Diageo : Annual Report 2026

About this update from Diageo Plc

Contents Annual Report 2026 Contents Strategic report: Our business 2 Diageo at a glance 2 Performance highlights 3 Chair's statement 4 Chief Executive's statement 6 Our fiscal 26 performance 8 Our turnaround plan 10 Our business model 12 Market dynamics 13 Investment case 14 Strategic report: Our performance 16 Our performance 16 Summary financial review 20 Business review 22 Group financial review 30 Spirit of Progress 32 Business integrity and human rights 34 Our people and culture 36 Health and safety 38 Promote positive drinking 40 Champion inclusion and diversity 42 Pioneering grain-to-glass sustainability 44 Our ESG reporting approach 57 Effective risk management 60 Viability statement 68 Governance report 69 Chair's introduction to Governance 70 Corporate governance structure and division of responsibilities 71 Board of Directors 73 Executive Committee 75 Corporate governance report 77 Audit Committee report 89 Nomination Committee report 96 Directors' Remuneration report 100 Directors' report 130 Financial statements 134 Additional information 204 Unaudited financial information 205 Cautionary statement concerning forward-looking statements 213 Independent limited assurance report to the Directors of Diageo plc on selected information 214 Other additional information 217 1 Diageo Annual Report 2026 Diageo at a glance ‌A broad portfolio of iconic brands Our global footprint 200+ brands c.180 countries and territories 27,500+ employees 110+ manufacturing sites Our performance $19.6bn fiscal 26 reported net sales 1.8x larger than nearest international spirits competitor (1) #1 in international spirits by retail sales value (1) Our key categories Reported net sales by category (%) Scotch 24 Tequila 12 Vodka 8 Canadian whisky 6 Rum 5 Liqueurs 5 Gin 4 IMFL whisky 4 US whiskey 2 Chinese white spirits 2 Beer 18 Ready-to-drink (RTD) 4 IWSR 2025 2 Diageo Annual Report 2026 Performance highlights ‌Fiscal 26 financial performance Volume (equivalent units) EU227.1m (2025: EU230.1m) Reported movement (1)% Reported net sales (2) $19,643m (2025: $20,245m) Reported movement (3)% Earnings per share (eps) 78.1c (2025: 105.9c) Reported movement (26)% Organic movement (1) - - Organic movement (1) (2)% Eps before exceptional items movement (1) 1% Reported operating profit Net cash from operating activities Total recommended dividend per share (3) $3,156m $4,392m 50.00c (2025: $4,335m) Reported movement (27)% (2025: $4,297m) 2026 free cash flow (1) $3,211m (2025: 103.48c) Organic movement (1) 2% 2025 free cash flow (1) $2,748m Fiscal 26 non-financial performance Positive drinking 2.96m (2025: 3.60m) Total to date: 14.98m Reach of Diageo Positive Drinking education programmes and partnerships. Comprising: (4) Number of people educated on the dangers of underage drinking through a Diageo-supported education programme is 1.71m Δ (2025: 1.99m (5) ); Number of drink driving educational experiences delivered 1.25m Δ (2025: 1.61m (5) ). Inclusion and diversity 44% Δ (2025: 43%) Percentage of female leaders globally 46% Δ (2025: 46%) Percentage of ethnically diverse leaders globally Water replenishment 100% (2025: 84%) Cumulative progress: Replenish more water than we use for operations in water-stressed areas. Greenhouse gas emissions (6) (25.7)% (2025: (20.9)%) Percentage change in absolute direct and indirect greenhouse gas emissions (market/net based) compared to fiscal 22 baseline See definitions and reconciliation of non-GAAP measures to GAAP measures on pages 205-211. Net sales are sales less excise duties. Includes recommended final dividend of 30c for fiscal 26. These programmes measure different outcomes and are reported over different reporting periods. Refer to the Non-Financial Reporting Boundaries and Methodologies document for further information. Comparative fiscal 25 target results are presented to two decimal places to improve comparability with current year reporting. Data for the baseline year and for the intervening period up to the end of last financial year has been recalculated in line with our Non-Financial Reporting Boundaries and Methodologies. △ Selected metrics have been subject to independent limited assurance by PricewaterhouseCoopers LLP (PwC) for the year ended 30 June 2026. See pages 214-216 of the Annual Report and pages 70-72 of the ESG Reporting Index. The Non-Financial Reporting Boundaries and Methodologies can be found on our website. Unless otherwise stated in this document, percentage movements refer to organic movements. For a definition of organic movement and reconciliation of all non-GAAP measures to GAAP measures, see pages 205-211. Share refers to value share. Percentage figures presented are reflective of a year-on-year comparison, namely 2025-2026, unless otherwise specified. Chair's statement ‌A year of change This has been a year of significant change for Diageo, but one in which we have taken important steps to drive the company's transformation. The operating environment has remained volatile, largely owing to continued macroeconomic and geopolitical uncertainty. We also recognise that Diageo should be doing more to reach its potential. I want to be clear about that. As we close the fiscal, we are looking to Diageo's future with confidence and conviction. Whilst we continue to face challenges, spirits remain an attractive and resilient category, with growth in Europe, LAC, Africa and Asia Pacific (when excluding Chinese White Spirits). There is much work to be done, particularly in North America, which remains a softer market, but as a Board we are encouraged by the new direction of the business and the progress made in establishing a clearer path forward. When I wrote to you a year ago, I said my immediate focus was to appoint the right Chief Executive. I would like to thank Nik Jhangiani for his leadership as Interim Chief Executive while the Board and I focused on that process. In November, we were delighted to announce the appointment of Sir Dave Lewis as Chief Executive. Dave joined the business in January and has made a strong start. He is a proven Chief Executive with extensive marketing and brand-building experience, coupled with an outstanding track record of leading global consumer businesses. The Board is confident that Dave will work with the team to lead Diageo through its next successful chapter. He has hit the ground running, spending time across the regions, listening to colleagues, customers and partners, and working with his leadership team to establish a clear view of what needs to change. In early August, he updated both our employees and then investors on his plans and strategy. This strategy sets out some of the significant moves that are already being implemented across the business, including changes to the operating framework to make Diageo more competitive. We recognise that changes of this scale can be difficult in the short term, and I would like to thank colleagues across Diageo for the commitment and passion they have shown throughout the year. Under Dave and his leadership team, the Board is confident that Diageo is on the right path to returning to consistent growth and delivering stronger shareholder returns. Driving long-term shareholder value and strengthening the balance sheet As we look to the task ahead, our focus is firmly on restoring stronger performance across the business as a whole. We recognise that the full benefits of the new strategy will take time to come through. Consumer confidence remains fragile across many developed markets, which in turn has an impact on willingness to spend. North America has continued to experience softer demand, while geopolitical uncertainty, including ongoing conflict in the Middle East and tensions affecting global trade, have added further complexity. We need to ensure that our portfolio is positioned for how consumers are engaging with brands today, that our pricing remains relevant and that investment is focused on the areas with the greatest potential to drive sustainable growth. Delivering long-term growth also requires a stronger financial foundation. For the Board, that has meant a clear focus on strengthening Diageo's balance sheet and reducing financial leverage. Over the course of the year, we took a number of important actions to deliver on that ambition, while continuing to drive investment behind our portfolio of brands. Steps included improving operating cash flow, progressing strategic disposals and taking the necessary decision to reduce the dividend. On disposals, we announced the sale of East African Breweries PLC, where we would like to thank colleagues across Kenya, Uganda and Tanzania for their commitment and professionalism. We also announced the sale of our stake in Royal Challengers Bengaluru cricket team. We know the dividend is important to our shareholders, and the Board did not take its decision to change the dividend policy lightly. However, we believe it was a necessary and responsible step to strengthen the balance sheet, create greater flexibility and put the business in a stronger position to invest for growth. We have already seen the impact of those decisions start to come through, with net debt to adjusted EBITDA of 3.1x at year-end, down from 3.4x year-on-year. By focusing the business on a simpler set of priorities and measures, we are confident Diageo can reinforce its position as the leading international spirits business and deliver stronger shareholder value over the coming years. Leadership changes Alongside the appointment of a new Chief Executive, the composition of the Board has continued to evolve. We were delighted to welcome John Rishton as a Non-Executive Director in November 2025. John brings more than 40 years of experience across large multinational companies and global industries, including senior roles at Rolls-Royce, Informa and British Airways. He has joined the Audit and Nomination Committees, and I would like to thank him for the contribution he has already made. The Board will also be strengthened by the appointment of Alex Keith, who joins in November. She brings with her more than 30 years of leadership experience at Procter & Gamble, most recently as CEO of P&G Beauty, alongside expertise in strategy, brand-building, international business, and sustainability. In addition to these Board changes, this financial year has marked a period of change for Diageo's Executive Committee. While Nik Jhangiani served as Interim Chief Executive, Deirdre Mahlan returned as Interim Chief Financial Officer. We are very grateful to Deirdre for once again supporting Diageo and for her many contributions over the course of her distinguished career with the company. The Board also supported the Chief Executive as he reshaped his Executive Committee for fiscal 27 and beyond, as detailed in his statement. Having the right management team in place is essential to delivering Diageo's strategic priorities and strengthening performance. The Board is confident that the reshaped Executive Committee brings the experience, focus and energy needed to do so. Spirit of Progress As we reshape the business, we are also maintaining our focus on the areas that are central to Diageo's long-term resilience and values. We have continued