Diageo plc

Based on the provided transcript from page 11 and surrounding pages, there is no explicit mention or discussion of any current or future new fundraising through debt or equity by the company. The discussion mainly focuses on: - Inventory investments and maturing spirits strategy. - Growth outlook for Guinness and other brands. - Disposal of non-core assets. - Cost savings and reinvestment plans. - Market and operational strategies. No direct statements about plans for raising capital via debt or equity markets were made.

- No specific incremental investment figure provided for maturing spirits in fiscal ’26, but planning to see benefits start in ’26 with a multiyear journey to manage liquid inventory and distilling capacity dynamically. - Focus on balancing usage of existing maturing stock while managing throttling of distilling capacity to protect long-term investment without excessive cash draw-down. - Investment in expanding Guinness capacity planned, with new capacity coming on stream in second half of fiscal ’26 to accelerate growth and enter new markets. - Continued strategic portfolio management including asset disposals outside core brands, aiming to sharpen focus (no specific capex figures given). - Ongoing investment in commercial execution and media scale, supported by reinvestment of 50% of cost savings, emphasizing digitization and resource skills development. - Innovation focus on RTDs, low/no ABV products, and growing tequila segment including brand-building for Astral and others.

- Fiscal 2026 organic sales guidance expected to be similar to 2025, with a cautious first half and acceleration in the second half. - Growth expected from balanced volume, price, and mix, with a focus on volume growth drivers such as RGDs, Guinness, premium core, and mainstream brands, notably from 2027 onwards. - Expansion efforts in key markets such as the U.S. with route-to-market improvements and increased capacity for Guinness driving accelerated growth. - Focus on reinvigorating broader portfolio beyond key brands like Guinness, Don Julio, Crown, and Johnnie Walker. - Moderate growth in maturing spirits inventory planned as a multiyear journey maintaining long-term investments and managing distilling capacity. - Expect continuous focus on driving sharper commercial execution, expanding occasions, and innovation like RTDs and smaller formats to grow transactions and volume.

- Diageo plans to stabilize and then sustainably grow its business in the coming years with a sharpened strategy adapting to the evolving total beverage alcohol (TBA) landscape. (Page 13) - For fiscal 2026, the company expects organic sales to be similar to fiscal 2025, with a cautious start in the first half and acceleration in the second half driven by sharper commercial execution and expanded capacity (e.g., Guinness). (Pages 11, 13) - EBIT improvement will be supported by operational savings, including rationalization of A&P spend and productivity gains in supply chain, alongside controlled investment in brand building and media scale. (Pages 4, 13) - Growth in core brands like Guinness, Don Julio, and premium spirits is expected, with a multi-year dynamic approach to maturing spirit inventory investments supporting long-term profitability. (Pages 7, 11) - The leadership is committed to driving a high-performance culture, clear resource allocation, and disciplined execution to deliver sustainable profit growth over the long term. (Page 13)

The document does not provide specific details on current or expected orderbook or pending orders. The focus of the discussion is primarily on strategic priorities such as: - Stabilizing and sustainably growing the business. - Managing and optimizing investments, especially in maturing spirits inventories. - Expanding capacity to support growth (e.g., Guinness capacity increasing). - Portfolio management, including disposals of non-core assets. - Enhancing commercial execution and building new core capabilities. - Improving execution at the point of sale and route-to-market strategies. There are no explicit quantitative details or updates on orderbook levels or pending orders mentioned on page 13 or surrounding pages.