Very good. Good morning, everyone, and thanks for joining us today. We appreciate you taking the time to hear more about what is happening at Treasury Wine Estates. Today is about providing clarity on where we're going, and importantly, about our plans to get there. Joining us today is our CEO, Sam Fischer, and members of our executive leadership team. Tom King, our Chief Commercial Officer, Kristy Keyte, our Chief Marketing and Innovation Officer, Jack Wu, our Managing Director of Greater China, Ben Dollard, President of Treasury Americas, Angus Lilley, Managing Director, ANZ and Europe, our Chief Supply and Sustainability Officer, Kerrin Petty, and Justin Pipito, our Interim Chief Financial Officer. In terms of our agenda for today, Sam will begin with an overarching view of the opportunity we see in the wine category and for TWE, and our plans to make it happen. Tom will take us through how we're transforming our operating model and strengthening execution and accountability. We'll then hear from Kristy, who will talk about how we're building a more focused brand portfolio and investing in world-class marketing and innovation before we open up for Q&A. After morning tea, we'll hear from our regional leaders, Jack, Ben, and Angus, who'll provide insight into their regional plans and take your questions before we break for lunch. Following lunch, Kerrin will outline our supply chain transformation strategy before Justin shares our financial outlook. We'll then follow that with a final Q&A session, and Sam will wrap things up. I'll also draw your attention to the interactive displays we have around the room and in the foyer. You no doubt would've seen those as you came in, which really bring to life our brands and the innovation and capability that will shape our future. Over lunch, we've got a selection of wines for you to enjoy, and we're also fortunate enough to have some of our brand ambassadors with us today. In addition to our Senior Innovation Winemaker, Clare Dry, who'll be hosting a no low alcohol tasting immersion, so you'll enjoy that. We encourage you to take the opportunity to connect with them during the break and learn firsthand about our brands. We do hope you find today valuable. With that, I'll hand over to Sam. Thanks, Bijan. Good morning, everyone. I too would like to thank everyone for joining us today to learn more about the future of Treasury Wine Estates. As I've reflected on the opportunity ahead for TWE, I've found myself thinking about certain experiences that have shaped my perspective on the wine category and the long-term potential of this company. This was first growing up in the Barossa Valley, where the power and potential of Penfolds was unmistakable. A benchmark for the region, the country, and the emerging luxury wines of the new world. The genius of Grange was blending, drawing from the very best fruit across regions and vineyards in pursuit of unmatched quality and the willingness to challenge old world convention. That early conviction in the potential of Penfolds has never left me. It was further intensified by my time living in Asia. I witnessed firsthand the way Chinese consumers build lasting connections with brands. Deep, considered, generational connections. Penfolds occupies a place in China that very few global brands ever achieve. More recently, my experience of spending time across our business has reinforced the strength of the foundations we already have at TWE. Extraordinary assets and brands, winemaking capabilities, and leading market positions. Unlocking the full potential of those strengths requires clarity, focus, disciplined execution, and the confidence to make bold choices about where to compete and where to invest. That's exactly what we're setting out to achieve with TWE Ascent, our program to progressively transform TWE. As the sentence says, we see a bright future for TWE as a more focused, market-centered, simpler, and financially strong wine company. Every word in that sentence has been chosen very deliberately and is anchored in our four Ascent pillars. Starting with focusing where we will win. Over time, TWE has amassed a broad and diverse brand portfolio. We will now take decisive action to migrate our focus more fully to the brands that represent our future, prioritizing our highest potential brands within the most attractive markets and segments, and where we have the strongest right to win. Second is transforming how we operate. Simplifying and reshaping TWE around the needs of consumers and customers while step- changing brand building and in-market execution. Our third Ascent pillar is shaping a future fit supply chain, transforming our supply model to be aligned to a smaller and more focused portfolio, positioned to enable the growth of our treasured brands. Finally, our fourth pillar, delivering consistent high-quality financial returns. Ascent is designed to deliver sustainable, high-quality earnings growth over the medium to long-term with improved margins, return on capital, and stronger cash flow. These four areas will underpin the focus of today's presentation, which I'll now share more detail on. Starting with focusing on where we will win. Our conviction in TWE's bright future is grounded in the belief that wine will continue to play a meaningful role in the lives of consumers. Wine has played an enduring role in society for thousands of years. People all over the world enjoy wine as they celebrate, connect, and relax. While we believe that these underlying occasions will endure, we do need to acknowledge that wine consumption is evolving. Drinkers' needs are changing, competition for share of occasion is increasing, and consumer expectations of the brands they engage with, from quality and authenticity to innovation and experiences, continue to intensify. We continue to see highly attractive growth opportunities within the category. Luxury wine remains highly attractive, underpinned by the premiumization trend as people drink less but better. Importantly, luxury already represents more than half of TWE's NSR today. At the same time, lighter and refreshing styles continue to gain relevance and share within the category. Today, they represent approximately a quarter of TWE's NSR, giving us strong exposure to that trend. Finally, while our exposure today remains small, at less than 1% of NSR, the better-for-you and moderation trends now present a very meaningful long-term growth platform where we are well positioned to lead. These trends have strengthened our focus on the category and consumer segments that are most attractive and where we have a genuine right to win. As a result, our future state portfolio will be centered around three clear growth pillars, as you can see on this slide. Strengthening our luxury red wine leadership in key markets, building a stronger position in luxury white wine, and growing our position in modern refreshment. Luxury red wine will continue to be TWE's main growth engine, but we will expand our focus to the future growth opportunities across pillars two and three. Together, this balanced three-tier portfolio strategy provides greater clarity around where we will invest, the role each brand plays, and how we will innovate, and the capabilities we will prioritize building. We have taken a future back-view of the category and our priority markets to determine the most compelling long-term portfolio opportunities for TWE. What is clear is that the opportunities to win are increasingly concentrated within specific segments, styles, and geographies. In China and across Asia, we continue to see strong long-term opportunities in luxury red wine with emerging demand for luxury white wine. In the U.S., the opportunity is broader and more diversified, spanning luxury Cabernet, premium white varietals, and emerging moderation occasions. Australia and the U.K. continue to show strong momentum in lighter and more refreshing styles. Importantly, these trends align directly to the areas where we already have strong brands, proven capabilities, and the greatest right to win. Every brand within the future state portfolio is directly aligned to one of our three strategic growth pillars, starting with luxury red wine. Here, TWE has some of the most heralded brands in the world, led by Penfolds, DAOU, Wynns, and Stags' Leap Winery. We have built a compelling competitive advantage across key markets, most notably China, Australia, and the U.S. Importantly, our advantage extends to sourcing and winemaking capabilities that are difficult to replicate. Our luxury white wine portfolio includes Frank Family and DAOU Chardonnay, with the opportunity for Penfolds to grow its luxury white offerings through Yattarna and Bin 311. Through these leading brands, we are very well positioned to grow our luxury white wine portfolio. Our third growth pillar, modern refreshment, is where we offer lighter, flavor-led wine experiences that support moderation, unlock new opportunities, and broaden the relevance of our brands. We expect lighter refreshment styles to increasingly gain share, with growth being fueled by younger consumers seeking more refreshing and occasion-led wine experiences. Importantly, TWE already has credible, established brands with strong relevance in these lighter styles, in particular through Matua and Squealing Pig. Our continued investment in proprietary processing capability, sensory science and our world-class innovation engine positions us strongly to lead within the better-for-you segment as well. In combination, our future state portfolio will be built around 10 priority brands that represent our best opportunity in the most attractive market segments. As you can see on this slide, at the center of our portfolio will be our Power Brands, Penfolds, DAOU, and Matua. These three brands represent only 25% of volumes, but 72% of gross profit, highlighting their long-term strategic value. Our Power Brands will be complemented by a small group of Regional Heroes, Frank Family Vineyards, Beaulieu Vineyard, Stags' Leap Winery, Pepperjack, Squealing Pig, Wynns, and Coldstream Hills. These brands will play important roles within specific markets, channels, or consumer occasions. Today, they represent 10% of volume and 10% of gross profit, while allowing us to maintain a targeted presence in key markets. A key principle underpinning our future state portfolio is the greater clarity around the role of each brand. As mentioned, our Power Brands will represent the largest growth opportunities. These are scalable brands with the ability to win across multiple markets. Collectively, they will receive disproportionate investment and organizational focus to support our growth ambition. Alongside this, our Regional Heroes will continue to drive local relevance as highly acclaimed brands with strong heritage, loyal consumer followings, and established market positions in their respective regions. They will continue to play a critical role in strengthening customer leverage and ensuring appropriate portfolio breadth within local markets. Together, this creates a more focused and disciplined portfolio architecture, balancing global scale and growth ambitions with strong local market relevance, while enabling sharper investment and resource allocation decisions. You can see that in more detail here. We will increase total investment, we will deploy our A&P spend in a more targeted and disciplined way. From FY 2028, we expect group A&P investment to increase to approximately 10% of net sales revenue, up from around 8.5% in fiscal year 2026, bringing us more in line with global luxury benchmarks. Importantly, investment levels will be aligned to each brand's role and growth ambition, rather than being distributed broadly across the portfolio. Power Brands will receive disproportionate investment, while Regional Heroes will also see increased investment. Investment across non-priority brands will progressively reduce over time as the portfolio becomes more focused. This creates a much clearer link between capital allocation, portfolio strategy, and long-term value creation. We expect Power Brands and Regional Heroes to represent 90% of net sales revenue in the next five years, up from 68% today. Today, we operate with more than 70 brands across multiple markets and channels. In the future, we will operate less than 30 brands, a meaningful reduction. There will be a significant transition that we will embark upon progressively over multiple years. As this transition occurs, the remaining non-priority brands will be managed deliberately to meet customer commitments and to support appropriate production scale and operational efficiency. We have identified four pathways for non-priority brands, depending on their role and relevance within the portfolio. The first are transition brands, where production and sales will be progressively reduced over time, and investment levels appropriately right-sized as the portfolio becomes more focused. Managing operational scale and minimizing dissynergies from reduced production volumes will be a key imperative throughout this process. The second group is tactical brands. These brands will continue to serve targeted roles within specific markets, channels, or customer environments, even where they are not considered long-term growth priorities. Rawson's Retreat in China is an example here. The third category consists of brands or assets where ownership is no longer strategically aligned to the future direction of TWE, and where divestment will unlock greater long-term value. The final category includes brands that will be retired in the near-term, where there is limited strategic rationale or long-term economic value to retaining them. Having defined the future state portfolio, the second pillar of Ascent is transforming how we operate to set that portfolio up for success in the marketplace and to step change efficiency, execution, and accountability. As previously announced, from the 1st of October, we will transition to a regional operating model structured across four regions, the Americas, ANZ and Europe, Greater China, and Emerging Markets. These regions reflect how we will drive growth and performance across the business. You will hear more from Tom and the team later today about how this model will operate in practice across these key markets. The model is designed to create clear accountability, enable faster decision-making, shape our portfolio around customers and consumers, and unlock greater efficiencies by reducing duplication, streamlining processes, and leveraging automation and technology. We expect AUD 100 million per annum in cost reduction to be fully realized by FY 2029, with benefits commencing from FY 2027. While we are implementing the right operating model, we also need to create a culture where people are accountable for high performance. We have strong foundations, passionate people, deep expertise, strong collaboration, and an entrepreneurial mindset. We are now embedding a stronger performance edge with clearer prioritization, greater accountability, and stronger linkage between performance and reward. We are also materially increasing performance visibility through a more data-led management and real-time tracking across key metrics, such as inventory, shipments, and depletions. This is enabling faster intervention, stronger decision-making, and tighter execution control. Ultimately, we are building a high-performance culture where top performance is recognized and rewarded, where accountability is clearer, and executional discipline becomes a stronger competitive advantage for TWE. Turning now to our third Ascent pillar, shaping a future-fit supply chain. To unlock our future potential, we will fundamentally reshape our supply chain into a fit-for-purpose, agile, and efficient model. Historically, elements of our supply chain have constrained portfolio choices and added complexity to the business. As part of Ascent, our intention is to reposition the supply chain as a clear enabler of our future portfolio ambitions. In Australia, we've already made significant progress over a number of years, creating a flexible and efficient production model. Now we intend to apply many of those learnings and transformation pillar principles into our U.S. operations. As we reshape our supply chain to match our future ambitions, we will be led by the design principles outlined on this slide. We will drive agility and efficiency, align capacity to long-term demand, simplify end-to-end, increase cost flexibility, protect flexible sourcing and luxury supply, and improve capital efficiency through divestment of surplus vineyards and wineries. These initiatives will be phased progressively and carefully, aligned to the portfolio transition to minimize dyssynergies while supporting continuity across the business as the transformation progresses. Turning now to our fourth Ascent pillar, delivering consistent, high-quality financial returns. Ultimately, all of the initiatives I've discussed this morning are designed to materially strengthen TWE's financial position over time. We are committed to creating a structurally stronger business and the attractive long-term returns you deserve for supporting us on the journey. Before diving into the detail, it's important to reflect on the significant progress that we have already made in FY 2026. Clearly, we have more work ahead of us, but I'm encouraged by the momentum we are building to strengthen the business and improve execution. As you can see on this slide, we've regained growth momentum for priority brands in key markets with another month of pleasing depletions to report in China and the U.S. This builds on the positive Q3 momentum we shared in April. We have also commenced action to improve channel and inventory health, accelerated our Ascent transformation agenda. We've elevated a performance-led culture across TWE and strengthened our balance sheet. At the same time, we've decided to pursue a strategic and operational review in the Americas focused on improving shareholder returns. I'd like to take a moment to touch on this. In recent months, we have made good progress on a number of our key priorities in the Americas region. These include returning our luxury portfolio depletions to growth through strengthened execution and achieving a settlement with RNDC in relation to their exit from California, taking control of our inventory in that market. Through Ascent, we have also completed a detailed assessment of the demand outlook in the region.While we continue to see positive market conditions and an opportunity to drive above-category depletions growth for our portfolio, our Californian supply chain will require significant changes to correct what is a structural misalignment between capacity and our future state portfolio needs. We have already commenced that work ahead of the 2026 vintage by reducing grower intake and fallowing a number of vineyards. Additionally, elevated levels of luxury wine from recent vintages, which are currently held on our balance sheet, will be sold through over a longer term than previously expected. In combination, these elements are expected to drive higher per-unit production costs for the Americas portfolio and therefore impact our margin profile in the region over the medium term. We have decided to commence a broader strategic review of the Americas business. Currently, we are not generating an appropriate level of return for the capital that we have allocated in that business, and the focus of the review will be consider a range of options that ultimately deliver the best return for our shareholders. These options could include further refinement of our operating model, the acceleration of initiatives across the supply chain, or the sale of selected brands or assets. Turning now to our near-term outlook. We expect FY 2026 EBITS to be delivered in the range of AUD 480 million-AUD 490 million. For FY 2027, we expect EBITS to be at least equivalent to FY 2026 as we continue to progress the rebalancing of customer inventory in China and the U.S. Penfolds inventory cover in China is expected to reduce by approximately 150,000 cases in FY 2026, and we expect inventory rebalancing to be completed in FY 2027. For Treasury Americas, inventory cover is expected to remain stable in FY 2026, with rebalancing to be progressed in FY 2027 and completed in FY 2028. We expect leverage to peak at 2.9x in FY 2026 and return to target below two times by the end of FY 2028. Deleveraging will be driven by improved free cash flow, proceeds from divestments, and from FY 2028 earnings improvement. Given the scale of the transformation, it's equally important to understand the financial profile we expect as Ascent progresses over time. Our top line will be focused on delivering ahead of category growth for our Power Brands and Regional Heroes while we continue to manage declines in the non-priority brands. This will result in managed declines in volume, particularly in the first few years. COGS per case will increase as production volumes reduce. Will be partially mitigated through supply chain transformation initiatives. The AUD 100 million per annum reduction in costs is driven primarily through the changes in operating model, focused on simplification and reducing duplication. This will improve our cost of doing business. Importantly, as the portfolio premiumizes, the operating model simplifies, and supply chain initiatives are realized, we expect meaningful improvement in the quality of earnings and expansion in EBITS margin to a long-term target of 25%+. At the same time, we expect return on capital to improve. We are under no illusion as to the importance of returning this metric to appropriate levels through elevated discipline in the way we allocate capital and through driving earnings growth. I want to emphasize that this financial profile is inclusive of the supply chain cost impacts that I discussed earlier, which we are working hard to mitigate and deliver benefits as soon as possible. Finally, we expect there to be one-off material item costs of between AUD 220 million and AUD 260 million, which excludes any impacts associated with potential future divestment of brands and assets. I trust that's provided a clear picture of the future TWE we are building. A business that is focusing where we will win, prioritizing highest potential brands within the most attractive markets and segments with strengthened A&P investment to grow brand equity while transforming how we operate. We're simplifying and reshaping TWE around the needs of consumers and customers while step-changing brand building, execution, and data-led performance management and building a more accountable culture. We're shaping a future-fit supply chain, transforming our supply model to align to a smaller, more focused portfolio and operating model objectives. Finally, as I've outlined, we will strengthen our financial position focused on delivering sustainable, high-quality earnings growth over the medium- to- longer- term. With that, I'll now hand over to Tom to take us deeper into how we're transforming how we operate. Thank you. Thank you, Sam. Good morning, everyone. It's a pleasure to be here today in my new capacity as Chief Commercial Officer at TWE. I'm excited to share with you how we're going to transform the way that we operate at TWE. There are five core pillars that underpin this transformation. Over the next period, I'm going to take you through each of those pillars in turn. At its core, this transformation is about reshaping the organization around the needs of consumers and customers while simplifying the operating model, sharpening accountability, and improving the speed and quality of decision-making across the business. The reason this matters now is simple. The environment we operate in is more dynamic than it was even a few years ago, with much faster shifts in consumer demand and much tougher channel dynamics. In this environment, we need a model which enables better and quicker decisions, stronger execution, and much clearer accountability. What we're doing isn't change for its own sake. It's about building an organization that is better equipped to compete, to move faster, and to direct resources with greater discipline towards the opportunities that matter the most. There are five principal components to transforming how we operate. Firstly, we're reshaping our operating model to be regionally focused with clearer accountability for market performance and faster decisions closer to the point of execution. Second, we're standardizing our approach to brand building so that we can invest with greater discipline and conviction behind the brands with the greatest capacity to create value. Third, we're embedding commercial excellence more deeply across the organization, lifting execution discipline, strengthening customer engagement, and improving commercial judgment. Fourth, we'll be uplifting our adoption of digital data and AI with key areas of work supporting all the Ascent priorities. Finally, we'll be embedding performance discipline throughout the organization with success measured through a set of disciplined metrics. These five components are designed to work together as one system. A simpler operating model on its own is not enough unless it is matched by stronger brand choices, better commercial execution, more useful data, and much clearer performance management. Equally, better tools or better metrics don't change outcomes unless accountability is clear and the operating rhythm is disciplined. This isn't a series of disconnected initiatives. It's an end-to-end shift in how we set direction, make decisions, execute in market, and measure success. The first significant change is the move to a regional operating model. The principles guiding the operating model design are clear, enabling flawless in-market execution, centralization where it creates value, disciplined right-sizing of cost and capability, and modernization of the way we work through data and technology. Under this model, each region will bring together the core commercial capabilities required to compete effectively across sales, marketing, and commercial strategy, all supported by centralized supply, global marketing, and corporate functions. In practical terms, this means the people closest to the market are better positioned to make timely decisions on pricing, channel choices, customer plans, and execution priorities. All within a very clear enterprise framework. Under the new model, each region has a complete set of capabilities around the table. This will increase speed, improve judgment, and make accountability much clearer. The role of the enterprise is to set the guardrails, provide the tools and standards, and ensure we're allocating resources to the highest value opportunities. The regional role is to execute with pace and precision in market. In my new role, I'll have responsibility for creating and driving execution discipline across all markets with a focus on growing brands and share by beating the competition across all markets and channels. The creation of this role reflects the importance of having stronger enterprise leadership across the commercial agenda, particularly in areas where consistency matters, such as execution standards, commercial capability, performance rhythms, and the transfer of best practice across markets. The second component of our transformation is establishing a standardized TWE approach to brand building led by our Chief Marketing and Innovation Officer, Kristy Keyte. Embedding a common marketing framework globally to ensure our in-region teams operate with greater consistency and discipline will be a key focus for