We’re a global leader in premium drinks, the most exciting consumer products space.
Fiscal 25 financial performance
1.7 %
Organic net sales movement
- 0.7 %
Organic operating profit before exceptional items
164.2 c
Basic earning per share (EPS) before exceptional items
Our investment case
01
Attractive, long-term industry fundamentals
Versatility of spirits
People are drinking better, not more
Long runway for growth
02
...aligned to our competitive advantages
Broad portfolio of iconic brands
Diversified geographical footprint
Leading portfolio across price points
Diverse and engaged talent
03
...as we execute with focus
Reshaped priorities, supported by Accelerate
04
...to position Diageo for long-term growth
Attractive financial foundations
Focused strategy
People are drinking better, not more
The versatility of spirits positions the category well for the future across occasions, premiumisation and the evolution of consumer trends, including moderation and sourcing growth from beer and wine. Continued category momentum comes from spirits' cultural relevance, innovation and consumers' desire to explore new categories and experiences.
Spirits1 long-term value growth is being driven by premiumisation as consumers want to drink better, not more. In the last 10 years, premium and above spirits grew from 26% of category value to almost 35%. The super-premium-plus tier has growth in value more than 50% faster than other price tiers in the category. The price tier gained c.600 basis points of share of international spirits retail sales value (RSV) since 2014.1
1 IWSR, 2024 (By retail sales value)
more than 50 %
growth in value in the super-premium-plus price tier than other price tiers in the category
almost 35 %
In the last 10 years, premium and above spirits grew from 26% of category value to almost 35%
Long runway for growth
Diageo sees a substantial runway for sustainable growth. With a global TBA share of 4.5%, 1 we have significant headroom for future growth. In the United States, our largest market, we remain underpenetrated in key categories with our leading brands, presenting a strong opportunity to recruit consumers and drive growth.
1 IWSR, 2024 (By retail sales value)
A broad and leading portfolio of iconic brands across price points
We are #1 in international spirits, the #3 player in TBA and have 13 billion-dollar brands.1
We have a diverse portfolio of brands, providing a broad range of choices for consumers across occasions. Our geographic footprint gives us access to consumers in the world's largest markets, such as the United States, as well as the vibrant markets of India and China. Our regional breadth allows us to flex prioritisation, investment and activation, increasing our ability to capture growth and reduces dependency on any single region or market. Our portfolio is spread broadly across the pricing ladder - across and within categories, providing choice in all economic environments.
1 IWSR, 2024 (By retail sales value)
# 1
in international spirits1
# 3
player in TBA1
13
billion-dollar brands1
1 IWSR 2024, (by retail sales value)
Reshaped priorities supported by Accelerate
In fiscal 25, we introduced our reshaped priorities to drive improved performance: delivering sustainable top-line growth, increasing operating leverage, maximising cash flow and optimising returns. These strategic outcomes are being embedded across the business, with further opportunity.
We are moving at pace and this is underpinned by the work underway on our Accelerate programme. We launched the first phase of Accelerate in May 2025 to build a more agile operating model, with clear cash delivery targets and a disciplined focus on operational excellence and cost efficiency.
These changes are creating a stronger platform for optimising investment and enabling more effective resource allocation towards long-term growth. While the programme has defined financial targets, it is equally focused on enabling better, faster growth.
It is supported by operating model changes designed to enhance Diageo’s global agility — leveraging scale more effectively, sharpening investment priorities, and accelerating decision-making.
Diverse and engaged talent
Diageo has an entrepreneurial, talented and diverse workforce of more than 29,000 people globally and are led by a highly experienced Executive Committee. Our Executive Committee combines homegrown talent with externally recruited leaders who bring invaluable market experience and fresh perspectives.
Attractive financial foundations
Driving long-term sustainable growth is a strategic priority for Diageo. We are committed to gaining quality market share in a disciplined and sustainable manner. Diageo maintains an attractive margin profile, with further room for expansion. Our business is highly cash generative, enabling us to reinvest behind our brands to fuel future growth. As Accelerate progresses this will be further
enhanced through consistency of cash delivery and the ability to reinvest and allocate resources behind growth opportunities. This disciplined approach strengthens our resilience and agility in a dynamic global environment.
enhanced through consistency of cash delivery and the ability to reinvest and allocate resources behind growth opportunities. This disciplined approach strengthens our resilience and agility in a dynamic global environment.
A focused strategy
Diageo’s focused strategy is centred on delivering growth by maximising the potential of our advantaged portfolio. We are making meaningful progress in an evolving consumer landscape and challenging macroeconomic environment, by concentrating on what we can manage and control. While our strategic outcomes remain consistent, we are sharpening their application and pace of
execution.
This is enabling us to prioritise resources toward the most attractive growth opportunities, refine our portfolio choices and position the business to emerge stronger.