{"success":true,"data":{"pressRelease":{"id":"169722","rtpr_id":"nBw2jPQZka-20261015","ticker":"PERP","exchange":"Euronext Paris","all_tickers":["PERP"],"title":"Pernod Ricard: Sequential Improvement in Q1, in a Contrasted Environment","author":"Business Wire","published_at":"2026-10-15T05:30:00.145Z","article_body":"Pernod Ricard: Sequential Improvement in Q1, in a Contrasted Environment\n\nQ1 Organic Net Sales -0.9% and Reported -6.3%\n\nRegulatory News:\n\nPernod Ricard (Paris:RI):\n\nPress Release – Paris, 15 October 2026 at 7.30am\n\nNet Sales for Q1 FY27 totalled €2,234m. Perimeter impact of -€127m mainly\nlinked to the disposal of Imperial Blue and Wines, and Foreign Exchange impact\nof -€3m mainly linked to INR and TRY(1).\n\nSales in the US declined by -10% and in China by -25%, with both markets being\nimpacted by inventory adjustments, as expected.\n\nUnderlying depletions in China returned to growth, confirming the cautious\ntrade optimism ahead of the Mid-Autumn Festival, as flagged at the full year\nresults.\n\nWhen excluding the US and China, sales in the Rest of the World are growing at\n+4%, with strong performance notably in markets in the Asia-Rest of the World\nregion and with softer results in Europe and in Latin America.\n\nThe global environment remains volatile and uncertain, notably with ongoing\nconflicts in Europe and in the Middle East, and with cost-of-living pressures\nin some markets. Momentum and sales growth is improving in a number of key\nmarkets, demonstrating the benefit of our diversified premium brand portfolio,\nour balanced and broad geographic footprint and our ability to adapt quickly\nto changing market conditions.\n\nVolumes in Q1 returned to growth at +6%, with Strategic International Brand\nvolumes growing +2%.\n\nBy regions, including Must Win markets:\n\n\n * Americas -9%,\n\n\n* USA -10%,\n\n\n* Total Spirits(2) market down c.-2% and Bottled Spirits c.-4%, with slightly\nimproving underlying trends over the summer\n\n * Pernod Ricard’s Sell-out gap-to-market(3) slightly improved compared to Q4\nFY26 to c.-2 points\n\n * Sales were impacted by some inventory adjustments, as expected\n\n * Jameson and Kahlúa sell-out performance ahead of their respective competitive\nsets, and marked improvement in Skrewball’s performance, and a strong\nrebound for Malibu\n\n * Latest innovations include Malibu Pink, Skrewball Peanut Butter & Jelly\nflavoured whiskey in small format, and extending the range of Jameson Irish\nwhiskey portfolio with Jameson Distiller’s Batch\n\n\n\n\n * Canada: modest decline with continued but slower RTDs momentum, not fully\noffsetting pressure on Spirits\n\n * Brazil: declined, largely due to phasing\n\n * Mexico: declined sharply, due to continuing weak consumer demand\n\n\n\n\n\n * Asia-RoW +9%,\n\n\n* India +19%,\n\n\n* Market continues to enjoy dynamic consumer fundamentals, and sales driven by\nstrong demand and continuing premiumisation\n\n * Growth is broad-based across the portfolio, with Imported spirits in very\nstrong double-digits growth, including Jameson, Absolut and Ballantine’s,\nand with strong double-digit growth from Seagram’s whiskies Royal Stag and\nBlenders Pride\n\n * Continuing positive momentum from the launch of the new “Xclamat!on” range\nof spirits\n\n * Strong underlying sales growth with benefit from lapping last year’s excise\npolicy changes in Maharashtra state\n\n * The company is taking preparatory steps for a potential IPO, which is leading\nto a favourable pipe-fill effect that is further benefitting sales in Q1\n\n * The decision to proceed to an IPO remains subject to board approval\n\n\n\n\n\n\n\n\n * China -25%,\n\n\n* Sales contracted, in a challenging macroeconomic environment, due to trade\ninventory adjustments\n\n * Cautious trade optimism ahead of Mid-Autumn Festival is confirmed and\nreflected in the back to growth underlying depletions, marking a significant\nimprovement from last year’s sharp decline\n\n * Martell’s Off-trade depletions returned to growth thanks to a successful\nMid-Autumn Festival campaign, while the On-trade, though benefitting from the\nlapping