Diageo Plc’s shares surged the most in nearly five years after the drinks maker said it expects to maintain sales growth this year and announced more cost cuts after the sudden exit of its chief executive officer.

Diageo’s annual profits tumbled almost 30 per cent as the embattled spirits company reckons with a global downturn in alcohol consumption.

Diageo, the world's biggest spirits maker, on Tuesday forecast flat fiscal 2026 sales as it raised its estimate of the impact from U.S. tariffs to $200 million per year, and hiked its cost-savings target by about $125 million.