Diageo plc (DEO) Q4 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:03.693 Good morning ladies and gentlemen and thank you for joining us this morning. 00:00:03.693 -- 00:00:09.696 Nick and I are here to share with you the results of fiscal 26 for Diageo 00:00:09.696 -- 00:00:13.538 and I'd also like to say something about the capital markets day which is taking place 00:00:13.538 -- 00:00:16.460 in our office this afternoon. 00:00:16.460 -- 00:00:21.703 We've issued today two statements one to cover 26 and the other to cover 00:00:21.703 -- 00:00:25.785 capital markets day and I think the way we'll do this if it's okay with you is I'll ask 00:00:25.785 -- 00:00:28.735 Nick to walk you through the results of last year. 00:00:28.735 -- 00:00:32.856 and then I'll come back and share a few thoughts as we get ready for the Capital Markets 00:00:32.856 -- 00:00:37.377 Day this afternoon. Take over to you. 00:00:38.358 -- 00:00:43.600 Thank you, Dave. So fiscal 26 has been a mixed year with good momentum in Europe, 00:00:43.600 -- 00:00:48.202 Latin America and Africa, but with challenges in North America and Asia Pacific that 00:00:48.202 -- 00:00:53.044 we've talked about through the year. We're focused on becoming more competitive in the 00:00:53.044 -- 00:00:58.242 US and we'll share more details on this later at our Capital Markets Day. 00:00:58.242 -- 00:01:02.705 We have delivered strong free cash flow which has enabled us to reduce leverage at the 00:01:02.705 -- 00:01:07.748 end of the year. We've made good progress on the three priorities that Dave set out 00:01:07.748 -- 00:01:12.751 at our interim results and the implementation of the new operating model is already 00:01:12.751 -- 00:01:14.572 well progressed. 00:01:14.572 -- 00:01:19.435 The savings from the actions we are taking will allow us to i...