Emperador sees whisky business rebound in 2026

MANILA, Philippines – Despite a weak first quarter for the whisky business, liquor conglomerate Emperador Inc. is expecting demand for this segment to recover by next year, especially with an anticipated surge in exports to India.

Emperador president and CEO Winston Co on Monday admitted the global liquor industry “has been challenging for a few quarters,” although the whisky segment was “much more stable and resilient” compared with other alcoholic beverages.

“We believe that eventually, the Scotch whisky business should return to growth,” Co said during the company’s annual stockholders meeting.

READ: Emperador adds 470 hectares to vineyard in Spain

“We are hoping that by next year, there should be a resurgence and a rebound to regular consumption,” he added.

In the first quarter, the revenue contribution of Emperador’s Scotch whisky segment dipped by 13 percent to P4.5 billion due to weak global demand.

This was at P5.92 billion two years ago, or when global economies had just recovered from the impact of the COVID-19 pandemic.

Still, Emperador is placing its bets on improved consumption and opportunities in other markets outside the United States, which represents around 10 percent to 12 percent of its whisky business.

Currently, the Andrew Tan-led company exports whisky to the US via Scotland-based Whyte and Mackay, which distributes the Dalmore brand. US President Donald Trump earlier imposed a 10-percent baseline duty on all goods coming from the United Kingdom, including Scotland.

Whisky exports

According to Co, they were anticipating a surge in Scotch whisky exports to India, which was expected to lower taxes on this alcoholic beverage segment.

“Of course, it will not happen immediately; all players are positioning to capitalize on this opportunity,” the CEO said. “We are working with our distributors in India, so this is one of the new opportunities that have been opened to us amid the new tariff environment across the world.”

Emperador first announced in 2023 its expansion into the world’s most populous country, following a new trade agreement between India and the United Kingdom.

This year, Emperador will spend P4 billion to support the expansion of its Dalmore and Invergordon distilleries in Scotland.

The Dalmore expansion, which would double the facility’s production capacity, should be ready by the second semester, Emperador said in a stock exchange filing.

Apart from this, Emperador’s whisky maturation complex at its Invergordon distillery would also double its footprint to 92 hectares. This would allow it to house an additional 1.5 million casks of maturing whisky.