Slide 1: Interim Results Fiscal 26
Interim Results Fiscal 26 Sir Dave Lewis, CEO & Nik Jhangiani, CFO 25 FEBRUARY 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: Interim Results Fiscal 26
Sir Dave Lewis, CEO Nik Jhangiani, CFO Interim Results Fiscal 26
Slide 4: Interims fiscal 26: Mixed performance across the regions
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 thre
Slide 5: F26 half year key performance metrics
I N T E R I M R E S U LT S F I S C A L 2 6 F26 half year key performance metrics Organic net sales growth in three out of five regions Organic Organic net sales operating profit Guinness and Johnnie Walker standout performers ↓ -2.8% ↓ -2.8% Organic operating profit decline due to lower gross profit
Slide 6: Mixed performance across the regions
I N T E R I M R E S U LT S F I S C A L 2 6 Mixed performance across the regions NAM: US Spirits softness, especially in tequila, H1 F26 organic net sales growth partially offset by growth in Diageo Beer Company by region Europe: Good performance in Türkiye and MENA Europe and continued broad Guinnes
Slide 7: North America: performance impacted by an increasingly competitive and cautious US consumer environment
I N T E R I M R E S U LT S F I S C A L 2 6 North America: performance impacted by an increasingly competitive and cautious US consumer environment US weaker than expected, largely due to consumer wallet pressure and competitiveness in tequila US Spirits share loss in H1 largely driven by Don Julio,
Slide 8: Asia Pacific: weak CWS performance in China, only partly offset by strong results in India
I N T E R I M R E S U LT S F I S C A L 2 6 Asia Pacific: weak CWS performance in China, only partly offset by strong results in India China: Largely impacted by weak CWS consumption given market policy and later timing of Chinese New Year Excluding decline in CWS, Greater China organic net sales -4%
Slide 9: Accelerate: good progress in H1
I N T E R I M R E S U LT S F I S C A L 2 6 Accelerate: good progress in H1 • Now expect c.50% of Accelerate savings in fiscal 26, with c.40% of this delivered in the first half • Supply Agility: continued momentum — Improving line utilisation rates and facility optimisation — Optimising logistics —
Slide 10: Organic net sales decline driven by negative volume and price/mix
I N T E R I M R E S U LT S F I S C A L 2 6 Organic net sales decline driven by negative volume and price/mix H1 F26 reported net sales growth $m -4.0% Volume decline in 4 of 5 regions Organic net sales growth -2.8% / -$295m 10,901 Price/mix decline largely due to adverse mix given -96 US tequila sof
Slide 11: Organic operating profit decline given lower gross profit
I N T E R I M R E S U LT S F I S C A L 2 6 Organic operating profit decline given lower gross profit, only partly offset by reduced A&P investment and overheads Movement in operating profit pre-exceptionals $m Gross Profit decline given NAM and APAC, -3.4% partially offset by growth in Europe, LAC a
Slide 12: F26 H1 lower free cash flow largely due to adverse working capital movement
I N T E R I M R E S U LT S F I S C A L 2 6 F26 H1 lower free cash flow largely due to adverse working capital movement Free cash flow $m 3,532 -591 Working capital impacted by -802 unfavourable creditor movements 2,139 -365 Tax impact given timing phasing -310 of payments +68 1,532 Interest paid low
Slide 13: EPS impacted mainly by lower operating profit
I N T E R I M R E S U LT S F I S C A L 2 6 EPS impacted mainly by lower operating profit Movement in EPS pre-exceptionals cents -2.5% 97.7 0.6 -4.2 95.3 -1.2 1.3 -0.4 1.5 F25 H1 EPS Exchange Organic Tax Acquisitions Non-controlling Other1 F26 H1 EPS pre- operating & disposals Interest pre- exception
Slide 14: Balance sheet at the end of fiscal 26 H1
I N T E R I M R E S U LT S F I S C A L 2 6 Balance sheet at the end of fiscal 26 H1 F26 H1 F25 FY Movement F26 H1 v F25 FY Closing net debt1 $m (21,672) (21,854) 182 Average net debt1 $m (21,808) (21,540) (268) Net interest charge (pre-exceptional items) $m (414) (830) Net other finance charges $m (
Slide 15: Fiscal Outlook
I N T E R I M R E S U LT S F I S C A L 2 6 Fiscal 26 Outlook Organic net sales: to be down 2% - 3% given further weakness in the US. This also includes the impact of Chinese white spirits (CWS) Organic operating profit growth: to be flat to up low-single-digit, including the revised organic net sale
Slide 16: First impressions and immediate priorities
First impressions and immediate priorities Sir Dave Lewis, CEO
Slide 17: Spirits is a resilient category with a strong premiumisation history
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S Spirits is a resilient category with a strong premiumisation history Global Spirits Index (2010=100) 200 Value1 (USD m) 180 160 140 120 Volume1 (EUs) 100 Consumption per capita2 (EUs per LPA+ pop.) 80 2010 2011 2012 2013 2014
Slide 18: In the last year consumption dynamics haven't materially changed
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S In the last year consumption dynamics haven’t materially changed Change in LPA+ consumption of Spirits In the last year in four major markets (‘25 vs ’24) compromising c.55% NSV • Relatively stable household penetration Penet
Slide 19: Economic pressure has meaningfully impacted disposable income
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S Economic pressure has meaningfully impacted disposable income US households are spending ~25% more on general CPG UK essential & discretionary household expenses £/week staples (ex-alcohol) as compared to 5 years ago but rece
Slide 20: Other factors are present, but impact is relatively limited
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S Other factors are present, but impact is relatively limited US Age Cohorts LPA-34 consumers: Highest increase in penetration and frequency with decreased servings per occasion Impact US LPA+ consumption of Spirits by Cohort (
Slide 21: Diageo share of spirits over time has been very stable
