Treasury Wines investor day provided a clear message about prioritising its 10 most profitable brands and creating more accountability in how it deals with distributors and retailers. The direction is logical, but it also results in a challenging FY26e and FY27e. There is also uncertainty about its medium-term revenue base given 65% of its volume is in wines that are not considered “core” to the group. Balance sheet repair is a focus and gearing should return to its target range by FY28e. We see FY28e as a “rebound” year.