Slides
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Guinness Investor and Analyst Event 2025 1 GUINNESS INVESTOR EVENT: INTRODUCTION VIDEO 1 : OPENING
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Guinness Investor & Analyst Event Introduction Debra Crew CEO 20th May 2025
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Cautionary statements concerning forward-looking statements and non-GAAP financial measures and non-GAAP financial measures The following presentation contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts and may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “could”, “would”, “targets”, “aims”, “may”, “expects”, “intends” or similar expressions or statements. In this presentation, such statements include those that express forecasts, expectations, plans, outlook, objectives and projections with respect to future matters, including information related to Diageo’s fiscal 25 outlook and beyond, Diageo’s supply chain agility programme, future productivity savings, future inventory levels, future investments, future Total Beverage Alcohol market share ambitions, future growth opportunities, potential tariffs, the macro environment and any other statements relating to Diageo’s performance during or for the year ending 30 June 2025 or thereafter. Forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including factors that are outside Diageo’s control, which include, but are not limited to: (i) economic, political, social or other developments in countries and markets in which Diageo operates, including elevated geopolitical instability as a result of Russia’s invasion of Ukraine and the conflict in the Middle East and macroeconomic events that may affect Diageo’s customers, suppliers and/or financial counterparties; (ii) the effects of climate change, or legal, regulatory or market measures intended to address climate change; (iii) changes in consumer preferences and tastes, including as a result of disruptive market forces, changes in demographics and evolving social trends (including any shifts in consumer tastes towards at-home occasions, premiumisation, small-batch craft alcohol, or lower or non-alcoholic products and/or developments in e-commerce); (iv) changes in the domestic and international tax environment that could lead to uncertainty around the application of existing and new tax laws and unexpected tax exposures; (v) changes in the cost of production, including as a result of increases in the cost of commodities, labour and/or energy due to inflation and/or supply chain disruptions; (vi) any litigation or other similar proceedings (including with tax, customs, competition, environmental, anti-corruption or other regulatory authorities); (vii) legal and regulatory developments, including changes in regulations relating to environmental issues and/or e-commerce; (viii) the consequences of any failure of internal controls; (ix) the consequences of any failure by Diageo or its associates to comply with anti-corruption, sanctions, trade restrictions or similar laws and regulations, or any failure of Diageo’s related internal policies and procedures to comply with applicable law or regulation; (x) Diageo’s ability to make sufficient progress against or achieve its ESG ambitions; (xi) cyber-attacks and IT threats or any other disruptions to core business operations; (xii) loss, operational disruptions to or closure of a production side, office or other key facility due to unforeseen or catastrophic events or otherwise; (xiii) contamination, counterfeiting or other circumstances that raise consumer concerns and could harm the level of customer support for Diageo’s brands and adversely impact its sales; (xiv) Diageo’s ability to maintain its brand image and corporate reputation or to adapt to a changing media environment; (xv) fluctuations in exchange rates and/or interest rates; (xvi) Diageo’s ability to successfully execute its strategic business transformation projects; (xvii) Diageo’s ability to derive the expected benefits from its business strategies, including Diageo’s investments in e-commerce and its luxury portfolio; (xviii) increased competitive product and pricing pressures, including as a result of introductions of new products or categories that compete with Diageo’s products and consolidations by competitors and retailers; (xix) increased costs for, or shortages of, talent, as well as labour strikes or disputes; (xx) movements in the value of the assets and liabilities related to Diageo’s pension plans; (xxi) Diageo’s ability to renew supply, distribution, manufacturing or licence agreements (or related rights) and licences on favourable terms, or at all, when they expire; or (xxii) any failure by Diageo to protect its intellectual property rights. All oral and written forward-looking statements made on or after the date of this presentation and attributable to Diageo are expressly qualified in their entirety by the above cautionary factors and by the factors set out under “Our principal risks and risk management” in Diageo’s Annual Report and under “Risk Factors” in Diageo’s Annual Report on Form 20-F for the year ended 30 June 2024 filed with the US Securities and Exchange Commission. Any forward-looking statements made by or on behalf of Diageo speak only as of the date they are made. Diageo does not undertake to update forward-looking statements to reflect any changes in Diageo's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. This presentation includes financial measures which are not presented in Diageo’s financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by the UK and are considered “non-GAAP financial measures” under US Securities and Exchange Commission rules. Please refer to the section “Definitions and reconciliation of non-GAAP measures to GAAP measures” set out at the end of this presentation. 3Guinness Investor and Analyst Event 2025
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Guinness Investor and Analyst Event 2025 4 GUINNESS INVESTOR EVENT: INTRODUCTION • Market leader with portfolio of iconic category leading brands • Near term industry largely macro-economic driven. Continue to believe attractive long-term fundamentals of our industry and in our ability to outperform the market • Guinness, a key iconic brand in our portfolio, has delivered strong outperformance driven by a deliberate evolution in strategy and successful recruitment • Guinness has an exciting runway for continued growth; further recruitment, leveraging digital, with continued activation and innovation, as well as capturing the significant opportunity with Guinness 0.0 • Consistent with our strategic priorities and focus on what we can manage and control, Diageo is introducing the first phase of our Accelerate programme; ensuring we are well positioned to deliver sustainable consistent performance while maximising shareholder returns. Key messages:
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Guinness Investor and Analyst Event 2025 GUINNESS INVESTOR EVENT: INTRODUCTION Unrivalled portfolio of iconic brands 1.5x Larger than nearest International Spirits competitor1 13 Billion-dollar brands1 Source: 1. IWSR 2023 USD Value 5 #3 in Total Beverage Alcohol1 #1 in International Spirits1
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6 GUINNESS INVESTOR EVENT: INTRODUCTION North America $7.9bn 39% Latin America and Caribbean $1.8bn 9% Europe $4.8bn 24% Africa $1.8bn 9% Asia Pacific $3.8bn 19% Fiscal 24 by region Net sales1 & share of group NSV Developed markets: 62% Emerging markets: 38% Diageo has a diversified geographical footprint… Source: Diageo, excluding Corporate The above map is intended to illustrate general geographic regions where Diageo has a presence and/or in which its products are sold. It is not intended to imply that Diageo has a presence in and/or that its products are sold in every country or territory within a geographic region 1. Organic net sales.Guinness Investor and Analyst Event 2025
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7 GUINNESS INVESTOR EVENT: INTRODUCTION Diageo view on near term pressure: largely macro-economic driven Pressured consumer wallet Cannabis GLP-1’s Growing LPA+ population Rising middle class Premiumisation Spirits gaining share of TBA Gen Z behaviours Moderation Spirits household penetration Established Tailwinds Potential Headwinds Guinness Investor and Analyst Event 2025
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Households spending c.22% more for 8% less vs 4 years ago 8 GUINNESS INVESTOR EVENT: INTRODUCTION Continued pressure on consumers in the US Evolving macro-economic dynamics including tariffs impacting sentiment and spend Cautious consumer sentiment US consumer sentiment 1, Jun ‘24- Apr ‘25 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 L12M Mar ’21 6% 0% L12M Mar ’22 15% -5% L12M Mar ’23 20% -7% L12M Mar ’24 22% -8% L12M Mar ’25 US Total CPG ex Alcohol: Change in value ($), change in volume (EQ) vs. L12M2 With consumers still spending more to get less Volume Value Source: 1.Morning Consult; 2. Nielsen NIQ L52 Wks – w/e 03/22/25 Apr 25 Guinness Investor and Analyst Event 2025
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GUINNESS INVESTOR EVENT: INTRODUCTION Longer term spirits has an attractive growth profile underpinned by favourable fundamentals 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 95 100 105 110 Rest of TBA Spirits Global indexed volume, EUs (Base Year: 2014 = 100) Spirits on more positive trajectory than TBA 1 LPA+ consumers by 2030 middle-class growth +600M +c.3.6% +1.2% Population growth Female participation & per capita consumption growing ahead of men in key growth markets e.g.: India, China 2 2 2 3 Guinness Investor and Analyst Event 2025 Source 1. IWSR 2. Oxford Economics 3. WHO 9
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2024 2030 10 GUINNESS INVESTOR EVENT: INTRODUCTION With higher spirits penetration with LPA+, and TBA spend in line with other age groups 0.9% 0.7% 0.8% 0.9% 0.8% 25-34y 35-44y 45-54y 55-64y 65y+ Annual alcohol beverage spend as % of expenditure, USA, 2023 2 They have similar TBA expenditure % to other cohorts And income expected to increase over time TBA Spirits Wine Beer F20 F24 83% 88% 49% 57% 68% 55% 61% 66% Gen Z US Household Penetration 1 Gen Z TBA penetration has increased Global Spend Forecast 2024 to 2030 $ Trillion 3 17.1% 18.7%% of total global expenditure $9.8 $12.6 Gen Z forecast to be the largest generation ever Guinness Investor and Analyst Event 2025 2024 2024 1. Numerator 2. US bureau of Labor Statistics 3. Nielsen NIQ Spend report
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11 GUINNESS INVESTOR EVENT: INTRODUCTION Moderation offers a growth opportunity for Diageo Extending existing trademarks into Non Alc variants Building new to world dedicated Non Alc brands Consistent with Diageo’s long-term commitment to responsible drinking and premiumisation Guinness 0.0 has a clear role in this Guinness Investor and Analyst Event 2025
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12 GUINNESS INVESTOR EVENT: INTRODUCTION Growth Ambition for long-term sustainable growth STRATEGY Unleash the power of our brands and portfolio to lead and shape consumer trends executed with operational excellence BRANDS AND PORTFOLIO Whisk(e)y & Tequila Undisputed global #1 Winning local portfolio To recruit and premiumise Guinness growth Including 0.0 CONSUMER TRENDS Cocktail culture Driving premiumisation Moderation Lead zero alc Exploration Expand repertoires OPERATIONAL EXCELLENCE Evolve brand building muscle Smarter A&P, ROI, experiential Commercial excellence On and off-premise execution Accelerated productivity MGF, Supply Chain agility, RGM Convenience Easy and anywhere With food Source from beer & wine Luxury Focused participation Celebrating life, every day, everywhere PURPOSE AMBITION To create the best performing, most trusted and respected, consumer products company in the world ENABLERS Building a more “Digital Diageo” with end to end transformational impact Diverse and engaged talent with an inclusive culture, behaviours and new organisational capabilities Spirit of Progress focus; doing business the right way from grain to glass VALUES & DIAL UP BEHAVIOURS Value each other Be better Passionate about consumers and customers Proud of what we do Collaborate efficiently Experiment and learn Be externally curious Act decisively VALUES DIAL UP BEHAVIOURS Guinness Investor and Analyst Event 2025
