Drinks Giants: Diageo, Pernod, AB InBev, Heineken — 2026-09-25
This week's news is thin on fresh corporate results, with attention focused on escalating North American trade friction: the US is preparing import restrictions on Canadian spirits, while Canadian wine, whiskey and ice wine face expanded tariffs and bans. Pernod Ricard shares held near EUR 60 amid persistent sales concerns. No new quarterly data from the big four emerged in the past seven days.
Drinks Giants: Diageo, Pernod, AB InBev, Heineken — 2026-09-25
Top developments
US prepares ban on Canadian spirits imports
The New York Times reports that the US is preparing to ban imports of Canadian spirits, prompting renewed questions about why whiskey keeps recurring as a flashpoint in trade disputes with Ottawa. The move adds to an existing White House proclamation placing expanded tariffs and import bans on Canadian wine, whiskey, ice wine and dairy — some measures took effect September 15, with additional bans beginning September 29. For drinks giants, North America remains the industry's biggest single profit pool, so further tariff escalation keeps the sector's recovery narrative on hold.
Pernod Ricard stock treads water near EUR 60
Pernod Ricard closed at EUR 59.64 on September 21, 2026 — down 33.12% from its yearly high — as German-language financial outlet ad-hoc-news.de flags that sales risks persist. The one relative bright spot cited is fiscal 2026 RTD sales, which rose 17%. The stock continues to reflect investor caution after the group's third consecutive year of declining sales.
ESG round-up covers big-four activations, but no fresh financials from AB InBev or Heineken
Global Drinks Intel's September ESG round-up (published around September 21) catalogues responsible-drinking and sustainability activations from brand-owner members including the major spirits and beer groups. Meanwhile, no new quarterly results or guidance were published by AB InBev or Heineken in the past week; both companies' most recent reported figures date from their July/August reporting cycles.
Local view
- German-language press (ad-hoc-news.de) continues to track Pernod Ricard daily, with the September 22 noting the stock's hold near EUR 60 and flagging persistent sales risks as shares sit a third below their yearly high.
- French media this week focused on the Trump tariff relief for Irish whiskey announced in mid-September, with Zonebourse and Boursorama reporting that Donald Trump, during a two-day visit to Ireland, announced the lifting of tariffs on Irish whiskey entering the US — a decision markets viewed as a positive signal for the wider spirits sector including Pernod Ricard.
Context & numbers
- Recent US trade measures: tariffs and import bans on Canadian wine, whiskey, ice wine and cheese began September 15, with additional bans from September 29.
- Pernod Ricard shares: EUR 59.64 close on September 21, 2026, about 33% below the yearly high; FY2026 RTD sales up 17%.
- For reference, latest reported results: Pernod Ricard FY2025/26 profit fell 26% to €1.2bn on weak US and Chinese markets; Diageo FY2026 organic net sales fell 2.0%; Heineken H1 2026 volumes rose 1.6% to 142.8m hl with Rafael Oliveira becoming CEO on October 1; AB InBev missed Q2 estimates but reaffirmed its 2026 outlook.
On the radar
- October 1: Rafael Oliveira takes over as Heineken CEO — first results under new leadership will be closely watched.
- September 29: Additional US import bans on Canadian goods, including alcohol categories, take effect.
- Rumor watch: Forbes recently reported that Irish and UK whiskey tariff cuts are being implemented in 2026 — watch for formal confirmation milestones.
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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