Rémy Cointreau (RMC) Q2 2027 TU earnings summary

Executive summary

• Q2 organic sales grew 4.2%, accelerating from 1.3% in Q1; H1 sales reached €510.9m, up 2.9% organically and 4.4% reported.

• Cognac and APAC led growth, offset by declines in Liqueurs & Spirits, the Americas and EMEA; full-year objectives were confirmed.

Financial highlights

• H1 organic sales reflected volume down 0.4% and price/mix up 3.3%; Q2 volume rose 0.5% and price/mix increased 3.7%.

• Q2 sales were €287.7m, up 7.0% reported and 4.2% organically; Group Brands grew 5.2% organically.

• H1 Cognac sales were €338.7m, up 10.3% organically; Liqueurs & Spirits were €169.7m, down 7.0%, and Partner Brands were €2.5m, down 62.5%.

• H1 currency translation added 1.5% to reported sales, mainly through RMB appreciation, partly offset by dollar weakness.

Outlook and guidance

• FY 2026-27 guidance was reaffirmed: return to organic sales growth and slight improvement in organic Current Operating Margin.

• Q3 group sales are expected to be broadly flat year on year, followed by Q4 reacceleration; EMEA weakness and measured China destocking weigh on Q3.

• Expected tariff impact is €5m versus €20m previously, with no US impact and €5m in China; the ~€15m reduction will be reinvested to support growth.

• FY currency impact is forecast at +€15m on sales and +€3m to +€5m on Current Operating Profit.