Diageo Plc · LSE:DGE
Diageo — Investor Day (August 2026)
21 slides from Diageo's investor day presentation, Aug 6, 2026
Slide 1: Market, a Global view
Capital Markets Day Market, a Global view Hannah Brooks Chief Strategy Officer 6 August 2026
Slide 2: Cautionary statements concerning forward-looking statements and non-GAAP financial measures
Cautionary statements concerning forward-looking statements and non-GAAP financial measures The following presentation contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts and may generally, but not always,
Slide 3: Spirits including RTDs and premium beer markets resilient
Spirits including RTDs and premium beer markets resilient Global RSV Index1 F26 RSV Consumer $bn 300 Premiumisation Supercycle Covid Acceleration Reset LY Premium Beer $140 280 2.9% 260 5.8% 240 220 2.1% Spirits incl. RTDs $300 200 3.1% Spirits excl. RTDs $250 2.3% 1.3% 180 8.6% 160 140 120 4.7% 100
Slide 4: Three fundamental drivers of market growth
Three fundamental drivers of market growth Demographics Wallets Behaviours Evolving attitudes to LPA+1 population growth socialising Affordability pressure/ Discretionary spend Aging populations Growth of GLP-1s Gen-Z Emerging middle class Rise of convenience 4 1. Note: LPA+ means Legal Purchase Age
Slide 5: Demographic tailwinds
Demographic tailwinds LPA+ population Mid/older HHs Population aging into growing in all regions1 spend more on Spirits2 higher-spending life-stages3 US Example: Index vs average spend 20 30 40 50 60 70 80 90 NAM 0.5% 1.3x 2025 1.2x NAM 2029 EMEA 1.8% 1.1x 1.0x EMEA APAC 0.8x 0.7% APAC 0.6x India 1.
Slide 6: LPA+ Gen-Z engaging with the category
LPA+ Gen-Z engaging with the category Gen-Z engaging with Spirits and Gen-Z’s % of spend on alcohol Gen-Z’s claimed Spirits volume RTDs more than market avg1 in line with other age groups2 mostly up or maintained vs ‘23 3 US Example US 1.1x 1.1x 0.9% US 1.3x 0.8% 0.8% 0.8% 0.8% 0.8% 1.3x UK 1.0x UK
Slide 7: Wallet pressure strongest in developed markets
Wallet pressure strongest in developed markets Affordability pressure in developed markets1 Essential spend squeezing discretionary spend2 9.9% US Example -40 -20 0 20 40 Essential Gasoline 7.7% Baby supplies 5.5% 5.4% 5.8% Shelf stable groceries 4.9% 4.4% 4.6% 3.8% 3.8% Discretionary Domestic fligh
Slide 8: Improved consumer confidence would be a tailwind for US Spirits
Improved consumer confidence would be a tailwind for US Spirits Volume YoY growth1 Real value YoY growth3 US Example US Example 8% 8% Strong correlation between Strong correlation between 6% 6% volume growth and consumer sentiment volume and mix and consumer sentiment 4% 4% 2% 2% 0% 0% -2% -2% -4% R
Slide 9: Behaviours: attitudes to alcohol are evolving
Behaviours: attitudes to alcohol are evolving Many consumers are claiming But frequently a financial Moderation still involves to drink less1 reason for this2 category participation3 50% 50% Cost savings Health & wellness related 48% Moderate 45% with 0.0% variants 18% Control Special occasions only
Slide 10: GLP-1s' impact on Spirits is low – continue to watch carefully
GLP-1s’ impact on Spirits is low – continue to watch carefully Increasingly broad uptake, Current evidence shows a Several factors help especially in the US1 smaller impact on spirits2 explain why1 US Example • Socialising continues 10-12% NAM • Protect special occasions 20-25% • Create occasions to
