• Luxury portfolio growth in Penfolds and contribution from DAOU Vineyards
• NSR increased 5.1% on an organic basis, with NSR per case improving 16.1%
• Management EBITS increased 35.1% to $391.4 million, with EBITS margin up 2.8ppts to 25.3%

Treasury Wine Estates has reported its interim financial results for the half year ended 31 December 2024. Net profit after tax attributable to members increased 32.5% to $220.9 million, with reported earnings per share of 27.2 cents per share. Net Sales Revenue (NSR) grew 19.6% to $1,544.2 million, driven by strong Luxury portfolio growth in Penfolds and the contribution from the acquisition of DAOU Vineyards, partly offset by lower Commercial and Premium shipments in Treasury Premium Brands. On an organic basis, NSR increased 5.1%. NSR per case improved 16.1%, reflecting the ongoing premiumization of TWE's portfolio mix towards Luxury wine and price increases across the Penfolds Bin & Icon portfolio. Cost of Goods Sold per case increased 5.2% due to the Luxury-led portfolio mix shift. Management earnings before interest, tax, SGARA and material items (EBITS) increased 35.1% to $391.4 million, with the Group's EBITS margin increasing by 2.8ppts to 25.3%. A pre-tax net material items gain of $0.2 million was recorded, primarily related to the sale of the Karadoc winery in Australia, partly offset by integration costs associated with the DAOU acquisition. The SGARA loss for the period was $14.7 million, driven by the 2025 Australian vintage and the 2024 French vintage outcome, partly offset by the unwinding of losses from prior vintages.

The company has not provided any high-importance, price-sensitive forward-looking financial metrics in this announcement.