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Presented by Debra Crew, Chief Executive and Nik Jhangiani, Chief Financial Officer.

"Our fiscal 25 first half results marked a return to growth, delivering organic net sales growth of 1% despite a challenging industry backdrop as consumers continue to navigate through inflationary pressures. Growth in four of our five regions was supported by market share gains."
Debra Crew
Chief Executive
Improved organic sales in the first half of the fiscal year, despite a challenging environment
- Reported net sales of $10.9 billion declined 0.6% due to unfavourable foreign exchange, partially offset by an increase in organic net sales.
- Organic net sales returned to growth and increased $101 million or 1.0%, driven by positive price/mix of 1.2pps, partially offset by a 0.2% volume decline.
- Reported operating profit declined 4.9% and reported operating profit margin declined 132 bps, primarily due to unfavourable foreign exchange and a decline in organic operating margin.
- Organic operating profit declined by $42 million or 1.2%; organic operating margin declined 69 bps primarily due to continued investment primarily in overheads, partially offset by reduced marketing spend and positive gross margin expansion.
- Diageo grew or held total market share in 65%(1) of total net sales value in measured markets, including in the US.
- EPS pre-exceptionals declined 9.6% to 97.7 cents largely due to a significantly lower Moët Hennessy contribution and unfavourable foreign exchange.
- Net cash flow from operating activities increased by $0.2 billion to $2.3 billion. Free cash flow increased by $0.1 billion to $1.7 billion.
- Medium-term guidance has been removed due to the current macroeconomic and geopolitical uncertainty in many of our key markets impacting the pace of recovery. We remain confident of favourable industry fundamentals and our ability to outperform. Instead in the interim, we will provide more regular near term guidance.
- Declared interim dividend of 40.5 cents.
- Leverage ratio of 3.1x (net debt to EBITDA) as at 31 December 2024.
Our Scotch brands account for more than 1 in 3 bottles of scotch sold globally.


Tequila organic net sales were up 21% in the half, with share gains across our business.

Guinness achieved its eight consecutive half of double-digit growth.
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