Rémy Cointreau (RMC) Q2 25/26 TU earnings summary

Executive summary

• H1 organic sales declined 4.2% year-over-year, with Q2 down 11% due to adverse phasing and challenging macroeconomic conditions, especially in China.

• Americas saw strong sales growth (+12.8%), driven by Cognac, while APAC sales fell 14.8% due to significant declines in China; EMEA declined 9.2% amid subdued demand.

• Group reported H1 sales of €489.6 million, down 8.3% reported and 4.2% organic.

• Guidance for 2025-26 was lowered, with organic sales growth now expected to be stable to low single digits and COP to decline by low double digits to mid-teens.

Financial highlights

• H1 sales: €489.6 million, down 8.3% reported and 4.2% organic; negative currency impact of 4.1%.

• Q2 sales dropped 11% organically, with Cognac down 13.5%, Liqueurs & Spirits down 5.3%, and Partner Brands down 28.7%.

• Cognac H1 organic sales: -7.6% (volume +0.7%, price-mix -8.4%); Liqueurs & Spirits H1 organic sales: +4.1% (volume +5.2%, price-mix -1.0%).

• Partner Brands represented 1.5% of group sales, down 35.7% in H1.

• Currency impact on H1 sales: -€21.7 million, mainly from USD, CNY, and CAD.

Outlook and guidance

• Full-year organic sales now expected to be stable to up low single digits, revised from mid-single digit growth.

• Organic COP expected to decline low double digit to mid-teens, reflecting tariffs and pricing actions.

• Tariffs net impact updated to €25 million on COP (China €5 million, US €20 million), with mitigation plans in place.

• Currency effects expected to reduce sales by €50–60 million and operating profit by €25–30 million.