effect, continues to be pressured by the regulatory crack-down\n\n * Underlying trends for the rest of the portfolio are resilient overall, notably\nsupported by strong performances including on The Glenlivet, Royal Salute,\nJameson and Olmeca\n\n\n\n\n * Continued dynamic growth in Japan, return to growth in South Korea and Taiwan\nmarket\n\n * Strong results in Africa and Middle East, led by Türkiye and with a resilient\nperformance in South Africa\n\n\n * Europe -6%,\n\n\n* Soft start to the year, impacted by phasing in some markets and continuing\npressure in the On-trade\n\n * Modest declines in some Western markets, while Germany’s sharper decline\npersists\n\n * In Eastern Europe, Poland impacted by ongoing customer negotiations\n\n\n\n\n\n * Global Travel Retail -4%,\n\n\n* Sales are impacted by the ongoing Middle East conflict, disproportionately\naffecting the Asian TR markets, while noting a strong Mid-Autumn Festival\npromotional program supporting Martell sales\n\n * Elsewhere, sales in the Americas are negatively impacted by phasing, while\nsales in Europe are strong, supported by high traveller numbers\n\n\n\n\nBy brands:\n\n\n * Strategic International Brands -1%, with strong momentum for Jameson,\nBallantine’s, Malibu and Perrier-Jouët, and more modest growth on Chivas\nRegal and Royal Salute offset by declines on Absolut and Martell, which is\nnotably impacted by inventory adjustments\n\n * Strategic Local Brands +6%, largely driven by Royal Stag and Blenders Pride,\nand solid momentum for Olmeca\n\n * Specialty Brands -5%, largely driven by the USA market performance, though\nwith good results from Código and Monkey 47\n\nFY27 OUTLOOK\n\nWe are expecting organic Net Sales broadly stable for the full year, in a\ncontrasted and uncertain environment, with:\n\n\n * Declines in the US and China, impacted by inventory adjustments as from Q1,\nand with underlying trends expected to improve in China, and\n\n * Continued positive momentum in Rest of World, with ongoing strong growth\nnotably in India.\n\nA&P/Net Sales investment will be maintained at c.16%.\n\nWe will strongly defend Organic Operating Margin supported by strict cost\ncontrol and accelerating the implementation of our Operational Efficiency\ninitiatives whilst investing in digital transformation.\n\nWe expect strategic investments at c.€700m, strong operating working capital\nmanagement, with cash conversion expected to continue at c.90%.\n\nMEDIUM TERM FY27-29\n\nNoting the current softness in the US market, we are projecting Organic Net\nSales growth, aiming to be, on average, close to the lower end of the +3% to\n+6% range over FY27 to FY29.\n\nWe expect Organic Operating Margin expansion, supported by accelerated\noperational efficiencies of €1bn from FY26 to FY28, while maintaining\nconsistent investments behind our brands with c.16% A&P/Net Sales.\n\nWe expect strengthened cash generation, aiming for c.90% cash conversion to\nfund our financial policy priorities, with strategic investments normalizing\nto no more than c. €700m.\n\nWe are targeting Net Debt / EBITDA ratio below 3x by FY29.\n\nWe are adapting our strategy to capture growth opportunities, and our\noperating model to meet changing circumstances including through our ongoing\ndigital transformation to unlock further efficiencies.\n\nWe are confident in the continued engagement of our teams and we remain\nfocused to deliver sustainable value growth over time.\n\nAll growth data specified in this press release refers to organic growth (at\nconstant FX and Group structure), unless otherwise stated. Data may be subject\nto rounding.\n\nDefinitions and reconciliation of non-IFRS measures to IFRS measures\n\nPernod Ricard’s management process is based on the following non-IFRS\nmeasures which are chosen for planning and reporting. The Group’s management\nbelieves these measures provide valuable additional information for users of\nthe financial statements in understanding the Group’s performance. These\nnon-IFRS measures should be considered as complementary to the comparable IFRS\nmeasures and reported movements therein.