East African Breweries PLC (EABL) posted double-digit net revenue growth in each of Kenya, Uganda and Tanzania in the quarter ended 30 September 2026, measured in local currencies.
The growth added 0.8 percentage points to the 1.4% organic net sales growth of Diageo plc, its majority shareholder. EABL gave no revenue or volume figures, so the size of the gain stays unknown until 29 January 2027.
Beer and spirits volumes drove EABL growth in three markets
EABL said in its 5 November statement that volume growth in both beer and spirits “drove this performance”. It said the quarter sustained the momentum of the financial year that ended 30 June 2026.
The statement measures growth in each country’s local currency. EABL based the update on unaudited management accounts and disclosed no revenue or volume totals.
EABL turned Diageo’s volume from a 0.1% fall into 1.1% growth
Diageo’s first quarter table shows organic volume up 1.1% with EABL and down 0.1% without it. Organic growth strips out currency moves and disposals.
Price and mix, the effect of price changes and product mix, added 0.3% with EABL and 0.7% without it. Diageo reports EABL under its Corporate line.
Diageo’s organic net sales grew 1.4% with EABL and 0.6% without it. EABL supplied 0.8 of the 1.4 points, which is more than half.
Diageo’s reported net sales rose 1.2% to $4,931 million
Reported net sales rose from $4,875 million to $4,931 million in the quarter. Foreign exchange moves and disposals offset part of the organic growth. Diageo headed its table “In line with our expectations”.
Latin America and Caribbean and Asia Pacific grew at a mid single digit rate. India and Europe, Middle East and Africa grew at a low single digit rate. North America fell at a mid single digit rate, which Diageo attributed to market softness.
Diageo reported category growth in whisky, Guinness and Smirnoff RTD (ready to drink). It left fiscal 2027 guidance unchanged.
Why EABL published a quarterly update
EABL said the release follows a change in how it is classified within the accounts of Diageo. Diageo’s first quarter trading statement, published the same day, includes EABL’s quarterly performance set out this way.
EABL’s Board issued the update so the information became public before Diageo published its accounts. The release does not say whether EABL will issue quarterly updates in future.
The Capital Markets Authority (CMA), the regulator of Kenya’s capital markets, approved the announcement. It accepts no responsibility for the correctness of the statements in it.
What it means: direction is clear, size is not
EABL shareholders learn the direction of the business but not its size. The update carries no revenue or volume totals and rests on unaudited accounts.
Diageo investors see group volume growth of 1.1% that would be a 0.1% decline without EABL.
Background: EABL grew net revenue 13.3% in the year to 30 June 2026
EABL reported net revenue of Kshs 146.0 billion for the year ended 30 June 2026, up 13.3%. Profit after tax rose 49.4% to Kshs 18.2 billion, and the total dividend rose to Kshs 12.70 per share.
At the half year to 31 December 2025, net sales rose 11% to Kshs 75.5 billion on 8% volume growth. The September quarter keeps EABL in double digit territory. The measures differ, because the earlier figures are group growth in shillings and the quarter figures are growth in each country’s local currency.
The Asahi sale of Diageo’s 65% stake awaits final approval
Diageo agreed in December 2025 to sell its 65% stake in EABL to Asahi Group Holdings in a deal worth about $2.3 billion, or Kshs 297 billion. Khusoko reported on 6 August that clearance from the Competition Authority of Kenya was the last regulatory approval outstanding. A Machakos High Court injunction issued in June 2026 had temporarily frozen the authority’s ruling, as Khusoko reported on the court ruling.
The EABL statement does not mention the sale. Kenya’s alcohol industry also faces a Bill to raise the legal drinking age to 21, read for the first time in the National Assembly on 5 November.
EABL will publish half year results for the period ending 31 December 2026 on 29 January 2027.
