Pernod Ricard Sa · EURONEXT:RI
Pernod Ricard Sa — Pernod Ricard S A — H1 FY26 Earnings Presentation
66 slides from Pernod Ricard Sa's earnings presentation, Feb 19, 2026
Slide 1: H1 FY26 Sales and Results
H1 FY26 Sales and Results 19th February 2026 Half Year ended 31st December 2025 Growth data specified in this presentation refers to organic growth, unless otherwise stated. Data may be subject to rounding. Presentation can be downloaded from www.pernod-ricard.com
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements based on estimates and forecasts reflecting management's current views and reasonable assumptions. Relating as they do to future events and circumstances and depending on factors outside Pernod Ricard’s control, forward-looking stat
Slide 3: Steering with agility, discipline and strategic conviction, in a transition year
Steering with agility, discipline and strategic conviction, in a transition year • Adapting and executing strategies to capture growth, meeting evolving consumer trends • Rapid progress on €1bn Operational Efficiencies program, including the implementation of the Fit for Future operating model • Dri
Slide 4: H1 FY26 Sales and Results
H1 FY26 Sales and Results
Slide 5: Steering with agility, discipline and strategic conviction, in a transition year
Steering with agility, discipline and strategic conviction, in a transition year Investing in brand desirability, focusing on optimizing costs and improving cash generation Soft H1 in a contrasted environment, broadly stable when excluding US and China, with Net Sales growth in many markets across
Slide 6: Soft H1 in a contrasted environment, driving efficiencies and delivering improved cash generation
Soft H1 in a contrasted environment, driving efficiencies and delivering improved cash generation EPS Organic -5.9% -20% NET SALES €4.04 €5,253m Reported -14.9% FREE PRO Organic -7.5% CASH-FLOW +9.5% €1,614m Reported -18.7% €482m Cash Organic -55bps Conversion +11pts PRO Margin 30.7% 61% Reported -1
Slide 7: Broadly stable sales excluding US and China with growth in many markets across all regions
Broadly stable sales excluding US and China with growth in many markets across all regions Strong momentum in Emerging Markets, with favorable tailwinds Continued growth in several Mature Markets, adapting to consumer trends Nordics Poland Ireland +7% Türkiye Strong growth on Absolut, +1% +3% Jameso
Slide 8: Executing and adapting strategies to capture growth and drive brand equity
Executing and adapting strategies to capture growth and drive brand equity Leveraging Data and AI Meeting evolving consumer Leveraging the depth of our Accelerating consumer Elevating cultural relevance, trends with convenience & portfolio including prestige centric innovation at scale consumer expe
Slide 9: Meeting evolving consumer trends with convenience & affordability
Meeting evolving consumer trends with convenience & affordability Affordable premiumisation RGM & Promotions Small formats RTD & Convenience optimization H1 H1 3 YR Tool deployment 375ml and c.17% of FY26 FY26 CAGR3 to >20 top below US Value1 +18%2 +12% +33% markets Affordable, convenient formats
Slide 10: Leveraging the depth of our portfolio including prestige
Leveraging the depth of our portfolio including prestige Unique products, elevated experience and a dedicated RTM unlocking prestige opportunity Global approach to Unique brands and Unique experiences Direct-To-HNW build prestige brand products and partnerships Consumer approach desirability Rare &
Slide 11: Accelerating consumer centric innovation at scale
Accelerating consumer centric innovation at scale Active innovation program with strong upcoming pipeline, fueling performance Selected launches in H1 FY26 India launches Seagram’s Xclamat!on, a Kahlua brings affordable indulgence, Introducing Chivas Regal Crystal The Glenlivet launched the first ra
Slide 12: Leveraging iconic brand, global route to market & creative partnership
Leveraging iconic brand, global route to market & creative partnership Unlocking the potential from consumer trends for flavours and spiciness Tapping into different moments of consumptions Absolut Vodka and Tabasco® brands are firing up the global spirits scene with the launch of a new spicy vodka
Slide 13: Elevating cultural relevance, consumer experiences & brand associations at scale
Elevating cultural relevance, consumer experiences & brand associations at scale Partnerships deployed to boost cultural Long-term synergy potential of spirits Culturally relevant Brand relevance brands with experiences Associations 13
