• Transition to a new regional operating model to strengthen execution and improve efficiency
• Depletions performance improved in key markets through 3Q26, including 40% growth in China
• Established $300m in new debt commitments to refinance future maturities and strengthen liquidity

Treasury Wine Estates (TWE) announced the transition to a new regional operating model, effective 1 October 2026, to strengthen execution effectiveness and improve organisational efficiency. The new model will be structured across four regions: the Americas; Australia and New Zealand (ANZ) and Europe; Greater China; and Emerging Markets (Rest of Asia, Middle East and Africa). Each region will house front-end commercial capabilities supported by Group functions. The new model is expected to drive clearer accountability, faster decision-making, a focused portfolio with collective scale, and improved cost of doing business. TWE will realign its Executive Leadership Team to support the transition. Additionally, TWE reported improved depletions performance in 3Q26, with Penfolds delivering 40% growth in China on a seasonally adjusted basis and the overall US market depletions up 9.1%. TWE also established new debt commitments totalling $300m to refinance future debt maturities and further strengthen its liquidity position, which is expected to exceed $1bn at the end of F26.

TWE continues to expect that 2H26 EBITS will be higher than 1H26. The company does not expect increased costs from the Middle East conflict to have a material impact in F26 and will continue to monitor the situation for possible impacts in F27 and beyond.

TWE's new regional operating model is expected to support the company's focus on depletions-led growth through clearer accountability, faster decision-making, a focused portfolio, and improved cost of doing business. The company remains focused on continuing the improved depletions momentum across its key markets.