Treasury Wine Estates hit with $649m AUD loss in H1

By Hamish Graham

Published: 16 February, 2026

Australian industry giant Treasury Wine Estates (TWE) has posted significant losses for the first half of its financial year – $649m (all money figures detailed in AUD). This comes after settling its dispute with US distributor RNDC earlier this month and most significantly the writing down of the value of its US business in November of last year.

This non-cash impairment of its US-based assets – Treasury Americas – represents the likely entire writing off of its goodwill for the region. Goodwill in this context meaning the intangible value of its assets over and above their physical value. TWE explained this “post-tax material item loss” caused by this write down, added up to $751m.

Even accounting for this huge write down, TWE’s EBITS (earnings before interest, tax, material items and SGARA) – a figure which does not include this loss – were down 39.6% year on year, now standing at $236.4m. Despite the earnings drop, this number outperforms the December guidance the company gave for its anticipated H1 performance (between $225-$235m).

Read more: Liberty Wines partners with Spanish winemaker Raúl Pérez

In its statement on its first half financial results, Treasury touted “the impact of adverse category trends in the US and China, restriction of shipments contributing to parallel import activity in China and cycling of prior year shipments” as the drivers of this earnings dip.

The company also anticipates its earnings will be higher for H2 of its financial year, “driven by improved momentum in California following completion of distribution transition”.

This distribution change follows RNDC’s decision to pull out of the California market, leaving TWE without a vital distribution route for a key US market. Last week it was announced a settlement agreement had been reached, with TWE buying back stock from RDNC. This purchasing will cost the company $91.8m in net cash outflows in the six months to June of this year.

Following the announcement of this agreement, TWE’s share price rose, closing at $5.35 on Tuesday 10 February.

CEO of TWE, Sam Fischer, added: “Today’s results come at a time when we are already making meaningful progress with the decisive actions required to return TWE to a path of sustainable, profitable growth. Our focus is firmly on the future to strengthen execution and ensure we build a stronger, more resilient business for the long term.

“Encouragingly, we are seeing our key brands continue to perform in the marketplace and resonate strongly with consumers, reinforcing confidence in the strength of our portfolio and our ability to deliver improved performance as we execute the transformation of the business.”

At the close of trading on the ASX (Australian securities exchange) today (16/2), TWE’s share price stood at $4.97, a fall from Friday’s (13/2) closing price of $5.24.

The business also has suspended dividend payments with the “resumption of dividends subject to financial performance and leverage improvement trajectory”.

To read the full TWE 2026 half-year results click here.

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