Overview

• Net sales reached €2.384 billion for July to September, a like-for-like decline of 7.6% versus a 7.1% drop expected by analysts.
• U.S. sales fell 16% as distributors continued to reduce inventories built up during earlier tariff uncertainty.
• China declined 27% on soft consumer demand, with cognac still depressed while premium brands such as Jameson posted growth.
• Global travel retail contracted 15%, with China duty-free Cognac set to resume in Q2 after the anti-dumping inquiry ended in July and Asia travel retail weak, notably South Korea.
• Pernod Ricard reiterated its 2027–2029 target of 3%–6% annual organic sales growth with margin expansion and maintained that any FY26 improvement will be weighted to the second half while staying cautious ahead of Chinese New Year.