to make progress against our Spirit of Progress ESG action plan and have achieved our ambition of replenishing more water than we use in our operations in water-stressed areas, with work continuing across markets including Mexico, India and countries across Africa. Water stewardship remains critical to the resilience of our operations and to the communities in which we operate. It is one of the areas where Diageo can make a substantial and lasting contribution. Positive drinking also remains central to our approach. Ahead of the FIFA World Cup this year, we launched "The Best Move: Celebrate Responsibly" across Latin America and the Caribbean, using the reach of the tournament and our brands to encourage simple moderation habits and responsible celebration. While Spirit of Progress is no longer part of the long-term incentive plan, the accelerated work undertaken in recent years has embedded its priorities more deeply within the business and will continue to be a focus for the Board. Together, this work reflects our continued commitment to using Diageo's scale and influence responsibly, while supporting the long-term resilience of the business and the communities in which we operate. Looking forward The decisions made this year have laid the foundations for the next phase of Diageo's transformation. I believe we will look back on this financial year as a year in which we took important steps to set the business up for the future. We are clear on Diageo's growth priorities and, as a Board, we believe we have the right leadership, culture and strategy in place to deliver on them. There remains much to do, and we do not underestimate the challenges ahead. However, we remain confident in the fundamentals of the business; in the long-term attractiveness of the spirits market and the role of our spirits portfolio, including RTDs; in the continued growth potential of Guinness; and in the strength of Diageo's market positions. I am encouraged by the start Dave and his team have made and the work they are doing to accelerate Diageo's repositioning into a fundamentally more competitive business, capable of delivering sustainable growth and long-term value for shareholders. Finally, I would like to thank all our colleagues that were part of the journey this past year. Their commitment, resilience and passion for our brands have been deeply appreciated throughout a demanding time. The Board and I look forward to working with Dave, his leadership team and colleagues across Diageo as we take the company into its next chapter. Sir John Manzoni Chair Statement on Section 172 of the Companies Act 2006 Section 172 of the Companies Act 2006 requires the Directors to promote the success of the company for the benefit of the members as a whole, having regard to the interests of stakeholders in their decision-making. In making decisions, the Directors consider what is most likely to promote the success of the company for its shareholders in the long term, as well as the interests of the group's stakeholders. The Directors understand the importance of taking into account the views of stakeholders and the impact of the company's activities on local communities, the environment, including climate change, and the group's reputation. Read more about how stakeholders were taken into account in decision-making on pages 80-86. Chief Executive's statement ‌The case for change I was delighted to be asked to join Diageo in January this year. This is a business I have long admired, a company with an extraordinary portfolio of brands, steeped in history and craft. There is no denying that fiscal 26 was a challenging year, particularly given the macroeconomic backdrop and continued pressure on consumer wallets. There are some positives, we have seen growth in three out of five of our regions, however, we have been uncompetitive in our largest market, North America, and urgent work is underway to address this. Between January and April, the Executive team and I looked back to objectively analyse how we were performing. We did this through the lens of four key stakeholders (shareholders, customers, colleagues and our supply partners). This resulted in the revised strategy we recommended to the Board in April. When we look at the evolutions of our markets, three factors are really important. Demographics and the size of the Legal Drinking Age population, consumer economics and specifically disposable income and consumer attitudes and behaviours. The biggest pressure we see today is economic, with consumers being more selective about their discretionary spending. Moderation and low and no alcohol remain important trends that we stay close to and we continue to watch GLP-1s carefully. Yet, early data indicates that the impact is lower on spirits when compared to beer and wine. The shape of the spirits sector is also evolving. Premiumisation remains integral to our strategy but this is now more nuanced. We need to keep growing premium and luxury where the opportunity exists, whilst also utilising the full price and format ladder of our brand portfolio. That means better price-pack architecture, more relevant propositions, and formats that meet consumers where they are. The growth in ready-to-drink (RTD) cocktails is also interesting in this regard. We should not treat RTDs as separate from spirits. Consumers come to many RTD occasions with similar motivations to spirits occasions, and RTDs are increasingly important to how consumers engage with our brands, they are portable, consistent and represent good value for money vs an on-premise purchase. We created this space with Smirnoff Ice 25 years ago, but we lost focus. We are now aligning RTDs with our spirits brands and reassessing the opportunity. This is why we are changing the way we define the market we compete in. Going forward, our focus is on winning in total spirits, including RTDs, and on Guinness in premium beer. At our interim results in February, I outlined that customers are a critical part of the case for change. Diageo has too often relied on the strength of its brands without prioritising its customer partnership, category management, service and execution. That has to change. Our ambition is to help grow our customers' categories and to gain from that growth - winning together. We also need to think differently about suppliers. We will have clearer expectations, stronger partnerships, more collaborative innovation and better end-to-end processes so that our suppliers can help us build a more resilient, more agile and more competitive Diageo. We have also listened very closely to our colleagues. They want a clearer, simpler, and more efficient Diageo. This has informed the new operating framework, the rewiring of the business, and the work we are doing on purpose and behaviours. As an Executive team we are confident that these changes will create stronger total shareholder returns and will allow us to look at the choices we make, the capital we deploy, and the returns these generate. Over the next two years, we will invest $1.2 billion in restructuring to generate $1 billion in annual savings. We will invest this back to advance innovation, our overall competitiveness and to protect underlying profitability. Strategic choices: people, purpose, performance Since January, we have undertaken a thorough listening programme with thousands of our employees, including leadership conversations, colleague feedback, focus groups and open-ended input from across the organisation. That work helped us define not just what needed to change but also created a new purpose for the company. This was built around a simple idea: crafting iconic drinks chosen for life's moments. This reflects what makes Diageo special. We craft drinks, not just liquids. We build brands that are chosen by name. And we play a role in moments that matter to people. Alongside this purpose, we have begun to reset the behaviours we need to deliver the strategy. Culture is not separate from strategy. It is shaped by the purpose we pursue, the behaviours we reward, and the way we organise ourselves. The new Diageo behaviours are: One Team, Competitiveness, and Decisiveness. Our strategic focus is clear. Diageo will compete across a full price and format ladder in spirits, including RTDs, in premium beer through Guinness, and across the on-trade to ensure consistent global visibility. For Diageo to win, we have deliberately designed the business to build and extract the benefits of Diageo's scale, capability and portfolio. We have also done significant work on the operating model. We have created five regions and 23 country or cluster organisation, to produce clearer accountabilities between global, regional and market teams. This will allow us to gain advantage from our scale, while preserving the local insight and execution that matter most to consumers and customers. During the year, the Board took action to create the financial flexibility needed to support the turnaround. We have to strengthen the balance sheet and reduce leverage, while continuing to invest in the areas that will make Diageo more competitive. These are not separate choices. A stronger balance sheet gives us greater flexibility and optionality; targeted investment in the right areas is what will rebuild growth, cash generation and long-term shareholder value. After investing $3.75 billion of capital expenditure and funding the restructuring charges, we expect to generate around $8 billion of cash over 3 years. In 2026 we have reduced leverage to 3.1x, with the expected sale of EABL and the completion of the Royal Challenges Bengaluru cricket team (both expected to close in H2 calendar 2026) we expect to see leverage be around 2.75x in fiscal 27. We will prioritise investment where it improves competitiveness, strengthens our brands, builds the capabilities we need, and has a clear path to value creation. Leadership changes Within the Executive Committee, John O'Keeffe moved to become CEO & President of Diageo North America, Dayalan Nayager became President of a newly combined EMEA region, Sujay Wasan was appointed as President, APAC, and Natalie Bickford as Chief People Officer. I would also like to thank Louise Prashad, Hina Nagarajan and Sally Grimes for their service to Diageo and for the important contributions they made to the business. Looking to the future I am encouraged by the strength of our brands, the passion of our people, and the quality of our craft, but there is hard work ahead. I want to thank our colleagues around the world for their commitment through a year of change. I also want to thank the Executive Committee, the Board and our Chair for their support and challenge as we shape the next phase of Diageo. Sir Dave Lewis Chief Executive Our fiscal 26 performance ‌Our fiscal 26 performance Diageo's performance in fiscal 26 saw growth in Europe, LAC and Africa, offset by weakness in North America and Asia Pacific. Organic net sales declined 2.0% with volume down 0.4% and an unfavourable price/mix of 1.6%, primarily as a result of adverse mix due to US spirits performance and weaker results in Chinese White Spirits (CWS). Excluding CWS, organic net sales for the group would have been c.1.5% higher. Organic operating profit increased by 2.0%, with organic operating