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16% 84% Beer share of Total Diageo F24 Reported NSV Beer Diageo ex Beer 34% 66% Guinness share of Beer F24 Reported NSV 13 GUINNESS INVESTOR EVENT: INTRODUCTION Guinness is an important part of our portfolio and almost 2/3 of our beer portfolio Guinness is #3 Diageo brand reported NSV after Johnnie Walker and Smirnoff (FY24] Guinness Other Beer* Guinness Investor and Analyst Event 2025 Beer share of Total Diageo F24 Reported NSV Guinness share of Beer F24 Reported NSV * Excludes FMB
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14 GUINNESS INVESTOR EVENT: INTRODUCTION Guinness participates in the most attractive segments of beer with headroom to grow Category1 Total Beer 8% value 3-year CAGR Standard Beer 7% value 3-year CAGR Premium Beer 11% value 3-year CAGR Super Premium Beer 12% value 3-year CAGR Non Alc Beer 16% value 3-year CAGR Beer drinkers increasingly adventurous Prepared to pay more for new experiences Consumer Less than 1% global beer and global non alc value share Guinness1 Guinness 0.0 At least doubled every year since launch Source: 1. IWSR 2023 Outperformed all price segments Total Guinness 15% 3-year value CAGR Guinness Investor and Analyst Event 2025
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15 GUINNESS INVESTOR EVENT: INTRODUCTION Guinness is an important iconic brand in Diageo’s portfolio Guinness is… • Differentiated from other beers • An efficient, growing global brand • Successfully recruiting women and Gen Z consumers • Delivering a valuable contribution to both growth and profit • Benefitting the broader portfolio as part of our total business Guinness Investor and Analyst Event 2025
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16 ..with an incredible heritage, known and globally recognised An iconic, distinctly recognisable brand amplified by award winning marketing 1759 Arthur Guinness signed 9,000-year lease at St James’ Gate Dublin 1801 First recorded beer for export 1862 First Guinness label with harp and Arthur’s signature 1929 First Guinness newspaper ad 1930’s Gilroy advertising 1959 Draught Guinness launched in the UK 1988 Guinness Draught in can launched with widget 2000 Guinness Storehouse opened 2021 Guinness 0.0 launched GUINNESS INVESTOR EVENT: INTRODUCTION Guinness Investor and Analyst Event 2025
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17 GUINNESS INVESTOR EVENT: INTRODUCTION Guinness Investor and Analyst Event 2025 VIDEO 2 : HISTORICAL AD REEL
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18 GUINNESS INVESTOR EVENT: INTRODUCTION Today, Guinness is an iconic global brand with a local heartbeat The strongest metric for Guinness consumer engagement varies by country but is positive in all key markets3 Ghana Kenya Nigeria Ireland “Guinness is leading the way vs competitors” “Guinness is a fascinating brand” USA Japan South Korea “[I am] proud to choose Guinness vs competitors” “Guinness is doing new things” Tanzania Canada “Guinness is more fascinating vs competitors” GB “Guinness is the most distinctive beer globally and the 3rd most distinctive brand overall”1 “Guinness is the #1 talked about brand in the category in Ireland, GB, US, Canada and Kenya”2 Guinness is known, distinctive and talked about in key markets Source: 1. Kantar Brandz Report 2025 2. Diageo Talkability Tracker L12M (branded search plus positive social conversation) 3. Kantar Guinness Investor and Analyst Event 2025
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And even in a tough beer market Guinness is outperforming Building on long term strong performance 4 Rise of lager Guinness volume brand growth since 1840 WW1 WW2 COVID • Eight consecutive halves delivered double-digit growth • Held or grew share in 3 largest markets in H1 F25 2 • #1 beer in GB and Ireland, Guinness’s top 2 markets 3 19 GUINNESS INVESTOR EVENT: INTRODUCTION GB Ghana Penetration growing Penetration flat Penetration declining Tanzania Uganda Australia Japan South Korea Indonesia Nigeria Ireland Kenya Total Beer Guinness South Korea Uganda Tanzania GhanaGB Indonesia Ireland Australia Japan NigeriaKenya Beer v Guinness: L4W penetration | Total Trade | F24 vs F19 Guinness recruited c.4 million more drinkers since 2019 1 Guinness Investor and Analyst Event 2025 Source: 1. Kantar 2. Diageo reporting 3. GB- GPS: RSV R12M Nielsen and CGA 22/02/2025; 3. Ireland- GPS: RSV R12M Nielsen 28/02/2025 and CGA 31/01/2025 4. IWSR & volume numbers validated to historical information received from Guinness Archives records (1841-2003)
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GUINNESS INVESTOR EVENT: INTRODUCTION 20 Importantly recruiting both younger and female consumers GB Ireland USA USAGB Ireland % Penetration Change L4W April F23 Rolling 6 months vs March 25 rolling 6 months Increasingly gaining traction with female consumers Increasing penetration among LPA-24 % Penetration Change L4W April F23 Rolling 6 months vs March 25 rolling 6 months +5.2pp +2 pp +1.1pp +9.5 pp +0.8 pp +1.6 pp March 2025 Penetration 19.5% 25.5% 3.6% 9% 11.7% 3.1% Guinness Investor and Analyst Event 2025 Source: Kantar tracking
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STRATEGY Unleash the power of our brands and portfolio to lead and shape consumer trends executed with operational excellence BRANDS AND PORTFOLIO Whisk(e)y & Tequila Undisputed global #1 Winning local portfolio To recruit and premiumise Guinness growth Including 0.0 CONSUMER TRENDS Cocktail culture Driving premiumisation Moderation Lead zero alc Exploration Expand repertoires OPERATIONAL EXCELLENCE Evolve brand building muscle Smarter A&P, ROI, experiential Commercial excellence On and off-premise execution Accelerated productivity MGF, Supply Chain agility, RGM Convenience Easy and anywhere With food Source from beer & wine Luxury Focused participation Celebrating life, every day, everywhere PURPOSE AMBITION To create the best performing, most trusted and respected, consumer products company in the world ENABLERS Building a more “Digital Diageo” with end to end transformational impact Diverse and engaged talent with an inclusive culture, behaviours and new organisational capabilities Spirit of Progress focus; doing business the right way from grain to glass VALUES & DIAL UP BEHAVIOURS Value each other Be better Passionate about consumers and customers Proud of what we do Collaborate efficiently Experiment and learn Be externally curious Act decisively VALUES DIAL UP BEHAVIOURS Leading and shaping consumer trends Guinness is successfully recruiting across key consumer trends… Exploration Expand repertoires Moderation Lead zero alc With food Source from beer & wine Convenience Easy and anywhere 21 Guinness Investor and Analyst Event 2025
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GUINNESS INVESTOR EVENT: INTRODUCTION 22 • Scale participation in culture, step change in innovation • Fiscal 24 Guinness reached 12% more consumers globally than fiscal 19 1 2015 Evolved marketing strategy 2011 -2015 Performance below beer 1% CAGR 2 [Beer +3% CAGR2] 2015 -2019 Similar growth to Beer 3.6% CAGR2 [Beer 3.9% CAGR2] 2020-2023 Positive Growth 15% CAGR2 [Beer 8% CAGR2] Covid Impact 2022-24 Changes in RTM Strategy • Moving to asset light model in more markets • Capitalising on strategic brewing and distribution partners to optimise growth Post 2015 Changed marketing strategy to broaden recruitment 2022 -2024 Changed RTM strategy to more efficient model Deliberate evolution of strategy has driven top line growth with an attractive profit contribution Guinness Investor and Analyst Event 2025 Source: 1. . Kantar F24 Year end Review; 2. IWSR Value Growth
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23 GUINNESS INVESTOR EVENT: INTRODUCTION Applying Diageo’s brand building approach and best in class innovation… is driving growth and recruitment Recruiting new consumers leveraging cultural appeal, scale innovation and digital engagement Cutting edge Innovation Recruiting new occasions and consumers Powerful, scale cultural participation Commitment to quality Guinness Investor and Analyst Event 2025
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24 GUINNESS INVESTOR EVENT: INTRODUCTION Activation at scale; Premier League sponsorship an opportunity to accelerate growth Broader participation across variants, formats and consumers Activated extensively globally with marketing, social and in the on and off trade To date 81 markets activating Guinness and Premier League partnership simultaneously Most popular league in the world enjoyed by 2.1 billion viewers1 Source: 1. Premier League Global Broadcast Report Aug-Feb, 2024-25Guinness Investor and Analyst Event 2025
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Source: 1. Kantar [in UK and Ireland] 2. Kantar research 2019 25 GUINNESS INVESTOR EVENT: INTRODUCTION Long-established approach to moderation: Guinness is seen by many as a brand actively encouraging responsible drinking1 Official non alcoholic Beer of the Premier League with global reach 1973 ‘What is our advertising trying to do? It is to ensure continuity of our business by ensuring continuity of moderate drinking of our products’. Arthur Hughes, Managing Director, Arthur Guinness Son & Company Limited Award winning Guinness Clear Guinness 0.0 at scale • Cutting edge rebranding of tap water as “Guinness Clear” during Rugby Six Nations • Won a Cannes Gold Lion • 80% of beer drinkers surveyed claimed to drink more water after seeing Guinness Clear advertising 2 History of responsible drinking advertising 1980’s Guinness Investor and Analyst Event 2025
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26 GUINNESS INVESTOR EVENT: INTRODUCTION VIDEO 3: GUINNESS 0.0 Guinness Investor and Analyst Event 2025
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Our top three markets contribute c.60% of Guinness net sales with strong momentum GB Ireland US East Africa SWC Africa All Other GUINNESS INVESTOR EVENT: INTRODUCTION c.60% fiscal 24 net sales Our largest markets: Ireland: Biggest beer brand accounts for 1 in 3 pints served in Ireland1 GB: #1 On-trade beer2 US: #1 Fastest growing on- trade beer3 Investing to win share where there’s the highest margin and strongest equity 27Guinness Investor and Analyst Event 2025 Source: 1. CGA OPM data to March 2025; 2. RSV R12M Nielsen and CGA 22/02/2025; 3. Nielsen CGA L12wks thru 2.22.25
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28 GUINNESS INVESTOR EVENT: INTRODUCTION Guinness Investor and Analyst Event 2025 Guinness has exciting further growth opportunities Broadening consumer base Driving recruitment through: Leveraging Premier League at scale Opportunity with Guinness 0.0
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29 GUINNESS INVESTOR EVENT: INTRODUCTION Agenda for today Continuing to build the iconic Guinness brand Grainne Wafer Case study: Ireland – the home of Guinness Barry O’Sullivan Case study: Great Britain - the UK’s favourite pint Nuno Teles Case study: The US - the next growth frontier Laura Merritt Break Optimising our global route to consumer Dayalan Nayager An efficient and resilient supply chain, fit for future growth Ewan Andrew Q&A Guinness Wrap-up & update on reshaped priorities Nik Jhangiani Closing comments Debra Crew Q&A Innovation Showcase and pre-dinner drinks Mark Sandys Dinner Guinness Investor and Analyst Event 2025
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Celebrating life, every day, everywhere APPENDIX
