H1 FY26 results – 25 February Given well-flagged pressures in US Spirits and China in particular, DGE’s H1 FY26 results are likely to be soft. We model organic sales -2.5%, organic EBIT -5.0% to $3,191m and -3% adj EPS to 95c. We see scope for H2-weighted FY26 guidance to be affirmed, albeit at the bottom-end of the respective flat to slight down organic sales (GBY -0.9%) and up low to mid-single digit organic EBIT (GBY +0.7%) ranges. Importantly, we expect management to double-down on the >$3bn FCF p.a. guidance. The H1 results will be the 1st time that new CEO Sir Dave Lewis will speak to the market (started 1-Jan). While H1 results are unlikely to be a catalyst per se, confirmation of the cost and cash delivery in H2 should hopefully provide some relief for shares trading at >10 year lows. Divisional forecasts – page 3 Following flat organic sales in Q1, helped by some phasing in NorAm, for Q2 we model -4.7% organic sales, held back by NorAm Spirits (-8.9%) and China Baijiu (c.-50%) in APAC (-14.2%). We cut our FY26 EBIT by c.2% to reflect the accounting for c.$140m contingent consideration benefits realised in FY25. We don’t yet model the disposal of East Africa Breweries announced pre-Christmas Our view – Patience can be rewarded DGE shares trade at multi-year lows on 13.3x cal.26 P/E and 11.6x EV/EBITDA. Following 3 years of share price declines amid persistent weakness in Spirits demand (notably US, Europe, China), we hope for 2026 to see some improvement (18.4x 20yr P/E average) based on self-help measures focused on cost savings and cash generation to drive deleverage back towards 2.5x by FY28 (FY25 3.4x).