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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DCD.C. 20549

FORM 6-K

~~REPORT~~Report OFof ~~FOREIGN~~Foreign ~~PRIVATE~~Private ~~ISSUER~~Issuer

~~PURSUANT~~Pursuant TOto ~~RULE~~Rule 13a-16 ORor 15d-16 OFof ~~THE~~the

~~SECURITIES~~Securities ~~EXCHANGE~~Exchange ~~ACT~~Act OFof 1934

~~For~~25 February ~~the month of January~~ 2026

Commission File Number~~: 001~~ 1-10691

DIAGEO plc

(Translation of registrant’s name into English)

16 Great Marlborough Street, London, ~~United Kingdom,~~ W1F 7HS , England

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X x Form 40-F ¨

~~List~~This ~~identifying~~report ~~information~~on ~~required~~Form 6-K shall be deemed to be ~~furnished~~filed and incorporated by reference in the registration statement on

byForm F-3 ~~Diageo~~(File ~~plc~~No. 333-269929) ~~pursuant~~and toregistration ~~Rule~~statements ~~13a~~on Form S-168 or(File ~~15d~~Nos. 333-16286502, of333-223071, 333-206290,

~~The~~333-169934, ~~Securities~~333-162490, ~~Exchange~~333-153481, ~~Act~~and ~~1934~~333-182315) and to be a part thereof from the date on which this report is

(1furnished, ~~– 31~~to ~~January 2026)~~the extent not superseded by documents or reports subsequently filed or furnished.

Information Public Announcements/Press	Required by/when The Stock Exchange, London
Announcement Director/PDMR Shareholding 05 January 2026	Announcement Total Voting Rights 05 January 2026
Announcement Block listing Interim Review 05 January 2026	Announcement Director/PDMR Shareholding 12 January 2026
Announcement Director/PDMR Shareholding 13 January 2026	Announcement Director/PDMR Shareholding 16 January 2026
Announcement Director/PDMR Shareholding 16 January 2026	Announcement Director Declaration 20 January 2026
Announcement Director/PDMR Shareholding 20 January 2026	Announcement Director/PDMR Shareholding 21 January 2026

~~Diageo~~INDEX ~~PLC~~TO –FORM ~~Director/PDMR Shareholding~~6-K

Dated 05 January 2026



	Page
Introduction	3
Presentation of financial information	3
Market data	3
Cautionary statement concerning forward-looking statements	4

Capitalisation and indebtedness	5

Business review	6
Information presented	6
Operating results for the six months ended 31 December 2025 compared with the six months ended 31 December 2024	7
Recent trends	8
Liquidity and capital resources	30
Definitions and reconciliation of non-GAAP measures to GAAP measures	32

Index to the unaudited condensed financial information for the six months ended 31 December 2025 and 31 December 2024	F- 1
Unaudited condensed consolidated income statement	F- 2
Unaudited condensed consolidated statement of comprehensive income	F- 3
Unaudited condensed consolidated balance sheet	F- 4
Unaudited condensed consolidated statement of changes in equity	F- 5
Unaudited condensed consolidated statement of cash flows	F- 6
Notes to the unaudited condensed consolidated financial information	F- 7

Signature

~~Diageo plc~~3

~~LEI:~~Table ~~213800ZVIELEA55JMJ32~~of Contents

~~Director/PDMR Shareholding~~INTRODUCTION

Diageo plc ~~(the~~is ~~"Company")~~a ~~announces~~public ~~that~~limited itcompany ~~has~~incorporated ~~been~~under ~~notified of a transaction in~~ the ~~Company's~~laws ~~Ordinary shares~~ of 28England ~~101/108~~and ~~pence, undertaken~~Wales. byAs ~~Dayalan~~used ~~Nayager~~herein, onexcept 30as ~~December~~the ~~2025.~~

~~The~~context ~~notification~~otherwise ~~below~~requires, ~~which~~the ~~has~~term ~~been~~‘company’ ~~made~~refers into ~~accordance~~Diageo ~~with~~plc and the ~~requirement~~ ofterms ~~the~~‘group’ UKand ~~Market~~‘Diageo’ ~~Abuse~~refer ~~Regulation,~~to ~~provides~~the ~~further details.~~company

~~James~~and ~~Edmunds~~its consolidated subsidiaries. References used herein to ‘shares’ and ‘ordinary shares’ are, except where otherwise

~~Deputy~~specified, ~~Company~~to ~~Secretary~~Diageo plc’s ordinary shares.

5PRESENTATION ~~January~~OF ~~2026~~FINANCIAL INFORMATION

~~Notification~~The ~~and~~unaudited ~~public~~condensed ~~disclosure~~consolidated ofinterim ~~transactions~~financial bystatements ~~persons discharging~~starting ~~managerial~~on ~~responsibilities~~page ~~and~~F-1 ~~persons~~have ~~closely associated~~been prepared in accordance with ~~them~~

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Dayalan Nayager
2.	Reason for the notification
a)	Position / status	Member of the Executive Committee
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		£16.04	28,960
d)	Aggregated information - Aggregated volume -Price	N/A
e)	Date of transaction	2025-12-30
f)	Place of transaction	London Stock Exchange (XLON)

UK adopted International Accounting Standard 34 ‘Interim Financial Reporting’, IAS 34 ‘Interim Financial Reporting’ as

~~Diageo~~issued ~~PLC~~by –the ~~Total~~International ~~Voting~~Accounting ~~Rights~~Standards Board (‘IASB’) and The Disclosure Guidance and Transparency Rules

~~Dated 05~~sourcebook ~~January~~of ~~2026~~the UK’s Financial Conduct Authority. These financial statements should be read in conjunction with the

~~Diageo~~company’s ~~plc~~published consolidated financial statements for the year ended 30 June 2025, which were prepared in accordance

~~LEI:~~with ~~213800ZVIELEA55JMJ32~~IFRS® Accounting Standards adopted by the UK and IFRS Accounting Standards issued by IASB, including

~~Total~~interpretations ~~Voting~~issued ~~Rights~~by ~~and~~the ~~Capital~~IFRS Interpretations Committee. IFRS Accounting Standards as adopted by the UK differs in

Incertain ~~conformity~~respects ~~with~~from ~~Paragraph~~IFRS ~~5.6.1R~~Accounting ofStandards ~~the~~as ~~Disclosure~~issued ~~Guidelines and~~by ~~Transparency Rules and Article 15 of~~ the ~~Transparency Directive~~IASB, ~~Diageo~~but ~~plc (~~the ~~"Company")~~differences ~~would~~have ~~like~~no toimpact ~~notify~~on the ~~market~~ ofgroup’s ~~the following:~~

~~The~~consolidated ~~Company's~~financial ~~issued~~statements ~~capital~~for asthe atperiods ~~31 December 2025 consisted of 2,432,425,480 Ordinary Shares of 28 101/108 pence each ("Ordinary Shares"), with voting rights~~presented. ~~205,999,299 Ordinary Shares~~ ~~were~~The ~~held~~consolidated infinancial ~~Treasury,~~statements inare ~~respect~~prepared ofon ~~which,~~a ~~voting~~going ~~rights were not exercised.~~

~~Therefore,~~concern ~~the~~basis ~~total~~under ~~number of voting rights in~~ the ~~Company was 2,226,426,181 and this~~historical ~~figure~~cost ~~may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in~~convention, orunless astated ~~change to their interest in, the Company under the FCA's Disclosure Guidelines and Transparency Rules~~otherwise.

~~James~~In ~~Edmunds~~preparing these condensed consolidated interim financial statements, the significant judgements made by management when

~~Deputy~~applying ~~Company~~the ~~Secretary~~group’s accounting policies and the significant areas where estimates were required were the same as those that

5applied ~~January~~to ~~2026~~the consolidated financial statements for the year ended 30 June 2025, with the exception of changes in estimates

~~Diageo~~disclosed ~~PLC~~in –note ~~Block~~3 ~~listing~~Exceptional ~~Interim~~items ~~Review~~and note 13 Contingent liabilities and legal proceedings. These condensed consolidated

~~Dated 05~~interim ~~January~~financial statements were approved for issue on 25 February 2026.

The financial statements for Diageo plc for the year ending 30 June 2026 will be prepared in accordance with IFRS Accounting

~~LEI:~~Standards ~~213800ZVIELEA55JMJ32~~as adopted by the UK and IFRS Accounting Standards as issued by the IASB, including interpretations issued by the

~~BLOCK~~IFRS ~~LISTING~~Interpretations ~~SIX MONTHLY RETURN~~Committee.

~~(Note:~~The ~~Italicised~~business ~~terms~~review ~~have~~and ~~the~~financial ~~same~~information ~~meaning~~included asin ~~given~~this indocument for the ~~UK Listing~~six ~~Rules.)~~months ended 31 December 2025 and 31

~~Date: 5~~December 2024 ~~January~~have ~~2026~~been derived from the Diageo interim condensed consolidated financial information.

Name of applicant:		Diageo plc
Name of scheme:		Diageo plc Associated Companies Share Incentive Plan
Period of return:	From:	1 July 2025	To:	31 December 2025
Balance of unallotted securities under scheme(s) from previous return:		214,635
Plus: The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for):		0
Less: Number of securities issued/allotted under scheme(s) during period (see UKLR 20.6.7G):		0
Equals: Balance under scheme(s) not yet issued/allotted at end of period:		214,635

The principal executive office of the company is located at 16 Great Marlborough Street, London W1F 7HS, England and its

Name of applicant:		Diageo plc
Name of scheme:		Diageo 2014 Long Term Incentive Plan
Period of return:	From:	1 July 2025	To:	31 December 2025
Balance of unallotted securities under scheme(s) from previous return:		41,119
Plus: The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for):		0
Less: Number of securities issued/allotted under scheme(s) during period (see UKLR 20.6.7G):		353
Equals: Balance under scheme(s) not yet issued/allotted at end of period:		40,766

telephone number is +44 (0) 20 7947 9100.

Name of contact:	James Edmunds, Deputy Company Secretary
Telephone number of contact:	+44 (0)20 7947 9100

MARKET DATA

~~Diageo~~The ~~PLC~~market –data ~~Director/PDMR~~and ~~Shareholding~~competitive set classifications are taken from independent industry sources in the markets in which Diageo

~~Dated 12 January 2026~~operates.

~~Diageo plc~~4

~~LEI:~~Table ~~213800ZVIELEA55JMJ32~~of Contents

~~Director/PDMR~~Cautionary ~~Shareholding~~statement concerning forward-looking statements

OnThis 12document ~~January~~contains ~~2026,~~‘forward-looking’ ~~Sir~~statements. ~~John~~These ~~Manzoni~~statements ~~purchased~~can ~~shares~~be ~~under~~identified ~~an arrangement~~by ~~with~~ the ~~Company.~~fact that they do not relate only

~~The~~to ~~notification~~historical ~~below,~~or ~~which~~current ~~has~~facts ~~been~~and ~~made~~may ingenerally, ~~accordance~~but ~~with~~not always, be identified by the ~~requirement~~ use of ~~the~~words UKsuch ~~Market~~as ~~Abuse~~“’will”, ~~Regulation~~“anticipates”, ~~provides further details.~~

~~James~~“should”, ~~Edmunds~~“could”, “would”, “targets”, “aims”, “may”, “expects”, “intends” or similar expressions or statements. In this

~~Deputy~~document, ~~Company~~such ~~Secretary~~statements include those that express forecasts, expectations, plans, outlook, objectives and projections with

12respect ~~January~~to ~~2026~~future matters, including information related to Diageo’s fiscal 26 outlook, ambitions relating to free cash flow and

~~Notification~~improved ~~and~~operating ~~public~~leverage, ~~disclosure~~Diageo’s ofAccelerate ~~transactions~~programme, bythe ~~persons discharging~~impact ~~managerial~~of ~~responsibilities~~changes ~~and~~in ~~persons~~interest ~~closely associated~~or ~~with~~exchange ~~them~~rates, anticipated

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Sir John Manzoni
2.	Reason for the notification
a)	Position / status	Chair
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	Share purchase under an arrangement with the Company
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		£16.49	397
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-12
f)	Place of transaction	London Stock Exchange (XLON)

cost savings or synergies, expected investments, the completion of any strategic transactions or restructuring programmes,

anticipated tax rates, changes in the international tax environment, potential tariffs and Diageo’s ~~PLC~~ability –to ~~Director/PDMR~~mitigate ~~Shareholding~~the impact

~~Dated 13~~of ~~January~~tariffs, ~~2026~~expected cash payments, future inventory levels, future TBA market share ambitions and any other statements

relating to Diageo’s ~~plc~~performance for the year ending 30 June 2026 or thereafter.

