Remy Cointreau Sa · EURONEXT:RCO
Remy Cointreau Sa — H1 2025-26 Earnings Presentation
37 slides from Remy Cointreau Sa's earnings presentation, Nov 27, 2025
Slide 1: Half-Year Results 2025-26
2025-26 HALF-YEAR RESULTS November 27, 2025 Marie-Amélie de Leusse, Chairwoman Franck Marilly, CEO Luca Marotta, CFO
Slide 2: Introduction
Intro ducti on Marie-Amélie de Leusse Chairwo man
Slide 3: Introduction: Where do we stand today?
Introduction Where do we stand today? COGNAC LIQUEURS & SPIRITS of of 40% Cognac sales (organic) have returned to growth 85% Liqueurs & Spirits sales (organic) have returned to growth 3
Slide 4: Introduction: This progress is clearly not enough
Introduction T h i s p r o g r e s s i s c l e a r l y n o t e n o u g h… Encouraging signs are emerging across … but we are still far from where we need to be. our portfolio… To accelerate, deeper shifts are required • Priority 1: revitalize Cognac • Priority 2: accelerate L&S expansion And this is
Slide 5: Business Review
Business Review Franck Marilly, CEO
Slide 6: H1 2025-26 – Key highlights
H1 2025-26 – Key highlights SALES GM A&P COP LEVERAGE -4.2%* 70.1%* 19.4% -13.6%* 2.96x of sales of sales Net debt /EBITDA -2.4 pts* 0.9 pts* 22.2% of sales vs. 2.40x -2.7 pts* March 31, 2025 €489.6m OPEX €108.7m Due to rounding, the sum of values presented in this presentation may differ from
Slide 7: H1 2025-26 – Highlights
H1 2025-26 – Highlights Continued underlying improvement, leading to sales growth in H1 Depletions: RC US shows sequential improvement -1.4% -1.7% -4.3% Q1 25/26 Q2 25/26 Oct 25/26 Source: Company in volume Sell-out: Rémy Martin is now outperforming cognac … … while Cointreau is demonstrating resili
Slide 8: Tougher context in China, but some encouraging green shoots
H1 2025-26 – Highlights Tougher context in China, but some encouraging green shoots Where do we stand in China? The Chinese market is tough, and bases of comps are high, leading to a sharp decline in H1, below our expectations: • Sales were down mid-teens in H1 • Value depletions were also down mid-
Slide 9: Soft consumption trends in EMEA, yet key growth drivers should support rebound in H2
H1 2025-26 – Highlights Soft consumption trends in EMEA, yet key growth drivers should support rebound in H2 Africa Middle East The UK & Nordics Europe 3rd Party distributors Distribution gains on The Botanist, RM 1738, New Metaxa campaign in main markets RM VS roll-out Telmont and Bruichladdich On-
Slide 10: Financial Results
Financial Results Luca Marotta, CFO
Slide 11: H1 2025-26 Current Operating Profit
H 1 2 0 2 5 - 2 6 Current Operating Profit Organic % Organic % End September (in €m) H1 2025-26 H1 2024-25 Reported % vs. H1 24-25 vs. H1 19-20 Net Sales 489.6 533.7 -8.3% -4.2% -2.8% Gross Profit 333.1 386.9 -13.9% -7.4% -2.2% % of sales 68.0% 72.5% -4.5 pts -2.4 pts +0.4 pts Sales and marketing ne
Slide 12: H1 2025-26 Group Current Operating Margin
H 1 2 0 2 5 - 2 6 G r o u p Current Operating Margin Reported COP Margin: -5.4 pts -2.4 pts -0.9 pts +0.6 pts Tariffs: -0.9 pts -2.7 pts COGS & Logistics:-0.5 pts Price: -0.8 pts 27.6% Mix: -0.1 pts Organic COP Margin: -2.7 pts 22.2% H1 2024-25 Gross A&P Distribution/Other Currency H1 2025-26 COP Ma
Slide 13: H1 2025-26 Net profit
