Treasury Wines reported FY24 EBITS of $658 million with organic growth of only 4% adjusted for acquisitions and currency. The result showed the importance of the DAOU acquisition to earnings and its increasing focus on the luxury wine segment. Earnings growth in FY25e will half come from the growth of DAOU and a further quarter from Penfolds price rises. The underlying business is likely to have limited growth outside these factors given pressure on wine demand under $15 per bottle.