• TWE expects to recognise a non-cash impairment of its US based assets
• Reduced long-term earnings growth rates will impact carrying values in the Treasury Americas and Treasury Collective - Americas cash generating units
• Impairment expected to result in at least all goodwill ($687.4m) being written off, with potential to impact other assets

Treasury Wine Estates Ltd (ASX:TWE) has announced that it expects to recognise a non-cash impairment of its US based assets. In its 2025 Annual Report, TWE disclosed that a reduction in future cash flows in the Americas business of 11% per annum over the forecast period would reduce impairment headroom to nil. While a number of TWE's larger brands continue to grow ahead of market - including DAOU, Frank Family Vineyards and Matua - in response to further moderation in US wine category trends, TWE has applied more conservative long-term market growth assumptions, resulting in reduced long-term earnings growth rates, which will impact carrying values within the Treasury Americas and Treasury Collective - Americas cash generating units. The final impairment amount and allocation to assets will be concluded as part of the 2026 interim results, however it is expected that the impairment will result in at least all goodwill ($687.4m at 30 June 2025) currently carried in the Americas being written off, with potential to impact other assets. Additionally, following Sam Fischer's commencement as CEO, TWE will host an investor and analyst conference call in mid-December to provide a progress update on performance in TWE's key markets, including in China and the US, and Mr Fischer's initial observations.