“We see a bright future for Treasury Wine Estates as a more focused, market-centred, simpler and financially strong wine company.”
The positive quote was included in upbeat presentation material distributed today ahead of TWE’s annual general meeting.
TWE has highlighted early momentum in its transformation agenda as it sharpens its focus on leading brands and implements a simpler operating model to position the business for future growth.
“We’ve taken decisive action over the past year to sharpen our focus on where we compete, the brands we invest in, and how we operate,” CEO Sam Fischer said ahead of his first AGM.
“We’re already seeing stronger sales across our priority brands in key markets, and we’re determined to build on that progress.
“We’re optimistic about the long-term opportunity in the global wine category.
“We have some of the strongest brands in the world, from Penfolds and Matua to regional standouts like Wynns, Pepperjack, and Frank Family Vineyards.
“We’ll be investing more in them so they can reach their full potential with wine drinkers in established and emerging markets.”
TWE axed 170 positions in October after a $1.08 billion statutory loss in FY26.
The company has highlighted positive first quarter trading trends across its key markets, with growth across its priority brands:
China
Penfolds depletions growth slightly ahead of plan, supported by strong consumer demand.
US
Stronger depletions growth across Power Brands, led by DAOU and Matua, and Regional Heroes.
Australia
Depletions growth across Power Brands, led by Penfolds.
In China, Mr Fischer said, Penfolds continues to perform strongly, supported by strong consumer demand and the ongoing shift from parallel imports to authorised distribution channels.
“Penfolds has built a reputation in China that extends well beyond wine – it’s recognised as a true luxury brand,” he said.
“We see significant opportunity to build on that strength, reaching more consumers, expanding our distribution and making Penfolds part of more occasions.”
Penfolds luxury credentials were further recognised overnight, with Magill Estate Restaurant in South Australia awarded two Michelin stars – the only restaurant in Australia to receive the prestigious distinction at the country’s inaugural Michelin Guide awards.
In the US, TWE’s luxury wine portfolio has recorded three consecutive quarters of depletions growth, led by brands including DAOU and Frank Family Vineyards.
The conclusion of the first quarter also marks the transition to a new regional model, simplifying operations and creating clearer accountability in each market.
TWE has also made progress on the sale of non-priority brands and assets, including Seppelt, Rosemount and vineyards, with approximately $50 million in proceeds confirmed to date.
“These divestments complement the realisation of $40 million in cost benefits in F27 as part of the Ascent transformation program, which is on track to realise $100 million in annual cost reductions by F29,” Mr Fischer said.