\n\nOrganic growth\n\n\n * Organic growth is calculated after excluding the impacts of exchange rate\nmovements, acquisitions and disposals, changes in applicable accounting\nprinciples and hyperinflation.\n\n * Exchange rates impact is calculated by translating the current year results at\nthe prior year’s exchange rates and adding the year-on-year variance in the\nreported transaction impact between the current year and the previous year.\n\n * For acquisitions in the current year, the post-acquisition results are\nexcluded from the organic movement calculations. For acquisitions in the prior\nyear, post-acquisition results are included in the prior year but are included\nin the organic movement calculations of the current year only from the\nanniversary date of the acquisition.\n\n * The impact of hyperinflation on Profit from Recurring Operations in Türkiye\nand Argentina is excluded from organic growth calculations by capping local\nunit price/cost increases to a maximum of +26% per year, equivalent to +100%\nover three years.\n\n * Where a business, brand, brand distribution right or agency agreement was\ndisposed of or terminated in the prior year, the Group excludes the results\nfor that business from the prior year in the organic movement calculations.\nFor disposals or terminations in the current year, the Group excludes the\nresults for that business from the prior year from the date of the disposal or\ntermination.\n\n * This measure enables users to compare the Group’s performance on a\nlike-for-like basis, focusing on areas that local management is most directly\nable to influence.\n\nProfit from recurring operations\n\nProfit from recurring operations corresponds to the operating profit excluding\nother non-recurring operating income and expenses.\n\nCash Conversion\n\nCash conversion is calculated by dividing the Recurring Operating Cash Flow by\nthe Profit from recurring operations. The Recurring Operating Cash Flow is\ncalculated as the Self-financing capacity from Recurring Operations + Change\nin Recurring Operating Working Capital needs, Change in Strategic inventories\nand Cash Capex.\n\nNet Debt / EBITDA\n\nNet debt corresponds to gross financial debt, including IFRS 16 lease\nliabilities, less cash and cash equivalents. EBITDA corresponds to Profit from\nrecurring operations excluding depreciation, and amortisation on fixed assets.\n\nThe Net Debt / EBITDA ratio is calculated using EBITDA on a\nlast‑twelve‑months basis and using Net Debt translated at\nlast‑twelve‑months average exchange rates.\n\nStrategic Investments\n\nStrategic (ageing) Inventories plus Capex\n\nAbout Pernod Ricard\n\nPernod Ricard is a worldwide leader in the spirits and champagne industry,\nblending traditional craftsmanship, state-of-the-art brand-building, and\nglobal distribution technologies. Our prestigious portfolio of premium to\nluxury brands includes Absolut vodka, Ricard pastis, Ballantine’s, Chivas\nRegal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey,\nMartell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and\nPerrier-Jouët champagnes. Our mission is to ensure the long-term development\nof our brands with full respect for people and the environment, while\nempowering our employees around the world to be ambassadors of our purposeful,\ninclusive and responsible culture of authentic conviviality. Pernod Ricard’s\nconsolidated sales amounted to €9,404 million in FY26.\n\nPernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and\nis part of the CAC 40 index.\n\nAppendices\n\nFinancial Tables can be consulted on www.pernod-ricard.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.pernod-ricard.com%2F&esheet=54622660&newsitemid=20261014862001&lan=en-US&anchor=www.pernod-ricard.com&index=1&md5=f9c4d53cd4b24dd96c9070cfe20706ab)\n.