Slide 14: Leveraging deployed KDPs and investing in next generation of AI solutions
Leveraging deployed KDPs and investing in next generation of AI solutions Deployed KDPs addressing business … with opportunity challenges… for further efficiencies Portfolio strategy program using consumption- Genie: Generative AI for moment data to activate more brands in each enhanced marketing co
Slide 15: H1 FY26 Sales
H1 FY26 Sales Growth data specified in this presentation refers to organic growth, unless otherwise stated. Data may be subject to rounding. This presentation can be downloaded from www.pernod-ricard.com
Slide 16: Top Markets
Top Markets • Spirits market conditions remaining soft • Our Sell-out value gap-to-market2 has narrowed to c.2 points, benefitting from ongoing focus on execution USA • Key brands including Jameson, Kahlua and The Glenlivet are beating their competitive set in H1 Weight in Net Sales1 17% • Sales in
Slide 17: Regions
Regions • Modest market contraction in France with sales impacted by phasing Europe • Germany and Spain in decline driven by soft market conditions Weight in Net Sales1 32% • UK resilient in a market showing signs of stabilisation Organic Net Sales -3% • Poland in growth, amplified by phasing ahead
Slide 18: Diversified portfolio supported by solid brand performance in several regions
Diversified portfolio supported by solid brand performance in several regions Organic Organic Growth Organic Growth Growth Organic +4% +2% +20% -7% Exc. US -3% -17% Exc. China Growth Exc. US stable Strong DD growth DD growth Strong DD growth Strong DD growth Strong DD growth HSD growth HSD growth DD
Slide 19: Market leading position and gaining share in the majority of our markets
Market leading position and gaining share in the majority of our markets Gaining or maintaining share in 11 of 18 top markets1 Global Leader in the International Premium Plus Spirits sector, excluding the US Maintaining in UK & Germany Gaining in Canada Maintaining in China Cognac category Gaining i
Slide 20: H1 FY26 Financial Update
H1 FY26 Financial Update Growth data specified in this presentation refers to organic growth, unless otherwise stated. Data may be subject to rounding. This presentation can be downloaded from www.pernod-ricard.com
Slide 21: Strong delivery of Operational Efficiencies contributing to margin defence
Strong delivery of Operational Efficiencies contributing to margin defence Significantly mitigating COGS inflation and driving sharp reduction in Structure costs Reported -142bps Organic PRO¹ Organic -55bps -7.5% 32.1% -216 +98bps +63 bps +49 bps -136 bps 30.7% €1,985m bps €1,614m Reported PRO -18.7
Slide 22: EPS down 20%, mainly due to unfavourable FX
EPS down 20%, mainly due to unfavourable FX Reported € millions H1 FY25 H1 FY26 ∆ Profit from Recurring Operations 1,985 1,614 -19% Financial Expenses from Recurring Operations (240) (221) Income tax on Recurring Operations (438) (349) Minority interests and other (34) (26) Group share of Net Profit
Slide 23: Improved Free Cash Flow with optimized strategic investments & strong operating working capital management
Improved Free Cash Flow with optimized strategic investments & strong operating working capital management € millions H1 FY25 H1 FY26 Reported ∆ %∆ Profit from Recurring Operations 1,985 1,614 -371 -19% Amortisation, depreciation, provision movements and other 202 198 -5 Self-financing capacity from
Slide 24: Continuous focus on cash generation and disciplined cash allocation
Continuous focus on cash generation and disciplined cash allocation Over 12 months, decrease in Net Debt c.€900m, benefitting from disposal proceeds and with dividend covered by FCF Change in Comments to H1 FY26: Change in Net Debt Six Months €11,168m Net Debt 10 3.8x¹ • Improved FCF €10,727m • Bene
Slide 25: Strategic update
Strategic update Growth data specified in this presentation refers to organic growth, unless otherwise stated. Data may be subject to rounding. This presentation can be downloaded from www.pernod-ricard.com
Slide 26: Navigating a challenging context with sharper strategic choices and a fit-for-future organization
Navigating a challenging context with sharper strategic choices and a fit-for-future organization FY24-25: Perfect Storm FY26-29: Transition and then new era of volatility & opportunity Navigating geo-political Leveraging our competitive Value accretive and cash tensions and macro economic Fit for F
Slide 27: Strong underlying drivers remain attractive, despite short-term headwinds