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Financial/legal appendix: Definitions and reconciliation of non-GAAP measures to GAAP measures Diageo’s strategic planning process is based on certain non- GAAP measures, including organic movements. These non- GAAP measures are chosen for planning and reporting, and some of them are used for incentive purposes. The group’s management believes that these measures provide valuable additional information for users of the financial statements in unde rstanding the group’s performance. These non- GAAP measures should be viewed as complementary to, and not replacements for, the comparable GAAP measures and reported movements therein. It is not possible to reconcile the forecast tax rate before exceptional items, forecast organic net sales growth and forecas t organic operating profit growth to the most comparable GAAP measure as it is not possible to predict, without unreasonable effort, with reasonable certainty, the future impact of changes in exchange rates, acquisitions and disposals and potential e xceptional items. Volume Volume is a performance indicator that is measured on an equivalent units basis to nine -litre cases of spirits. An equivalent unit represents one nine-litre case of spirits, which is approximately 272 servings. A serving comprises 33ml of spirits, 165ml of wine, or 330ml of ready to drink or beer. Therefore, to convert volume of products other than spirits to equivalent units, th e following guide has been used: beer in hectolitres, divide by 0.9; wine in nine-litre cases, divide by five; ready to drink and certain pre-mixed products that are classified as ready to drink in nine -litre cases, divide by ten. Organic movements Organic information is presented using US dollar amounts on a constant currency basis excluding the impact of exceptional ite ms, certain fair value remeasurements, hyperinflation and acquisitions and disposals. Organic measures enable users to focus on the performance of the business which is common to both years and which represents those measures that local manager s are most directly able to influence. Continued on the following page 31Guinness Investor and Analyst Event 2025
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Continued from the previous page Calculation of organic movements An explanation of non-GAAP measures, including organic movements, is set out on pages 227 -235 of Diageo’s Annual Report for the year ended 30 June 2024. Market share approach • All analysis of data has been applied with a tolerance of +/ - 3 bps and the descriptions applied of gaining, holding or losing share by the Company or brands are based on estimated performance within that tolerance. • Percentages represent % of markets by total Diageo net sales contribution who have held or gained total trade share in the fiscal year to date. • Measured markets indicate a market where we have purchased any market share data. • Market share reflects total on and off trade and data may include beer, wine, spirits or other elements. • Measured market net sales sums to 89% of total Diageo net sales value in the first half of fiscal 25. 32Guinness Investor and Analyst Event 2025
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Continuing to build the iconic Guinness brand Grainne Wafer Global Director, Guinness, Liqueurs, Vodka and RTD 20th May 2025
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2 Cautionary statements concerning forward-looking statements and non-GAAP financial measures and non-GAAP financial measures The following presentation contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts and may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “could”, “would”, “targets”, “aims”, “may”, “expects”, “intends” or similar expressions or statements. In this presentation, such statements include those that express forecasts, expectations, plans, outlook, objectives and projections with respect to future matters, including information related to Diageo’s fiscal 25 outlook and beyond, Diageo’s supply chain agility programme, future productivity savings, future inventory levels, future investments, future Total Beverage Alcohol market share ambitions, future growth opportunities, potential tariffs, the macro environment and any other statements relating to Diageo’s performance during or for the year ending 30 June 2025 or thereafter. Forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including factors that are outside Diageo’s control, which include, but are not limited to: (i) economic, political, social or other developments in countries and markets in which Diageo operates, including elevated geopolitical instability as a result of Russia’s invasion of Ukraine and the conflict in the Middle East and macroeconomic events that may affect Diageo’s customers, suppliers and/or financial counterparties; (ii) the effects of climate change, or legal, regulatory or market measures intended to address climate change; (iii) changes in consumer preferences and tastes, including as a result of disruptive market forces, changes in demographics and evolving social trends (including any shifts in consumer tastes towards at-home occasions, premiumisation, small-batch craft alcohol, or lower or non-alcoholic products and/or developments in e-commerce); (iv) changes in the domestic and international tax environment that could lead to uncertainty around the application of existing and new tax laws and unexpected tax exposures; (v) changes in the cost of production, including as a result of increases in the cost of commodities, labour and/or energy due to inflation and/or supply chain disruptions; (vi) any litigation or other similar proceedings (including with tax, customs, competition, environmental, anti-corruption or other regulatory authorities); (vii) legal and regulatory developments, including changes in regulations relating to environmental issues and/or e-commerce; (viii) the consequences of any failure of internal controls; (ix) the consequences of any failure by Diageo or its associates to comply with anti-corruption, sanctions, trade restrictions or similar laws and regulations, or any failure of Diageo’s related internal policies and procedures to comply with applicable law or regulation; (x) Diageo’s ability to make sufficient progress against or achieve its ESG ambitions; (xi) cyber-attacks and IT threats or any other disruptions to core business operations; (xii) loss, operational disruptions to or closure of a production side, office or other key facility due to unforeseen or catastrophic events or otherwise; (xiii) contamination, counterfeiting or other circumstances that raise consumer concerns and could harm the level of customer support for Diageo’s brands and adversely impact its sales; (xiv) Diageo’s ability to maintain its brand image and corporate reputation or to adapt to a changing media environment; (xv) fluctuations in exchange rates and/or interest rates; (xvi) Diageo’s ability to successfully execute its strategic business transformation projects; (xvii) Diageo’s ability to derive the expected benefits from its business strategies, including Diageo’s investments in e-commerce and its luxury portfolio; (xviii) increased competitive product and pricing pressures, including as a result of introductions of new products or categories that compete with Diageo’s products and consolidations by competitors and retailers; (xix) increased costs for, or shortages of, talent, as well as labour strikes or disputes; (xx) movements in the value of the assets and liabilities related to Diageo’s pension plans; (xxi) Diageo’s ability to renew supply, distribution, manufacturing or licence agreements (or related rights) and licences on favourable terms, or at all, when they expire; or (xxii) any failure by Diageo to protect its intellectual property rights. All oral and written forward-looking statements made on or after the date of this presentation and attributable to Diageo are expressly qualified in their entirety by the above cautionary factors and by the factors set out under “Our principal risks and risk management” in Diageo’s Annual Report and under “Risk Factors” in Diageo’s Annual Report on Form 20-F for the year ended 30 June 2024 filed with the US Securities and Exchange Commission. Any forward-looking statements made by or on behalf of Diageo speak only as of the date they are made. Diageo does not undertake to update forward-looking statements to reflect any changes in Diageo's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. This presentation includes financial measures which are not presented in Diageo’s financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by the UK and are considered “non-GAAP financial measures” under US Securities and Exchange Commission rules. Please refer to the section “Definitions and reconciliation of non-GAAP measures to GAAP measures” set out at the end of this presentation. Guinness Investor and Analyst Event 2025
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Guinness Investor and Analyst Event 2025 3 THE ICONIC BRAND • At Diageo for over 25 years, leading Guinness globally for the last six years • Before her current role, Global Brand Director for Baileys and Roe and Co, where she led a complete brand transformation • Other roles at Diageo: Global Marketing and Innovation Director for Guinness and leadership roles in the European and Irish business including European innovation commercialisation and Guinness in Ireland • 2024: European Marketer of the Year by the European Marketing Confederation • Grainne’s favourite Guinness moment: 250 th Anniversary of Guinness in 2009 when we created Arthurs Day to celebrate our founder. Over 1 million people went to the pubs of Ireland to raise a glass to Arthur! Grainne Wafer Global Director, Guinness, Liqueurs, Vodka and RTD
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Guinness Investor and Analyst Event 2025 4 THE ICONIC BRAND Diageo has a successful brand building model that drives recruitment and premiumisation • Meaningful • Distinctive • Salient • Mental availability Showing up in consumers lives in an engaging way • Physical availability Being available, accessible and relevant in the right occasions • Premiumisation opportunities • Consumer excitement and engagement Ensuring our brands are: Recruiting more consumers & growing the brand Through Which creates
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5 THE ICONIC BRAND Guinness is a powerful case study in building iconic brands Long-established commitment to quality Cutting edge innovation reaching new consumers and occasions Guinness has been built through: Reputation for renowned marketing and TV ads Brand Meaning Distinctive quality InnovationHeritage Arthur Guinness 9000 year lease on St James’s Gate in 1759 Guinness Investor and Analyst Event 2025
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6 THE ICONIC BRAND But Guinness needed to evolve with consumers Changing consumer world Guinness is now… Fragmented media Socialising changing Cultural mood shifting Media focused on big memorable TV ads Targeting personalised digital and social media Masculine dark heavy perception Making Guinness more accessible to more people on more occasions Introducing more ways to enjoy Guinness Perfect prescriptive pint Guinness was about… Guinness Investor and Analyst Event 2025 We will continue to evolve with changes in consumer trends and behaviours
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7 THE ICONIC BRAND Participating in culture: recruiting with trends, partnerships and rituals Sports partnerships : broadening recruitment at scale Brand homes increasing consumer excitement and engagement Licensing : recruiting and opening up categories and markets “Salience” top of mind when buying “Meaningful” known and liked Data driven media targeting: to deliver results and drive efficiency Distribution: Extending beyond “traditional Guinness bars” and customers RGM: packs to suit consumers at the right price Consistently executing brand building strategy across mental and physical availability to recruit and grow Innovation : led by technology, addressing moderation, reaching more consumers Digital Excellence throughout Quality: enabling consumers to enjoy a quality serve everywhere “Distinctive” standing out vs competition 1 2 3 Effective investment to drive profitable growth Guinness Investor and Analyst Event 2025