~~LEI:~~Forward-looking ~~213800ZVIELEA55JMJ32~~statements involve risk and uncertainty because they relate to events and depend on circumstances that will

~~Director/PDMR~~occur ~~Shareholding~~in the future. There are a number of factors that could cause actual results and developments to differ materially from

Onthose 12expressed ~~January~~or ~~2026,~~implied ~~the~~by ~~following~~these ~~transactions~~forward-looking ~~took~~statements, ~~place~~including ~~in relation~~factors tothat ~~the~~are outside Diageo's ~~2001~~control, ~~Share~~which ~~Incentive Plan:~~

~~1. purchase~~include of(but ~~partnership~~are ~~shares~~not ~~using~~limited ~~deductions~~to): ~~from~~(i) ~~salary;~~ economic, political, social or other developments in countries and markets in which Diageo

~~2. award~~operates, ofincluding ~~one~~elevated ~~matching~~geopolitical ~~share~~instability ~~for~~and ~~every~~macro-economic ~~two~~events ~~partnership~~that ~~shares purchased.~~may affect Diageo’s customers, suppliers

~~The~~and/or ~~notifications~~financial ~~below,~~counterparties; ~~which~~(ii) ~~have~~the ~~been~~effects ~~made~~of inclimate ~~accordance~~change, ~~with the~~or ~~requirement~~legal, ofregulatory ~~the~~or UKmarket ~~Market~~measures ~~Abuse~~intended ~~Regulation,~~to ~~provide~~address ~~further details.~~

~~James~~climate ~~Edmunds~~change; (iii) changes in consumer preferences and tastes, including as a result of disruptive market forces, changes in

~~Deputy~~demographics ~~Company~~and ~~Secretary~~evolving social trends (including any shifts in consumer tastes towards at-home occasions, premiumisation,

13small-batch ~~January~~craft ~~2026~~alcohol, or lower or no-alcohol products, THC and hemp-based THC beverages, increased use of GLP-1

~~Notification~~medications and/or ~~public~~developments ~~disclosure~~in ofe-commerce); ~~transactions~~(iv) bychanges ~~persons discharging~~in ~~managerial~~the ~~responsibilities~~domestic and ~~persons~~international ~~closely associated~~tax ~~with~~environment ~~them~~that could

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Nik Jhangiani
2.	Reason for the notification
a)	Position / status	Chief Financial Officer
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	1. Purchase of partnership shares under the Diageo 2001 Share Incentive Plan 2. Award of matching shares under the Diageo 2001 Share Incentive Plan
c)	Price(s) and volume(s)		Price(s)	Volume(s)
		1.	£16.39	9
		2.	Nil	5
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-12
f)	Place of transaction	1. London Stock Exchange (XLON) 2. Outside a trading venue

lead to uncertainty around the application of existing and new tax laws and unexpected tax exposures; (v) changes in the cost of

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Ewan Andrew
2.	Reason for the notification
a)	Position / status	Member of the Executive Committee
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	1. Purchase of partnership shares under the Diageo 2001 Share Incentive Plan 2. Award of matching shares under the Diageo 2001 Share Incentive Plan
c)	Price(s) and volume(s)		Price(s)	Volume(s)
		1.	£16.39	9
		2.	Nil	5
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-12
f)	Place of transaction	1. London Stock Exchange (XLON) 2. Outside a trading venue

production, including as a result of increases in the cost of commodities, labour and/or energy due to inflation and/or supply

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Daniel Mobley
2.	Reason for the notification
a)	Position / status	Member of the Executive Committee
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	1. Purchase of partnership shares under the Diageo 2001 Share Incentive Plan 2. Award of matching shares under the Diageo 2001 Share Incentive Plan
c)	Price(s) and volume(s)		Price(s)	Volume(s)
		1.	£16.39	9
		2.	Nil	5
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-12
f)	Place of transaction	1. London Stock Exchange (XLON) 2. Outside a trading venue

chain disruptions; (vi) any litigation or other similar proceedings (including with tax, customs, competition, environmental,

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Dayalan Nayager
2.	Reason for the notification
a)	Position / status	Member of the Executive Committee
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	1. Purchase of partnership shares under the Diageo 2001 Share Incentive Plan 2. Award of matching shares under the Diageo 2001 Share Incentive Plan
c)	Price(s) and volume(s)		Price(s)	Volume(s)
		1.	£16.39	9
		2.	Nil	4
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-12
f)	Place of transaction	1. London Stock Exchange (XLON) 2. Outside a trading venue

anti-corruption or other regulatory authorities); (vii) legal and regulatory developments, including changes in regulations

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Louise Prashad
2.	Reason for the notification
a)	Position / status	Member of the Executive Committee
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	1. Purchase of partnership shares under the Diageo 2001 Share Incentive Plan 2. Award of matching shares under the Diageo 2001 Share Incentive Plan
c)	Price(s) and volume(s)		Price(s)	Volume(s)
		1.	£16.39	9
		2.	Nil	5
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-12
f)	Place of transaction	1. London Stock Exchange (XLON) 2. Outside a trading venue

relating to environmental issues and/or e-commerce; (viii) the consequences of any failure of internal controls; (ix) the

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Randall Ingber
2.	Reason for the notification
a)	Position / status	Member of the Executive Committee
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	1. Purchase of partnership shares under the Diageo 2001 Share Incentive Plan 2. Award of matching shares under the Diageo 2001 Share Incentive Plan
c)	Price(s) and volume(s)		Price(s)	Volume(s)
		1.	£16.39	9
		2.	Nil	5
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-12
f)	Place of transaction	1. London Stock Exchange (XLON) 2. Outside a trading venue

consequences of any failure by Diageo or its associates to comply with anti-corruption, sanctions, trade restrictions or similar

laws and regulations, or any failure of Diageo’s ~~PLC~~related –internal ~~Director/PDMR~~policies ~~Shareholding~~and procedures to comply with applicable law or

~~Dated 16~~regulation; ~~January~~(x) ~~2026~~Diageo’s ability to make sufficient progress against or achieve its ESG ambitions; (xi) cyber-attacks and IT

~~Diageo~~threats ~~plc~~or any other disruptions to core business operations; (xii) contamination, counterfeiting or other circumstances which

~~LEI:~~could ~~213800ZVIELEA55JMJ32~~harm the level of customer support for Diageo’s brands and adversely impact its sales; (xiii) Diageo’s ability to maintain

~~Director/PDMR~~its ~~Shareholding~~brand image and corporate reputation or to adapt to a changing media environment; (xiv) fluctuations in exchange rates and/

~~Sir~~or ~~John~~interest ~~Manzoni~~rates; ~~who~~(xv) ~~participates~~Diageo’s inability ato ~~Dividend~~successfully ~~Reinvestment~~execute ~~Plan received~~its ~~Ordinary~~strategic ~~Shares~~business intransformation ~~the~~projects; ~~Company~~(xvi) inDiageo’s ~~respect of the final dividend paid on 4 December 2025.~~

~~The~~ability ~~notification~~to ~~below,~~derive ~~which~~the ~~has~~expected ~~been~~benefits ~~made~~from inits ~~accordance~~business ~~with~~strategies, ~~the requirement~~in ofrelation ~~the~~to UKexpansion ~~Market~~in ~~Abuse~~emerging ~~Regulation~~markets, ~~provides~~acquisitions, ~~further details.~~

~~James~~investments ~~Edmunds~~in joint ventures, productivity initiatives or inventory forecasting; (xvii) increased competitive product and pricing

~~Deputy~~pressures, ~~Company~~including ~~Secretary~~as a result of introductions of new products or categories that are competitive with Diageo’s products and

16consolidations ~~January~~by ~~2026~~competitors and retailers; (xviii) increased costs for, or shortages of, talent, as well as labour strikes or

~~Notification~~disputes; ~~and~~(xix) ~~public~~movements ~~disclosure~~in the value of ~~transactions~~the byassets ~~persons discharging~~and ~~managerial~~liabilities ~~responsibilities~~related ~~and~~to ~~persons~~Diageo’s ~~closely associated~~pension ~~with~~plans; ~~them~~(xx) Diageo’s ability to

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Sir John Manzoni
2.	Reason for the notification
a)	Position / status	Chair
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	Ordinary Shares received under a Dividend Reinvestment Plan in respect of the final dividend paid on 4 December 2025.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		£17.70	84
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2025-12-04
f)	Place of transaction	London Stock Exchange (XLON)

renew supply, distribution, manufacturing or licence agreements (or related rights) and licences on favourable terms, or at all,

when they expire; or (xxi) any failure by Diageo ~~PLC~~to –protect ~~Director/PDMR~~its ~~Shareholding~~intellectual property rights.

~~Dated 16~~All ~~January~~oral ~~2026~~and written forward-looking statements made on or after the date of this document and attributable to Diageo are

~~Diageo~~expressly ~~plc~~qualified in their entirety by the cautionary statements contained or referred to in this section. Further details of

~~LEI:~~potential ~~213800ZVIELEA55JMJ32~~risks and uncertainties affecting Diageo are described in our filings with the London Stock Exchange and the US

~~Director/PDMR~~Securities ~~Shareholding~~and Exchange Commission (SEC), including in our Annual Report for the year ended 30 June 2025 and in our

~~Valerie~~Annual ~~Chapolaud-Floquet~~Report ~~who~~on ~~participates~~Form in20-F afor ~~Dividend Reinvestment Plan received Ordinary Shares in~~ the ~~Company~~year ~~in respect~~ended of30 ~~the~~June ~~final dividend paid on 4 December~~ 2025.

~~The~~Any ~~notification~~forward-looking ~~below,~~statements ~~which~~made ~~has~~by ~~been~~or ~~made~~on inbehalf ~~accordance~~of ~~with~~Diageo ~~the requirement~~speak only as of the UKdate ~~Market~~they ~~Abuse~~are ~~Regulation,~~made. ~~provides~~Diageo ~~further details.~~expressly

~~James~~disclaims ~~Edmunds~~any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by

~~Deputy~~applicable ~~Company~~law. ~~Secretary~~The reader should, however, consult any additional disclosures that Diageo may make in any documents which

16it ~~January~~publishes ~~2026~~and/or files with the SEC.

~~Notification~~This ~~and~~document ~~public~~includes ~~disclosure~~names of ~~transactions~~Diageo’s byproducts, ~~persons discharging~~which ~~managerial~~constitute ~~responsibilities~~trademarks ~~and~~or ~~persons~~trade ~~closely associated~~names ~~with~~which ~~them~~Diageo owns, or which

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Valerie Chapolaud-Floquet
2.	Reason for the notification
a)	Position / status	Non-Executive Director
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	Ordinary Shares received under a Dividend Reinvestment Plan in respect of the final dividend paid on 4 December 2025.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		£17.68	60
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2025-12-09
f)	Place of transaction	London Stock Exchange (XLON)

~~Diageo PLC – Director Declaration~~5

~~Dated 20~~Table ~~January~~of ~~2026~~Contents

~~Diageo~~CAPITALISATION ~~plc~~AND INDEBTEDNESS

~~LEI:~~The ~~213800ZVIELEA55JMJ32~~following table sets out on an IFRS basis the unaudited capitalisation and indebtedness and the unaudited cash and cash

~~Director~~equivalents ~~Declaration~~of Diageo as at 31 December 2025.

Diageo plc (the "Company") announces that John Rishton, non-executive director of the Company, will be appointed as non-executive director and chair designate of Imperial Brands PLC, with effect from 13 July 2026.


	31 December 2025
	$ million
Indebtedness
Short-term borrowings and bank overdrafts	3,303
Long-term borrowings	20,209
Lease liabilities	687
Total indebtedness	24,199
Capitalisation
Share capital	887
Share premium	1,703
Capital redemption reserve	4,082
Hedging and exchange reserve	(3,764)
Own shares	(2,212)
Other retained earnings	10,905
Equity attributable to the equity shareholders of the parent company	11,601
Non-controlling interests	2,093
Total equity	13,694
Total capitalisation and indebtedness	37,893
Cash and cash equivalents	2,209

~~John will assume the role of chair of Imperial Brands PLC, effective from, 1 December 2026.~~Notes

~~This~~(1)At ~~notification~~31 ~~has~~December 2025, ~~been~~2,432 ~~made~~million inordinary ~~accordance~~shares ~~with~~of UK28101/108 pence ~~Listing~~each ~~Rule 6.4.9R~~were ~~(2).~~issued, all of which were fully paid,

~~James~~including ~~Edmunds~~shares issued, shares issued and held in employee share trusts and those held as treasury shares.

~~Deputy~~(2)There ~~Company~~have ~~Secretary~~been no material changes to performance guarantees or indemnities in respect of liabilities of third parties

from those reported in Diageo’s Annual Report on Form 20-F ~~January~~for ~~2026~~the year ended 30 June 2025.

~~Diageo~~(3)At ~~PLC~~31 December –2025, ~~Director/PDMR~~none ~~Shareholding~~of the group’s net borrowings were secured on assets of the group.

~~Dated~~ (4)An interim dividend of 20.00 ~~January~~cents ~~2026~~per share will be paid to holders of ordinary shares and ADRs on the register as of

~~Diageo plc~~17 April 2026.

~~LEI:~~(5)Other ~~213800ZVIELEA55JMJ32~~than those disclosed above, there has been no material change since 31 December 2025 in the group’s net

~~Director/PDMR~~borrowings, ~~Shareholding~~performance guarantees, indemnities and capitalisation.

~~On 19 January 2026, the following transactions took place in relation to the One World Share Incentive Plan.~~6

~~1. purchase~~Table of ~~partnership shares using deductions from salary; and~~Contents

~~2. award~~BUSINESS ~~of 50% matching shares for every partnership share purchased.~~REVIEW

~~The~~INFORMATION ~~notifications below, which have been made in accordance with the requirement of the UK Market Abuse Regulation, provide further details.~~PRESENTED

~~James~~Diageo ~~Edmunds~~is one of the world’s leading premium drinks businesses and operates on an international scale selling many types of

~~Deputy~~beverage ~~Company~~alcohol. ~~Secretary~~It is one of a small number of premium drinks companies that operate globally across spirits and beer.

