Treasury Wine Estates (TWE) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a quorum present, held in person and virtually, with introductions of Directors and management, and explanation of meeting procedures for questions and voting.

• Voting conducted by poll, with results to be published on the ASX and company website.

Financial performance review

• Fiscal 2024 net sales revenue grew 13.1% to AUD 2.7 billion, driven by luxury portfolio growth in Penfolds and Treasury Americas, with luxury contributing 49% to global NSR.

• Group EBITS increased 12.8% to AUD 658.1 million; net profit after tax rose 8.3% to AUD 407.5 million, with EPS up 1.4% to 52.3cps.

• Cash conversion improved to 82%, up 21.4 percentage points, and net debt/EBITDAS was 2.0x.

• Penfolds and Treasury Americas each delivered $1 billion in sales for the first time.

• Treasury Premium Brands revenue declined 6% due to lower commercial and premium shipments, but priority premium brands grew 5%.

Board and executive committee updates

• Ed Chan retired from the Board after serving since 2012; all other Non-Executive Directors stood for election or re-election.

• Directors addressed their qualifications, experience, and commitment to the company and its strategic direction.