• EBITS exceeded guidance at $492.3m
• Statutory NPAT loss of $1,078.7m due to material items
• F27 EBITS expected to match or exceed F26
• Penfolds depletions up 34.7% globally, led by China
• Initiatives to reduce parallel imports in China on track

TWE's 2026 Annual Results Presentation revealed EBITS of $492.3m, surpassing guidance of $480-$490m, driven by Penfolds. However, a statutory NPAT loss of $1,078.7m was reported, primarily due to $1,308.7m in post-tax material items, mainly from the impairment of US assets. F27 EBITS are expected to be at least equivalent to F26. Penfolds depletions increased by 34.7% globally, led by China, while Treasury Americas saw a 4.2% rise. Initiatives to reduce parallel imports in China are on track, with a significant reduction in customer inventory cover. The company is also progressing with its Ascent transformation agenda, aiming for a $100m annual cost reduction by F29, with a $40m benefit expected in F27. The US strategic review is ongoing, focusing on improving shareholder returns.

F27 EBITS expected to be at least equivalent to F26

TWE expects F27 EBITS to be at least equivalent to F26, with a focus on progressing initiatives to ensure brand and channel health, and advancing the Ascent transformation agenda.