Laurent-Perrier (LPE) H1 25/26 earnings summary

Executive summary

• Revenue increased by 1.5% year-over-year to €134.1M for the first half of FY 2025-2026, with champagne sales volumes up 2.6% despite a less favorable market.

• Operating profit declined by 5.7% to €36.6M, and net income fell 8.7% to €23.1M, reflecting higher investments in brand and commercial development.

• Operational margin remains strong at 27.5%, above pre-COVID levels, despite market headwinds.

• Cash flow from operations improved significantly to -€4.7M from -€39.2M year-over-year, driven by better working capital management.

Financial highlights

• Champagne sales volume rose 2.6% year-over-year, outperforming a market down 1.5%, with a 1.6% positive price-mix effect.

• EPS decreased to €3.94 from €4.28 year-over-year.

• Gross margin stable at €78.9M.

• Net financial debt at €236.8M, with gearing at 0.37 as of 30 September 2025.

• Equity attributable to the group reached €640.4M.

Outlook and guidance

• Management remains cautious due to geopolitical and economic uncertainties in key markets; H1 results are not indicative of the full year.

• The Group continues to pursue a value-driven strategy focused on premium champagne, quality supply, strong brands, and controlled distribution.