20The ~~January~~following ~~2026~~discussion is based on Diageo’s results for the six months ended 31 December 2025 compared with the six

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	John O'Keeffe
2.	Reason for the notification
a)	Position / status	Member of the Executive Committee
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	Ordinary shares of 28 101/108 pence GB0002374006
b)	Nature of the transaction	1. Purchase of partnership shares under the One World Share Incentive Plan. 2. Award of matching shares under the One World Share Incentive Plan.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		£16.12	9.035
		Nil	4.518
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-19
f)	Place of transaction	1. London Stock Exchange (XLON) 2. Outside a trading venue

months ended 31 December 2024.

~~Diageo~~This ~~PLC~~section –contains ~~Director/PDMR~~certain ~~Shareholding~~non-GAAP measures, including organic movements, growth on a constant basis, organic growth,

~~Dated 21~~free ~~January~~cash ~~2026~~flow, adjusted net borrowings to adjusted EBITDA and tax rate before exceptional items. These non-GAAP measures

~~Diageo~~should ~~plc~~be viewed as complementary to, and not replacements for, the comparable GAAP measures and reported movements

~~LEI:~~therein. ~~213800ZVIELEA55JMJ32~~Organic movements and organic operating profit presented in this section are before exceptional items. Share, unless

~~Director/PDMR~~otherwise ~~Shareholding~~stated, refers to value share. See ‘Definitions and reconciliations of non-GAAP measures to GAAP measures’ for an

Onexplanation 20of ~~January~~non-GAAP ~~2026,~~measures ~~the~~on ~~following~~pages ~~transactions~~32 ~~took place in relation~~ to ~~the One World Share Incentive Plan~~42.

~~1. purchase of partnership shares using deductions from salary; and~~7

~~2. award~~Table of ~~50% matching shares for every partnership share purchased.~~Contents

~~The~~OPERATING ~~notifications~~RESULTS ~~below,~~FOR ~~which~~THE ~~have~~SIX ~~been~~MONTHS ~~made~~ENDED in31 DECEMBER ~~accordance~~2025 ~~with the~~COMPARED ~~requirement~~WITH ofTHE ~~the~~SIX ~~UK Market Abuse Regulation, provide further details.~~

~~James~~MONTHS ~~Edmunds~~ENDED 31 DECEMBER 2024

~~Deputy~~Financial ~~Company Secretary~~highlights

21 January 2026


	Reported results			Adjusted results(1)
	F26 H1	vs F25 H1		F26 H1	vs F25 H1
Net sales	$10,460m	(4.0)%	Organic net sales movement	$(295)m	(2.8)%(2)
Operating profit	$3,116m	(1.2)%	Operating profit before exceptional items	$3,256m	(2.8)%(2)
Operating profit margin	29.8%	85bps	Operating profit margin before exceptional items	31.1%	1bps(2)
Net profit	$2,110m	1.7%
Basic earnings per share	89.7c	3.0%	Basic earnings per share before exceptional items	95.3c	(2.5)%
Net cash flow from operating activities	$2,123m	$(202)m	Free cash flow	$1,532m	$(164)m

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Sally Grimes
2.	Reason for the notification
a)	Position / status	Member of the Executive Committee
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	American Depositary Shares US25243Q2057
b)	Nature of the transaction	1. Purchase of partnership shares under the One World Share Incentive Plan. 2. Award of matching shares under the One World Share Incentive Plan.
c)	Price(s) and volume(s)		Price(s)	Volume(s)
		1.	$88.19	1.134
		2.	Nil	0.567
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-20
f)	Place of transaction	1. New York Stock Exchange (XNYS) 2. Outside a trading venue

Growth in Europe, LAC and Africa offset by weakness in North America and China

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Hannah Brooks
2.	Reason for the notification
a)	Position / status	Member of the Executive Committee
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Diageo plc
b)	LEI	213800ZVIELEA55JMJ32
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument Identification code	American Depositary Shares US25243Q2057
b)	Nature of the transaction	1. Purchase of partnership shares under the One World Share Incentive Plan. 2. Award of matching shares under the One World Share Incentive Plan.
c)	Price(s) and volume(s)		Price(s)	Volume(s)
		1.	$88.19	0.147
		2.	Nil	0.074
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of transaction	2026-01-20
f)	Place of transaction	1. New York Stock Exchange (XNYS) 2. Outside a trading venue

•Reported net sales of $10.5 billion declined 4.0% due to organic net sales decline and the negative impact of disposals.

•Organic net sales declined 2.8%, driven by organic volume down 0.9% and negative price/mix of 1.9%. Strong organic net

sales growth in Europe, Latin America and Caribbean (LAC) and Africa was more than offset by softer performance in

North America given pressure on disposable income impacting US Spirits, and the adverse impact of Chinese white spirits

(CWS) in Asia Pacific.

•Negative price/mix primarily as a result of adverse mix due to US Spirits performance and weaker results in CWS.

•Excluding CWS, organic net sales for the group would have been c.2% higher; with volume down c.0.5% and price/mix

broadly flat.

Operating profit decline mainly from adverse mix and tariffs, partially offset by efficiencies in A&P investment

•Reported operating profit declined 1.2% due to organic operating profit decline and lower exceptional operating charges.

Reported operating profit margin grew 85bps, primarily due to the positive impact of disposals.

•Organic operating profit declined by 2.8%; organic operating profit margin was broadly flat, mainly due to adverse market

mix and tariff costs offset by lower marketing investment given efficiencies.

•EPS pre-exceptionals was 95.3 cents, down 2.5%.

Continued focus on cash flow and increased commitment to reduce leverage and increase financial flexibility, dividend

rebased

•Net cash flow from operating activities decreased by $202 million to $2.1 billion. Free cash flow decreased by $164 million

to $1.5 billion.

•Net debt as at 31 December 2025 was $21.7 billion.

•In December 2025, Diageo announced an agreement to sell its shareholding in East African Breweries plc and its

shareholding in the Kenyan spirits business, to Asahi Group Holdings, Ltd. Estimated net proceeds after tax and transaction

costs of $2.3 billion imply a 17x EBITDA multiple. This is expected to complete in H2 calendar year 2026 and to reduce net

debt to adjusted EBITDA(3) by c.0.25x.

•Ongoing strategic review by United Spirits Limited (USL) of ownership of Royal Challengers Bengaluru (RCB) cricket

team well advanced.

•Declared interim dividend of 20 cents. Committed to growing shareholder distributions over time and targeting a 30-50%

payout policy going forward, with a minimum floor set for the dividend of 50 cents per annum.

Accelerate savings progressing well, fiscal 26 guidance updated

•Cost savings programme progressing well with c.50% Accelerate savings now expected in fiscal 26; savings in the first half

driven by supply chain agility and related cost savings, A&P efficiencies and overhead savings.

•For fiscal 26, given further weakness through the first half in the US we have updated both organic net sales and operating

profit growth guidance. We have reiterated free cash flow guidance of $3 billion.

(1)See pages 32-42 for an explanation and reconciliation of non-GAAP measures.

(2)Represents organic movement.

(3)Leverage ratio calculated using adjusted net debt which is the equivalent to adjusted net borrowings (net borrowings plus post-employment benefit

liabilities before tax).

See pages 32-42 for an explanation and reconciliation of non-GAAP measures, including organic net sales, organic marketing investment, organic operating profit, free cash

flow, EPS before exceptional items, adjusted net debt, adjusted EBITDA and tax rate before exceptional items. Unless otherwise stated, movements in results are for the six

months ended 31 December 2025 compared to the six months ended 31 December 2024.

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RECENT TRENDS

Sir Dave Lewis, Chief Executive of Diageo, commenting on the six months ended 31 December 2025 said:

Our performance in the first half of fiscal 26 was mixed. Strong performance in Europe, LAC and Africa, was offset by a

weakening performance in NAM and continued weakness in Chinese white spirits in APAC. US Spirits performance reflected

pressure on disposable income, and competitive pressure from more affordable alternatives addressing a more stretched

consumer wallet.

Only several weeks in I can already see significant opportunities for Diageo to act more decisively to enhance its

competitiveness and broaden the portfolio offering leading to higher growth. As we refine our new strategy to deliver stronger

shareholder value, the immediate priorities for the team are clear:

– Build competitive category strategies, winning with relevant brands

– Customer, customer, customer

– Redesign of the Diageo operating framework to drive sustainable returns

To deliver on these opportunities, we need to create more financial flexibility. Accordingly, the Board has taken the difficult

decision to reduce the dividend to a more appropriate level which will accelerate the strengthening of our balance sheet. We are

confident that this is the right action which will ensure that Diageo can reinforce its position as the leading international spirits

business and drive stronger shareholder value over the coming years.

I am encouraged by the depth of the passion and pride that our people have for our brands across the business. This will be

invaluable given the significant work ahead.

Outlook

Outlook for fiscal 26

Organic net sales we have updated guidance for fiscal 26 and now expect organic net sales down 2-3% given further weakness

in the US. This also includes the impact of Chinese white spirits.

Organic operating profit growth we now expect this to be flat to up low-single-digit. This reflects the revised net sales

guidance due to the US, as well as Chinese white spirits and the impact of tariffs (as detailed on page 6). This also includes

savings from the Accelerate programme.

Taxation - we expect the tax rate before exceptional items for fiscal 26 to be c.25% (fiscal 25: 24.9%).

Effective interest rate - we expect the effective interest rate for fiscal 26 to be c.4.0% (fiscal 25: 4.1%).

Capital expenditure - we expect capex at the lower end of the range of $1.2-1.3 billion (fiscal 25: $1.5 billion).

Free cash flow - we continue to expect free cash flow of $3 billion (fiscal 25: $2.7 billion). This includes exceptional cash costs

related to the Accelerate programme. This does not include c.$100 million one-off impact which is expected to be included in

working capital at the end of fiscal 26 related to inventory build ahead of the implementation of the group SAP S/4 HANA ERP

system in early fiscal 27.

Performance update

Given the ongoing review of the business and analysis underway, led by our new CEO, including the work on the three

priorities shared earlier in his quote, we will update the market later in the summer on the outcome of this and resulting

evolution of the strategy.

Performance in fiscal 26 H1: North America and China weakness offsetting broader growth elsewhere

Trading conditions remained challenging in the first half of the year. We believe this was largely due to further macroeconomic

and geopolitical uncertainty, and weak consumer confidence in key markets. Consequently, while spirits growth increased mid-

single-digit in LAC and Africa, and was flat in Europe, this was more than offset by weakness in North America and Asia

Pacific. In RTDs organic sales increased double-digit driven by strength in Smirnoff Ice. In beer, despite broader category

pressure, we delivered high-single-digit growth. This was underpinned by strong Guinness growth.

Overall organic sales declined 2.8%, with strong growth in Europe, LAC and Africa more than offset by softer performance in

North America given weakness in US Spirits, and the impact of CWS in Asia Pacific. Organic profit declined 2.8% given

pressure from CWS, later timing of Chinese New Year, and weakness in North America. Excluding the impact of CWS, overall

organic net sales would have been c.2% higher; with volume down c.0.5% and price/mix broadly flat.

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In the first half, Diageo grew or held total market share in c.30%(1) of markets measured by contribution to net sales. This result

was largely a reflection of performance in the United States which saw a 9bps TBA share loss representing c.35% of the total

net sales value in measured markets.

Extending portfolio reach and driving consumer appeal with innovation

We continue to work to drive growth across the portfolio, including increased brand and pack offerings at more accessible price

points and recruitment of legal purchasing age (LPA) consumers across all age groups.

Scotch saw a return to growth, delivering volume and value growth, led by Johnnie Walker, Buchanan's and Black & White.

Johnnie Walker Red, Johnnie Walker Black, and Johnnie Walker Blue all delivered organic volume and net sales growth.

Johnnie Walker growth was ahead of the category driven by successful advertising, innovation, increased point of sale

activation, and targeted competitive price adjustments. Türkiye, MENA, US Spirits and Brazil were standout markets

In tequila, weakness in North America, our largest region for tequila, more than offset at least mid-single-digit growth across all

other regions. Don Julio and Casamigos, which both declined double-digit, reflected weakness in the top end of the category in

the US as consumers downtraded. This more than offset double-digit growth in Astral, priced at a more accessible price point

but from a significantly lower base.

In MENA, a new market established in 2024, we delivered organic net sales growth of 24.6% as we continue to effectively

scale our luxury business, especially with Johnnie Walker.

In India, extension of formats with 180ml McDowell's and Royal Challenge, and new flavour innovations in Smirnoff

successfully recruited new LPA consumers at scale.

We continue to view ready-to-drink (RTD) as key to recruitment, addressing consumer demand for both convenience at an

accessible price point, and moderation. In the first half, our spirits RTD portfolio grew net sales 17% organically. Smirnoff

RTDs in the first half grew c.13% and gained share in four out of five regions, including North America.

In beer, Guinness delivered organic net sales growth of 10.9%, with growth in all regions apart from Asia Pacific, impacted by

the changes in route- to-market in China and Australia. The new Littleconnell brewery will add meaningful capacity to support

further geographic expansion, increase capacity for existing markets, and will accelerate Guinness 0.0 expansion. Additionally

the recently opened Open Gate Brewery in London inaugurated by His Majesty King Charles III will support future brand

growth engaging new and existing consumers.

