• EBITS ahead of guidance at $492.3m, down 36.1% YoY
• Statutory NPAT loss of $1,078.7m due to material items
• Penfolds depletions growth strong, Treasury Americas rebalancing
• TWE Ascent transformation progressing, $100m/year cost savings target
• Strategic review in Americas, US vintage makes reduced

TWE's 2026 fiscal year results showed a decline in earnings, with EBITS at $492.3m, down 36.1% year-over-year, ahead of the $480-490m guidance range. The statutory NPAT loss was $1,078.7m, driven by a post-tax material items loss of $1,308.7m, primarily due to non-cash impairment of US-based assets and TWE Ascent transformation costs. Penfolds depletions grew globally, led by China, while Treasury Americas rebalances customer inventory. The TWE Ascent transformation is progressing, with $100m/year cost savings expected by F29. A strategic review in the Americas resulted in reducing US vintage makes from 2026.

F27 EBITS expected at least equivalent to F26, weighted to the second half

TWE expects F27 EBITS to be at least equivalent to F26, with depletions growth on key brands as customer inventory rebalancing is completed. The outlook includes the benefit of the $40m of TWE Ascent cost savings expected in the year.