Diageo (DGE.L): Updating our estimates ahead of FY26 results

研报英文原文证据摘录

Diageo (DGE.L): Updating our estimates ahead of FY26 results

Equity Research

14 July 2026 | 6:27PM BST

Diageo will report FY26 results on August 6th; We leave our numbers broadly Olivier Nicolaï

+44(20)7774-2895 |

unchanged, following our July 8th note, expecting a -2.1% organic sales decline for olivier.nicolai@gs.com

Goldman Sachs International

FY26, in line with Visible Alpha Consensus Data and guidance of down -2% to -3%.

Tom Hulls

This implies -2.6% organic sales growth in Q4, with continued weakness in North +44(20)7774-7641 | tom.hulls@gs.com

America sell-in, while sell-out also remains under pressure (latest Nielsen/NABCA Goldman Sachs International

Aron Adamskidata). This will be partially offset by growth in Africa and Europe, with broadly flat +44(20)7774-6224 |

growth in LAC and a decline in Asia Pacific. We forecast broadly flat (-0.1%) organic aron.adamski@gs.comGoldman Sachs International

operating profit growth at a group level, in line with consensus and guidance of flat Rebecca Ayo-Adebanjo

to up low single digit. +44(20)7552-2213 | rebecca.ayo- adebanjo@gs.com

All eyes will be on the strategic update and FY27 guidance. We expect FY26 Srikar Medisetti

results to be in line with current consensus, with the focus from investors being on +1(332)245-7675 | srikar.medisetti@gs.com

the strategic update and FY27 guidance due on the same day. On the 8th of July, we Goldman Sachs India SPL

looked in detail at our expectations for the CMD, including drivers of FY27 margins in Sam Darbyshire, CFA

+44(20)7051-9112 |

the context of price reinvestments and cost savings, and the complexities in guiding sam.darbyshire@gs.com

with conviction on a timing of a return to US volume growth. We acknowledge that