European Beverages: Just one chart: no sign of a tequila sunrise despite widespread price cuts

研报英文原文证据摘录

European Beverages: Just one chart: no sign of a tequila sunrise despite widespread price cuts

Deutsche Bank

Research

Europe Industry Date

France 23 June 2026

Italy European

United Kingdom Industry Update

Beverages

Consumer Staples

Beverage

Just one chart: no sign of a tequila

sunrise despite widespread price cuts

Mitch Collett

Tequila take down Research Analyst

Nielsen data for the four weeks ended 13 June shows widespread price cuts with +44-20-754-11307

the price per case down YoY for 7 out of the top 10 Tequila brands. Despite these

Archit Agarwal

price cuts, case sales (i.e. volume) decreased YoY for 8 out of the top 10 Tequila Research Associate

brands. For Tequila, overall price/mix was down YoY for brands, representing 72%

of category volume while case sales decreased YoY for 74%. The data suggests that

Tom Sykes

lowering prices in tequila may not be an effective strategy to drive volume growth.

Research Analyst

+44-20-754-76418

Smaller pack attack

Unit growth exceeded case growth for 9 out of the top 10 Tequila brands, implying Companies featured

growth for smaller pack sizes. Most notably, Lunazul experienced 52% unit growth Campari Group (CPRI.MI),EUR5.49 Hold

but only 34% case growth, making it the best performing top ten brand on both 2025A 2026E 2027E

measures. Average pack size decreased for brands representing 75% of volume.

DB EPS (EUR) 0.31 0.29 0.32

P/E (x) 19.0 18.9 17.2

Divergent performance for European Listed distillers EV/EBITA (x) 14.0 13.5 12.4

Diageo's two main Tequila brands continue to struggle with Don Julio volume down

Diageo (DGE.L),GBP1,517.00 Buy

5% YoY on flat price/mix and Casamigos volume -4% on -6% price/mix. In contrast,

2025A 2026E 2027E

Campari's Espolon volumes increased 20% YoY on price/mix -7%.

DB EPS (USD) 1.64 1.63 1.51