Remy Cointreau Sa Ord (REMYF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, and welcome to the Rémi Cointreau Q2 Sales Conference call. Please note this conference is being recorded, and for the duration of the call, your lines will be on listen only. However, you'll have the opportunity to ask questions after the presentation, and this can be done by pressing star 1 on your telephone keypad to register your question. You are kindly asked to limit yourselves to two questions only. If you require assistance at any point, please press star zero and you'll be... ...to an operator. I will now hand you over to Luca Marotta, CFO, to begin today's conference. Thank you. Good morning, everyone. Thank you for joining us today. As highlighted in our press release, H1 sales decreased by... 4.2% organically. This performance includes a minus 11% decline in Q2, which should be, as expected, the lowest quarter of the year. It reflects some adverse phasing effect in a still challenging macroeconomic environment. This result stems from mixed regional trends mainly driven by, on one hand, strong sales growth in the U.S. cognac division for a second consecutive quarter, supported clearly by low comps, but also improved sequential depressions. They are definitively improving, depletion, but less than expected, and they are still negative. On the other end, depressed cognac sales in China affected by an increasingly difficult market and unfavorable calendar effects due to the shift of the Mid-Autumn Festival and some residual disruption in travel retail China. This effect weighed in for 0.7 points in Q2 or in H1, 1.4 points at group level. Specifically, the Q2 sales decline breaks down as follows. Volume decrease of minus 4.7% and minus 6.2 in price mix effects, largely driven by the underperformance of high-end brands, cognac, and some price adjustment....