TWE Posts Depletion Growth Ahead of Structure Rework

Dear Client: Treasury Wine Estates (TWE) saw improved depletions for the third quarter of 2026, ended February, across several key markets, the company announced this morning. Alongside the business update, the company also announced a broader restructuring to return to a regionally-focused model. More details on that below.  Q3 DEPLETIONS BACK IN THE BLACK. TWE's Penfolds division delivered "strong depletions growth" in China, boosted by Chinese New Year and volumes shifting to TWE-authorized distribution channels, rather than through parallel imports.