Treasury Wines reported 1H25 EBITS of $391 million, growth of 35%.  Penfolds price realisation and performance relative to 1H20 are positive signs for future EBITS growth. The Americas is more challenged, but the segment’s earnings growth is likely to be largely driven by the DAOU brand over the next two years. Treasury’s decision not to divest its commercial brands may be financially logical but does raise the question about the potential to realise value in Penfolds if the valuation remains depressed.