• TWE appoints Breakthru Beverage Group as exclusive distributor in California
• Change follows RNDC's planned exit from California market on 2 September 2025
• TWE expects modest EBITS growth for Treasury Americas in FY26

Treasury Wine Estates (ASX: TWE) has announced that it has appointed Breakthru Beverage Group as its exclusive distributor in California for the Treasury Americas and Treasury Collective US portfolios, effective 1 September 2025. This change follows TWE's previous announcement on 3 June 2025 that Republic National Distributing Company (RNDC), one of the Company's US distributors, would cease operations in California on 2 September 2025. After assessing alternatives, TWE has selected Breakthru Beverage Group (BBG) as its exclusive distribution partner in California, citing BBG's scale, breadth of distribution platform in the state, and the existing strategic partnership between TWE and BBG, which already spans a number of key states, including Florida. As part of its Investor Update on 24 June 2025, TWE provided an outlook for its expectation to deliver modest EBITS growth for Treasury Americas in FY26. The net financial impact to TWE associated with this distributor change in California remains uncertain, as there are a number of factors that will contribute to the final outcome, including TWE's ongoing transition and exit arrangements with RNDC in California. TWE will provide a further update on the impact of these changes as part of its full year results announcement on 13 August 2025.

TWE expects to deliver modest EBITS growth for Treasury Americas in FY26.