Return to growth in the third quarter
Sales: +2.8% in organic basis1
2025-26 guidance confirmed
- Solid sales growth in the Americas region for the fourth consecutive quarter
- Slight decline in the APAC region2 :
- In a complex market environment, China reported a decline in sales, impacted by an unfavorable calendar effect related to Chinese New Year. When restated for this effect, underlying performance was almost stable
- Sales in the rest of Asia rose sharply, driven by the Cognac division
- The EMEA region3 returned to growth in the third quarter, supported by the strong performance of its two divisions
- 2025-26 guidance confirmed:
- Sales: organic growth between stable and low single digits
- COP: organic decline between low double digits and mid-teens
Regulatory News:
Rémy Cointreau (Paris:RCO) reported sales of €735.4 million in the first nine months of 2025-26, representing an organic decline of -1.9%. On a reported basis, sales decreased by -6.6%, including an unfavorable currency effect of -4.7%, mainly due to trends in the dollar and the renminbi.
The transformation plan announced at the end of November entered its execution phase in early 2026, with the launch of an in-depth diagnostic conducted with the support of an external consultant. This major initiative, set to run until April, will enable the Group to define and prioritize value-creation levers before deploying them starting in the first quarter of 2026-27.
Breakdown of sales by division
€m (April-December 2025) | 9M 2025-26 | 9M 2024-25 | Change as reported | Organic change | |
vs. 9M 2024-25 | vs. 9M 2019-204 | ||||
Cognac | 450.4 | 497.2 | -9.4% | -4.3% | -19.8 % |
Liqueurs Spirits | 273.0 | 274.2 | -0.4% | +3.7% | +39.8 % |
Subtotal: Group Brands | 723.5 | 771.4 | -6.2% | -1.4% | -4.6 % |
Partner Brands | 12.0 | 16.3 | -26.8% | -26.3% | -45.6 % |
Total | 735.4 | 787.8 | -6.6% | -1.9% | -5.7 % |
Cognac
Third-quarter sales in the Cognac division rose by +3.2% on an organic basis.
This performance reflects solid momentum in the Americas region for the fourth consecutive quarter, supported by a very favorable basis of comparison and improved depletions5. Sales in the APAC region edged down. Market conditions in China remained challenging, especially in the high-end segment. Sales were mainly affected by the unfavorable calendar effect linked to the timing of the Chinese New Year. When restated for this effect, China's performance was almost stable, benefiting in particular from the return to normal of Chinese duty-free conditions and the excellent performance of e-commerce during the Double Eleven festival. Lastly, the EMEA region returned to growth, driven by the success of Rémy Martin VS in Africa, a marked improvement in Europe, and continued momentum in Travel Retail.
Liqueurs Spirits
Third-quarter sales in the Liqueurs Spirits division rose by +2.8% on an organic basis.
The Americas region recorded sales growth driven by Cointreau and The Botanist, both benefiting from particularly resilient depletions in a muted market at the end of the year. In the EMEA region, the Group bounced back in most geographical areas, thanks in particular to Cointreau and Metaxa. Lastly, the APAC region posted a limited decline in sales in China and the rest of Asia, penalized in Australia by a high basis of comparison and phasing effects.
Partner Brands
Sales of Partner Brands declined by -9.3% on an organic basis in the third quarter.
2025-26 outlook confirmed
Rémy Cointreau expects organic sales growth to range between stable and low single digits.
In parallel, the Group intends to support the recovery by maintaining sustained investments in China and the United States.
Against this backdrop, the Group anticipates an organic decline in Current Operating Profit (COP)6 of between low double digits and mid-teens
In a particularly volatile environment and based on its current estimates, the Group anticipates the following adverse currency effects over the full year:
- On Sales: between -€50 million and -€60 million (of which 60% in the second half)
- On Current Operating Profit: between -€25 million and -€30 million (with one-third in the second half)
About Rémy Cointreau
All around the world, there are clients seeking exceptional experiences; clients for whom a wide range of terroirs means a variety of flavors. Their exacting standards are proportional to our expertise the finely-honed skills that we pass down from generation to generation. The time these clients devote to drinking our products is a tribute to all those who have worked to develop them. It is for these men and women that Rémy Cointreau, a family-owned French group, protects its terroirs, cultivates exceptional multi-centenary spirits and undertakes to preserve their eternal modernity. The Group's portfolio includes 14 singular brands, such as the Rémy Martin and LOUIS XIII cognacs, and Cointreau liqueur. Rémy Cointreau has a single ambition: becoming the world leader in exceptional spirits. To this end, it relies on the commitment and creativity of its 1,856 employees and on its distribution subsidiaries established in the Group's strategic markets. Rémy Cointreau is listed on Euronext Paris.
A conference call with investors and analysts will be held today by CFO Luca Marotta, from 9:00 am (Paris time).
Related slides will also be available on the website (www.remy-cointreau.com) in the Finance section.
