Emperador Inc., tycoon Andrew Tan’s global liquor conglomerate, is seeing signs of recovery in its domestic and overseas businesses, particularly in the lower-priced brandy segment.

During the firm’s annual stockholders’ meeting, Emperador President and CEO Glenn Manlapaz said there is a resurgence in the brandy business, particularly in the Philippines where the company’s products offer more value and match the taste of the younger generation of consumers.

“There are also developments in the international markets that are encouraging at the moment, and we expect our international brandy business to contribute more to the company in the succeeding years,” he added.

Meanwhile, the global whisky business saw a downturn in the past three years because of the high cost of living brought about by geopolitical conflicts, inflation, supply chain disruptions, and the escalating price of petroleum.

“We gained volume in our affordable and standard brands globally, but that could not make up for the loss, admittedly, in the rare niche,” said Manlapaz.

He noted, though, that Emperador’s whisky business turned positive in the first quarter of 2026. “We are starting to see some green shoots because of better sales of premium products,” he said.

“If premium is improving, then the market is recovering. And if that happens, in a short while, the rarer niche market—the vintage market—will be back as well. Our brands have retained their strong equities despite the downtrading,” Manlapaz explained.

Emperador’s whisky brands—Dalmore, Tamnavulin, and Jura—remain among the top single malts in the world. Jura holds the number-one spot in the UK, followed by Tamnavulin, while Dalmore continues to be the leading luxury single malt across several Asian markets, including greater China, Indochina, and Southeast Asia.

Consequently, Manlapaz said, “When global economies recover, our brands will definitely still be preferred.”

Emperador Inc. has further reduced its capital expenditures (capex) to ₱2.4 billion this year—down from the ₱4 billion allotted last year and ₱8 billion in 2023—but still expects stronger earnings.

The company told stock analysts that the capex will be used to upgrade production, warehousing, and distribution facilities. More than half of the budget will be allocated to the whisky segment for building maturation sites and improving other facilities.