\n\nUpcoming Communications\n Date (subject to change)  Event                      \n 20(th) November 2026      Annual General Meeting     \n 18(th) February 2027      H1 FY27 Sales and Results  \n 15(th) April 2027         Q3 FY27 Sales              \n\n\nLogin details for the Q1 conference-call on October 15, 2026\n\nAvailable in the media section of the Pernod Ricard website\n         \n (1) Indian Rupee and Turkish Lira \n (2) Value \n (3) To Bottled Spirits \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261014862001/en/\n(https://www.businesswire.com/news/home/20261014862001/en/)\n\nJoelle Ferran / Global VP, Investor Relations & Financial Communication\n+33 (0) 1 70 93 25 37\n\nEdward Mayle / Investor Relations Director +33 (0) 6 76 85 00 45\n\nInes Lo Franco / Investor Relations Manager +33 (0) 1 70 93 17 13\n\nEmmanuel Vouin / Head of External Engagement +33 (0) 1 70 93 16 34\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw2jPQZka-20261015","title":"Pernod Ricard: Sequential Improvement in Q1, in a Contrasted Environment","author":"Business Wire","ticker":"PERP","created":"2026-10-15T05:30:00.145Z","tickers":["PERP"],"exchange":"Euronext Paris","article_body":"Pernod Ricard: Sequential Improvement in Q1, in a Contrasted Environment\n\nQ1 Organic Net Sales -0.9% and Reported -6.3%\n\nRegulatory News:\n\nPernod Ricard (Paris:RI):\n\nPress Release – Paris, 15 October 2026 at 7.30am\n\nNet Sales for Q1 FY27 totalled €2,234m. Perimeter impact of -€127m mainly\nlinked to the disposal of Imperial Blue and Wines, and Foreign Exchange impact\nof -€3m mainly linked to INR and TRY(1).\n\nSales in the US declined by -10% and in China by -25%, with both markets being\nimpacted by inventory adjustments, as expected.\n\nUnderlying depletions in China returned to growth, confirming the cautious\ntrade optimism ahead of the Mid-Autumn Festival, as flagged at the full year\nresults.\n\nWhen excluding the US and China, sales in the Rest of the World are growing at\n+4%, with strong performance notably in markets in the Asia-Rest of the World\nregion and with softer results in Europe and in Latin America.\n\nThe global environment remains volatile and uncertain, notably with ongoing\nconflicts in Europe and in the Middle East, and with cost-of-living pressures\nin some markets. Momentum and sales growth is improving in a number of key\nmarkets, demonstrating the benefit of our diversified premium brand portfolio,\nour balanced and broad geographic footprint and our ability to adapt quickly\nto changing market conditions.\n\nVolumes in Q1 returned to growth at +6%, with Strategic International Brand\nvolumes growing +2%.\n\nBy regions, including Must Win markets:\n\n\n * Americas -9%,\n\n\n* USA -10%,\n\n\n* Total Spirits(2) market down c.-2% and Bottled Spirits c.-4%, with slightly\nimproving underlying trends over the summer\n\n * Pernod Ricard’s Sell-out gap-to-market(3) slightly improved compared to Q4\nFY26 to c.-2 points\n\n * Sales were impacted by some inventory adjustments, as expected\n\n * Jameson and Kahlúa sell-out performance ahead of their respective competitive\nsets, and marked improvement in Skrewball’s performance, and a strong\nrebound for Malibu\n\n * Latest innovations include Malibu Pink, Skrewball Peanut Butter & Jelly\nflavoured whiskey in small format, and extending the range of Jameson Irish\nwhiskey portfolio with Jameson Distiller’s Batch\n\n\n\n\n * Canada: modest decline with continued but slower RTDs momentum, not fully\noffsetting pressure on Spirits\n\n * Brazil: declined, largely due to phasing\n\n * Mexico: declined sharply, due to continuing weak consumer demand\n\n\n\n\n\n * Asia-RoW +9%,\n\n\n* India +19%,\n\n\n* Market continues to enjoy dynamic consumer fundamentals, and sales driven by\nstrong demand and continuing premiumisation\n\n * Growth is broad-based across the portfolio, with Imported spirits in very\nstrong double-digits growth, including Jameson, Absolut and Ballantine’s,\nand with strong double-digit growth from Seagram’s whiskies Royal Stag and\nBlenders Pride\n\n * Continuing positive momentum from the launch of the new “Xclamat!on” range\nof spirits\n\n * Strong underlying sales growth with benefit from lapping last year’s excise\npolicy changes in Maharashtra state\n\n * The company is taking preparatory steps for a potential IPO, which is leading\nto a favourable pipe-fill effect that is further benefitting sales in Q1\n\n * The decision to