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Treasury Wine Estates Ltd (ASX:TWE) shares rallied on Monday after the Penfolds owner announced a major restructuring of its U.S. operations and upgraded its fiscal 2026 earnings outlook, helping investors look past another substantial impairment charge.
The Treasury Wine Estates share price surged as much as 7.9% to A$5.86, reaching its highest level since early December 2025. The stock later pared some gains but remained up around 3.7% at A$5.63.
The rally followed the Australian wine producer's decision to take stronger action to address excess inventory, weaker U.S. wine demand and surplus production capacity. Treasury Wine plans to reduce North Coast vintage volumes from 2026, including fallowing some vineyards to lower grape intake.
The company will also write down inventory, mainly bulk wine, while managing excess stock through bulk-market sales and internal reclassification.
Treasury Wine announced a A$558.4 million post-tax impairment, largely associated with its U.S. business. The writedowns primarily affect DAOU, Frank Family Vineyards and Beaulieu Vineyard following a review of the carrying value of the company's American assets.
The latest charge comes after Treasury Wine recorded a A$770.5 million impairment during the first half of fiscal 2026. Combined, U.S. asset impairments now total approximately A$1.33 billion.
Despite the sizable charges, investors responded positively to stronger earnings expectations and efforts to better align wine supply with consumer demand.
Treasury Wine now expects unaudited fiscal 2026 EBITS, excluding material items, of A$492.3 million. That exceeds its previous guidance range of A$480 million to A$490 million. The company also maintained its forecast for fiscal 2027 EBITS to be at least in line with fiscal 2026.
Meanwhile, the strategic review of Treasury Wine's Americas operations, launched in June, remains underway. Advisers have been appointed to evaluate options for the company's U.S. wine brands, operating structure and assets.
The restructuring reflects wider pressure across the global wine industry, where softer consumption and excess supply have challenged producers and increased the need for tighter inventory and capacity management.
