• Penfolds and DAOU drove TWE's Luxury-led growth in F25
• Penfolds delivered another strong result, with a successful return to China
• Treasury Americas growth was driven by DAOU, but moderated by lower demand in the US
• TWE expects to deliver another year of EBITS growth in F26, led by Penfolds

Treasury Wine Estates Ltd (TWE) reported strong financial results for the 2025 financial year, with Luxury-led growth driven by Penfolds and the full-year contribution of DAOU. Penfolds delivered another strong result, with a successful return to China for the Australian COO portfolio and continued positive momentum in other Asian markets. Treasury Americas growth was driven by DAOU, but moderated by the impact of lower demand trends in the United States. Treasury Premium Brands saw a top-line and EBITS decline in F25, but with improved performance in the second half. TWE reported a 7.2% increase in NSR to $2.9 billion and a 17.0% increase in EBITS to $770.3 million. Net operating cash flow was up 22.9% and cash conversion was 87.4%, with leverage improved to 1.9x, back inside the target 1.5-2.0x range. TWE announced an on-market share buyback of up to $200 million to be completed through F26. The company expects to deliver another year of EBITS growth in F26, led by Penfolds, despite an expected $50 million NSR impact in Treasury Americas from the Californian distribution change.

TWE expects to deliver another year of EBITS growth in F26, led by Penfolds. The NSR impact in Treasury Americas from the Californian distribution change is currently expected to be approximately $50 million, with the overall NSR and EBITS impact uncertain until TWE finalizes transition planning and exit negotiations.

TWE expects to deliver another year of EBITS growth in F26, led by Penfolds. The company is focused on progressing its response to material opportunities, including climate change, water stewardship, health and safety, and inclusion and diversity.