Pernod Ricard S A (PRNDY) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and welcome to our Q3 FY25 sales calls. I guess you've all seen the press release this morning. Hélène de Tissot, our Group CFO, will provide a brief opening comment before we move to your questions. To allow everyone to ask a question, please ensure you have two question maximums for Hélène. Thank you. Hélène, over to you. Thank you, Florence, and good morning, everyone. Thank you for joining this Q3 sales call. We report a resilient performance with organic materials minus 3% in Q3, minus 3% reported, and year-to-date minus 4%, organic minus 5% reported. Volumes are growing year-to-date at plus 1%. Price mix is minus 5%, primarily caused by strongly negative market mix effect. Note that there are some phasing technicalities impacting Q3 that will reverse in Q4. In India, to start with, the implementation of new automated customs clearance procedures that has delayed the clearance of our imported brands, and a temporary production interruption in a third-party production facility in one major state, which is now resolved. Second technicalities, global travel retail. In addition to the impact of the suspension of cognac in duty-free, the quarter is impacted by cycling a very high compression basis. Then the third technicality, which is impacting a number of markets, especially in Europe, is the later date of Easter, with Easter Sunday falling on April 24, which is three weeks later than last year. The global macroeconomic and geopolitical environment remains challenging and very fluid as regards to tariffs. Our balanced and both-based geographic breadth and our diversified portfolio remains key in mitigating some of the impacts caused by the environment. While three out of four of our must-win markets are significantly down, the rest of the world, ac...