Innovation continued to drive growth, with Crown Royal in the US again the largest contributor driven by Crown Royal

Blackberry and also Crown Royal Chocolate, a limited time offer (LTO) over the festive period. Johnnie Walker Black Ruby

was also a standout performer, expanding into Asia Pacific and LAC, and with good performance in Global Travel, Türkiye,

Japan and Korea. In LAC, Don Julio Ceniza was launched in Mexico and Colombia with strong early consumer take up. In

Europe in Great Britain (GB), Baileys Terry's Chocolate Orange performed well, making it one of the strongest brand LTOs

launched to date. In RTDs, Smirnoff Crush was successfully rolled out in GB and Ireland; and Johnnie Walker Black Ruby

RTD in Asia Pacific. Local flavour innovations in Kenya Cane supported growth in Africa spirits.

Optimising A&P; more targeted and driving efficiencies

Our A&P spend in the first half was $1,703 million (fiscal 25 H1: $1,896 million), with a reinvestment rate of 16.3% (fiscal 25

H1: 17.4%). The lower spend largely reflected lower net sales, efficiencies through Accelerate, mainly lower development

costs, and savings from prioritising investment on higher growth opportunities. Development costs reduced to 15.1% in the first

half (fiscal 25 H1: 17.4%), leveraging AI, Virtual Content Studios, and work by Diageo's Agile Brand Communities and

Conscious Create Councils, as well as media and customer A&P tools.

Specifically with Johnnie Walker, Conscious Create teams centrally produced content, and AI tools enabled market

customisation and application at scale. Also, combined brand development funds across markets enabled a larger global new

‘Keep Walking’ campaign and a partnership with Grammy-award winning musical talent Sabrina Carpenter.

In Europe, our investment prioritisation tool Catalyst, drove sharper investment allocation, increasing investment on brands

such as Guinness and Johnnie Walker, and Raki in Türkiye

In LAC, increased investment on growth drivers such as paid social media for RTDs in Brazil, supported good share growth,

returns, and double-digit organic net sales growth.

As an official sponsor for the FIFA World Cup 2026 in North, Central and South America, with the Casamigos, Don Julio,

Smirnoff, Johnnie Walker and Buchanan's brands activation will step up from the second half in relevant markets.

(1) Internal estimates incorporating Nielsen, Association of Canadian Distillers, Dichter & Neira, Frontline, INTAGE, IRI, ISCAM, NABCA, State

Monopolies, TRAC, and other third-party providers. All analysis of data has been applied with a tolerance of +/- 3 bps and the descriptions applied of

gaining, holding or losing share by Diageo or brands are based on estimated performance within that tolerance. Percentage represents percent of markets by

total Diageo net sales contribution that have held or gained total trade share in the fiscal year to date. Measured markets indicate a market where we have

purchased any market share data. Market share data may include beer, wine, spirits or other elements. Measured market net sales value sums to 91% of

total Diageo net sales value for the six months ended 31 December 2025.

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Addressing the moderation opportunity with 'low and no'

We continue to view moderation as a significant opportunity for Diageo, offering the opportunity to recruit consumers from

outside spirits as well as address a consumer need and preference.

Our non-alcoholic portfolio organic net sales growth was c.14% in the first half led by Guinness 0.0 in Great Britain, Ireland

and the US. Additionally, Tanqueray 0.0 and Captain Morgan 0.0 delivered strong growth, with both up double-digit.

Accelerate savings on track and strengthening Diageo for the future

The Accelerate programme, announced in May 2025, is creating a stronger platform to optimise investment and is helping us

allocate resources more effectively. It reflects our continued focus on cash flow alongside a heightened commitment to reducing

leverage and increasing financial flexibility.

Accelerate savings are progressing well, and we now expect that c.50% of the $625 million savings will be delivered in fiscal

26, with higher savings expected in the second half. This includes savings from A&P efficiencies, reduced overheads, supply

chain efficiencies and trade investment. In the first half we delivered c.40% of the expected fiscal 26 savings, mainly through

supply chain agility and related cost savings, A&P efficiencies and overhead savings.

Dividend policy revision

The Board of Diageo has decided to reduce the dividend to a more appropriate level to accelerate the strengthening of the

balance sheet and create more financial flexibility. This will also ensure that decisions made are taken for the long-term best

interests of the company. The Board is targeting a 30-50% payout policy going forward which will enable Diageo to balance

investment in the business with attractive shareholder returns through dividends and where appropriate share buybacks. The

Board has also set a minimum floor for the dividend of 50 cents per annum.

Commitment to deleveraging

On 17 December 2025 we announced an agreement to sell our 65% shareholding in East African Breweries plc and our

shareholding in our Kenyan spirits business, to Asahi Group Holdings, Ltd, with estimated net proceeds after tax and

transaction costs of $2.3 billion. The disposal is expected to delever our balance sheet by c.0.25x net debt to adjusted

EBITDA(1), and expected to complete in the second half of calendar year 2026.

Additionally, United Spirits Limited announced that it is undertaking a strategic review of its ownership of Royal Challengers

Bengaluru.

We do not intend to undertake future brand sales beyond the typical ongoing portfolio rationalisation consistent with our normal

course of business going forward.

(1) Leverage ratio calculated using adjusted net debt which is the equivalent to adjusted net borrowings (net borrowings plus post-employment benefit liabilities

before tax).

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Spirit of Progress

We continued to deliver against our ‘Spirit of Progress’ ESG action plan, which sets out the actions we are taking against our

three core priorities: promoting positive drinking, pioneering grain to glass sustainability, and championing inclusion and

diversity. In the first half of fiscal 26, we made progress on the following:

Promoting positive drinking

•In the US, launched the second year of ‘Take a Minute. Make a Plan’ partnership. Diageo, Mothers Against Drunk Driving,

the NFL and Uber expanded their nationwide responsible drinking campaign. Last NFL season (August 2024 – February

2025), the campaign reached over 100 million unique LDA+ consumers in the US and drove over one million ride

redemptions, discounted through a promo code, to prevent impaired driving.

•Unveiled the third year of our global responsible drinking campaign, 'The Magic of Moderate Drinking', partnering with

award‑winning bartender Mr Lyan to promote inclusive hosting over the festive season. It went live across digital channels

and iconic locations including Times Square in New York and Oxford Street in London. As part of the campaign, we

launched a ‘Hosting Handbook’ packed with expert hosting tips.

•In the UK, DRINKiQ, our web-based platform which provides the facts, tools and support to help consumers make

informed choices about their relationship with alcohol, and the UK Men’s Sheds Association launched 'Mission: Shoulder to

Shoulder'. This is a campaign focused on tackling men's mental health and loneliness by building 100 'buddy benches'

nationwide to foster social connection and support older men at increased risk of harmful drinking due to loneliness.

•In China, we launched DRINKiQ on WeChat, taking a more social-led and interactive approach to providing alcohol

education to millions of consumers. The new format allows consumers to easily browse and share content, calculate their

alcohol consumption and engage with our programmes, including 'Wrong Side of The Road' within the same app. More than

120,000 users have interacted with the platform since it went live in July 2025.

Pioneering grain to glass sustainability

•In November 2025, at COP30, we advocated for advancing global water stewardship, sharing the progress we made on

improving water efficiency, expanding basin‑level collective action and scaling our water replenishment programmes in

stressed areas.

•In November 2025, we announced an investment of up to £5 million over five years, to help restore up to 3,000 hectares of

degraded peatland across Scotland. Through collective action with industry partners, Diageo will identify and co-fund

projects that help to restore depleted peatlands, increase carbon storage, enhance biodiversity and improve water

management in some of the country’s most iconic and fragile landscapes.

Champion inclusion and diversity

•In December 2025, we marked the International Day of Persons with Disabilities by spotlighting Guinness’s ‘Never Settle’

campaign in Ireland, which introduced touch‑based technology enabling visually impaired fans to fully experience Six

Nations Rugby matches and reflected the brand’s commitment to expanding accessible broadcasting across major sporting

events.

•Diageo marked World Menopause Day by promoting its ‘Thriving Through Menopause’ guidelines, that are available

across 45+ geographies, and offering awareness sessions, resources and support networks, such as Menopause Champions,

to foster a more inclusive workplace culture.

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Company updates

Portfolio optimisation

Disposals

•Completed the sale of Diageo's shareholding in Seychelles Breweries Limited to Phoenix Beverages Ltd. in July 2025.

•Completed the sale of Diageo's shareholding in Guinness Ghana Breweries PLC to Castel Group in July 2025.

•Completed the sale of Diageo Operations Italy S.p.A, inclusive of the Santa Vittoria production facility, to NewPrinces

S.p.A in September 2025.

•Completed the sale of Sheridan's to Casa Redondo in February 2026.

•Announced agreement to sell shareholding in East African Breweries PLC (“EABL”) and shareholding in Kenyan spirits

business to Asahi Group Holdings, Ltd. in December 2025.

Appointment of Sir Dave Lewis as Chief Executive Officer

On 10 November 2025, it was announced that Sir Dave Lewis was to be appointed Chief Executive and Executive Director,

effective on 1 January 2026.

Chief Financial Officer

As of 1 January 2026, Nik Jhangiani, who had assumed the role of Chief Executive on an interim basis since July 2025,

resumed his Chief Financial Officer role.

Appointment of John Rishton as a Non-Executive Director

On 16 September 2025, it was announced that John Rishton was to be appointed as a Non-Executive Director, effective 1

November 2025.

Tariff update

Update on implications of tariff implementation and developments

Assuming that a 10% tariff remains on UK and 15% on European imports into the US, that Mexican and Canadian spirits

imports into the US remain exempt under the United States - Mexico - Canada Agreement (USMCA), and that there are no

other changes to tariffs, the unmitigated impact of these tariffs is estimated to remain c.$200 million on an annualised basis.

Given the actions to date to mitigate the impact and before any pricing, we continue to expect to mitigate around half of this

impact on operating profit on an ongoing basis. Looking ahead, we will continue to work on measures to mitigate this impact

further. Our long track record of managing international tariffs gives us confidence in our ability to navigate this successfully.

We note the recent ruling on tariff policy by the United States Supreme Court and the subsequent statements by the US

Administration, and also the potential for tariff increases in the future. We will continue to monitor developments. We have not

updated our guidance for this at this time.

Dividend

The interim dividend of 20 cents per share (fiscal 25 H1 – 40.50 cents per share) will be paid to holders of ordinary shares and

US ADRs on register as of 17 April 2026. The ex-dividend date is 16 April 2026 for holders of ordinary shares and 17 April

2026 for holders of US ADRs. Holders of ordinary shares will receive their dividends in sterling unless they elect to receive

their dividends in US dollars by 8 May 2026. The dividend per share in pence to be paid to ordinary shareholders will be

announced on 21 May 2026 and will be determined by the actual foreign exchange rates achieved by Diageo buying forward

contracts for sterling currency, entered into during the three trading days preceding the sterling equivalent announcement of the

final dividend. The interim dividend will be paid to both holders of ordinary shares and US ADRs on 4 June 2026. A dividend

reinvestment plan is available to holders of ordinary shares in respect of the final dividend and the plan notice date is 8 May

2026.

Foreign exchange guidance

We are not providing specific guidance in relation to foreign exchange for fiscal 26. However, using the hedged rates we

already have in place and for all other exposures, the spot exchange rates at 31 December 2025 including $1=£0.74 and

$1=€0.85 and applying them to a representative income statement profile for fiscal 26, for the full fiscal year, we would see a

favourable impact on net sales of approximately $100 million and for operating profit we would see a favourable exchange

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impact of approximately $50 million. The above spot rates, currency hedges and assumptions reflect a point in time. Thus, it is

reasonable to expect spot rates to fluctuate, especially for emerging markets currencies.

Notes to the business and financial review

Unless otherwise stated:

•movements in results are for the six months ended 31 December 2025 compared to the six months ended 31 December

2024;

•commentary below refers to organic movements unless stated as reported;

•volume is in millions of equivalent units (EUm);

•net sales are sales after deducting excise duties;

•percentage movements are organic movements unless stated as reported;

•growth is organic net sales movement;

•price/mix is in percentage points (pps); and

•market share refers to value share, except for India which is volume share.

See pages 32-42 for an explanation of the calculation and use of non-GAAP measures.

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Region review

Reported results by region


		North America	Europe	Asia Pacific	Latin America and Caribbean	Africa	Corporate	Diageo
Volume	EUm	24.3	27.1	40.6	12.4	17.3	—	121.7
Net sales	$ million	3,790	2,760	1,835	1,116	873	86	10,460
Marketing	$ million	724	447	275	162	85	10	1,703
Operating profit before exceptional items	$ million	1,392	878	522	377	222	(135)	3,256
Operating profit	$ million	1,350	789	515	376	221	(135)	3,116

Reported growth by region


		North America	Europe	Asia Pacific	Latin America and Caribbean	Africa	Corporate	Diageo
Volume	%	(4.3)	(1.8)	(1.2)	(0.8)	5.5	—	(1.1)
Net sales	%	(7.4)	4.9	(13.0)	6.3	(7.5)	22.9	(4.0)
Marketing	%	(8.4)	(7.3)	(21.0)	(2.4)	(12.4)	(23.1)	(10.2)
Operating profit before exceptional items	%	(14.7)	10.2	(19.1)	12.9	33.7	32.8	(3.4)
Operating profit	%	(16.5)	28.5	(17.9)	13.3	33.1	32.8	(1.2)

Organic growth by region


		North America	Europe	Asia Pacific	Latin America and Caribbean	Africa	Corporate	Diageo
Volume	%	(4.0)	(1.8)	(1.2)	(1.6)	7.7	—	(0.9)
Net sales	%	(6.8)	2.7	(11.1)	4.5	10.9	14.3	(2.8)
Marketing	%	(5.8)	(11.6)	(20.1)	(4.9)	(2.4)	—	(9.7)
Operating profit before exceptional items	%	(11.3)	9.1	(16.1)	9.7	23.0	27.6	(2.8)

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.

