Remy Cointreau Sa · EURONEXT:RCO
Remy Cointreau Sa — Remy Cointreau Sa Ord — Q2 2024 Earnings Presentation
15 slides from Remy Cointreau Sa's earnings presentation, Nov 27, 2023
Slide 1: REMY COINTREAU 2023-24 H1 Sales
REMY COINTREAU 2023-24 H1 Sales Luca Marotta, CFO 27 octobre 2023
Slide 2: H1 sales highlights and adjusted guidance
o H1 Sales down -22.2% YoY (+20.9% vs H1 2019-20), strongly impacted by Americas (-49.9% YoY) while RoW generated strong growth (+13.8% YoY) Q2 ORGANIC* o Continued destocking (in absolute value) in North America and sharp consumption’s normalization alongside tougher market conditions (fiercely SAL
Slide 3: Selective investment to strengthen brand equity and prepare recovery
Selective investment to strengthen brand equity and prepare recovery Rémy Martin x : Life is a melody Cointreau x : keep it Cosmo
Slide 4: Q2 2023-24 marketing highlights
Q2 2023-24 marketing highlights Mid-Autumn Festival: leverage off-trade and boost on-trade — RM XO 50cl exclusivity launch on JD.com co Livestreaming with actress Janice Man o X.050 Tasting & Dinner o Enhance visibility o Boost XO 70cl depletions
Slide 5: H1 2023/24 - Group sales bridge
H1 2023/24 - Group sales bridge 44% Price-Mix: -3.3% Volume: -18.9% H1 2022-23 Organic Currency H1 2023-24
Slide 6: H1 2023/24 - Organic sales up +20.9% vs. H1 2019-20
H1 2023/24 - Organic sales up +20.9%* vs. H1 2019-20 GROUP COGNAC LIQUEURS & SPIRITS Sales CAGR: +4.9% Incl. major US destocking in H1 23-24 Sales CAGR: +11.7% Sales CAGR: +2.3% €379.6m €416.1m €206.7m H1 19/20 H1 23/24 H1 19/20 H1 23/24 H1 19/20 H1 23/24 Volume: 43.9% (CAGR: +1.0%) Volume: -19.5% (
Slide 7: Regional Q2 trends: EMEA, Americas and Cognac
Up HSD% in Q2 Very strong decline in Q2 but improving vs. Q1 Up high-Single digit in Q2, led by Solid level of sell-in during MAF despite slower-than- Continued strong destocking (in absolute value) on Spain, Italy and Greece expected recovery post-Covid Cognac alongside tougher market conditions Ou
Slide 8: China and Rest of Asia sales in Q2
o China: high-single digit rise in sales in Q2 (> +100% vs. Q2 19-20) on top of high comps.; market recovery post covid is slower than expected due to soft consumer confidence. On-trade channel was weaker while off-trade and direct sales showed a better resilience. Overall, value depletions were dow
Slide 9: North America and Latin America in Q2
North America: o Very strong DD% growth YoY in Q2 (approx. +65% vs. Q2 19-20), showing a strong sequential acceleration from Q1 o Strong momentum (both in sell-in and value depletions) on Cointreau, Bruichladdich and The Botanist o Cointreau’s Q2 US value depletions were up +9.2% YoY (+75.1% vs. Q2
Slide 10: Adjusted 2023-24 outlook
Adjusted 2023-24 outlook Worsening market conditions, primarily in the US, has led Rémy Cointreau to update its underlying assumptions for 2023-24 as followed: o Inthe US, market conditions have deteriorated on the back of a fiercely promotional environment and a rise in interest rates that has cut
Slide 11: Appendices
Appendices
Slide 12: Quarterly sales by division
Quarterly sales by division In€m Q1 23/24 Q1 22/23 Reported % Organic % Cognac 155.1 292.3 -46.9% -44.7% Liqueurs & Spirits 95.0 109.7 “13.5% “114% Subtotal: Group Brands 250.0 402.0 -37.8% -35.6% Partner Brands 75 79 54% 46% Total 257.5 409.9 -37.2% -35.0% In€m Q2 23/24 Q2 22/23 Reported % Organic
Slide 13: Key currency impacts on H1 23/24 sales
Key currency impacts on H1 23/24 sales (In €m) H1 23/24 total currency impact: -€37.8m 0.2 04 | “04 “05 -07 -08 12 13 127 -203 PLN CHF GBP HKD JPY AUD CAD Other USD CNY currencies 13
Slide 14: Next Financial publication dates
Next Financial publication dates
Slide 15: Q&A
@@) REMY COINTREAU Q&A
Remy Cointreau Sa Ord — Q2 2024 Earnings Presentation on 6ix