)
Company Research17 Jan 2024
World Leading Conglomerates Built on Mergers & Acquisitions
Explore an in-depth look at some of the most successful companies in M&A, delving into specific deals and providing visual insights.
Pernod Ricard
Pernod Ricard (RI) investor relations material
Pernod Ricard H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary19 Feb, 2026
Executive summary
H1 FY26 saw a 5.9% organic decline in net sales, with softness in the US and China, but stable or growing sales in India (+4%), Turkey (+27%), and Japan (+6%).
Operational efficiency program delivered rapid cost reductions, with structure costs down 10% and SG&A headcount down 18%.
Free cash flow improved by 9.5% to €482m, driven by normalized strategic investments and working capital optimization.
Strategic focus on cash generation, portfolio premiumization, and innovation, including global launches like Absolut Tabasco.
Active portfolio management with disposals of lower-growth, margin-dilutive brands, including Imperial Blue and Mumm Napa.
Financial highlights
Net sales: €5,253m, down 5.9% organically and 14.9% reported, with significant FX and perimeter impacts.
Profit from Recurring Operations declined 7.5% organically and 18.7% reported, mainly due to FX headwinds.
Gross margin fell by 216 bps, impacted by tariffs, price/mix, and inflation on aged liquids.
Free cash flow reached €482m, up 9.5% year-over-year, driven by improved working capital and normalized strategic investments.
Net debt at €11,168m as of December 2025, with net-debt-to-EBITDA ratio at 3.8x.
EPS down 20% to €4.04 due to lower reported profit and negative FX.
Outlook and guidance
FY26 expected to be a transition year with improving trends in H2 and focus on cash generation.
Strategic investments revised down to €750m for FY26, normalizing to ≤€800m from FY27.
Cash conversion target of 80%+ expected to be achieved in FY26, one year ahead of plan.
Medium-term framework confirmed: organic top-line growth of 3–6% per year, with annual margin expansion.
Intention to maintain a stable dividend for FY26, subject to approvals.
Net-debt-to-EBITDA ratio targeted below 3x by FY2029.
Detail US/China inventory adjustment impact H2
Fit for Future: How does it enhance long-term value?
How will Net Debt/EBITDA ratio be optimized?
Quantify H1 FY26 operational efficiency impact
When do US/China inventory adjustments normalize?
What is the long-term strategic investment target?
U.S. inventory adjustments impact on H2 sales
Absolut Tabasco global launch learnings
Future efficiency program savings mix
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Pernod Ricard earnings date
Q3 202616 Apr, 2026
Pernod Ricard
Next Pernod Ricard earnings date
Q3 202616 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Company Research3 Jan 2024
Pernod Ricard's Acquisition Journey
Explore Pernod Ricard's key acquisitions and how they have shaped the company into a dominant force in the wines and spirits industry.
)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage