Penfolds Maker Treasury Scraps 2026 Guidance on China, US Uncertainty
Bottles of Yellowglen sparkling wine, produced by Treasury Wine Estates Ltd., are served at a bar in Melbourne, Australia.
Photographer: Carla Gottgens/Bloomberg
Shares in Treasury Wine Estates Ltd. dropped to a 10-year low after the Australian vintner scrapped its earnings guidance for the 2026 financial year and paused a planned share buy-back due to uncertain outlooks in two of its major markets.
Treasury, Australia’s largest listed winemaker and creator of the iconic Penfolds brand, cited lower-than-expected stock depletions in China throughout September in a statement on Monday. It added targets for the 2026 financial year in China are “unlikely to be achieved” if the trend continues.