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Pernod Ricard (RI) investor relations material
Pernod Ricard H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary28 Aug, 2025
Executive summary
Organic net sales declined 3% year-over-year, with reported sales down 5.5–6% due to adverse FX and market softness in China, the US, and Travel Retail Asia.
Operating margin expanded organically by 64bps, supported by €900M in efficiency gains and strict cost discipline.
Free cash flow rose 18% to €1.13B, driven by improved working capital management and reduced capex.
Dividend proposed at €4.70 per share, stable year-over-year, reflecting commitment to shareholder returns.
Portfolio management included the disposal of the wine business and the announced sale of Imperial Blue in India.
Financial highlights
Net sales: €10,959M, down 3% organic and 5.5% reported year-over-year, with a negative FX impact of €277M.
Profit from recurring operations declined 0.8% organically and 5–5.3% reported.
EPS fell 8% to €7.26, mainly due to FX and higher financial expenses.
Group share of net profit increased 10% due to lower nonrecurring costs.
Net debt/EBITDA at 3.3x, up from previous year due to lower EBITDA and FX impact.
Outlook and guidance
FY26 expected to be a transition year with Q1 decline due to inventory adjustments in the US and China, and excise policy changes in India.
Organic net sales growth expected to improve in H2 FY26; medium-term (FY27-29) target of 3–6% p.a. with ongoing margin expansion.
Strategic investments to remain below €900M, with cash conversion targeted to improve toward 80%.
FX impact expected to remain significantly negative in FY26.
Mitigate China anti-dumping investigation impact
Detail FY26-29 efficiency program implementation
Address FY26 US tariffs and India excise policy
FY26 margin: What specific headwinds prevent expansion?
New operating model: What behaviors will it achieve?
US spirits ex-RTD: What are current market trends?
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Next Pernod Ricard earnings date
Q1 202616 Oct, 2025
Next Pernod Ricard earnings date
Q1 202616 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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