Drinks Giants: Diageo, Pernod, AB InBev, Heineken — 2026-10-28

Top developments

Heineken Volumes Beat Estimates in Q3 2026

Heineken N.V. reported on October 28, 2026, that its third-quarter trading figures exceeded market expectations. The brewery saw volume and revenue growth across all regions, with total volumes reaching 76 million hectoliters, representing a 4.8% organic volume growth. The strong performance, particularly in Asia and a rebound in the Americas, provides a significant early boost for new Chief Executive Officer Rafael Oliveira, who assumed the role only weeks ago. The company maintained its profit outlook for 2026.

India Launches Tariff Probe into Diageo and Pernod Ricard

Indian tax authorities have initiated an investigation into Diageo and Pernod Ricard to determine if they incorrectly classified bulk Scotch whisky imports to claim reduced tariffs under the India-UK free trade agreement. The probe centers on whether whisky used in locally produced blends qualifies for the reduced 75% tariff, down from 150%. Both companies deny any wrongdoing, while industry groups argue that excluding bulk imports undermines the benefits of the UK-India trade pact.

Rémy Cointreau Confirms Objectives on Cognac Strength

Rémy Cointreau confirmed its financial objectives for the fiscal year ending in March 2027 after reporting second-quarter sales that exceeded analyst expectations. The group reported a 4.4% increase in half-year revenue to €510.9 million, driven by strong cognac demand in China. The company also noted that the impact of US tariffs on its accounts would be limited.

Pernod Ricard Completes €1.5 Billion Bond Issue

Pernod Ricard has completed a €1.5 billion bond issue as its stock traded at €66.52, following a 0.90% organic sales decline in the first quarter of fiscal year 2027. Despite the sales dip, RBC raised its price target for Pernod Ricard stock from €69 to €71, reflecting cautious but stabilizing market sentiment.

Local view

In the Netherlands, financial outlet NRC highlighted Heineken’s "excellent third quarter," noting that the new top manager, Rafael Oliveira, aims to foster a "stronger performance culture" to capitalize on the volume growth. French outlet BFM Bourse reported that Pernod Ricard’s shares were propelled higher by positive readings from LVMH’s quarterly results, which suggested resilience in the luxury spirits sector.

Context & numbers

• Heineken Q3 Volumes: 76 million hectoliters (+4.8% organic volume growth).
• Rémy Cointreau H1 Revenue: €510.9 million (+4.4% increase).
• Pernod Ricard Q1 Sales: €2.23 billion (-0.90% organic decline).
• India Tariff Rate: Reduced from 150% to 75% under the India-UK trade agreement.

On the radar

• French Pressure on US Tariffs: France is urging the US to lift tariffs on Champagne, arguing for equal treatment with Irish whiskey, though no response has been signaled by Washington.
• Irish Whiskey Tariff Negotiations: Technical talks between Irish officials and Washington regarding the removal of the 10% tariff on Irish whiskey are ongoing, more than a month after President Trump’s initial pledge.