October 30, 2025
O2 2025-26 Sales - As expected the low point of the year
HI 2025-26 ORGAN IC | ||
SALES GROWTH | ||
4.2% YoY | ||
Q2 sales down -11.0O@ in organic terms, reflecting:
Adverse phasing eLLecLs in a still challenging macroeconomic environment; mixed regional trends, mainly driven by:
Strong sales growth in the U.S. (cognac) for the second consecutive quarter, driven by low comps and improved depletions
Depressed cognac sales in China aLLecLed by an increasingly diLLiculL marI‹eL, with unfavorable calendar eLLecLs due Lo the shift of the MAF timing and some residual disruptions in Travel ReLaiL China (-0.7 phs in Q2 and -1.4 pts in H1 aL Group level)
Q2 sales performance includes -4.7% in volume effects and -6.2% in Price-Mix
H) 2025-26 ORGAN !C
SALES GROWTH
BY REGION
AMER I CAS: +12.8%; slight increase in sales in Q2, mostly driven by robust growth in cognac; L&S turned negat ive, affected by adverse phasing in Q2 (following a very strong Q1) despite resilient depletions
APAC: -14.8%; Q2 strongly impacted by China (L ighLer marI‹eL condiL ions and MAF calendar); mid-teens sales growth in RoA
EMEA: -9.2%; Q2 sales down HSD %, afLecLed by subdued consumer demand
HI 2025-26 VALUE
DEPLETIONS
I I o
FY 2025-26 LOWERED GU IDANCE
o o
US: down Mid -Lo-HSD % YoY (o/w down MSD% in Q2); down Mid-to- HSD % vs. H119-20 (+40% excl. VSOP vs. H119-20) China: down mid-teens % YoY; up high-teens % vs H119-20
EMEA: down MSD % YoY; down MSD % vs. H119-20 excluding Russia
Organic sales growth: between ElaL and low-single-digits % (vs. up mid-single-digits % previously)
Organic COP decline: between low double-digit % and mid-reens % (vs. down mid-single-digits % previously)
(' ) Ai! references to organic growth in this presentotion correspond to soles growth at constonI exchange rates and scope ('" ') All references to Sales performance composed to 2019-20 are at constonI currency rates (202s-23 rates)
L.SD: low -single -digit / MSD: mid-single -digit / i-!SD. high-single -digit f DD. double-digit 2
9oA.' Rest of ésio (é 9AC excl. Chtrio)
Sales down by Mid-to-HSD %, impacted by Germany
and Greece; good dynamics in Czechia and Poland; Metaxa up strongly and Cointreau gained MS in most markets in a shrinking category
Sales up LSD %, showing solid sequential improvement
vs. Q1, led by Cointreau, Mount Gay and The Botanist; material rebound in cognac vs. Q1 (almost flat in Q2)
Sales down by strong DD %, impacted by competitive
promotional pressure in Cognac & softer trends in L&S
Sales were down by low DD %, impacted by RM VSOP;
very encouraging launch of RM VS in South Africa and Nigeria
Healthy levels in most areas
Down MSD % YoY
down MSD % vs. H1 19-20 excl. Russia
MSD % sales growth in Q2, driven by robust
performance in cognac linked to a low base of comparison
Continued sequential improvement in value depletions from Q1 to Q2
Sales were down by approx. -25% in Q2, impacted by
tighter market conditions (stricter discipline and austerity measures) leading to a soft MAF; unfavorable calendar effect; residual disruptions in Travel Retail (- 1.5 pts in Q2 and -3.0 pts in H1 at APAC level)
Only direct e-commerce (> +10%) delivered growth
Unchanged vs Q1
Close to 4m
Healthy level
Down Mid-to-HSD % YoY in H1
o/w down MSD % YoY in Q2
Down mid-teens % YoY
up high-teens % vs H1 19-20
Sales down by Mid-to HSD % in Q2, impacted by
phasing (up HSD % in H1)
Sales were up mid-teens in Q2, led by cognac and,
to a lesser extent, L&S (mostly driven by Australia and Japan)
Sales down strong DD % in Q2, impacted by phasing
(up strong DD % in H1)
Mainland China was down by approx. -25% in Q2 (down by mid-teens in H1 YoY but up >+60% vs H1 19-20), affected by tighter market conditions (stricter discipline and austerity measures) which do not allow consumer confidence to recover quickly; unfavorable calendar effects from a late MAF weighed on quarterly sales; residual Travel Retail disruptions, now on a path to normalization (-1.0 pts in Q2 and -2.5 pts in H1 at Cognac level). In this context, indirect channels remained under cash pressure while direct e-commerce was the only growing direct channel (up > +10%)
Hong Kong and Taiwan reported weak performances in both sell-in and depletions impacted by same challenges as in China; Macau was strongly up helped by positive phasing and promotions
