Do we like Penfolds (Treasury Wine Estates)?
Penfolds, Australia's best-known premium wine brand (Grange), owned by Treasury Wine Estates, based in Melbourne.
Our score: 5 out of 10. Penfolds is a strong, steady luxury brand, but its owner has had write-downs, a shareholder settlement and China trouble. We found little on its ethics either way, so we'd say mixed.
Penfolds is the crown jewel of Treasury Wine Estates, the listed Australian group that also owns many US and other wine brands. In 2026 it released its collection, including a $1,000 bottle of Grange in the wine's 75th year. Chief winemaker Peter Gago is its public face.
The owner is having a rough time. InDaily reported a A$558.4 million charge tied to lower North American asset values. CEO Sam Fischer, formerly of Lion, said they're taking 'proactive and decisive action' to match supply to demand, including fallowing vineyards and selling off bulk wine.
China is the big Penfolds story. Beijing put heavy tariffs on Australian wine in 2020 and lifted them from March 2024. Since then, softer Penfolds sales in China, linked to less banqueting, have hurt. Treasury pulled its 2026 guidance and paused a buyback.
On the governance side, Treasury agreed to pay A$65 million to settle a shareholder class action. It alleged the company breached its continuous disclosure obligations with misleading earnings guidance in 2018 and 2019. We found no regulator fines. Overall, a mixed score.