See pages 32-42 for an explanation of the calculation and use of non-GAAP measures.

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North America (36% net sales)

Further category pressure in tequila in a competitive and continued cautious consumer environment.


	F25 H1	Exchange	Acquisitions and disposals	Organic movement	F26 H1	Reported movement
Key financials	$ million	$ million	$ million	$ million	$ million	%
Net sales	4,095	(1)	(30)	(274)	3,790	(7.4)
Marketing	790	5	(27)	(44)	724	(8.4)
Operating profit before exceptional items	1,631	(56)	(2)	(181)	1,392	(14.7)
Exceptional operating items(1)	(14)				(42)
Operating profit	1,617				1,350


Markets:	Reported volume movement	Reported net sales movement	Organic volume movement	Organic net sales movement
Markets	%	%	%	%
North America(2)	(4.3)	(7.4)	(4.0)	(6.8)
US Spirits(2)	(8.3)	(10.9)	(6.8)	(9.3)
DBC USA(3)	5.6	7.3	5.5	7.3
Canada(2)	5.4	4.6	4.7	2.3

Key financials:

Reported net sales declined 7.4%, mainly driven by a decline in organic net sales and the impact of the Cîroc transaction which

completed in fiscal 25. Organic net sales declined 6.8%, driven primarily by US Spirits partly offset by growth in Diageo Beer

Company USA (DBC USA) and Canada. Organic volume declined 4.0%, reflecting weakness in US Spirits, only partly offset

by growth in Canada and DBC USA, while price/mix declined 2.8%.

Organic operating profit declined 11.3%, driven by volume weakness, negative mix and the impact of tariffs, partly mitigated

by productivity savings. Marketing investment declined by 5.8% reflecting both efficiencies and also targeted investment

decisions. Operating margin of 36.7%, reduced by 193bps organically.

US Spirits highlights:(4)

•Overall US Spirits net sales declined 9.3%, reflecting a 6.8% 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 around 1 percentage point 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. Distributor inventory levels at the end of the first half of fiscal 26 remain appropriate for the current

consumer environment and in line with historical levels.

•Tequila net sales declined 23.1%, driven by both Don Julio and Casamigos, reflecting a softer tequila category,

increased competitive intensity, and lapping strong growth in the prior period. Don Julio net sales declined 20.9%,

following double-digit growth in Don Julio Reposado and size extensions in the first half of fiscal 25. Don Julio

depletions declined 9.8% with shipments growth below depletions reflecting reduced distributor inventories given the

softer consumer environment. Don Julio lost share in the tequila category and in total spirits and we are focused on

actions to improve performance. Casamigos net sales declined 30.9%, reflecting increased competition and also

distributors reducing inventories to accommodate softer demand. Casamigos depletions declined 23.0%.

•Crown Royal whisky net sales declined 9.2%, primarily due to lapping strong consumer demand for Crown Royal

Blackberry in the first half of fiscal 25 and softness in Crown Royal Deluxe.

•Johnnie Walker net sales grew 4.4%, driven by premium variants led by Johnnie Walker Blue Label. The trademark

gained share of the scotch category and held share of total spirits, supported by positive share performance across most

variants.

•Vodka net sales declined 0.9%, driven by Smirnoff, down 2.5%, with continued pressure from the broader RTD

category and overall category weakness. Ketel One grew 2.1% gaining category share and holding share of total

spirits.

•Captain Morgan net sales declined 4.3%, reflecting continued rum category softness. The brand gained share in the

rum category, supported by strength in core variants.

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Rest of North America

•DBC USA net sales grew 7.3%, driven by double digit growth in Guinness, led by Guinness Draught. Smirnoff RTD

grew mid-single-digit reflecting continued investment and innovations, including Smirnoff Sunny Days and Smirnoff

Shorties. Both brands gained category share.

•Canada net sales grew 2.3%, supported by growth in Guinness, partly offset by weakness in Smirnoff.

(1)For further details on exceptional operating items see pages 27 and F10-F11.

(2)Reported volume movement includes impacts from acquisitions and/or disposals. For further details see page 38.

(3)Certain spirits-based ready to drink products in certain states are distributed through DBC USA and those net sales are captured within DBC USA.

(4)Spirits brands and categories excluding cocktails, which includes ready to drink, ready-to-serve and non-alcoholic variants, except where noted.

Table of Contents

Europe (26% net sales)

Good performance in Türkiye and MENA, with continued strong Guinness momentum.


	F25 H1	Exchange	Reclassification (1)	Acquisitions and disposals	Organic movement	Hyperinflation (2)	F26 H1	Reported movement
Key financials	$ million	$ million	$ million	$ million	$ million	$ million	$ million	%
Net sales	2,632	71	3	(15)	69	—	2,760	4.9
Marketing	482	20	—	—	(55)	—	447	(7.3)
Operating profit before exceptional items	797	17	1	(6)	70	(1)	878	10.2
Exceptional operating items(3)	(183)						(89)
Operating profit	614						789


Markets:	Reported volume movement	Reported net sales movement	Organic volume movement	Organic net sales movement
Markets	%	%	%	%
Europe(4)	(1.8)	4.9	(1.8)	2.7
Great Britain(4)	(5.1)	7.5	(5.6)	2.9
Central and Eastern Europe(4)	(9.4)	(10.1)	(5.0)	(7.6)
Ireland(4)	(1.7)	8.3	(1.8)	1.3
Türkiye(4)	9.5	5.4	9.3	26.2
DACH(4)	1.2	14.7	(3.7)	(1.8)
Iberia(4)	(13.5)	(4.4)	(9.7)	(9.8)
France(4)	10.7	20.5	(0.8)	0.2
Italy(4)	(8.6)	0.6	(3.6)	(4.0)
MENA	38.3	24.6	38.1	24.6

Key financials:

Reported net sales grew 4.9% driven by organic growth and favourable foreign exchange. Organic net sales increased 2.7%

with strong growth in Türkiye and MENA as well as continued Guinness momentum, partly offset by Central and Eastern

Europe and Iberia. Volume decline of 1.8% was offset by price/mix up 4.5%. Double-digit net sales growth in Guinness led by

Great Britain and Ireland, alongside growth across almost all other markets, was supported by sharpening our customer and

consumer focus. Favourable price/mix in Guinness in Great Britain and Ireland, coupled with pricing adjustments in Türkiye in

response to inflation helped overall price/mix.

Organic operating profit grew 9.1%, as the region invested to establish the new market structure while delivering cost

efficiencies. Marketing investment declined 11.6%, reflecting disciplined prioritisation of spend, including targeted investment

in Türkiye, MENA and Guinness to support growth in the region. Operating margin of 31.8%, increased 189bps organically.

Market highlights:

In fiscal 26, we introduced a new operating model for Diageo Europe. This change involved creating more markets to bring us

closer to customers and consumers. New markets include: Central and Eastern Europe comprised of Benelux and Nordics,

Greece, Eastern Europe, and Poland; DACH comprised of Germany, Switzerland and Austria; Iberia, comprised of Spain and

Portugal, and Italy and France as standalone markets.

•Great Britain net sales grew 2.9%, driven primarily by double-digit growth in Guinness. This was partly offset by

softness in spirits where net sales declined mid-single-digit. Guinness sustained strong growth, notably in the on-trade

where it continued to drive positive share gain and significantly outperformed the category. Guinness 0.0 grew strong

double-digit, reinforcing its position as the fastest growing and #1 non-alc beer in Great Britain(5).

•Central and Eastern Europe net sales declined 7.6%, driven by Eastern Europe where inventory was adjusted to

reflect spirits category softness and a challenging consumer environment.

•Ireland net sales grew 1.3%, driven by the continued growth of Guinness. Guinness growth was supported by pricing,

market share gains, the start of a partnership with Live Nation, and also strong contribution from Guinness 0.0. The

market also delivered resilient market share gains in spirits and TBA in a declining environment, supported by strong

in-market execution.

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•Türkiye net sales grew 26.2%, driven by pricing actions in response to inflation and high-single-digit volume growth.

Raki delivered high single-digit volume growth, supported by increased focus and new pack designs. Johnnie Walker

growth reflected double-digit volume and net sales growth in Johnnie Walker Red Label and Johnnie Walker Black

Label, supported by greater distribution and visibility.

•DACH net sales declined 1.8% as growth in Guinness and RTDs was more than offset by softness in spirits. Guinness

grew double-digit and RTD growth was driven by Smirnoff Ice, supported by the brand relaunch, the successful

introduction of new flavour innovations as well as a focus on accelerating availability and visibility across the market.

•France net sales grew 0.2%. Despite category challenges in the wider market, France gained market share of spirits in

the on-trade as the distribution transition progressed positively. Guinness delivered strong double-digit growth,

supported by the Guinness operating model change.

•MENA net sales grew 24.6%, driven primarily by Johnnie Walker, which saw strong momentum across the trademark

with some benefit from phasing. Good growth in Johnnie Walker Black Label and Johnnie Walker Red Label was

supported by the continued successful launch of Johnnie Walker Black Ruby.

(1)Reclassification of 0.1 million EU between Europe and Africa.

(2)See pages F-12 and 35-37 for details on hyperinflation adjustments.

(3)For further details on exceptional items see pages 27 and F-10-F-11.

(4)Reported volume movement includes impacts from acquisitions and/or disposals. For further details see page 38.

(5)RSV R12M Nielsen (27/12/2025)/CGA (27/12/2025).

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Asia Pacific (18% net sales)

Very weak Chinese white spirits performance, offsetting strong growth in India.


	F25 H1	Exchange	Acquisitions and disposals	Organic movement	F26 H1	Reported movement
Key financials	$ million	$ million	$ million	$ million	$ million	%
Net sales	2,110	(43)	(3)	(229)	1,835	(13.0)
Marketing	348	(4)	—	(69)	275	(21.0)
Operating profit before exceptional items	645	(20)	(2)	(101)	522	(19.1)
Exceptional operating items(1)	(18)				(7)
Operating profit	627				515


	Reported volume movement	Reported net sales movement	Organic volume movement	Organic net sales movement
Markets	%	%	%	%
Asia Pacific(2)	(1.2)	(13.0)	(1.2)	(11.1)
India	1.5	3.6	1.5	8.7
Greater China(2)	(24.5)	(41.2)	(24.6)	(42.3)
Australia(2)	(7.2)	(3.7)	(6.7)	(1.9)
South East Asia(2)	(15.1)	(10.2)	(15.0)	(10.3)
North Asia(2)	(17.3)	(7.9)	(10.3)	(3.3)
Travel Retail Asia(2)	5.0	(1.6)	4.8	2.0

Key financials:

Reported net sales declined 13.0% due to organic net sales decline and unfavourable foreign exchange. Organic net sales

declined 11.1%, primarily due to the decline in CWS, which was partly offset by high single-digit growth in India.

Organic operating profit declined 16.1%, driven by lower organic net sales and adverse market and category mix, reflecting

weaker Chinese white spirits performance in Greater China and a stronger contribution from India. Marketing investment

declined 20.1%, 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 28.4%, decreased 172bps organically, largely reflecting the

impact of CWS.

Market highlights:

•India net sales grew 8.7%, driven by broad-based growth in Prestige & Above segment supported by product, pack

and flavour innovation and positive price/mix. Royal Challenge, Black & White, Signature and Smirnoff delivered

double-digit growth, and the Johnnie Walker trademark grew high-single-digit. Don Julio and Godawan grew strongly

in the emerging tequila and Indian single malt categories.

The recent excise policy changes in the state of Maharashtra, which increased duties and introduced state-made liquor

adversely impacted performance of McDowell's.

•Greater China net sales declined 42.3%, due primarily to a 50.4% volume decline in CWS, as market policy changes

impacted consumption occasions across the Chinese white spirits category. Against this category disruption, Shui Jing

Fang robustly managed costs and inventory levels. The negative impact of CWS on the region's net sales was c.11%,

and c.2% on group net sales. Taiwan declined double-digit in a challenging consumer environment. Greater China was

also impacted by shipment phasing due to the later timing of Chinese New Year.

•Australia net sales declined 1.9%, primarily reflecting a change in the Guinness route-to-market, partly offset by

growth in Bundaberg and Johnnie Walker. Guinness delivered record on-trade market share, supported by British &

Irish Lions tour sponsorship and strong double-digit growth in distribution. Within RTDs, Bundaberg and the launch

of Smirnoff Crush delivered growth and supported category share gains; however, this was more than offset by

declines in Smirnoff Ice.

•South East Asia net sales declined 10.3% due to double-digit declines in Thailand and Vietnam. Vietnam continued to

be impacted by route-to market transformation, while Thailand was affected by reduced tourism and local geopolitical

challenges.

•North Asia net sales declined 3.3% with macroeconomic softness driving volume declines in Japan and South Korea.

•Travel Retail Asia net sales grew 2.0%, underlying channel performance showed sequential improvement. Don Julio

delivered double-digit growth through strong distribution and activation.

(1)For further details on exceptional items see pages 27 and F-10-F-11.

(2)Reported volume movement includes impacts from acquisitions and/or disposals. For further details see page 38.

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Latin America and Caribbean (11% net sales)

Positive market and category mix offset volume decline, Brazil impacted by counterfeit alcohol

incidents.


