Suntory reports flat H1 2026 to US$4.4B

JAPAN – Suntory Holdings reported a 0.2% increase in sales from its combined alcohol businesses to ¥653.6 billion (US$4.4 billion) in the first half of 2026, as strong growth in India and Asia Pacific offset weaker performance in the Americas. 

Operating income from the alcohol businesses fell 24.6% to ¥53.9 billion (US$339.4 million) during the period. Total group revenue increased 7.1% to ¥1.7332 trillion (US$10.9 billion), while operating income declined 2.6% to ¥126.3 billion (US$796.7 million). 

Suntory said total revenue was supported by a “strong performance” from its beverages and food business, where sales increased 13.9%, alongside domestic alcohol sales in Japan. 

In Japan, Japanese whisky brands Kakubin and Torys “outperformed” the first half of 2025, while the -196 ready-to-drink (RTD) brand recorded 10% volume growth during the period. 

Taira Nishikawa, Suntory’s executive officer and division chief operating officer for corporate management and finance, said the business performed strongly in its home market. 

Outside Japan, Suntory said first-half performance in Asia Pacific and India exceeded the previous year. The company identified India as a “high-priority” market for future growth, with Oaksmith recording strong growth. 

CEO Greg Hughes said the company saw strong performance across its portfolio in India, including Jim Beam, Teacher’s and Oaksmith. 

“We saw incredible strength across our branded portfolio in India, across Jim Beam and Teacher’s, but also, importantly, across Oaksmith,” Hughes said. “Oaksmith is on track to hit our ambition this year of 2m cases.” 

He added: “We’re seeing incredible growth, some nice expansion of distribution, but also a really strong campaign that we did with the Indian Premier League Cricket Association.” 

According to The Brand Champions 2026 report, Oaksmith’s sales increased 44.5% in 2025 to 1.5 million cases. Torys grew 3.6% to 2.5 million cases, while Kakubin remained flat. 

However, Suntory said its Americas business faced “headwinds” from a “slowdown in consumption and inventory optimisation” among US distributors, resulting in shipment delays into the second half of 2026. 

The company also highlighted year-on-year sales growth for whisky brands including Hibiki, Yamazaki, Toki and Oaksmith. 

Suntory did not disclose the performance of its spirits arm, Suntory Global Spirits, separately for the first half. 

The group maintained its 2026 full-year guidance, forecasting total revenue growth of 4.3% and operating income growth of 26.6%. 

Earlier this year, Suntory announced plans to combine operational teams at its Laphroaig and Bowmore distilleries before cancelling a proposed £150 million maturation facility in East Ayrshire, Scotland. 

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