Strong underlying drivers remain attractive, despite short-term headwinds Evolving consumer trends present both opportunities and challenges Attractive long-term Near-term cyclical Conviviality continues to fundamentals pressures in some markets evolve Increase in LDA1 population Premiumisation Grow
Slide 28: Broad-based and balanced geographic footprint with strong market positions
Broad-based and balanced geographic footprint with strong market positions; well placed to capture growth Balanced between mature and emerging markets EMEA 35% Americas 29% Asia Pacific Western 36% Eastern Europe Europe USA China Rest of 19% 8% Asia India Africa & 13% Central & Middle Mature Markets
Slide 29: Strongly positioned to capture growth in emerging markets
Strongly positioned to capture growth in emerging markets Favourable demographic tailwinds and long-established market leading presence Türkiye India Mexico LDA: +0.8m p.a. LDA : +c.20m p.a. Market rank #1 LDA1: +c.1m p.a. Market rank #1 Market rank2 #4 China LDA: +c.4m p.a. Market rank #1 Brazil Vi
Slide 30: A diversified portfolio of premium international spirits balanced between aged and non aged
A diversified portfolio of premium international spirits balanced between aged and non aged that fully captures all moments of consumption Broad category exposure Positioned in all price segments North American Whiskey RTDs Agave Premium, Rum 38% Super Scotch Whisky Premium, Gin 15% Others Ultra Pre
Slide 31: Leveraging the power of global scale and compounding growth with billionaire brands
Leveraging the power of global scale and compounding growth with “billionaire” brands1 Scale unlocks a virtuous cycle of lower costs, higher margins, stronger brand equity, retail strength and superior innovation International Billionaires Local Indian Billionaires Greater consumer awareness and bra
Slide 32: Medium term framework with +3% to +6% Organic Sales growth on average
Medium term framework with +3% to +6% Organic Sales growth on average1 Achievement of the low-end of the range on average does not require US and China to be within the range Illustration of the building blocks to Illustration of the building blocks to achieve the low end of the range at +3% achieve
Slide 33: Our unique business model enables us to navigate an evolving geopolitical landscape
Our unique business model, underpinned by our global footprint and diversified portfolio, enables us to navigate an evolving geopolitical landscape Evolution of estimated weighted Average Tariffs effects1 For illustrative purposes 28% A spike in global tariffs reached in 20252, 18% beginning to ease
Slide 34: Fit-for-Future reorganisation to drive a leaner, more agile organization
Fit-for-Future reorganisation to drive a leaner, more agile organization Continuous focus on empowerment, discipline, simplification & scale “Tomorrow” phase 1 (2023-24) “Tomorrow” phase 2 (2025-26) Simplified HQ and Brand Company Simplified Market Company organisation Organisation in 10 Management
Slide 35: Simplified organization leveraging global scale and consumer proximity
Simplified organization leveraging global scale and consumer proximity, anchoring a fit-for- future structure Executive Committee with deep Global Brand Business Units industry experience To fully capture all moments of consumptions Gold Business Unit Crystal Business Unit Aged Spirits & Champagnes
Slide 36: €1bn Operational Efficiencies program, with one third on track for FY26
€1bn Operational Efficiencies program, with one third on track for FY26 FY23 to FY25 FY26 to FY29 Design to sustainable value Packaging tenders Procure Enhanced procurement Packaging value engineering c.27% c.30% Marketing firepower Media, POS & services tenders Hedging on energy and c
Slide 37: Organisation simplification and strict discipline reduce headcount and structure cost
Organisation simplification and strict discipline reduce headcount and structure cost Continuous efficiency journey begun in FY24 Evolution of the organisation and Cumulative SG&A headcount strict cost discipline leading to reductions vs June-231 organic structure cost decrease FY24 H1 FY25 FY25 H1
Slide 38: Improving cash conversion, strengthening our balance sheet to maximize flexibility
Improving cash conversion, strengthening our balance sheet to maximize flexibility Lowered Strategic Investments and Operating working capital optimization to support deleveraging Levels of strategic investments are coming down from Finished goods inventories reduced Average Historical cash conversi