profit margin up 116bps, mainly due to the benefit of cost savings, partly offset by adverse mix and tariffs. Our continued focus on cash is delivering lower leverage, as free cash flow increased by $463 million to $3.2 billion. The sale of East Africa Breweries plc (EABL) remains on track to complete in calendar H2 2026. The disposal of Royal Challengers Bengaluru (RCB) cricket team by United Spirits Limited is progressing as planned. We are focused on recovering our competitiveness in NAM and we are working through the consequences of Government policy in Chinese white spirits. On 6 August, we announced a new strategy, which is set out on page 10. Our previous strategy, the Growth Ambition, is summarised in the table below. Former strategy, now retired Strategy Unleash the power of our brands and portfolio to lead and shape consumer trends executed with operational excellence Brands and portfolio Consumer trends Operational excellence Enablers Building a more 'Digital Diageo' with end-to-end transformation impact Diverse and engaged talent with an inclusive culture, behaviours and new organisational capabilities 'Spirit of Progress' focus; doing business the right way from grain to glass Outcomes Deliver sustainable top-line growth Increase operating leverage Optimise returns Maximise free cash flow Brands driving fiscal 2026 performance - case studies Consumer trends Smirnoff Ice: From brand refresh to category outperformance Known as the 'OG' RTD, Smirnoff Ice pioneered the RTD category and celebrated its 25th anniversary last year with the launch of its first ever global campaign and brand refresh to take it forward for another 25 years and beyond. The campaign built on the brand's original witty, self-aware tone which continues to resonate with consumers today. The move from glass bottles to cans in key markets including Great Britain, North America, Brazil and Ireland, enabled us to express the brand's vibrancy and flavour in a modern way while expanding our presence in the convenience sector, with a single-serve can for consumers on the go. With flavour remaining the key driver of consumer choice in the RTD category (1) , we extended our core range with new flavours inspired by trusted favourites from around the world, including Green Apple and Raspberry. The launch of Smirnoff Crush in Great Britain followed its success in North America and Australia where 72% of consumers repurchased after initial trial. This big, bold flavour innovation delivers a higher ABV in a larger RTD format - opening new occasions and reinforcing the brand's commitment to innovation-led growth and led to the extension of the flavour line up in June 2026. Our strong commercial strategy both in-store and across third-party spaces is also showing great success. Over the past two years, Smirnoff Ice secured more than 170 music event and festival partnerships worldwide, reaching over four million people. Smirnoff Ice outperformed the RTD category across Brazil (RTDs grew 10% while Smirnoff Ice grew 30%) and Germany (RTDs grew 10% while Smirnoff Ice grew 83%). In Ireland, where Smirnoff Ice became the number one RTD brand in the market, the RTD category grew 37%, compared with 56% for Smirnoff Ice (2) . With all of this in play, Smirnoff Ice is well positioned for its next chapter of growth - re-energising the brand for existing fans and a new generation of consumers alike. Kantar, 2025 IWSR, 2025 Guinness growth Guinness: Turning moments that matter into brand growth Guinness continues to build momentum among consumers around the world, creating significant opportunities ahead to recruit the next generation of Legal Purchase Age (LPA+) drinkers. Celebrating the moments that matter most to consumers is a key part of that strategy. As consumers look for more ways to connect with each other in real life, Guinness transformed one of its most iconic brand assets to invite people to share their own 'Pint of View'. By removing the pint silhouette from its beer mats, we created a frame for communities to fill the space it left behind and capture their own 'lovely days'. What began in thousands of pubs across Ireland has been seen by millions through user-generated content on social media, showing up across cultural moments from match days to Oasis gigs. Beyond the pub we scaled 'Pint of View' across media channels with life-size builds at stadiums, night-time projections in capital cities and iconic billboard placements. 'Pint of View' has delivered impressive results. After an initial rollout of 2.5 million beer mats in Ireland, demand surged, with more than 10.8 million mats ordered globally to date. In Ireland, pubs stocking the beer mats saw higher year-on-year rate of sale growth than those that did not. The momentum has continued across social media and culture, reaching an audience of 3.7 million and growing, delivering 480% higher engagement and 595% greater reach than average Guinness social content. By building on a behaviour consumers were already embracing - capturing and sharing life's moments - Guinness transformed everyday experiences into a canvas for storytelling, strengthening brand relevance with a new generation of LPA+ drinkers. ‌ DIAGEO Purpose Croftin g icon ie drin ks chosen for life' s moments Where we ploy One Te o m Our new strategy is already delivering The strategy has been deliberately designed to build and extract the benefits of Diageo's scale, capability and portfolio. Below we have highlighted some of the ways in which this is already delivering stronger performance and growth. Relevant brands in competitive category strategies Whisky in the UAE Whilst the UAE is often associated with luxury spending, this represents only a small portion when looking at spirits consumption. In reality, around eight in 10 bottles of whisky consumed in the UAE sit in the standard and value segments. (1) A review of our portfolio showed that VAT 69, Black & White and JεB were priced in the same bracket as Johnnie Walker Red Label, a leader in the standard segment. (1) Further down the price ladder, however, significant volume was being captured by entry-level secondary Scotch and Indian whisky brands. Consumer insights show us that even across all price segments, shoppers are looking to premiumise. Premiumisation is not defined by a universal price point; it is relative to each consumer's income, shopping basket and perception of value. This was especially relevant in the UAE, where many standard and value whisky consumers originate from India. In India, brands such as VAT 69 and Black & White already have strong aspirational appeal. (1) The issue was not brand relevance, but affordability and availability. We therefore repriced the brands and improved distribution in the right outlets. Once these barriers were addressed, demand accelerated quickly. In just 20 days, VAT 69 sold the same volume it had delivered over the previous year at the old price. Market share gains began to appear within three months. The initiative started in the UAE, the largest opportunity in MENA, and is now being rolled out selectively across the region. IWSR, 2025 Bundaberg Rum in Australia Bundaberg Rum has always had a distinctive place in Australian culture. Known locally as Bundy, the brand is strongly associated with easy-going sociability and the moments Australians share together. When Bundaberg Campfire Bourbon Barrel Finished Rum launched in 2023, the team set out to create a more contemporary expression of one of Australia's most iconic rum brands. Known in-market as Bundy Campfire, the innovation was designed to broaden the brand's appeal, recruit younger LPA+ consumers and stretch Bundy into new occasions. Launched first as a glass spirit in August 2023, then expanded into RTD in February 2024, Bundy Campfire has quickly become a significant growth platform for the Bundaberg trademark. For existing Bundy drinkers, Campfire offered a fresh expression of a familiar brand. For consumers who may not have previously considered Bundy, it created a more accessible entry point into the trademark. In fiscal 26, the platform was further strengthened with the introduction of two new variants: Bundy Campfire Zero Sugar and Bundy Campfire & Dry. These additions expanded the range into more consumer occasions, responding to growing demand for lighter, more refreshing serves and zero/lower sugar options. By broadening choice while staying anchored in the distinctive Campfire liquid story, the new variants have helped accelerate performance and further build the platform's relevance with today's dark spirits consumers. Campfire is helping Bundy grow with new consumers and in new geographies. The platform is over-indexing with younger LPA+ consumers and expanding Bundy's footprint outside traditional Heartland areas, helping the brand appeal to a broader national audience. (1) Since launch, Bundy Campfire has rapidly become a meaningful growth platform for the Bundaberg trademark. It now represents more than 10% of the total Bundaberg trademark, demonstrating the scale and strength of the proposition across glass and premix. Bundy was the #1 brand for dark spirits share gains, with Bundy Campfire a key driver of that momentum. (1) The success of Campfire shows how innovation can unlock new growth for an iconic trademark. (1) Circana, 2026 11 Diageo Annual Report 2026 Our business model ‌Creating value for all our stakeholders Creating value Our business model allows us to create value across three main areas: Financial - for our investors Human - for our people, suppliers, customers and consumers Social - for our communities What we do We source From smallholder farmers in Africa and Mexico, to multinational companies, we work with our suppliers to procure high-quality raw materials and services, with sustainability in mind. Where it is right for our business, we grow and source locally. We innovate Using our deep understanding of consumer trends and socialising occasions, we focus on driving sustainable innovation that provides new products and experiences for consumers; be that a non-alcoholic option, an offering that suits convenience or improving the on-trade experience. We make We distil, brew and bottle our spirits and beer brands through a globally co-ordinated supply operation, working to the highest quality and manufacturing standards. We prioritise using local production where it is right for our business. We transport We move our products to where they need to be in the world; be that from a local distillery in market or shipping scotch. We sell to customers We grow by working closely with our customers. Our global and local sales teams use our data, digital tools and insights to extend our sales reach, improve our execution and help generate value for us and for our customers. When our customers grow, we grow too. We market to consumers We invest in world-class marketing to build vibrant brands that resonate with our consumers. To do this responsibly, we have our rigorous Diageo Marketing Code which guides everything we do. We help consumers connect We continually evolve our data tools to understand consumers' attitudes and motivations. We convert this information into insights which enable us to respond with agility to our consumers' interests and preferences. Our