We’re a global leader in premium drinks, the most exciting consumer products space.
Our performance
- 2.8 %
-2.8%
Organic net sales movement
- 2.8 %
-2.8%
Organic operating profit before exceptional items
95.3 c
95.3c
Basic earnings per share (EPS) before exceptional items
Our performance in the first half of fiscal 26 was mixed. Strong performance in Europe, LAC and Africa, was offset by a weakening performance in NAM and continued weakness in Chinese white spirits in APAC. US Spirits performance reflected pressure on disposable income, and competitive pressure from more affordable alternatives addressing a more stretched consumer wallet. Only several weeks in I can already see significant opportunities for Diageo to act more decisively to enhance its competitiveness and broaden the portfolio offering leading to higher growth. As we refine our new strategy to deliver stronger shareholder value, the immediate priorities for the team are clear: – Build competitive category strategies, winning with relevant brands – Customer, customer, customer – Redesign of the Diageo operating framework to drive sustainable returns To deliver on these opportunities, we need to create more financial flexibility. Accordingly, the Board has taken the difficult decision to reduce the dividend to a more appropriate level which will accelerate the strengthening of our balance sheet. We are confident that this is the right action which will ensure that Diageo can reinforce its position as the leading international spirits business and drive stronger shareholder value over the coming years. I am encouraged by the depth of the passion and pride that our people have for our brands across the business. This will be invaluable given the significant work ahead.
Fiscal 26 Interim Results webcast
Hear from Sir Dave Lewis, Chief Executive Officer, and Nik Jhangiani, Chief Financial Officer, who share detail on our Fiscal 26 Interim Results and Dave's first impressions and immediate priorities.
DIAGEO
Interims fiscal 26
Mixed performance across the regions
Accelerate savings progressing well
Financials and updated guidance for fiscal 26
Strategic review underway
A strong business with an enviable position
Significant opportunities with ample room to grow
First reflections informing immediate three priorities
Will update late summer
DIAGEO
Summary:
- A strong business with an enviable position
- The market provides significant opportunity, but we have work to do:
- Portfolio and category strategies; Customer relationships; Operating model
- The Spirits market has some headwinds, principally economically, but also some small impact from GLP-1’s and changing lifestyles (3rd space)
- Our leadership position is strong but there is ample room to grow
- We will maintain strong capital deployment discipline
Fiscal 26 Interim Results organic net sales growth by region
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Region
* Excluding year-on-year decline in CWS net sales
Guinness delivered organic net sales growth of 10.9%, with growth in all regions apart from Asia Pacific, impacted by the changes in route-to-market in China and Australia
Scotch saw a return to growth, Johnnie Walker Red, Johnnie Walker Black, and Johnnie Walker Blue all delivered organic volume and net sales growth
Our spirits RTD portfolio grew net sales 17% organically. Smirnoff RTDs in the first half grew c.13% and gained share in four out of five regions, including North America
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