Drinks Giants: Diageo, Pernod, AB InBev, Heineken — 2026-09-21
The week's big story is Washington's tariff U-turn: Donald Trump announced the removal of US tariffs on Irish whiskey during a two-day visit to Ireland, lifting spirits stocks including Pernod Ricard, even as the US escalated its trade war with Canada over wine, whiskey and ice wine. French media continue to dissect Pernod Ricard's third consecutive annual decline and deepening cost discipline. Dutch coverage keeps the focus on Heineken's upcoming CEO transition, with Rafael Oliveira taking over on 1 October.
Drinks Giants: Diageo, Pernod, AB InBev, Heineken — 2026-09-21
Trump announces removal of Irish whiskey tariffs
During a two-day visit to Ireland announced on 14 September, Donald Trump said the US would lift tariffs on Irish whiskey entering the US. Spirits stocks rallied immediately, with Pernod Ricard among the beneficiaries — the shares gained around 1.5% on 14 September, though they remain down 16% year-to-date.
The carve-out is for Ireland only, and Brussels is pushing back: EU officials welcomed the tariff reduction but want further cuts applied across the EU to support transatlantic exporters. The move lifts a burden specifically for Irish producers and, by extension, helps Pernod Ricard's Irish Distillers (Jameson).
US escalates trade action against Canadian wine and spirits
A new US retaliatory proclamation places expanded tariffs and import bans on Canadian wine, whiskey, ice wine, cheese and other goods, with some measures effective 15 September and further bans from 29 September. For drinks giants this tightens North American trade flows further, just as US whiskey producers are already losing shelf ground in Canada.
A Forbes analysis published 17 September revisited the whiskey tariff landscape, noting how the 2018 retaliation reshaped US prices as Irish and UK whiskey tariffs are now lifted in 2026 — evidence that tariff policy remains a direct swing factor for brown-spirits margins.
Pernod Ricard: austerity intensifies as the market keeps sizing up the shares
Boursorama (16 September) reported that Pernod Ricard is "adding a dose of rigueur" — deepening cost discipline — after a FY2025-26 (year ended 30 June) that was the group's third consecutive annual deterioration, with demand still weak in China and the US. As of 20 September, the stock edged higher on Euronext Paris as investors weigh the latest earnings, valuation and the sustainability of the dividend.
Heineken CEO transition clock ticking
Dutch media continue to flag that Rafael Oliveira becomes Heineken CEO on 1 October, following H1 2026 results in which net profit rose 10% to over €1.2bn on revenue of €14.8bn (up 2.7%) and total volume up 1.6% to 142.8 million hectolitres. Attention now shifts to whether the incoming chief maintains the current growth strategy.
Local view
- France: Boursorama and Investir/Les Échos frame Pernod Ricard as a group prioritising debt reduction and cost control over strategic upheaval, with Alexandre Ricard steering "rigueur" while demand in the US and China lags
- Netherlands: nu.nl and Nieuws.nl highlight the contrast between Heineken's global growth and a shrinking Dutch home market amid rising excise duties
- Ireland: RTÉ carries the government-EU angle — welcome for the Irish whiskey carve-out, but demands that it be extended EU-wide
Context & numbers
- Pernod Ricard FY2026: organic net sales down 3.9% (third straight decline), US down ~14%, revenue below €10bn; US tariffs cost the group roughly 26% of profit, with Mumm and Martell hit hardest
- IWSR full-year data: total beverage alcohol volumes fell 2% in 2025 — about 500 million nine-litre cases — the third consecutive annual decline, with spirits down 1.3% and wine down 2.4%
- French spirits makers' revenue has contracted 24.9% between 2022 and 2025 from its 2022 peak
- Pernod Ricard shares are down about 16% year-to-date despite this week's tariff-driven bounce
On the radar
- 29 September: additional stages of the US import bans on Canadian goods — including ice wine and spirits — take effect
- 1 October: Rafael Oliveira formally takes over as Heineken CEO
- Whether the Irish whiskey tariff carve-out is extended to the rest of the EU — a stated EU negotiating objective
- Rumour watch: French commentary continues to speculate on Pernod Ricard as a potential value/recovery play after the sharp share-price reset, though no strategic moves are confirmed
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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