proceed to an IPO remains subject to board approval\n\n\n\n\n\n\n\n\n * China -25%,\n\n\n* Sales contracted, in a challenging macroeconomic environment, due to trade\ninventory adjustments\n\n * Cautious trade optimism ahead of Mid-Autumn Festival is confirmed and\nreflected in the back to growth underlying depletions, marking a significant\nimprovement from last year’s sharp decline\n\n * Martell’s Off-trade depletions returned to growth thanks to a successful\nMid-Autumn Festival campaign, while the On-trade, though benefitting from the\nlapping effect, continues to be pressured by the regulatory crack-down\n\n * Underlying trends for the rest of the portfolio are resilient overall, notably\nsupported by strong performances including on The Glenlivet, Royal Salute,\nJameson and Olmeca\n\n\n\n\n * Continued dynamic growth in Japan, return to growth in South Korea and Taiwan\nmarket\n\n * Strong results in Africa and Middle East, led by Türkiye and with a resilient\nperformance in South Africa\n\n\n * Europe -6%,\n\n\n* Soft start to the year, impacted by phasing in some markets and continuing\npressure in the On-trade\n\n * Modest declines in some Western markets, while Germany’s sharper decline\npersists\n\n * In Eastern Europe, Poland impacted by ongoing customer negotiations\n\n\n\n\n\n * Global Travel Retail -4%,\n\n\n* Sales are impacted by the ongoing Middle East conflict, disproportionately\naffecting the Asian TR markets, while noting a strong Mid-Autumn Festival\npromotional program supporting Martell sales\n\n * Elsewhere, sales in the Americas are negatively impacted by phasing, while\nsales in Europe are strong, supported by high traveller numbers\n\n\n\n\nBy brands:\n\n\n * Strategic International Brands -1%, with strong momentum for Jameson,\nBallantine’s, Malibu and Perrier-Jouët, and more modest growth on Chivas\nRegal and Royal Salute offset by declines on Absolut and Martell, which is\nnotably impacted by inventory adjustments\n\n * Strategic Local Brands +6%, largely driven by Royal Stag and Blenders Pride,\nand solid momentum for Olmeca\n\n * Specialty Brands -5%, largely driven by the USA market performance, though\nwith good results from Código and Monkey 47\n\nFY27 OUTLOOK\n\nWe are expecting organic Net Sales broadly stable for the full year, in a\ncontrasted and uncertain environment, with:\n\n\n * Declines in the US and China, impacted by inventory adjustments as from Q1,\nand with underlying trends expected to improve in China, and\n\n * Continued positive momentum in Rest of World, with ongoing strong growth\nnotably in India.\n\nA&P/Net Sales investment will be maintained at c.16%.\n\nWe will strongly defend Organic Operating Margin supported by strict cost\ncontrol and accelerating the implementation of our Operational Efficiency\ninitiatives whilst investing in digital transformation.\n\nWe expect strategic investments at c.€700m, strong operating working capital\nmanagement, with cash conversion expected to continue at c.90%.\n\nMEDIUM TERM FY27-29\n\nNoting the current softness in the US market, we are projecting Organic Net\nSales growth, aiming to be, on average, close to the lower end of the +3% to\n+6% range over FY27 to FY29.\n\nWe expect Organic Operating Margin expansion, supported by accelerated\noperational efficiencies of €1bn from FY26 to FY28, while maintaining\nconsistent investments behind our brands with c.16% A&P/Net Sales.\n\nWe expect strengthened cash generation, aiming for c.90% cash conversion to\nfund our financial policy priorities, with strategic investments normalizing\nto no more than c. €700m.\n\nWe are targeting Net Debt / EBITDA ratio below 3x by FY29.\n\nWe are adapting our strategy to capture growth opportunities, and our\noperating model to meet changing circumstances including through our ongoing\ndigital transformation to unlock further efficiencies.\n\nWe are confident in the continued engagement of our teams and we remain\nfocused to deliver sustainable value growth over time.\n\nAll growth data specified in this press release refers to organic growth (at\nconstant FX and Group structure), unless otherwise stated. Data may be subject\nto rounding.