Pernod Ricard S A (PRNDY) Q3 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you for joining our FY26 Q3 Net Sales Call. I'm Joëlle Ferrand, VP of Investors Relations, and I'm pleased to welcome Hélène de Tissot, our Global EVP Finance and Tech. Hélène will begin with a brief overview of our Q3 performance, after which we'll open the call for questions. Please note, unless otherwise stated, all sales growth figures discussed today refer to organic net sales. With that, I'll hand it over to you, Hélène. Thank you, Joël, and good morning, everyone. Before I begin discussion on our Q3 sales results, I will say a word regarding our press release of March 27, in which we confirmed discussions are taking place regarding a potential business combination with one firm. As stated, We did not intend to communicate further until either an agreement is reached or discussions are terminated. Discussions are ongoing, so at this stage, I have no further comments to make. Returning to the topic for our call of sales performance in Q3, today we report, as expected, a sequential improvement in organic head sales in Q3 compared to H1, with plus 0.1%. Reported sales are down minus 14.6%, with negative effects at minus 7%, and perimeter impact of minus 7.7%. The effect is mainly due to U.S. dollar, Indian rupee, and Turkish lira, and the perimeter effect is due to the disposals of our wines, the interior blue business, and Finnish brands. Volumes in Q3 are back to growth, with plus 4%, within which, and important to note, we have strategic international brand volumes growing in Q3 at plus 3%. When excluding the US and China markets, which contracted minus 12% and minus 7% respectively, sales in the rest of the world are growing strongly at plus 5%. Sales have improved in markets across all regions in Q3, with strong momentum in emerging ma...