	F25 H1	Exchange	Acquisitions and disposals	Organic movement	Hyperinflation (1)	F26 H1	Reported movement
Key financials	$ million	$ million	$ million	$ million	$ million	$ million	%
Net sales	1,050	—	3	47	16	1,116	6.3
Marketing	166	3	—	(8)	1	162	(2.4)
Operating profit before exceptional items	334	17	1	33	(8)	377	12.9
Exceptional operating items(2)	(2)					(1)
Operating profit	332					376


	Reported volume movement	Reported net sales movement	Organic volume movement	Organic net sales movement
Markets	%	%	%	%
Latin America and Caribbean(3)	(0.8)	6.3	(1.6)	4.5
Brazil(3)	(3.3)	12.0	(3.4)	6.5
Mexico(3)	4.0	8.4	3.9	1.6
CCAV(3)	3.5	(5.1)	1.1	2.8
Colombia(3)	14.2	24.8	15.9	16.9
South LAC(3)	(13.8)	(9.4)	(13.7)	(9.1)

Key financials:

Reported net sales grew 6.3%, driven by organic net sales growth and the impact of hyperinflation. Organic net sales grew

4.5%, supported by 6.1% price/mix growth driven by positive market and category mix. This was partly offset by a volume

decline of 1.6%. Volume decline was largely driven by cachaça in Brazil and vodka in South LAC, with price/mix growth

supported by market and category mix. We believe that inventory levels at the end of the first half of fiscal 26 remain at an

appropriate level for the current consumer environment.

Organic operating profit increased 9.7% driven by positive mix, marketing spend efficiencies, and net movement in one-off

other operating items. Marketing investment declined 4.9% with efficiencies related to the Accelerate programme and reduced

investment in Brazil as a result of lower consumer demand following the counterfeit alcohol incidents, which was partly

reinvested in RTDs. Operating margin of 33.8%, increased 163bps organically.

Market highlights:

In fiscal 26, the LAC market hierarchy has been changed to remove the combined market formerly known as Andean which

comprised of Colombia and Venezuela. Colombia is now being reported and managed as a standalone market and Venezuela

has been consolidated with the market formerly known as CCA into a new market, Caribbean Central America and Venezuela

(CCAV).

•Brazil net sales grew 6.5%, driven primarily by Smirnoff RTDs, Johnnie Walker and Tanqueray, partly offset by

declines in Ypióca. Performance during the half was impacted by counterfeit alcohol incidents in the market, which

particularly adversely impacted the on‑trade. Consumer confidence has been gradually recovering as the situation

stabilises. Diageo led the industry response by working closely with law enforcement and other stakeholders to combat

counterfeit activity, implementing targeted training initiatives and its work on introducing tamper‑proof packaging

solutions. Within RTDs, Smirnoff delivered double‑digit growth, reflecting strong execution in the market.

•Mexico net sales grew 1.6% supported by volume growth of 3.9% partly offset by negative price/mix of 2.3%. Scotch

was the primary contributor to volume growth, reflecting pricing actions taken to enhance the competitiveness of the

portfolio.

•Caribbean, Central America and Venezuela (CCAV) net sales grew 2.8%, driven by favourable scotch and tequila

performance.

•Colombia net sales grew 16.9% as strong execution supported double-digit growth across Buchanan's, Old Parr,

Smirnoff, Don Julio and Johnnie Walker.

•South LAC (Argentina, Bolivia, Chile, Ecuador, Paraguay, Peru and Uruguay) net sales declined 9.1%, driven by the

challenging consumer environment.

(1)See pages F-12 and 35-37 for details on hyperinflation adjustments.

(2)For further details on exceptional items see pages 27 and F-10-F-11.

(3)Reported volume movement includes impacts from acquisitions and/or disposals. For further details see page 38.

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Africa (8% net sales)

Broad-based growth benefitting from route-to-market changes and innovation.


	F25 H1	Exchange	Reclassification (1)	Acquisitions and disposals	Organic movement	Hyperinflation (2)	F26 H1	Reported movement
Key financials	$ million	$ million	$ million	$ million	$ million	$ million	$ million	%
Net sales	944	10	(3)	(156)	82	(4)	873	(7.5)
Marketing	97	(1)	—	(9)	(2)	—	85	(12.4)
Operating profit before exceptional items	166	38	(1)	(27)	38	8	222	33.7
Exceptional operating items(3)	—						(1)
Operating profit	166						221


Markets:	Reported volume movement	Reported net sales movement	Organic volume movement	Organic net sales movement
Markets	%	%	%	%
Africa(4)	5.5	(7.5)	7.7	10.9
East Africa(4)	8.3	11.2	8.3	9.4
SWC Africa(4)	28.6	(18.0)	6.7	14.6

Key financials:

Reported net sales declined 7.5% due to the disposal of operations in Nigeria, Ghana and Seychelles which offset strong

organic growth and favourable exchange. Organic net sales grew 10.9%, with growth across all markets, most notably, double-

digit growth in South Africa, Tanzania and Uganda. Volume grew 7.7%, driven by growth in Kenya Cane, Smirnoff RTD and

Serengeti beer. Price/mix of 3.2% was driven by portfolio mix.

Organic operating profit grew 23.0%, reflecting positive pricing and market mix, productivity savings and marketing

efficiencies. Marketing investment declined by 2.4%, reflecting reduced spend due to prioritisation alongside increased

investment behind RTDs in South Africa. Operating margin of 25.4%, increased 240bps organically.

Market highlights:

•East Africa net sales grew 9.4% 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. Strong double-digit growth in Serengeti, White Cap and Pilsner drove the strong beer

growth and was only partly offset by decline in Senator.

•SWC Africa (South, West and Central Africa) net sales grew 14.6% driven by strong double-digit growth in South

Africa. In South Africa growth was driven by exceptionally strong growth in RTDs, due to increased strategic focus,

successful innovation including flavours, and strengthened execution as a result of the route‑to‑market transformation

completed in fiscal 25.

(1)Reclassification of 0.1 million EU between Africa and Europe.

(2)See pages F-12 and 35-37 for details on hyperinflation adjustments.

(3)For further details on exceptional items see pages 27 and F-10-F-11.

(4)Reported volume movement includes impacts from acquisitions and/or disposals. For further details see page 38.

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Corporate

Net sales

Corporate net sales principally arise from visitor centres and the global licensing of Diageo brands and trademarks. Corporate

net sales were $86 million in the six months ended 31 December 2025, an increase of $16 million compared to the six months

ended 31 December 2024. Net sales were favourably impacted by an organic increase of $10 million and $6 million exchange

rate movement benefit.

Operating profit

Corporate operating costs comprise central costs, including finance, marketing, corporate relations, human resources and legal,

as well as certain information systems, facilities and employee costs that are not allocated to the geographical segments.

Operating costs were $134 million in the six months ended 31 December 2025, a decrease of $67 million compared to the six

months ended 31 December 2024. The $67 million decrease in costs in the six months ended 31 December 2025 mainly

originates from bonus accrual impact, decrease in IT costs and central Share Scheme costs of $48 million in total, further

affected by favourable transactional exchange rate impact of $19 million.

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Category and brand review

For the six months ended 31 December 2025

Key categories


	Organic volume movement(1) %	Organic net sales movement %	Reported net sales movement %	Reported net sales by category %
Spirits(2)	(2)	(6)	(6)	76
Scotch	—	1	1	25
Tequila	(17)	(17)	(17)	11
Vodka(3)(4)	(4)	(3)	(6)	8
Canadian whisky	(7)	(8)	(8)	6
Liqueurs	(3)	(1)	2	6
Rum(4)	8	3	2	5
Gin(4)	(1)	(3)	(1)	4
IMFL whisky	(1)	4	—	4
US whiskey	(6)	(8)	(8)	2
Chinese white spirits	(50)	(56)	(55)	2
Beer	—	8	3	17
Ready to drink	43	17	13	4

Key brands(5)


	Organic volume movement(6) %	Organic net sales movement %	Reported net sales movement %
Johnnie Walker	1	2	2
Guinness	7	11	11
Don Julio	(14)	(14)	(14)
Crown Royal	(7)	(8)	(8)
Baileys	(2)	(1)	2
Smirnoff	(4)	(3)	(2)
Captain Morgan	(1)	(3)	(1)
Buchanan's	11	13	11
McDowell's	(5)	(3)	(8)
Casamigos(7)	(26)	(27)	(27)

(1)Organic equals reported volume movement except for vodka (5)%, liqueurs (4)%, rum 6%, gin (2)%, beer 2% and ready to drink 28%.

(2)Spirits brands excluding ready to drink and non-alcoholic variants.

(3)Vodka includes Ketel One Botanical.

(4)Vodka, rum and gin include IMFL variants.

(5)Brands excluding ready to drink, non-alcoholic variants and beer except Guinness.

(6)Organic equals reported volume movement, except for Guinness 16%.

(7)Casamigos trademark includes both tequila and mezcal.

Table of Contents

Key financial information

Six months ended 31 December 2025

Summary financial information


	P6	2025	2024	Organic growth %	Reported growth %
Net sales	$ million	10,460	10,901	(2.8)	(4.0)
Cost of sales	$ million	(4,052)	(4,141)		(2.1)
Gross profit	$ million	6,408	6,760		(5.2)
Marketing	$ million	(1,703)	(1,896)	(9.7)	(10.2)
Other operating items	$ million	(1,449)	(1,492)
Operating profit before exceptional items	$ million	3,256	3,372	(2.8)	(3.4)
Exceptional operating items(1)	$ million	(140)	(217)
Operating profit	$ million	3,116	3,155		(1.2)
Non-operating exceptional items(1)	$ million	7	(54)
Net finance charges(1)	$ million	(433)	(442)
Share of after tax results of associates and joint ventures	$ million	103	115		(10.4)
Profit before taxation	$ million	2,793	2,774
Taxation	$ million	(683)	(699)
Profit for the year	$ million	2,110	2,075
Attributable to:
Equity shareholders of the parent company	$ million	1,995	1,935		3.1
Non-controlling interests	$ million	(115)	(140)
Basic earnings per share	cents	89.7	87.1		3.0
Basic earnings per share before exceptional items	cents	95.3	97.7		(2.5)

(1)For further details on exceptional items see pages 27 and F-10-F-11.

Net sales

Reported net sales for the half year were down 4.0% to $10,460 million (fiscal 25 H1: $10,901 million) due to the decline in

organic net sales of $295 million (2.8)% and the negative impact of acquisitions and disposals of $201 million (1.8%), partly

offset by favourable foreign exchange of $43 million (0.4%).

Organic net sales declined $295 million or 2.8%. Strong growth in Europe, LAC and Africa was more than offset by softer

performance in North America, where US Spirits declined given weak consumer confidence and the adverse impact of CWS in

Asia Pacific. Organic volume declined 0.9%, a 7.7% increase in Africa was more than offset by declines across the other regions.

Price/mix declined 1.9%, reflecting adverse price/mix due to the weaker results in CWS and US Spirits performance, partly offset

by positive price/mix in Africa, Europe and LAC.

Excluding CWS, organic net sales for the group would have been c.2% higher, with volume down c.0.5% and price/mix broadly

flat.

Cost of sales

Cost of sales declined 2.1% on a reported basis at $4,052 million (fiscal 25 H1: $4,141 million), as productivity and the positive

impact of foreign exchange more than offset the adverse impact from cost inflation and tariffs.

Marketing

Marketing investment declined by 10.2% on a reported basis to $1,703 million (fiscal 25 H1: $1,896 million), reflecting a

reinvestment rate of 16.3% (fiscal 25 H1: 17.4%). On an organic basis, investment declined by 9.7%. Development (non-

working) share of costs reduced to 15.1% (fiscal 25 H1: 17.4%), largely driven by the continued rollout of our AI-enabled content

tools, including the Virtual Content Studio, across more brands and markets. Efficiencies were realised across media and

customer A&P through expanded use of smart tools, including AI-enabled direct media bidding and more targeted media

placement, as well as greater global standardisation and rationalisation of physical assets, including point of sale materials.

Table of Contents

Other operating items and exceptional operating items

Other operating items before exceptional items decreased by 2.9% to $1,449 million (fiscal 25 H1: $1,492 million), largely driven

by lower indirect overhead spend.

Exceptional operating items decreased to $140 million (fiscal 25 H1: $217 million). Included within this total are charges for the

Accelerate programme that include the supply chain agility programme ($86 million), a one-off discretionary increase in pension

benefits to pensioners in Ireland ($38 million) and ongoing litigation matters in Europe ($17 million).

Operating profit

Organic operating profit declined by 2.8%, with operating margin up 1bp organically. The organic operating profit decline was

due primarily to a decline in gross profit that was only partly offset by lower marketing investment and overheads. Organic gross

margin was down 136bps with the adverse impacts of negative mix, cost inflation and tariffs partly offset by cost of sales

efficiencies. Reported operating profit declined 1.2% with organic operating profit decline and the impact of disposals partly

offset by lower exceptional costs. Reported operating profit margin of 29.8% was up 85bps (fiscal 25 H1: 28.9%).

Non-operating exceptional items

In the six months ended 31 December 2025, exceptional non-operating items were a gain of $7 million a gain on the disposal of

Seychelles Breweries ($62 million), partly offset by a loss on the sale of Guinness Ghana Breweries PLC ($49 million) and

charges in respect of the prospective sale of East African Breweries PLC and the Kenyan spirits business ($8 million).

Net finance charges

In the six months ended 31 December 2025 net finance costs were $433 million (fiscal 25 H1: $442 million), with the decrease

driven by the capitalisation of borrowing costs on capital expenditure and the lower effective interest rate, partly offset by

increased other finance charges.

