Treasury Wine Estates has written down A$1.33 billion of US assets in FY2026 – DAOU, Frank Family, and Beaulieu Vineyard are all impaired

Treasury Wine Estates announced on 10 August 2026 that it expects to recognise an additional A$558.4 million post-tax non-cash charge in fiscal year 2026, relating to the write-down of US-based assets and brand impairments. The charge comes on top of the A$770.5 million impairment recorded at the first half of FY2026, taking total US asset write-downs to roughly A$1.33 billion over the course of the year. Despite the scale of the charge, the company simultaneously raised its FY2026 earnings guidance: unaudited EBITS excluding material items is now expected at A$492.3 million, above the previous guidance range of A$480–490 million. Full-year results are scheduled for 12 August 2026.

The latest impairments centre on three brands: DAOU Vineyards, Frank Family Vineyards, and Beaulieu Vineyard. All three sit within the Treasury Americas segment – the US wine business built largely through acquisitions over the past five years and now the source of sustained financial pain. The write-downs follow a reassessment of carrying values at 30 June 2026 against the backdrop of softer US consumer demand, elevated inventory levels, and excess supply-chain capacity that has accumulated faster than the market has absorbed it.