• Net Sales Revenue (NSR) decreased 16.6% to $1,309.6 million
• Earnings before interest, tax, SGARA and material items (EBITS) decreased 39.6% to $236.4 million
• Net loss after tax of $649.4 million, including $751.0 million in post-tax net material items losses

Treasury Wine Estates Limited (ASX:TWE) has released its interim financial statements for the half year ended 31 December 2025. Net Sales Revenue (NSR) for the period was $1,297.7 million, a 16.6% decrease from the prior corresponding period, driven by reduced shipments across all divisions. NSR per case decreased 5.8% on a constant currency basis, reflecting adverse portfolio mix in the Penfolds brand. Cost of Goods Sold (COGS) per case decreased 4.4% on a constant currency basis, reflecting portfolio mix. Cost of Doing Business (CODB) increased 3.5% on a constant currency basis, reflecting brand investment and higher overheads post transition to the new Luxury-led operating model. Management earnings before interest, tax, SGARA and material items (EBITS) decreased by 39.6% to $236.4 million, with the Group's EBITS margin decreasing by 7.2 percentage points to 18.2%. The company reported 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, driven by the 2025 US vintage and 2026 Australian vintage, partly offset by the unwinding of losses from prior vintages.