Financial Analysis
Primary source earnings data from every major producer – confirmed figures pulled directly from results releases, with the commercial read on what they mean for the category and the competition.
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The Penfolds China story hiding inside TWE’s FY2026 results
Penfolds China depletions grew 34.7%. TWE’s own footnote says approximately half came from channel normalisation.
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Brazil wine market 2026: what Concha y Toro’s six years of quarterly data actually tells you about where the growth is coming from
Concha y Toro posted double-digit Brazil wine growth again in Q2. The data behind the run is worth…
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Guinness Great Britain: the on-trade growth story hiding inside Diageo’s restructure numbers
Guinness grew for eight consecutive halves while the UK on-trade got harder. Here is why.
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AB InBev Q2 2026: Beyond Beer, no-alcohol, and premiumisation are growing four to eight times faster than core beer, and the company spent $4.1 billion in half a year making sure that continues
Beer volumes grew 1.1%. Revenue grew 5.6%. The gap between those two numbers is the whole story.
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Campari H1 2026: Aperol is now half the business, margins are expanding, and the company sold four brands in a single month to make it happen
Aperol is now 29% of Campari’s revenue. The disposal programme explains why that number keeps rising.
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Rémy Cointreau’s first quarter of organic growth in two years: What the Cognac recovery actually looks like from the inside
Cognac grew 7.7%. Liqueurs & Spirits fell 6.6%. The first organic growth quarter in two years, unpacked.
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MGP Ingredients Q2 2026: What five consecutive quarters of 50%-plus brown goods declines actually tell you about the American whiskey market
Five consecutive quarters of 50%-plus bulk whiskey declines. Penelope up 13%. What both numbers confirm about the category.
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The Cognac and champagne categories have been in decline for two years. LVMH’s H1 2026 results are the first clear evidence that is changing
LVMH’s Wines & Spirits division grew 5% organically in H1 2026 – its strongest performance since before the…
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What Becle’s Q2 results tell you about the tequila category correction, and where the divergence between mainstream and premium brands stands
Becle’s US volume decline narrowed from 23.8% in Q1 to 8.7% in Q2. The constant currency numbers tell…
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What Boston Beer’s Q2 results tell you about the state of hard seltzer, flavoured malt beverages, and the formats that are replacing them
Boston Beer grew gross margin while depletions fell 6% and five brands declined. The investment decision behind that…
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Constellation Brands Q1 FY27: Organic Growth Returned. But the Story Is in Which Brands Are Growing – and Which Are Not.
Constellation Brands grew organic net sales 3% in Q1 FY27, but the brand-level detail tells the more useful…
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Edrington FY26: Revenue Fell, Contribution Grew, and Thirteen Years of Business Units Just Disappeared. Here Is the Connected Read.
Edrington’s FY26 results reveal a company being deliberately reshaped – a thirteen-year business unit structure dismantled, brand investment…