Taxation

In the six months ended 31 December 2025 the income tax charge of $683 million (fiscal 25 H1: $699 million) represented an

effective tax rate of 25.4% (fiscal 25 H1: 26.3%). The effective tax rate before exceptional items was 24.6% (fiscal 25 H1:

24.9%).

Share of after tax results of associates and joint ventures

Share of after tax results of associates and joint ventures declined by 10.4% to $103 million (fiscal 25 H1: $115 million), largely

due to a lower Moët Hennessy contribution.

Profit attributable to non-controlling interests

Profit attributable to non-controlling interests was $115 million (fiscal 25 H1: $140 million), the decline driven mainly by Shui Jing

Fang.

Basic earnings per share (EPS)

Basic EPS before exceptional items declined 2.5% from 97.7 cents to 95.3 cents, primarily driven by lower organic operating

profit and lapping the profit impact of disposed businesses, partly offset by a lower tax charge and lower profit attributable to non-

controlling interests. This was calculated using a weighted average number of shares in issue excluding own shares of 2,223

million (fiscal 25 H1: 2,221 million).

Net cash flow from operating activities and free cash flow

Net cash from operating activities was $2,123 million, a decrease of $202 million compared to the first half of fiscal 25. Free cash

flow decreased by $164 million to $1,532 million.

Free cash flow decrease was driven by lower operating profit and adverse creditor movement year on year, partly offset by lower tax

and interest payments.

Net capital expenditure was $591 million (fiscal 25 H1: $629 million) to support North America supply chain transformation,

supply capacity expansion projects and furthering digital capability.

Net debt

As at 31 December 2025, the group's net debt was $21,672 million (fiscal 25 H1: $20,676 million and fiscal 25 FY: $21,854

million). The decrease compared to fiscal 25 FY was mainly due to free cash flow and net proceeds received from disposals more

than offsetting dividends paid and other movements.

Table of Contents

Key financials - certain line items

Six months ended 31 December 2025


	Reported 31 December 2024	Exceptional operating items (c)	Exchange (a)	Acquisitions and disposals (b)	Organic move- ment(1)	Hyper- inflation(1)	Reported 31 December 2025
Six months ended 31 December 2025	$ million	$ million	$ million	$ million	$ million	$ million	$ million
Sales	15,176	—	(54)	(237)	(44)	25	14,866
Excise duties	(4,275)	—	97	36	(251)	(13)	(4,406)
Net sales	10,901	—	43	(201)	(295)	12	10,460
Cost of sales	(4,163)	(1)	5	119	(29)	(6)	(4,075)
Gross profit	6,738	(1)	48	(82)	(324)	6	6,385
Marketing	(1,896)	—	(20)	36	178	(1)	(1,703)
Other operating items	(1,687)	78	(14)	10	53	(6)	(1,566)
Operating profit	3,155	77	14	(36)	(93)	(1)	3,116
Other line items:
Non-operating items	(54)						7
Taxation (d)	(699)						(683)

(1)For the definition of organic movement and hyperinflation, see pages 35-37.

(i) Reported figures in the table above have been extracted from the condensed consolidated income statement for the six months ended 31 December 2024

and 31 December 2025

(ii) Acquisitions and disposals, organic movement and hyperinflation figures have been calculated at the prior period weighted average exchange rates

Table of Contents

(a) Exchange

The impact of movements in exchange rates on reported figures for operating profit was principally due to the favourable

exchange impact of the euro, partly offset by the unfavourable exchange impact of the sterling and the Turkish lira against the

US dollar.

The effect of movements in exchange rates on profit before exceptional items and taxation for the six months ended 31

December 2025 is set out in the table below.


		Gains/(losses)
		$ million
Translation impact		72
Transaction impact		(58)
Operating profit before exceptional items		14
Net finance charges – translation impact		26
Net finance charges – transaction impact		(36)
Net finance charges(1)		(10)
Associates – translation impact		8
Profit before exceptional items and taxation		12
(1) For more information about Finance income and charges please see page F-12.
	Six months ended 31 December 2025	Six months ended 31 December 2024
Exchange rates
Translation $1 =	£0.75	£0.78
Transaction $1 =	£0.76	£0.81
Translation $1 =	€0.86	€0.92

(b) Acquisitions and disposals

The acquisitions and disposals movement in the six months ended 31 December 2025 was primarily attributable to the disposals

of Guinness Ghana Breweries PLC and Seychelles Breweries Limited, the new Cîroc contractual arrangement in North America

and the disposal of Guinness Nigeria PLC. See pages 28, F-16-F-17 and 32-38 for further details.

In the six months ended 31 December 2025, exceptional operating items were a loss of $140 million (2024 – $217 million),

mainly driven by charges in respect of the Accelerate programme that includes the supply chain agility programme ($86

million), a one-off discretionary increase in pension benefits to pensioners in Ireland ($38 million) and ongoing litigation

matters in Europe ($17 million).

In the six months ended 31 December 2025, exceptional non-operating items were a gain of $7 million (2024 – a loss of $54

million), mainly driven by a gain on the disposal of Seychelles Breweries ($62 million), partly offset by a loss on the sale of

Guinness Ghana Breweries PLC ($49 million) and charges in respect of the prospective sale of East African Breweries PLC and

the Kenyan spirits business ($8 million).

See pages F-10 - F-11 for further details.

(d) Taxation

For the six months ended 31 December 2025, income tax expense was recognised based on management’s best estimate of the

weighted average annual income tax rate expected for the full financial year applied to the pre-tax income of the interim period,

in accordance with IAS 34 interim financial reporting.

The reported tax rate for the six months ended 31 December 2025 was 25.4%, compared with 26.3% for the six months ended

31 December 2024.

The tax rate before exceptional items for the six months ended 31 December 2025 was 24.6%, compared with 24.9% for the six

months ended 31 December 2024.

We expect the tax rate before exceptional items for the year ending 30 June 2026 to be in the region of 25%.

See pages 41 and F-13 for further details.

Table of Contents

Movements in net borrowings


	2025	2024
	$ million	$ million
Net borrowings at 30 June	(21,854)	(21,017)
Free cash flow (1)	1,532	1,696
Net movements in loans, other investments and other financial assets	(12)	(43)
Acquisitions (2)	(20)	(29)
Investment in associates	(29)	(47)
Sale of businesses and brands (3)	261	116
Net sale of own shares for share schemes	1	3
Net purchase of treasury shares in respect of subsidiaries	—	(4)
Dividend paid to non-controlling interests	(81)	(74)
Net movements in bonds (4)	(79)	948
Net movements in other borrowings (5)	93	(573)
Equity dividends paid	(1,401)	(1,399)
Net increase in cash and cash equivalents	265	594
Net increase in bonds and other borrowings	(14)	(375)
Exchange differences (6)	59	111
Other non-cash items (4)	(128)	11
Net borrowings at 31 December	(21,672)	(20,676)

(1) See page 39 for the analysis of free cash flow.

(2) In the six months ended 31 December 2025, acquisitions included deferred and contingent consideration paid in respect of

prior year acquisitions. In the six months ended 31 December 2024, Diageo completed the acquisition of the remaining issued

share capital of Ritual Beverage Company LLC (owner of Ritual Zero Proof non-alcoholic spirits brand), that it did not already

own, and paid $23 million, net of cash acquired.

(3) In the six months ended 31 December 2025, sale of businesses and brands included the disposal of Diageo Operations Italy

S.p.A. for a net cash consideration, net of disposal costs, of $115 million, the disposal of Seychelles Breweries Limited for a net

cash consideration, net of disposal costs, of $85 million and the disposal of Guinness Ghana Breweries PLC for a net cash

consideration, net of disposal costs, of $67 million. In the six months ended 31 December 2024, sale of businesses and brands

included the disposal of Guinness Nigeria PLC for a net cash consideration, net of disposal costs, of $55 million, the disposal of

the Pampero brand for a net cash consideration, net of disposal costs, of $56 million and the disposal of the Safari brand for a

net cash consideration, net of disposal costs, of $16 million.

(4) See page F-14 - F-15for the analysis of net movement in bonds and other non-cash items.

(5) In the six months ended 31 December 2025, the net movements in other borrowings principally arose from the $58 million

repayment of lease liabilities. In the six months ended 31 December 2024, the net movements in other borrowings principally

arose from the $479 million repayment of commercial papers and $49 million repayment of lease liabilities.

(6) In the six months ended 31 December 2025, exchange gains arising on net borrowings of $59 million were primarily driven

by favourable exchange movement on sterling and euro denominated borrowings and on foreign currency swaps and forwards.

In the six months ended 31 December 2024, exchange gains arising on net borrowings of $111 million were primarily driven by

favourable exchange movements on sterling and euro denominated borrowings and unfavourable movements on cash and cash

equivalents and on foreign currency swaps and forwards.

Movements in equity


	2025	2024
	$ million	$ million
Equity at 30 June	13,178	12,070
Profit for the period	2,110	2,075
Exchange adjustments (1)	(146)	(387)
Remeasurement of post-employment benefit plans net of taxation	(79)	(128)
Change in non-controlling interests from disposal of business	(28)	11
Hyperinflation adjustments net of taxation (2)	111	132
Dividend declared to non-controlling interests	(58)	(52)
Equity dividend declared	(1,401)	(1,399)
Other reserve movements	7	83
Equity at 31 December	13,694	12,405

(1) Exchange movements in the six months ended 31 December 2025 primarily arose from exchange losses on sterling and

Indian rupee partly offset by exchange gains on Mexican peso. Exchange movements in the six months ended 31 December

2024 primarily arose from exchange losses on Mexican peso and sterling.

(2) See pages F-12 and 35-37 for details on hyperinflation adjustments.

LIQUIDITY AND CAPITAL RESOURCES

1. Sources and uses of liquidity

The primary source of the group’s liquidity over the last three financial years has been cash generated from operations. These

funds have generally been used to pay interest, taxes and dividends, and to fund capital expenditure and acquisitions, and,

together with the group’s current strong cash position, are expected to continue to fund future operating and capital needs. The

group also issues short-term commercial paper and long-term debt instruments regularly in order to finance its day-to-day

operations and any other cash outflow requirements.

The table below sets forth the group’s available undrawn committed bank facilities as at 31 December 2025.


	31 December 2025
	$ million
Expiring within one year	2,118
Expiring between one and two years	—
Expiring after two years	2,460
	4,578

The facilities can be used for general corporate purposes and, together with cash and cash equivalents, support the group’s

commercial paper programmes.

There are no financial covenants on the group’s material short- and long-term borrowings. Certain of these borrowings contain

cross default provisions and negative pledges.

The committed bank facilities are subject to a single financial covenant, being minimum interest cover ratio of two times

(defined as the ratio of operating profit before exceptional items, aggregated with share of after tax results of associates and

joint ventures, to net interest charges). They are also subject to pari passu ranking and negative pledge covenants.

Any non-compliance with covenants underlying Diageo’s financing arrangements could, if not waived, constitute an event of

default with respect to any such arrangements, and any non-compliance with covenants may, in particular circumstances, lead

to an acceleration of maturity on certain borrowings and the inability to access committed facilities. Diageo was in full

compliance with its financial, pari passu ranking and negative pledge covenants in respect of its material short- and long-term

borrowings throughout the years presented.

Management believe that it has sufficient funding for its working capital requirements.

2. Analysis of cash flows

The table below sets forth the group’s cash flows as at 31 December 2025.


	Six months ended 31 December 2025	Six months ended 31 December 2024
	$ million	$ million
Net cash inflow from operating activities	2,123	2,325
Net cash outflow from investing activities	(391)	(632)
Net cash outflow from financing activities	(1,467)	(1,099)
Net increase in net cash and cash equivalents	265	594
Exchange differences	6	(68)
Reclassification to assets and liabilities held for sale	(265)	4
Net cash and cash equivalents at beginning of period	2,178	1,109
Net cash and cash equivalents at end of the period	2,184	1,639

Net cash inflow from operating activities in the six months ended 31 December 2025 was $2,123 million (2024 – $2,325

million), a decrease of $202 million compared to the first half of fiscal 25, primarily driven by lower operating profit and

adverse creditor movement year on year which was partially offset by lower cash tax and interest payments.

Net cash outflow from investing activities in the six months ended 31 December 2025 was $391 million (2024 – $632 million),

a decrease of $241 million compared to the first half of fiscal 25, primarily driven by an increase of $145 million in net

consideration received in respect of sale of businesses and a favourable movement of $58 million in acquisitions, investment in

associates, loans, other investments and other financial assets and an increase of $38 million in net cash expenditure for

property, plant and equipment and computer software.

Net cash outflow from financing activities in the six months ended 31 December 2025 was $1,467 million (2024 – $1,099

million), an increase of $368 million compared to the first half of fiscal 25. This change was largely driven by a decrease of

$1,027 million net inflow in relation to decrease in bond issuances ($935 million) and increase in repayments ($92 million)

offset by net decrease in outflow in respect of other borrowings from $573 million outflow to $93 million inflow.

The operating, investing and financing activities described above resulted in an increase in net cash and cash equivalents of $6

million, from $2,178 million at 30 June 2025 to $2,184 million million at 31 December 2025 (2024 – increase of $530 million).

