Treasury Wines 1H26 EBITS had been pre-announced. The new news included a suspension of dividend payments given high gearing and clarity on its volume performance. The actions from new CEO Sam Fischer highlight a need to fix the supply-demand balance across its key markets and reduce debt. Depletions growth in Penfolds still looks encouraging. However, destocking over the next two years will result in a lack of any apparent earnings recovery.  The future growth of Penfolds is not appropriately reflected in the share price and long-term earnings upside exists once the destocking is complete.