Pernod Ricard S A (PRNDY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

We're delighted to welcome you to our FY25 sales and results call. Alex and Hélène will take you through the presentation before we open for your questions. Alex, over to you. Well, thank you very much and good morning to all of you and I do hope you had a nice and enjoyable summer. So welcome to our fiscal year 25 sales and results and let's dive into them directly. Well, first of all, the title is a pretty clear reflection of the mindset of Pernod Ricard, of all the teams in Pernod Ricard. Steering through a challenging environment with agility, with discipline, and more importantly so, with strategic conviction. And at the end of the day, this has delivered organic margin expansion. We have kept on investing behind our brands and their desirability, and investing for the long-term growth of Pernod Ricard. Our net sales are down 3% organically and minus 6% in reported terms, basically impacted by currency impacts. What I believe is very important is the continued volume recovery at plus 2% for the full fiscal year with the third consecutive semester of volume growth. So volume has resumed and is confirmed for the third consecutive semester. Declines in China, USA and GTR Asia, which we'll get back to in detail later, have negatively impacted our mix. And the rest of the world has been resilient in many, many markets where we have been gaining or maintaining our share in most of them. from a profit from recurring operations down slightly better than minus 1% organically and minus 5% from a reported point of view. We have completed 900 million euros of operational efficiencies or efficiency program. This year we've concluded that one. and have kept on having a very strong cost discipline. This has led to very strong organic operating margin expansion, up 64%, and by ...