Drinks Giants: Diageo, Pernod, AB InBev, Heineken — 2026-10-30
Heineken reported strong Q3 2026 results, with volumes growing 4.8% and total revenue rising nearly 10% to €9.6 billion, marking a successful start for new CEO Rafael Oliveira. Meanwhile, Pernod Ricard completed a €1.5 billion bond issue and saw its stock target raised by RBC, while global spirits giants Diageo and Pernod Ricard face a new tariff investigation in India regarding bulk Scotch imports.
Drinks Giants: Diageo, Pernod, AB InBev, Heineken — 2026-10-30
Top developments
Heineken Volumes Beat Estimates as New CEO Sees Early Success
Heineken N.V. reported its strongest quarter of the year, with total volume growing 4.8% and revenue increasing by nearly 10% to €9.6 billion. The growth was driven by strong demand in Asia and a rebound in the Americas, providing a significant boost to newly appointed CEO Rafael Oliveira just weeks after he joined the company. The company reaffirmed its full-year guidance for organic operating profit growth of 2% to 6%.
Pernod Ricard Completes €1.5bn Bond Issue Amid Stock Recovery
Pernod Ricard successfully completed a €1.5 billion bond issue on October 28, 2026, signaling investor confidence despite earlier sales declines. Following the announcement, the company's stock price hovered around €66.50, and RBC raised its price target for the stock from €69 to €71. This financial move comes as the company navigates a challenging environment with Q1 FY27 sales falling 0.90% organically to €2.23 billion.
India Investigates Diageo and Pernod Ricard Over Scotch Tariffs
Indian tax authorities have launched an investigation into Diageo and Pernod Ricard to determine if they incorrectly classified bulk Scotch whisky imports to benefit from reduced duties under the UK-India free trade agreement. The trade pact cut tariffs on certain Scotch imports from 150% to 75%, but the investigation questions whether whisky used in locally produced blends qualifies for these reductions. A trade group representing the liquor makers argues that excluding bulk Scotch from the reduced tariff undermines the benefits agreed upon in the trade deal.
LVMH Wines & Spirits Rebound Supports Sector Stocks
The Wines & Spirits division of LVMH experienced dynamic activity in Q3 2026, which positively impacted the stock performance of other spirits producers like Rémy Cointreau and Pernod Ricard. Rémy Cointreau specifically reported a 4.4% increase in revenue for the first half of its 2026-2027 fiscal year, driven by robust cognac sales despite ongoing US tariffs.
Local view
Dutch Media Focus on Heineken’s Global Growth Dutch outlets such as NRC and RD highlighted Heineken’s performance across all continents, noting that the company sold 76 million hectoliters in Q3. NRC emphasized that new CEO Rafael Oliveira is pushing for a "stronger performance culture," with particular praise for the company's results in Asia. RD noted that favorable summer weather in Europe contributed to the volume increase, helping the company achieve its best quarter of the calendar year so far.
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Context & numbers
- Heineken Q3 2026: Total volume +4.8%; Revenue €9.6 billion (+10%); Premium beer growth +11.5%.
- Pernod Ricard Financials: Q1 FY27 sales €2.23 billion (-0.9% organic); Stock price approx. €66.50.
- India-UK Trade Deal: Tariffs on specific Scotch imports reduced from 150% to 75%.
- Rémy Cointreau H1 2026-27: Revenue +4.4% driven by cognac.
On the radar
- US-EU Tariff Tensions: France is actively pressing the US to lift tariffs on Champagne and other wines, arguing for equal treatment after the easing of duties on Irish whiskey.
- Irish Whiskey Tariffs: Negotiations regarding the removal of US tariffs on Irish whiskey are ongoing, with officials noting that technical talks with Washington continue.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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