stakeholders Our people Communities Consumers Investors Customers Government and regulators Suppliers 12 Diageo Annual Report 2026 Market dynamics ‌Understanding market dynamics We continue to believe in the long-term growth potential of spirits, including RTDs, and premium beer. The outlook is being shaped by three factors: demographics, consumer wallets and consumer behaviours. While near-term pressures remain, particularly on wallets, consumers continue to engage with our categories. Demographics Demographics remain a long-term tailwind for spirits. Population growth expands the legal purchasing age consumer base, while spirits continue to engage consumers across a broad Consumer behaviours Three behavioural trends are shaping the category: evolving social behaviours and alcohol's role within them, convenience, and GLP-1s. While consumers report moderating 1-3% Expected global value growth in spirits, including RTDs over the next three years (4) range of ages. Compared with alcohol overall, spirits spending is sustained across a broader their alcohol consumption, this is a nuanced behaviour driven by both health and financial span of adulthood, making the category well positioned as populations age. (1) Legal purchasing age Gen-Z consumers are also engaging strongly with spirits and RTDs, with penetration above the general population across a range of markets. (2) Consumer wallets Consumer wallets are the most significant near-term pressure, particularly in developed markets where income growth has lagged inflation and discretionary spending has come under pressure. This is increasingly affecting middle-income consumers as well as lower-income households. With wallets under pressure, consumers are looking for ways to stay in the category and continue to consume premium brands, including through smaller formats and RTDs. In many emerging markets, the picture is a tailwind, with stronger income growth, economic development and an expanding middle class supporting category participation and premiumisation. considerations, and often involves continuing to participate in the category through lower-strength products, smaller formats and RTDs. Convenience remains a persistent behavioural trend supporting RTD growth, while current evidence suggests GLP-1s have a lower impact on spirits than on beer and wine. (3) 1-3% Expected global value growth in premium beer over the next three years (5) US Bureau of Labor Statistics, 2024: US Annual HH spend on spirits at home, by age of primary householder, indexed vs US average spend, 2024 BGS Kantar F26, Claimed spirits/RTD penetration of TBA drinkers, Index of LPA-29 vs market average; spirits exclude baijiu Numerator L12M spend decline delta, GLP-1 users vs non-users (ppt), average of 4 waves of analysis via Numerator - Wave 1 (Jan '25), Wave 2 (Apr '25), Wave 3 (Oct '25), Wave 4 (Jan '26) Internal projections Internal projections 13 Diageo Annual Report 2026 Investment case ‌An attractive investment case Spirits including RTDs and premium beer are resilient categories with significant growth potential. Diageo will win share by using our full portfolio of brands in competitive category strategies, with a strong focus on customer partnerships. Combined with a much more competitive and efficient operating framework, a clear financial plan to improve growth, cash generation and shareholder value creation, we believe Diageo represents an attractive investment case. Spirits including RTDs and premium beer are resilient categories with significant growth potential We are positive on the outlook for spirits including RTDs, and we see long term growth potential. We firmly believe that we can grow both volume and value share. This will be supported by leveraging the strength of our brands and recruiting LPA+ consumers through a more focused RTD strategy. Our global footprint will ensure that we benefit from both developed and emerging market growth; with growth in the earlier years expected to offset performance in North America. In premium beer, we continue to see significant growth potential for Guinness. We are investing in Guinness to help sustain its double-digit growth. We have clear plans to both add capacity over the coming years and extend brand reach through a combination of business models; to support and capture Guinness and Guinness 0.0 growth potential. Category strategy to serve more consumers across more occasions While the business will continue to focus on premiumisation, a key growth driver over the last decade, we are being more active across our broader portfolio. Implementation of a category strategy across the business will allow us to serve more consumers across more occasions. While some of this will involve price repositioning across the portfolio, it will also include additional formats such as smaller packs and RTD expressions. Results to date have demonstrated that this can increase both gross profit dollars and market share. Successful execution of this strategy will also enable us to better serve our customers, particularly in the off-trade, strengthening Diageo's ability to become a category champion across categories and ultimately growing revenue for both our customers and our business. The category strategy work will take longer in North America, where a significant turnaround is required and where the three-tier system adds complexity. However, early success in Latin America and Caribbean already demonstrates the potential of this approach to drive outperformance. Operating framework creating a more agile, more competitive Diageo We have made significant progress redesigning our operating framework to become more competitive. We are investing $1.2 billion in a 2-year restructuring plan, $1.1 billion in the new operating framework and $100 million in the supply chain. $752 million of this has been charged in fiscal 26, but the cash will flow out in fiscal 27 (the balance will be committed and spent in fiscal 27). By 1 September 2026, we will have implemented 90% of planned restructuring changes. More consistent organisational structures across five regions and 23 markets, a significant reduction in duplication at the centre, and implementation of end-to-end supply chain management will create a more focused business. This will enable us to be more agile as the market evolves and more focused on drivers of value creation and returns; with clear accountability across the business on each division's contribution to this. This plan will save c.$1 billion, with $850 million coming from the operating framework and c.$150 million from the supply chain. We will invest these savings back to advance innovation, selectively improve competitiveness and to protect underlying profitability. Turnaround plan for North America, while growth continues in the rest of the world We have shared clear financial plans for the next 3 years, as the turnaround progresses and with detail on planned assumptions for the North America business, our largest market, where the need for a turnaround is pronounced. Our commitment to a low-single-digit CAGR in net sales from fiscal 27 to fiscal 29 is expected to be accompanied by a CAGR of mid-single-digit organic operating profit growth. Excluding North America, the rest of our business is expected to deliver net sales growth of 3-5%. Eps is expected to grow ahead of operating profit growth over this period. Our North America assumptions are clear with improved share trends across the period with share stabilisation from the second year and a return to share growth in fiscal 29. Clear capital allocation priorities and significantly increased financial flexibility from fiscal 28 Cash remains a critical focus and our commitment to deliver remains key and well on track. We now expect to be at the mid-point of our target leverage range (2.5-3x net debt (1) / EBITDA) in fiscal 27, and to be at c.2x by the end of fiscal 29 absent any actions that the Board may decide to take. This assumes completion of the EABL and RCB disposals as expected as well as the higher capex spend as we invest in Guinness. Delivery on our financial guidance will result in significantly increased financial flexibility from fiscal 28. Our capital allocation priorities are clear and unchanged, with the priority for the coming years an organic turnaround. Leverage ratio is calculated using adjusted net debt which is the equivalent to adjusted net borrowings (net borrowings plus post-employment benefit liabilities before tax). 14 Diageo Annual Report 2026 15 Diageo Annual Report 2026 Our performance Reported measures ‌Monitoring performance and progress Net sales growth (%) Operating profit growth (%) Basic earnings per share (cents) 2026 (3.0) 2026 (27.2) 2026 78.1 2025 (0.1) 2025 (27.8) 2025 105.9 2024 (1.4) 2024 8.2 2024 173.2 2023 0.2 2023 (5.9) 2023 196.3 2022 19.3 2022 17.1 2022 184.6 Definition Sales growth after deducting excise duties. Operating profit growth, including exceptional operating items. Profit attributable to equity shareholders of the parent company, divided by the weighted average number of shares in issue. Non-GAAP measures Organic net sales growth (%) (1) (2.0)% Organic operating profit growth (%) (1) 2.0% Earnings per share before exceptional items (cents) (1) 165.3 2026 (2.0) 2026 2.0 2026 2025 1.7 2025 (0.7) 2025 2024 (0.6) 2024 (4.8) 2024 2023 6.5 2023 7.0 2023 2022 21.4 2022 26.3 2022 165.3 164.2 179.6 196.5 201.9 Definition Sales growth after deducting excise duties, excluding the impact of exchange rate movements, hyperinflation adjustment and acquisitions and disposals. Organic operating profit growth is calculated on a constant currency basis, excluding the impact of exceptional items, certain fair value remeasurements, hyperinflation adjustment and acquisitions and disposals. Profit before exceptional items attributable to equity shareholders of the parent company, divided by the weighted average number of shares in issue. Why we measure This measure reflects our delivery of sustainable top-line growth. Organic net sales growth is the result of the choices we make between categories and market participation, and reflects Diageo's ability to build brand equity and grow market share. The movement in operating profit measures our delivery of increasing operating leverage and optimising returns. Consistent operating profit growth is a business imperative, driven by investment choices, our focus on driving out costs across the business and improving mix. Earnings per share reflect the profitability of the business and how effectively we finance our balance sheet. Eps measures our delivery of optimised returns over time. Performance Reported net sales of $19.6 billion declined 3.0% mainly due to organic net sales decline and the impact of disposals. Organic net sales declined 2.0%. Volume down 0.4% and unfavourable price/mix 1.6%. Reported operating profit declined 27.2%, with organic operating profit growth offset mostly by exceptional restructuring costs and impairment charges. Reported operating profit margin declined 535bps. Organic operating profit increased by 2.0%, with organic operating profit margin up 116bps, mainly due to the benefit of cost savings, partly offset by adverse mix and tariffs. Basic earnings per share declined 26.3% from 105.9 