\n\nDefinitions and reconciliation of non-IFRS measures to IFRS measures\n\nPernod Ricard’s management process is based on the following non-IFRS\nmeasures which are chosen for planning and reporting. The Group’s management\nbelieves these measures provide valuable additional information for users of\nthe financial statements in understanding the Group’s performance. These\nnon-IFRS measures should be considered as complementary to the comparable IFRS\nmeasures and reported movements therein.\n\nOrganic growth\n\n\n * Organic growth is calculated after excluding the impacts of exchange rate\nmovements, acquisitions and disposals, changes in applicable accounting\nprinciples and hyperinflation.\n\n * Exchange rates impact is calculated by translating the current year results at\nthe prior year’s exchange rates and adding the year-on-year variance in the\nreported transaction impact between the current year and the previous year.\n\n * For acquisitions in the current year, the post-acquisition results are\nexcluded from the organic movement calculations. For acquisitions in the prior\nyear, post-acquisition results are included in the prior year but are included\nin the organic movement calculations of the current year only from the\nanniversary date of the acquisition.\n\n * The impact of hyperinflation on Profit from Recurring Operations in Türkiye\nand Argentina is excluded from organic growth calculations by capping local\nunit price/cost increases to a maximum of +26% per year, equivalent to +100%\nover three years.\n\n * Where a business, brand, brand distribution right or agency agreement was\ndisposed of or terminated in the prior year, the Group excludes the results\nfor that business from the prior year in the organic movement calculations.\nFor disposals or terminations in the current year, the Group excludes the\nresults for that business from the prior year from the date of the disposal or\ntermination.\n\n * This measure enables users to compare the Group’s performance on a\nlike-for-like basis, focusing on areas that local management is most directly\nable to influence.\n\nProfit from recurring operations\n\nProfit from recurring operations corresponds to the operating profit excluding\nother non-recurring operating income and expenses.\n\nCash Conversion\n\nCash conversion is calculated by dividing the Recurring Operating Cash Flow by\nthe Profit from recurring operations. The Recurring Operating Cash Flow is\ncalculated as the Self-financing capacity from Recurring Operations + Change\nin Recurring Operating Working Capital needs, Change in Strategic inventories\nand Cash Capex.\n\nNet Debt / EBITDA\n\nNet debt corresponds to gross financial debt, including IFRS 16 lease\nliabilities, less cash and cash equivalents. EBITDA corresponds to Profit from\nrecurring operations excluding depreciation, and amortisation on fixed assets.\n\nThe Net Debt / EBITDA ratio is calculated using EBITDA on a\nlast‑twelve‑months basis and using Net Debt translated at\nlast‑twelve‑months average exchange rates.\n\nStrategic Investments\n\nStrategic (ageing) Inventories plus Capex\n\nAbout Pernod Ricard\n\nPernod Ricard is a worldwide leader in the spirits and champagne industry,\nblending traditional craftsmanship, state-of-the-art brand-building, and\nglobal distribution technologies. Our prestigious portfolio of premium to\nluxury brands includes Absolut vodka, Ricard pastis, Ballantine’s, Chivas\nRegal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey,\nMartell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and\nPerrier-Jouët champagnes. Our mission is to ensure the long-term development\nof our brands with full respect for people and the environment, while\nempowering our employees around the world to be ambassadors of our purposeful,\ninclusive and responsible culture of authentic conviviality. Pernod Ricard’s\nconsolidated sales amounted to €9,404 million in FY26.\n\nPernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and\nis part of the CAC 40 index.\n\nAppendices\n\nFinancial Tables can be consulted on www.pernod-ricard.