First quarter activity 2024/2025

The U.S. market, which was the main contributor to the Group's activity this quarter, saw a sharp drop in new barrel volumes after the implementation of tariffs in April 2025 and a weakening of the U.S. currency.

The year began with solid resistance in barrel volumes in France and Europe, which remains to be confirmed over the course of the year.

As expected, the group saw a decrease in the volumes of new barrels, as well as a similar, proportionate decline in the stave mill activity. The Group had prepared for this contraction in activity by mothballing three stave mills and eliminating a cooperage production line.

Customers remain cautious due to a lack of short-term visibility and are rebalancing their inventories.

Volumes and selling prices fell as expected in the context of slowing production as distilleries adjusted their inventories to lower demand.

"The 2025/26 financial year will continue to be marked by a decline in production on the alcohol market and limited investments in the wine market pending an improvement in the political, economic and geopolitical environment.

Our turnover is expected to fall by around 20% with an erosion of our profitability levels.

We remain resolutely optimistic for the medium term, but also realistic and reactive. Our priority this financial year will be to anticipate well in order to adjust our production to demand, to significantly reduce the level of our inventories and thus that of our debt in order to maintain our ability to respond swiftly and with agility to the recovery of our markets."

Chairman of the Management Board

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