cents to 78.1 cents mainly due to exceptional restructuring costs and impairment charges. Basic eps before exceptional items grew 0.7% from 164.2 cents to 165.3 cents, largely due to higher organic operating profit and favourable foreign exchange largely offset by lower fair value remeasurement, the profit impact of disposed businesses and higher finance charges. This was calculated using a weighted average number of shares in issue excluding own shares of 2,224 million (fiscal 25: 2,222 million). Read more on page 20 . Read more on page 21 . Read more on page 21 . Reported measures Net cash from operating activities ($ million) 4,392 4,297 4,105 3,636 5,213 2026 2025 2024 2023 2022 Definition Net cash from operating activities comprises the net cash flow from operating activities as disclosed on the face of the consolidated statement of cash flows. Return on closing net assets (%) 15.1 19.3 34.5 38.3 38.3 2026 2025 2024 2023 2022 Profit for the year divided by net assets at the end of the financial year. Remuneration Key Performance Indicators, which are included within incentive plans to assess performance for Directors' remuneration purposes. More details can be found from page 100. KPI: Key Performance Indicator Non-GAAP measures Free cash flow ($ million) (1),(2) 3,211 Return on average invested capital (ROIC) (%) (1) 13.4 13.7 15.8 18.4 19.8 13.4% Total shareholder return (TSR) (%) (14)% 2026 3,211 2026 2026 (14) 2025 2,748 2025 2025 (24) 2024 2,609 2024 2024 (24) 2023 2,235 2023 2023 (2) 2022 3,779 2022 2022 4 Definition Free cash flow comprises the net cash flow from operating activities aggregated with the net cash expenditure paid for property, plant and equipment, and computer software. Profit before finance charges and exceptional items attributable to equity shareholders divided by average invested capital. Invested capital comprises net assets excluding net post-employment benefit assets/liabilities, net borrowings and non-controlling interests. Percentage growth in the value of a Diageo share (assuming all dividends and capital distributions are re-invested). Why we measure Free cash flow is a key indicator of the financial management of the business. Free cash flow reflects the delivery of cash generated by the business to fund payments to our shareholders and future growth. ROIC is used by management to assess the return obtained from the group's asset base. Over time, ROIC reflects optimised returns, as the returns Diageo generates from its asset base are both reinvested in the business and used to generate returns for investors through dividends and return of capital programmes. Diageo's directors have a fiduciary responsibility to maximise long-term value for shareholders. TSR reflects the returns Diageo has delivered to investors in the year and over time. We also monitor our relative TSR performance against our peers. Performance Free cash flow increased by $463 million to $3.2 billion. Free cash flow increase was driven by lower capex and maturing stock investment along with lower year-on-year tax payments, partly offset by an adverse creditor movement and also the payment of termination fees to Moët Hennessy. In addition, fiscal 26 free cash flow includes a one-off working capital adverse impact of c.$100 million mainly related to inventory build ahead of the implementation of the group's S/4HANA ERP system. Net capital expenditure was $1,181 million (fiscal 25: $1,549 million) to support investment in the supply agility programme, supply capacity expansion projects, including Guinness, and investment furthering digital capability. ROIC was 13.4% (fiscal 25: 13.7%) with the positive impact of organic operating profit growth more than offset by lower fair value remeasurement and disposals. TSR was down 14% over the past 12 months driven by the lower year-on-year share price. Read more on page 21. Read more on page 21. Organic net sales growth, organic operating profit growth, earnings per share before exceptional items, free cash flow and return on average invested capital are non-GAAP measures. See definitions and reconciliation of non-GAAP measures to GAAP measures on pages 205-212. For reward purposes this measure is further adjusted for the impact of exchange rates, hyperinflation adjustment and other factors not controlled by management, to ensure focus on our underlying performance drivers. Our performance continued Non-financial performance Positive drinking Number of people educated on the dangers of underage drinking through a Diageo-supported education programme Number of drink driving educational experiences delivered 1.71m (2025: 1.99m (1) ) Total to date: 9.87m 1.25m (2025: 1.61m (1) ) Total to date: 5.11m Employee engagement index 79% 79% 82% 84% 81% 83% 2026 2025 2024 2023 2022 Inclusion and diversity 44% Percentage of female leaders globally (2025: 43%) 46% Percentage of ethnically diverse leaders globally (2025: 46%) Target By 2030: 10 million people educated on the dangers of underage drinking (from fiscal 18) and 5 million educational experiences delivered on the dangers of drink driving (from fiscal 21). Ambition 50% female and 45% ethnically diverse global leader representation by 2030. Definition Number of people educated on the dangers of underage drinking through a Diageo-supported education programme and number of drink driving educational experiences delivered. (2) Measured through the Our Voice survey; includes metrics for employee satisfaction, advocacy and pride. The percentage of women and the percentage of ethnically diverse individuals who are in Diageo leadership roles globally. Why we measure We want to change the way the world drinks for the better by promoting moderation and addressing the abuse of alcohol. We build credibility and trust by transparently reporting the total number of people educated on the dangers of underage drinking and reporting the educational experiences delivered on drink driving. Employee engagement releases the full potential of our people and our business, and it is a key enabler to our performance. The survey allows us to measure the extent to which employees believe we are living our values and is one of the measures of our culture. Reflecting on the results of our employee engagement level and taking action on important areas where needed each year helps us build credibility and trust with our people. Building an inclusive and diverse culture helps drive commercial performance and ensures we access the best talent. Transparently reporting the gender and ethnic diversity of our leadership cohort reflects our commitment to consistent value creation through our diverse workforce. Performance Globally, this year, we educated 1.71 million young people about the dangers of underage drinking, and delivered 1.25 million educational experiences on the dangers of drink driving. This year 88% of our people completed the Our Voice survey. 79% were identified as engaged. 88% declared themselves proud to work for Diageo, 78% would recommend Diageo as a great place to work and 71% were extremely satisfied with Diageo as a place to work. This year, 44% of our leadership roles were held by women and 46% of our leaders were ethnically diverse. Read more on pages 40-41. Read more on pages 36-37. Read more on pages 42-43. Comparative fiscal 25 target results are presented to two decimal places to improve comparability with current year reporting. These programmes measure different outcomes and are reported over different reporting periods. Refer to the Non-Financial Reporting Boundaries and Methodologies document for further information. Non-financial performance Water efficiency (1) Change vs baseline year (13.4)% (17.0)% (14.9)% (14.9)% Water replenishment Scope 1 and 2 greenhouse gas emissions (1) Change vs baseline year (25.7)% 2026 2025 2024 2023 2022 Percentage of sites in water-stressed areas where we replenish more water than we use (10.3)% 100% (11.0)% (2025:84%) 2026 (20.9)% (25.7)% 2025 (15.7)% 2024 (4.9)% 2023 2022 0% Target 30% reduction versus 2020 baseline year by 2030. Definition Percentage change in the water efficiency index across the company compared to fiscal 20 baseline. Why we measure Our water efficiency programme is critical to addressing water security, particularly in water-stressed areas. In addition to preserving our licence to operate, minimising water use within our own operations underpins our commitment to delivering long-term value by future-proofing our business against the impacts of a changing climate. It also helps to ensure this precious resource can continue to be shared with the communities we live and work amongst. Performance By the end of fiscal 26, our water efficiency across the company improved by 14.9% compared to our fiscal 20 baseline, although this year there was a reduction in efficiency compared to the previous year due to changes in our production profile. We implemented various water efficiency and recovery initiatives, including a new water recovery plant in Mexico and efficiency improvements at our distilleries in Scotland and North America. Read more on pages 52-53. Replenish more water than we use for operations in water-stressed areas by 2026. Percentage of sites in water-stressed areas where we replenish more water than we use. Our business will always require water use, so in water-stressed areas we are aiming to replenish more water than we use in our own sites by 2026. We do this mostly through nature based solutions, that restore and regenerate freshwater ecosystems, and investing to empower communities through the provision of clean drinking water, sanitation, and hygiene. We integrate these efforts with our regenerative agriculture, smallholder farmer and other programmes with the aim to contribute to a positive impact for climate, nature, and people. In fiscal 26 we are delighted that we have achieved our target, and we are now replenishing more water than we use at all our sites located in water-stressed areas. Read more on pages 52-53 50% reduction versus 2022 baseline year by 2030. Percentage change in absolute direct and indirect greenhouse gas emissions (market/net based) compared to fiscal 22 baseline. Mitigating our impact on climate change is a business imperative. Reporting on our efforts to reduce Scope 1 and 2 greenhouse gas emissions demonstrates our commitment to reducing our contribution to global warming and helps build credibility and trust. This is an important area for our business and external stakeholders, supporting our commitment to consistent value creation by future-proofing our business. Our Scope 1 and 2 greenhouse gas emissions reduced in total by 25.7% from our fiscal 22 baseline. The main drivers contributing to the lower emissions this year are the changes to production, energy efficiency improvements at our breweries and packaging sites in our biggest energy consuming markets and the fact that we have continued to optimise our bioenergy usage at key sites. Read more on pages 53-55. In accordance with Diageo's environmental reporting methodologies and, where relevant, WRI/WBCSD GHG Protocol; data for the baseline year and for the intervening period up to the end of last financial year has been recalculated where relevant. Summary financial review ‌Chief Financial