H 1 2 0 2 5 - 2 6 Net profit Organic % Organic % End September (in €m) H1 2025-26 H1 2024-25 Reported % vs. H1 24-25 vs. H1 19-20 Current Operating Profit 108.7 147.3 -26.2% -13.6% -18.3% Other non-current income (expenses) 0.7 0.2 - - - Operating profit 109.4 147.5 -25.8% -13.1% -17.5% Net financia
Slide 14: H1 2025-26 Net financial expenses
H 1 2 0 2 5 - 2 6 Net financial expenses End September (in €m) H1 2025-26 H1 2024-25 Net debt servicing costs (16.0) (16.7) Net currency gain/loss (1.1) (0.5) Other financial expenses (net) (4.8) (3.9) Net financial income (charges) (22.0) (21.1) 14
Slide 15: H1 2025-26 Net debt/Cash flow
H 1 2 0 2 5 - 2 6 Net debt/Cash flow End September (in €m) H1 2025-26 H1 2024-25 Change Opening net financial debt (1 April) (675.4) (649.7) -25.7 Gross operating profit (EBITDA) 133.2 174.3 -41.1 WCR for eaux-de-vie and spirits in ageing process (14.2) (3.4) -10.8 Other working capital items (55.8)
Slide 16: FY 2025-26E Foreign exchange – Hedging impact
F Y 2 0 2 5 - 2 6 E Foreign exchange – Hedging impact 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26E Average EUR/USD conversion rate 1.17 1.16 1.04 1.08 1.07 1.15 Average EUR/USD hedged rate 1.17 1.17 1.11 1.10 1.09 1.12 Average EUR/CNY conversion rate 7.90 7.47 7.14 7.79 7.76 8.26 Average EUR/CNY
Slide 17: Balance sheet as of September 30, 2025
Balance sheet as of September 30, 2025 (€m) Sept. in % Sept. in % Sept. in % Sept. in % 2025 2024 2025 2024 Non-current assets 1,015 29% 1,029 31% Shareholders’ equity 1,925 56% 1,900 56% Current assets excl. cash 2,375 69% 2,296 68% Current & Non-current 779 22% 781 23% liabilities o/w inventories
Slide 18: Guidance 2025-26
Guid anc e 2025- 26 Franck Marilly, CEO
Slide 19: 2025-26 guidance confirmed
2 0 2 5 -2 6 g u i d a n c e c o n f i r m e d ORGANIC SALES » To increase between flat and low-single-digit % ORGANIC COP INCL. TARIFFS » To decline between low double-digits % and mid-teens % TARIFFS(*) » Total net impact: €25m • Gross impact: €25m in China and €30m in the US US AND CHINA TARIFF D
Slide 20: It's time to challenge the way we think and operate
It’s time to challenge the way we think and operate Be yond this year Franck Marilly, CEO
Slide 21: A transitional environment: mostly cyclical, not structural
A transitional environment: mostly cyclical, not structural Global headwinds shaping industry dynamics Evolving consumer dynamics » » 21
Slide 22: Time to listen, rethink, reset and reignite
Time to listen, rethink, reset and reignite Broaden horizons LISTEN RETHINK, RESET & REIGNITE ACTING NOW : CAPTURING QUICK WINS June 2025 October 2025 New CEO appointed Nov. 2026 June 2026 H1 Results FY 26-27 guidance Mid-term roadmap • • • • • 22
Slide 23: From now to next: assessment phase to define our strategic plan
From now to next : assessment phase to define our strategic plan • • Resetting for the future: • 5 strategic priorities • • Unlock resources to dissociate from macro trends and fuel next phase of growth: 10 levers 23
Slide 24: While seizing short-term opportunities, be true to who we are
While seizing short-term opportunities, be true to who we are Leveraging our consumer-driven innovations pipeline for the next 6-12 months Stay tuned… Enhancing pricing flexibility & leveraging small formats Maintaining overhead discipline & Optimizing cash generation Remaining true to our value str
Slide 25: Transformation: in motion
