Distil has reported an update for the critical Q3 period (October–December 2025), which includes the key Christmas trading season. While volume sales to off-trade end customers increased by a healthy 36% compared with the same period in 2024, revenues declined by 26% year on year as distributor demand was largely met from existing inventory. We have seen this pattern before at Distil, with a weak revenue quarter during periods of retailer destocking typically followed by a stronger quarter as in ....