Treasury Wines updated segment disclosure and perspectives on FY26e should provide relief that earnings will still grow in FY26e and the Board sees its shares as under-valued. The new segmentation shines a very bright light on the appeal of luxury wines and the challenge in commercial wines. Luxury wines accounts for 23% of Treasury’s volume and 86% of the group’s earnings. While the outlook for FY26e has been tempered a little, there are downside risks in Chinese demand and US distribution changes in our view.