Are these down under ASX wine shares ready to surge again?

These companies are strengthening brands, expanding global reach, improving efficiency and targeting long term sales and earnings growth ahead.

Treasury Wine Estates (ASX: TWE) 

announced on 22 April 2026 that it will move to a new regional operating model from 1 October 2026 under its TWE Ascent transformation program. The business will be organised into four regions: Americas, Australia/New Zealand and Europe, Greater China, and Emerging Markets. The change is designed to improve decision making, strengthen market execution, simplify operations and reduce costs through better use of technology and automation.

TWE is simplifying its brand portfolio around three key areas. Luxury Red Wine will focus on premium red wine brands, Luxury White Wine will expand its position in higher-value white wine categories and Modern Refreshment will target lighter and flavour led wine products. The aim is to build a clearer portfolio that better matches consumer demand and future growth opportunities.

Sales momentum improved during the third quarter of FY26. Penfolds achieved strong growth across key markets, with China depletions rising 40% during the Chinese New Year period. US luxury wine depletions increased 9%. The company also took steps to improve channel health in China, reduce customer inventory levels, regain control of California inventory and continue delivering its $100 million cost improvement target.

TWE expects FY26 EBITS of $480-490 million and expects FY27 earnings to be at least in line with FY26. The company secured $300 million of new debt promises, strengthening liquidity. Leverage is likely to top at 2.9x in FY26 before falling below 2.0x by FY28. 

Lark Distilling Co. Ltd (ASX: LRK)

During FY26–FY27, focused on improving efficiency and preparing for future growth. The company is bringing operations together at Pontville and has completed the relaunch of the LARK brand across local and international markets. Upgrades at the Pontville and Davey Street cellar doors have increased capacity and improved the visitor experience. The business is also continuing to expand in international markets and Global Travel Retail.

Lark showed strong long term growth opportunities in whisky. The worldwide whisky market was worth over $100 billion in 2025. Australia's whisky market was worth over $2 billion and it may exceed $4 billion by 2035. The industry trends reflect growing consumer interest in high quality whisky, duty free sales, internet commerce, cocktails and branded products. Premium whisky is expected to raise faster than the broader market over the coming years.

The company informed the success of KURIO blended whisky in China has helped build its international presence. KURIO benefited from growing demand for flavour focused whisky products. Lark will launch DARK LARK IS HERE in July 2026 at a retail price of $150 per bottle. The product is expected to increase distribution and attract new customers. Also, the Hobart hospitality venue will be rebranded from The Still to GOTHAM.

Lark expects to end FY26 with about $14 million in cash and no debt. The company owns a whisky bank of 2.4 million litres, production assets at Pontville, a direct-to-consumer fulfilment centre and three hospitality venues. Asia sales grew around 70% in FY26 whereas the Global Travel Retail channel remains an important source of future growth.

(Source: Company Report)