• Net loss after tax of $649.4 million, down 394% from prior year
• Net Sales Revenue down 16.6% to $1,297.7 million
• EBITS down 39.6% to $236.4 million, with EBITS margin decreasing 7.2ppts to 18.2%

Treasury Wine Estates has reported a net loss after tax of $649.4 million for the half year ended 31 December 2025, compared to a profit of $220.9 million in the prior corresponding period. This was driven by a 16.6% decrease in Net Sales Revenue to $1,297.7 million, reflecting reduced shipments across all divisions. EBITS decreased by 39.6% to $236.4 million, with the EBITS margin contracting by 7.2ppts to 18.2%, due to adverse portfolio mix in the Penfolds division and increased costs. The company recorded a post-tax net material items loss of $751.0 million, primarily related to the non-cash impairment of the US-based assets and write-down of assets held for sale, partly offset by the reduction in the valuation of the Daou earn-out agreement and the sale of water rights. The SGARA loss for the period was $35.9 million. The Board has determined to suspend a dividend payment in respect of the half year ended 31 December 2025.