Category and country outlooks

2 of 10 outlooks

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  Q1 2026 / H1 FY26

  Outlook

  Beer in the United Kingdom

  Three of the four largest UK beer players reported in late April 2026. Heineken Q1 net revenue grew 2.8% with premium volume +5.8% (Heineken brand +6.9%) and the UK contributing to European volume growth. Diageo H1 FY26 (six months ended 31 December 2025) showed Guinness up 10.9% globally with Great Britain +2.9% led by Guinness; Diageo confirmed Guinness as the UK's number-one beer and Guinness 0.0 as the UK's number-one alcohol-free beer. AB InBev Q1 2026 reported operating profit +7.9% on volume -2.2% globally. The structural reads: premium tier expansion and no/low alcohol are the visible growth drivers; mainstream lager faces continued private-label and value pressure.

  United Kingdom · Q1 2026 / H1 FY26
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  Q1 2026

  Outlook

  OTC analgesics in the United Kingdom

  Both UK-listed consumer health majors reported Q1 2026 in late April. Reckitt Core LFL grew 1.3% (3.1% excluding seasonal OTC), with Emerging Markets +7.6% and FY guidance maintained at 4 to 5%. Haleon group organic grew 2.2% with Pain Relief essentially flat at -0.3% on £654m. A soft cold and flu season was the common drag. Reckitt's recovery thesis rests on Mucinex 12-hour innovation in North America and seasonal mean-reversion in H2 2026. The UK pharmacy-channel structure (Boots and independents) remains the distinct competitive context.

  United Kingdom · Q1 2026