Core Viewpoint - Treasury Wine Estates (TWE) has withdrawn its fiscal 2026 earnings guidance due to an uncertain outlook for its Penfolds brand and Treasury Americas business [1][3] Group Performance - TWE's shares fell over 15% to A$5.93, marking their lowest level in over a decade following the earnings guidance withdrawal [2] - First-quarter shipments for fiscal 2026 met expectations in key markets, but Penfolds sales in China are soft, leading to concerns about achieving depletion targets [2][3] Earnings Guidance - TWE had previously anticipated low to mid double-digit EBITS growth for Penfolds in fiscal 2026, which has now been scrapped, along with a 15% EBITS growth expectation for fiscal 2027 [3] - The company is currently unable to provide revised guidance due to ongoing uncertainty [3] Distribution Challenges - In the US, TWE's Treasury Americas business faced shipment issues due to the exit of distributor RNDC from California, effective September [4] - The company appointed Breakthru Beverage Group as the new distributor in California in July [4] Financial Impact - TWE had expected a A$50 million hit to net sales revenue in fiscal 2026 due to the distributor change in California [5] - Ongoing discussions with RNDC aim to find a practical solution to mitigate the impact on shipments and operating plans [5][6] Share Buy-Back Program - TWE has paused its on-market share buy-back program until there is greater clarity regarding trading conditions and expectations [6]