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8 THE ICONIC BRAND Recruiting new consumers by participating in culture: trends, partnerships and rituals Creation inspired by social trends Learning from social listening Consumers create and amplify e.g., Serve Rituals Partnering with creative influencers e.g., designer JW Anderson Reposts, shares and ‘likes’ creating buzz Data targeting media across 30 markets 1 1. Guinness is known and liked Culture Guinness Investor and Analyst Event 2025 Source: 1 . PHD
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9 VIDEO 4: COMMUNITY THE ICONIC BRAND Guinness Investor and Analyst Event 2025
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THE ICONIC BRAND Sports partnerships broadening recruitment at scale Global scale through Premier League Football Inclusive brand through Six Nations Rugby Shared passions and occasions through local sports partnerships 10 1. Guinness is known and liked Sports Guinness Investor and Analyst Event 2025
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11 VIDEO 5: SPORTS THE ICONIC BRAND Guinness Investor and Analyst Event 2025
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THE ICONIC BRAND Diageo is the #1 TBA global licensee1, recruiting new consumers opening up broader categories and markets • Iconic brands assets known and loved • Royalty model and brand equity management • Licensing revenue up c.20% last 2 years2 • Categories including apparel, food, glass and bar ware • Increasing consumer awareness, reaching more occasions • Extending Guinness further into culture 12 Apparel Examples Licensing at scale Partnering with brands Co-creation with influencers “Art of Football” Guinness.com JW Anderson Source: 1 . https://www.licenseglobal.com/rankings-lists/top-150-leading-licensor; 2. Diageo internal 2. Guinness is top of mind Licensing Guinness Investor and Analyst Event 2025
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THE ICONIC BRAND The Storehouse increases Guinness excitement and engagement with consumers • Visitors left with: ‒ improved brand perception ‒ more likely to talk about Guinness • Increased brand penetration in the 4 weeks following visit3 13 • Welcomed over 25 million guests1 • #1 tourist attraction in Ireland2 • Visitor data collection enables ongoing consumer connection Source: 1. Diageo internal; 2. www.ireland.com; 3. Kantar 2025 Open Gate Brewery, Baltimore, USA Guinness Storehouse, Dublin, Ireland Design image of Open Gate Brewery Covent Garden, London, UK Open Gate Brewery, Chicago, USA 2. Guinness is top of mind Brand Homes Guinness Investor and Analyst Event 2025
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THE ICONIC BRAND Providing customers and consumers with the tools to enjoy a quality Guinness serve everywhere Connecting The higher the quality of the first Guinness served, the more likely the consumer will return for a second 1 GATE Glass Educating Innovating Grain Defined quality standards Digital videos of the perfect pour LicensingTrackingMeasuring Gate > 5000 global mystery shopper surveys annually Sold > $1.5M branded glassware for perfect pour Engaging consumers in fun quality serves & rituals Standarised Quality Index for all bars Premiumising the at-home experience 14Source: 1. Acacia Avenue GB January 2023 3. Guinness stands out Quality Guinness Investor and Analyst Event 2025
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THE ICONIC BRAND Innovation accessing more consumers, addressing moderation and reinforcing quality Format and quality Liquid Microdraught unlocking new on trade distribution Nitrosurge delivering the perfect pint at home Guinness 0.0 a quality non-alc alternative 15 3. Guinness stands out Innovation Guinness Investor and Analyst Event 2025 Guinness Smooth recruiting younger African LPA+ consumers via taste and positioning
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16 THE ICONIC BRAND Focused on A&P efficiency across Guinness markets Assets modified centrally using AIData driven A&P spend decisions Leveraging sales data so digital media in best locations#1 long term #2 short term Gross profit ROI (across Diageo scale brands) 1 Cost efficiencies such as multiple languages and meeting regulatory requirements More effective media buying Over 3 years short term Gross Profit ROI has grown by 51% 1 Guinness Investor and Analyst Event 2025 Source: 1. Diageo internal modeling: LT ROI is 2-3 years gross profit impact; in markets where measured
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17 THE ICONIC BRAND Recognised in marketing and innovation awards Most prestigious and competitive in the industry Only awarded every two years Industry benchmarks for innovation Only 5% of entries win an award Globally respected advertising awards < 1% of entries win an award Public vote plus jury of brand and marketing experts for brand marketing excellence Five Red Dot Innovation Awards NitroSurge and Microdraught: 2022-20242 Two Golds IPA Effectiveness Awards Guinness marketing: 20243Gold Cannes Lion Guinness Clear: 20191 Guinness brand of the year4 Source: 1. www.media.diageo.com; 2. https://www.red-dot.org; 3. https://ipa.co.uk/; 4. https://www.marketingweek.com/ 21 Gold or Grand Prix awards over last 5 years Guinness Investor and Analyst Event 2025
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THE ICONIC BRAND Significant opportunity to grow and further recruit going forward Guinness 0.0 rollout Global scaling Premier League Broaden recruitment through targeting: Collectively maximising impact and reach 18 More consumers : Occasions Seasons Distribution Guinness Investor and Analyst Event 2025
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19 Key messages Guinness Investor and Analyst Event 2025 Guinness leverages the Diageo brand building model driving recruitment and premiumisation 1. 2. 3. THE ICONIC BRAND 4. We successfully evolved Guinness strategy to increase recruitment and grow: i. leveraging culture, sports and data ii. focus on quality to drive distinctivity iii. innovating to extend into new occasions A&P spend on Guinness is highly efficient and short-term gross profit ROI has improved Significant opportunity to further recruit and grow going forward
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Celebrating life, every day, everywhere
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Great Britain The UK’s Favourite Pint Nuno Teles Managing Director, GB 20th May 2025
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2Guinness Investor and Analyst Event 2025 Cautionary statements concerning forward-looking statements and non-GAAP financial measures and non-GAAP financial measures The following presentation contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts and may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “could”, “would”, “targets”, “aims”, “may”, “expects”, “intends” or similar expressions or statements. In this presentation, such statements include those that express forecasts, expectations, plans, outlook, objectives and projections with respect to future matters, including information related to Diageo’s fiscal 25 outlook and beyond, Diageo’s supply chain agility programme, future productivity savings, future inventory levels, future investments, future Total Beverage Alcohol market share ambitions, future growth opportunities, potential tariffs, the macro environment and any other statements relating to Diageo’s performance during or for the year ending 30 June 2025 or thereafter. Forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including factors that are outside Diageo’s control, which include, but are not limited to: (i) economic, political, social or other developments in countries and markets in which Diageo operates, including elevated geopolitical instability as a result of Russia’s invasion of Ukraine and the conflict in the Middle East and macroeconomic events that may affect Diageo’s customers, suppliers and/or financial counterparties; (ii) the effects of climate change, or legal, regulatory or market measures intended to address climate change; (iii) changes in consumer preferences and tastes, including as a result of disruptive market forces, changes in demographics and evolving social trends (including any shifts in consumer tastes towards at-home occasions, premiumisation, small-batch craft alcohol, or lower or non-alcoholic products and/or developments in e-commerce); (iv) changes in the domestic and international tax environment that could lead to uncertainty around the application of existing and new tax laws and unexpected tax exposures; (v) changes in the cost of production, including as a result of increases in the cost of commodities, labour and/or energy due to inflation and/or supply chain disruptions; (vi) any litigation or other similar proceedings (including with tax, customs, competition, environmental, anti-corruption or other regulatory authorities); (vii) legal and regulatory developments, including changes in regulations relating to environmental issues and/or e-commerce; (viii) the consequences of any failure of internal controls; (ix) the consequences of any failure by Diageo or its associates to comply with anti-corruption, sanctions, trade restrictions or similar laws and regulations, or any failure of Diageo’s related internal policies and procedures to comply with applicable law or regulation; (x) Diageo’s ability to make sufficient progress against or achieve its ESG ambitions; (xi) cyber-attacks and IT threats or any other disruptions to core business operations; (xii) loss, operational disruptions to or closure of a production side, office or other key facility due to unforeseen or catastrophic events or otherwise; (xiii) contamination, counterfeiting or other circumstances that raise consumer concerns and could harm the level of customer support for Diageo’s brands and adversely impact its sales; (xiv) Diageo’s ability to maintain its brand image and corporate reputation or to adapt to a changing media environment; (xv) fluctuations in exchange rates and/or interest rates; (xvi) Diageo’s ability to successfully execute its strategic business transformation projects; (xvii) Diageo’s ability to derive the expected benefits from its business strategies, including Diageo’s investments in e-commerce and its luxury portfolio; (xviii) increased competitive product and pricing pressures, including as a result of introductions of new products or categories that compete with Diageo’s products and consolidations by competitors and retailers; (xix) increased costs for, or shortages of, talent, as well as labour strikes or disputes; (xx) movements in the value of the assets and liabilities related to Diageo’s pension plans; (xxi) Diageo’s ability to renew supply, distribution, manufacturing or licence agreements (or related rights) and licences on favourable terms, or at all, when they expire; or (xxii) any failure by Diageo to protect its intellectual property rights. All oral and written forward-looking statements made on or after the date of this presentation and attributable to Diageo are expressly qualified in their entirety by the above cautionary factors and by the factors set out under “Our principal risks and risk management” in Diageo’s Annual Report and under “Risk Factors” in Diageo’s Annual Report on Form 20-F for the year ended 30 June 2024 filed with the US Securities and Exchange Commission. Any forward-looking statements made by or on behalf of Diageo speak only as of the date they are made. Diageo does not undertake to update forward-looking statements to reflect any changes in Diageo's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. This presentation includes financial measures which are not presented in Diageo’s financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by the UK and are considered “non-GAAP financial measures” under US Securities and Exchange Commission rules. Please refer to the section “Definitions and reconciliation of non-GAAP measures to GAAP measures” set out at the end of this presentation.