3. Analysis of borrowings

The group policy with regard to the expected maturity profile of borrowings of group finance companies is to limit the

proportion of such borrowings maturing within 12 months to 50% of gross borrowings less money market demand deposits, and

the level of commercial paper to 30% of gross borrowings less money market demand deposits. In addition, it is group policy to

maintain backstop facility terms from relationship banks to support commercial paper obligations.

The group’s gross borrowings and net borrowings are measured at amortised cost with the exception of borrowings designated

in fair value hedge relationships, interest rate hedging instruments and foreign currency swaps and forwards. For borrowings

designated in fair value hedge relationships, Diageo recognises a fair value adjustment for the risk being hedged in the balance

sheet, whereas interest rate hedging instruments and foreign currency swaps and forwards are measured at fair value.

The table below sets forth the group’s gross borrowings and net borrowings as at 31 December 2025.


	31 December 2025	30 June 2025
	$ million	$ million
Overdrafts	(25)	(22)
Other borrowings due within one year	(3,278)	(2,906)
Borrowings due within one year	(3,303)	(2,928)
Borrowings due between one and three years	(3,902)	(4,662)
Borrowings due between three and five years	(3,909)	(4,159)
Borrowings due after five years	(12,398)	(11,999)
Fair value of foreign currency forwards and swaps	492	557
Fair value of interest rate hedging instruments	(174)	(210)
Lease liabilities	(687)	(653)
Gross borrowings	(23,881)	(24,054)
Offset by:
Cash and cash equivalents	2,209	2,200
Net borrowings	(21,672)	(21,854)

The table below sets forth the percentage of the group’s gross borrowings and cash and cash equivalents by currency as at 31

December 2025.


	Total $ million	US dollar %	Sterling %	Euro %	Indian rupee %	Chinese yuan %	Other %
Gross borrowings	(23,881)	47%	22%	25%	—%	4%	2%
Cash and cash equivalents	2,209	62%	2%	1%	8%	7%	20%

Based on average monthly net borrowings and net interest charge, the effective interest rate for the six months ended 31

December 2025 was 4.0%. For this calculation, net interest charge excludes fair value adjustments to derivative financial

instruments and borrowings and average monthly net borrowings include the impact of interest rate swaps that are no longer in

a hedge relationship but exclude the market value adjustment for cross currency interest rate swaps.

In the six months ended 31 December 2025, the group issued bonds of €1,000 million ($1,171 million – net of discount and fee)

consisting of €500 million ($585 million – net of discount and fee) 3.75% fixed rate notes due 2037, €500 million ($586 million

– net of discount and fee) 3.25% fixed rate notes due 2032 and repaid bonds of $750 million and $500 million. In the six

months ended 31 December 2024, the group issued bonds of €1,900 million ($2,106 million – net of discount and fee)

consisting of €700 million ($780 million – net of discount and fee) 3.125% fixed rate notes due 2031, €700 million

($776 million – net of discount and fee) 3.375% fixed rate notes due 2035, €500 million ($550 million – net of discount and

fee) 3.75% fixed rate notes due 2044 and repaid bonds of $600 million and €500 million ($558 million).

In the six months ended 31 December 2025, the net movements in other borrowings principally arose from the $58 million

repayment of lease liabilities. In the six months ended 31 December 2024, the net movements in other borrowings principally

arose from the $479 million repayment of commercial papers and $49 million repayment of lease liabilities.

The group’s management is committed to enhancing shareholder value in the long-term, both by investing in the business and

brands so as to deliver continued improvement in the return from those investments and by managing the capital structure.

Diageo manages its capital structure to achieve capital efficiency, provide flexibility to invest through the economic cycle and

give efficient access to debt markets at attractive cost levels. This is achieved by targeting an adjusted net borrowings (net

borrowings aggregated with post-employment benefit liabilities) to adjusted EBITDA leverage of 2.5 – 3.0 times, this range for

Diageo being currently broadly consistent with an A-band credit rating. Diageo would consider operating outside of this range

in order to effect strategic initiatives within its stated goals, which could have an impact on its rating. If Diageo’s leverage was

to be negatively impacted by the financing of an acquisition, it would seek over time to return to the range of 2.5 – 3.0 times.

The group regularly assesses its debt and equity capital levels against its stated policy for capital structure. As at 31 December

2025, the adjusted net borrowings of $22,085 million to adjusted EBITDA ratio was 3.4 times. For this calculation, net

borrowings are adjusted by post-employment benefit liabilities before tax of $413 million whilst adjusted EBITDA of $6,497

million comprises operating profit excluding exceptional operating items and depreciation, amortisation and impairment and

includes share of after tax results of associates and joint ventures.

The group’s funding, liquidity and exposure to foreign currency, interest rate risks, financial credit risk and commodity price

risk are conducted within a framework of board approved policies and guidelines. The group purchases insurance for

commercial or, where required, for legal or contractual reasons. In addition, the group retains some insurable risk where

external insurance is not considered to be an economic means of mitigating this risk. Loan, trade and other receivables

exposures are managed locally in the operating units where they arise and credit limits are established as deemed appropriate

for the customer.

The following bonds were issued and repaid:


	Six months ended 31 December 2025	Six months ended 31 December 2024
	$ million	$ million
Issued
€ denominated	1,171	2,106
Repaid
€ denominated	—	(558)
$ denominated	(1,250)	(600)
	(79)	948

4. Capital repayments

Authorisation was given by shareholders on 6 November 2025 to purchase a maximum of 222,565,850 ordinary shares at a

minimum price of 28101/108 pence and a maximum price of higher of (a) 105% of the average market value of the company's

ordinary shares for the five business days prior to the day the purchase is made and (b) the higher of the price of the last

independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The

programme expires at the conclusion of the next Annual General Meeting or 15 months from the passing of this resolution, if

earlier.

DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES TO GAAP MEASURES

Diageo’s strategic planning process is based on certain non-GAAP measures, including organic movements. These non-GAAP

measures are chosen for planning and reporting, and some of them are used for incentive purposes. The group’s management

believes that these measures provide valuable additional information for users of the financial statements in understanding the

group’s performance. These non-GAAP measures should be viewed as complementary to, and not replacements for, the

comparable GAAP measures and reported movements therein.

It is not possible to reconcile the forecast tax rate before exceptional items, forecast free cash flow, forecast effective interest rate,

forecast organic net sales growth and forecast organic operating profit growth to the most comparable GAAP measure as it is not

possible to predict, without unreasonable effort, with reasonable certainty, the future impact of changes in exchange rates,

acquisitions and disposals and potential exceptional items.

Volume

Volume is a performance indicator that is measured on an equivalent units basis to nine-litre cases of spirits. An equivalent unit

represents one nine-litre case of spirits, which is approximately 272 servings. A serving comprises 33ml of spirits, 165ml of

wine, or 330ml of ready-to-drink or beer. Therefore, to convert volume of products other than spirits to equivalent units, the

following guide has been used: beer in hectolitres, divide by 0.9; wine in nine-litre cases, divide by five; ready-to-drink and

certain pre-mixed products that are classified as ready-to-drink in nine-litre cases, divide by ten. As part of the move to an asset-

light beer operating model, calculation of volume for Guinness flavour extract and other concentrate sales has been amended to

represent the equivalent finished goods volume. Comparatives for prior periods have been restated.

Organic movements

Organic information is presented using US dollar amounts on a constant currency basis excluding the impact of exceptional

items, certain fair value remeasurements, hyperinflation and acquisitions and disposals. Organic measures enable users to focus

on the performance of the business which is common to both years and which represents those measures that local managers are

most directly able to influence.

Calculation of organic movements

The organic movement percentage is the amount in the row titled ‘Organic movement’ in the tables below, expressed as a

percentage of the relevant absolute amount in the row titled ‘Six months ended 31 December 2024 adjusted’. Organic operating

margin is calculated by dividing operating profit before exceptional items by net sales after excluding the impact of exchange

rate movements, certain fair value remeasurements, hyperinflation and acquisitions and disposals.

(a) Exchange rates

Exchange in the organic movement calculation reflects the adjustment to recalculate the reported results as if they had been

generated at the prior period weighted average exchange rates.

Exchange impacts in respect of the external hedging of intergroup sales by the markets in a currency other than their functional

currency and the intergroup recharging of services are also translated at prior period weighted average exchange rates and are

allocated to the geographical segment to which they relate. Residual exchange impacts are reported as part of the Corporate

segment. Results from hyperinflationary economies are translated at forward-looking rates.

(b) Acquisitions and disposals

For acquisitions in the current period, the post-acquisition results are excluded from the organic movement calculations. For

acquisitions in the prior period, post-acquisition results are included in full in the prior period but are included in the organic

movement calculation from the anniversary of the acquisition date in the current period. The acquisition row also eliminates the

impact of transaction costs that have been charged to operating profit in the current or prior period in respect of acquisitions

that, in management’s judgement, are expected to be completed.

Where a business, brand, brand distribution right or agency agreement was disposed of or terminated in the reporting period, the

group, in the organic movement calculations, excludes the results for that business from the current and prior period. In the

calculation of operating profit, the overheads included in disposals are only those directly attributable to the businesses disposed

of, and do not result from subjective judgements of management.

Exceptional items are those that in management’s judgement need to be disclosed separately. Such items are included in the

income statement caption to which they relate, and form part of the segmental reporting, and are excluded from the organic

movement calculations. Management believes that separate disclosure of exceptional items and the classification between

operating and non-operating further helps investors to understand the performance of the group. Changes in estimates and

reversals in relation to items previously recognised as exceptional are presented consistently as exceptional in the current year.

Exceptional operating items are those that are unusual or non-recurring in nature, considered to be of a size that could distort

performance and are part of the operating activities of the group, such as one-off global restructuring programmes which can be

multi-year, impairment of intangible assets and fixed assets, indirect tax settlements, property disposals and changes in post-

employment plans.

Gains and losses on the sale or directly attributable to a prospective sale of businesses, brands or distribution rights, step up

gains and losses that arise when an investment becomes an associate or an associate becomes a subsidiary and other unusual

non-recurring items, that are considered to be of a size that could distort performance and not in respect of the production,

marketing and distribution of premium drinks, are disclosed as exceptional non-operating items below operating profit in the

income statement.

Exceptional finance incomes/charges are those that are unusual or non-recurring in nature, considered to be of a size that could

distort the performance and are part of the financing activity of the group.

Exceptional current and deferred tax items comprise unusual or non-recurring items, that are considered to be of a size that

could distort performance. Examples include direct tax provisions and settlements in respect of prior years and the

remeasurement of deferred tax assets and liabilities following tax rate changes.

(d) Fair value remeasurement

Fair value remeasurements in the organic movement calculation reflect an adjustment to eliminate the impact of fair value

changes in biological assets, earn-out arrangements that are accounted for as remuneration and fair value changes relating to

contingent consideration liabilities and equity options that arose on acquisitions recognised in the income statement.

Adjustment in respect of hyperinflation

The group's experience is that hyperinflationary conditions result in price increases that include both normal pricing actions

reflecting changes in demand, commodity and other input costs or considerations to drive commercial competitiveness, as well

as hyperinflationary elements and that for the calculation of organic movements, the distortion from hyperinflationary elements

should be excluded.

Cumulative inflation over 100% (2% per month compounded) over three years is one of the key indicators within IAS 29 to

assess whether an economy is deemed to be hyperinflationary. As a result, the definition of 'Organic movements' includes price

growth in markets deemed to be hyperinflationary economies, up to a maximum of 2% per month while also being on a

constant currency basis. Corresponding adjustments have been made to all income statement related lines in the organic

movement calculations.

In the tables presenting the calculation of organic movements, 'hyperinflation' is included as a reconciling item between

reported and organic movements and that also includes the relevant IAS 29 adjustments.

Organic movement calculations for the six months ended 31 December 2025 were as follows:


	North America million	Europe million	Asia Pacific million	Latin America and Caribbean million	Africa million	Corporate million	Total million
Volume (equivalent units)
Six months ended 31 December 2024 reported(1)	25.4	27.6	41.1	12.5	16.4	—	123.0
Reclassification(2)	—	0.1	—	—	(0.1)	—	—
Disposals(3)	(0.3)	(0.1)	—	—	(2.1)	—	(2.5)
Six months ended 31 December 2024 adjusted	25.1	27.6	41.1	12.5	14.2	—	120.5
Organic movement	(1.0)	(0.5)	(0.5)	(0.2)	1.1	—	(1.1)
Acquisitions and disposals(3)	0.2	—	—	0.1	2.0	—	2.3
Six months ended 31 December 2025 reported	24.3	27.1	40.6	12.4	17.3	—	121.7
Organic movement %	(4)	(2)	(1)	(2)	8	—	(1)

	North America $ million	Europe $ million	Asia Pacific $ million	Latin America and Caribbean $ million	Africa $ million	Corporate $ million	Total $ million
Sales
Six months ended 31 December 2024 reported	4,403	4,440	3,480	1,371	1,412	70	15,176
Exchange	(6)	(181)	(51)	(24)	(16)	—	(278)
Reclassification(2)	—	3	—	—	(3)	—	—
Disposals(3)	(50)	(22)	(6)	(3)	(196)	—	(277)
Hyperinflation	—	(48)	—	(2)	(5)	—	(55)
Six months ended 31 December 2024 adjusted	4,347	4,192	3,423	1,342	1,192	70	14,566
Organic movement	(198)	182	(244)	112	94	10	(44)
Acquisitions and disposals(3)	15	—	2	6	17	—	40
Exchange	4	233	(38)	(16)	35	6	224
Hyperinflation	—	51	—	29

Filing Compare · DIAGEO PLC