London, Feb 23, 2026, 09:08 GMT — Regular session
- Diageo shares lost ground at the open in London, giving back some of Friday’s sharp gains.
- Some investors have started moving around ahead of Diageo’s interim results, expected Feb. 25.
- Tariff chatter swirls as the new CEO makes early moves, turning up the volume.
Diageo DGE.L edged down about 0.3% to 1,845 pence as of 0908 GMT on Monday, as investors held back ahead of the spirits company’s interim results expected later this week. The stock traded between 1,832 and 1,857 pence.
Diageo, the owner of Guinness and Johnnie Walker, will post its interim fiscal 2026 results for the half ending Dec. 31 this Wednesday. The webcast begins at 0705 UK time, with management opening the floor to live questions from 0930.
Not an ideal moment. European shares lost ground early, the STOXX 600 down 0.3% as of 0815 GMT, after President Donald Trump ratcheted up the global tariff rate he announced over the weekend, reigniting U.S. trade policy worries.
Diageo surged 3.9% on Friday, closing out the week at 1,851 pence. Nearly 6.95 million shares traded hands. The stock ranged from 1,794.5 up to 1,861 pence over the session, according to price data.
All eyes are now on new CEO Dave Lewis after reports surfaced about a possible overhaul of Diageo’s executive committee, with several members said to be on the way out. The company declined to respond. According to Reuters, Diageo is contending with increased U.S. tariffs, which hit its biggest market.
Macro cues aren’t providing much direction right now. “It weakens the dollar in the sense that it potentially benefits non-U.S. growth,” said Sim Moh Siong, currency strategist at OCBC Bank in Singapore, tying the comment to the court ruling and a tariff move. For multinationals that pull in a big chunk of their revenue from abroad, currency swings can hit quickly. Reuters
Diageo trimmed its outlook yet again in November, cautioning that revenue for fiscal 2026 might stall or slip slightly, pointing to sluggish demand in the U.S. and China. “There’s much more for us to do, and we need to go faster,” finance chief Nik Jhangiani said. Reuters
Wednesday’s numbers might shed light on whether volumes have stabilized, or if the action is just moving elsewhere. Traders are watching for any signals on U.S. demand, the latest on pricing, and signs that costs are getting squeezed by trade conditions.
There’s risk on both sides here. If Diageo signals caution on “organic” growth — sales stripped of currency swings and portfolio changes — or hints that important markets are recovering more slowly than hoped, investors might start to doubt the recent rebound’s staying power.
