Treasury Wine Estates (TWE), the maker of Australian wine Penfolds, has advised investors of a projected slowdown in earnings for its most famous brand.

Penfolds alone makes up more than half of TWE’s earnings, accountable for 58% of the company’s EBITS. For context, Treasury Americas (housing brands such as Stags Leap and Daou) accounts for 28% of earnings, and the recently restructured Treasury Collective (the company’s “premium” portfolio, which includes the likes of 19 Crimes, Squealing Pig, and Wolf Blass) the remaining 14%.

The “premium” portfolio, which houses the company’s commercial brands, has also experienced particularly challenging times this financial year, with the portfolio’s performance “below expectations”. The performance of 19 Crimes in particular was notably lower than expected, which TWE said resulted in lower shipments in the fourth quarter of F25.

For F26, TWE said it expects revenue growth to be driven by its luxury portfolio, most notably Penfolds and Daou.

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