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Treasury Wine Estates
Treasury Wine Estates (TWE) investor relations material
Treasury Wine Estates H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary15 Feb, 2026
Executive summary
First half 2026 EBITS was $236.4 million, slightly above guidance, but a statutory NPAT loss of $649.4 million resulted from a $987.6 million non-cash impairment of U.S. assets.
Underlying business momentum remained positive, with strong depletions growth in key brands and markets, especially Penfolds in China and the U.S. outside California.
Decisive actions included suspending the interim dividend, reducing Penfolds shipments to curb parallel imports, and initiating inventory reductions in the U.S. and China.
Settlement with RNDC in the U.S. and transition to Reyes Beverage Group are expected to stabilize distribution.
The company transitioned to a new luxury-led divisional operating model effective 1 July 2025.
Financial highlights
Net sales revenue for 1H26 was $1.3 billion, down 16% year-over-year, with NSR per case declining 5% mainly due to reduced ultra-luxury Penfolds sales and inventory actions in China.
EBITS margin dropped 7.1 percentage points to 18.2%, and ROCE fell 1.7 points to 9.5%.
Pre-material items, NPAT was $128 million, with EPS at 15.9 cents per share; statutory NPAT loss was $649.4 million.
Net operating cash flow before interest, tax, and material items was $264.6 million, down 38.1% year-over-year; cash conversion at 82.4%.
Net borrowings increased by $91.2 million, mainly due to lower operating cash flows.
Outlook and guidance
Second half EBITS is expected to exceed first half results, with full-year EBITS for Penfolds and Treasury Americas forecast at approximately $400 million and $90 million, respectively.
Treasury Collective second half EBITS anticipated to be higher than the first half.
Full-year CapEx projected at $125 million, with a focus on essential projects only.
Leverage anticipated to rise due to lower trailing EBITDAS and cash conversion.
Management expects continued challenges in the U.S. market and is moderating long-term growth assumptions for the Americas.
US market outlook post-impairment?
Future dividend policy considerations
Luxury-led model's impact on CODB?
Reyes Group's luxury wine sales capability
How to achieve growth amid cash constraints?
Adapting portfolio to lighter wine trends
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Next Treasury Wine Estates earnings date
H2 202612 Aug, 2026
Treasury Wine Estates
Next Treasury Wine Estates earnings date
H2 202612 Aug, 2026
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Frequently asked questions
Treasury Wine Estates Limited, produces and markets wines in Australia, New Zealand, Asia, Europe, the Middle East, Africa, and the Americas. The company's products include sparkling wine; premium varietal wine comprising chardonnay, merlot, cabernet sauvignon, shiraz/syrah, pinot noir, grenache/garnacha, and riesling; and luxury cuvee wine.
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