Penfolds Maker Treasury Scraps 2026 Guidance on China, US Uncertainty

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.

The producer behind the iconic Penfolds brand cited lower-than-expected stock depletions in China throughout September, adding in a statement Monday that if the trend continued then “depletions targets for F26 in China are unlikely to be achieved.” The winemaker’s share price fell by as much as 14% on Monday morning, to the lowest since September 2015.