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Pernod Ricard (RI) investor relations material
Pernod Ricard Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary16 Oct, 2025
Executive summary
Q1 FY26 net sales reached €2,384m, down 7.6% organically and 14% reported, mainly due to declines in China and the USA, with negative FX and perimeter impacts.
Organic sales decline was driven by U.S. sales drop (inventory adjustments), sharp contraction in China (macroeconomic weakness, inventory), excise policy impact in India, and subdued global travel retail.
Positive sales momentum in Canada, Turkey, Japan, and South Africa helped partially offset declines in top markets.
India showed strong underlying growth except in Maharashtra, where excise policy changes dampened demand.
Financial highlights
U.S. net sales down 16% in Q1, with sell-out performance at -6% and market sell-out at -1% to -2%.
China net sales down 27%, with continued macroeconomic and regulatory pressures.
India net sales up 3%, with stronger growth excluding Maharashtra excise impact.
Europe Q1 sales down 4%, with stabilization in Spain and easing decline in Germany.
Global travel retail down 15-16%, with sales in China duty-free expected to resume from Q2.
Outlook and guidance
Expect improving trends in organic net sales for the full year, with H2 benefiting from easier comps in China, resumption of China duty-free, and dynamic India performance.
Committed to defending organic operating margin through strict cost control and a €1 billion operational efficiency program (2026-2029).
Medium-term organic net sales growth targeted at 3–6% per annum, with annual margin expansion.
Cash conversion expected to improve versus FY2025, with strategic investments below €900m.
How will China Cognac sales impact GTR growth?
What is the FY26 margin impact of efficiencies?
How will India's Maharashtra excise impact FY26?
When will US sell-in align with sell-out?
Impact of China's tightened regulatory environment?
Expected duration of Maharashtra excise policy impact?
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Next Pernod Ricard earnings date
AGM 202527 Oct, 2025
Next Pernod Ricard earnings date
AGM 202527 Oct, 2025
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Frequently asked questions
French Beverage Group
Pernod Ricard is a French beverage company specializing in the production and distribution of wines and spirits. The company has a diverse product portfolio that includes a range of brandy, champagne, distilled spirits, and much more. It owns several famous brands including Absolut Vodka, Jameson, Ballantines, Beefeater, Kahlua, and many, many more. In total, the company owns over 230 different brands of alcoholic beverages, with operations stretching all over the world. It is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
Aniseed Aperitifs
The origins of the modern form of the company can be traced back to the creation of two separate companies: Pernod and Ricard. Pernod was founded in 1805 by Henri-Louis Pernod, who began distilling absinthe in Pontarlier, France. Ricard on the other hand was established in 1932 by Paul Ricard, who produced a new anise-flavored drink in the form of traditional pastis. Ricard became the first to commercialize pastis, promoting it as "the true pastis of Marseille."
However, the story of Pernod Ricard as we know it today began in 1975 when the two producers joined forces through a merger. The two companies had been fierce competitors, but the merger aimed to solidify the market positions of the country’s largest anise aperitif producers, while also setting the stage for further growth through acquisitions.
Growth Through Acquisitions
Ever since the initial merger between the two legacy companies, Pernod Ricard has been focused on growing through acquisitions. Continuous additions and acquisitions into the business over the years have seen the company move far away from its roots in aniseed aperitifs to stretch across a wide spectrum of spirits and wines. Pernod Ricard has grown into one of the largest alcoholic beverage groups in the world, together with other public companies such as Diageo and Anheuser-Busch.
Further reading: Pernod Ricard's Acquisition Journey
A Vast Array of Brands
Pernod Ricard owns a diverse portfolio of alcoholic beverages, encompassing a wide range of spirits such as whiskies, vodkas, rums, gins, cognacs, liqueurs, as well as various producers of wine. Notably, the company does not own any beer producers but instead focuses on its core areas of expertise.
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