FY22 finishes strongly FY22 organic revenue +21.4% (consensus +17.5%) is comfortably ahead of expectations. Organic volumes were +10.3% (consensus +8.5%), with price/mix +11.1%. All regions beat their respective consensus organic revenue growth expectations and all regions grew organic revenue by double digits as markets recovered. In the important North America division, volumes were +3% with organic sales +14%, and the organic operating margin was -295bps as Diageo invested strongly behind its brands and price increases only partially offset inflation. Organic EBIT growth +26.3% (consensus +22.1%) is also a solid beat. At the bottom-line, adj EPS of 151.9p (consensus 142.8p) is a 6% beat. Medium-term outlook reiterated, in-line with consensus The outlook expects a “challenging” environment” but reiterates the medium term outlook of 5-7% organic revenue growth and 6-9% organic EBIT growth over FY23-FY25. For FY23, consensus models +6.3% organic revenue and +7.1% organic EBIT growth. North America, Asia Pacific, Africa and LatAm & Caribbean are expected to continue growing the top-line in FY23, but Europe is expected to decline after the strong 30% growth in FY22. The organic operating margin is expected to expand due to ongoing premiumisation and operating leverage. Management hosts a conference call at 9:30am BST. A pre-recorded presentation is available on the company website ahead of this.