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Important information All references to ‘$’ throughout this presentation refer to Australian Dollars, unless marked otherwise. This presentation is in summary form and is not necessarily complete. It should be read together with the Company’s Annual Report for 30 June 2025 including the Appendix 4E, the Appendix 4D and 2025 Interim Results, and other announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. This presentation contains information that is based on projected and/or estimated expectations, assumptions or outcomes. Forward looking statements are subject to a range of risk factors. The Company cautions against reliance on any forward-looking statements, particularly in light of: – Changing consumer preferences and consumption occasions in the Company’s key markets; – Changes in economic conditions which impact consumer demand; – The risks inherent in the Californian distributor change; – Changes to TWE’s production cost base, including impact of inflation and tariffs/charges; – Global difficulties in logistics and supply chains; – Foreign exchange rate impacts, given the global nature of the business; – Vintage variations; and – The Company’s continuing exposure to geopolitical risks. While the Company has prepared this information with due care based on its current knowledge and understanding and in good faith, there are risks, uncertainties and other factors beyond the Company’s control which could cause results to differ from projections. The Company will not be liable for the accuracy of the information, nor any differences between the information provided and actual outcomes, and it reserves the right to change its projections. The Company undertakes no obligation to update any forward-looking statement after the date of this presentation, subject to disclosure obligations. For personal use only
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F25 Financial Results1,2,3 1. Financial information in this report is based on audited financial statements. Non-IFRS measures will not be subject to audit or review, and are used internally by Management to assess the operational performance of the business and make decisions on the allocation of resources 2. All figures and calculations in this presentation are subject to rounding 3. Unless otherwise stated, Financial Highlights are disclosed on a reported currency basis, before Material Items & SGARA. NPAT and EPS exclude earnings attributable to non-controlling interests 4. Net debt to EBITDAS includes capitalised leases in accordance with AASB 16 Leases. F24 includes last twelve months EBITDAS of DAOU 5. Like for like comparison between F24 and F25. The ROCE for F24 has been restated from the reported 10.9% to 11.4% to reflect a full year impact of the TPB non-cash impairment that was recognised in F24 NSR NSR per case $2.9bn 7.2% $138.1 10.2% Cash conversion Net Debt / EBITDAS4 87.4% 5.4 ppts 1.9x 0.1x NPAT EPS $470.6m 15.5% 58.0 cps 10.8% Luxury contribution to global NSR 55% 6.3 ppts EBITS EBITS margin $770.3m 26.2% 2.2 ppts ROCE5 Full year dividend 11.9% 0.5 ppt 17.0% 11.1%40cps Improvement delivered across all key financial metrics For personal use only
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• Strong growth driven by the return of Australian country of origin wine to China and price increases • Depletions growth continued in Asia, Australia and EMEA • Penfolds brand strength building globally 9 NSR 7% EBITS $477m $1,074m 13% EBITS margin 44% 2ppts For personal use only
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• Growth driven by full year contribution from DAOU and continued growth from Frank Family Vineyards • Performance impacted by softening category trends in 2H25 NSR 17% EBITS $309m $1,171m 34% EBITS margin 26% 3ppts For personal use only
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11 11 NSR (6)% EBITS $55m $694m (28)% EBITS margin 8% (2)ppts • Performance impacted by Commercial and Premium wine volume declines in EMEA and Australia • Cost improvement supporting 2H25 results For personal use only
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Cultivating a brighter future Continuing to progress in responding to material opportunities Material topic Target F25 Progress Climate Change and Energy ● 100% renewable electricity by 2024 ● Operating on 100% renewable electricity globally2 ● 34 on-site solar installations completed since F21, providing ~8% of electrical use Water Stewardship ● Install smart meters at 100% of high and medium risk sites by end F25 ● Over 380 smart water meters installed in last 2 years, covering 100% of operating sites (vineyard, winery, packaging) in high and medium-risk catchments ● Focus shifting to irrigation efficiency Health, Safety & Wellbeing ● Reduce thee-year rolling average Serious Safety Incident Frequency Rate (SSIFR) by 20% (to 0.43), with a focus on active participation in our safety culture programs ● SSIFR reduced by 40% to 0.33 ● Ongoing focus on managing hazards causing serious harm and psycho-social wellbeing Inclusion, Equity, & Diversity1 ● 50% women in senior leadership by 2025 ● 42% female representation overall by 2025 As at 30 June 2025, females represent: ● 48.4% of senior leadership, up 1.2 ppts since F24 ● 45.2% overall, up 1.5 ppts since F24 Sustainable Growing and Production2 ● Continue to implement our plan to increase sustainability certification of our brands ● 98.4% of company vineyards and wineries are certified to the relevant standard (owned and leased) ● Continued collaboration with growers and bulk wine providers to enable sustainability certification of brands 1. In line with ASX Recommendation 1.5, the gender diversity data in our Annual Report is based on our population of permanent and fixed-term employees. The data above appears in our annual Cultivating a Brighter Future Report which includes casual, seasonal, and on-call employees, and Directors. 2. Includes owned/leased production assets (vineyards, wineries, packaging centres), warehouses, cellar doors, joint ventures under TWE’s operational control, and offices with more than 20 employees. For personal use only
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1Q26 Trading Update and F26 Outlook Updated performance expectations for F26 • 1Q26 shipments in line with expectations across key markets, globally • Depletion trends in China weak relative to plan as a result of evolving consumption dynamics within the alcohol sector • As a result, TWE no longer believes it is appropriate to retain Penfolds guidance for low to mid double- digit EBITS growth in F26 and approximately 15% EBITS growth in F27 • 1Q26 shipments impacted, as expected, by distribution transition in California. Portfolio performing well ex-California, with depletions up over 5% and outperforming the Luxury category • Negotiations ongoing between TWE and RNDC with TWE maintaining its objective of achieving a settlement that mitigates the full impact to F26 EBITS associated with RNDC’s closure • Given the increased uncertainty with respect to the settlement, TWE no longer believes it is appropriate to retain the guidance for modest EBITS growth in F26 • 1Q26 performance in line with expectations in Australia and EMEA • US performance impacted by Californian distribution transition and the focus on re-balancing of shipments to depletions across F25 and F26 • EBITS delivery expected to be weighted to the second half, approximately 60% Due to the current uncertainty, TWE is not in a position to provide updated F26 Group expectations at this point in time For personal use only