Slides
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Important information 1 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 2026 and other announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. This presentation contains forward-looking information that is based on projected and/or estimated expectations, assumptions or outcomes. Forward-looking statements, opinions and estimates are not guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors. A number of factors could cause actual results or performance to materially differ from such forward- looking statements, opinions and estimates, including: → changing consumer preferences and consumption occasions in the Company’s key markets; → changes in economic conditions which impact consumer demand; → the current changes to US distribution arrangements; → changes to TWE’s production cost base, including the impact of inflation and tariffs/charges; → foreign exchange rate impacts, given the global nature of the business; → vintage variations; → execution risk in implementing TWE Ascent, the Company’s strategic transformation; and → the Company’s continuing exposure to geopolitical risks, including the impacts of the Middle East conflict 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 these forward-looking statements, opinions and estimates. Except where required to satisfy its disclosure obligations, the Company undertakes no obligation to update any forward-looking statement after the date of this announcement, subject to disclosure obligations
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F26 Financial Performance 1,2,3 Performance driven by moderated category trends, initiatives to protect brand & channel health and the cycling of elevated shipments in the prior year 2 NSR NSR per case $2.6bn 12.8% $133.6 3.2% Cash conversion Net Debt / EBITDAS4 81.4% 6.0ppts 2.8x 0.9x NPAT EPS $275.3m 41.5% 34.1cps 41.3% EBITS EBITS margin $492.3m 19.2% 7.0 ppts ROCE5 7.9% 4.0 ppts 36.1% 1. Financial information in this report is based on audited financial statements. Non-IFRS measures are not 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 5. Capital employed excludes the impact of the impairment of US based assets in all ROCE metrics stated throughout this document Dividend nil 40cps
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3 Power Brands % F26 GLOBAL CONTRIBUTION: VOLUME 27% | NSR 55% | GP 71% Regional Heroes Chg v pcp Power brands Penfolds1 +13.6% DAOU +5.0% Matua +7.4% Regional heroes US portfolio +2.2% Australian portfolio +2.1% Non-priority brands Total non-priority (14.3)% % F26 GLOBAL CONTRIBUTION: VOLUME 11% | NSR 14% | GP 9% Growth driven by our Power Brands and Regional Heroes Providing a strong foundation for future growth, supported by increased focus and investment F26 depletions performance 1. Based on Management estimates, includes adjustments to exclude the value of depletions contributed by parallel activity
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INVESTOR DAY 2026 4 We see a bright future for TWE as a more focused, market- centred, simpler and financially strong wine company. ASCENT 01 Focusing where we’ll win Transforming how we operate 02 Shaping a future-fit supply chain 03 Delivering consistent, high-quality financial returns 04
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• Penfolds China depletions growth slightly ah ead of plan • Strengthened depletions growth in the US for p ower brands and regional heroes • Australian power brand depletions growth l ed by Penfolds • Global non-p riority brand depletions continued to decline 1Q27 Update 5 1Q27 trading performance in line with expectations • All regions delivered in line with operating pl an • Leverage reduced to 2.7x, driven by strong operating cash flow performance Operating model transition a key Ascent milestone • Transition to regional operating model c ompleted this month • $100m p.a. cost reduction on track1; with initiatives actioned to deliver $40m benefit in F27 • Several brand and asset divestments completed with further transactions expected to be signed in 1H27 US strategic and operational review progressing Key financial guidance reiterated • Continuing to explore options to improve s hareholder returns • Initiatives to rebalance US supply chain in place, with significant intake reduction expected for the 2026 vintage • Review findings to be communicated during F27 • F27 EBITS expected to be at least equivalent t o F26, weighted to 2H27 (approx. 55%) • Leverage to reduce from F26 peak and ret urn below 2.0x by the end of F28 • Long-t erm EBITS margin target 25%+ 1 To be fully realised by F29 Depletions remain positive for power brands and regional heroes Brand and channel health priorities are on track • Customer inventory cover reduced in China a nd US through 1Q27 • Continuing to take action on identified sources of parallel product • RNDC market transitions progressed with minimal disruption, to complete in October- ends -