Diageo reiterates fiscal 2026 outlook, sees organic net sales down 2%-3%

• Diageo reiterated fiscal 2026 guidance, keeping outlook for organic net sales down 2%-3%.
• Organic operating profit growth still seen flat to up low-single-digit, including about USD 300 million of savings from Accelerate.
• Free cash flow forecast maintained at USD 3 billion, excluding about USD 100 million one-off inventory build tied to SAP S/4 HANA ERP implementation in early fiscal 2027.
• Capital expenditure expected at lower end of USD 1.2-1.3 billion range.
• Guidance reaffirmed as Q3 organic net sales rose 0.3% on 0.4% volume growth, offset by -0.1% price/mix, with weakness in North America weighing on stronger growth in Europe, LAC, Africa.

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