Officer's introduction Reported net sales growth (3.0)% Reported operating profit growth (27.2)% Reported operating profit margin 16.1% Net cash from operating activities $4,392m Organic net sales growth (1) (2.0)% Organic operating profit growth (1) 2.0% Organic operating profit margin (1) 29.4% Free cash flow (1) $3,211m Fiscal 26 was a mixed year, with good momentum in Europe, Latin America and Caribbean, and Africa, but challenges in North America and Asia Pacific, particularly in US Spirits and Chinese white spirits. Organic net sales declined 2.0%, while organic operating profit increased 2.0% with organic operating margin up 116bps, mainly due to cost savings, partly offset by adverse mix and tariffs. EPS before exceptional items increased 0.7% to 165.3 cents. Reported operating profit declined 27.2%, with organic operating profit growth offset by exceptional impairment and restructuring charges as we took action to reshape the business and implement our new operating framework. Our strong focus on cash resulted in free cash flow of $3.2 billion, $463 million higher than fiscal 25, driven by more disciplined investment in capex and maturing stock and lower tax payments. We closed the year with lower net debt of $20.5 billion and our leverage ratio at 3.1x, down from 3.4x at the end of fiscal 25. We have recommended a full-year dividend of 50 cents per share, equating to a 30% dividend payout ratio, in line with our 30-50% dividend payout policy. I am pleased that we delivered $540 million, or c.85% of the Accelerate programme, in fiscal 26. The savings came from a focus on driving efficiency and effectiveness from A&P investment, supply and overheads. Separately, since year end, we have also successfully completed our migration to SAP S/4HANA, providing a stronger foundation for our data and processes. The implementation of the new operating framework is already well progressed and includes bringing together our Digital & Technology and Global Business Operations functions to drive simpler, more efficient end-to-end processes. In total, we expect c.$1 billion of savings from the new operating framework and supply chain changes over the next three years. These savings will allow us to invest without reducing operating profit. For fiscal 27, we are guiding for broadly flat organic net sales growth with low to mid-single-digit organic operating profit growth and free cash flow of c.$2 billion after exceptionals. We expect leverage to end fiscal 27 around the mid-point of our 2.5-3.0x target range, assuming successful completion of the EABL and Royal Challengers Bengaluru transactions. Over fiscal 27 to fiscal 29, we expect low-single-digit organic net sales growth and mid-single-digit organic operating profit growth on a CAGR basis, EPS growth ahead of organic operating profit growth on an FX-neutral basis, and cumulative free cash flow of c.$8 billion after c.$850 million of exceptional cash costs. Growth is critically important, and we are focused on sustainable and profitable growth. This is an organic turnaround, supported by a clear and disciplined capital allocation policy. I am confident that disciplined execution will strengthen Diageo's competitiveness, improve cash generation and create sustainable value for shareholders. Return on closing net assets 15.1% Basic earnings per share 78.1c Total shareholder return (14)% Return on average invested capital (1) 13.4% Earnings per share before exceptional items (1) 165.3c (1) Organic net sales growth, organic operating profit growth, organic operating profit margin, earnings per share before exceptional items, free cash flow and return on average invested capital are non-GAAP measures. See definitions and reconciliation on non-GAAP measures to GAAP measures on pages 206-212. ‌Net sales Reported net sales for the year reduced by 3.0% to $19,643 million (fiscal 25: $20,245 million) given the decline in organic net sales of $386 million (down 2.0%), the negative impact of acquisitions and disposals of $369 million and unfavourable foreign exchange of $208 million, partly offset by the hyperinflation adjustment of $332 million. Organic net sales declined 2.0%. Organic volume declined 0.4%, with a 14.0% increase in Africa and 3.1% in LAC offset by decline in North America and Asia Pacific. Unfavourable price/mix of 1.6%, reflecting the weaker results in CWS and US Spirits partly offset by positive price/mix in Europe and LAC. Excluding CWS, organic net sales for the group would have been c.1.5% higher, with volume broadly flat and price/mix down c.0.5%. Cost of sales Cost of sales declined 0.8% on a reported basis to $7,931 million (fiscal 25: $7,997 million), as productivity and disposals more than offset the negative impact from cost inflation and tariffs. Marketing Marketing investment was 13.1% lower on a reported basis at $3,183 million (fiscal 25: $3,662 million), reflecting a reinvestment rate of 16.2% (fiscal 25: 18.1%). On an organic basis, investment declined by 13.1%. The lower investment in fiscal 26 reflects the delivery of efficiencies and a more targeted allocation of marketing investment, while maintaining strong support for our key brands. Other operating items and exceptional operating items Other operating items before exceptional items decreased by 1.2% to $2,846 million (fiscal 25: $2,882 million), largely driven by lower indirect overhead spend. Exceptional operating charges increased to $2,527 million (fiscal 25: $1,369 million) mainly due to impairments of $1,489 million comprising a charge of $786 million in respect of the Türkiye cash-generating unit that included the goodwill from the Mey İçki acquisition and several brands. The charge is largely due to the impact of hyperinflationary accounting on carrying values combined with lower forecast growth assumptions as pricing is not expected to fully match inflation. In addition, there was an impairment charge of $287 million related to the Don Papa brand. Exceptional items also included restructuring charges of $908 million, with c.$752 million related to implementation of our new operating framework and c.$156 million related to supply chain agility and Accelerate. Operating profit Reported operating profit pre-exceptional items declined 0.4% with organic operating profit growth offset by lower fair value remeasurement and acquisitions and disposals. Reported operating profit including exceptional items declined 27.2%. Reported operating profit margin of 16.1% was down 535bps (fiscal 25: 21.4%). Organic operating profit grew 2.0%, with operating margin up 116bps organically. Organic operating profit growth was due primarily to lower marketing investment and overheads, partly offset by lower gross profit. Organic gross margin was down 141bps with the adverse impacts of negative mix, cost inflation and tariffs partly offset by cost of sales efficiencies. Accelerate Cost savings from the programme over-delivered on guidance with $540 million Accelerate savings secured through fiscal 26. Savings were delivered through more efficient marketing investment as well as supply and overheads cost savings. Non-operating exceptional items In the year ended 30 June 2026, exceptional non-operating items were a gain of $6 million, mainly driven by a gain on the disposal of Seychelles Breweries Limited ($62 million) and Sheridan's ($46 million), partly offset by a loss on the sale of Guinness Ghana Breweries PLC ($49 million), charges in respect of the prospective sale of East African Breweries PLC and the Kenyan spirits business ($43 million) and a charge in respect of the sale of Diageo Operations Italy S.p.A., inclusive of the Santa Vittoria production facility ($7 million). In the year ended 30 June 2025, exceptional non-operating items were a loss of $220 million, mainly driven by the loss on the prospective sale of Guinness Nigeria PLC ($125 million) and loss on the sale of Guinness Ghana Breweries PLC ($114 million). Net finance charges In the year ended 30 June 2026, net finance costs were $816 million (fiscal 25: $771 million), with the increase driven by lapping capitalised borrowing costs on capital expenditure in fiscal 25 partly offset by the lower effective interest rate of 3.9% (fiscal 25: 4.1%). Taxation The reported tax rate for the year ended 30 June 2026 was 25.8% compared with 29.9% for the year ended 30 June 2025. The tax rate before exceptional items for the year ended 30 June 2026 was 24.3% compared with 24.9% for the year ended 30 June 2025. Share of after-tax results of associates and joint ventures Share of after-tax results of associates and joint ventures increased by 13.0% to $218 million (fiscal 25: $193 million), largely due to a higher Moët Hennessy contribution. Profit attributable to non-controlling interest Profit attributable to non-controlling interests was $221 million (fiscal 25: $184 million), with the increase driven by Ketel One and United Spirits Limited (USL) partly offset by the impact from decline in Shui Jing Fang. Basic earnings per share (eps) before exceptional items Basic eps before exceptional items grew 0.7% from 164.2 cents to 165.3 cents, largely due to higher organic operating profit and favourable foreign exchange largely offset by lower fair value remeasurement, the profit impact of disposed businesses and higher finance charges. This was calculated using a weighted average number of shares in issue excluding own shares of 2,224 million (fiscal 25: 2,222 million). Net cash flow from operating activities and free cash flow Net cash from operating activities was $4,392 million, an increase of $95 million compared to fiscal 25. Free cash flow increased by $463 million to $3,211 million. Free cash flow increase was driven by lower capex and maturing stock investment along with lower year-on-year tax payments, partly offset by an adverse creditor movement and also the payment of termination fees to Moët Hennessy. In addition, in line with guidance, fiscal 26 free cash flow includes a one-off working capital adverse impact of c. $100 million mainly related to inventory build ahead of the implementation of the group's S/4HANA ERP system. Net capital expenditure was $1,181 million (fiscal 25: $1,549 million) to support investment in the supply agility programme, supply capacity expansion projects, including Guinness, and investment furthering digital capability. Return on average invested capital (ROIC) ROIC was 13.4% (fiscal 25: 13.7%) with the positive impact of organic operating profit growth more than offset by lower fair value remeasurement and disposals. Net debt As at 30 June 2026, the group's net debt was $20,482 million (fiscal 25: $21,854 million). The decrease compared to fiscal 25 was mainly due to strong free cash flow and the reduced interim dividend. Net debt (1) to adjusted EBITDA for at 30 June 2026 was 3.1x. The sale of EABL remains on track to complete in calendar H2 2026 and is expected to reduce net debt to adjusted EBITDA by 0.25x. The disposal of RCB cricket team by USL is progressing as planned. Leverage ratio is calculated using adjusted net debt which is the equivalent to adjusted net borrowings (net borrowings plus post-employment benefit liabilities before tax). Business review ‌Our global reach Our regional profile maximises the opportunity for