquisition synergies now expected to be approximately US$35m, up from the previous guidance of US$20m+. TWE is progressing preparations for the transition to a Global Premium division from the commencement of F26. Following completion of the process to explore divestment of the Commercial portfolio, TWE has concluded that the offers received do not represent compelling value and that retention of these brands is the best course of action. F25 EBITS is expected to be approximately $780m, which is at the lower end of the previously guided range of $780-810m, driven primarily by reduced expectations for Treasury Premium Brands.

F25 EBITS expected to be approximately $780m, which is at the lower end of the previously guided range of $780-810m.