Kristy. Standardization in this context doesn't mean every market does the same thing. It means we're clearer and more consistent on the role of each brand, how we evaluate investment choices, and the frameworks we use to plan and measure effectiveness. Within that, regions will still tailor activation and execution to local consumers, channels, and market dynamics. As Sam mentioned, we'll evolve the way we allocate investment across the portfolio with more targeted and increased A&P investment. That investment will follow the opportunities with the highest long-term value creation potential, with our Power Brands receiving the majority of the investment. Alongside this, we'll be increasing our investment behind innovation, future-proofing the portfolio, and broadening the set of growth options available to us as a business. As you'll hear from Kristy shortly, the ambition is not only to increase brand investment, but to improve its consistency, effectiveness, and long-term return. The third component is embedding commercial excellence across the organization. This is all about simplifying and strengthening our execution and commercial capability. Commercial excellence can mean different things in different businesses, but for us, it starts with the fundamentals of execution and choice. It means stronger pricing discipline, better revenue growth management, more effective customer and distributor planning, sharper negotiation capability, and clearer decisions on where to focus our portfolio by market and channel. It also means being more disciplined in how we evaluate commercial investment, how we track execution against plans, and how we quickly we intervene when performance is off track. In short, it's about lifting both the quality of our decisions and the consistency of our execution. Core execution discipline principles including making decisions that protect the long-term health of our brands, strengthening accountability with our partners against agreed performance plans, and using data more effectively to guide decision making. For example, this means being more rigorous about whether promotional activity is truly creating value or simply driving short-term volume at the expense of long-term brand health. It also means having much clearer expectations with our customers and distributors on what success really looks like, and a more disciplined approach to reviewing delivery against those plans. Over time, that will improve the quality of our customer partnerships and help ensure that commercial investment is genuinely translating into stronger and more sustainable performance. Enhancing our commercial capability is about raising the bar on organization-wide capability across selling, negotiation, and commercial judgment. That capability uplift isn't just about frontline selling. It also includes better use of insights and analytics, stronger financial acumen in commercial teams, much clearer understanding of category and channel economics, and better coaching and development so that capability is built sustainably over time. One of the advantages of a more connected enterprise model is that it will make it easier to identify and scale best practice rather than relying on isolated pockets of excellence. Supporting these changes is a new global operating system. At the enterprise level, we will define the long-term strategic guardrails that shape where we play and how we win, including our choices across category, markets, brands, and innovation. We will also establish the rules, tools, and standards that provide consistency in areas such as A&P allocation, pricing, product allocation, and sales and marketing execution. The intent here is not greater centralization for its own sake. Rather, it is to create clarity on the strategic and commercial framework within which regions operate, enabling them to execute with greater confidence, pace, and accountability. We believe this will improve alignment right across the group, reduce unnecessary complexity, and strengthen the link between strategy, execution, and performance. Digital data and AI adoption is a key enabler of this transformation. To embed commercial excellence across our global business, we need better visibility, better tools, and better information. Our objective is to create a single source of truth for all data reporting and scorecards, supported by globally consistent performance metrics and strict data governance. We will also be investing in tools that enhance sales enablement and execution, including the automation of sales operations, better customer and distributor information, and much more advanced forecasting tools. The practical value here is really significant. Better forecasting will improve decision making around supply, allocation, and customer planning. Better customer and distributor information will allow our teams to identify issues earlier and target opportunities more effectively. Greater automation in sales operations will reduce the admin burden and give our teams more time to focus on customers and execution. Over time, stronger data and tech capability will also improve how we assess promotional return, sharpen our understanding of consumer behavior, and strengthen our digital and e-commerce effectiveness. Also essential is enhancing how we measure our performance and we'll apply greater discipline to performance management across all dimensions: category performance, execution, customer outcomes, and financial delivery. These four dimensions are important because they force us to look at performance in a more rounded way. Category performance tells us whether our brands are competing effectively in the market. Execution tells us whether we're doing the basics consistently well. Customer outcomes tell us whether our partnerships are creating value in practice. Financial delivery tells us whether that activity is translating into the right economic result. Looking at these dimensions together will improve the quality of our interventions, because it helps us identify not just where performance is up or down, but why, and what needs to change. That includes executive oversight through the CEO and CFO, so that performance management, capital allocation, and strategic priorities remain tightly connected. In summary, this transformation will result in a faster, clearer, and more effective TWE. With better decisions, stronger execution in market, more disciplined investment, and much greater consistency across the group. That's what will allow us to build a more scalable business, and over time, deliver stronger and more sustainable performance. I'll now hand over to Kristy Keyte to talk about how we're raising the bar on brand building at TWE. Well, good morning, everyone. I'm Kristy Keyte, and it's wonderful to be with you here today, talking about the elevation of brands at TWE. My last five years with the business has been as the CMO of Penfolds, and in that time, I've witnessed firsthand the power of getting the fundamentals of brand building right. Knowing the drivers, creating clarity around direction, and delivering with discipline has resulted in a brand that has gone from strength to strength. Although Penfolds is unique in so many ways, the fundamentals that underpin success can be applied more broadly across the portfolio, and I'm thrilled to be a part of that journey. As you heard earlier, we are transitioning to a smaller, more focused portfolio of strong, established brands. These brands are well-aligned to the most attractive growth spaces in wine, positioned to meet evolving consumer and customer needs across our key markets. The opportunity now is about unlocking more value from these brands by shifting to a much more disciplined brand building model, ensuring our brands are commercially connected into our markets and positioned to win. This is what underpins the step change in how we approach marketing at TWE, and it sets us up for a unified approach, which I am going to walk you through next. The new operating model ensures that we are set up to build brand strength across our portfolio in a much more deliberate and consistent way than we have in the past. We will do this by standardizing our way of brand building across three core elements. First, we are embedding a clear and consistent marketing approach. This means a common and best practice method that will lead to clearer choices, sharper positioning, and more disciplined execution. As a result, every power brand and regional hero will have a strong strategic spine. We are not reinventing the wheel market by market. Second, we are using a dual innovation system to drive relevance and growth. Future-proofing the portfolio, creating new demand, and keeping our brands relevant as consumer occasions evolve. Third, as we increase our investment behind our brands, we will be more disciplined about how we invest, using proven growth principles to maximize effectiveness. Together, these three levers create a more consistent and scalable brand building system focused on achieving better commercial outcomes. We will be clearer in our choices, stronger in execution, and more focused in where and how we are placed with our investment. Penfolds is an excellent example of what these strategic marketing foundations look like in practice. It starts with a clear brand blueprint. It is the articulation of who we are, what we stand for, and how we show up consistently in market. This complete clarity and understanding has given Penfolds a strong center of gravity, providing a clear reference point for decisions across markets, channels, and touch points. From there, we apply a rigorous planning process. The point of planning is not simply to produce activity calendars. It is to ensure the choices we make are strategically aligned to where we can win in market, and that every major initiative is anchored in the role the brand needs to play. The third element is marketing effectiveness. This is well beyond measuring return on investment for activity in market. It is an integrated approach that spans consumer understanding, strategy, execution, and investment. It's about knowing what drives brand strength and commercial outcomes across every step, and then holding ourselves to account against it. The broader point is this: under the new operating model, we want this quality of thinking and discipline to become standard across our priority brands. Penfolds shows what good looks like, and our job now is to scale that capability. Strong foundations only matter if they translate into how a brand shows up in market. For Penfolds, our strategic clarity turns into distinctive, globally consistent brand expressions across every major touchpoint. At the base of that is a clear understanding of the brand's DNA and brand codes. Those are the distinctive assets and signals that make Penfolds recognizable and distinctive. On top of that, sits an ambition around cultural relevance. In the case of Penfolds, we use culturally relevant creative partners to take our core DNA and codes and authentically reimagine Penfolds for the next generation of wine drinkers. Implementation of a global activation program, we call it a brand thematic, allows Penfolds to implement a creative idea that is consistent globally but can adapt to a local market need. Consistency does not mean sameness. It means a single, coherent narrative expressed in ways that feel relevant in different contexts. Finally, emotive brand storytelling. Our brands have real meaning and stories to tell. In the case of Penfolds Grange, we hero the message of, "Once tasted, never forgotten," a sentiment that broadly appeals to consumers globally. What this has given to Penfolds is a genuine competitive advantage, complete clarity on who the brand is, where it is going, and how it should show up. That is exactly the capability we now want to apply more broadly across our Power Brands and Regional Heroes, each with its own distinctive point of view. This slide shows the outcome of that disciplined approach. Penfolds Demand Power, as measured by Kantar, has strengthened across a key number of growth markets, most noticeably in Asia. Demand Power is a measure of a brand's inherent market strength, measured by how meaningful, different, and salient it is in the minds of consumers. In effect, it links closely to how much share it could command if all brands were equally priced and distributed. These results tell us that the brand is becoming stronger in consumers' minds, and that is exactly what consistent brand building should do. It should deepen relevance, strengthen distinctiveness, and increase the underlying power of a brand over time. This is not just a brand metric for its own sake. It is a proof point that the foundations are working. When we build the brand consistently and stay close to customers and consumers, show up in distinctive ways, we strengthen the brand's ability to command demand. This supports premium positioning, better resilience, and stronger long-term value creation. It is also why we see Penfolds as both a benchmark and a playbook for the broader portfolio. Innovation plays a very specific role in our model. It is a strategic lever to grow brand strength, create new demand, and increase long-term value. There are three ways that we think about that. First, innovation helps us paint the future and disrupt the category. It allows us to get ahead of emerging trends and redefine how and when wine is enjoyed. Second, it helps drive cultural and generational relevance for our portfolio. That matters because we need our brands to connect meaningfully with the next generation of drinkers and with the occasions that matter to them. Third, it builds brand strength by leveraging each brand's DNA in ways that increase desirability, relevance, and distinctiveness. Innovation is one of the most powerful ways we express a brand's point of view and extend its relevance. Done well, it helps us stay contemporary, recruit new consumers, and unlock new occasions while strengthening the core equity of priority brands. To make innovation work at scale, we are building what we call a dual innovation system. The reason for this is straightforward. We need innovation to do two things at once. It needs to drive value to the core business we're in today. It needs to create the future growth platforms of tomorrow. The first engine is core innovation. This is about delivering incremental growth in core and growing wine occasions. These are line extensions and adjacent plays that fit our strategic portfolio pillars and existing capabilities. The objective here is value creation, price realization, a richer mix through high-value SKUs, and ultimately margin accretion. In other words, stronger profit growth, not just more volume. The second engine is breakthrough innovation. This is where we create new wine occasions and more modern propositions. It includes new formats, new taste profiles, and ideas that better meet the needs of the next generation of wine drinkers. The immediate goal is not margin optimization. It is to open up new demand pools, recruit new consumers, and create future optionality. That balance is important. Core innovation strengthens the business now. Breakthrough innovation ensures we do not get trapped defending the present while the market evolves around us. AI is already becoming an important enabler across marketing. One of the strongest applications for us is in innovation. We are using it across a number of stages in the process, from consumer insight and market research through to concept testing, creative development, and decision support. The big advantage is speed and precision. AI helps us identify consumer tensions and flavor white space earlier. It generates ideas faster. We can test them more quickly and move through validation loops with much more efficiency. It does not replace human judgment, it enhances it. The teams still curate, refine, and make the decisions, but the process becomes much faster and more effective. The example on this slide is a strong illustration. In this case, the product moved from idea to minimum viable product in under 90 days. Historically, that sort of process could take up to 24 months. The value here is not just cost or productivity, it is the ability to test, to learn, and launch at a pace that is far more compatible with how consumer trends move. That gives us a real competitive advantage in building the future pipeline. The final piece is investment. We are changing the way we invest across the portfolio to be more supportive of long-term brand health. There are two important ideas on this slide. The first you heard about from Sam and Tom earlier. That is that we are upweighting investment behind our Power Brands and Regional Heroes. That is a significant step change from where we are today. The second is that execution matters just as much as the quantum of spend. We need to deploy that investment to strengthen brand equity and maximize commercial impact. It is not about spending more in a blanket sense. It is about concentrating resources where we have the best opportunities to build demand and create value. Balancing the long and the short, building demand power, strengthening pricing power, growing our consumer bases, and staying visible consistently, and of course, measuring outcomes rigorously. These principles improve the effectiveness of A&P over time and support sustained growth across the core portfolio. We have three Power Brands in the portfolio. These brands will receive the largest focus of resource and time. Each brand holds a distinctive position within the portfolio and the category. Penfolds sits at the pinnacle of modern luxury wine. It combines heritage, craftsmanship, and innovation, and has the scale and reach to influence how luxury wine is understood and experienced globally. DAOU has redefined luxury Cabernet. It has brought a more contemporary, lifestyle-led expression to the segment while still being anchored in world-class winemaking. That gives it a powerful point of differentiation, particularly with a new generation of luxury consumers. Matua plays a different but equally important role. It is strongly associated with refreshment, which is one of the key growth spaces in wine. It has helped expand occasions, recruit younger drinkers, and show how disciplined innovation can build both relevance and growth. While the brands are very different, the principles are the same. Best-in-class brand building, deep consumer understanding, and innovation that keeps the brands relevant over time. Before I wrap-up, I want to refer back to my earlier three points. The new operating model ensures we are implementing an elevated and holistic approach to brand building. This ensures that we execute in a much more deliberate and consistent way, and remain focused on sustainably building equity across our portfolio of Power Brands and Regional Heroes. Through consistently applying marketing principles, innovation that drives relevance and growth, and disciplined investment, our model will ensure that our brands remain connected and evolve with the needs of our consumers. Thank you. I'll now invite Sam and Tom, and I think Justin Pipito, to the stage as we open up for our first Q&A session. You've got plenty to choose from there. That's one way to shorten the Q&A. There we go. Thanks. It's Michael Simotas from Jefferies. I just wanted to talk a little bit more about the review of the U.S. business that you've called out. You went through some potential options. A couple that I'm interested in whether they'd be under consideration. Firstly, given the significant change in the distribution landscape in the U.S., would you consider going back to direct distribution in any of the key markets that you're permitted to do so? Secondly, is there still some consideration about whether it would be better for shareholder returns if you were to exit the U.S. market altogether? Thanks. I think the good news in the U.S. is the focus on execution that's really driven some momentum inside of those power and regional brands that we identified. That's still a core area of focus, and I think underpins the health of the brands and the opportunity that we see in the market. I think the power of Ascent is that we projected five years forward. The U.S. has got lots and lots of changes going on in the market, and we've understood those changes in the context of the growth expectation of those priority brands. Then we've laddered that back to our supply chain to make sure that if there is any misalignment, that we address it. We've seen that, yes, there is some misalignment, not uncommon in the U.S. We've seen that in the bourbon industry and quite a lot of wine companies that have had to go and make sure that there's no misalignment because that misalignment ultimately will drive inefficiency and affect our margins profile. That's really what we've found, and that's what we're addressing very proactively. When it comes to the strategic options, we talked about the operating model and going back there and seeing if we can drive any more efficiency. We are looking in the supply chain and seeing whether or not any of the initiatives that we've identified can be accelerated. Then, I guess we're looking at any other options that might present themselves in the market, including sales of wineries and/or brands. It's just started. It was a result of Ascent that we decided it needed a deeper look. We'll come back to the market when we've got some more insight, some more concrete actions against that strategic review. Okay. It sounds like you want to be in the U.S. I've always said this from the very early days, is that the U.S. is still the largest and most profitable beverage alcohol market in the world. Job number one is to make sure our brands stay strong and access all of those opportunities. We've got to make sure that we've found, through these strategic options, a way to deliver sustainable financial returns on the capital that we've got invested in the marketplace. That's why we're doing the review. We don't have all the answers yet, but everything's on the table. Okay. A second one from me, if I can, just a more financial question. Can you give us a little bit of help with how cash flow will evolve over the next few years? Presumably, FY 2027 is another fairly difficult year for cash generation. How should we think about the cash opportunity as we move into 2028? In particular, I presume there'll be reduced supply intake, so that should benefit working capital. You've called out some divestments. How much additional cash flow could you get in that year from those things and potentially other initiatives? I think it's a core area of focus. Justin's on the stage. I'll ask him just to lean into it. We've got several levers. Obviously, we're focusing on trying to maximize cash generation inside the business. We've got tight controls on spend inside the business. We've got a disciplined approach to CapEx and the CapEx requirements of the business going forward. Again, our earnings profile will play a role in that. Real focus and discipline around how we manage cash and working capital to maximize cash generation. JP, I don't know if there's anything else to add there. Some of the divestments, we've taken a pragmatic and sensible approach. We understand very clearly that this is not an environment where we'll necessarily get fair value for assets. We're being pragmatic. We're understanding where the opportunities are, and we are being sensible about the role they'll play in our de-levering assumptions. Actually, where we've gone out and tested market with that pragmatic approach, we've been quite pleasantly surprised by the interest we've got on some of the areas of the business that we'll look to divest. Yeah, I think I might deal with Michael. I think your read on 2027 is probably not too far off. We see leverage peaking this year, back to under our two times by 2028. Really, that earnings trajectory starts to pick up in 2028. We'll continue to look at, particularly on the intake side with supply, what we can do to manage cash flow more aggressively than what we've got in the plan. Thanks. Sam, thank you for joining. Just a personal friend, no mention of 19 Crimes in the presentation. Is that for sale now? How does that business look and what's the plan there? [inaudible] No mention of 19 Crimes. Yeah, what's the plan for 19 Crimes? How much could it be worth if you can sell it? I think what we've been clear about today is the 10 priority brands, the Power Brands, the regional brands that we are planning to focus on and play a core role in our growth trajectory into the future. Where we're looking at tactical brands, transitional brands, divestment brands, and the brands that we're going to retire, some of those have still got relationships with customers. We need to take a pragmatic approach. They've got a role to play as we transition our supply organization. We're not being overt in declaring the role they're playing. As that becomes appropriate, we'll announce that to the market. We're being very clear around the brands that are going to play the biggest role in the future growth of the business and the future margin of the business. Is 19 Crimes a retiring brand or it's a for sale brand? Because presumably, it's still quite attractive in terms of volume it produces. It certainly is playing a role in some markets, and we're cognizant of that role and any change or any category that it will go into will be done very cognizant of that role that it's playing in a specific market and also with customers. Thanks. Just a second one from me. Just in terms of the guidance you put out qualitatively for fiscal 2027, you said I think sort of flat to slight, well, not down. Just two things I want to understand is, one, if you're clearing through your Penfolds inventory through fiscal 2027, presumably it's going to be Q1 of fiscal 2027, given the 150 run rate. The market's growing, your Penfolds earnings, I appreciate that as closures change, should grow. I would've thought with the RNDC reallocation, some of the inventory that you've got a big hole that you should be able to grow, particularly if you talk some of the depletions in the U.S. That sort of it feels to me sort of the points in terms of the adds. Where are you seeing the big detractors in terms of offsetting that's going to mean it's close to flat? Can you jump in on that? Yeah, I'll jump in on that one. I think it's really around Americas, and I think we've said or we will say today at some point, we expect a balanced shipments and depletions view for FY 2026. In December, we talked about the need to take some stock out of the market down. We'll do so over a two-year period. A lot of that work has to happen in 2027 and finish off in 2028. That's really the counter to those things you mentioned on the Penfolds side of things. Yeah. Hi, Sam. Hi, Chris. I noticed when Trump met with Xi Jinping recently, they were toasting red wine, and that was very public. I was under the impression that the austerity measures were still pretty severe. What's changed in the last six months versus when they were introduced and they were very stringent back in May and June of last year? Then your volumes in China fell off a cliff, hence the downgrade. We're noticing, and no one believes the 40% depletions, by the way. Can you just give us some color on why that's changed? Well, you can come back to that depletions number later, Chris. I think that when Jack's on stage, give him an opportunity to talk about the dynamics that he's seeing in China. What we've seen in the market has been a gradual easing through those austerity measures, particularly in relation to