Overall, H1 value depletions were down mid-teens % YoY (around +20% vs H1 19-20)
Rest of Asia was up by strong DD % in Q2, mostly led by Australia and The Philippines
North America:
Sales up by mid-teens % in Q2, boosted by a low base of comparison and a continued sequential improvement in depletions, mostly in volume
Q2 US value depletions: down Mid-to-HSD % YoY o/w down low-to-MSD % in volume, mostly driven by RM VSOP improvement
Price-Mix:
-5 pts YoY
+11 pts vs. 19-20
12m basis ended Sept-25
Latin America: sales down by strong double-digits % in Q2, impacted by unfavorable phasing, but up by very strong double-digits % in H1 driven by RM VSOP and Louis XIII
US
Mid-teens sales decline in Q2, affected by strong competitive promotional pressures in most markets and weak demand
The UK & Nordics was flat, led by Louis XIII and RM 1738 in a category driven by heavy promotional activity
Europe 3PD was down by DD %, impacted by Germany in a very soft and fiercely promotional market; AMEI & CIS down by mid-teens but promising results expected on RM VS in South Africa and Nigeria from Q3
EMEA H1 value depletions: down DD % vs. LY (down very strong DD% vs H1 19-20)
North America:
Sales down by MSD % in Q2, affected by adverse phasing in Q2, following a very dynamic Q1 (sales up HSD % in H1); key brands Cointreau and The Botanist both delivered a solid performance over H1, supported by resilient depletions, the success of their latest campaigns, and the recent launch of the RTS Cointreau Citrus Sprits
Cointreau and The Botanist's Q2 US value depletions were flat YoY
US
Price-Mix:
-1 pts YoY
+18 pts vs. 19-20
12m basis ended Sept-25
Latin America: down strong double-digit % in sales in Q2, in a softer consumer environment
EMEA's sales were down by MSD % in Q2, affected by all sub-regions except the UK
Sequential improvement in the UK (back to MSD % growth in Q2), led by Cointreau gaining MS, Mount Gay benefitting from a lower ABV version on Eclipse and The Botanist which continues to gain new distribution listings
Europe 3PD was down low to MSD % in sales in Q2, impacted by Germany, Greece and Spain; strong dynamics in Poland, Czechia and Romania; overall, solid growth from Metaxa, St-Rémy and Mount Gay partially offset the impact of a softer consumer environment; Benelux & France was down by strong DD % in Q2 while AMEI & CIS was down by MSD %
EMEA H1 value depletions up slightly vs. LY (up very strong DD % vs. H1 19-20)
China: up by low DD % in Q2, mostly driven by Bruichladdich and The Botanist; H1 value depletions were up slightly
Rest of Asia: up by MSD % in Q2 driven by Australia and Japan; strong momentum of Bruichladdich (notably Octomore and release of the series 16) in Japan and SEA; market share gains for Cointreau in Australia and New Zealand
Lowe re d 2 025 -26 gu i d a n ce
To u g h e r m a r l‹e I c o n d i I i o n s i n C h i n a a n d 5 I o w e r - L h a n - e x p e c I e d s a I e 5
r e b o u n d i n L h e U S
To range between flat and low-single-digit % (vs. mid-single-digit % previously)
ORGANIC SALES GROWTH
»
ORGANIC COP INCLUDING TARIFFS
To decline between low double-digits % and mid-teens %, incl. tariffs (vs. mid-single-digit % decrease previously)
»
TARIFFS
Total net impact of tariffs of €25m vs. € 30m previously (of which €20m in the US and €5m in China)
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US AND CHINA TARIFFS IN DETAILS
Gross impact: €2Sm in China and €30m in the US (vs. respectively '€35m and '€30m previously)
Mitigation plan: '€20m in China and '€10m in the US (vs. respectively '€25m and '€10m previously)
These estimates factor sustained investments in China and the US, aimed at supporting the recovery
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FX
Sales: -€50m/-€60m (unchanged)
COP: -€25m/-€30m (vs -'€15m/-€20m previously)
»
{'!) Based on thefollowing hypotheses.'
An increase in the minimum import price in Chino, as defined by the agreement signed with MOFCOM
G.S. import tariffs set at lS% for EG, and at 10% for the U6 and Barbados (MB: for the periodfrom April to July 2025, the Group has assumed a IO% tariff on all its imports into the US) 10