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.pernod-ricard.com%2F&esheet=54622660&newsitemid=20261014862001&lan=en-US&anchor=www.pernod-ricard.com&index=1&md5=f9c4d53cd4b24dd96c9070cfe20706ab)\n.\n\nUpcoming Communications\n Date (subject to change)  Event                      \n 20(th) November 2026      Annual General Meeting     \n 18(th) February 2027      H1 FY27 Sales and Results  \n 15(th) April 2027         Q3 FY27 Sales              \n\n\nLogin details for the Q1 conference-call on October 15, 2026\n\nAvailable in the media section of the Pernod Ricard website\n         \n (1) Indian Rupee and Turkish Lira \n (2) Value \n (3) To Bottled Spirits \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261014862001/en/\n(https://www.businesswire.com/news/home/20261014862001/en/)\n\nJoelle Ferran / Global VP, Investor Relations & Financial Communication\n+33 (0) 1 70 93 25 37\n\nEdward Mayle / Investor Relations Director +33 (0) 6 76 85 00 45\n\nInes Lo Franco / Investor Relations Manager +33 (0) 1 70 93 17 13\n\nEmmanuel Vouin / Head of External Engagement +33 (0) 1 70 93 16 34\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-15T05:30:00.196825823Z","server_sent_at_ms":1792042200196},"received_at":"2026-10-15T05:30:00.324Z","source_url":"https://www.businesswire.com/news/home/20261014862001/en/"},"analysis":{"id":"157949","press_release_id":"169722","analysis_json":{"industry":{"label":"Beverages","sector":"Consumer Staples"},"redFlags":["China sales down 25% on trade inventory adjustments","US sales down 10% with gap-to-market still c.-2 points vs. bottled spirits","Medium-term growth aim cut to lower end of +3% to +6% range, citing US softness","India Q1 growth flattered by pipe-fill ahead of a potential IPO that remains subject to board approval"],"eventType":"earnings","narrative":"Pernod Ricard reported Q1 FY27 net sales of €2,234m, down 0.9% organically and 6.3% reported, hit by US (-10%) and China (-25%) inventory destocking.\n\nUnderlying depletions in China returned to growth and group volumes rose 6%, while Rest of World sales excluding US and China grew 4%, led by India at +19% with premiumisation tailwinds.\n\nThe company reaffirmed FY27 guidance of broadly stable organic net sales, c.16% A&P intensity, c.€700m strategic investments and c.90% cash conversion, and targets sub-3x Net Debt/EBITDA by FY29.\n\nA notable disclosure: Pernod Ricard is taking preparatory steps for a potential IPO of its India business (subject to board approval), which is currently creating a favourable pipe-fill effect on Indian sales.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Sequential improvement with a potential India IPO in play, but US/China destocking keeps FY27 flat."},"keyFigures":{"revenue":"€2,234m","guidance":"FY27 organic Net Sales broadly stable; A&P/Net Sales c.16%; strategic investments c.€700m; cash conversion c.90%; FY27-29 organic growth near lower end of +3% to +6% range; Net Debt/EBITDA below 3x by FY29","revenueYoy":"-0.9% organic / -6.3% reported","customDimensions":{"fx_impact":"-€3m","europe_yoy":"-6%","volumes_yoy":"+6%","us_sales_yoy":"-10%","china_sales_yoy":"-25%","india_sales_yoy":"+19%","perimeter_impact":"-€127m","aspiration_row_growth":"€1bn efficiencies FY26-FY28","organic_net_sales_yoy":"-0.9%","reported_net_sales_yoy":"-6.3%","global_travel_retail_yoy":"-4%","rest_of_world_ex_us_china":"+4%"}},"quotedText":"The company is taking preparatory steps for a potential IPO, which is leading to a favourable pipe-fill effect that is further benefitting sales in Q1","namedEntities":{"people":[{"name":"Joelle Ferran","role":"Global VP, Investor Relations & Financial Communication"},{"name":"Edward Mayle","role":"Investor Relations Director"}],"products":["Jameson","Absolut","Martell","The Glenlivet","Chivas Regal","Ballantine's","Royal Salute","Malibu","Kahlúa","Skrewball","Royal Stag","Blenders Pride","Olmeca","Beefeater","Havana Club","Mumm","Perrier-Jouët","Código","Monkey 47","Malibu Pink","Jameson Distiller's Batch","Xclamat!on","Imperial Blue"],"companies":[{"name":"Pernod Ricard","ticker":"RI","relationship":"filer (Paris-listed as RI; input ticker PERP)"}],"dollarAmounts":[{"amount":"€2,234m","context":"Q1 FY27 net sales"},{"amount":"-€127m","context":"perimeter impact from disposals (Imperial Blue, Wines)"},{"amount":"c.