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S Diageo share of spirits over time has been very stable Diageo Market Share %1 Category Market Share 22% Change 20% Diageo 2024 2010-24 % Share (bps) 18% International Spirits 16% +118 16.7% 14% International Spirits (incl. RT
Slide 22: Premium portfolio bias challenged in a weaker climate
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S Premium portfolio bias challenged in a weaker climate % Share of RSV for Market and Diageo, fiscal 25 by Average Selling Price per Unit1 US Spirits Tequila Diageo mix index vs market $/unit Market Diageo (vs Mkt) Market Diage
Slide 23: RTD: an increasingly relevant role in spirits socialising occasions
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S RTD: an increasingly relevant role in spirits socialising occasions RTD share of spirits category has increased since 2020 Higher and lower ABV RTDs driving growth Market Share1 % RTD share & growth 2021-2024 35% RSV $bn, % 2
Slide 24: Guinness: a world class brand with significant potential
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S Guinness: a world class brand with significant potential Guinness has delivered strong With significant opportunity outperformance for geographic expansion Global market share of premium plus beer1 Share of Market Share of Gu
Slide 25: Immediate Priority: 1. Competitive category strategies winning with relevant brands
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S Immediate Priority: 1. Competitive category strategies winning with relevant brands • Continue to invest in premium portfolio • Explore new portfolio opportunities: — Price re-positioning — New proposition spaces • Sharpen pr
Slide 26: MENA (UAE): repositioning whisk(e)y portfolio to meet consumer needs
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S MENA(UAE):repositioning whisk(e)y portfolio to meet consumer needs Portfolio repositioning to meet consumer needs and increase competitive positioning1 From Officer’s McDowell’s Imperial Royal Clan Blenders Grant’s Jameson Wi
Slide 27: Immediate Priority: 2. Customer, Customer, Customer
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S Immediate Priority: 2. Customer, Customer, Customer • Reinvigorate and focus ‘on-trade’ • Customer service ‘off-trade’ — NAM 88% — LAC 86% — UK 89% • Joint business plan development and execution • “Grow our customers’ catego
Slide 28: Immediate Priority: 3. Redesign Diageo operating framework
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S Immediate Priority: 3. Redesign Diageo operating framework i. Clarity iv. Differentiating competencies ii. Agility v. Competitive edge iii. Effectiveness vi. Sharper capital deployment — Output — Cost Shareholder value creati
Slide 29: Summary
F I R S T I M P R E S S I O N S A N D I M M E D I AT E P R I O R I T I E S 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 h
Slide 30: DIAGEO
DIAGEO Celebrating life, every day, everywhere
Slide 31: Appendix
Appendix
Slide 32: Agreement to sell shareholding in EABL to Asahi
Agreement to sell shareholding in EABL to Asahi Announcement in December 2025 of sale of 65% shareholding in EABL and shareholding in Kenyan spirits business Estimated net proceeds after tax & transaction costs of $2.3 billion, implying 17x adjusted EBITDA Consistent with Diageo's strategy of approp
Slide 33: Implications of tariffs on US imports
Implications of tariffs on US imports Proactively managing and scenario planning to mitigate through: c.75% net sales not impacted • Inventory management by US • Supply chain optimisation tariffs 1 • Cost management • Re-allocation of investments • Pricing and promotion management c.25% net sales im
Slide 34: US Spirits industry and Diageo consumption (Nielsen/NABCA) 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 year1 H1 Fiscal 26 growth vs prior year Industry Diageo Fiscal 26 -2.4% -2.7% -4.0% -5.3% -7.3% -7.3% -8.
Slide 35: Foreign exchange information and expectations
Foreign exchange information and expectations F26 half year net sales value - FX rates F26 foreign exchange update Currency F26 H1 Spot at Spot at Average Average Using hedged rates in place and spot currency as 31 Dec 31 Dec actual actual rates on 31 December 2025 (including % of total 2024 2025 H1
Slide 36: Historic growth across regions - organic
Historic growth across regions - organic F25 F26 Net sales Q1 Q2 H1 Q3 Q4 H2 FY Q1 Q2 H1 North America 2.3 (0.1) 1.0 6.9 (2.3) 2.0 1.5 (2.7) (10.4) (6.8) Europe 1.0 0.7 0.8 (0.4) 0.0 (0.2) 0.3 3.5 2.2 2.7 Asia Pacific (10.9) 5.6 (2.5) 1.6 (9.8) (4.0) (3.2) (7.5) (14.0) (11.1) Latin America and 16.0
Slide 37: F26 half year exceptional operating expenses
F26 half year exceptional operating expenses Exceptional operating expenses $m Restructuring programmes – Accelerate and supply chain agility programme 86 Distill Ventures investments -1 One-off pension benefit (Ireland) 38 Ongoing litigation matters (Europe) 17 Total exceptional operating expenses
Slide 38: Financial/legal appendix: Definitions of non-GAAP measures
Financial/legal appendix: Definitions of non-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 incentive purposes. The group’s management b
Slide 39: 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 213-221 of Diageo’s Annual Report for the year ended 30 June 2025. (a) Exchange rates Exchange in the organic movement calculation reflects the adju
Slide 40: 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 statement caption to which they relate, and form part of the segmental reporting, and are excluded from the organic
Slide 41: Adjustment in respect of hyperinflation
Continued from the previous page Adjustment in respect of hyperinflation The group's experience is that hyperinflationary conditions result in price increases that include both normal pricing actions reflecting changes in demand, commodity and other input costs or considerations to drive commercial
Slide 42: 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 42 Interim Results Fiscal 26