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    Laurence Whyatt • Barclays

    Laurence Whyatt's questions to Diageo PLC (DEO) leadership

    Laurence Whyatt's questions to Diageo PLC (DEO) leadership • H2 2025

    Question

    Laurence Whyatt from Barclays asked about the drivers of Don Julio Reposado's strength and the growth outlook for other variants, and sought clarification on the 'upper quartile' performance metric, questioning a potential shift in focus to TSR.

    Answer

    Interim CEO & Director Nik Jhangiani attributed Don Julio Reposado's success to its accessibility and cocktail versatility, and expressed confidence in growth across the entire brand franchise. He clarified that aiming for 'upper quartile' performance refers to a holistic algorithm of top-line growth, operating leverage, and cash conversion, with Total Shareholder Return (TSR) being the ultimate outcome, not a change in focus.

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    Laurence Whyatt's questions to Anheuser-Busch Inbev SA (BUD) leadership

    Laurence Whyatt's questions to Anheuser-Busch Inbev SA (BUD) leadership • Q2 2025

    Question

    Laurence Whyatt from Barclays asked about the potential to reinvigorate the Bud and Bud Light brands in the U.S. and questioned why European volumes were only flat despite favorable conditions and share gains, probing the region's long-term volume growth potential.

    Answer

    CEO Michel Doukeris explained the focus remains on rebalancing the portfolio toward consumer trends, highlighting the significant growth headroom for Michelob Ultra and Busch Light. He acknowledged work is needed on other brands like Bud Light and Budweiser but emphasized prioritizing capital allocation. For Europe, he noted that flat volume is an improvement over recent trends and that beer is gaining share of throat in key markets.

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    Laurence Whyatt's questions to Anheuser-Busch Inbev SA (BUD) leadership • Q2 2024

    Question

    Laurence Whyatt of Barclays asked about the stalled per capita alcohol consumption trend in the U.S. post-pandemic, questioning if there were structural reasons for it and why U.S. consumption is lower than in some Western European nations.

    Answer

    CEO Michel Doukeris acknowledged the cyclical nature of consumption trends but emphasized that the U.S. alcohol industry is growing in value, with beer currently gaining share. He noted that direct comparisons between the entire U.S. and individual European countries are complex due to significant regional differences within the U.S. but pointed to strong premiumization trends as a key market dynamic.

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