banqueting. A little bit more private banqueting, a little bit more at-home consumption. That's giving us a little bit more optimism of the market, albeit it remains challenged. I think the two things that we've done in the market that continue to support the strength of our Penfolds brand is, one, really significantly reduce the parallel that's going into the market, which is giving us much, much more confidence through those first and second-tier distributors. We're getting very, very positive feedback about the impact that that's had, the confidence that they've now got in the brand, and their ability to continue to invest in the brand to grow. Some of the 40% is going to be a migration of the parallel that was coming in from outside the market. That's been soaked up very proactively by our distribution system. The 40% has got some of that parallel volume built into it. I would also say, and I always say this to you, Chris, is that every time I go to China and see the power of the brand, it's behaving in a way that transcends wine. It probably even transcends beverage alcohol. It is a luxury brand that sits proudly on the table next to all of the Chinese power brands. The Chinese New Year execution that we had in China was just outstanding. We beat the market by some distance. All of the actions and the initiatives that we've taken in China, the perspective that we've got on the growth opportunity in China, which Jack will bring to life, I think, in a really compelling way, gives us unbelievable confidence that this will continue to be a growth engine for us in the long-term. Will the China market recover? I think so. We do see some economic relief on the horizon. We do see some momentum across some categories in China. I'm ex-luxury in China. I've seen some of the reported luxury performance from the China market. Again, not a like-for-like comparison, but just a nice indicator that the consumer is coming back to life in that critical market for us. Hi there. Mike Toner from RBC. Just over here. Yeah. Just on the leverage reduction. I noted your comments before where you said you don't think you might get fair value for some of those divestments, but also noting that the leverage reduction is predicated on divestments per the deck. I guess I'm just wondering to what extent that leverage reduction is predicated on divestments and whether that's the right decision for shareholders if, by your own admission, you won't get fair value for it. Yeah. As I said, there's lots and lots of things we're doing to de-lever the business, of which those divestments are just one of them. This very stringent cash management, what we're doing specifically on working capital, the earnings profile is all giving us confidence that we can continue to de-lever. Albeit there is another lever in divestments, but it's not the only one. I would say that the others that I've just mentioned are also significant contributors. JP., I don't know if there's anything else to add. Yeah. We looked specifically at that one, Mike. I think the answer is we're confident we can still get to two times at FY 2028 without those divestments taking place. We think we're being pretty reasonable on realizable value and the time it will take to execute. Ultimately, if that didn't take place, we still think there's a pathway to the two times by FY 2028. Okay, thanks. One quick follow-up, if I may. Just I'm curious kind of what level of growth you're requiring from Power Brands to be able to offset what appears to be probably quite a significant decline for non-core brands over the next five years and still hit kind of longer term earnings targets? Yeah, we're probably not going to give that level of detail, but I think it's fair to assume with the focus and the priority and the increase in investment and the potential we'll see across those brands, that they're going to be playing a disproportionate role in our growth profile going forward. We've kind of said that through the presentation, and that's really how we're thinking about it. We've got some great proof points. You can see that through the depletion trends that we've already got. We're relatively early in this focus on execution and being completely obsessed with how we show up in market and unlock those market opportunities. Yeah, we think it'll be disproportionate in relation to its contribution to our growth over that five-year period. Okay. Thank you. Hi, Sam. Hi. Richard from CLSA. Hi, Richard. Sort of a bit of a follow on from that one. If we look, break down the 10 priority brands represent 35% of volume today, 68% of revenue. If we flip that around, your non-priorities still 2/3 of your volume and about a third of your revenue. The big concern always has been in terms of trying to rid yourself of that tail. Yep is the stranded costs. Can you paint a picture here whereby the priority brands are growing at a rate? Clearly, they're taking a bigger share of volume and revenue, but can they do so at a rate whereby you're overcoming the decline and sort of balancing out the stranded cost issue at the same time? I think that's right, Richard. I think we do see the migration to the Power Brands playing a positive role in their contribution to margin and the simplification that that focus brings to the supply chain. There's a real benefit in all of that, and I talked about it when you looked at the SKU reduction and the brand reduction. Wouldn't underestimate the role that plays. We recognize that that phased reduction of volume, which will be very considered. That's why we've got these tactical and transitional brands, because we've got to manage that over time so that we've got offsets to some of the things that you've just mentioned. That's all been built into our thinking. I think in Australia, we've been on this journey for a while. The commercial brands and some of the divestments we've made in our supply footprint and our production footprint have helped us move in the direction of the Ascent program. In the U.S., as I mentioned, there's a bit more of structural misalignment. We're leaning into it. We understand it, and we've got to make some bold decisions there around ensuring that our supply footprint matches that future demand signal. I guess what that strategic review is all about, is about finding ways to accelerate that so we can build a better earnings profile for that business faster. Okay. Thank you. Just the one-off cost, AUD 220-AUD 260. A bit more color there. Is that pre or post-tax? Is that all will be booked at least in FY 2026? What mix of that actually is cash? It's pre-tax. It won't all be FY 2026. We're sort of working through, from an accounting point of view, what's right to recognize this year and what will carry forward into future years. Obviously, this is a multi-year transformation, some elements and initiatives won't be taking place until 2027 and 2028. We've got a table later in the deck which gives a bit more insight into the cash versus P&L component of that. If you're happy, we'll come back to that later on. Phil Kimber from E&P Capital. Sorry, right at the back here. Two questions. First one, just following on from Richard there. Maybe a simpler way to say it is, you've got a longer term EBIT margin target, but obviously, that depends on what the revenue's gonna be. Is there a situation in this turnaround where there's actually not a lot of absolute sales growth? It's a much better business with a better quality of earnings, but actually there's not a lot of sales growth over the next few years, medium term, let's call it five years. I think in the middle period of that, there will be a transition from the top-line perspective where we're offsetting some of the managed brands with the growth brands, and you would expect that. I think within that, the shape of the P&L looks a lot better through that high margin business that is going to play a bigger role in the portfolio. We certainly see, though, when you start looking at how we're thinking about brands and commercial excellence, the focus that we're going to bring to those brands, the investment, the execution discipline, that will be a huge enabler for our growth into the future. We've got some things to work through this transition period, but I think growth is still a core part of how we're thinking about the business going forward. Thanks. My second one was just on depletions, and you've talked a lot about it. Maybe if you could give some additional color as to how the business will be managed more from a depletions point of view. I guess the big issue, respectfully, is there's been AUD 500 m illion of sales in the last year or two that have sort of been taken out of the business because the inventory didn't clear through the channel. Thanks. Effectively, this is trying to get a view of offtake closer to consumers or shoppers where they're purchasing. Obviously, in developing markets, some of that information is harder to get. Rather than measuring shipments which effectively go into warehouses and inventory, we're trying to start to measure what goes out of warehouses to support stores, restaurants, bars, and second and third-tier distributors. In the U.S., that's relatively simple because we can go to our distributors, and we can go into their systems, and we can remove it. In China and some of the emerging markets, that's a more robust system of trying to understand what's going out of our distributors, of our wholesalers through QR code measurements, through inventory checks, and through a really robust process that allows us to get a much, much more accurate view of the genuine offtake that sits in the market. That's a process that's audited by a third party. They do spot checks of inventory. They reconcile that with shipments. We get to round it out to make sure that there's no discrepancies that we would be reporting. Really, it's about understanding whether or not the activities, the programs, the brand-building exercises are having a material impact on what consumers are purchasing. Hey, Sam. It's Craig Woolford from MST Marquee. Your strategy, it makes a lot of sense. It certainly feels like a spirits or beer company, how they would approach a market, fewer, bigger brands. I'm sure that's not a surprise to you. Is there really any evidence that that works in the wine industry? It's very fragmented, both at the customer level, the retailer, and for the shopper. They shop a lot more brands. Does it really actually work in wine as it does in beer and spirits? It's an interesting parallel. I think this is not about a kind of an industry. If you look across many, many different segments, generally speaking, brands that stay relevant for longer period need investment. They need innovation. They need to evolve with consumers and customers in the channels that you operate. If you don't, if you leave them and they haven't got enough investment, well, then they slowly decline. I think in the wine industry, there's countless numbers of brands that haven't managed to stay relevant, stay invested, to continue to evolve. Yeah, I don't think it's a parallel to beer. I think just generally at a brand level, it's important that we're really clear about the consumer segments in our markets, that we see the biggest opportunities. That we haven't got overlap in relation to how we're accessing them. We're really clear this is the brand that is going to go and access that opportunity with that consumer segment in that market, in that channel. Making sure that you've got investment to ensure that you can communicate with that target consumer, that you can build equity for them, and that you continue to refresh through how you engage with content and innovation. If you've got too many brands, you end up having subscale investment that ultimately doesn't achieve any of those goals. This is about being really targeted across markets, regions, and the portfolio to ensure we've got brands to play a role in the way we see the consumer in the future, and we've got appropriate investment to continually engage with them. It's been very targeted. It's not just beer. You can go anywhere and find that most really great consumer goods companies have got real clarity around their portfolio and real investment to ensure it stays relevant for decades. Yep, understood. The other comment about white wine and refreshment, just wanted to clarify, is all of that opportunity from your existing brand portfolio, or do you have to bring in or either invent or buy some brands? Well, I might be slightly overexcited about Penfolds White. I think that that's a huge opportunity for us. You look at kind of white wine trends, Chardonnay trends globally, how they play in luxury markets. We've been up in China, nearly every distributor spoke to us about what's happening with white wine there. Just amplifying what we do in white wine through the established portfolio that we've got within Penfolds is a huge opportunity. Marlborough Sauvignon Blanc in many, many markets around the world just continues to play an enormous recruitment role for wine. It's accessible, it's fun, it's refreshing, and it brings younger consumers into the category. Yeah, I do think that, again, that's going to be a critical component of the work we do across the portfolio. Lots and lots of opportunities within refreshment, within white wine to bring people into the category, to bring people into occasions. I'm really excited about formats. One of the first things I saw coming into the category was that you walk down the wine aisle, and I suspect, apart from a few labels, it probably hadn't changed much in decades. Nearly every other category in a supermarket or in the market has had massive disruption through a format. They've adapted to convenience and the trends. Again, I'm excited about the role innovation can play through refreshment to engage new consumers with new formats. Should have got you to answer some of these, Keyte. Yeah. The only thing I would add to that is, as we've looked into the future and worked out where is the growth going to come from, this modern refreshment space is a space where we're not starting from scratch. We've got some great brands that are delivering at the moment in this space, Matua and Squealing Pig, two of those that are doing incredibly well across multiple markets. You're right, innovation is a really exciting space, and it allows us to, as the category evolves, things like no/low, different ways that consumers are engaging with the category. We're set up with those brands, with a platform for growth around unlocking those opportunities. Hi, Sam. Shaun Cousins, UBS. Maybe a question for Tom. Can we just talk a bit about Penfolds? It seemed as though the supply chain, there was a little bit of a loss of control there, given the size of the grey market volumes that went on. Can you just talk a bit about what happened, why that was the case, and you had a lot of accountability as part of your new operating model? That seems great. Maybe was that not in place there? I'm just sort of curious around how you lose control in that way. Thanks. Yeah. Thanks, Shaun. Maybe I'll start with the positives that we're seeing at this point in time and over the last few months from the actions that we have taken, certainly over the last six months. That has involved getting much more rigorous, much more forensic on identifying where the sources of parallel were coming from. We have a much more detailed compliance system, if you like, with all of our customers and partners around ensuring we've got real visibility at a depletion level that we can ensure aligns with any shipments that we're putting into those customers. That's right across the board, right? The positives of taking those proactive measures, and some of those steps haven't been easy, because they've created very challenging conversations with many of our customers. New levels of compliance that everyone needs to play by. Ultimately, the positive that we're seeing, and Jack can talk about this later, and Sam referenced it earlier, is actually the noise and the scale of parallel volume that's coming into China and disrupting our core distributors and the domestic business is significantly reduced. Some of that is now being picked up through our authorized channels, and that's why you'll see the 40% depletion growth is us capturing more of that business that was previously coming through parallels. I think, look, the learning has been for us that over time we probably had some leakage and that crept up over time. We've taken really decisive action, and we highlighted that we were going to take action when we realized it was creating issues in our biggest market in China. The discipline that we've applied that, those new ways of working, new policies means sitting here today feel really comfortable that we've identified those sources, have managed shipments and allocations accordingly, and we're protecting our core business in China, which continues to actually go from strength to strength. We've always said parallel is something we'll never be able to eradicate. Okay? I've never felt more comfortable in the position where we are today that we've identified, made changes to how we manage allocations and shipments, put in new processes in place to ensure that we are able to monitor on an ongoing basis where we're seeing spikes in demand, are they correlating with genuine domestic depletion and consumer demand? Was there just a lack of curiosity around your business? Was there just not that rigor before? I'm just curious around what you're saying is very sensible. It's just unclear why you wouldn't be doing that, or was there just a desire to hit this 15% earnings growth number? I'm just trying to understand what the culture in Penfolds was like where you allowed this situation to occur. No, I think, look, as part of the transformation that we're driving across our commercial agenda, we're really tightening up on every element of our operating model. What we're seeing now by going that next level of detail, driving that more forensic view of the data, driving higher compliance on visibility of depletions right across the board, has meant we're now at much clearer and able to identify where these situations were arising in the past. Great. My second question is just in 2021 at the Investor Day, you also outlined a 25% EBITS margin target. Since that time, you had bought DAOU and Frank's that are part of it. One of them is your priority brand, another one's one of your key brands there as well. Just curious if we think a bit about the ambition to have a 25% long-term EBITS margin target, how would you attribute that lack of progress of advancement there? Is that because the wine industry is weaker or TWE has executed poorly, and it won't be able to do as well? Just interesting that you've made quite a lot of changes to adding higher margin businesses in terms of brands that are very good, but it doesn't see a change to where you were in the 2021 target. I'm just keen to understand, was it TWE or how would you attribute it between TWE and the industry please? Thanks. Thanks, Shaun. I think that what I've seen in the beverage alcohol market from 2021 to 2026 just couldn't be more different. 2021, we were sat in the middle of COVID. I was sitting in a different business, but looking at trends that we'd never seen before. There was a level of optimism and a level of opportunity that existed in beverage alcohol that we were all very excited about. I think as you come post-COVID, then you start looking at cost of living and the different economic challenges. The world just does look a lot different. It's not just in beverage alcohol. I think in consumer goods more broadly, the cost of living pressures, some of the economic challenges have meant that the outlook on these categories is really significantly different. I guess that's what we're responding to. We're sort of understanding what that looks like, saying, "Okay, where there are mismatches or things that we have to lean into, like inventory levels, like parallel, or what we've got in our supply chain, we're doing it." We have to do that because of the outlook that's so significantly changed from what it was in 2021. I can hardly hear you with a microphone, Shaun. Sorry. You'd attribute that more to it's just the industry, it's not that TWE hasn't executed as well as you'd hoped, or you don't anticipate you could execute as well as you would had planned? I think, Shaun, the focus that we've got on driving executional focus, discipline of brand building would tell you that I could see a significant opportunity for us to codify this across the business end-to-end and take us up to a completely different place in relation to the role that can play in our growth. Yeah, I think it's part of it, but I would just not underestimate the extent to which the world has changed over that period of time. I think what we're doing is making sure that we lean into it. We're understanding where the differences are. We're working through it. We do build, and I think someone else said this, just a much better quality of earnings profile once we've got through it. Morning, Sam and team. Caleb Wheatley from Macquarie down here. My question is just on how you're thinking about sort of leading the market. You've made the comment that you want to be ahead of category growth. Appreciate there's going to be some movements around brands, et cetera. If I go back to the third slide, I don't know if you necessarily agree with these forecasts, but luxury forecasts to grow 1%, remaining categories sort of flat to down. Just how are you sort of thinking about the long-term market opportunity and then within the brands across the Treasury portfolio? The propensity and the materiality to outperform that. Yeah, I think that's why we've elevated brands in execution, because we recognize that in the market that I've just talked about, with the economy that we're talking about, with the outlook for wine, that the growth is going to be much more muted than perhaps what we've seen in the past. The core engine for us to grow is to outperform the market. How do you outperform the market? You get really, really good at execution. You get very focused on brands, and you get very precise with where you're investing and where you want to grow. We're picking pockets where we see the biggest opportunity. We're aligning our portfolio to that, and we're putting a big engine of investment behind it so we can outperform the market and deliver the growth that we're talking about. With the brands that we've got, the positions that we hold, and a real execution focus, I can't see why we shouldn't be able to outperform. Is that sort of brand specific or geographic specific or a bit of both? Well, I think, when we look at markets, we're looking at regions. Part of the reason we're putting ourselves back into regions is just to have real clarity around the expectation for that region, the accountability that we've got, and focus of resources behind one portfolio to drive that disproportionate execution benefit. I think it's got to do with regions. It's got to do with how we're aligning through the operating model and that rigorous focus and prioritization on growing brands and execution in those markets. It's kind of the whole thing that today is about, is sort of trying to showcase how this all comes together, so to support the outperformance that we're banking on. Okay, sure. Thank you. A second question maybe for Justin, just in terms of the destocking that you've called out in China and in the U.S., can you just give us a bit of a flavor for sort of the assumptions underpinning those timelines, especially around sort of market growth and then the performance of the Treasury brands underneath that? I'll try to give you the color. Americas, in December, we said there was, I think, 300,000 cases that needed to be rebalanced over the course of two years. As we get to June, we expect shipments and depletions to be broadly aligned so that we're not going to have any progress on eating into that inventory and trade. We're expecting above category depletions growth. It's modest. It's single digit above a category that's broadly flattish in luxury at the moment, and that's sort of the assumption that underpins us in the timeline on that piece. China, it's a bit different. We're still strong growth there, even in the market that is flat, but we're performing very well. That expectation is that by the end of FY 2027, we're broadly completed with that process. That's great. Thank you. Thank you. It's Sam Teeger from Citi here. Just keen to understand how you think about the life cycle of a wine brand. As you grow your priority brands faster than the rest of the portfolio, how do you ensure that this growth is managed so these priority brands don't lose their relevance with consumers, they don't start to mature, or you don't end up with overstocked channels, which impacts pricing? I guess, a number of years ago, you could argue that 19 Crimes would have been a priority brand, and now it isn't. It did have some innovation and some investment, and it didn't play out the way you would have thought. Not you, but your predecessors. Yeah. Yeah. Yeah. I think understanding the life cycle of brands is, of course, critical. I've talked a lot today about maintaining relevance of our brands through really understanding the role that we play in the minds of consumers, ensuring that we stay relevant, in the way that we're consumed, the occasions that we're consumed, and then we use innovation as well to make sure that we are relevant into the future. The brands that we've chosen in the portfolio are very closely aligned to the growth segments that we outlined earlier around luxury red, luxury white, and modern refreshment. When we've chosen these brands for the portfolio, we've looked at how distinctive they are in market, what does their demand power look like, what is their growth profile, and do they have the right financials that underpin commercial success. We feel like we've got the right portfolio for growth. We feel like we've got the right brands that are sustainable over a long period of time. They hold a great and distinctive position in consumers' minds. We're going to work really hard with the basic fundamentals of brand building to keep that going sustainably. Sure. Just to follow up on the 40% that everyone’s keen to talk about. Appreciate the really good progress you’ve made around parallel. Having been up in China recently, I don’t think the market’s growing anywhere near 40%. I’m just wondering, besides for the progress you’ve made on parallel, how much of the growth is being driven by you expanding distribution further, changes to rebates, changes to pricing, and then how should we think about depletions in FY 2027? Thanks. I feel like Jack will be the perfect person for you to answer that question, too, because he's got quite a lot of detail in his presentation around not only where we see the growth opportunities for China, but also what's delivered the 40% growth. The big opportunity that we see is really at that brand level that starts to interact with Baijiu. Whilst you look at the category of wine and you say, "Okay, well, that looks challenged or flat at best." When you start to look at how Penfolds is interacting with Moutai and opening up the opportunity there, it reframes everything just because of the pure scale of Baijiu in China. It is enormous. We think that's a great opportunity for us, and we are targeting Baijiu distributors. We're targeting Baijiu channels and Baijiu restaurants so that we've got a very visible presence in those huge opportunity areas. I would say that the Chinese New Year execution was