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THE ICONIC BRAND Guinness Investor and Analyst Event 2025 3 • At Diageo for over 7 years and MD GB for 3 years, moving to MD of Mexico in July 2025 • Most recently, reshaped Diageo GB, including the creation of the Diageo Luxury Company and built GB into one of Diageo’s key tequila markets. Extensive experience across the hospitality sector; spearheaded investment in the upcoming Guinness Brewery and Experience Centre in Covent Garden, London, and assisted with growth of the Johnnie Walker Princes Street experience in Edinburgh • Before his current role, Nuno was President of Diageo Beer Company in the US • Prior to Diageo, worked at Heineken in a variety of roles including CMO of US and CMO Brazil. Also worked at Scottish and Newcastle, Lacoste and Unilever • Nuno’s favourite Guinness moment: Enjoying a pint of Guinness at the Royal Ascot racecourse outside of London! Nuno Teles Managing Director, GB
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GB BEER MARKET LANDSCAPE Guinness Investor and Analyst Event 2025 4 Beer market +1.2% value CAGR 2019-20231 Premium beer +6.9% value CAGR 2019-20231 Top 5 beer brands in market 24% beer share1 Non-alc beer market c.2% of total beer1 Beer per capita consumption 68.34 $20.0 billion annual GB beer sales1 Beer share of TBA c.40%, vs c.41% on 20191 c.55% on-trade2 c.45% off-trade2 c.42,000 pubs in GB, down 4% in last 5 years3 Top 5 companies share of beer c.62%1 Market Context Source: 1. IWSR 2023 RSV; 2. RSV R12M Nielsen and CGA 22/02/2025; 3. 2023 BBPA; 4. 2022 BBPA; Beer per capita consumption is for UK
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CURRENT PERFORMANCE HIGHLIGHTS Guinness Investor and Analyst Event 2025 5 +12.3% organic NSV CAGR (F19-F24)1 #1 Beer in GB2 #1 Non-Alc Beer Brand2 +181bps share gain since L12M2 Guinness in GB -13bps share loss since 20193 #1 On-Trade Beer in GB2 #1 Brand Strength4 #1 in the Sports Watching Occasion5 Source: 1. Diageo internal – BFC; 2. RSV R12M Nielsen and CGA 22/02/2025; 3. IWSR 2023; 4. Kantar Brand Guidance, 2025; 5. Kantar World Panel Alcovision Survey, November 2024 Moving Annual Total
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\ \ GB: THE UK’S FAVOURITE PINT Guinness Investor and Analyst Event 2025 6 Diageo GB have accelerated growth of Guinness to become market leader by: Winning in the on trade • Support during covid • Partnering to drive traffic • Investing in quality Broadening consumer base • Inclusive marketing • Leveraging culture • Activation across regions Expanding occasions • All year round • Leveraging sports sponsorships • Addressing moderation with Guinness 0.0 1. 2. 3. Amplified by social and digital media
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ON - TRADE FOCUS AND ACTIVATION 7 Winning in the on trade, driving strong growth and record market share 0% 5% 10% 15% 20% ON-PREMISE MARKET SHARE Guinness Investor and Analyst Event 2025 March 2022: 9.3% #2 On-Trade Beer March 2023: 11.5% #1 On-Trade Beer March 2024: 13.7% #1 On-Trade Beer March 2025: 17.5% #1 On-Trade Beer Invested £30M behind “Raising the Bar” to support Covid re-openings Source: 1. Rolling Nielsen CGA L4W from 01/01/22 through 22/02/25
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VIDEO 7: WELCOME BACK AD Guinness Investor and Analyst Event 2025 8
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Guinness Investor and Analyst Event 2025 9 Winning in the on trade with pub partnerships and focus on quality, amplified by social media ON - TRADE FOCUS AND ACTIVATION • Partnering to drive incremental traffic • The Devonshire: 138k Instagram followers serving 20,000 pints a week1 • Increased social media and local cultural relevance • Guinness #1 talked about beer brand in GB 2 • Nearly 70% consumers will revisit a pub if served a quality Guinness 3 • Quality team moved in house in 2024 • Quality driving social media engagement Increasing brand engagement with pub partners Social media extending brand reach Innovation through technology driving superior quality Source: 1. Instagram, Esquire magazine; 2. Kantar Talkability Tracker L12M March 2025; 3. Acacia Avenue GB January 2023
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Guinness Investor and Analyst Event 2025 10 Source: Instagram, User Generated Content
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Inclusive advertising Partnering for initiatives promoting inclusivity • Recruited 1+ million consumers year-to-date: younger and more diverse1 • Significant penetration growth with women (+80%) and LPA-34 (+70%)2 this year, continuing positive momentum • Guinness’ increase in meaningfulness emotion +8% YoY amongst female drinkers3 • Leveraging culture plans to broaden reach, such as Labrum collaboration • IDA x Guinness 'Never Settle' Boot; first soft ground rugby boot for women • ITV partnership trialling audio descriptive commentary with Six Nations to blind and visually impaired on TV and radio Recruiting through inclusive marketing; including women and younger consumers RECRUITING NEW CONSUMERS Guinness Investor and Analyst Event 2025 11Source: 1. Kantar Tracking, MAT Mar 2025; 2. BGS Feb 2025; 3. Kantar: BGS, Behaviour Study, 2024.
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• Reached #1 On-Trade beer during summer months for first time in 20241 • Top 10 Off-trade beer during summer, improving c.50 bps in 2024 from 20232 • Momentum continued from 2023, when we sold c.10% more pints compared with 2022 3 12 Expanding occasions all year round, including summer EXPANDING RECRUITMENT THROUGH NEW OCCASSIONS Guinness Investor and Analyst Event 2025 Media all year round, including Summer Source: 1. Rolling Nielsen CGA L4W from 01/01/22 through 22/02/25; Rolling Nielsen L4W from 01/01/22 through 22/02/25; 3. Nielsen CGA
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Leveraging key sport sponsorship occasions Growing regional share by wider activation • Incremental share gains on match days, amplified where we activate1 • Watching live sports growing on trade occasions by +3.4%2 • Opportunity for Guinness Draught and cans in PL stadiums • Precision marketing activating pubs showing games • Focused on-trade investment in key football areas (Birmingham, Liverpool, Manchester and Brighton) with bespoke Guinness takeovers • Brighton & Kent a key highlight with record on-trade share of over 24% in February, above country-wide 17.5%3 Guinness Investor and Analyst Event 2025 13 Leveraging sports sponsorships to recruit in the on trade, activated regionally EXPANDING RECRUITMENT THROUGH NEW OCCASSIONS Six Nations Premier League © Microsoft, Open Places, OpenStreetMap Powered by Bing On Trade Guinness Index (Share) 68 126 Series1 . Source: 1. Oxford Partnership to Dec 2024 2. CGA Opus GB June 2024. 3. CGA OPMS to 22.02.25
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VIDEO 8: STONEGATE Guinness Investor and Analyst Event 2025 14
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Premier League activation in 2024/25 season: Building cultural connections across regions; elevating matchday experience driving traffic and share growth. Guinness Investor and Analyst Event 2025 15
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Guinness Investor and Analyst Event 2025 16 Expanding occasions addressing moderation and driving off trade consumption Guinness 0.0 exceptional on-trade growth Innovation elevating quality and off trade growth Leveraging pack price architecture • 26% share of non-alc beer, Guinness 0.0 the biggest growth driver in the last 5 years1 • 77% shoppers incremental to brand3 • Guinness 0.0, fastest growing GB non-alc beer and #1 non-alc beer3 • Opportunity to further leverage sports sponsorships • Nitrosurge ensuring high quality pour at home • Positioned at a premium price point • #1 best-seller across Amazon Europe in beer, wine, and spirits on launch4 • Optimisation of pack architecture for new occasions and access to more consumers • Launch of Nitrosurge 10 pack • More brand activation at point of sale EXPANDING RECRUITMENT THROUGH NEW OCCASSIONS . Source: 1. RSV R12M Nielsen 22/02/2025 2. Kantar. 3. Nielsen; 4. Amazon, December 2023.
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Guinness Investor and Analyst Event 2025 17 With exciting opportunities to drive future growth CONFIDENCE IN OUR RUNWAY FOR GROWTH Driving further penetration within existing beer drinkers Significant opportunity to expand Guinness 0.0 in on and off trade Further opportunity to leverage sport • Penetration still low, with 4.5M Guinness drinkers in a market with 23M beer drinkers, including less than 10% penetration of female beer drinkers1 • On-trade opportunity with 6 tap handles in the on-trade, compared to 84,000 for Guinness Draught2 • Over 60% of sales in the off-trade3 • #1 beer addressing moderation with c.26% share of non-alc beer4 • Draught currently in 10 of 20 stadiums showing football, 50% of potential universe • Premier League sponsorship only started 2024 ambition to leverage similar to Six Nations . Source: 1. Kantar 2. Nielsen; 3. Diageo internal; 4. RSV R12M Nielsen 22/02/2025
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Guinness Investor and Analyst Event 2025 18 Coming soon… Guinness Open Gate Brewery, London in Covent Garden CONFIDENCE IN OUR RUNWAY FOR GROWTH • Driving recruitment through significant brand and cultural awareness • Further fueling GB on-trade through halo effect, with half a million expected annual visitors • Expanding the Premier League experience to create unforgettable match day experiences
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Optimising our global route-to-consumer Dayalan Nayager President, Europe & Chief Commercial Officer 20th May 2025
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Cautionary statements concerning forward-looking statements and non-GAAP financial measures and non-GAAP financial measures The following presentation contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts and may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “could”, “would”, “targets”, “aims”, “may”, “expects”, “intends” or similar expressions or statements. In this presentation, such statements include those that express forecasts, expectations, plans, outlook, objectives and projections with respect to future matters, including information related to Diageo’s fiscal 25 outlook and beyond, Diageo’s supply chain agility programme, future productivity savings, future inventory levels, future investments, future Total Beverage Alcohol market share ambitions, future growth opportunities, potential tariffs, the macro environment and any other statements relating to Diageo’s performance during or for the year ending 30 June 2025 or thereafter. Forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including factors that are outside Diageo’s control, which include, but are not limited to: (i) economic, political, social or other developments in countries and markets in which Diageo operates, including elevated geopolitical instability as a result of Russia’s invasion of Ukraine and the conflict in the Middle East and macroeconomic events that may affect Diageo’s customers, suppliers and/or financial counterparties; (ii) the effects of climate change, or legal, regulatory or market measures intended to address climate change; (iii) changes in consumer preferences and tastes, including as a result of disruptive market forces, changes in demographics and evolving social trends (including any shifts in consumer tastes towards at-home occasions, premiumisation, small-batch craft alcohol, or lower or non-alcoholic products and/or developments in e-commerce); (iv) changes in the domestic and international tax environment that could lead to uncertainty around the application of existing and new tax laws and unexpected tax exposures; (v) changes in the cost of production, including as a result of increases in the cost of commodities, labour and/or energy due to inflation and/or supply chain disruptions; (vi) any litigation or other similar proceedings (including with tax, customs, competition, environmental, anti-corruption or other regulatory authorities); (vii) legal and regulatory developments, including changes in regulations relating to environmental issues and/or e-commerce; (viii) the consequences of any failure of internal controls; (ix) the consequences of any failure by Diageo or its associates to comply with anti-corruption, sanctions, trade restrictions or similar laws and regulations, or any failure of Diageo’s related internal policies and procedures to comply with applicable law or regulation; (x) Diageo’s ability to make sufficient progress against or achieve its ESG ambitions; (xi) cyber-attacks and IT threats or any other disruptions to core business operations; (xii) loss, operational disruptions to or closure of a production side, office or other key facility due to unforeseen or catastrophic events or otherwise; (xiii) contamination, counterfeiting or other circumstances that raise consumer concerns and could harm the level of customer support for Diageo’s brands and adversely impact its sales; (xiv) Diageo’s ability to maintain its brand image and corporate reputation or to adapt to a changing media environment; (xv) fluctuations in exchange rates and/or interest rates; (xvi) Diageo’s ability to successfully execute its strategic business transformation projects; (xvii) Diageo’s ability to derive the expected benefits from its business strategies, including Diageo’s investments in e-commerce and its luxury portfolio; (xviii) increased competitive product and pricing pressures, including as a result of introductions of new products or categories that compete with Diageo’s products and consolidations by competitors and retailers; (xix) increased costs for, or shortages of, talent, as well as labour strikes or disputes; (xx) movements in the value of the assets and liabilities related to Diageo’s pension plans; (xxi) Diageo’s ability to renew supply, distribution, manufacturing or licence agreements (or related rights) and licences on favourable terms, or at all, when they expire; or (xxii) any failure by Diageo to protect its intellectual property rights. All oral and written forward-looking statements made on or after the date of this presentation and attributable to Diageo are expressly qualified in their entirety by the above cautionary factors and by the factors set out under “Our principal risks and risk management” in Diageo’s Annual Report and under “Risk Factors” in Diageo’s Annual Report on Form 20-F for the year ended 30 June 2024 filed with the US Securities and Exchange Commission. Any forward-looking statements made by or on behalf of Diageo speak only as of the date they are made. Diageo does not undertake to update forward-looking statements to reflect any changes in Diageo's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. This presentation includes financial measures which are not presented in Diageo’s financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by the UK and are considered “non-GAAP financial measures” under US Securities and Exchange Commission rules. Please refer to the section “Definitions and reconciliation of non-GAAP measures to GAAP measures” set out at the end of this presentation. Guinness Investor and Analyst Event 2025 2