growth in our sector. Where our products are sold, each market is accountable for its own performance and driving growth. The tables below shows regional performance on the fiscal 26 reporting basis. From fiscal 27, our reporting will align to the new regional operating model and refreshed regional leadership structure, with Europe, Middle East and Africa reported as one EMEA region and India will be reported as a separate region. % share of reported net sales by region (1)(2) 37% 26% Great Britain Türkiye US Spirits Diageo Beer Company (DBC) USA Canada Ireland Central and Eastern Europe DACH Iberia France MENA Other (principally Other (principally Travel Retail) Italy Travel Reta Latin America and Caribbean 11% Africa 8% Asia Pacific 17% Brazil India East Africa CCAV (Caribbean, Central America and Venezuela) Greater China Mexico Colombia South LAC Other (principally Travel Retail) South-West-Central Africa Australia South East Asia North Asia Travel Retail Asia North America Europe il) The above map is intended to illustrate general geographic regions where Diageo has a presence and/or in which its products are sold. It is not intended to imply that Diageo has a presence in and/or that its products are sold in every country or territory within a geographic region. Based on reported net sales for the year ended 30 June 2026. Does not include corporate net sales of $162 million (2025 - $135 million). Fiscal 26 North America Europe Asia Pacific Latin America and Caribbean Africa Volume (EU million) 46.1 48.9 75.8 23.4 32.9 Reported net sales (1) ($ million) 7,249 5,097 3,333 2,160 1,642 Reported operating profit (2) ($ million) 2,031 7 690 395 352 Operating profit before exceptional items (3) ($ million) 2,601 1,612 846 587 356 Water efficiency index, percentage change compared to fiscal 20 baseline 10% (16)% (45)% (6)% (25)% Percentage change in absolute direct and indirect greenhouse gas emissions (market/net based) compared to fiscal 22 baseline (26)% 4% (63)% (62)% (66)% Average number of employees (4) 3,110 10,345 8,028 4,385 2,070 Excluding corporate net sales of $162 million (2025 - $135 million). Excluding net corporate operating costs of $319 million (2025 - $392 million). Excluding exceptional operating charges of $2,527 million (2025 - $1,369 million) and net corporate operating costs of $319 million (2025 - $392 million). Employees have been allocated to the region where they live. Production facilities The company owns manufacturing production facilities across the globe, including distilleries, breweries, packaging plants, maturation warehouses, cooperages, and distribution warehouses. Diageo's brands are also produced in plants owned and operated by third parties and joint ventures at several locations around the world. We believe that our facilities are in good condition and working order. We have adequate capacity to meet our current needs, and, in the beer and spirit categories, we have undertaken activities to increase our production capacity to address our anticipated future demand. The major facilities owned by Diageo with locations, principal activities, and products are presented in the table below as of 30 June 2026. Location Principal activities Products United Kingdom distilling, bottling, warehousing, coopering beer, scotch, gin, vodka, rum, ready-to-drink, non-alcoholic Ireland distilling, brewing, bottling, warehousing beer, liqueur, Irish whiskey, non-alcoholic Türkiye distilling, bottling, warehousing raki, vodka, gin, liqueur, wine North America distilling, bottling, warehousing vodka, gin, rum, Canadian whisky, US whiskey, ready-to-drink Brazil distilling, bottling, warehousing cachaça, vodka, ready-to-drink Mexico distilling, bottling, warehousing tequila East Africa distilling, brewing, bottling, warehousing beer, rum, vodka, gin, whisky, brandy, liqueur, ready-to-drink, bottled in East Africa (scotch) South-West-Central Africa distilling, brewing, bottling, warehousing beer, rum, vodka, gin, ready-to-drink India distilling, bottling, warehousing rum, vodka, Indian whisky, gin, brandy, bottled in India (scotch) Australia distilling, bottling, warehousing rum, vodka, gin, ready-to-drink Greater China distilling, warehousing Chinese whisky, Chinese white spirits For more details about our capital investments please see page 217. Our route to consumer We have five different routes to consumer models across our business. Most of the regions employ four of the five high-level models defined below; however, how each model operates in certain countries will vary, as will the percentage of net sales delivered through the respective models in each market. Wholesalers and distributors Diageo sells to a wholesaler or distributor who also sells a range of other brands and categories directly to end outlets where consumers can purchase our brands. Where required, this model may include a government control board (or similar), such as in certain states in the US and provinces and territories in Canada. Modern trade Diageo sells directly to a customer who owns and manages retail outlets, who then in turn sells to consumers via their outlets. eMarketplace Diageo sells to a third-party digital marketplace customer where that customer sells to B2B customers and consumers. Direct to consumer Diageo sells directly to consumers, predominantly through portals such as Thebar.com, which is a growing route to consumer model for our business. It allows for direct interface with our consumers rather than through third-party sites as in the eMarketplace model above. Direct to store Diageo sells and delivers directly to end outlets rather than via a central purchasing customer as in the Modern trade model. This model is less common than the other models. For example, it is used in Ireland for beer distribution. Business review continued North America Further category pressure in tequila in a competitive and continued cautious consumer environment. Key financials 2025 $ million Exchange $ million Acquisitions and disposals $ million Organic movement $ million Other (1) $ million 2026 $ million Reported movement % Net sales 7,973 2 (67) (659) - 7,249 (9.1) Marketing 1,616 5 (40) (214) - 1,367 (15.4) Operating profit before exceptional items 3,053 (25) (16) (293) (118) 2,601 (14.8) Exceptional operating items (2) (831) (570) Operating profit 2,222 2,031 (8.6) Markets Reported volume movement Reported net sales movement Organic volume movement Organic net sales movement % % % % North America (3) (6.9) (9.1) (6.7) (8.4) US Spirits (3) (10.5) (13.2) (9.0) (11.5) DBC USA (4) 3.4 4.4 3.4 4.4 Canada (3) 0.1 11.3 (0.3) 7.7 Key financials: Reported net sales declined 9.1%, mainly driven by a decline in organic net sales and the impact of the Cîroc transaction in the prior year. Organic net sales declined 8.4%, driven primarily by US weakness, with US Spirits decline only partly offset by growth in Diageo Beer Company USA (DBC USA). Canada organic net sales grew high-single-digit mainly driven by a one-off item in the second half. Organic volume declined 6.7%, reflecting weakness in US Spirits, only partly offset by growth in DBC USA, while price/mix declined 1.7%. Organic operating profit declined 10.0%, driven by volume weakness, negative mix and the impact of tariffs, partly mitigated by lower agave costs and productivity savings. Marketing investment declined by 13.6% organically, reflecting both efficiencies and targeted investment decisions. Operating margin of 35.9%, reduced by 66bps organically. US Spirits highlights: (5) Overall US Spirits net sales declined 11.5%, reflecting a 9.0% decline in volume and negative price/mix of 2.5% in an environment with increased competitive pressure and further category softness, particularly in tequila. Overall shipment growth was c.2.5 percentage points behind depletions growth, with some variation across brands. US Spirits shipments declined ahead of depletions as distributors moderated orders in response to the softer consumer environment as well as lapping a period of strong shipments growth in the prior year. Distributor inventory levels at the end of fiscal 26 remain appropriate for the current consumer environment and in line with historical levels. Tequila net sales declined 21.1%, driven by both Don Julio and Casamigos, reflecting a softer category, increased competitive intensity, and tough comparatives in the prior period and both brands lost share. Don Julio net sales declined 19.2% with depletions down 10.1%, lapping inventory replenishment and double-digit growth last year. Casamigos net sales declined 27.7%, with depletions down 23.1%. Casamigos price repositioning is now being rolled out alongside a refreshed marketing campaign to improve brand competitiveness. Crown Royal whisky net sales declined 15.9%, primarily due to softness in Crown Royal Deluxe and lapping strong comparatives for Crown Royal Blackberry through fiscal 25. RTDs/Cocktails net sales grew 35.1%, mainly driven by the successful launch of Casamigos RTS for the FIFA World Cup and growth in Casamigos RTD, as well as strong performance from Bulleit and Ketel One Cocktails. Vodka net sales declined 1.0%, driven by Smirnoff, down 5.0%, with continued pressure from RTDs and overall category weakness. Ketel One grew 4.5%, gaining share in both the category and in total spirits. Scotch net sales declined 1.1%, with growth in both Johnnie Walker, up 1.0%, and single malts offset by Buchanan's, down 7.3%. Rest of North America: DBC USA net sales grew 4.4%, driven by growth in Guinness, led by Guinness Draught and Smirnoff RTD which grew mid-single-digit reflecting continued investment and innovation, including Smirnoff Sunny Days and Smirnoff Shorties. Canada net sales grew 7.7%, supported by growth in Guinness and Ketel One vodka and a one-off item relating to a favourable resolution of commercial terms with a customer. Fair value remeasurements. For further details see page 31. For further details on exceptional operating items see pages 30 and 153-156. Reported volume movement includes impacts from acquisitions and/or disposals. For further details see pages 205-211. Certain spirits-based ready-to-drink products in certain states are distributed through DBC USA and those net sales are captured within DBC USA. Spirits brands and categories exclude cocktails, which include ready-to-drink, ready-to-serve and non-alcoholic variants, except where noted. Europe Good performance in Türkiye and Great Britain, with continued strong Guinness momentum. Key financials 2025 $ million Exchange $ million Reclassification (1) $ million Acquisitions and disposals $ million Organic movement $ million Other (2) $ million Hyperinflation (3) $ million 2026 $ million Reported movement % Net sales 4,821 114 7 (21) 154 - 22 5,097 5.7 Marketing 898 26 - (1) (151) - 1 773 (13.9) Operating profit before exceptional items 1,302 53 3 (11) 198 68 (1) 1,612 23.8 Exceptional operating items (4) (479) (1,605) Operating profit 823 7 (99.1) Markets Reported volume movement Reported net sales movement Organic volume movement Organic net sales movement % % % % Europe (5) - 5.7 - 3.4 Great Britain (5) (3.3) 6.8 (3.6) 2.9 Ireland (5) (0.3) 9.5 (0.3) 3.2 Türkiye (5) 10.3 10.0 10.2 25.5 Central and Eastern Europe (5) (7.1) (9.4) (3.2) (4.9) DACH (5) 6.2 