• FY25 EBITS expected to be ~$770m, up 17% on prior year
• Penfolds to deliver low double-digit EBITS growth in FY25
• Transition to Luxury portfolio-led divisional model from FY26
• FY26 to see another year of NSR and EBITS growth led by Luxury brands

TWE provided an investor update on its business performance and the transition to a new Luxury portfolio-led divisional operating model. For FY25, TWE expects EBITS of approximately $770m, up 17% on the prior year, driven by strong performance in Penfolds and the Treasury Americas division. Penfolds is expected to deliver low double-digit EBITS growth in FY25, while the Treasury Americas Luxury portfolio, led by DAOU, is also expected to see EBITS growth, albeit more modestly due to economic uncertainty and weaker consumer demand in the US. TWE will transition to its new Luxury-led divisional operating model from FY26, which will include the formation of a new global premium division, Treasury Collective. For FY26, TWE expects to deliver another year of NSR and EBITS growth driven by its Luxury brand portfolio, with low to mid double-digit EBITS growth expected for Penfolds. EBITS growth is also expected to continue for the Treasury Americas Luxury portfolio in FY26, while Treasury Collective top-line declines are expected to moderate. TWE also intends to announce an on-market share buyback of up to 5% of issued capital as part of its FY25 results update in August.

For FY26, TWE expects low to mid double-digit EBITS growth for Penfolds, reflecting increased sales and marketing investment in Asian markets, and modest EBITS growth for the Treasury Americas Luxury portfolio, excluding any potential impacts from the distribution change in California.

TWE expects to deliver another year of NSR and EBITS growth in FY26, driven by the strength of its Luxury brand portfolio, led by Penfolds and DAOU. The company also expects the top-line declines in its Treasury Collective division to moderate, on the path to stabilisation over the medium-term.