also outstanding. We got feedback from the market when we were there that we had completely outperformed through all of the gifting programs that we had for that occasion. How we'd done pop-ups and executed our campaign through the period. All of those, plus the migration of parallel, has really meant that our China business continues to completely outperform the market. That's a depletion measure. Again, that's coming from what we're measuring through the methodology that I outlined earlier, into the market. When we've been, and both Tom and I have been a couple of times this year, and got feedback on it really does come back to the strength of the brand, how we're expanding our distribution profile, and the role that CNY played in our performance. I just might, Tom, sorry, Jack will probably give you a lot more insight into that and also his excitement around the potential of China going forward. I don't know, Tom, anything to add? No, I think it's important to acknowledge that the overall market is doing it tough at the moment. That's not a perspective that we dispute. All of the things that Sam just outlined means we're bucking that trend, and it's being recognized. Actually, it has a virtuous cycle element to it because we're now attracting more wholesalers, distributors who may have previously been focused on Baijiu, which is doing it very tough at the moment as a category. They're seeing Penfolds as an opportunity to bring new business that is moving through generating cash and profit for them into their portfolio. A number of positive factors that are impacting our outperformance for sure. Yeah, acknowledging that the market is going through a period of transition, and we're facing into that new normal. Hi, Sam. Bryan Raymond, J.P. Morgan. Just first one's on the A&P spend as a percentage of NSR for the Power Brands and Regional Heroes at 12% and 8%. Just interested in where they would sit currently. Is that a material uplift? I'd imagine they're already taking an outsized share of your overall 8.5%. I would assume it would be above that. I'm just interested in how much of that is an uplift, and then how you think about the ROI on that in terms of how it flows through to NSR growth and the outlook for those 10 key brands. Yeah, look, it is an uplift. At a total level, we are increasing our A&P investment, as I outlined, from 8.5% up to 10%, focused on fewer brands, so they're going to get more of that uplifted spend. You're right, Penfolds has always been reasonably well supported, but now it will be even better supported, particularly across a broader range of markets and opportunities. We talk about India on a slide, but we still see lots and lots of markets outside of China that offer huge opportunities for Penfolds. Some of that investment is going to be going to really unlock that opportunity. The middle class in India is the fastest-growing middle class in the world. We all read about it. They do enjoy alcohol, albeit wine is still underrepresented. Penfolds is exactly the type of brand that, with a disproportionate level of investment, can open up a huge opportunity, like India. On the regional brands as well, it's been patchy. KK talked about some are well supported in some places. It's not uniform, it's not precise. It's not really understanding the opportunity that we're investing behind. I guess that's what the ROI comes to. It's like how long do we think we should start to see a return on this investment, either in brand equity or on sales growth, or on the number of points of distribution we've got. It all comes together into a suite of measures that tell us whether or not we're getting the type of return from the investment in the market. It's all part of the plan to be much, much more disciplined through execution and really understanding whether or not the money is paying back. Just to be clear on that, the 12% and the 8% are up materially from where they are currently, or? Collectively, we're going from 8.5% to 10% at a company level, where we're focusing it on the 10 brands that we're talking about. It differs across markets. Yes, there's a material uplift in supporting those brands to deliver the disproportionate growth expectation we've got. Okay, great. Just a couple of financial questions then. Just the pace and/or timing of the synergy realization is AUD 100 million over three years. Should we assume the run rate's sort of a third, a third, a third? Is it backloaded, front-loaded? Any guidance there? The two times leverage, getting back under two times leverage. Are you assuming that the dividends are suspended that whole time, or is that restarting in the process? Yeah. On the leverage piece, we are assuming dividends are suspended until we trend towards that two times target. We'll cover that later on. In terms of the phasing of the synergies, won't really get into that today. Fair to say that a lot happens day one as we transition to our new operating model. There's a big step in FY 2027 that'll annualize into FY 2028, but there are initiatives that do take the full three years to come through into P&L. Okay. I think everyone deserves a coffee. Thanks for the questions. We'll come back after a coffee break and start the next session. Thank you. Thank you. [Break] Good morning. My name is Jack Wu, and I am Managing Director of the TWE Greater China Region based in Shanghai. I was previously Head of the Greater China for Penfolds, the role I held for five years, and I have been in TWE for 12 years. Over this time, I have watched the Penfolds brand grow into a most powerful wine brand of scale in China. The Penfolds brand present a very unique proposition for Chinese consumers. Its Chinese name is 奔富, translate to "hope for prosperity", a very positive meaning in Chinese culture, together with its strong color, a wine quality. We are only at the beginning of our journey, and I see enormous future potential for Penfolds brand in China, and I'm pleased to share with you today how we are going to deliver this. Greater China remain one of the most important luxury beverage market in the world. There is a strong appreciation for heritage and status, and a meaningful headroom for premium brands that can execute well. At the same time, consumers are selective, channels are evolved quickly, and the cost of a poor execution is high. Our confidence is based on a very strong category position, the power of Penfolds, and a go-to-market and execution model built over many years. In China, growth is available, but only to those who can convert brand strength into disciplined execution. Our ambition is to shape the next era of the wine in Greater China. We aim to lead the luxury wine category and also expand wine into the new consumption occasions. We are well placed to achieve this ambition with our core capabilities, including a deep understanding of our consumer, a leading portfolio of wine, which resonates strongly with the Chinese luxury consumers, strong and growing brand equity, a focused national and regional distributor platforms, and our experienced local team. Let me start with a snapshot of the Greater China region. Main China and Penfolds contribute the majority of the volume and NSR for the region. With our revenue case of approximately AUD 370, an EBIT margin 43%, reflecting the strength of our portfolio in this market. These are attractive financials, and they underline an important point. Greater China is a strategically important region for TWE, where our brand strength, portfolio mix, and go-to-market can generate significant value. TWE has a leading market share in total wine category and luxury wine category in both online and offline channels, with both channels in strong growth. From a channel mix perspective, wholesaler is the largest channel with over 60% share, followed by e-commerce at 22%, bricks-and-mortar retail at 11%, and travel retail then making up the balance. While we have been steadily growing our share over the past three years, we are not complacent. Maintaining leadership requires constant attention to channel quality, consumer relevance, and market discipline. While we continue to see China as a highly attractive luxury wine market, we believe the opportunity for TWE and Penfolds extends beyond the luxury wine category to the baijiu consumer. Affluent consumers already participate in the premium alcohol occasion whose needs are evolving. Baijiu, as you know, remains culture dominant in China. Changing consumer behavior is creating an opportunity for luxury wine to take share over time, including through moderation, broader taste openness, balanced gender appeal, and relevance to gifting and business occasions. This represents a great opportunity for luxury wine, and Penfolds in particular, to grow share within the alcohol market. Consumers are also become more intentional. That works in our favor because Penfolds has a strong, long-established position in China and strong luxury credentials. China has a complex tier go-to-market system covering online and offline channels. Our distribution model has been developed using the key learning we have acquired from operating in China over several decades. Go-to-market in China is not simply a matter of scale. It's a strategic capability. Our model is designed to balance reach with control and expansion with protection of the brand equity. In our experience, success requires not just a broad distribution, but the right distribution. With the right partner and a clear governance. We partner with a selected number of the Tier 1 national distributors, who work with us exclusively on select parts of our portfolio across China. While the core portfolio is distributed through a regional network of the long-term distribution partner, who each have a very specific geographic coverage. We also sell directly to the Tier 1 e-commerce customers, national key accounts, and online-to-offline customers. These partners either distribute through the Tier 2 network or sell directly to the liquor store, depending on the channels or go-to-market model. The benefit of this model is flexibility by channel, geography, and portfolio segment, while remaining direct relationship with the channel that matter most for visibility, control, and growth. That matters because channel roles are changing quickly. Online, offline are increasing connected. Different parts of the portfolio need different go-to-market. We have a three clear execution priority for Greater China. This priority form the execution system that will drive to the next phase of the growth for us. Online distribution to improve access and brand control, offline distribution to expand quality coverage, and commercial excellence to improve discipline and consistency. Turning first to our online distribution. The online channel is significantly growing in China. We are investing to strengthen our position to drive channel ownership and growth. Online matters not because of its size. Because it shapes how consumer discover, evaluate, and purchase brands. In China, the path to purchase is highly digital, even when the final transaction happens on offline. For a luxury brand, that means online is also about presentation, authenticity, pricing discipline, and trust. There are three key online channels. Cross-border e-commerce, where we will build greater presence through the direct channel ownership with our own flagship stores and a strong network of the distributor stores. We are targeting to have in place five flagship stores and 40 distributor stores. Domestic e-commerce. This is the channel where we will accelerate sales across domestic platforms. In addition to our existing five flagship stores, we are targeting to have 60 distributor stores. An online-to-offline retailer, where we aim to capture new consumers through fast-growing instant retailer channels and aim to significantly increase our presence. Each channel play a different role. Cross-border for trial and discovery, domestic for scale and repeat purchase, online to offline for convenience and immediacy. Our objective is to win across that ecosystem with the right mix of the direct ownership, partner capability, and brand control. For example, when we operate through our own flagship store in cross-border e-commerce, we gain better control of assortment, brand presentation, and pricing. That not only improve conversion in the channel, it also set a clear reference point for consumers and partners across the wider online and offline market. In terms of our second priority, driving offsite distribution, we are pursuing a multiple tier of approach to drive depth and coverage of our distribution across the market. Today, we have 30+ Tier 1 distributors, including national and regional players, 200+ core Tier 2 distributors, and approximately 13,000 quality outlets. Our focus is on deepening partnerships with high-quality distributors, expanding coverage, and targeting Baijiu outlets that share luxury wine consumer occasion profile. Offline remains critical for luxury wine, particularly across gifting, dining, and relationship-based occasions. Our focus is not just adding outlets, but improving the quality and relevance of the distribution. We will increase our regional coverage with a focus on core cities and high-growth provinces, with both core and growing growth markets having a significant opportunity for coverage expansion. Growth in Chinese is not uniform. Core cities remain essential, while high-growth provinces and cities continue to offer strong opportunity. Our approach is to deepen in core markets while selectively expanding into attractive growth markets to improve both depth and breadth over time. In relation to our third execution priority, commercial excellence, we are making significant digital data technology investments to support execution across our customer, consumer, and sales teams. With customers, we are strengthening contracts, incentive management, and joint business plans, driving market discipline and traceability. With consumers, we are ensuring authenticity through the digital tools. Our sales teams are improving execution through automation, data, insight. Commercial excellence is going to be core enablers of our profitable growth in the future. It improves how we allocate supply, manage partner incentives, protect pricing, track product, and focus our team on the activities that matter most. These capabilities help reduce linkage, improve accountability, strengthen partner quality, and support healthy long-term returns. Authenticity is also critical. Our digital tools help reassure consumers and trade partners while improving traceability and visibility through the channels. A practical example is the use of the digital authentication tools, which allow consumer and trade partners to verify product provenance. That gives the consumer more confidence in the brand, which also helping us identify channel linkage earlier and respond with better allocation and governance. We are taking meaningful action to address pricing dynamics in China, including restricting shipment involved in parallel imports, creating formal Penfolds cross-border channels, expanding domestic distribution, tightening allocation of the key SKUs, and increasing the traceability and governance. The result of these actions will be more volume through our authorized channel network, pricing stabilization to ensure the value chain profitability, and also most important, sustainable long-term depletion growth with early signs that these actions are having the desired impact. Our approach is discipline and long-term. We are focused on improving market quality through tightened allocation, strong governance, and reduced opportunities for parallel flow. That matters because healthy pricing architecture supports healthier depletion, better distributor behavior, and stronger brand equity over time. In conclusion, we are confident in the Greater China opportunity because of the long-term attractiveness of this market, the strength of Penfolds, our portfolio, and the execution model we have built to deliver sustainable profit growth. This market requires focus, local knowledge, strong execution, and we believe we are well-placed to win. Thank you. Now I'm going to hand over to Ben Dollard and the Americas. Thank you, Jack, and good morning, everybody. I'm Ben Dollard, President of Treasury Americas. It's a pleasure to be here today to provide an update on our strategic priorities. We are in a period of reset with expected EBITS impacted near-term by our focus on reducing customer inventory, particularly in fiscal 2027 and 2028. Beyond that, by rising per unit COGS, as we sell through our recent vintages and adjust our supply chain to align with future portfolio needs. As Sam mentioned in his opening, we are working to accelerate actions to address these elements and improve profitability. As we work through these challenges, the strength of our brands continues to stand out, with positive depletion momentum across our key brands, led by Beaulieu Vineyard, Frank Family, and Matua. Stabilization of distribution, particularly in California, following the exit of RNDC and our transition to Breakthru Beverage Group, has supported the improved depletion performance. Our ambition in the Americas is clear, to deliver world-class wines and powerful consumer experiences in the world's largest wine market. Knowing our consumers better than anyone else, innovating to keep our brands relevant, is critical to achieving this ambition. Based on the first half of this fiscal year, the Americas region, comprising our luxury and premium portfolio of brands, saw revenue per case of AUD 176, an EBITS margin of 11%. The U.S. represents over 90% of regional NSR, with Power Brands and Regional Heroes contributing approximately 2/3 of this, 19 Crimes being the largest contributor outside of priority brands. We are the leading luxury portfolio in the U.S., the segment of the market which remains in growth and is expected to do so moving forward. Our market share has reduced around one percentage point in the past two years, partly impacted by the disruption from the distribution changes. Strengthening our share through ahead of category performance is a priority. Our channel mix is well-diversified. Bricks-and-mortar retail remains the largest channel at 56%, followed by direct-to-consumer and on-premise at 20% and 15% respectively. Our strategy in the Americas is focused on three clear priorities. First, continuing to build the presence of our portfolio in market, leveraging our leading market position to drive depletions growth ahead of category for our Power Brands and Regional Heroes. Secondly, driving excellence in our execution, ensuring that we drive distribution expansion for our key brands across the large and expansive U.S. market. Thirdly, scaling our brand-led direct-to-consumer model through excellence in end-to-end consumer experiences. Our brand-building strategy is focused on a number of key areas. Defining modern luxury through storytelling and bold experiences. DAOU is a strong example of this. We bring the brand to life through more than 50 experiential events annually, reaching over a million consumers. Bringing world-class winemaking hospitality to life in the nation's top wine markets. Frank Family is a strong example here with successful activations in key markets across the nation, introducing new consumers to the brand and Napa Valley. Finally, owning contemporary refreshment to recruit the next generation of wine consumers. Matua is the number five Sauvignon Blanc, number four New Zealand Sauvignon Blanc in the U.S., and is delivering strong growth with the consumer trend to lighter styles, amplifying our positioning of the brand. Matua Lighter is now a top three better-for-you Sauvignon Blanc in the U.S., and through partnership with music festivals and cultural platforms, is expanding the consumer base, including those new to the wine category. Pleasingly, we're now seeing strong results from brand-building initiatives with our key retailers, driven by the success of programs leading into the spring and summer period. As we consider this performance, we do note that the prior year was impacted by disruptions at RNDC. It is pleasing to have returned to growth, and we remain focused on continuing this momentum. We have also seen very strong depletions growth away from scanner track channels, notably up 11% in our independent retail accounts to date in half two. Turning now to our U.S. route to market, where our evolved footprint reflects recent changes to the U.S. distribution landscape. Our strategy has been to maintain a diversified distributor network and ensure that we have the best partner for delivering our business in each market. The landscape is evolving. One year ago, RNDC announced its exit from California, initiating our transition to Breakthru Beverage. We are now looking forward to partnering with Reyes Beverage Group as they acquire 10 markets from RNDC. Reyes' distribution strength and execution capabilities position them well to represent our portfolio of brands. Our top-to-top engagement with Reyes, led by Sam and myself, has been very positive to date. The deal officially closed last week, and transition management is well underway to ensure minimal disruption to our performance and build momentum with Reyes. The initiatives that Tom spoke to earlier regarding execution excellence are of paramount importance to our team in the U.S. Rigor in joint business planning and holding ourselves and our partners accountable to delivery of our plans are important components of ensuring we are executing well by channel. Expanding distribution will remain a key focus. As the chart shows, over the past three years, we have delivered consistent growth in points of distribution for our key brands, across both off and on-premise channels. Leveraging our market leadership and national network are key elements of our success. We see plenty of headroom to continue targeting further distribution growth and increasing accessibility of our portfolio to the U.S. consumer. DAOU continues its nationwide expansion, moving beyond its historical concentration in California to build scale in markets such as Florida, Texas, and New York. Frank Family Vineyards is strengthening its presence in the on-premise and key retail accounts, supporting continued depletion momentum. Matua continues to grow its footprint nationally, primarily in off-premise, particularly as innovation like Matua Lighter gains traction. The opportunity to expand presence across chains, independents, on-premise venues is significant and will remain a big focus. Turning now to direct-to-consumer. This is a critical channel from both a consumer engagement and brand-building standpoint. We continue to drive growth and outpace the market in our key core Cellar Door and membership experiences. As part of our focus on building scale in the direct-to-consumer platform, we are prioritizing several growth opportunities. Delivering premium guest experiences, including the grand reopening of the BV Cellar Door this July. This major milestone will provide guests with an opportunity to experience world-class wines and hospitality in a beautiful new setting. We welcome over 300,000 visitors a year to our brand homes in California and aspire to be famous for the experiences we create. This access also gives us the unique opportunity to connect with and create relationships with new and loyal consumers. Secondly, our ability to capture first-party consumer data, both at our brand homes and through our experiential marketing efforts, will be critical to our future growth. Thirdly, we have a best-in-class experiential marketing capability, both at our brand homes and in-market. Acquiring consumer data gives us permission to engage with new consumers and ultimately leads to a more one-on-one relationship. We will take advantage of our partnership marketing efforts to access new audiences that extend beyond our current consumer base. Lastly, we continue to improve our ability to measure the most compelling and cost-effective tactics to acquire new consumers. Future DTC growth will come from creating a unified consumer acquisition model where winery visitation, events, and digital all work to acquire, convert, and retain high-value consumers. In closing, while we are navigating short-term structural headwinds, we have an exceptional portfolio of brands, a distribution network that is stabilizing, and retail relationships that are strong. Our focus will be on market execution and performing ahead of the category. Thank you. I'll now hand over to Angus Lilley, who'll cover ANZ and Europe. Thank you. Good morning. I'm Angus Lilley, Managing Director of ANZ and Europe. I'm pleased to be with you today to share the strategy and priorities for our portfolio in ANZ and Europe. Having spent time in trade over recent weeks, meeting with a number of our key customers, I'm filled with confidence that the positive feedback these customers have provided regarding the change to our operating model, coupled with the strength of our portfolio, will hold us in good stead in these regions moving forward. Our strategy in ANZ and Europe is built on a powerful portfolio of market-leading brands, ranging from iconic to innovative, with each brand playing a clear role targeting different consumers and different occasions. The portfolio includes Penfolds, iconic in nature in its home market of Australia and throughout fine wine channels in Europe. Squealing Pig, a brand that has been on an incredible growth journey in recent years, leading in the modern refreshment space. Wynns, one of Australia's favorite and most collected wines. Pepperjack, Australia's favorite Shiraz, with growing consumer appetite across lighter varietals. Finally, Matua, an incredibly strong New Zealand Sauvignon Blanc brand in the heart of the varietals and segments driving category growth. Our ambition is to use this powerful portfolio to scale and innovate new offerings to drive growth in ANZ and Europe, energizing the category, driving new occasions while recruiting new consumers. Looking at a snapshot of the regions. Our portfolio mix is reflected in the first half 2026 key metrics, with NSR per case of AUD 75, an EBITS margin of 12%, reflecting the scale of the non-priority Australian commercial brands that we continue to retain, and whose decline we will continue to manage in the coming years. Australia, where we have a 14% share of the wine market, accounts for the majority of NSR, followed by the U.K. and Continental Europe. We look forward, we expect the contribution of Power Brands and Regional Heroes to grow from their current level of 50% segment NSR and ultimately drive our growth. The only exception is 19 Crimes, included here in other, which remains a key contributor to our European business and a top 10 brand in the U.K. retail market. A brand we will continue to support through strong in-market execution. From a channel mix perspective, retail represents the key sales channel in both Australia and Europe, responsible for over 70% of sales. Our ANZ and Europe strategy is built on a simple three-part execution framework, underpinned by our new operating model of going to market as one portfolio and one team. First, driving the core, leveraging our leading brands and deep retail partnerships to drive immediate growth for our Regional Heroes and Power Brands. Going to market as one portfolio allows us to streamline our partnership with key customers and sharpen our effort and focus on the brands and activities we'll be investing in. Second, we will drive growth by expanding distribution into independent retail and on-premise channels. One