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3 Dayalan Nayager President, Europe and Chief Commercial Officer • At Diageo for over 12 years and President, Europe since April • Most recently implemented a transformative growth strategy for Africa and strengthened our route to market through a flexible, asset-light beer operating model to drive greater efficiency and profitability • Before his current role President Africa for three years and Chief Commercial Officer since 2023. Held other senior roles at Diageo including MD GB and Global Travel • Prior to Diageo worked across both emerging and developed markets globally at Mars and Heinz in leadership roles including commercial, supply chain, marketing, innovation, distributor management and General Management • Dayalan’s favourite Guinness moment: the first pint I had at a pub on 12th April 2021 when pubs were allowed to serve beer outdoors post the Covid lockdown! Guinness Investor and Analyst Event 2025 GLOBAL NETWORK FOR FUTURE GROWTH
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4Guinness Investor and Analyst Event 2025 Varying distribution models used to optimise footprint, increasingly agile in approach in recent years Confident we are optimising our footprint to sustain and accelerate future growth efficiently Partnership strategy will enable us to accelerate entry into new markets, which was historically capex intensive Partnership model will enable us to accelerate growth in existing markets with minimal capital investment Optimising RTM Accelerating entry into new markets efficiently Efficient expansion in existing markets GLOBAL NETWORK FOR FUTURE GROWTH
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5 Global diversity in Guinness portfolio meeting local tastes and consumer preferences Guinness Investor and Analyst Event 2025 0.0 Global except Africa (excl. South Africa) Ireland Global Africa Asia Caribbean & Central America Global except Africa Ireland GB Europe USA Canada Asia Middle East Ireland GB Singapore Hong Kong Korea Ireland GB Europe Asia Draught Guinness Draught Guinness 0.0 Guinness Draught in a can Guinness 0.0 in a can Guinness Foreign Extra Stout Guinness Smooth Nitrosurge MicrodraughtGuinness Extra Stout Bottles DispenseKegs Cans Africa Asia Caribbean & Central America GLOBAL NETWORK FOR FUTURE GROWTH
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Ireland, GB, DBC USA (also S. Korea, Taiwan, Japan) Europe, CCA, SA Model Key markets Third Party Operations c.20% of NSV Imported by Diageo Made by partner under licence from Ireland Finished goods from Ireland c.80% of NSV Imported by partners St. James’s Gate-led model GLOBAL NETWORK FOR FUTURE GROWTH Guinness Investor and Analyst Event 2025 6 Guinness brand strength enables a unique and highly profitable route-to-consumer (RTC) Third parties: Australia, NZ, SEA, LAC, SWC (Africa1) EABL (65% Diageo owned listed) Source: 1. Includes recent M&A in Cameroon. Nigeria and Ghana will also move to this model in due course as part of our organic accounting • Partner brews and sells under a licencing model • Purchases GFE from Ireland to ensure quality • Primarily “Foreign Extra Stout” FES and GES variants (more easily licenced than draught) • Finished goods using highly efficient scale brewing in Dublin • Primarily draught Guinness and 0.0 • Diageo imports in largest markets giving greatest control • Partners import in smaller markets supported by dedicated teams
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GLOBAL NETWORK FOR FUTURE GROWTH Guinness Investor and Analyst Event 2025 7 Third Party Operations c.20% of NSV Model Made by partner under licence from Ireland Finished goods from Ireland ~80% of NSV Key markets Ireland, GB, DBC USA (also S. Korea, Taiwan, Japan) Europe, CCA, SA Third parties: Australia, NZ, SEA, LAC, SWC (Africa1) EABL (65% Diageo owned listed) • Partner brews and sells under a licencing model • Purchases GFE from Ireland to ensure quality • Primarily “Foreign extra stout” FES and GES variants (more easily licenced than draught) Imported by partners • Finished goods using highly efficient scale brewing in Dublin • Primarily draught Guinness and 0.0 • Diageo imports in largest markets giving greatest control • Partners import in smaller markets supported by dedicated teams Imported by Diageo St. James’s Gate-led model
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Guinness Investor and Analyst Event 2025 8 USAIrelandGB Established and highly effective distribution network across Guinness’ three largest markets GLOBAL NETWORK FOR FUTURE GROWTH Finished goods from St. James’s Gate Brewery, Dublin Pub groups/ wholesalers Account management teams On-trade: Off-trade: Account management teams Off-trade Off-trade: On-trade: Distributor On-trade On and off-trade: In our largest markets, RTC is well established Denotes Diageo handover Off-trade Off-trade
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GLOBAL NETWORK FOR FUTURE GROWTH Guinness Investor and Analyst Event 2025 9Source: 1. Includes recent M&A in Cameroon. Nigeria and Ghana will also move to this model in due course as part of our organic accounting Franchising from Ireland ~20% of NSV Model Imported by Diageo Finished goods from Ireland c.80% of NSV Key markets Ireland, GB, DBC USA (also S. Korea, Taiwan, Japan) Europe, CCA, SA Third parties: Australia, NZ, China, SEA, LAC, SWC (Africa1) EABL (65% Diageo owned listed) St. James’s Gate-led model • Finished goods using highly efficient scale brewing in Dublin • Primarily draught Guinness and 0.0 • Diageo imports in largest markets giving greatest control • Partners import in smaller markets supported by dedicated teams Imported by partners • Partner brews and sells under a licencing model • Purchases GFE from Ireland to ensure quality • Primarily “Foreign Extra Stout” FES and GES variants (more easily licenced than draught) Made by partner under licence from Ireland
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Note: F24 rebased including FY Cameroon business GLOBAL NETWORK FOR FUTURE GROWT • Strong network of >100 partners providing both diversification and global reach • Trusted partnerships developed over time • Local market dynamics and RTM determine best partner 16% 24% 22% Castel 12% Carlsberg 2% Molson Coors HeinekenABI 12%Kirin Independent 12% APAC and IO 11 partners Europe c.50 partners Africa 17 partners LAC 34 partners (Note, includes Venture Caribbean) World class global distribution footprint, individually tailored to market St James’s Gate Guinness Investor and Analyst Event 2025 10 GLOBAL NETWORK FOR FUTURE GROWTH NSV share by partner F24
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Guinness Investor and Analyst Event 2025 • Greater flexibility and efficiency; high gross margin, significant risk mitigation, limited capex, reduced impact to volatile currencies • Working with trusted partners with deep local market knowledge • Access to superior distribution networks: positioning Diageo for further expansion in existing markets and access to new markets Partnership model enables Guinness to unlock future growth with trusted partners while driving efficiencies Partnership through distribution & Partnership through brewing and distribution Two key partnership models… Consistent benefits 11 GLOBAL NETWORK FOR FUTURE GROWTH
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GLOBAL NETWORK FOR FUTURE GROWTH Guinness Investor and Analyst Event 2025 12 Third Party Operations c.20% of NSV Model Imported by Diageo Made by partner under licence from Ireland Finished goods from Ireland c.80% of NSV Key markets Ireland, GB, DBC USA (also S. Korea, Taiwan, Japan) Third parties: Australia, NZ, China SEA, LAC, SWC (Africa1) EABL (65% Diageo owned listed) • Partner brews and sells under a licencing model • Purchases GFE from Ireland to ensure quality • Primarily “Foreign extra stout” FES and GES variants (more easily licenced than draught) • Finished goods using highly efficient scale brewing in Dublin • Primarily draught Guinness and 0.0 • Diageo imports in largest markets giving greatest control • Partners import in smaller markets supported by dedicated teams Europe, CCA, SA Imported by partners St. James’s Gate-led model
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GLOBAL NETWORK FOR FUTURE GROWTH Guinness Investor and Analyst Event 2025 13 Our quality distribution partners and their broad reach provide Guinness with a strong footprint in Continental Europe 42 Countries c.50 Partners Finished goods from SJG distributed across varied distribution networks across Continental Europe Partnerships with Radeberger Gruppe, Heineken, Carlsberg, Molson Coors and many independents, leveraging strength of their distribution footprint 1.4m on-trade outlets in Continental Europe, 200k of which Guinness have opportunity to win (pubs, neighbourhood, trendy, sports bars)1 12,000 Current Guinness on-trade outlets1 Exciting opportunity to expand distribution in continental Europe Source: 1. Diageo internal
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GLOBAL NETWORK FOR FUTURE GROWTH Guinness Investor and Analyst Event 2025 14Source: 1. Includes recent M&A in Cameroon. Nigeria and Ghana will also move to this model in due course as part of our organic accounting Model Imported by Diageo Finished goods from Ireland c.80% of NSV Key markets Ireland, GB, DBC USA (also S. Korea, Taiwan, Japan) Europe, CCA, SA • Finished goods using highly efficient scale brewing in Dublin • Primarily draught Guinness and 0.0 • Diageo imports in largest markets giving greatest control • Partners import in smaller markets supported by dedicated teams • Partner brews and sells under a licencing model • Purchases GFE from Ireland to ensure quality • Primarily “Foreign extra stout” FES and GES variants (more easily licenced than draught) Imported by partners Franchising from Ireland ~20% of NSV Third parties: Australia, NZ, China, SEA, LAC, SWC (Africa1) EABL (65% Diageo owned listed) Made by partner under licence from Ireland St. James’s Gate-led model
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15 Asia Pacific: complex, diverse region with highly choiceful RTM to support growth • Investment by Lion in Australia and New Zealand and ABI in Mainland China, laying foundations for future growth Optimised footprint laying foundations for future growth • Diverse consumer and market landscape • Complex RTM; careful curation of right partner, in each market with right RTM to drive growth • Mix of historic FES relationships and emerging draught partnerships Carefully curated RTM across complex, diverse region Guinness Investor and Analyst Event 2025 GLOBAL NETWORK FOR FUTURE GROWTH
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16 Evolution in Guinness model in Africa over the last five years Guinness Investor and Analyst Event 2025 In Africa Using our beer RTC could enable spirits to grow faster Potential to leverage real synergy between beer and spirits accelerating growth Consumers consuming beer and spirits were the same consumers on the same evening Whilst mainstream spirits and beer work well in the same business, premium spirits should operate separately Need to address a different outlet universe vs beer, with different sales skills ‘City strategy’ kicked off in 2023 Move to being asset-light, working with partners with independent RTC in spirits Also offers future growth opportunities in existing white space without high capital investment Today …In 2019 Applied learnings from deeper understanding of RTC GLOBAL NETWORK FOR FUTURE GROWTH