Appendices
Q1 2025-26 sales (April-June 2025)
€m | Reported 25-26 | Forex 25-26 | Scope 25-26 | Organic 25-26 | Reported 24-25 | Reported change | Organic Change |
A | B | C | A/C-1 | B/C-1 | |||
Cognac | 131.3 | -5.9 | 137.2 | 135.5 | -3.1% | +1.3% | |
Liqueurs Spirits | 86.2 | -2.7 | 88.9 | 75.8 | +13.6% | +17.3% | |
Subtotal: Group Brands | 217.5 | -8.7 |
| 226.1 | 211.3 | +2.9% | +7.0% |
Partner Brands | 3.3 | 3.3 | 5.7 | -41.6% | -41.7% | ||
Total | 220.8 | -8.7 |
| 229.5 | 217.0 | +1.8% | +5.7% |
Q2 2025-26 sales (July-September 2025)
€m | Reported 25-26 | Forex 25-26 | Scope 25-26 | Organic 25-26 | Reported 24-25 | Reported change | Organic Change |
A | B | C | A/C-1 | B/C-1 | |||
Cognac | 168.9 | -9.3 | 178.2 | 206.0 | -18.0% | -13.5% | |
Liqueurs Spirits | 96.6 | -3.7 | 100.3 | 105.9 | -8.8% | -5.3% | |
Subtotal: Group Brands | 265.4 | -13.0 |
| 278.5 | 311.9 | -14.9% | -10.7% |
Partner Brands | 3.4 | 3.4 | 4.8 | -29.2% | -28.7% | ||
Total | 268.8 | -13.1 |
| 281.9 | 316.7 | -15.1% | -11.0% |
H1 2025-26 sales (April-September 2025)
€m | Reported 25-26 | Forex 25-26 | Scope 25-26 | Organic 25-26 | Reported 24-25 | Reported change | Organic Change |
A | B | C | A/C-1 | B/C-1 | |||
Cognac | 300.2 | -15.2 | 315.4 | 341.5 | -12.1% | -7.6% | |
Liqueurs Spirits | 182.7 | -6.5 | 189.2 | 181.7 | +0.5% | +4.1% | |
Subtotal: Group Brands | 482.9 | -21.7 |
| 504.6 | 523.2 | -7.7% | -3.6% |
Partner Brands | 6.7 | 6.7 | 10.5 | -35.9% | -35.7% | ||
Total | 489.6 | -21.7 |
| 511.4 | 533.7 | -8.3% | -4.2% |
Q3 2025-26 sales (October-December 2025)
€m | Reported 25-26 | Forex 25-26 | Scope 25-26 | Organic 25-26 | Reported 24-25 | Reported change | Organic Change |
A | B | C | A/C-1 | B/C-1 | |||
Cognac | 150.2 | -10.4 | 160.6 | 155.7 | -3.5% | +3.2% | |
Liqueurs Spirits | 90.3 | -4.8 | 95.1 | 92.5 | -2.4% | +2.8% | |
Subtotal: Group Brands | 240.6 | -15.2 |
| 255.8 | 248.2 | -3.1% | +3.0% |
Partner Brands | 5.2 | -0.1 | 5.3 | 5.8 | -10.3% | -9.3% | |
Total | 245.8 | -15.3 |
| 261.1 | 254.1 | -3.3% | +2.8% |
9M 2025-26 sales (April-December 2025)
€m | Reported 25-26 | Forex 25-26 | Scope 25-26 | Organic 25-26 | Reported 24-25 | Reported change | Organic Change |
A | B | C | A/C-1 | B/C-1 | |||
Cognac | 450.4 | -25.6 | 476.0 | 497.2 | -9.4% | -4.3% | |
Liqueurs Spirits | 273.0 | -11.3 | 284.3 | 274.2 | -0.4% | +3.7% | |
Subtotal: Group Brands | 723.5 | -36.9 |
| 760.4 | 771.4 | -6.2% | -1.4% |
Partner Brands | 12.0 | -0.1 | 12.0 | 16.3 | -26.8% | -26.3% | |
Total | 735.4 | -37.0 |
| 772.4 | 787.8 | -6.6% | -1.9% |
Regulated information in connection with this press release can be found at www.remy-cointreau.com
Definitions of alternative performance indicators
Rémy Cointreau's management process is based on the following alternative performance indicators, selected for planning and reporting purposes. The Group's management considers that these indicators provide users of the financial statements with useful additional information to help them understand its performance. These indicators should be considered as supplementing those including in the consolidated financial statements and resulting movements.
Organic sales growth:
Organic growth excludes the impact of exchange rate fluctuations, acquisitions and disposals.
The impact of exchange rate fluctuations is calculated by converting sales for the current financial year using average exchange rates from the prior financial year.
For current-year acquisitions, sales of acquired entities are not included in organic growth calculations. For prior-year acquisitions, sales of acquired entities are included in the previous financial year but are only included in current-year organic growth with effect from the actual date of acquisition.
For significant disposals, data is post-application of IFRS 5 (which reclassifies entities disposed of under "Net earnings from discontinued operations" for the current and prior financial year). It thus focuses on Group performance common to both financial years, over which local management has more direct influence.
| _________________________ |
1 All references to "on an organic basis" in this press release refer to sales growth at constant exchange rates and scope of consolidation |
2 Asia-Pacific |
3 Europe, Middle East and Africa |
4 At constant exchange rates (2024-25 rates) |
5 Wholesaler sales to retailers |
6 The COP forecast includes a net impact from additional customs duties of €25 million (of which €5 million in China and €20 million in the United States). These estimates are based on the following assumptions:
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View source version on businesswire.com: https://www.businesswire.com/news/home/20260128823447/en/
Contacts:
Investor relations: Célia d'Everlange investor-relations@remy-cointreau.com
Media relations: Mélissa Lévine press@remy-cointreau.com