team and increased investment and resource against these channels will mean better execution, drive distribution activation, and allow us to partner in a way that was harder to achieve under our previous model. Finally, unlocking future luxury growth through direct-to-consumer channels and expanding our presence in fine wine channels led by Penfolds, building on and accelerating the work currently underway in that division. This will be an important area of focus given the D2C channel is outpacing the traditional off-premise retail market. Along with the on-premise channel becoming an increasingly important one for consumer interaction, engagement, and a great connection point for consumers with our brands. Growth Scope research tells us that on-premise alcohol occasions grew 6% in the last year here in Australia. Squealing Pig is a great case study to highlight our confidence in our ability to deliver growth in our core portfolio. The brand's growth for over a decade in Australia has been underpinned by strong brand-building fundamentals Kristy spoke to earlier, along with deep retail customer partnerships. We've scaled from a single SKU brand in one retailer to a top 10 brand in the market, with highly successful innovation, including spritz and no and low alcohol options, a key driver of growth in recent years. Importantly, the brand resonates strongly with younger consumers and presents a great opportunity to recruit new consumers to the category. I'm confident that as the TWE portfolio comes together as one, we will continue to grow Squealing Pig here in Australia and have a great opportunity to replicate this success in other markets globally. Pepperjack is another example of consistent, scalable growth of our core portfolio. It is the clear number one Shiraz sold in Australia with strong execution in store and in partnership again with key retailers driving consistent volume growth. More recently, we've expanded the brand beyond Shiraz into new varietals, lighter styles in line with the broader category trends spoke to in his introduction earlier today, allowing us to recruit new consumers and expand the occasions to which Pepperjack caters. Turning now to our second execution priority, expanding for growth. Our prior operating model divided resources and limited our ability to fully capture opportunities across all channels. To rectify this in Europe and Australia, both the on-premise and independent retail channels will be a focus for us moving forward. Both present opportunities that can be unlocked through consolidated and strengthened resource in market, and importantly reflect where we see consumer growth. On-premise has always been important. However, as consumers are becoming more choiceful in the decisions they make when it comes to consumption occasions, we are seeing a structural shift to the on-premise, which for now accounts for 1/3 of all alcohol consumption occasions. Growth is being driven by social and emotional occasions that consumers cannot replicate at home. However, wine under-indexes in the fastest-growing occasions, presenting an opportunity moving forward, and our portfolio is underweight relative to category, something that we are focused on changing. Our key initiatives focus on growing dedicated resource and modernizing the wine playbook to match the informal social occasions consumers are looking for. The independent channel is increasingly important as consumers shift towards occasion-based shopping. Increased sales and field presence in both Australia and Europe will allow us to better execute in this channel and unlock the premiumization and recruitment opportunity that these channels present. Our final execution priority, unlocking future luxury growth. Future value in Europe will be driven by a focused strategy anchored around Penfolds and unlocking the opportunity presented by the luxury fine wine consumer in this market, of which there are many. It is a story of being exceptionally clear on where we can win and ensure we have the right resource aligned to this. Firstly, through La Place de Bordeaux and broader negotiated networks, which give us access to a highly influential and premium distribution system. Secondly, by strengthening our presence in fine wine retail, ensuring Penfolds is positioned alongside the world's leading luxury brands. Thirdly, through curated high-net worth consumer experiences, creating deeper emotional connection and reinforcing brand prestige. Finally, through brand activations and cultural moments, partnering with iconic platforms and events to build global relevance. This is not a volume-led strategy. It's about building long-term brand equity and value through the right channels. Importantly, these capabilities will extend beyond Penfolds, with learning supporting future growth aspirations for DAOU, Wynns, and other luxury brands within the portfolio. In summary, we have a clear strategy, a powerful brand portfolio, and a more effective operating model to position ANZ in Europe for long-term growth. Together, these strengths will enable us to better support our customers, connect more meaningfully with our consumers, and unlock the full potential of our portfolio across our regions. I'll now hand back to Tom to discuss the emerging markets. Thank you, Angus. Good morning again, everyone. As part of our new regional operating model, we have established a dedicated emerging markets region which brings together key markets across Asia and the Middle East. Just this week, we have finalized an internal appointment to lead this new region. For today, I'll be sharing the strategy for this region. This new region is more than a structural change. It reflects a clear strategic choice about where we see long-term growth for TWE. We're building on strong existing foundations with a well-established footprint of Penfolds across multiple markets. These are markets where the wine category is evolving. There is rising affluence, and consumers are becoming more familiar and interested in wine. Together, this creates a really compelling long-term opportunity for future wine demand. Our ambition here is really clear. It's to build a growth engine for TWE by scaling luxury demand and expanding with discipline across these high-potential markets. Similar to Greater China, the portfolio mix in emerging markets is led by Penfolds, which drives a strong revenue per case and an EBITS margin of over 40%. Southeast Asia is the core of our footprint, contributing about 85% of net sales revenue. We already hold the top market share position in Singapore, Malaysia, and Thailand. Our strategy for this region is built around three execution priorities. Firstly, driving growth in our core markets, which include Singapore, Thailand, and Malaysia, where our focus is on scaling demand through sharper execution and category leadership. Our second priority is to seize the new frontier. This is all about investing ahead of the curve to shape the category and unlock long-term growth in markets such as Indonesia, India, and the UAE. Our third and important priority, expanding with discipline in all markets, where we're laser focused on tight distributor management and execution rigor to ensure that our growth is focused on sustainable long-term growth. Turning to our first priority. In our core markets, Penfolds already has strong brand positioning. Something Kristy covered earlier when she outlined the Kantar Demand Power metrics. These metrics are a great reflection of both the strength of the Penfolds brand and the sustained investment we have made in building that brand over recent years. From here, our focus is on converting that brand strength into accelerated depletion growth. We'll do this by expanding distribution and availability in a targeted manner, with fine wine and high-net worth channels representing really attractive growth opportunities. On the slide, you can see our current and targeted levels of distribution by market through to fiscal 2027. This demonstrates the step change we are driving. In Thailand, we're focused on expanding beyond the Bangkok hub through a structured Tier 2 wholesaler model. In Malaysia, our growth focus is centered on a number of key cities where fine wine retail and high-net worth consumers are prevalent. In Singapore, we're redesigning our route to market to unlock under-penetrated channels and significantly scaling up distribution across fine wine retail, the on-premise, and high-net worth consumers. In new frontier markets, our objective is to build distribution, establish brand relevance, and actively shape the development of the wine category. In India, we'll be focusing on building early distribution across priority cities and deepening relevance with gifting and occasion-led consumption. We're very excited about our Penfolds gifting innovation for Diwali. Just as we've done so successfully in China, there's a great opportunity for us to grow our cultural links to the Indian community. In Indonesia, we will build high-quality distribution and target high-net-worth individuals and Chinese communities through targeted partnerships and activations. In the UAE, we'll be prioritizing high-value channels and increasing visibility through direct retail partnerships. Our third priority, expanding with discipline. This continues the theme of elevating commercial excellence right across TWE. This will include a step change in joint business planning, anchored in clear shared objectives and measurable outcomes, with stronger accountability across our partner network. We're also increasing our focus on data capture and reporting, establishing one source of truth for critical data such as depletions and inventory positions. This is essential to ensuring we're delivering growth in a healthy and sustainable way. Finally, ensuring our in-market execution translates our plans into outcomes, executing our priorities with pace and consistency. In summary, emerging markets presents a compelling and scalable growth opportunity for TWE. We're approaching this opportunity with clarity and intent, scaling demand in our core markets, investing early in new frontiers, and executing with discipline at every step. With the strength of the Penfolds brand and a proven model for building luxury demand, we're confident in our ability to unlock long-term growth across this region. Thank you. Now we will open up for Q&A, and I'll be joined by Angus, Sam, Jack, and Ben. Afternoon, it's Tom from Barrenjoey. Thanks for the presentation. Just on grey market. Now that you've kind of, not closed it up entirely, but mostly, where did it get to in terms of sales in the past? Which regions was it in? I guess I'm asking because I want to know how much are these regions potentially overstated historically because of that particular issue? I think it's fair to say most of it ended up in China. That's the strongest market, the biggest market, and there's well-developed channels all across the world to deliver product back into, and in an enormous market like China, it fares arbitrage opportunities. I think that's where the bulk of the volume in the parallel channel went to. No, sorry. Where were you selling it to? In which markets were you selling it to? Was it Australia? Was it Asia? Was it other markets? Sorry. I asked the wrong question, Tom. Yeah. No, I think I'll get Tom to chime in here too. I think, again, on the back of that developed trade, it can come from anywhere. The bulk of it, from my perspective, from what we've learned, has come from Southeast Asia and Australia. Yeah. That'd be correct. As we've done the work to identify where it was coming from, it's become clear that we had pockets of it right around the world, given the nature of those channels. Correctly, Sam pointed out the key regions where it was coming from was Southeast Asia and Australia. I think just to give you a sense of the scale of regions as they stand today, those HY 2026 numbers, that is a very clean domestic business across all of our regions. That is the base that we're now looking to grow all of the regions from. With all of the shipments that are going into those regions being domestic consumption led by domestic demand. Great. Thanks. Just one for Ben. Why is on-premise growing so strongly for you and off-premise so weak? Usually, brands, I would've thought, are strong across all channels. You seem to have this really strong channel and then a really weak one, A and B, how do you track where your inventories are in the on-premise channel? We've obviously seen some overstocking in the past. I just want to make sure that that issue isn't maybe rearing its head in the on-premise channel in particular. Yeah. Let me tackle the last part of your question. I'll come back to the channel mix question. The inventory and the reduction of inventory that we're about to embark on in fiscal 2027, 2028 is a wholesale inventory. It's sitting in our distributor network. As far as inventories that are carried in retail, I'm not concerned about a build up there because it's tightly regulated, certainly by the retail environment. With the shape of our portfolio, clearly on-premise is a very key component of brand building. I would not characterize our business as weakness in the off channel, because I actually think we're doing an improved job in terms of execution in that channel. For our portfolio, particularly at the high end, that on-premise business is essential. We have started to see a rebound in that space, which has been encouraging. It's no more important than our off-trade, and that's chain and independent retail. I'm comfortable that the right execution kind of plans are in place. That on-premise from a brand building standpoint is essential. Thanks. Phil Kimber from E&P Capital. Two questions. One was just, in China, one of the trends that we're hearing from distributors is they're actually going a lot more direct-to-consumer as well. I'm just wondering how that changes the economics, because presumably the price to the end consumer, the more layers you have in the distribution channel, everyone marks up their numbers. If you start removing some of those layers, does Treasury get to share in that, or does that really just flow through to the distributor? I'm talking China here. I think, Jack, you're best placed to answer that one. It's a good question. I think if thinking about China, there's 350 cities. That's why you look at my slide talking about the distribution. We have a very clear discipline, where do we go? In my slide, talking about 189 cities, which is where we're going to deploy the sales guy, we are going to invest A&P, we are going to have a core tier to distributors. However, having said that, because in China, you got so many consumers, you can't go to one by one, try to sell direct to them. You need to rely on the distributor to sell through. The second point I want to make is, when you sell the wine to China, particularly for Penfolds, because you don't want this business to be a transaction, you want to give them experience. You want to give them some kind of a memory, experience. That's why we need to leverage the distributor system to cope with that kind of opportunity. Yes, we did have the people on the ground, but that's kind of supporting the distributors. This is the similar model that the other categories is running, and this is how we see the future. What I mentioned about commercial excellence with the tools, data, we can really capture that kind of data in the future. To answer your question, yes, it could be some upside in the future, but it's a phase approach. We need to get more and more clear, where are they, who they are, what do they drink, and then come up with the right portfolio and the right route to market to these consumers. Thanks. My second one was just on the priority brands. I went back and looked at the last slide at the first half 2026 result and what brands have come in and what ones have gone out. You talked a bit about the ones that have gone out, but the ones that have come in are Wolf Blass and Coldstream Hills. Can you talk a little bit about why they've moved on to the priority list, when they really weren't on there before? I think Wolf Blass wasn't defined, but certainly Coldstream Hills we see as having really significant opportunity, particularly in lighter styles and some varietals like Chardonnay and Pinot Noir. Having a cool climate winery with the kind of credentials that Coldstream has, we think has got an enormous opportunity for a complete brand revamp to access some of the opportunities in the category. There's a reason why that's come in. We think it's got huge latent equity and really significant opportunity. I think we haven't defined Wolf Blass. It still plays a role for us in certain markets, and we'll be managing that through some of the other categorizations that we've mentioned previously. Certainly Coldstream, we really see as having a significant opportunity, in some core markets within the group that sits on the stage. Potentially the other shift, I think possibly related to Wynns, could have been the change. I think for much the same reason that Sam spoke to Coldstream and the bones, the elements of that brand that have seen us elevate it as a region here, I think Wynns is much the same in terms of the opportunity, the credibility, the equity of Wynns, and the quality of those wines, I think gives us confidence that we have the ability if we apply some of the right sort of rigor and brand-building capability that KK spoke to earlier. We believe that can be a real growth engine for us as well in the markets. Hi there. Richard from CLSA again. I just want a couple questions on Matua. You obviously make a big bet on that one. It's calling it out as one of your three Power Brands. I would love to hear a little bit of background. The fact it got mentioned in the Americas would suggest that the Americas is probably the biggest market for Matua right now. I'm sure ANZ is pretty big as well, but I'd love to hear a bit of commentary there. What I'm really keen to know, Matua strikes me as a little bit of a flavor of the minute in terms of Sauvignon Blanc. It's reasonably, I don't want to say one-dimensional, but it doesn't have as many dimensions as some of the other brands I would suggest. How do you ensure something like a Matua does not go the way of a 19 Crimes? Really part of that question is, hopefully, you've done some sort of postmortem on 19 Crimes. We were talking about this with Tom at the break. What have you learned from that experience so you can ensure that Matua doesn't go the same way? Yeah. Well, I think Matua is actually Marlborough's first Sauvignon Blanc, so it's a story that's been running for quite some time. This is not a sort of flash in the pan brand. It's the very first. There's the starting point of kind of relevance and what we've done to maintain that through the investment. We still see lots of runway. I mean, Sauvignon Blanc is one of those categories that everyone's been waiting to see it drop off, but it never does because it continues to recruit new consumers in on the back of exciting propositions and the role that refreshment is playing in wine. That insight has said, "You know what, we've got an opportunity to put Matua into more markets around the world." Clearly doing exceptionally well in the U.S., Sauvignon Blanc, particularly New Zealand Sauvignon Blanc category, that continues to grow. It just does. We don't see any reason why that will stop. When we talk about China, and I've talked to some distributors about it, particularly with female consumption really rising and the opportunity for them to look at different occasions with lighter style wine. We really see Matua as being a great brand to go and kind of engage those consumers and start to build our business on the back of it. Sauvignon Blanc in the U.K. is still huge. In Australia, still huge and keeps growing. There's lots of opportunities for us to take the platform to innovate off it, to continue to develop assets that we think we can deploy in markets to grow brand equity in all these new geographies around the world. It's really concentrated on the U.S. and sporadically represented in other places. As New Zealand's first sauvignon blanc, we think that story's got real legs and real opportunity. From the learnings from the 19 Crimes, and I know you've highlighted there's a difference there because it's perhaps got more heritage now as the original. Tell me if you think it's an unreasonable comparison to make? We've seen 19 Crimes build through, become a hugely important brand, and despite lots of. I might just start, because sometimes new eyes gives new perspective on these things and I'll pass to Angus, who's got a much closer representation. Firstly, on 19 Crimes, I think Angus talking to the UK, still doing exceptionally well in driving growth and recruiting new consumers into the category, and we can see pockets of opportunity, that will continue to be relevant for us as we go through this next period of time. I think it doesn't have kind of a roots of Matua, that goes back decades to the establishment of Marlborough as the world's great Sauvignon Blanc region. There's that history and provenance in Matua that would lend itself to longevity, in my view. 19 Crimes, look, the thing about 19 Crimes is it was an innovation. It was a bit celebrity-led in a way, and we've evolved that into, kind of Cali by Snoop, and then we've got into the Tupac. That's given us a platform to continue to innovate off if we want, albeit, in the U.S. in particular, we've seen a decline in that core part of the portfolio. Angus, you. Yeah, I think there's two builds I'd have and two key learnings probably, Richard, in response there is. Sam touched on at the end. I think in terms of the importance of innovation in this sort of premium price point is so important to continue to drive growth. I think the Snoop proposition, the Tupac, some of these that sat under that Cali arm of the brand necessarily didn't pay back to the core 19 Crimes proposition. I think as we think about innovation back into our core brand franchise, the Squealing Pig example I had up on the screen today, we're very conscious of making sure that any innovation we bring pays back to the master brand. I think that's probably one learning, that as we look back and think about where we went with 19 Crimes, that perhaps the innovation and the great success we had was, yes, it was a success, but it didn't necessarily help the master brand in the long run. I think is probably one. I think secondly, if you compare the Matua focus versus 19 Crimes, I think at the moment, I would say Matua is where the consumer is going in terms of refreshment, lighter, brighter. 19 Crimes, perhaps is that core heartland of red blend at circa a $12 price point in the U.S., is a category that's probably declining as fast as any. That's not just 19 Crimes, that's across the board. I think it's also a story of following the consumer to some degree. Okay. Thank you. Thank you. Maybe one for Jack. We'd be interested to get your views on Chinese wines. It seems like they're growing very rapidly at the moment. They do offer very good value, and the taste has improved. Do you see them as growing the overall wine category, or do you see them as taking share from foreign brands? Yes, this is for you, Jack. I think actually, if you look at the data, IWSR, actually, the wine category in China actually is shrinking. If you compare with 10 years ago, the overall wine category was shrinking volume terms like 70%, value terms a half. Majority was driven by the Chinese wine. In the past, majority of that wine was sitting in a more sort of commercial label. You mentioned about this Chinese wine is getting better and better. Yes, that's the fact, because look at some of the region, like Ningxia, Shangri-La, because I would say in the past five or 10 years, the winemaker did spend a lot of time to really produce a good wine, and really we see that kind of pay off recently. However, the reason why the wine category is shrinking is because they don't have a strong brand. Yes, you can argue and say it's a good quality wine, but no brand. For the Chinese consumer, they are very easy. They want to look at the benchmark. When look at a Penfolds, this is the pricing range I want to go into. If you ask me to spend AUD 500, I would rather go to some brand at a higher brand awareness, because you definitely want to host your guests, host your family. I think that's something we see the opportunity. You probably hear, we also have this multiple country arranged portfolio because we are actually coming to build a category for overall wine category in China. I think, yes, it's a journey for us. I think it probably take a bit of time to really get the wine business big figure. When I see mentioned in the slides, from TWE Penfolds perspective, we are playing a category leadership here. We are not just coming to drive the Penfolds or TWE. We're coming to drive the category because we see that trend is coming. Particularly, we looking at more the refreshment. You probably hear from the news lots of Chinese brands come into that category because they want to get the consumer back. The reason for that is because in the past 10 years, a lot of these baijiu, they try to get this consumer taken away, and that's why the wine brand need to take that consumer back. I think that's a journey for us. Sure. Sorry, just to finish, I do think that whilst the Chinese wine is improving, the distance from where we see international propositions like Penfolds is still enormous, both in relation to quality and the perception of the brand. Yes, progress is being made, but no threat to a brand like Penfolds anytime soon. Alright, great. The other thing we're seeing is the strong growth of these rapid delivery platforms, meaning that there's better price transparency and many of the restaurants and hotels there can't make the margins they have been able to previously because of these delivery platforms. How do you best position Penfolds for success in this backdrop? What are you seeing from these platforms more generally? From my perspective, and I'd like Jack to answer this, but it's just a big opportunity. The instant retailers, they're calling it, where you can be sitting in a restaurant and take an order online and get a bottle in 17 minutes is just exploding. The opportunity for us to be present on that channel in the right way with the right propositions and participating is really huge. That's part of Jack's strategy. I just would say, though, that there is a trend in China that's gone on for a long time, includes Baijiu and all spirits brands, that restaurants are used to people coming in to restaurants with a bottle that they've bought either online or offline. That behavior is quite normal. It's the rapid rise of instant retail that's changed, and I think we need to be really considered and choiceful about how we participate because it's a huge opportunity. Jack? Yeah. One bit from my side, just Sam mentioned about a choice. If you ask me about Penfolds in this kind of channel, I would say the most important for us is how can we make sure we have a discipline in this channel. From Penfolds perspective, or one of the successful factors for Penfolds, is because it's a luxury credential. It's an emotion value that brings to the consumer. Yes, you can argue like in an instant retailer, people is looking for the entry level, different format by probably in the commercial pricing. This is a big kind of we need to be very careful. Within our new operation model, we did see the opportunity sitting there with the other portfolio. Now we mentioned about Squealing