• Statutory NPAT $220.9m, up 32.5%; pre material items and SGARA, NPAT $239.6m, up 31.5%
• EBITS grew 35.1% to $391.4m, driven by strong Luxury portfolio growth in Penfolds and the contribution from DAOU
• Luxury NSR increased 52.0% (18.2% organic growth) and now represents 55.8% of Group NSR

TWE reported strong 1H25 results, with statutory NPAT up 32.5% to $220.9m and pre-material items and SGARA NPAT up 31.5% to $239.6m. EBITS grew 35.1% to $391.4m, driven by strong Luxury portfolio growth in Penfolds and the contribution from DAOU. Luxury NSR increased 52.0% (18.2% organic growth) and now represents 55.8% of Group NSR. Penfolds delivered an outstanding result, with strong growth in Bin & Icon portfolio shipments to Asia reflecting the re-establishment of the Australian Country of Origin (COO) portfolio in China and continued momentum in other key Asian markets. DAOU NSR increased 11.2%, with business integration progressing to plan. Combined, NSR for TWE's Premium and Commercial portfolios declined 4.9%, reflecting continued softness in consumer demand for wine at lower price points. Net operating cash flow grew 56.0%, with cash conversion of 90.4% driven by the favourable phasing of Penfolds shipments, and Net Debt to EBITDAS is unchanged at 2.0x. TWE is progressing preparations for transition to a Global Premium division from the commencement of F26 and has concluded that the offers received for the Commercial portfolio did not represent compelling value, and therefore their retention is the best course of action.

TWE expects F25 EBITS of approximately $780m, which is at the lower end of the previously guided range of $780m to $810m, driven primarily by reduced expectations for Treasury Premium Brands.