Treasury Wine Estates Settlement and 1H26 EBITS Expectation

Treasury Wine Estates Limited (ASX: TWE) has settled a dispute with Republic National Distributing Company (RNDC) following RNDC’s closure of its operations in California. Under the settlement, TWE will repurchase inventory from RNDC, valued net of a confidential settlement, with an expected net cash outflow of approximately US$65 million in 2H26. Despite this, TWE will continue its partnership with RNDC for distribution in other US markets. In the first half of FY26, Treasury Americas depletions in RNDC-distributed states grew by 2.7%. TWE's 1H26 EBITS is expected to be approximately AU$236 million, surpassing previous guidance. The settlement does not affect the planned reduction of distributor inventory outside California, which will occur over the next two years. Detailed financial insights will be shared in TWE's interim results update scheduled for 16 February 2026.

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