Pig, Matua, or the other brands. This is probably something we can play with that. To the Penfolds, I think the overarching principle doesn't change. It's a discipline, right experience, right pricing to the right consumer. It's Bryan Raymond, J.P. Morgan, just over here. We have Jack up on stage just to dig into that 40% depletions growth number a bit further. Just clarification first of all, just be clear, is that from Tier 1 distributors or is that an overall? I'm just trying to work out how you think about the Penfolds brand getting into the hands of the end consumer. If that is at that 40% or if that is depletions from Tier 1 and then there's other factors that we need to consider below that, first of all. I think that depletion, that's definitely from Tier 1 to the Tier 2. I want to point out is probably you are aware, there's a big shift right now changing China is we used to be a Tier 1, go to the Tier 2, go to the retailer. That's the kind of old model. The reason a lot of these liquor company is struggling because a lot of the uncertainty, a lot of these, so like, demand is not stable. A lot of these Tier 2 and retailer shop, they didn't holding stock. That's why if I answer your question in another way is, yes, it's a Tier 1 to the Tier 2, but during the Chinese New Year, all these Tier 2 or retail, why they buy from Tier 1? Because they got a demand. That's why we feel that depletion is very helpful and that this is where it outperformed the market during that time. It's the Tier 1 depletion number that we measure. Generally speaking, when you've got Tier 1 and Tier 2, the Tier 2s don't need to hold the inventory because that's the role of the Tier 1. We rarely see anomalies in relation to stock on hand at Tier 2 because working capital is so important for them. I think the opportunity for us as we expand to Jack's slide is how we flatten that out, put more Tier 1s in place, allow them to have defined geographic areas with really defined guidelines that we ultimately measure and hold them to account to. I think that's the big opportunity. That will give us an even more robust depletions number across a broader geographic spread. Right now, it's Tier 1. Excellent. Just my second question is for the U.S. and the distributor landscape obviously shifting a lot. With Reyes now picking up a lot of key markets, I understand it's far less disruptive than what you saw in California. Just thinking about the relationship going forward, I'm sure Reyes has a return on capital mindset around picking up these businesses from RNDC. How do you think that plays out for you guys? Is there a sort of change in economics that you might expect, even if there's not a disruption around NSR? Could you see them taking a larger slice of the overall economics of that transaction? The channel, I should say. Do you think it's just literally the same structure continues with a different name? I'd just be interested if there's any second order effects we should be considering here. Perhaps I'll take the start of that and then Ben, you can just chime in. First of all, I think Ben alluded to the relationship we've got with Reyes. This is a distributor I know extremely well. The CEO and I were colleagues in the past, so it's not a new conversation where we're going and saying, "Okay, how are you going to do this once you get it?" We have been in conversation with them for months, loading up SKUs in their systems, working with sales forces, and ensuring that the business that they're taking over from RNDC is well-aligned to what we see their role be going forward. That includes the inventory reduction over the two-year period. That's been built into the trading terms so that we've got depletion goals that have aligned with them. We've got execution goals, joint business plans, and then we've got a targeted two-year reduction in inventory plan already agreed with them. That's just a little bit about how we're trying to think about this going forward under the new thinking around execution, depletions, growth, brand building, as opposed to just shipment targets that load warehouses. Ben, I don't know if you've got anything to add. You've articulated it well. To say the one build to that is we've been aware of the acquisition by Reyes from RNDC for some time now. We've mobilized a very thoughtful and thorough project team to ensure that any disruption that may happen in market is avoided largely in terms of the momentum that we've got in the business. I'll just build on what Sam just said, which is we have very clear aspiration, and that aspiration and joint commitment has been, I think, worked through with Reyes and they understand exactly, particularly when we think about the priorities within our portfolio. I think it's a really exciting opportunity for us now to establish a new relationship and certainly with an organization that has incredible credibility in the U.S. That said, I think the joint business planning that we've established with RNDC will flow over to Reyes, and I think we're all over that. Okay. Excellent. Thanks. Hi. Shaun Cousins from UBS. Maybe a question for Ben. Just two questions on the U.S. Maybe just the shipment depletion mismatch that you got. 20 25 looks like maybe it was up to 600,000 cases where you're out of whack. Just kind of dig into what caused that. Was it TWE not appreciating the change in the market? Was it overt optimism? Was it just a bullishness sort of there? I'm just trying to understand how you got into this predicament and then hence how we won't be in this position again, please. Yeah. I'll answer the last part of your question then get back to the first one. We've put real controls around the relationship between shipments and depletions, and it's largely in our joint business planning with our distributors as we move forward. It's really aligning around that depletion ambition. Then, over time, absolutely ships or equal depletions. Now, obviously, over fiscal 2027 and 2028, we have a task ahead of us in terms of rebalancing that inventory. That is something that in collaboration with our distributors, we absolutely have planned. Now, the first component of your question with regards to actually what happened to get you in that position. I think, look, clearly the market has gone through a fairly dramatic change over the past 24 months. We certainly saw that in California with regards to the disruption we had with RNDC, and that's a component, I think of a broader evolution that's happening in the U.S. Most importantly, I think, getting ahead of that moving forward to ensure that our inventories are well in control, managing them tightly, most importantly, the biggest priority is going to be on the health and quality of our depletions. I'll just add, Shaun, I think that from my perspective, again, TWE is easy to sort of reflect on it. A lot of the contractual terms in our distributor contracts were shipments. If they wanted to get rebates and rewards, then they needed to ship. There was always trust, but they were many years down the track, and I just think that it was a fundamental flaw from my perspective, easy to say, that we didn't have a balanced view of how we were going to drive our business in a market like the U.S. That was a trend not just in TWE. Many businesses, in order to differentiate themselves or try and get a disproportionate share of attention with distributors, they try and ensure they've got to buy the product, so then they've got to figure out through their own systems how to sell it because there's 1,000 suppliers in there. It's kind of like how do you get some sort of surety from the distributor that you're going to get some attention to try and drive the business going forward? I think that's a shift that's happened in the U.S. as working capital has become much more important and that the market's shifted. We've now got distributors who just know that they can't afford to do that anymore. Possibly that's what caused RNDC's issues. They just kept doing it. They kept soaking up working capital, and suddenly they were financially in trouble. This shift where we go into joint business planning, where we're working with the distributor to build brand plans at a channel, at a store, at an on-trade, at an off-trade level, that we then wrap our terms around to drive the behavior that way as opposed to shipping is a fundamental difference. I just add that to what Ben's saying as kind of what my perspective is coming in and really reflective of the shift we're making in the business in every region. We measure ourselves transparently through dashboards that reflect the strength of our business in markets and channels and stores that we operate. That will be visible across the organization, and that's what will drive conversations around are we delivering against what we need to do? If not, what are we going to do about it and what are you going to do about it in relation to your own personal ownership? It's a cultural change, and I think it's a trading term change. Okay. Sorry, long answer. No, sorry. That's quite fulsome, which is pleasing. Maybe my second question is just around EBITS in the Americas. I think the market's got about 8% EBITS growth for fiscal 2027. I just want to walk through some of the impacts. Should we expect shipments below depletions as you work through that inventory or not? You've spoken about rising COGS. There's a bit of a currency headwind. I'm just trying to, given it's the one division that we still have from the prior structure there, or we can kind of put it together. Just really looking to better understand that in that there's a lot of moving parts, and it's easy for us to get lost or I could get lost easily. Yeah, I know. Shaun, good question. I think there's two parts of it. That it's not just the shipments part. I mean, the first way out of this, which is beneficial for both the brand and the distributors and us, is driving execution, driving faster depletions, which mows that inventory down faster. Very early on, we recognized that was the fastest way for us to get at this issue, was to deal with it in the marketplace where we compete against competitors, win share, and drive depletions growth. Ben's slide talked about new distribution opportunities. Just drive this product out at the right prices and find new opportunities so that we speed up depletions and lower the inventory. The second bit of it, when you look at that whole puzzle, is to say, okay, well, we're also going to have to reduce shipments because we want to get at this as fast as possible without obviously causing too much financial distress to the business. That's got to be done in a measured way over several years. Really it's as simple as that. That's what we're doing on both sides. It's been built into the planning, and it's been built into the conversations that we've had with our distributors, and we've structured terms around it. Did I answer your question on your hand? Sorry. You're comfortable with the market estimates for maybe this 8% EBITS growth? I'm just wondering, do you get EBITS growth under the new division of Americas in fiscal 2027? Plus COGS being higher. I want to get comfort around what you're sort of saying a round the outlook for the Americas under the new division. Does it grow in 2027 or not, please? Yeah. We've given guidance through my presentation early on. That's the guidance we're giving. I think we've got a twofold approach in the U.S., which is to deal with the inventory and drive depletions growth. That's the answer to the question, and the depletions growth is really a reflection on the health of our underlying business in the U.S., led by those power and regional brands. Afternoon. Sam, Craig Woolford from MST Marquee. Just on that U.S. business look, I was staring at slide 70, which is the U.S. distributor route to market. I can't help but think that it's landed as a way of circumstance, not deliberate. Is that really the best distributor model that you've got for the U.S. market? There's nine different distributors in many states, it's not the main distributor. Yeah, our strategy, Ben can talk into this, is that we generally try and find the most appropriate distributor in the market for our portfolio of brands, given the strength and their expertise in the channels that are most interesting for us. That's generally the strategy. I think the partners that we've got across U.S. at the moment are really appropriate in all of those markets. They're strong. They bring distinct benefits and strengths in the core regions. Will that evolve over time? Possibly, as we look at various options. I think from my perspective, the transition from Reyes into, as you say, several different distributors, has meant that we've kept the diversity across the U.S. within partners that we know well and that have strong positions in the states that they represent. Ben, anything to add? I'd just put a little bit of additional color into that. Over the past 12 months, we've been very, particularly with what transpired in California, been very thoughtful with regards to the evaluation of our distribution network. That's really assessing capability, how our brands are going to show up, the relationship we have with them. I think exactly as Sam said, it's about what capability exists in each market. Certainly the big priority markets that's got to deliver our needs. I think the footprint that we have now is highly complementary. Is it possible, a bit of an elephant in the room question, is it possible to return to Southern Glazer's in any state? I think with regards to where we're situated right now, this is our distributor network, and that's all I'd say about that. We're just kicking off a relationship, an important relationship with Reyes. We have an established relationship with BBG and others around the country. Yeah, for right now, we're, I think, very clear on our priorities and where we're headed. Okay. We still have a good relationship with all of them. Yeah. In the last six months, I've met every single one of them, and as options arise, we'll consider those options as to what gives us the best benefit in the state. Yeah, all of the distributors in the U.S. we've got great relationships with. Great. Thanks. A question for Jack on China and the Penfolds brand. It seems like it's doing really well in its core brands, labels, Bin 389 and Bin 407. Can you just give some sense on the performance that you're seeing outside of those two labels within Penfolds and what opportunity you see outside Bin 389 and Bin 407? You are right. I think 389, 407 is the key one for us. That's why back to my slide, talking about why we see the opportunity sitting in the Baijiu consumer, because that's definitely the number, the first two preferred SKU level that we'll go for. We did see in many business occasion. Probably you hear about people talking about in the trade, say, Penfolds brand in the wine category is like a Moutai in the Baijiu category, which is kind of a, you got a like a proposition. When you go to the business occasion, when people want to drink baijiu and Penfolds, or baijiu or wine, and they probably have Moutai and Penfolds. That's where that Bin 389 and Bin 407 sitting in that space. We still see that opportunity continue to have in the next five years. If you're talking about that kind of growth potential, you hear about, you know that the baijiu market in China is 72% of the market share. The wine is only 3%. Right? If you look at the premium baijiu category, it's still quite big for us. I think that's how we see the role for Bin 389 and Bin 407. However, if you look at the consumer, they will not go out to buy Bin 389 and Bin 407 every time. This is the role that the product underneath to go into play. We did see in the recent trend about we got this lower bin, the depletion is even better. We are run out of stock. That's why we see the different layer of this product play in that kind of role. For the luxury piece, I think that's the capability we are building. Everyone knew that from last year, we got this tough situation. There's a big kind of shrinking for that category. However, we are building the capability. As I say, we still have a lot of this consumer we haven't touched. I'm talking about 189 cities. We only cover like 60%. Yes, we did cover some, but we don't have a strong network. We don't have a strong distributor. I think it's a journey. It's going to be the discipline phase journey for us. That's why we see with all this new model of commercial accuracy, with more tools, we can get this journey quicker. Thank you. I think white wine, too, with Penfolds. Oh, forget to say that. Yeah. White wine. You know, Yattarna can play a really big role. We think Bin 311, there's a whole portfolio for us in white wine on Penfolds, completely untouched, really. Lots of areas of the portfolio, not just the engine of Bin 389 and Bin 407, which we think have got really strategic roles to play as we build Penfolds into the future. Another exciting component of the growth story. To build up, actually, when Sam was in China, he asked one question to all the distributors. What else we can support you? Everyone's talking about white from Penfolds. Actually, we did see that. Again, this is another space. If you think about a white plate, I'll give you another example. When we have a business dinner for lunch, someone prefer light, which is white is going to take. They want Penfolds white instead of heavy red. Maybe dinner, they will prefer the red. This is how we see the different kind of the demand coming up. Mike Toner from RBC. Just back on the U.S. very quickly. Just on the line about the transition risk being minimized because of Reyes acquiring RNDC's full operations. Does that include the sales force as well? I would have thought that would be kind of a key aspect given Reyes hasn't, historically, luxury wine hasn't been their wheelhouse. If they're acquiring their full operations, I would have thought that might include the sales force as well. Yeah. My understanding is it does include the sales force and all the relationships they've got in those various states and channels. Again, another mitigating factor is, one, they're used to selling our brands, and two, they're very familiar with the landscape that they're selling into. Ben, I think that's right. Yeah, that's right. Over the weekend, the transaction closed on Friday, last Friday. They welcomed approximately 5,000 employees into the Reyes network. A very substantial component of that, obviously, is the logistics, but the sales organization that's going to affect activation in the market. In that regard, if I take a market like Texas, where we have strong relationships, deep penetration, the team that's selling our brands today in Texas are going to be selling them tomorrow. Okay, thank you. Just back to slide 70 very quickly. Sorry if I missed the memo here, but who is your distributor in Illinois now for luxury wine? I thought that used to be RNDC, and then Reyes was going to take it, and now they haven't bought it. I can see on the map here that it says, the luxury is now other for Illinois. Illinois is not a part of the Reyes transaction. It was in scope initially and then fell out. We maintain a relationship with RNDC in Illinois. RNDC is still in. We also have the premium part of the portfolio. The Treasury Collective business is with BBG. It's a split portfolio in the state of Illinois. The luxury portfolio is with RNDC. Okay. Thank you. Okay. Thanks. It's Michael Simotas from Jefferies. A couple of questions on the U.S. Firstly, on the way that you are thinking about and reporting depletions, how confident are you that metric is reflective of end consumer consumption? Is there a risk that there is some inventory potentially accumulating in a different part of the channel down the value chain? The reason I ask, and I know Nielsen and Circana are far from perfect, but the industry tends to run its business based on one or both of those, and it does paint a very different picture to the depletions numbers that you are providing. Yeah. Ben, I think you're well-placed to answer this. Certainly. In terms of the confidence we have in the quality of our distribution, sorry, depletion data, it's an industry-wide source. I think all of us across the category, beer, wine, and spirits, feel very confident in the quality and integrity of depletion reporting. We pull that straight out of the system, and it's highly regulated. With regards to the quality of our depletions, from where I sit, I feel very confident it's a good measure for our performance. It's exactly as Sam said, we are getting far more focused on that as our primary metric in terms of our success and growth against our key brands. If I understand the question with regards to build-up of inventory in other channels outside of Circana, for example, all of the on-premise and all of the independent off-premise, they're controlling their inventory as any retailer would. It's very difficult to build up inventory in those channels. Can you actually see that, though? Like what's sitting in a restaurant's inventory, for example? From what I understand, if a restaurant or, well, lots of restaurants are accumulating inventory, for example, that will be included in that depletions number. Well, certainly from a reporting standpoint, we get that information from our distributors. Absolutely. If you can see a channel building inventory, that would become very apparent to us, i.e., a retail account. Okay. It would be uncommon. Yeah, uncommon. You wouldn't see too many restaurants building up significantly. Only if they're new accounts, right? Yeah. Like if there are a lot of new accounts, which it kind of looks like there might be. Still, restaurants have got usually fairly tight management of their inventory, and they don't have huge storage. Okay. Generally. If we saw, if a restaurant was deciding to buy up pallets and pallets of wine, yes, that would be recorded in depletions, but it would be highly unlikely. Yeah. Okay. Just the second question, I might have missed something, the reason for slowing the inventory rebalancing in the U.S., is that related to the distributor transition and deal with RNDC, sorry, with Reyes? Is it more related to maintaining Treasury's cash flow and financial performance? I think it's a bit of both. We can't just turn it off. That would put a lot of financial strain on the business. We're trying to take a responsible approach that says, look, if we do this in a measured way over a period of time, focus on depletions and try to mow it down faster through all of the initiatives there, that's a responsible way of doing it. Certainly, if we can keep building momentum in the market, then we'll get through it faster. Yeah, that's fair. Thank you. Hi, guys. It's Peter Meichelboeck from Select Equities. Just over here. Just a couple of questions on China. You spoke about stabilization in market pricing. Are you able to give us some color around how that's gone, what the trends are across the different bins, and sort of further to that, what your sort of outlook might be to see some price growth? [inaudible] I think it's important when we think about our pricing to think about the context of the market as well. For those who are watching what's been happening in China over the last 12 months in the compression of some of the Moutai pricing as well, reflecting the changing consumption environment and the softness in the market. Clearly, we've been through a period of transition as well as we've brought product back into the market, reestablished our own pricing structures, and then faced into the challenges around parallel coming in and undercutting that. Yes, acknowledging we've seen some pricing compression in our business. Since probably the start of H2, in Q3, we've started to see the positive impact of less parallel volume coming through, a greater share of our own authorized channels, showing up particularly in e-commerce data. That is obviously where the price visibility comes from. Look, we need to be conscious of where the market is at the moment and where the consumer is right now. Ideally, we would be seeing some improvement in our pricing that's visible to consumers over the coming months. We're pleased that we're not seeing further declines in that, and hence why we're saying it's a stabilization. We need to be conscious of where the market is and where the other brands that lead the market are. I think for me, the really important pieces where you think about pricing is the value chain still delivering profitability to our partners? That's a fundamental measure of health of our business today. Yes, it is. Certainly at the very top end of the portfolio on Grange and Bin 707, we're not where we would want to be at all, and that's where we're seeing some of the sharper pricing that's available. One of the actions that we're taking is actually let's pull back on how much we're actually allocating to the market so that we're not pushing more volume in. We're pulling volume back and actually looking to enable that price to stabilize and improve over time. We've got a journey that we're working on with our distributors. I think just to add to that, it's fair to say that as we've kind of taken the parallel away, some of our distributors have been also competing for that volume with their margins. That hasn't helped us in relation to trying to restore pricing in the market to where we would like it to be. All those things Tom talked about, just a little bit messy as we get forward, and that's where the discipline comes with our distributors to ensure they adhere to our policies around pricing and the geographic boundaries. Just to add a little bit of color on that. Just echo with what Tom said, talking about that. From my local operator perspective, it is a nice problem to have. The reason I say that is if your product cannot move, no one is coming to trade, trading that brand for you. So there is a big, I would call, sort of external challenge we are facing. Probably, you might be aware, because a lot of this low price was driven not from our distributors. It is driven by the platform. Because a lot of big platform, particularly during the shopping season, they want to source this fast-moving brand coming and having some sort of subsidy, and then try to create more traffic. And this is something, from a brand perspective, it is a headache. It is not just painful. If you look at the Moutai, Wuliangye, Luzhou Laojiao, all these big, big brands, Baijiu brand, we are all facing the same challenge. How to solve that, I think this is down to what Tom mentioned about the discipline, because we need to find out who sells to that and really kind of tracing their product, make sure it's not doing again, and all that stuff. There's just so many underneath what we need to build on that. Again, it's a nice problem to have, because otherwise, if your product can't move, no one's coming to trading this product for you. That's just something we need to be very cautious on that. It actually leads into my second question, which was, you spoke about the reduced allocations of Grange and Bin 707. Can you give us any color on the other bins and, well, the lower-tier bins and other SKUs in terms of reallocation? I think the way we're looking at it, as Sam alluded to earlier, is we're thinking about our business at a very granular level. We're working through the outlook for each of our regional distributors and all of the channels that we work in. Not just doing six months ahead, but 12, 18 months, 24 months ahead in terms of what's a reasonable depletion value that we should be targeting and partnering with our distributors on. We then work back