• Statutory NPAT1 $436.9m, up 341.8%; pre material items and SGARA, NPAT $470.6m, up 15.5%
• EBITS increased 17.0% to $770.3m driven by strong growth in Penfolds and a full year contribution from DAOU
• TWE announces an on-market share buyback of up to $200m, to be completed progressively through F26

Treasury Wine Estates Ltd reported a 17.0% increase in EBITS to $770.3m, driven by strong growth in Penfolds and a full year contribution from DAOU. Penfolds delivered another strong result, reflecting a successful return to China for the Australian country of origin portfolio and continued positive momentum in other key Asian markets. DAOU NSR increased 8.2%, with business integration complete and synergies of US$12m recognised in F25. Net operating cashflow grew 22.9%, with cash conversion 87.4% and Net Debt to EBITDAS improving to 1.9x, back inside TWE's 1.5x-2.0x target range. TWE announces an on-market share buyback of up to $200m, to be completed progressively through F26 in accordance with TWE's capital management framework. Effective 1 July 2025, TWE transitioned to its new divisional operating model, better aligning the business with the strategic focus on Luxury wine. Tim Ford, Chief Executive Officer and Managing Director, will leave TWE on 30 September 2025, with Sam Fischer succeeding him effective from 27 October 2025.

In F26, TWE expects to deliver another year of EBITS growth, led by Penfolds Group. Low to mid double-digit EBITS growth is expected for Penfolds, driven by increased Bin & Icon portfolio availability from 4Q26 and continued positive momentum throughout a number of markets in Asia. EBITS margin is expected to be approximately 44%.

In Treasury Americas, the net financial impact from the Californian distribution changes remains uncertain. However, at this point in time, TWE expects an adverse impact to operating plan NSR of approximately $50m as a result of these changes, with the outlook for modest EBITS growth contingent on mitigating the impact of reduced shipments through the exit negotiations with RNDC. Treasury Collective's top-line decline is expected to moderate in F26, on the path to stabilisation, with continued growth from the priority brand portfolio expected to partially mitigate continued declines in the Commercial portfolio.