Javier Gonzalez-Lastra's questions to Diageo PLC (DEO) leadership • H2 2025
Question
Javier Gonzalez-Lastra from Berenberg asked about the potential for further substantial disposals beyond those rumored and questioned the expected impact of lower agave prices on costs in fiscal 2026.
Answer
Interim CEO & Director Nik Jhangiani declined to comment on specific rumors but confirmed the strategy to pursue 'substantial' disposals of non-core assets is ongoing. Regarding agave, he explained that due to a mixed sourcing strategy (owned, contract, spot), the benefit from lower spot prices will be realized gradually over time, not immediately in fiscal 2026, as existing inventory is used.