and say, "Okay, well, what does that mean in terms of inventory positions today and in the future, and where do we want to manage those two?" Ultimately, what we're seeing, given the current trends at the very top of the portfolio and some of the pricing challenges that we're facing into, we've made a call that we don't just want to be shipping more Grange and Bin 707 to be building more inventory, and ultimately putting more pressure on our partners who may then sell through at a lower price. There's other parts of the portfolio we've talked bins 389 and 407, which have got real momentum. Very comfortable with our outlook for those two SKUs in particular. As we start really reading into the demand signals we're getting around wine and some of our entry-level bins, we're looking to ensure that we've got more available to meet those opportunities in China. Thank you. Got another one over here. Another question on the U.S. inventory. How granular is your visibility on the excess that exists? I'm asking that particularly with respect to vintage, because then I guess what flows on from that, is that excess inventory being sold out on a First In, First Out basis? What we do not want to get into a situation where some of these distributors are sitting on inventory that is aging of wine that should not be aged. Yeah, just want to get a sense of actually how cleanly can you see this and make sure that it's actually passing through. Yeah. Again, I'll ask Ben, but I think we've obviously, through the review of trade inventory, we've got into detail, huge detail. We understand by variant, by SKU, by brand, what is being held by our distributors, where it is, and where there's anything at risk. I think the second part is that in our distributor contracts, there is parameters around what's saleable and what's not saleable. It's in the distributor's best interest to ensure that there's appropriate rotation to ensure that the saleable piece of their inventory doesn't become unsaleable, because if it does, then they have to destroy it. I would say that we've got real granular visibility of it, and that's allowed us to put plans around it to try and deplete it faster so we reduce it. Ben, anything to add? I think it's a very appropriate question and very appropriate for right now. Again, you captured it really well. As an example, with the transition to Reyes, we've mobilized teams to really assess all the quality of the inventory, the vintages, as you note, the salability, and if it's unsaleable, it's out of the system. With what transpired in California, it enabled us to really build a rhythm with regards to the inventory we're holding. Particularly as we go through a period of time here where we're bringing inventory in line with depletions. That quality control is going to be essential. Just a quick one on, great to see some market share data across different markets, and it looks good in every market except for the U.S., including within luxury. I know there's obviously been a lot of change going on with the distributors, et cetera. Can you point out someone who is actually winning the share, or is this a situation that's a bit of a fragmentation that's gone on, and there's a bunch of players who have lost share towards the top? I don't get to see that data, so I'd love to hear your view. Sure. With regards, I'll just take the last five months as an example. As we look at category and we look at 20 and above, which is really where DAOU and our luxury portfolio sits, we are taking share, and that's total depletions. Not just the Circana channel, which I know, as you mentioned, Nielsen and Circana is highly visible. With regards to our distribution broadly, and as we think about market gains and category beating gains. Look, there is compression in the market right now around price. We are holding a firm line with regards to positioning of our brands. There's not one standout brand or competitor who's sitting there that we look at and say, "Okay, well, what are they doing?" I think it's across the category. Pricing management for us as we think about market share, category gains as a really important part of the mix. I will say the momentum we've seen in the last four or five months, from where I sit, and that's across our luxury portfolio, and Matua, has been pleasing, and it's ahead of market. Great. Thank you. Thanks. Ben from Jarden. Maybe just another one just on China to Jack around. I appreciate the parallel with the challenge, the parallel importing has been a big issue, obviously a lot of the stuff you guys did around bundling caused some real angst in-market as well, and distributors were taking on a whole bunch of inventory they didn't want and were just clearing and bastardizing price. Is that a practice that you're stopping that unprofitable or volume-driven bundling now? Where I'm leading with it is the profitability of your distributors going to improve materially in-market for China? If they're making more money, is this going to provide an opportunity for you to sell more product in, they're going to be more aligned to push your product harder over competing? I think you've almost answered your question. Well, I was trying to, but it's around bundling because we've heard for years you didn't do it, when we heard it all the time from distributors that you were. They were doing ridiculous practices because they wanted to throw it at nice margin, but then they're putting a ridiculous price on everything else. Is this going to position Penfolds a lot better to get better, more profitable volume in-market now? That's what I'm trying to understand. Yes. The simple answer is yes. It's a different approach to how we go to market, how we work with our distributors. Look, an example of that is what I talked to earlier about Penfolds Bin 707, right? We want to be ensuring that our partners are all working on parts of the portfolio that are moving for them, that are generating cash flow and ultimately generating profit. Maybe in previous years, there's been parts of the portfolio where they're taking a loss, to move through inventory. That's what we're trying to get away from, right? It doesn't help us as the brand owner, doesn't help others in the market, certainly doesn't help the distributor. As we think about bringing the portfolio back together and a TWE portfolio now and the excitement that we've got and the people in the market have got around the likes of Matua and Squealing Pig, we're not going to be sitting there and saying, "You have to take this." We're going to be building the brand at the consumer level, building the demand, and then working with the right partners to ensure we're servicing that demand. Just to be a little bit I think first of all, like Tom mentioned, that's definitely not our intention to bundle, right? That's very clear. Yes, we did have some distributors, which is back to my slide, talking about the discipline because of the distribution limitation, right? Because of the capability gap. They might have some distributors that have the wrong behavior, which is coming back to talking about the discipline, the data. Which is in the past 12 months, we're building a lot of data system, tracing that, and we're holding the distributor accountable. You're thinking about the next five years, we continue to expand our distribution. We continue to have more data to impact, to make sure we get a problem earlier. After that, what we're going to do is, one, we are going to make sure we get the right allocation by geography, by customer. Also in the meantime, we need to make sure these distributors have the right capability to drive the distribution in the market. You kind of do in a comprehensive way. This is what we are doing right now. That's why you probably hear some noise. Yes, we knew that, but we are correct that very immediately. Sorry, final one from me. The distributors in China that you're dealing with, your 20 odd Tier 1 distributors, are they also distributing Baijiu product and others as well? Is this going to make them want to lean more into prioritizing Penfolds, so you can try and displace other products in range? Is this going to help accelerate that process too? It depends on the region. If you ask me about, do I need a customer really distribute Penfolds? I say yes, because it's 100% focus. However, in some regions, how can you get to that distribution network if you only have a Penfolds? There's a bunch of the liquor store that want the whole product. That's why in some regions we work with some of the big Baijiu distributors. This is back to my previous conversations, why we have this opportunity, why we see this opportunity, because we see in that Baijiu distribution network, there's a lot of the liquor store, they're looking for Penfolds because the product didn't make money from the Baijiu perspective. They're looking something even better. I think that it's a kind of war. It's a subject to region, you need to go to the region by region. We don't have the uniform kind of strategy. We kind of just justify. In some region, this distributor is solely selling Penfolds, but in some region it might be Baijiu, in some region it might be Baijiu plus beer. It's quite different. Yeah. I think as a trend, we are absolutely seeing more distributors who've historically been focused on Baijiu coming into our network through the Tier 2 network. Phil Kimber again. Just a question, and it's a bit conceptual, but there's been a lot of questions on inventory and distributors in the U.S. in particular. There are certain states where you can go direct. Why don't you do that? That would get rid of a lot of these issues. Is it a scale issue? Is it a brand strength issue? What conceptually holds you back there? Yeah. There are some states, but they're relatively few. Obviously, there's some. California is one. In order to set up your sole distributor for a portfolio of brands in a state as large as California is a really significant investment. To get the kind of reach that you get with a distributor is really challenging. I think for us, it's more about saying, okay, if those opportunities arise, we'll assess them, but how do we get disproportionate attention through the people that we've got on the ground, through joint business planning, through working with distributors to access the universe that we would like with our brands as being a much, much more efficient method of trying to bridge all of the distribution points we need in a state like California. I don't think we're ruling it out. We would assess it state by state. That's the model that we're implementing at the moment, probably because of its efficiency in relation to what we need to do to get to the accounts that we need to access. Okay. Yeah. Yeah. I think the question is right, because there's so many brands competing for the attention of distributors, and the distributor landscape is shrinking. If anything, that's growing. For us, the focus is on trying to ensure that we've got a relationship, a depth of business understanding with each other that allows us to still get to the same outcome. I'll just build one point to that. We've undertaken pretty much a forensic view of the marketplace in terms of distribution. Not all points of distribution are created equal, and particularly when you consider the makeup of our portfolio. As we think about the opportunity moving forward, and I showed it in my presentation, where we've been focused around distribution, it's been around the quality of that distribution. Exactly as Sam said, holding ourselves accountable first and foremost in terms of how we see growing our brands, but then also jointly holding ourselves accountable with our distributors, exactly as Sam said, which is, it's a pinpoint exercise around where are we and where are we not? Where should we be? How do we get after that business? I think that irrespective of the market, irrespective of if we can go direct or through a distributor, the prize is still the same, which is let's get in the accounts that we need to be in. We're going to break for lunch now. I think that's lunchtime. Thank you. Thank you. [Break] Good afternoon, everyone. I'm Kerrin Petty, Chief Supply and Sustainability Officer at TWE. I've been part of the supply network for 24 years, and more recently, the Americas has also become a part of my portfolio. Today, I'll share how we're transforming our supply chain as we build the future of TWE. My team of around 1,000 people are all deeply passionate about the art and science of winemaking. They're in vineyards, wineries, and production sites across both hemispheres. Many of them have been with us for decades and firmly part of regional communities where we operate. In Adelaide, where I'm based, our brands have been part of the state's wine story for more than a century. A lot has changed in wine since I started at our Penfolds Kalimna Vineyard, but the one thing we've always done in supply is adapt to the consumer and the market. I'll speak about that today as I cover a few key areas, the first, the history of our supply model, and second, the significant transformation ahead to future-proof supply. Global supply is aligning with our broader Ascent program and accelerating the changes we've been working on for some time. Ultimately, it's about supporting TWE of the future, which means lining up behind the Power Brands and Regional Heroes, and shoring up our supply of luxury wine for the long-term. The work under Ascent has three objectives: to align supply and demand, to minimize dissynergies as we optimize our supply model, and to release capital from non-core assets which deliver benefits over the short and long-term. At the same time, we will continue to future-proof our supply chain through investment in innovation, technology, and sustainability. To set the scene, our supply chain today is large and complex, especially in Australia and the U.S., partly because of our large portfolio of over 70 brands and also our acquisitions over the last few decades. Our supply chain has always enabled our success, but it's become inefficient over time. To stay competitive, we need more than just incremental change. We need a significant transformation so it's fit for purpose. It needs to align to our portfolio and also our growth plans. The transformation has three main priorities: the capacity of our winery and packaging centers, the quality of our assets, and long-term lease arrangements that impact our flexibility. Our transformation isn't starting from scratch. We've been proactive about our supply chain, especially in the past few years as we've adjusted to a luxury portfolio and seen overall production volume decline. That's created meaningful benefits, especially in Australia. For example, even though we've had lower production volumes for premium and commercial wine, we've managed to reduce the end cost per liter. For luxury wine, we've scaled production but kept costs relatively stable. That's helped us maintain margins in the mid 40% range for Penfolds. We've also scaled up luxury Cabernet sourcing to respond to demand for some of the most popular Penfolds bins wines. We're starting this transformation with a track record of knowing what to pursue and for which outcome. The next phase of our transformation will be more acute. We'll line up behind our future portfolio and act decisively so we're future fit. The transformation will be focused on two key geographies. The most substantial and time-sensitive changes are those in California, where we'll reset the end-to-end supply chain to end up with a flexible model, address excess capacity, and align supply and demand. In Australia, we'll focus more on efficiency and a variable cost base. At the same time, we'll uplift quality and output for both France and China. I'll go through our transformation agenda for the two key markets in more detail shortly, but first, I'll give you some context on how we've approached our portfolio of vineyards. Our goal is always to maintain balance between supply and demand as our portfolio changes. We do that through sourcing, getting the right fruit from company vineyards, our grower network, and the bulk wine market. At the same time, we need flexibility to respond to market conditions and consumer trends. This has worked well in Australia. Through grower arrangements and bulk wine sourcing, we've been able to meet growing demand in Penfolds in particular. For our vineyards across Australia and New Zealand, we'll keep the best performing sites with the highest grade luxury fruit. At the same time, we'll phase out of our premium vineyard assets, and we've already exited almost all of our commercial assets in Australia. This all reflects our transition to a global luxury wine company, a path we've been on for quite a few years. Turning now to California, where the underlying context is slightly different. As you've heard from Sam earlier, it's been heading towards a luxury portfolio for quite a while, and we've built a sizable footprint, especially on the North Coast. Over time, our assets, long leases, and extended grower contracts have meant we don't have the flexibility to adapt to changes in demand. To restore balance between supply and demand, we'll focus on a few areas. Reducing our grower network and fallowing some of our vineyards, scaling back our vineyard footprint, materially reducing our owned and leased vineyards in Napa, Sonoma, and the Central Coast. Addressing capacity and utilization of our winery and packaging assets. As I mentioned, we'll move fast to address the imbalance by reducing production volume for transition brands, the ones that won't be part of our long-term future. We'll start to improve that straightaway by reducing the volume of fruit coming into our network. The full transformation will happen over the next few years. Our winery and packaging assets will also change over time. St. Helena Winery will remain our main luxury production hub. Wineries in Paso Robles and San Luis Obispo will be closed and divested over the course of the next 12 months. We'll downsize our Sonoma bottling center, reflecting lower volumes moving through. These are important changes that we are pursuing as we move to a more efficient production footprint and minimize dissynergies. In summary, our changes to the California supply chain are extensive. Doing that quickly and in a measured way will create a right-sized, efficient, and agile production base that will set Americas up for success. Most of Australia's transformation will happen in the short-term, with most of the work being completed by the end of FY 2028. There are three priorities. First, right-sizing our vineyard footprint, reducing our planted hectares by about 30%, mainly in South Australia, Victoria, and Western Australia, including some vineyards and winery assets that are linked to brands. Second is our flagship winery and packaging center in the Barossa Valley. There are two main changes at this site. Transforming the winery to a further shift in luxury production, with packaging, we'll dial up innovation and automation, like robotics and gift packing, to help cater for occasion gifting. Finally, for warehousing and logistics, we'll consolidate most of our storage operations to our Barossa site. Our overarching objective is to minimize per unit COGS increase from a smaller production network in support of our ambition to expand EBITS margin to 25% and higher. Our approach is practical to create continuity and ultimately a business that is simple and flexible. COGS per case will increase gradually while we make the changes we need to, and recognizing inventory sell-through in the P&L. In Australia, we'll see material benefits over one to three years, but in the U.S., the material benefits and P&L impact will take longer to come through, especially for vineyard and winery initiatives. A couple of things come into play for that timeline, our inventory position and age of release of a luxury portfolio. As Sam mentioned in his opening, we're taking action to accelerate initiatives in California and bring forward the benefit realization. Our plans are broad and ambitious, but they need to be. They're also well considered as we shift to our new portfolio. Quality underpins what we do. It's a non-negotiable for our luxury brands, and our plans will keep volume stable for non-priority brands that we'll need for some customers and some markets. While we've been right-sizing our assets, we've also been investing to make sure we're future fit. We've become industry leaders in automation, sustainability, and innovation, in formats, varietals, and processing. I'll touch on a couple of specific ways we're improving efficiency and capability. Firstly, in winemaking, which is the part of the value chain that relies on winemakers' flair and experience. We're carefully balancing human judgment with technology that can simplify the process. We're trialing AI to predict fermentation outcomes, part of the process that impacts wine style and quality. AI is one of those inputs that's helping us consistently create better wine alongside our talented winemakers, and ultimately stronger margin outcomes for the vintage process. Moving into the detail of one of our sustainability initiatives. On the bottom left of the slide, you'll also see a netted canopy over our prized Koonunga Hill vineyard in the Barossa Valley. Many of you saw that when you came and visited. It went up in 2024, and since then, we've been analyzing the vines under the canopy, how they use water differently, and how we can protect from extreme weather events. The canopy has already helped make the most of our resources, especially for inputs like water, which have become more scarce over time. Something to reinforce here, it's the important role of viticulture across our complete business. From our vineyards to the glass, sustainability is at the heart of everything we do. It's embedded across our operations in every region. Climate change is complicated and evolving. That's why we've been experimenting with industry first. We know also we can't solve this alone, we're sharing what we learn as we go. This aligns with our responsibility as an industry leader, and one that we take seriously. While we're thinking about the moderation trend and consumers wanting more choice in the future, the climate will also shape the future of our vineyards and wineries. Our climate analysis is helping us understand how growing conditions are likely to change and is informing some of our biggest decisions like sourcing, infrastructure, investing in vineyards, and allocating assets. We're also innovating to make sure we can continue to grow fruit, luxury fruit, as the climate changes. Our viticulture team has taken on this challenge, working with scientists to breed vines that are drought and mildew resistant. The genetic material is from some of the oldest vines in Australia. We've planted their baby vines, which are naturally hardy and improve the sustainability of our vineyards. It's a long-term project that we'll be following closely because it's got big implications for the future of winemaking and as growing conditions change. We're also thinking about sustainability on a bigger scale at our wineries and packaging sites. In the Barossa Valley, we've made sustainability improvements for years. It's become a hub of sustainability, tech, and innovation. To take to the next stage, we've received funding from the Australian Renewable Energy Agency for large-scale decarbonization. Through that project, we'll cut LPG and diesel use across the Barossa site to support our net zero ambition by 2030 for Scope 1 and Scope 2 emissions. This is a big milestone for our Barossa operations and our broader sustainability agenda. Today, I've covered the reset of our supply chain fundamentals, at the same time, how we're investing to grow. Two of the best examples are NoLo and our approach to sustainability. First, I'll turn to the NoLo alcohol wine. This category is where we see long-term potential. For the past few years, consumers have been moderating, especially in the U.S., Australia, and the U.K. We also know that flavor has been a barrier for low-alcohol wine. We've accepted this challenge to craft a wine with less alcohol that tastes as good as a full-strength version. We've invested in best-in-class technology that protects flavor and lets our winemakers control the end-to-end process. That means we can experiment to create lower alcohol wines that also taste great. You can see how the process works on the screen. The shaded part is what the winemakers call the black box. It's our proprietary process where we can manipulate the essence of wine. We reintroduce it afterwards, after the alcohol has been removed. That's what gives us the edge to make next generation of NoLo wines. We're seeing some really promising results. We've invested in equipment. We've also invested in winemaking skills. Hopefully, some of you got to try it during the break and met the key winemaker, Clare Dry. Clare's experience, combined with our technology, is producing some really impressive flavored wines and spritzers that are resonating in the refreshment category. We're pleased that this technology is also getting noticed. Earlier this month, it was recognized as the best tech in Industry Food and Beverage Business Awards. We see a promising future for this growing part of the wine category. To summarize, Supply will be a simpler, more agile, and more capital-efficient division that is aligned to the future of TWE. We'll support the growth of our focus brands. We'll invest in wines and categories that will deliver returns. Our large and diverse set of assets have been part of our success over many decades. What it's time for now is right-sizing our pace to support the laser-focused portfolio we've announced today. We're condensing our footprint, and we're working our assets harder so they earn their place as drivers of growth. As I mentioned in my introduction, our Supply division has been adapting to our business and consumers since I joined almost 25 years ago. Our quality assets in the best wine-growing regions guarantee our place as the home of luxury wine. This future state supply model will set us apart for decades ahead, with stronger execution, improved margins, and sustainable growth. Thank you, and I'll now hand over to Justin to take you through the financial outlook. Good afternoon, everyone. I'm Justin Pipito, and I'm TWE's interim Chief Financial Officer. I've been with TWE for 10 years, most recently as Deputy CFO, and before that, for three years as CFO of our Penfolds division. My time with Penfolds showed me what's possible with the right investment and execution behind our most important assets. The upweighted investment behind our key brands through Ascent and the potential it will unlock excites me. I'm also excited about how Ascent will drive clarity and simplicity through our organization. In the world of finance, complexity slows down processes and makes it harder to find answers. I'd like to begin by taking a few minutes to bring together the key themes that you've heard today and how they impact our financial outlook. Across the presentation, we've outlined the key components of the Ascent program. Importantly, these initiatives are intended to progressively improve the quality and sustainability of earnings over time while strengthening our balance sheet and enhancing returns. Near-term, our focus is on implementing the important initiatives we announced in December, focused on ensuring the health of our brands and sales channels. This includes the continued rebalancing of customer inventory in both China and the United States, alongside