Treasury Wine Estates (TWE) AGM 2026 summary

Opening remarks and agenda

• John Mullen opened the hybrid AGM in Melbourne and online; shareholders could submit questions and vote by poll.

• Agenda covered FY26 reports, annual director re-elections, an advisory remuneration vote, and a performance-rights grant for CEO Sam Fischer.

Financial performance review

• FY26 NSR was $2.6bn, down 12.8%; EBITS was $492.3m, down 36.1%, with margin at 19.2%, down 7.0ppts. Figures are reported currency, before Material Items and SGARA.

• Statutory net loss after tax was AUD 1.1bn, driven by a non-cash U.S. asset impairment; pre-material-items NPAT was AUD 275.3m, EPS 34.1cps, down 41.3%, and ROCE 7.9%, down 4.0ppts.

• NSR per case was $133.6, up 3.2%; cash conversion was 81.4% and net debt/EBITDAS was 2.8x, up 0.9x.

• In 1Q27, trading was in line with expectations across regions; leverage eased to 2.7x on strong operating cash flow.

• FY26 depletions: Penfolds +13.6%, DAOU +5.0%, Matua +7.4%, U.S. and Australian regional portfolios +2.2% and +2.1%; non-priority brands -14.3%.

Board and executive committee updates

• Sam Fischer became CEO on 27 October last year; in his first year he launched Ascent and began reshaping the executive team.

• Lauri Shanahan retired in October 2025 after nearly nine years; Mark Weldon joined the board, and Leslie Frank was due to retire at the AGM’s conclusion.

• Following Frank’s retirement, the board planned to appoint another non-executive director with industry and U.S. and European market experience; the process was well advanced.

• Non-executive directors other than Frank stood for annual re-election; the board recommended their re-election.