Diageo Plc · LSE:DGE
Diageo — FY2026 Earnings Presentation
20 slides from Diageo's earnings presentation, Aug 6, 2026
Slide 1: Preliminary Results Fiscal 26
Preliminary Results Fiscal 26 Sir Dave Lewis, CEO & Nik Jhangiani, CFO 06 AUGUST 2026 Preliminary Results Fiscal 26
Slide 2: Cautionary statements concerning forward-looking statements and non-GAAP financial measures
Cautionary statementsconcerning forward-looking statementsand non-GAAP financial measures The following presentationcontains ‘forward-looking’ statements. These statementscan be identifiedby the fact that they do not relate only to historicalor currentfacts and may generally, but not always, be iden
Slide 3: Good momentum in Europe, Latin America and Caribbean & Africa
Good momentum in Europe, Latin America and Caribbean & Africa Focused on increasing competitiveness in North America Free cash flow ahead of guidance, reduced leverage Strong progress made on 3 immediate priorities including operating framework implementation Savings from operating framework changes
Slide 4: F26 full year key performance metrics
F26 full year key performance metrics Organic Organic net sales operating profit Organic net sales growth in three of five regions ↓ -2.0% ↑ 2.0% Guinness, Smirnoff RTD and Johnnie Walker standout performers Excluding CWS c. -0.5% 1 Excluding CWS c.4.5% 1 Organic operating profit growthmainly due to
Slide 5: Performance across the regions
Performance across the regions NAM: Working hard to recover competitiveness F26 organic net sales growth by region2 Europe: Good performance in Türkiye and GB, continued strong Guinness momentum Europe APAC: Strong growth in India more than offset by +3.4 % weakness in CWS North America Asia Pacific
Slide 6: Organic net sales decline driven mainly by negative price/mix
Organic net sales decline driven mainly by negative price/mix F26 reported net sales growth$m Organic net sales decline -3.0% Volume decline in 2 of 5 regions 20,245 -2.0% / -$386m -69 Price/mix mainly adverse mix (US and CWS) -317 Net acquisitions and disposalsnegative given -1.8% Guinness Ghana di
Slide 7: Organic operating profit growth driven by Accelerate savings
Organic operating profit growth driven by Accelerate savings Movement in operating profit pre -exceptionals $m -0.4% Gross Profitdecline: adverse mix, cost inflation and tariffs offsetting cost efficiencies Organic operating profit +2.0% 134 151 21 80* -80* A&P: reduced development spend, efficienci
Slide 8: Accelerate: $540m savings delivered through the year
Accelerate: $540m savings delivered through the year • A&P and Trade Investment: reduced development costs and more efficient targeting of spend ($230m) — Procurement through consolidation driving improved rates and new contracts — Smart media buying, dynamic allocation tools and better returns • Su
Slide 9: Strong FCF given lower capex and maturing stock
Strong FCF given lower capex and maturing stock Includes c.$125m S/4HANA and Free cash flow Middle-East one-off $m WC investment Capex consistent with guidance for 5,636 -1,181 lower spend (F25: $1.5 billion) 45 31 4,531 -817 Disciplined and targeted investment in -752 maturing stock 249 3,211 Lower
Slide 10: EPS growth supported by organic operating growth partly offset by lower fair value remeasurement
EPS growth supported by organic operating growth partly offset by lower fair value remeasurement Movement in EPS pre-exceptionals cents +0.7% 6.1 3.6* -3.6* -0.3 2.5 -3.9 -4.4 5.0 -2.2 165.3 164.2 -2.2 2.7 F25 EPS Organic Exchange Hyperinflation Fair Value Acquisitions Finance charges Other1 F26 EPS
Slide 11: F26 significant exceptional costs
F26 significant exceptional costs Exceptional operating charges $m Impairment charge and other related charges Mainly Türkiye goodwill, the Don Papa brand and several other smaller brands 1,489 Restructuring programmes Implementation of new operating framework 752 Charges related to Accelerate and s
Slide 12: Leverage and finance charges
Leverage and finance charges F26 F25 Movement Closing net debt1 $m (20,482) (21,854) 1,372 Average net debt1 $m (21,684) (21,540) (144) Net interest charge (pre-exceptional items) $m (812) (830) Net other finance charges $m (4) 1 Net pre-exceptional finance charges $m (816) (829) Effective interest
Slide 13: Appendix
Appendix 13 Preliminary Results Fiscal 26
Slide 14: US Spirits industry and Diageo consumption growth
US Spirits industry and Diageo consumption (Nielsen/NABCA) growth; Diageo US spirits shipments, depletions and consumption growth US spirits Diageo Nielsen/NABCA sales US spirits Growth vs prior year 1 F26 growth vs prior year Industry Diageo F26 -1.7% -1.4% -2.0% -6.9% -9.1% -6.9% -7.0% -7.0% -11.5
Slide 15: Historic growth across regions - organic
Historic growth across regions- organic F25 F26 Net sales Q1 Q2 H1 Q3 Q4 H2 FY Q1 Q2 H1 Q3 Q4 H2 FY North America 2.3 (0.1) 1.0 6.9 (2.3) 2.0 1.5 (2.7) (10.4) (6.8) (9.4) (10.7) (10.1) (8.4) Europe 1.0 0.7 0.8 (0.4) 0.0 (0.2) 0.3 3.4 2.2 2.7 8.8 0.7 4.1 3.4 Asia Pacific (10.9) 5.6 (2.5) 1.6 (9.8) (4
Slide 16: Financial/legal appendix: Definitions and reconciliation of non-GAAP measures
Financial/legal appendix : Definitions and reconciliation of non-GAAP measures to GAAP measures Diageo’s strategic planning process is based on certain non-GAAP measures, including organic movements. These non-GAAP measures are chosen for planning and reporting,and some of them are used for incentiv
Slide 17: Calculation of organic movements
Continued from the previous page Calculation of organic movements An explanation of non-GAAP measures, including organic movements,is set out on pages 213-221of Diageo’s Annual Report for the year ended 30 June 2025. (a) Exchange rates Exchange in the organic movementcalculation reflectsthe adjustme
Slide 18: Exceptional items
Continued from the previous page (c) Exceptional items Exceptional items are those that in management’s judgement need to be disclosed separately. Such items are included in the income statementcaption to which they relate, and form part of the segmental reporting, and are excluded from the organic
Slide 19: Adjustment in respect of hyperinflation
Continued from the previous page Adjustment in respect of hyperinflation The group's experience is that hyperinflationaryconditionsresultin price increases that include both normal pricing actions reflectingchanges in demand, commodity and other input costs or considerationsto drive commercial compe
Slide 20: Investor Relations contacts
Sonya Ghobrial Head of Investor Relations Sonya.Ghobrial@diageo.com +44 (0)7392 784 784 Andy Ryan Investor Relations Director Andrew.Ryan@diageo.com +44 (0)7803 854 842 Grace Murphy Investor Relations Director Grace.Murphy@diageo.com +44 (0)7514 726 167 20 Preliminary Results Fiscal 26