Remy Cointreau Sa · EURONEXT:RCO
Remy Cointreau Sa — Remy Cointreau Sa Ord — FY2024-25 Earnings Presentation
45 slides from Remy Cointreau Sa's earnings presentation, Jun 4, 2025
Slide 1: The Botanist
| THE BOTANIST
Slide 2: Introduction
Introduction Marie-Amélie de Leusse, Chairwoman
Slide 3: “Drink less but better” reflects a long-standing structural shift
“Drink less but better” reflects a long-standing structural shift Our value-driven strategy is built to embrace moderation EO transition marks a new chapter, with strategic continuity Strong Fundamentals and long-term mindset remain our foundation Committed to creating lasting value for all stakehol
Slide 4: Business Review
Business Review Eric Vallat, CEO
Slide 5: Due to rounding, sums of values may differ from totals
Due to rounding, the sum of values presented in this presentation may differ from totals as reported. Such differences are not material. 5 (*) On an organic basis
Slide 6: Key achievements: maintained global market share
FY 2024-25 - Key achievements Maintained global market share Rémy Martin global market share: slight increase in value Cointreau global market share: slight increase in value +0.6 pts +0.8 pts = 2019 2023 2024 2019 2023 Source: IWSR 2024, in value, Cognac Source: IWSR 2024, in value, Total liquors
Slide 7: Key achievements: US Cognac performance has bottomed out
FY 2024-25 - Key achievements US Cognac performance has bottomed out RC Cognac US volume depletions bottomed in 2024-25 closing the gap with peers — -2% -12% 12% -32% Qi Q2 Q3 a4 Source: internal, depletions in volume RC Cognac US SipSource, FY 24/25 ended March 25 12m Lom. Lem. L3M mRMVSOP gj RM173
Slide 8: Key achievements: gained market share in China
FY 2024-25 - Key achievements Gained market share in China despite a challenging environment Rémy Martin XO market share (volume) Rémy Martin CLUB market share (volume) +4pts - a 2020 2023 2024 2020 2023 2024 Source: regional T1 sell-out volume, not including EC depletion for Remy Martin and competi
Slide 9: Key achievements: delivered cost efficiencies to protect COP
FY 2024-25 - Key achievements Delivered cost efficiencies to protect COP as much as possible despite topline pressure SAVINGS HEADCOUNTS — €230m of cumulative savings in 2 years -9% Total cost basis reduced by -12% 2024-25 vs. 2022-23 on structural savings vs. 2022-23
Slide 10: Key achievements: generated responsible growth
FY 2024-25 - Key achievements Generated responsible growth Carbon emissions: on track to meet 2030 targets, in line with SBTi commitments Down -8% vs. 2023-24 or down -12% vs. 2020-21 reference baseline ° Improved packaging & supplier engagement (glassmakers) & operational optimizations: -23% per bo
Slide 11: Financial Results
Financial Results Luca Marotta, CFO
Slide 12: Current Operating Profit
FY 2024-25 Current Operating Profit End March (in €m) 2024-25 2023-24 Reported % Organic % Net Sales 984.6 11941 -175% -18.0% -4.8% Gross Profit 694.8 850.2 -18.3% -19.2% -1.0% % of sales 70.6% 71.2% -0.6 pts -1.0 pts +2.8 pts Sales and marketing expense (355.9) (420.9) -15.4% -16.0% -0.7% Administr
Slide 13: Group Current Operating Margin
FY 2024-25 Group Current Operating Margin Reported COP Margin: -3.5 pts COGS & Logistics:-04 pts -4.0 pts Price: -0.7 pts Mix: +0.1 pts +0.4 pts Dn) ee Organic COP Margin: -3.9 pts o/w approx €85m cost savings FY 23/24 Gross A&P Distribution/Other Currency COP Margin Margin FY 24/25 COP Margin 13
Slide 14: Solid execution of cost-savings plan
Solid execution of cost-savings plan One-off savings Structural savings * A&P: 50% * OVERHEADS: 50% * €230m of total savings on a 2-year basis o/w 55% are structural and 45% are one-off * Structural savings correspond to a reduction of -12% of total cost basis vs. 2022-23 ¢ Headcounts: -9% vs. 2022-
Slide 15: Net profit
FY 2024-25 Net profit Organic % Organic % End March (in €m) FY 2024-25 FY 2023-24 Reported % YODA ROAD Current Operating Profit 217.0 304.4 -28.7% -30.5% -8.1% Other non-current income (expenses) (6.0) (12.8) - - 2 Operating profit 211.0 291.6 -277% -29.6% -2.1% Net Financial income (charge) (42.6)
