Diageo Aide Memoire FY Fiscal 2026

Diageo Aide Memoire FY Fiscal 2026

This document sets out public information previously provided by Diageo plc, or else widely available in the market. Unless otherwise specified, the outlook comments below come from the fiscal 26 H1 press release, presentation and call script and fiscal 26 Q3 results materials, with other content sourced from publicly available information. No new information is given, and there will be no comment on current trading or further guidance provided. Any updates to these and other previously made statements would only be included in further communications by Diageo to the market and the inclusion of the extracted statements herein should not be taken to indicate that they will not be updated in the future.

Fiscal 26 outlook reiterated

At our fiscal 26 Q3 trading statement, we reiterated the guidance shared with H1 results for fiscal 26:

Organic net sales: down 2-3%.
Organic operating profit growth: flat to up low-single-digit including c.$300m savings from Accelerate and the impact of tariffs shared previously¹.
Taxation: tax rate before exceptional items c.25% (fiscal 25: 24.9%).
Effective interest rate: effective interest rate c.4.0% (fiscal 25: 4.1%).
Capital expenditure: at the lower end of the range of $1.2-1.3 billion (fiscal 25: $1.5 billion).
Free cash flow: $3 billion (fiscal 25: $2.7 billion) including exceptional items related to Accelerate but excluding c.$100 million one-off impact for inventory build at year end to cover implementation of the SAP S/4 HANA ERP system in early fiscal 27.