Slide 11: Convenience is a persistent behaviour, providing category tailwinds
Convenience is a persistent behaviour, providing category tailwinds Behaviour shift towards more Driving sustained RTD volume Low RTD share of spirits volume casual / flexible occasions1 per capita growth across regions2 leaves significant runway3 US Example 550 2015 2025 500 NAM NAM 14% 63% 450 Ind
Slide 12: Summary: Three fundamental drivers of market growth
Summary: Three fundamental drivers of market growth Demographics Wallets Behaviours Evolving attitudes to LPA+1 population growth socialising Affordability pressure/ Discretionary spend Aging populations Growth of GLP-1s Gen-Z Emerging middle class Rise of convenience 12 1. Note: LPA+ means Legal Pu
Slide 13: NAM market
NAM market Spirits incl. RTDs Historical 1 Forecast 2 F23-26 F26 F27 F28 F29 F26-29 Value -0.5% -2.2% -3% -3% to -1% -1% to +1% -2% to 0% Volume -2.7% -3.4% -3% -2% to 0% -1% to +1% -2% to 0% 1. IWSR CY2025, excl. Russia and Global Travel, excl. Baijiu Note: Calendar Year data averaged to calculate
Slide 14: EMEA market
EMEA market Spirits incl. RTDs Historical 1 Forecast 2 F23-26 F26 F27 F28 F29 F26-29 Value +4.4% +3.0% +3% +2% to +4% +2% to +4% +2% to +4% Volume - 0.4% - 0.3% 0% 0% to +1% 0% to +1% 0% to +1% 1. IWSR CY2025, excl. Russia and Global Travel, excl. Baijiu Note: Calendar Year data averaged to calculat
Slide 15: APAC market
APAC market Spirits incl. RTDs excluding CWS Historical1 Forecast 2 F23-26 F26 F27 F28 F29 F26-29 Value +0.3% +0.5% +0.5% 0% to +2% 0% to +2% 0 to +2% Volume -1.2% -1.0% -1% -1% to 0% -1% to 0% -1% to 0% 1. IWSR CY2025, excl. Russia and Global Travel, excl. Chinese White Spirits. Including CWS F23-F
Slide 16: LAC market
LAC market Spirits incl. RTDs Historical 1 Forecast 2 F23-26 F26 F27 F28 F29 F26-29 Value +7.0% +7.2% +6% +4% to 6% +4% to +6% +4% to +6% Volume -2.1% -0.3% 0% 0% to +1% -1% to +1% 0% to +1% 1. IWSR CY2025, excl. Russia and Global Travel, excl. Baijiu Note: Calendar Year data averaged to calculate F
Slide 17: India market
India market Spirits incl. RTDs Historical 1 Forecast 2 F23-26 F26 F27 F28 F29 F26-29 Value +7.1% +5.6% +5.5% +4 to 6% +4% to 6% +4% to 6% Volume +3.6% +3.5% +3% +3 to 5% +3% to 5% +3% to 5% 1. IWSR CY2025, excl. Russia and Global Travel, excl. Baijiu Note: Calendar Year data averaged to calculate F
Slide 18: Regional market summary
Regional market summary Spirits incl. RTDs EMEA F23-26 F26-29 Value +4.4% +2% to 4% Volume -0.4% 0% to +1% NAM2 F23-26 F26-29 Value -0.5% -2% to 0% Volume -2.7% -2% to 0% APAC ex CWS F23-26 F26-29 Value +0.3% 0% to +2% Volume -1.2% -1% to 0% LAC F23-26 F26-29 Value +7.0% +4% to 6% India F23-26 F26-2
Slide 19: Premium beer market RSV
3Yr 2 Premium beer market RSV 1 Historical Forecast F23-26 F26 F26-29 NAM +0.5% -1.8% 0 to +2% EMEA 5.9% 3.8% +1% to 3% APAC 1.4% 2.3% +1% to 3% LAC 10.9% 7.0% +3% to 5% India 16.7% 11.8% +5% to 7% TOTAL 4.9% 2.9% +1% to 3% 1. IWSR CY2025, excl. Russia and Global Travel, Premium+ beer Note: Calendar
Slide 20: Global market value growth of 1 to 3%
Global market value growth of 1 to 3% Global RSV Index 1 Consumer Premiumisation Supercycle Covid Acceleration Reset LY Forecast +1 to 3%2 320 Premium Beer 300 280 260 Spirits incl. RTDs 240 +1 to 3%2 220 3.1% 2.1% 200 180 8.6% Spirits excl. RTDs 160 0 to +2%2 140 4.7% 120 100 F11 F12 F13 F14 F15 F1
Slide 21: DIAGEO
DIAGEO