Treasury Wine Estates Limited (ASX: TWE) delivered 1H26 EBITS of AU$236.4 million, down 39.6% year-on-year, reflecting softer category trends in the US and China, shipment restrictions to address parallel import activity, and cycling of prior period inventory builds. Net sales revenue declined 16.0% to AU$1,297.7 million, while NPAT before material items and SGARA fell 46.3% to AU$128.5 million. Reported NPAT recorded a loss of AU$649.4 million, driven by a non-cash impairment of US-based assets totalling AU$770.5 million post-tax.
Cash conversion remained solid at 82.4%, with leverage at 2.4x. To preserve capital and support balance sheet flexibility, the Board suspended the FY26 interim dividend while progressing the TWE Ascent transformation program, which targets approximately AU$100 million in annualised cost improvements over a two- to three-year horizon.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
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Treasury Wine Estates Limited Reports Challenging 1H26 Amid Strategic Reset and Impairment
Treasury Wine Estates Limited (ASX: TWE) delivered 1H26 EBITS of AU$236.4 million, down 39.6% year-on-year, reflecting softer category trends in the US and China, shipment restrictions to address parallel import activity, and cycling of prior period inventory builds. Net sales revenue declined 16.0% to AU$1,297.7 million, while NPAT before material items and SGARA fell 46.3% to AU$128.5 million. Reported NPAT recorded a loss of AU$649.4 million, driven by a non-cash impairment of US-based assets totalling AU$770.5 million post-tax.
Cash conversion remained solid at 82.4%, with leverage at 2.4x. To preserve capital and support balance sheet flexibility, the Board suspended the FY26 interim dividend while progressing the TWE Ascent transformation program, which targets approximately AU$100 million in annualised cost improvements over a two- to three-year horizon.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au