19.4 0.3 1.4 Iberia (5) (8.4) (0.1) (5.7) (7.5) France (5) 10.9 18.2 (2.2) (3.5) Italy (5) (1.4) 5.5 2.2 0.7 MENA (5) 20.5 9.1 20.4 9.5 Key financials: Reported net sales grew 5.7%, driven by organic growth and favourable foreign exchange. Organic net sales increased 3.4%, with strong growth in Türkiye and Great Britain, partly offset by Central and Eastern Europe and Iberia. Volume was flat with price/mix increasing 3.4%. Beer increased double-digit, led by Guinness growth in Great Britain and Ireland. Spirits declined slightly with RTD net sales up low-single-digit. Favourable price/mix in Guinness and pricing adjustments in Türkiye in response to inflation helped overall price/mix. Organic operating profit grew 15.7%, by delivering cost efficiencies whilst at the same time investing to establish the new market structure to unlock future growth and executing targeted price repositioning. Marketing investment declined 17.2%, reflecting disciplined prioritisation of spend, including targeted investment in Türkiye and Guinness to support growth. Operating margin of 31.6%, increased 328bps organically. Market highlights: Great Britain net sales grew 2.9%, driven primarily by double-digit growth in Guinness, more than offsetting softer spirits. Guinness on-trade growth continued to drive positive share gain and it significantly outperformed the category. Guinness 0.0 increased both volume and net sales double-digit, reinforcing its position as the fastest-growing and #1 non-alcoholic beer in Great Britain (6) . Ireland net sales grew 3.2%, with continued growth in Guinness supported by pricing, market share gains, the start of a partnership with Live Nation, and strong contribution from Guinness 0.0. Türkiye net sales grew 25.5%, driven by double-digit volume and net sales growth in spirits, led by raki, scotch and gin all up double-digit, and pricing action to offset inflation. Johnnie Walker volume and net sales increased double-digit, as Johnnie Walker Red Label and Black Label expanded distribution and increased visibility. Central and Eastern Europe net sales declined 4.9%, improving on the 7.6% decline in the first half, reflecting a stronger second half performance particularly in beer which increased net sales 26.9%. Reclassification of 0.2 EUm between Europe and Africa due to the transfer of the Réunion business. Fair value remeasurements. For further details see page 31. See pages 149 and 205-207 for details on hyperinflation adjustments. For further details on exceptional items see pages 30 and 153-156. Reported volume movement includes impacts from acquisitions and/or disposals. For further details see pages 205-211. RSV R12M Nielsen (13/06/2026)/CGA (13/06/2026) . Business review continued Asia Pacific Strong growth in India more than offset by weakness in Chinese white spirits. Key financials 2025 $ million Exchange $ million Acquisitions and disposals $ million Organic movement $ million 2026 $ million Reported movement % Net sales 3,635 (68) (6) (228) 3,333 (8.3) Marketing 630 (3) (1) (102) 524 (16.8) Operating profit before exceptional items 930 (32) (3) (49) 846 (9.0) Exceptional operating items (1) (40) (156) Operating profit 890 690 (22.5) Markets Reported volume movement Reported net sales movement Organic volume movement Organic net sales movement % % % % Asia Pacific (2) (2.4) (8.3) (2.4) (6.3) India (1.1) 0.6 (1.1) 7.1 Greater China (2) (22.7) (32.8) (22.7) (34.9) Australia (2) (6.1) 1.9 (5.5) (0.7) South East Asia (2) (3.5) (2.1) (3.3) (2.2) North Asia (2) (1.1) (8.6) (1.1) (5.4) Travel Retail Asia (2) (3.0) 3.9 (2.8) 6.3 Key financials: Reported net sales declined 8.3%, due to organic net sales decline and unfavourable foreign exchange. Organic net sales declined 6.3%, primarily due to the decline in CWS, partly offset by growth in India. Spirits declined mid-single-digit given CWS. RTDs declined low-single-digit and beer increased low-single-digit. Organic operating profit declined 5.4%, with lower organic net sales and adverse market and category mix driven by weaker CWS performance in Greater China and a stronger contribution from India. Marketing investment declined 16.3%, reflecting significantly reduced investment in CWS in response to the challenges in the category, partly offset by increased prioritised investment in India. Operating margin of 25.4%, increased 26bps organically, largely supported by lower marketing spend. Market highlights: India net sales grew 7.1%, driven by positive price/mix and strong scotch performance led by Johnnie Walker and Black & White. Smirnoff delivered strong double-digit growth with local flavour innovations. Don Julio grew strongly, continuing to lead the emerging tequila category. Maharashtra excise policy changes, which increased duties and introduced state-made liquor, adversely impacted McDowell's performance. Greater China net sales declined 34.9%, due primarily to a 41.9% volume decline in CWS, as market policy changes impacted consumption occasions across the CWS category. Against this category disruption, Shui Jing Fang robustly managed costs and inventory levels. The negative impact of CWS on the region's organic net sales was c.8%, and c.1.5% on group net sales. Taiwan net sales declined 21.2% in a challenging consumer environment. Travel Retail Asia net sales grew 6.3%, driven by underlying channel performance showing sequential improvement despite the conflict in the Middle East. For further details on exceptional items see pages 30 and 153-156. Reported volume movement includes impacts from acquisitions and/or disposals. For further details see pages 205-211. Latin America and Caribbean Strong growth, particularly in Brazil and Colombia, fuelled by spirits and RTDs. Key financials 2025 $ million Exchange $ million Reclassifi-cation (1) $ million Acquisitions and disposals $ million Organic movement $ million Hyperinflation (2) $ million Other (3) $ million 2026 $ million Reported movement % Net sales 1,847 (181) 29 (1) 143 323 - 2,160 16.9 Marketing 304 - - - 1 20 - 325 6.9 Operating profit before exceptional items 528 121 - 1 82 (96) (49) 587 11.2 Exceptional operating items (4) (19) (192) Operating profit 509 395 (22.4) Markets Reported volume movement Reported net sales movement Organic volume movement Organic net sales movement % % % % Latin America and Caribbean 2.2 16.9 3.1 7.7 Brazil (5) 2.3 26.4 2.4 11.2 CCAV (5) (2.2) 11.7 1.8 5.7 Mexico (5) 5.8 9.9 5.8 0.4 Colombia (5) 20.5 33.0 23.3 21.7 South LAC (5) (6.5) 3.1 (6.4) 2.6 Key financials: Reported net sales grew 16.9%, driven by organic net sales growth and the impact of hyperinflation, partly offset by unfavourable foreign exchange. Organic net sales grew 7.7%, supported by volume growth of 3.1% and 4.6% price/mix growth. Spirits increased mid-single-digit due to growth in scotch and vodka. RTDs and beer both increased double digit. We believe inventory levels at the end of fiscal 26 remain at an appropriate level for the current consumer environment. Organic operating profit increased 15.8%, driven by positive mix, marketing spend efficiencies, and net movement in one-off other operating items. Marketing investment increased 0.3%, driven by focused investments in Brazil and Colombia. Operating margin of 27.2%, increased 210bps organically. Market highlights: In fiscal 26, the LAC market hierarchy changed to remove Andean, which comprised of Colombia and Venezuela. Colombia is now reported and managed as a standalone market and Venezuela has now been consolidated with the former market CCA into a new market, Caribbean, Central America and Venezuela (CCAV). Brazil net sales grew 11.2%, supported by volume growth of 2.4%, driven primarily by Johnnie Walker, Smirnoff RTDs and Tanqueray. Results in the first half were impacted by counterfeit alcohol industry incidents, but consumer confidence recovered steadily through the second half. Smirnoff Ice delivered double-digit growth. Colombia net sales grew 21.7%, with volume growth of 23.3% driven by double-digit growth in Buchanan's, Old Parr and Smirnoff. Caribbean, Central America and Venezuela (CCAV) net sales grew 5.7%, with volume growing 1.8%, driven by favourable scotch performance. Mexico net sales grew 0.4%, with volume growth of 5.8% partly offset by negative price/mix of 5.4%. Scotch was the main contributor to volume growth, reflecting the broader category strategy work to increase portfolio competitiveness. $29 million reclassification between Excise duties and COGS in Latin America due to an accounting treatment change. See pages 149 and 205-207 for details on hyperinflation adjustments. Fair value remeasurements. For further details see page 31. For further details on exceptional items see pages 30 and 153-156. Reported volume movement includes impacts from acquisitions and/or disposals. For further details see pages 205-211. Business review continued Africa Broad-based growth supported by route-to-market changes and innovation. Key financials 2025 $ million Exchange $ million Reclassification (1) $ million Acquisitions and disposals $ million Organic movement $ million Hyperinflation (2) $ million 2026 $ million Reported movement % Net sales 1,834 (83) (7) (274) 185 (13) 1,642 (10.5) Marketing 192 (2) - (14) (2) (1) 173 (9.9) Operating profit before exceptional items 283 14 (3) (53) 104 11 356 25.8 Exceptional operating items (3) - (4) Operating profit 283 352 24.4 Markets Reported volume movement Reported net sales movement Organic volume movement Organic net sales movement % % % % Africa (4) 6.8 (10.5) 14.0 13.3 East Africa (4) 12.9 13.4 12.9 12.6 SWC Africa (4) 12.0 (33.8) 16.2 15.2 Key financials: Market highlights: Reported net sales declined 10.5%, due to the disposal of operations in Nigeria, Ghana and the Seychelles which offset strong organic growth and favourable exchange. Organic net sales grew 13.3%, with organic volume growth of 14.0%, driven by double-digit growth in spirits and RTDs, and high-single-digit beer growth. Price/mix declined 0.7% due to portfolio mix. Organic operating profit grew 43.5%, reflecting productivity savings, improved fixed cost absorption and marketing efficiencies. Marketing investment declined by 1.2%, reflecting reduced spend due to prioritisation and efficiencies alongside increased investment behind RTDs in South Africa. Operating margin of 21.7% increased 458bps organically. East Africa net sales grew 12.6%, with double-digit growth in Uganda and Tanzania, and mid-single-digit growth in Kenya. Performance was driven by strong growth in rum and beer. Local flavour innovation on Kenya Cane supported double-digit growth in spirits. SWC Africa (South, West and Central Africa) net sales grew 15.2%, with strong double-digit growth in South Africa driven by strong RTD growth, particularly Smirnoff Ice, due to increased focus, successful innovation and route-to-market transformation completed last year. Reclassification of 0.2 EUm between Europe and Africa due to the transfer of Réunion business. See pages 149 and 205-207 for details on hyperinflation adjustments. For further details on exceptional items see pages 30 and 153-156. Reported volume movement includes impacts from acquisitions and/or disposals. For further details see pages 205-211.

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