TWE 2026 AGM Address
Key points
- New CEO, Sam Fischer, addresses shareholders
- Transformation plan 'Ascent' launched
- Strong depletions growth in luxury wine market
- Strategic and operational review of US business underway
- Dividend suspended, to be reconsidered as leverage improves
Full summary
Treasury Wine Estates Limited (ASX:TWE) addressed shareholders at its Annual General Meeting on 15 October 2026. The Chairman, John Mullen, and CEO, Sam Fischer, delivered addresses, outlining the company's strategic direction. The company faced challenges in 2026, including the bankruptcy of a major US distributor and changes in China's banqueting sector. However, new CEO Sam Fischer has launched a transformation plan called Ascent to improve performance. The luxury wine market is growing, and TWE's rebalance towards luxury wines is showing positive results. The company is also taking action against parallel imports in China and reviewing its US business to improve shareholder returns. Financial discipline is a priority, with leverage moving outside the target range but now declining again. The Board suspended the dividend for 2026 but will consider resuming it as leverage improves.
Guidance
Expect F27 EBITS at least equivalent to F26, leverage below 2.0x by end of F28
Outlook
TWE expects strong depletions-led momentum for power brands and regional heroes in F27, with a focus on EBITS margin expansion towards a long-term target of 25%+.
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