TWE accelerates actions to rebalance its US supply chain

• Additional $558.4m post-tax charge expected in F26 results
• Write-down of US assets and brands
• F26 EBITS ahead of expectations at $492.3m
• Reiterates F27 EBITS to be at least equivalent to F26
• F26 results announcement on 13 August 2026

Treasury Wine Estates Ltd (ASX:TWE) has announced key initiatives to rebalance its US supply chain, focusing on improving future returns for its Americas business. These initiatives include reducing North Coast vintage make sizes and writing down inventory, leading to an additional $558.4m post-tax material item charge in F26 results. The company also expects to write down brands, predominantly DAOU, Frank Family Vineyards, and Beaulieu Vineyard. TWE's unaudited F26 Group EBITS are ahead of expectations at $492.3m, driven by Penfolds, and leverage is expected to peak at 2.8x. The company reiterates its guidance for F27 EBITS to be at least equivalent to F26. The F26 results, including the material items, remain subject to audit.

TWE expects F26 EBITS to be $492.3m, F26 Leverage at 2.8x, and F27 EBITS to be at least equivalent to F26.

TWE expects to report F26 EBITS ahead of the guidance shared in June, with underlying momentum remaining positive. The company expects to release its F26 results on 13 August 2026.