Transformation: in motion RETHINK We are re-evaluating how we operate, from portfolio to A&P allocation and route-to-market, to reduce complexity, improve relevance, and better align with evolving consumer trends RESET We are confronting challenges head-on, resetting with clear priorities, pricing a
Slide 26: Appendices
Taste the unexpected METAXA Ap p e nN d 1 C e Ss
Slide 27: Quarterly sales by division
Q u a r t e r l y s a l e s b y d i vi s i o n In €m Q1 25/26 Q1 24/25 Reported % Organic % Cognac 131.3 135.5 -3.1% +1.3% Liqueurs & Spirits 86.2 75.8 +13.6% +17.3% Subtotal: Group Brands 217.5 211.3 +2.9% +7.0% Partner Brands 3.3 5.7 -41.6% -41.7% Total 220.8 217.0 +1.8% +5.7% In €m Q2 25/26 Q2 24
Slide 28: H1 2025-26 sales by division
H 1 2 0 2 5 - 2 6 s a l e s b y d i vi s i o n Cognac Liqueurs & Spirits Group Cognac 38% Liqueurs & Spirits (+3.0 pts) Partner Brands Group sales breakdown 61% 1% (-2.5 pts) (-0.5 pts) -7.6% +4.1% 28 Organic sales growth
Slide 29: H1 2025-26 sales by region
H1 2025-26 sales by region Group: -4.2% 22% (=) EMEA 39% (+5 pts) -9.2% Group sales AMERICAS breakdown APAC +12.8% 39% (-5 pts) -14.8% Americas APAC EMEA 29 Organic sales growth
Slide 30: Current Operating Profit by division
Current Operating Profit by division COP by division (in €m) H1 2025-26 H1 2024-25 Reported % Organic % Cognac 87.8 126.5 -30.6% -18.3% Liqueurs & Spirits 29.8 30.0 -0.7% +9.9% Subtotal: Group Brands 117.6 156.5 -24.8% -12.9% Partner Brands -0.5 -0.6 - - Holding Company costs -8.4 -8.6 -2.3% -2.2% T
Slide 31: H1 2025-26 Current Operating Margin by division: Cognac
H 1 2 0 2 5 - 2 6 C u r r e n t O p e r a t i n g M a r g i n b y d i vi s i o n Cognac: -18.3% organic decrease in COP Sales €300.2m Reported COP Margin: -7.8 pts Organic change (%) -7.6% Volume / Price-Mix +0.7% / -8.4% -4.4 pts Current Operating Profit €87.8m -0.3 pts +0.4 pts -3.5 pts Tariffs: -
Slide 32: H1 2025-26 Current Operating Margin by division: Liqueurs & Spirits
H 1 2 0 2 5 - 2 6 C u r r e n t O p e r a t i n g M a r g i n b y d i vi s i o n Liqueurs & Spirits:+9.9% organic growth in COP Sales €182.7m Reported COP Margin : -0.2 pts Organic change (%) +4.1% Volume / Price-Mix +5.2% / -1.0% 0.0 pts Current Operating Profit €29.8m +1.9 pts -1.1pts - 1.0 pts Ta
Slide 33: Hedged rate €/$ and average €/$
1.19 1.17 1.17 Hedged rate €/$ 1.18 1.17 1.16 1.15 Average €/$ 1.11 1.12 1.13 1.10 1.09 1.09 1.08 1.09 1.08 1.07 1.07 1.04 1.04 2020-21 2021-22 2021-22 2022-23 2022-23 2023-24 2023-24 2024-25 2024-25 2025-26 March Sept. March Sept. March Sept. March Sept. March Sept. 33
Slide 34: Key events during the half-year
Key events during the half-year April 9, 2025 Evolution within the Executive management of Rémy Cointreau The Board of Directors of Rémy Cointreau, chaired by Marie-Amélie de Leusse, announces that it has duly noted the resignation of Eric Vallat from his position as Chief Executive Officer, effecti
Slide 35: Post-closing events
Po s t - c l o si n g e v e n t s October 20, 2025 Rémy Cointreau completes a €200 million Schuldschein private placement Rémy Cointreau announces the completion of its first Schuldschein private placement, for a total amount of €200 million, split into two tranches of 3 and 5 years, with an average
Slide 36: Upcoming financial publications
Upcoming financial publications Jan. 29, 2026 2025-26 Q3 Sales April 30, 2026 2025-26 Q4 Sales June 4, 2026 2025-26 FY Results 36
Slide 37: Q&A
Q&A