Slide 39: Active portfolio management, supporting sales and margin growth
Active portfolio management, supporting sales and margin growth Continued focus on premium international segments Completed disposals Announced1 disposals Closed in FY23 & FY24 Closing expected in H2 FY26 Closed in FY25 Mumm Napa sparkling Wine portfolio wines Finnish portfolio Closed in H1 FY26 Mar
Slide 40: Unchanged capital allocation priorities, underpinned by balance sheet flexibility
Unchanged capital allocation priorities, underpinned by balance sheet flexibility Financial policy aims to balance the deployment of capital for profitable growth and returning capital to shareholders While maintaining investment grade rating: 1. Investment in future organic growth, in particular th
Slide 41: Outlook
Outlook Growth data specified in this presentation refers to organic growth, unless otherwise stated. Data may be subject to rounding. This presentation can be downloaded from www.pernod-ricard.com
Slide 42: FY26 Outlook
FY26 Outlook In a context that remains volatile and uncertain, we remain focused on capturing growth opportunities, and as such, we continue to expect FY26 to be a transition year with improving trends in Organic Net Sales, skewed toward H2 We continue to invest to increase our brands’ desirability
Slide 43: Medium-term framework FY27-29
Medium-term framework FY27-29 Leveraging our unique broad-based and balanced geographic breadth and diversified portfolio of premium international spirits Projecting Organic Net Sales growth, aiming for the range of +3% to +6% p.a1 on average, with annual Organic Operating Margin expansion Anticipat
Slide 44: Appendix
Appendix Growth data specified in this presentation refers to organic growth, unless otherwise stated. Data may be subject to rounding. This presentation can be downloaded from www.pernod-ricard.com
Slide 45: Definition of alternative performance measures and reconciliation to IFRS measures
Definition of alternative performance measures and reconciliation to IFRS measures Pernod Ricard’s management process is based on the following Alternative Performance Measures (APMs), which have been chosen for planning and reporting purposes. The Group’s management believes that these measures pro
Slide 46: Delivering sustainable growth throughout our value chain
Delivering sustainable growth throughout our value chain Refreshed 2030 roadmap with 10 focus areas 1 Regeneration 2 Sustainable Sourcing 3 Health, Safety & Wellbeing 4 Equal Opportunities 5 Water Stewardship 6 Decarbonized Operations 7 Circularity and decarbonized value chain 8 Responsible Drinking
Slide 47: Spirits consumption in the US remains resilient
Spirits consumption in the US remains resilient US consumption of beverage alcohol Household penetration of bottled spirits Bottled spirits are increasing their share servings per month is stable is stable of total beverage alcohol servings Household Penetration (%) Beer Bottled Spirits Other Bevera
Slide 48: Upcoming Communications
Upcoming Communications Date (subject to change) Event 16th April 2026 Q3 FY26 Sales 28th May 2026 US Webcast 27th August 2026 FY26 Sales and Results 48
Slide 49: Market Share measures
Market Share measures Sources: Nielsen based on local data. Off-Trade International Spirits unless otherwise stated CANADA: IS excl. RTDs ACD Off-Trade ending DECEMBER25 UK: IS incl. RTDs Nielsen Off-Trade ending 03JANUARY25 & IS CGA On-Trade ending 29NOVEMBER25 GERMANY: IS incl. RTDs ending 04JANUA
Slide 50: Emerging Markets
Emerging Markets Asia-Rest of World Americas Europe Angola Malaysia Argentina Albania Benin Maldives Barbados Armenia Burkina Faso Mali Bermuda Azerbaijan Cambodia Mauritius Bolivia Belarus Cameroon Mongolia Brazil Bosnia Cape Verde Morocco Chile Bulgaria China Mozambique Colombia Croatia Congo Myan
Slide 51: Strategic International Brands' performance
Strategic International Brands’ performance Volumes H1 FY26 Organic Net Sales of which Volumes of which Price/mix growth H1 FY26 (in 9Lcs millions) Absolut 6.7 -3% 0% -3% Jameson 6.0 -7% -2% -5% Ballantine's 5.2 -6% -1% -5% Chivas Regal 2.6 0% -3% 3% Ricard 2.2 -7% -5% -2% Malibu 2.0 -12% -8% -4% Be
Slide 52: Sales Analysis by Period and Region
Sales Analysis by Period and Region Net Sales Q1 FY25 Q1 FY26 Change Organic growth Group Structure Forex Impact (€ millions) Americas 787 28% 641 27% (146) (19)% (89) (12)% (11) (1)% (46) (6)% Asia / Rest of World 1,181 42% 991 42% (190) (16)% (85) (7)% (14) (1)% (91) (8)% Europe 816 29% 752 32% (6
