Guinness is fizzing.
The black stuff enjoyed 17 per cent sales growth in the latest half-year, marking its eighth consecutive double-digit rise.
It’s now the top beverage brand in Ireland, the top beer in Britain, and growing fast in the US.
Guinness still has just 1 per cent of the US beer market, but Bank of America sees big growth potential, pointing to its dominance in New York and Boston and scope for a UK-style lift worth $500 million (€440 million).
Unfortunately for Diageo, the rest of the drinks cabinet is less effervescent.
The group missed earnings expectations, scrapped its long-standing growth target, and is still recovering from a stock shock in Latin America. Scotch is sliding.
Tequila and Canadian whisky face tariff threats, and chief executive Debra Crew’s repair plan – $500 million in cost cuts and $3 billion in free cash flow from 2026 – is viewed with scepticism.
Shares have almost halved from their post-pandemic high.
Investors are drinking in the Guinness story. They’re just not ready to buy Diageo.
