While its whisky business currently faces challenges resulting in lower sales and earnings, global liquor conglomerate Emperador Inc. continues to expand its facilities as it is optimistic of a turnaround and looks forward to a growing market over the medium to long term.

“We are seeing a slowdown in the whisky business across the world: in North America, in China, and even in Europe. The market has become very competitive given the situation. We believe, however, that this is cyclical,” said Emperador Chairman and President Winston Co during the firm’s annual stockholders’ meeting.

He added that, “We believe that, eventually, the Scotch whisky business should return to growth. And we are hoping that, by next year, starting 2026, there should be a resurgence and a rebound back to regular consumption.”

Co explained that sales in the Scotch whisky market, particularly for single malt, are doing well, but it is the premium, high-end segment that is affected.

“But we believe that consumption should continue, and the long-term prospect of the Scotch whisky and the single-malt whisky continues to be attractive over the long-term period,” he noted.

While tariff issues are also creating uncertainties of whisky exports to the United States (US), Co said Emperador is looking at fresh opportunities elsewhere, such as India, where whisky taxes have been reduced by 50 percent.

“So we expect a surge in the importation of Scotch whisky into India. While it will not happen immediately, all players are positioning to capitalize on this opportunity and we are working with our distributors in India,” he said.

Co reiterated that Emperador is optimistic over the long-term and “looking at five years from today, we are very excited. We believe that the global business will continue to grow next year…and all global reports indicate that there will be a continuous growth following this year on a global basis.”

Because of this, Co said Emperador is set to spend ₱4 billion this year, with the bulk going into its whisky business. This is mostly for the ongoing expansion of its Dalmore distillery, which is set to be completed in the second half of this year.

“We are almost at the completion of the Dalmore distillery expansion in Alness, Scotland. This is envisioned to double the brand’s production capacity while also providing a new visitor experience,” said Co.

In addition, there is also an expansion of the whisky maturation complex at Emperador’s Invergordon distillery, doubling its footprint from 45.4 hectares (ha) to 92 ha. This will enable the grain distillery to house an additional 1.5 million casks of maturing whisky.

Co added that, “All this effort will ensure the capability of the whisky business to meet greater global demand for single malt and blended whiskies in the long term.”

Meanwhile, after the firm’s annual stockholders’ meeting, tycoon Andrew Tan was elected chairman emeritus, while Co was named chairman and president. Glenn D. Manlapaz was elected chief executive officer (CEO), while Kendrick Andrew L. Tan was named executive director.