France · Delayed Price · Currency is EUR Rémy Cointreau Earnings Call Transcripts
Fiscal Year 2026
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Q4 organic sales rose 8.9% on strong cognac growth in China, while full-year sales were flat organically but down 5% reported due to currency headwinds. Guidance for FY 2026/2027 remains cautious amid ongoing volatility, with a new transformation plan underway.
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Q3 organic sales rose 2.8% with strong U.S. and EMEA growth, but APAC and China remained weak due to market and calendar effects. Full-year guidance is unchanged, with stable to low single-digit sales growth and operating profit expected to decline, as currency volatility and tariffs weigh on results.
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Organic sales declined 4.2% and net profit dropped 31.3% year-over-year, with gross margin pressured by tariffs and mix, but signs of recovery in the U.S. and China support a flat to low single-digit sales outlook. Strategic transformation focuses on volume growth, cost discipline, and innovation.
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H1 sales declined 4.2% organically, with Q2 down 11% amid tough conditions in China and softer U.S. recovery. Guidance was lowered, now expecting flat to low single-digit sales growth and a low double-digit to mid-teens decline in operating profit, with currency and tariffs weighing on results.
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Q1 saw 5.7% organic sales growth, led by the Americas, while APAC and EMEA declined. Full-year guidance expects mid-single digit sales growth and improved COP outlook, but Q2 is forecasted to decline due to China and US headwinds.
Fiscal Year 2025
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Sales declined 18% organically amid macro headwinds, but cost savings and margin discipline helped offset some impact. Guidance anticipates a technical rebound in the U.S. and mid-single-digit organic sales growth, with tariff risks and macro uncertainty still weighing on outlook.
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Full-year sales declined 18% organically, with Q4 down 19% due to China and APAC headwinds. COP margin guidance is 21-22%, with mid-single digit top-line growth expected for FY 2025-2026, but margin improvement depends on tariff outcomes.
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Q3 sales declined sharply due to U.S. destocking and tough China conditions, but direct channels and e-commerce in China showed resilience. Full-year sales are expected at the lower end of guidance, with operating margins between 21% and 22%.
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Sales and profit declined sharply year-over-year due to macroeconomic headwinds, but cost discipline and targeted investments preserved margins. Early signs of stabilization are emerging in the US and China, with a focus on innovation and brand equity for future growth.
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Q2 sales fell 16.1% organically, with H1 sales down 16.2% year-on-year due to U.S. destocking, weak China demand, and soft global consumption. Full-year guidance was lowered, with a new €50M cost-cutting plan to offset margin pressure and a rebound expected from 2025-2026.
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Q1 sales fell 15.6% organically, led by U.S. de-stocking, soft global demand, and high comps in APAC/EMEA. Guidance for the year is maintained, with H2 expected to recover, but Q2 likely to remain challenging. E-commerce and cost control are key focus areas.
Fiscal Year 2024
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Sales and profit declined sharply year-over-year amid U.S. destocking and slow China recovery, but cost savings, innovation, and e-commerce growth supported resilience. 2024-2025 is a transition year, with gradual recovery and tight cost controls expected, and high single-digit growth targeted from 2025-2026.