actions to improve channel health and operational execution. The EBITS expectation we've outlined today, FY 2026, in the range of AUD 480 million-AUD 490 million, and FY 2027 EBITS to be at least equivalent to FY 2026, reflects our deliberate transition as we prioritize business reset over near-term earnings growth. For FY 2028, we expect to return to depletions-led revenue growth, driven by key markets and our Power Brands and Regional Heroes. While growth is expected to resume at this point, it is likely to be more gradual and disciplined, reflecting our focus on sustainable value creation. Over time, we see a strong pathway to improving profitability, with EBITS margins progressing to our long-term target of 25%+. This is supported by improved portfolio mix, disciplined brand investment, supply chain transformation initiatives, and the AUD 100 million per annum reduction in operating costs. We also anticipate a corresponding improvement in return on capital, with earnings growth supported by more disciplined capital allocation and brand and asset rationalization presenting an opportunity to reduce capital employed. As the timeline on this slide shows, the delivery of these financial outcomes will occur progressively. Through FY 2026 and FY 2027, a period of operational reset and inventory rebalancing while we continue to drive strong depletions growth. With the reorientation of the portfolio to continue through the next five years, the contribution of deprioritized brands will decrease to 10% of revenue by FY 2031. This portfolio transition will be carefully managed to balance the focus on Power Brands and Regional Heroes with a similarly managed transition of production scale. The financial benefits from the new operating model, driven by the ongoing focus on simplification and efficiency, will progressively impact the P&L from FY 2027, reaching the full run rate of AUD 100 million per annum by FY 2029. Efficiency initiatives across support functions will take place over a longer period, reflecting support required from technology and process enhancements to enable changes. Key supply chain transformation initiatives in Australia and the U.S. will take place from this fiscal year and through to FY 2029. However, P&L benefits will take time to be fully realized, reflecting elevated inventory levels in the Americas, along with various stages of release of luxury wine. This is a multi-year transformation, and execution discipline remains critical. We expect a number of one-off costs in relation to the Ascent program, totaling approximately AUD 220 million-AUD 260 million. The one-time costs cover program implementation costs, including costs to transform to the new operating model, transformation office costs, and additional investments in technology that accelerate capability and efficiency through the business. Supply chain transformation costs, including costs associated with reshaping the Barossa Winery and consolidating production in the U.S. to Saint Helena Winery, and downsizing of the Sonoma Bottling Center. These costs will be incurred over a number of years in line with transformation initiatives and accounting recognition criteria. In addition to one-time costs, a number of brand and non-core assets will be divested as part of the transformation. An update on material divestments will be provided as the program progresses, with non-cash write-downs expected as assets progress to hold for sale, reflecting current market conditions. We do, however, expect the overall Ascent program to be cash positive over time, particularly as divestment proceeds are realized. Finally, these estimated one-time costs do not include any future costs associated with accelerating actions to address the Americas supply chain challenges outlined by Sam earlier. In terms of long-term perspectives by division, I will now spend some time highlighting the implication of Ascent for our brand divisions, our current segment structure, and its relevance to our future operating model. Firstly, for Penfolds, we expect to sustain strong depletions growth across all markets, led by China, with Southeast Asia playing a strong supporting role. We expect the completion of customer inventory rebalancing in FY 2027, which will enable revenue to perform in line with depletions from FY 2028. The increased investment behind Power Brands will benefit Penfolds and support long-term growth across all markets. While COGS will increase due to lower network volumes, the impact of Penfolds is expected to be minimal, and we expect Penfolds to retain its very strong margins well into the future. In our future operating model, Penfolds will play a meaningful role across all regions, particularly Greater China and emerging markets, where today it represents the majority of sales revenue. For Treasury Americas, we remain focused on driving depletions growth ahead of category for our key luxury brands, in addition to mature. Customer inventory rebalancing will be progressed in FY 2027 and completed in FY 2028, from which point we expect to see top-line performance better reflecting the strong consumer demand for our brands. Overall investment will increase slightly with upgraded investment on DAOU, partially funded by moderated investment on deprioritized brands. While we are taking immediate and decisive action to rightsize our supply chain, we will not reach full run rate benefits for longer than five years, which will mean COGS per case increases over the medium term. As Sam mentioned at the outset, we will continue to explore opportunities to accelerate transformation initiatives and improve this financial profile, including taking action to restrict future vintage intakes. Finally, to Treasury Collective. While we expect to deliver depletions growth for our Power Brands and Regional Heroes, the ongoing reshaping of our portfolio and the deprioritizing of remaining brands, in particular commercial brands, will see overall volumes continue to moderate. The careful transition of volume associated with these brands will be critical. Overall A&P investment is expected to reduce, driven by the portfolio evolution, while COGS per case will increase, driven by lower volumes, partially offset by supply transformation benefits. In our future operating model, Treasury Collective brands will contribute meaningfully to Australia, Europe, and the Americas P&Ls, driven by mature and our regional hero portfolios. Across all divisions, overheads will be lower, reflecting the benefits of the new operating model and ongoing efficiency initiatives. We are focused on strengthening our balance sheet with a clear path to reduce leverage, which we expect to peak in FY 2026 at 2.9x before delevering to below our target two times target level by the end of FY 2028. Leverage will be impacted positively by a return to EBITS growth from FY 2028, more importantly, by a number of meaningful capital management initiatives. Those initiatives include the cash proceeds from sale of non-core assets, including brands, vineyards, and other supply assets. A rightsizing of our planned capital expenditure, where we expect the go-forward investment to be lower than recent fiscal years, enabled by a well-invested asset base, in addition to reduction in our overall supply footprint. The continued suspension of dividends, with resumption to be considered as we trend towards or achieve our target leverage level. The combination of these factors provides us great confidence in our ability to retain the strength of our capital structure. We continue to enjoy strong support from our global lending group, as reflected in the recent AUD 300 million of new bank commitments to refinance upcoming debt maturities and strengthen our liquidity position with liquidity expected to exceed AUD 1 billion at the end of FY 2026. The Ascent program lays the foundations for TWE to deliver sustainable, high-quality earnings growth and consistent positive momentum in ROCE. Increased A&P investment behind our Power Brands and Regional Heroes, supported by clear, disciplined investment principles outlined earlier by Kristy, will drive positive portfolio mix and sustained revenue and revenue per case growth. As called out on this slide, our Power Brands already have strong depletions momentum. Over the 2023 to 2025 fiscal years, Penfolds depletions grew 12% on a CAGR basis, DAOU 6%, and Matua 3%. With ongoing upgraded investment, we expect this momentum to continue and accelerate. Revenue growth will be supported by transformation initiatives through the supply network, as outlined by Kerrin. These initiatives will start immediately, however, take a number of years to be fully executed, and given age of release, positively impact the P&L from FY 2028 forward. Finally, a more efficient nimble cost base with targeted savings of AUD 100 million per annum achieved from FY 2029, will ensure revenue growth will be leveraged through the P&L and translate to EBITS growth and EBITS margin expansion. This ongoing margin expansion will in turn enable ongoing higher investment behind brands and the cycle continues. At the same time, the disciplined execution of a number of meaningful capital management initiatives, including ongoing reduced capital expenditure and sale of non-core assets, will significantly reduce our capital base, enabling us to sustainably grow ROCE. In summary, the Ascent program represents a structured transition for TWE. In the near-term, the focus is on stabilization and reset. Over the medium term, we expect a return to top line and earnings growth. Over the long-term, an improvement in margins and returns as just outlined. We are confident the Ascent program positions TWE to deliver more consistent and higher quality financial outcomes over time. Thank you. We'll now move to our final bracket of Q&A, and I'll ask Sam and Kerrin to join me on stage. Okay. It's Tom from Barrenjoey again. I'm just interested on the U.S. scope contracts. How long do those contracts run for? With this restructuring you've taken, how much have you reduced your obligation there? If you were at AUD 100, does it come down in half or is it down to AUD 70 or AUD 80? I just know that's been a bit of a challenge for you, kind of reducing the intake. Yeah, I think Kerrin. Me? Yeah. Fair enough. Yes, the first part of the question, how long are they? The answer is various, depending on what it is. We've gone through a period of getting access to luxury Cabernet particularly, and I'll talk specifically about the Napa Valley. Security of supply was one thing that was obviously very important to growers, so a lot of longer term contracts were written through those periods. We're coming off the back of some of those. I suppose what we're looking forward to is sort of winding those down and getting more flexibility back into the supply chain, which kind of models what we've done in Australia over time. I was only having conversations in the break around what we managed to achieve through the China period of turning off, how we wound things down, then we're able to produce the two biggest vintage when China reopened. That's the same flexibility we're aiming for in the U.S. market. It's going to take a little bit of time to work through, as we've obviously presented. That's certainly the name of the game. In terms of materiality and numbers, I don't have an exact number just yet. I don't know, JP., if you've got to answer that. Yeah, that's the idea of what we're doing. Secondly, just on cash conversion type. Obviously, your cash conversion will be pretty awful in August. When does it get to the point where the cash conversion will be over 100% as you kind of reduce your inventory that you've obviously built up over the last few years? JP. Yeah. I think cash conversion is clearly a focus for us as we look to drive our leverage back to where we need it to be. Massive difference in how we think about how we generate cash inside the business. JP, maybe you can give us a little bit more color on it. Yeah. I think the way I'd answer that, Tom, the modeling we've done, we net invest cash into inventory again next year, and that starts to balance out in 2028. From 2029 onwards, we start to sort of turn that cycle around. Yeah, it's at least a couple more years. Awesome. Thanks. Yeah. It's Ben from Jarden. Can I just follow on from Tom's question, just around the working capital. There's a net investment, but you've also had to take a whole bunch of inventory in the U.S. on at effectively retail price, right? Is it going to be a net negative working capital outcome overall fiscal 2027 still? Is that what you're saying? Sorry, what was the second part of that? With the inventory that you've taken on back on off RNDC in California, my understanding is you've taken it back on effectively at a full retail price. Because you bought it back off them at full retail price. At our sales price. Yeah. It's going to come on at a high value, which is a big number. Including the wind down of that, plus what you talked around Tom's answer, is it still a net negative working capital outcome for 2027? Is that what you're saying? The dynamics you're describing are the right ones. I don't have exactly the working capital counts in front of me, but I think it's safe to conclude at that. It would be a net negative working capital impact next year. Yep. Okay. Thanks. Just a second one for me, just around the assets that you're looking to sell. What sort of quantum, I appreciate we're not at year-end yet, but what sort of quantum should we be thinking around asset sales that's going to come into balance sheet? Are we talking tens of millions or hundreds of millions? What's your confidence or interest level against this backdrop we're seeing globally to actually get some of those away in the next 12 odd months? Yeah, I think we've been pragmatic in relation to the backdrop. We've given ourselves an appropriate amount of time to engage with prospective buyers and realize as much value as we would expect. We haven't put that into a very short period of time, which is unrealistic given the market conditions. We've had a look at all of the assets that we've got, and we've got t hrough that period of time, I think realistic expectations on what they're going to contribute. We're not going to share those numbers because we obviously haven't realized them, but they're one component of many components that we're going to execute in order to reduce leverage. We've been very realistic in both time and expectation around value. Sorry, I know I said final. It's not totally final. Just to be clear, just to confirm the comment before that in the absence of any asset sales, you're still confident getting that leverage ratios up to by fiscal 2028? Yes. Yeah. That's correct. Thank you. Hi. Bryan Raymond, J.P. Morgan. Just trying to get my head around the supply chain benefits or the supply chain transformation benefits longer term, the five-year program. Wrapping in that cash flow positive comment around the cash costs and divestments. You've mentioned you're pretty conservative on what you're assuming for proceeds from asset sales, which is good. You've got AUD 75 million- AUD 95 million of cash costs sitting in the supply chain piece. I just wanted to get a feel if that's a good proxy for what we could expect in terms of benefits, given you've got the AUD 100 million sitting in the broader cost out. Am I thinking about that whole conceptually accurately is the first thing, because there's a lot of numbers and components moving around. I wouldn't be thinking about that number as an annualized benefit. That's some of those costs. If you're just dealing with the cash cost, then it's a closer proxy, but it depends very much on how it flows into inventory and then how that inventory is going to pull through the P&L. At a point in time, it'll be correlated, but it takes a number of years to get there. Okay, maybe ask it a different way. Is the supply chain benefit sitting in the AUD 100 million Ascent program, or is there incremental supply chain benefits as you realize this over a longer duration over and above the AUD 100 million? Over and above the AUD 100 million. Yeah. The AUD 100 million we've talked about today is overhead efficiency, largely around the new operating model and other initiatives that we have through the business. The initiatives Kerrin talked about impact the COGS line, and that is separate to the AUD 100 million. Okay. It's fair to say the U.S. is going to be challenged for a few years just on the COGS line. The benefits really come through, is it based on the grower contracts you've addressed earlier and some of the winding down of your existing assets? That's like a three years plus, is it? Just to confirm in the U.S. where we could start seeing inflection in gross margin then? I think it's over a number of years as we look at doing all of the actions that Kerrin talked into. I think importantly, the strategic options we're looking at involve further actions in relation to supply chain and how we might accelerate that. Further actions in operating model and then other sale of potential assets in the region. Yeah, we've got that built in over a number of years, but we haven't built in any outcomes from the strategic review that might improve that outlook. Hi, Caleb from Macquarie here again. Just a question on leverage and, yeah, appreciate calling out close to three times, looking to get it back to two. Has there been any updated thoughts on where you'd be comfortable looking to run that, just given the journey we've had over the past six or 12 months? Would the preference be to continue to get it close back down to the one and a half times? As part of that as well, has there been any change to the three and a half times that you had previously called out in terms of flexibility for strategic initiatives, I think the wording was? Yeah. Caleb, I think the immediate focus is getting it back to two times. Whether we want to take another look at whether 1.5 to two times is still the right range for the business going forward as we continue through the Ascent transformation, we haven't really prosecuted that too much. It might be a bit early. Just a second question from me, just on the A&P spend. Yeah, appreciate you're obviously looking to step that up. Obviously still needs to be spent effectively. Yeah, just wanted to get your feel on what the buckets have been in terms of the 8.5% that you're spending at the moment and any changes that would need to happen from a compositional point of view as you look to obviously deploy a fair amount more capital into that A&P spend. We talked a little bit about that earlier. I think there is significant opportunity, particularly behind the priority brands that we've identified to increase investment to drive the growth and the role they're going to play in that portfolio going forward. The investment is critical. I think where we're investing at the moment is varied, as you would imagine, across geographies and changes. Clearly, a lot of that is above the line spend, some of it's in-market spend, some of it's non-working media as we develop content to put out into different markets. We have got quite rigorous return on investment analysis to ensure we understand very clearly what we've delivered from that spend and I think Kristy outlined that we want to make that even more rigorous by using AI and technology enablement to really understand where we create the biggest impact from the spend. I think we marry that in different markets, with different opportunities and again, that will depict exactly how we deploy that increased investment. I talked about India. Some of the horsepower we get from that investment allows us to look at some of the big opportunities outside of core markets. I think again, they represent really significant opportunities. Thank you. Hi, Sam. Shaun Cousins, UBS. Just regarding the management team, I think you've got a CFO and maybe a head of people, a head of HR role. Just interested around the timing on when we should anticipate those roles being filled, please. Yeah. I think the processes are running, Shaun. We'll continue to update you as we identify candidates. The people that are going to go into those positions. I would say it's work in progress, and I'll come back to you as soon as that's been done, and obviously the market. I just want to say, though, don't underestimate the cultural shift that we're looking at inside the business, the transparency that we're able to access in relation to performance, and then what conversation that transparency drives in the marketplace. Expectations have changed. We've lifted the bar. We're focusing on clarity of execution in market. There's a performance expectation that comes with that, which drives a different conversation in this business that's ever been received before. I wouldn't expect that this is the end as we look at the operating model. I would expect that this is the start. Great. That's very clear. I think there's two housekeeping financial questions. Just the effective tax rate on some of the costs that you've got on slide 103. Just there, I think you might have mentioned, JP, at the start that maybe not all of them are tax effective. Maybe just give us an idea of what that is. My other question, just around your CapEx guidance. Historically, you've been around AUD 100 million maintenance CapEx, around that level and AUD 50 million growth. Just one of the areas you want to improve is judicious CapEx. What should we be anticipating for CapEx in coming years, please? Yeah, maybe to start with the CapEx one, you're right. We've typically guided to AUD 100 million of maintenance and AUD 50 million of growth. Over the long-term, we see that reducing by at least a third. As I mentioned, our well-invested capital base at the moment and the shrinking supply network are really the two things that enable that. Over the next couple of years, we're going a little bit harder than that, more like half of the number typically, really to get a bit of momentum behind this leverage or de-levering of the business. What was Sorry, remind me again. Yeah. Sorry. Just within your one-off costs, the AUD 220-AUD 260, I think you highlighted in an earlier answer that not all that's going to be fully tax effective. If you could just provide- Well, no, they're all pre-tax numbers. Yeah. Sorry. Yeah. Pardon me. Will they have a full tax rate, or will they be i f we're looking for an after-tax number on those. Yeah. We're accurate. Just assume they're at a full tax rate. Thank you. This might be more for you, Sam. Just the company's had a long history of focusing on EBIT margin with a maxim bank dollars, not percentages. Why is there still a focus on EBIT margin target? I think it's just one of many measures. When we talk about transparency and measures that we're putting into the business to drive accountability, I think it starts with brands and customers and market share and depletion and inventory. There's just going to be a suite of measures that we're going to apply to measuring how we're performing in the marketplace. Some of that is gonna drive EBITS, some of that's gonna drive NSR growth, positive gearing through the P&L. We'll be measuring A&P spend and other commercial spend inside of the business. Whilst EBITS still remains an important measure for us, it's not the only measure that we'll be using to understand how we're performing as a business. The question that's left unanswered deliberately is the potential for reductions in volumes across the rest of the portfolio outside of the top 10. How should we interpret the calibration of that? If it's the right thing to reduce that volume, do you do it or you're trying to balance a revenue outcome over the next couple of years? I think there's several considerations with that. We've got customer commitments in markets that we need to be respectful of. We've got a supply chain transition that we're working through. Some of that volume is important for that. I think it's done in a very considered and precise way over a period of time to balance the puts and takes so we can protect, if you like, the financial health of the business as we go through that transition. Yeah, that's really how we're managing it. I think we've got lots of confidence around that approach. Michael Simotas from Jefferies. Look, back on slide 38, you've called out a large number of metrics that you'll use to measure the business. What are the key metrics that management will focus on delivering? Seems to be an emphasis on return on capital, EBIT. Is that what will drive the business, or will you be focused on softer metrics like market share, depletions, et cetera? Kind of all of the above. I think return on capital is a key metric. Our EBITS growth and margin is a key metric. Gross margin is a key metric because that tells us how efficiently we're running our supply chain. I think in-market measures are also important so that we understand how we're executing and whether or not we're winning or losing. Whether that's market share, depletions, growth, trade inventory, share of shelf, distribution gains, there's a suite that we will use to understand the performance of our businesses and the performance of our plans in market, coupled with some financial measures, which again, will give us an indication as to how that's translating into financial impact in the business. I think they're all important. They've all got different roles to play in different parts of the business. Okay. A second question on supply chain. Once you're through the supply chain changes and you've divested the assets that you want to divest, what sort of utilization will your wineries and packaging facilities be running at? I know what I would like it to be, Kerrin, but I suspect you'll be better placed to answer that. Yeah, look, I think they'd be approaching full capacity. With this flexibility, what we will then extend into is more of the grower bulk wine. We'll variabilize our premium and commercial volumes as well. We sort of got a few things happening at once that'll make sure that utilization's where it needs to be. Maybe the exception might be the Barossa winery, which has got quite a large winery, and we've got a bit of growing to get into the size of that thing. That's the intention for sure. Okay. Thank you. Okay. Thanks very much for hanging in there on what's been a long and engaging day, we very much appreciate it. In closing today, we shared our future vision for Treasury Wine Estates and the clear, deliberate actions we are taking to realize it. We are building a business that is more focused, concentrating on our highest potential brands in segments and markets where we have a clear right to win. Simpler and more agile with an operating model that enables stronger execution and clearer accountability. Fit for the future, underpinned by an agile supply chain aligned to our future estate portfolio. Financially stronger, a business that will be known for delivering consistent, high-quality financial returns. This is a significant multi-year transformation that will progressively reshape TWE. We are addressing the underlying structural issues that have historically held the business back with discipline and a clear intent to leave no stone unturned. A great deal has been achieved over the past six months to bring us to today, and we remain firmly focused on the priorities ahead. I am confident that as we complete this transformation, TWE will emerge as a significantly different and stronger business. Thank you so much for your time today and for your engagement. I very much look forward to updating you with regular updates on this journey as we go forward. Thanks very much