€700m","context":"FY27 strategic investments"},{"amount":"€1bn","context":"operational efficiencies FY26-FY28"},{"amount":"€9,404 million","context":"FY26 consolidated sales"}]},"materialImpact":{"score":4,"reasoning":"Quarterly sales release from a CAC 40 global spirits leader with a guidance reaffirmation ('broadly stable' organic FY27) and a potential India IPO disclosed. Sales declined organically (-0.9%) with sharp US/China weakness, but volume growth and India momentum partially offset."},"tickerRelevance":{"others":[{"ticker":"RI","relevance":"primary Paris listing of Pernod Ricard"}],"primary":"PERP"},"globalImportance":55,"audienceRelevance":55,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"large-cap CAC 40","eventGravity":"quarterly sales release with guidance reaffirmation and India IPO signal","sectorWeight":"consumer staples / spirits","geographicWeakness":"US -10%, China -25%","householdBrandBoost":"Absolut, Jameson, Martell, Chivas Regal"}},"event_type":"earnings","event_type_secondary":["guidance_update"],"sentiment":"mixed","material_impact_score":4,"narrative":"Pernod Ricard reported Q1 FY27 net sales of €2,234m, down 0.9% organically and 6.3% reported, hit by US (-10%) and China (-25%) inventory destocking.\n\nUnderlying depletions in China returned to growth and group volumes rose 6%, while Rest of World sales excluding US and China grew 4%, led by India at +19% with premiumisation tailwinds.\n\nThe company reaffirmed FY27 guidance of broadly stable organic net sales, c.16% A&P intensity, c.€700m strategic investments and c.90% cash conversion, and targets sub-3x Net Debt/EBITDA by FY29.\n\nA notable disclosure: Pernod Ricard is taking preparatory steps for a potential IPO of its India business (subject to board approval), which is currently creating a favourable pipe-fill effect on Indian sales.","key_figures":{"revenue":"€2,234m","guidance":"FY27 organic Net Sales broadly stable; A&P/Net Sales c.16%; strategic investments c.€700m; cash conversion c.90%; FY27-29 organic growth near lower end of +3% to +6% range; Net Debt/EBITDA below 3x by FY29","revenueYoy":"-0.9% organic / -6.3% reported","customDimensions":{"fx_impact":"-€3m","europe_yoy":"-6%","volumes_yoy":"+6%","us_sales_yoy":"-10%","china_sales_yoy":"-25%","india_sales_yoy":"+19%","perimeter_impact":"-€127m","aspiration_row_growth":"€1bn efficiencies FY26-FY28","organic_net_sales_yoy":"-0.9%","reported_net_sales_yoy":"-6.3%","global_travel_retail_yoy":"-4%","rest_of_world_ex_us_china":"+4%"}},"named_entities":{"people":[{"name":"Joelle Ferran","role":"Global VP, Investor Relations & Financial Communication"},{"name":"Edward Mayle","role":"Investor Relations Director"}],"products":["Jameson","Absolut","Martell","The Glenlivet","Chivas Regal","Ballantine's","Royal Salute","Malibu","Kahlúa","Skrewball","Royal Stag","Blenders Pride","Olmeca","Beefeater","Havana Club","Mumm","Perrier-Jouët","Código","Monkey 47","Malibu Pink","Jameson Distiller's Batch","Xclamat!on","Imperial Blue"],"companies":[{"name":"Pernod Ricard","ticker":"RI","relationship":"filer (Paris-listed as RI; input ticker PERP)"}],"dollarAmounts":[{"amount":"€2,234m","context":"Q1 FY27 net sales"},{"amount":"-€127m","context":"perimeter impact from disposals (Imperial Blue, Wines)"},{"amount":"c.€700m","context":"FY27 strategic investments"},{"amount":"€1bn","context":"operational efficiencies FY26-FY28"},{"amount":"€9,404 million","context":"FY26 consolidated sales"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-15T05:30:09.096Z","global_importance":55,"audience_relevance":55,"importance_components":{"tickerTier":"large-cap CAC 40","eventGravity":"quarterly sales release with guidance reaffirmation and India IPO signal","sectorWeight":"consumer staples / spirits","geographicWeakness":"US -10%, China -25%","householdBrandBoost":"Absolut, Jameson, Martell, Chivas Regal"}},"durationMs":8755,"modelName":"glm-5.3-flashx"}}