Slide 53: Summary Consolidated Income Statement
Summary Consolidated Income Statement (€ millions) H1 FY25 H1 FY26 Change Net sales 6,176 5,253 (15)% Gross Margin 3,773 3,114 (17)% Advertising and promotions spend (857) (701) (18)% Contribution after A&P spend 2,916 2,413 (17)% Structure costs (931) (799) (14)% Profit from Recurring Operations 1,
Slide 54: Profit from Recurring Operations by Region (1/2)
Profit from Recurring Operations by Region (1/2) World (€ millions) H1 FY25 H1 FY26 Change Organic Growth Group Structure Forex impact Net Sales 6,176 100.0% 5,253 100.0% (923) (15)% (349) (6)% (217) (4)% (356) (6)% Gross margin 3,773 61.1% 3,114 59.3% (658) (17)% (338) (9)% (66) (2)% (254) (7)% Adv
Slide 55: Profit from Recurring Operations by Region (2/2)
Profit from Recurring Operations by Region (2/2) Asia / Rest of the World (€ millions) H1 FY25 H1 FY26 Change Organic Growth Group Structure Forex impact Net Sales 2,619 100.0% 2,181 100.0% (438) (17)% (110) (4)% (96) (4)% (232) (9)% Gross margin 1,523 58.1% 1,219 55.9% (304) (20)% (119) (8)% (19) (
Slide 56: Foreign Exchange Impact
Foreign Exchange Impact Average rates evolution On Profit from Forex impact H1 FY26 On Net Sales Recurring (€ millions) H1 FY25 H1 FY26 % Operations US Dollar USD 1.08 1.17 (7.7)% (95) (52) Chinese Yuan CNY 7.77 8.30 (6.9)% (26) (16) Indian Rupee INR 91.07 102.83 (12.9)% (87) (33) British Pound GBP
Slide 57: Sensitivity of profit and debt to EUR/USD exchange rate
Sensitivity of profit and debt to EUR/USD exchange rate Estimated impact of a 1% appreciation of the USD Impact on the income statement(1) (€ millions) Profit from recurring operations +12.0 Financial result (0.9) Pre-tax profit from recurring operations +11.2 Impact on the balance sheet (€ millions
Slide 58: Balance Sheet: Assets
Balance Sheet: Assets Assets 30/06/2025 31/12/2025 (€ millions) Non-current assets Intangible assets and goodwill 17 921 17 702 Tangible assets and other assets 5 284 5 287 Deferred tax assets 1 518 1 526 Total non-current assets 24 722 24 515 Current assets Inventories 8,418 8,371 aged work-in-prog
Slide 59: Balance Sheet: Liabilities and Shareholder's Equity
Balance Sheet: Liabilities and Shareholder’s Equity Liabilities and shareholders’ equity 30/06/2025 31/12/2025 (€ millions) Group Shareholders’ equity 15,212 15,475 Non-controlling interests 1,014 1,054 of which profit attributable to non-controlling interests 48 28 Total Shareholders’ equity 16,226
Slide 60: Analysis of Working Capital Requirement
Analysis of Working Capital Requirement June December June December H1 FY25 WC H1 FY26 WC (€ millions) 2024 2024 2025 2025 change* change* Aged work in progress 6,616 6,951 7,062 7,077 230 162 Advances to suppliers for wine and ageing 20 19 16 19 2 4 spirits Payables on wine and ageing spirits (163)
Slide 61: Net Debt
Net Debt 30/06/2025 31/12/2025 (€ millions) Current Non-current Total Current Non-current Total Bonds 1 241 10 339 11 579 1 235 11 530 12 766 Commercial paper 379 - 379 200 - 200 Other loans and long-term debts 99 96 195 153 65 218 Other financial liabilities 478 96 574 353 65 418 Gross Financial de
Slide 62: Change in Net Debt
Change in Net Debt (€ millions) 31/12/2024 31/12/2025 Operating profit 1,897 1,591 Depreciation and amortisation 211 203 Net change in impairment of goodwill, PPE and intangible assets 0 186 Net change in provisions (30) 14 Changes in fair value on commercial derivatives and biological assets 1 2 Ne
Slide 63: Net Debt Maturity profile as of 31 December 2025
Net Debt Maturity profile as of 31 December 2025 €bn 63
Slide 64: Bond Details
Bond Details Currency Par value Coupon Issue date Maturity date € 600 m 1.500% 17/05/2016 18/05/2026 € 1,000 m o/w : € 500 m 0.500% 24/10/2027 24/10/2019 € 500 m 0.875% 24/10/2031 € 1,000 m 1.750% 06/04/2020 08/04/2030 € 500 m 0.125% 04/10/2021 04/10/2029 € 750 m 1.375% 07/04/2022 07/04/2029 € 1,100
Slide 65: Net debt / EBITDA evolution
Net debt / EBITDA evolution Average rate(1) EUR/USD rate Jun FY25 -> Dec FY26 1.09 -> 1.13 Ratio at 30/06/2025 3.3 EBITDA & cash generation excl. Group structure effect and forex impacts 0.4 Group structure and forex impacts 0.1 Ratio at 31/12/2025 3.8 (1) Last-twelve-month rate 65
Slide 66: Net Diluted EPS
Net Diluted EPS (x 1,000) H1 FY25 H1 FY26 Number of shares in issue at end of period 252,269 252,269 Weighted average number of shares in issue (pro rata temporis) 253,243 252,269 Weighted average number of treasury shares (pro rata temporis) -1,771 -610 Dilutive impact of stock options and performa