Slide 16: Non-current items
FY 2024-25 Non-current items Ending March (in €m) Net profit - Group share Other non-current income expenses Non-current tax items Exceptional contribution in corporate tax (France) Net profit excluding non-current items - Group share FY 2024-25 FY 2023-24 16
Slide 17: Net Financial expenses
FY 2024-25 Net Financial expenses End March (in €m) FY 2024-25 FY 2023-24 Net debt servicing costs (33.7) (31.7) Net currency gain/loss (1.3) (2.0) Other financial expenses (net) (7.6) (4.8) Net financial income (charges) (42.6) (38.5) aw
Slide 18: Net debt/Cash flow
FY 2024-25 Net debt/Cash flow 2024-25 Change Opening net financial debt (1 April) (649.7) (536.6) -113.1 Gross operating profit (EBITDA) 267.8 356.4 -88.5 WCR for eaux-de-vie and spirits in ageing process (110.2) (116.9) +67 Other working capital items (21.6) (27.2) +57 Capital expenditure (51.2) (8
Slide 19: FCF conversion evolution
FCF conversion evolution EBITDA (A) 252.4 272.5 383.4 481.6 356.4 2678 FCF 15.7 123.0 90.3 48.6 13.8 19.2 Non-current items (0.7) - - (9.2) (4.5) (8.4) Recurring FCF (B) 16.4 123.0 90.3 $77 18.2 276 Recurring FCF Conversion (B/A) 7% 24% 12% 5% 10% Other key drivers (in €m): Working capital variation
Slide 20: FY 2025-26E Foreign exchange - Hedging impact
FY 2025-26E Foreign exchange - Hedging impact Best case Current case Worst case 2021-22 2022-23 2023-24 2024-25 saaitaito saaielitd saaitaitD 2025-26E 2025-26E 2025-26E Average EUR/USD conversion rate 1.16 1.04 1.08 1.07 1.07 1.15 1.25 Average EUR/USD hedged rate 117 mn 1:10 1.09 1.08 1.12 115 Avera
Slide 21: Balance sheet at March 31, 2025
Balance sheet at March 31, 2025 (€m) Non-current assets Current assets excl. cash o/w inventories Cash Total Assets Inventories/Assets 1,040 30% 2,301 67% 2,106 61% 83 2% 3,424 100% 61% 1,037 31% 2,240 66% 1,963 58% 93 3% 3,371 100% 58% Shareholders’ equity Current and Non-current liabilities Gross
Slide 22: ROCE
FY 2024-25 ROCE 16.9% L 10.9% Cognac As reported 14.6% 124% Liqueurs & Spirits 16.5% 11.2% Group Brands 2023-24 mg 2024-25 -6.6% -34.4% 15.5% 10.3% Group 22
Slide 23: Changes in capital employed
FY 2024-25 Changes in capital employed (Mg) +241 (+6.2%) +€148.9m ff +7.6% March 24 Reported Cognac Liqueurs & Spirits Partner Brands March- 25 Organic Currency March 25 Reported 23
Slide 24: Dividend
• • • o o 200 180 160 140 120 100 80 60 40 20 0 Dividend Share Price 24
Slide 25: Outlook
Outlook Return to growth Eric Vallat, CEO
Slide 26: Strategic priorities: activate a robust innovation pipeline
Strategic priorities in an unpredictable environment Return to growth at Group level, leveraging improved US fundamentals 1. Activate a robust innovation pipeline to attract new consumers India Diaspora & travellers G S a fo} i) oO Q iad SERIES SIXTEEN 5 a a 5 ov Q 5 ui
Slide 27: Strategic priorities: accelerate growth of non-cognac brands
Strategic priorities in an unpredictable environment Return to growth at Group level, leveraging improved US fundamentals 2. Accelerate growth of non-cognac Brands NOT YOUR CLASSIC WHISKY BRUICHLADDICH t MY IS NOW & \ 1 a
Slide 28: Strategic priorities: set the stage for the future
Strategic priorities in an unpredictable environment Return to growth at Group level, leveraging improved US fundamentals 3. Set the stage for the future 0 @ Guangdong Win in key cities outside Guangdong Leverage new RTMs in Nigeria and accelerate in Brazil India: build foundations for tomorrow Shor
Slide 29: Comprehensive action plan to mitigate potential tariff impacts
Strategic priorities in an unpredictable environment Comprehensive action plan to mitigate potential tariff impacts WORST CASE SCENARIO e— — Gross impact Gross impact Best estimation as of today: Best estimation as of today: around €40m on COP around €60m on COP wy wy Mitigation actions in 2025-26 M
Slide 30: Maximize Free Cash Flow generation
Strategic priorities in an unpredictable environment Maximize Free Cash Flow generation Optimize strategic working capital o Strategic EdV purchases peaked in 2022-23 and started to normalize from 2023-24 o Investments in EdV to normalize further from 2025-26 (M 25-45% in volume) as part of winegrow
