Drinks Giants: Diageo, Pernod, AB InBev, Heineken — 2026-09-27
This week, Diageo moved to strengthen its turnaround team by hiring WPP's CFO as its new finance chief, while trade-war pressure on spirits intensified on both sides of the Atlantic. Pernod Ricard's shares remain near 52-week lows in the wake of disappointing FY26 results, and cognac producers are railing against Europe's tariff crossfire.
Drinks Giants: Diageo, Pernod, AB InBev, Heineken — 2026-09-27
Top developments
Diageo names Joanne Wilson as CFO to accelerate transformation
On 23 September, Diageo appointed WPP CFO Joanne Wilson as its next finance chief, bolstering its leadership team as the drinks giant pushes through its turnaround plan, which includes a US$1bn cost-cutting programme and a continued target of $3bn in free cash flow guidance.
Trump prepares ban on Canadian spirits imports — whiskey takes centre stage in trade war
The US is preparing a ban on imports of Canadian spirits as part of a retaliatory trade package that also covers Canadian wine, ice wine and dairy. Some measures took effect 15 September, with additional bans beginning 29 September. The New York Times examines why whiskey — a relatively minor commodity — keeps appearing as a bargaining chip in trade disputes.
Pernod Ricard stock pinned near 52-week lows after FY26 results
Pernod Ricard's stock remains near its 52-week low, with ad-hoc-news noting FY26 sales of EUR 9.404 billion on 27 August, down 14.2% reported. The French press continues to frame the muted share price as a function of persistent austerity — the group is prioritising deleveraging over strategy pivots while demand stays weak in China and the US.
Local view
- France: Euronews (in French-market coverage) reports today that cognac producers are "caught in the crossfire" of Europe's trade wars with China and the US, squeezing the export-dependent industry and leaving growers seeking EU support.
Context & numbers
- IWSR data released in June 2026 confirm total beverage alcohol volumes fell 2% in 2025 — roughly 500 million nine-litre cases — the third consecutive annual decline, making spirits the worst-performing category.
- Diageo FY2026 (year ended 30 June): organic net sales declined 2.0%, with growth in Europe, LAC and Africa offset by weakness in North America and Asia Pacific.
- Pernod Ricard FY26: EUR 9.404 billion in sales, down 14.2% reported.
On the radar
- US ban on Canadian spirits imports: additional measures take effect 29 September.
- Rumour to watch: further US whiskey tariff carve-outs following the Irish whiskey relief announced earlier this month — markets analysts are watching whether a reciprocal framework extends to other spirits categories.
- Heineken's Q3 trading update (typically published in October), following H1 volume growth of 1.6% to 142.8m hectolitres.
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