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Brewing footprint optimised to ensure focus and drive profitability, recent acceleration in pace Sep 2024 Nigeria Diageo sells Guinness Nigeria stake (58%) to leading distributor in region, Tolaram Mar 2025 Seychelles Diageo sells Seychelles Breweries Limited stake (54.4%) to Phoenix Beverages Ltd, a subsidiary of IBL group Apr 2022 Ethiopia Diageo sells Meta Abo to BGI, part of Castel Group May 2023 Cameroon Diageo sells Guinness Cameroon S.A. to Castel Group Jan 2025 Ghana Diageo sells Ghana Breweries stake (80%) to Castel Group 2015 - 2021 Sale of Jamaica, Singapore, and Malaysia breweries to Heineken. Disposed of lagers in Nigeria Guinness Investor and Analyst Event 2025 17 GLOBAL NETWORK FOR FUTURE GROWTH
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We have successfully optimised our African footprint: Cameroon Cameroon (sale of 100% of Guinness Cameroon S.A.) Reduced P&L participation with stabler $ cashflow Capital freed upImproved Guinness brand growth since close Guinness volume CAGR -3% 1 >+5% 2 Source: 1. Volume growth approximate figures based on management information. 5 year trend F18 –F23 for Cameroon and F19-24 for Nigeria. 2. CAGR since closing, approximate view only, YTD (P4-P8) for Nigeria Castels’ advantaged brewery footprint, supporting greater distribution Guinness Investor and Analyst Event 2025 18 From To Supply 1 brewery at capacity, greenfield capex needed Headroom through partner footprint (5 sites) RTM Geographical restrictions Extended through new partner Financials Profitable but volatile & high risk Stable $ profit stream GLOBAL NETWORK FOR FUTURE GROWTH
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We have successfully optimised our African footprint: Nigeria Source: 1. Volume growth approximate figures based on management information. 5 year trend F18 –F23 for Cameroon and F19-24 for Nigeria. 2. CAGR since closing, approximate view only, YTD (P4-P8) for Nigeria Guinness Investor and Analyst Event 2025 19 Nigeria (sale of 58% of Guinness Nigeria) Nigeria under-served by two breweries in south of country From To Supply 2 breweries underutilised with relatively high capex levels Partner to manage and optimise RTM Hard to grow against severe macro conditions Extended through new partner Financials Negative cashflow / large FX losses Stable $ profit stream Reduced P&L participation with stabler $ cashflow Capital freed upImproved Guinness brand growth since close Guinness volume CAGR -5% 1 >+10% 2 GLOBAL NETWORK FOR FUTURE GROWTH
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20Guinness Investor and Analyst Event 2025 Confident we are optimising our footprint to sustain and accelerate future growth efficiently Varying distribution models used to optimise footprint, increasingly agile in approach in recent years Our partnership strategy will enable us to accelerate entry into new markets, which was historically capex intensive Partnership model will enable us to accelerate growth in existing markets with minimal capital investment Optimising RTM Accelerating entry into new markets efficiently Expansion in existing markets efficiently GLOBAL NETWORK FOR FUTURE GROWTH
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Celebrating life, every day, everywhere
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An efficient and resilient supply chain, fit for future growth Ewan Andrew President, Global Supply Chain & Procurement & Chief Sustainability Officer 20th May 2025
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Cautionary statements concerning forward-looking statements and non-GAAP financial measures and non-GAAP financial measures The following presentation contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts and may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “could”, “would”, “targets”, “aims”, “may”, “expects”, “intends” or similar expressions or statements. In this presentation, such statements include those that express forecasts, expectations, plans, outlook, objectives and projections with respect to future matters, including information related to Diageo’s fiscal 25 outlook and beyond, Diageo’s supply chain agility programme, future productivity savings, future inventory levels, future investments, future Total Beverage Alcohol market share ambitions, future growth opportunities, potential tariffs, the macro environment and any other statements relating to Diageo’s performance during or for the year ending 30 June 2025 or thereafter. Forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including factors that are outside Diageo’s control, which include, but are not limited to: (i) economic, political, social or other developments in countries and markets in which Diageo operates, including elevated geopolitical instability as a result of Russia’s invasion of Ukraine and the conflict in the Middle East and macroeconomic events that may affect Diageo’s customers, suppliers and/or financial counterparties; (ii) the effects of climate change, or legal, regulatory or market measures intended to address climate change; (iii) changes in consumer preferences and tastes, including as a result of disruptive market forces, changes in demographics and evolving social trends (including any shifts in consumer tastes towards at-home occasions, premiumisation, small-batch craft alcohol, or lower or non-alcoholic products and/or developments in e-commerce); (iv) changes in the domestic and international tax environment that could lead to uncertainty around the application of existing and new tax laws and unexpected tax exposures; (v) changes in the cost of production, including as a result of increases in the cost of commodities, labour and/or energy due to inflation and/or supply chain disruptions; (vi) any litigation or other similar proceedings (including with tax, customs, competition, environmental, anti-corruption or other regulatory authorities); (vii) legal and regulatory developments, including changes in regulations relating to environmental issues and/or e-commerce; (viii) the consequences of any failure of internal controls; (ix) the consequences of any failure by Diageo or its associates to comply with anti-corruption, sanctions, trade restrictions or similar laws and regulations, or any failure of Diageo’s related internal policies and procedures to comply with applicable law or regulation; (x) Diageo’s ability to make sufficient progress against or achieve its ESG ambitions; (xi) cyber-attacks and IT threats or any other disruptions to core business operations; (xii) loss, operational disruptions to or closure of a production side, office or other key facility due to unforeseen or catastrophic events or otherwise; (xiii) contamination, counterfeiting or other circumstances that raise consumer concerns and could harm the level of customer support for Diageo’s brands and adversely impact its sales; (xiv) Diageo’s ability to maintain its brand image and corporate reputation or to adapt to a changing media environment; (xv) fluctuations in exchange rates and/or interest rates; (xvi) Diageo’s ability to successfully execute its strategic business transformation projects; (xvii) Diageo’s ability to derive the expected benefits from its business strategies, including Diageo’s investments in e-commerce and its luxury portfolio; (xviii) increased competitive product and pricing pressures, including as a result of introductions of new products or categories that compete with Diageo’s products and consolidations by competitors and retailers; (xix) increased costs for, or shortages of, talent, as well as labour strikes or disputes; (xx) movements in the value of the assets and liabilities related to Diageo’s pension plans; (xxi) Diageo’s ability to renew supply, distribution, manufacturing or licence agreements (or related rights) and licences on favourable terms, or at all, when they expire; or (xxii) any failure by Diageo to protect its intellectual property rights. All oral and written forward-looking statements made on or after the date of this presentation and attributable to Diageo are expressly qualified in their entirety by the above cautionary factors and by the factors set out under “Our principal risks and risk management” in Diageo’s Annual Report and under “Risk Factors” in Diageo’s Annual Report on Form 20-F for the year ended 30 June 2024 filed with the US Securities and Exchange Commission. Any forward-looking statements made by or on behalf of Diageo speak only as of the date they are made. Diageo does not undertake to update forward-looking statements to reflect any changes in Diageo's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. This presentation includes financial measures which are not presented in Diageo’s financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and as adopted by the UK and are considered “non-GAAP financial measures” under US Securities and Exchange Commission rules. Please refer to the section “Definitions and reconciliation of non-GAAP measures to GAAP measures” set out at the end of this presentation. Guinness Investor and Analyst Event 2025 2
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Guinness Investor and Analyst Event 2025 3 • At Diageo for over 25 years and in this role since September 2019 • In his role, Ewan ensures Diageo’s complex and modern supply chain operations perform to the highest standards to deliver Diageo’s full portfolio to consumers across more than 180 countries. Also oversees Diageo’s Spirit of Progress ongoing ESG action plan • Before his current role, Supply Chain Director within the International Supply Centre, responsible for the global end to end value chain. Also held senior supply chain roles in every Diageo region apart from Africa! • Favourite Guinness moment: Serving my son Guinness and Guinness 0.0 from my prototype Megalith dispenser at his 18 th birthday BBQ (cool Dad award secured!) Ewan Andrew President, Global Supply Chain and Procurement and Chief Sustainability Officer
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4Guinness Investor and Analyst Event 2025 Ensuring consistent quality of Guinness underpins our efficient and effective Route to Market Guinness has a high quality and extremely efficient production and supply chain Sustainability is effectively integrated into our supply chain Key messages We are well invested to support future growth
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5Guinness Investor and Analyst Event 2025 Product quality is intrinsic to Guinness Quality standards from “Grain to Gate” and “beyond” Quality communicated externally in first ever print ad in February 19291 • 284 quality checks on every Guinness batch before leaving the brewery2 • 23 taste tests on every brew2 • All production partners held to the same standard Source: 1. Diageo archives 2. Diageo internal Guinness has a high quality and extremely efficient production and supply chain
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St James’s Gate is in every pint of Guinness with our model flexing to optimise route to market 6Guinness Investor and Analyst Event 2025 Brewed locally for freshness and quality Guinness Flavour Extract (Flavour, colour, essence) Kegged and tankeredUnique Guinness Recipe & Process Packaged at Belfast or Runcorn Irish Malt Irish Barley Irish Water Geographical footprint optimised for streamlined logistics and a highly efficient & responsive supply chain Guinness Yeast strain St James’s Gate Route to Consumer Diageo brewing, distribution & IMC Breed and distributed by partner brewers Guinness has a high quality and extremely efficient production and supply chain Hops
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7Guinness Investor and Analyst Event 2025 Expected Guinness gross margin at pre-COVID levels despite significant cost inflation1 Grain to Gate Quality • Maximised volume to optimise fixed cost absorption • Strong commodity price risk management • Improved efficiencies, optimised yields, lowered waste in production • Focused on continuous improvement to remove costs beyond manufacturing • Reshaped packaging footprint Cost Inflation : How we have offset: Aluminium Packaging Market index2 +124 to F19 Malted Barley Market index2 +153 to F19 Energy* Market index2+148 to F19 Average COGS peaked c.40% vs F19 1 Guinness has a high quality and extremely efficient production and supply chain Source: 1. Diageo internal estimates 2. Bloomberg May 2025 * Weighted across Gas, Power and Diesel
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Scaled up Stout Filter Capacity Optimising manufacturing and investment has enabled us to maximise Guinness production capacity Increased Stout Storage Capacity Increased tanker capacity ( +82 tankers a week 1 ) St James’s Gate +8% capacity F22-F25 c.€ 25 million 1 Belfast and Runcorn +26% capacity F22-F25 c.£40 million 1 Consolidation bottling at Runcorn Optimised warehousing network Brewing streams optimised Automated Warehouse Guinness Investor and Analyst Event 2025 8 Guinness has a high quality and extremely efficient production and supply chain Source: 1. Diageo internal
