Why invest in Diageo?

An attractive industry with a runway for growth

We have a bold ambition and are well-positioned to capture more of the total beverage alcohol (TBA) market opportunity.

Total Beverage Alcohol (TBA) is a highly attractive and exciting consumer category. TBA is resilient and growing; and the spirits category is growing even faster. TBA has grown at 4.4% CAGR in the 10 years through to 2023, and international spirits has grown at 5.1% over the same period.(1)

¹IWSR, 2023

Consumers are choosing spirits

Diageo sees a long-term trend of consumers choosing to switch to spirits from beer and wine. Spirits growth is supported by favourable population demographics, the increasing size of the middle class in key markets globally and strong premiumisation trends. These are expected to continue into the future.

Spirits' long-term value growth is also driven by premiumisation as consumers want to drink better, not more. In the last 10 years, premium and above spirits grew from 26% of category value to almost 35%. The super-premium plus price-tier has grown in value more than two times faster than other price tiers in the category. This price tier gained 700 basis points of share of international spirits retail sales value (RSV) since 2013.(1)

4.5 %

of global TBA share¹

$ 7.8 bn

investment in maturing inventories in F24

¹IWSR, 2023

Guinness in sports

In June, Guinness announced that from August it would be the official beer of the English Premier League. Premier League games are broadcast into 900 million homes in 189 countries, heightening the brand's relevancy and visibility even further. The four-year agreement will also see Guinness 0.0 named as the official non-alcoholic beer of the Premier League.

Broad portfolio across price points

Our advantaged portfolio enables trading up and down our extensive price ladder; whether our consumers are looking for a Smirnoff and soda or a Don Julio 1942 on the rocks, Diageo's portfolio offers consumer  choice.

Our diverse and balanced portfolio enables us to respond quickly to emerging and growing category trends.

Our Growth Ambition

In previous years, we were led by our well-established Performance Ambition, a strategy which delivered strong results. As we navigate the next phase in our journey, we have continued to evolve our strategy, which centres on strong consumer and customer insights. As previewed at our Capital Markets Event in November 2023 and the Consumer Analyst Group of New York (CAGNY) investor conference in February 2024, we have sharpened our strategy in order for us to achieve quality share of TBA of 6% by 2030 and generate value for our shareholders.

Our Growth Ambition is our evolved strategy to win in fiscal 25 and beyond and to deliver the next phase of sustainable growth. 

Through the Growth Ambition we will continue to focus on delivering on four key strategic outcomes that are now embedded in the business: providing efficient growth; delivering consistent value creation; building credibility and trust; and ensuring that our people and high-performing teams are fully engaged.

Delivering consistent performance and quality growth

To help ensure we deliver consistent performance and sustainable quality growth, we invest smartly in the areas we believe will bring the greatest benefits: capital expenditure for our strategic categories, digital capabilities, our ambitious sustainability agenda and our supply chain agility programme.

Holding share and taking action

We ended fiscal 24 gaining or holding share in measured markets totalling over 75% of our net sales value, including in the US.


We have taken actions to manage the inventory issues in LAC; we have strengthened our consumer insights and redeployed resources towards the best growth opportunities; we have stepped up our route-to-market across several markets, including our most significant transformation in at least a decade in our US Spirits organisation; we have delivered record productivity savings of nearly $700 million; and we have generated $2.6 billion in free cash flow while increasing strategic investments.

14 %

Beer category saw a 14% sales increase in F24

15 x

Don Julio portfolio growing 15x faster than the total US spirits industry

$ 700 million

Delivered record productivity savings of nearly $700 million

sent on 1 August 2024 14:34

Digital and data capabilities

We’re investing in transformational digital and data capabilities.

In marketing, CreativeX, our latest tool, enables us to assess the effectiveness of our digital content before deployment to ensure we provide the perfect serve of advertising content to consumers. It is now deployed in markets covering 75% of our net sales value. We’re also supporting our customers and our global sales teams leverage data and insights from digital tools such as EDGE365 to extend our sales reach and improve our execution.

Continuing the digital transformation journey we embarked on in 2017, in fiscal 23, we launched a five-year programme to modernise our IT environment and standardise our business operations. This makes us more agile in our response to customer needs, provides us with world-class actionable insights and allows us to be more efficient in our day-to-day operations.

Investing in sustainability

By 2030, we expect to have invested around £1 billion of capital to support our drive to be global champions for water stewardship and a strong contributor to a low-carbon world. We are doing this by improving water use efficiency, investing in water replenishment, using renewable energy, scaling circular solutions and implementing regenerative agriculture. These investments will also help us to be more efficient, reduce our resource consumption, develop innovative solutions and ensure a more resilient supply chain.

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Results, reports and events

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