Slide 31: 2025-26 Outlook and withdrawal of 2029-30 objectives
2025-26 Outlook and withdrawal of 2029-30 objectives 202. 6 guid Withdrawal of 2029-30 objectives ° ° Return to organic sales growth: Mid-Single-Digits % Outperformance of Americas throughout the year (starting in Q1) Return to Group organic growth in H2 (phasing effects in China and the US) Organic
Slide 32: Appendices
BLEND ADVENT IN THE PACIFIC MORAY Appendices
Slide 33: Sales by division
FY 2024-25 sales Cognac -21.9% Group Brands: -17.8% Organic sales growth by division Liqueurs & Spirits Group -18.0% li Cognac i Liqueurs & Spirits I Partner Brands 36% (+3 pts) Group sales breakdown 62% (3 pts) Partner Brands: -27.2% 33
Slide 34: Sales by region
FY 2024-25 sales by region Group: -18.0% 23% (+1 pts) 37% (-T pts) Group sales breakdown 40% © mAmericas gyAPAC EMEA Organic sales growth 34
Slide 35: Quarterly sales by division
Quarterly sales by division In €m Q1 24/25 Q1 23/24 Reported % Organic % Cognac 1355 1551 “12.6% 12.2% Liqueurs & Spirits 75.8 95.0 -20.1% -20.4% Subtotal: Group Brands 211.3 250.0 -15.5% -15.3% Partner Brands 57 75 -24.3% -24.6% Total 217.0 257.5 -15.7% -15.6% In €m Q2 24/25 Q2 23/24 Reported % Org
Slide 36: Quarterly sales by division
Quarterly sales by division In €m Q3 24/25 Q3 23/24 Reported % Organic % Cognac 1557 1971 “21.0% -22,0% Liqueurs & Spirits 925 1146 “19.3% -201% Subtotal: Group Brands 248.2 3n8 -20.4% -21.3% Partner Brands 58 84 -28.4% -29.2% Total 2541 319.9 -20.6% -21.5% In €m 9M 24/25 9M 23/24 Reported % Organic
Slide 37: Quarterly sales by division
Quarterly sales by division In €m H2 24/25 H2 23/24 Reported % Organic % Cognac 2703 3626 25.5% -26.9% Liqueurs & Spirits 170.8 1812 “57% -6.8% Subtotal: Group Brands 4414 543.7 -18.9% -20.2% Partner Brands 98 137 -28.8% -29.4% Total 450.9 557.4 “19.1% -20.4% In €m FY 24/25 FY 23/24 Reported % Organ
Slide 38: Organic growth: at constant Currency & scope
38 Organic growth: at constant Currency & scope
Slide 39: Current Operating Margin by division: Cognac
FY 2024-25 Current Operating Margin by division Cognac: -32.4% organic decrease in COP Sales €611.8m Reported COP Margin: -4.0 pts Organic change (%) -21.9% : : +0.4 pt: Volume /Price-Mix -15.6% /-6.3% prs Current Operating Profit €184.5m COGS & Logistics -0.2 pts Mx ssp +0.6 pts FY 23/24 Gross A&P
Slide 40: Current Operating Margin by division: Liqueurs & Spirits
FY 2024-25 Current Operating Margin by division Liqueurs & Spirits:-10.5% organic decrease in COP Sales €352.5m poe Reported COP Margin : Flat Organic change (%) -9.6% Volume /Price-Mix -9.0% /-0.6% j 4) - 2.0 pt Current Operating Profit €51.5m : +33 pts +0.1 pts COGS & Logistics:-0.8 pts Price: -O.
Slide 41: Foreign exchange - Hedging impact
Foreign exchange - Hedging impact 119 Hedged rate €/$ Average €/$ 1.04 1.04 2019-20 2020-21 2020-21 2021-22 2021-22 2022-23 2022-23 2023-24 March Sept March Sept March Sept March Sept. 2023-24 March 2024-25 Sept _—* 109 ~~ 1.07 2024-25 March 41
Slide 42: Key events during the year
Key events during the year April 2, 2024 July 18, 2024 August 29, 2024 September 25, 2024 October 1, 2024 Rémy Cointreau successfully renews and increases its syndicated credit line to €180 million Rémy Cointreau announced the successful renewal of its RCF for an amount increased to €180 million and
Slide 43: Post-closing events
Post-closing events * April 9,2025 Evolution of the Executive management of Rémy Cointreau The Board of Directors of Rémy Cointreau, chaired by Marie-Amélie de Leusse, announced that it has duly noted the resignation of Eric Vallat from his position as Chief Executive Officer, effective this summer.
Slide 44: Upcoming Financial publications
Upcoming Financial publications 2025-26 Q1 Sales CLAS: LADD! 2025-26 Q2 Sales ISLAY SIN E SCOTCH WHS! 2025-26 H1 Results * BRUI' THE
Slide 45: The Botanist
.| THE BOTANIST
Remy Cointreau Sa Ord — FY2024-25 Earnings Presentation on 6ix