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Beyond this, we have smartly invested to increase capacity to meetfuture growth New high-speed canning in Belfast/Runcorn State of the art brewery for ales & lagers at Littleconnell, SW of Dublin (commissioning Q2 2026) Increased Guinness 0.0 production capacity • Belfast canning capacity +30% • Runcorn canning capacity +10% • Tripled capacity F23- F24 • Plan to double capacity F24 to F26 • +25% capacity • Frees up St James’s Gate for Guinness • Carbon Neutral & Digitally Advanced £ 40.5 million* € 55 million* € 200 million* £75 million New Keg filling plant at St James’s Gate Investment > c.$400 million1 Guinness Investor and Analyst Event 2025 9 We are well invested to support future growth • Kegging capacity +25% Source: 1. Diageo internal
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VIDEO 10: SUPPLY Guinness Investor and Analyst Event 2025 10
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Guinness Investor and Analyst Event 2025 11 Sustainability embedded across Guinness supply chain: from grain to glass Collaboration on regenerative agriculture practices Since 2007, more than halved water usage at St James’s Gate 1 Introduced first zero- emission vehicles for Guinness fleet in Ireland 1 Investing over €100 million2 to meet net zero carbon emissions at St James’s Gate by 2030 (May 2024) Outside Ireland, extending asset life on returnable glass Circular business model draft supports lower carbon emissions Sustainability is effectively integrated into our supply chain Source: 1. Diageo internal 2. Per press release titled “Home of Guinness to accelerate to net zero carbon goal with planned €100 million investment by Diageo at St. James’s Gate“, published 16 May, 2024 on diageo.com and FX at that date
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12Guinness Investor and Analyst Event 2025 Ensuring consistent quality of Guinness underpins our efficient and effective Route to Market Guinness has a high quality and extremely efficient production and supply chain Sustainability is effectively integrated into our supply chain Key messages We are well invested to support future growth
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Guinness Investor & Analyst Event Closing remarks Debra Crew CEO 20th May 2025
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2 GUINNESS INVESTOR EVENT: CLOSE • Building on progress of Dial up behaviours: • Especially “Be Better” – culture focused on continuous improvement • Recognising peer-leading employee pride and engagement • Further advancing operating model opportunities at scale : • Improved speed and agility • Simplifying ways of working and robust scenario planning • Embracing opportunities from data and digital • Embedding resilience and flexibility • Reviewing incentive plans to ensure alignment with sustainable long-term performance Guinness Investor and Analyst Event 2025 Accelerate is enabled by Diageo’s continued cultural evolution Strengthening Diageo by increasing our effectiveness, agility and resilience
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Guinness Investor and Analyst Event 2025 3 GUINNESS INVESTOR EVENT: INTRODUCTION • Market leader with portfolio of iconic category leading brands • Near term industry largely macro-economic driven. Continue to believe attractive long-term fundamentals of our industry and in our ability to outperform the market • Guinness, a key iconic brand in our portfolio, has delivered strong outperformance driven by a deliberate evolution in strategy and successful recruitment • Guinness has an exciting runway for continued growth; further recruitment, leveraging digital, with continued activation and innovation, as well as capturing the significant opportunity with Guinness 0.0 • Consistent with our strategic priorities and focus on what we can manage and control, Diageo is introducing the first phase of our Accelerate programme; ensuring we are well positioned to deliver sustainable consistent performance while maximising shareholder returns. Key messages:
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Who you will meet this evening Debra Crew Chief Executive Nik Jhangiani Chief Financial Officer Dayalan Nayager President, Europe & Chief Commercial Officer Ewan Andrew Global Supply Chain & Procurement & Chief Sustainability Officer Cristina Diezhandino Chief Marketing Officer Dan Mobley Global Corporate Relations Director Barry O’Sullivan Managing Director Ireland Nuno Teles Managing Director GB Laura Merritt President, North America Diageo Beer Company and Convenience Grainne Wafer Global Director, Guinness, Liqueurs, Vodka and RTD Mark Sandys Chief Innovation Officer Sonya Ghobrial Global Head of Investor Relations Andy Ryan Investor Relations Kathryn Stiers Investor Relations Grace Murphy Investor Relations Matthew Kenyon Investor Relations Flo Mayo Investor Relations Brendan O'Grady Global Brand and Communications Director Clare Cavana Corporate Relations Shane Kelly Corporate Relations
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Celebrating life, every day, everywhere APPENDIX
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Financial/legal appendix: Definitions and reconciliation of non-GAAP measures to GAAP measures Diageo’s strategic planning process is based on certain non- GAAP measures, including organic movements. These non- GAAP measures are chosen for planning and reporting, and some of them are used for incentive purposes. The group’s management believes that these measures provide valuable additional information for users of the financial statements in unde rstanding the group’s performance. These non- GAAP measures should be viewed as complementary to, and not replacements for, the comparable GAAP measures and reported movements therein. It is not possible to reconcile the forecast tax rate before exceptional items, forecast organic net sales growth and forecas t organic operating profit growth to the most comparable GAAP measure as it is not possible to predict, without unreasonable effort, with reasonable certainty, the future impact of changes in exchange rates, acquisitions and disposals and potential e xceptional items. Volume Volume is a performance indicator that is measured on an equivalent units basis to nine -litre cases of spirits. An equivalent unit represents one nine-litre case of spirits, which is approximately 272 servings. A serving comprises 33ml of spirits, 165ml of wine, or 330ml of ready to drink or beer. Therefore, to convert volume of products other than spirits to equivalent units, th e following guide has been used: beer in hectolitres, divide by 0.9; wine in nine-litre cases, divide by five; ready to drink and certain pre-mixed products that are classified as ready to drink in nine -litre cases, divide by ten. Organic movements Organic information is presented using US dollar amounts on a constant currency basis excluding the impact of exceptional ite ms, certain fair value remeasurements, hyperinflation and acquisitions and disposals. Organic measures enable users to focus on the performance of the business which is common to both years and which represents those measures that local manager s are most directly able to influence. Continued on the following page 6Guinness Investor and Analyst Event 2025
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Continued from the previous page Calculation of organic movements An explanation of non-GAAP measures, including organic movements, is set out on pages 227 -235 of Diageo’s Annual Report for the year ended 30 June 2024. Market share approach • All analysis of data has been applied with a tolerance of +/ - 3 bps and the descriptions applied of gaining, holding or losing share by the Company or brands are based on estimated performance within that tolerance. • Percentages represent % of markets by total Diageo net sales contribution who have held or gained total trade share in the fiscal year to date. • Measured markets indicate a market where we have purchased any market share data. • Market share reflects total on and off trade and data may include beer, wine, spirits or other elements. • Measured market net sales sums to 89% of total Diageo net sales value in the first half of fiscal 25. 7Guinness Investor and Analyst Event 2025
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Guinness Investor and Analyst Event 2025 1 THE ICONIC BRAND • At Diageo for over 25 years, leading Guinness globally for the last six years • Before her current role, Global Brand Director for Baileys and Roe and Co, where she led a complete brand transformation • Other roles at Diageo: Global Marketing and Innovation Director for Guinness and leadership roles in the European and Irish business including European innovation commercialisation and Guinness in Ireland • 2024: European Marketer of the Year by the European Marketing Confederation • Grainne’s favourite Guinness moment: 250 th Anniversary of Guinness in 2009 when we created Arthurs Day to celebrate our founder. Over 1 million people went to the pubs of Ireland to raise a glass to Arthur! Grainne Wafer Global Director, Guinness, Liqueurs, Vodka and RTD
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IRELAND: THE HOME OF GUINNESS 2 Guinness Investor and Analyst Event 2025 • At Diageo for over 4 years and MD Ireland since joining, moving to MD of Great Britain in July 2025 • Most recently, reshaped Diageo Ireland successfully navigating the challenges of the pandemic, adapting to shifts in consumer behaviour, while maintaining its commitment to long-term innovation and sustainability goals • Prior to Diageo, held senior positions at Mars across Australia, Mexico and the Middle East. Notably, he served as GM of Mars Petcare in Australia and New Zealand, as well as leading Mars Chocolate in Mexico. Barry has +20 yrs global CPG experience • Barry’s favourite Guinness moment: Enjoying the first pint of draught Guinness 0.0 on tap and raising a toast to the team who made it a reality. Slainte! Barry O’Sullivan Managing Director, Ireland
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THE ICONIC BRAND Guinness Investor and Analyst Event 2025 3 • At Diageo for over 7 years and MD GB for 3 years, moving to MD of Mexico in July 2025 • Most recently, reshaped Diageo GB, including the creation of the Diageo Luxury Company and built GB into one of Diageo’s key tequila markets. Extensive experience across the hospitality sector; spearheaded investment in the upcoming Guinness Brewery and Experience Centre in Covent Garden, London, and assisted with growth of the Johnnie Walker Princes Street experience in Edinburgh • Before his current role, Nuno was President of Diageo Beer Company in the US • Prior to Diageo, worked at Heineken in a variety of roles including CMO of US and CMO Brazil. Also worked at Scottish and Newcastle, Lacoste and Unilever • Nuno’s favourite Guinness moment: Enjoying a pint of Guinness at the Royal Ascot racecourse outside of London! Nuno Teles Managing Director, GB
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• At Diageo for 2 years and in this role since June 2024 • Most recently, led the development of the NAM Convenience strategy, bolstering FMCG capabilities that also impact Beer • Before her current role, North America CMO and Senior VP of Convenience • Prior to Diageo, on the leadership team of brands acquired by Mars, Campbell and Snyders Lance • Laura’s favourite Guinness moment: The Guinness holiday tiny pubs serving tiny pints — it was magical! Laura Merritt President, North America Diageo Beer Company and Convenience THE ICONIC BRAND Guinness Investor and Analyst Event 2025 4
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5 Dayalan Nayager President, Europe and Chief Commercial Officer • At Diageo for over 12 years and President, Europe since April • Most recently, implemented a transformative growth strategy for Africa and strengthened our route to market through a flexible, asset-light beer operating model to drive greater efficiency and profitability • Before his current role, President Africa for 3 years and Chief Commercial Officer since 2023. Held other senior roles at Diageo including MD GB and Global Travel • Prior to Diageo, worked across both emerging and developed markets globally at Mars and Heinz in leadership roles including commercial, supply chain, marketing, innovation, distributor management and General Management • Dayalan’s favourite Guinness moment: the first pint I had at a pub on 12th April 2021 when pubs were allowed to serve beer outdoors post the Covid lockdown! Guinness Investor and Analyst Event 2025 GLOBAL NETWORK FOR FUTURE GROWTH
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Guinness Investor and Analyst Event 2025 6 • At Diageo for over 25 years and in this role since September 2019 • In his role, Ewan ensures Diageo’s complex and modern supply chain operations perform to the highest standards to deliver Diageo’s full portfolio to consumers across more than 180 countries. Also oversees Diageo’s Spirit of Progress ongoing ESG action plan • Before his current role, Supply Chain Director within the International Supply Centre, responsible for the global end to end value chain. Also held senior supply chain roles in every Diageo region apart from Africa! • Favourite Guinness moment: Serving my son Guinness and Guinness 0.0 from my prototype Megalith dispenser at his 18th birthday BBQ (cool Dad award secured!) Ewan Andrew President, Global Supply Chain and Procurement and Chief Sustainability Officer