Rémy Cointreau closed the 2025-2026 financial year with substantially stable sales, confirming its annual targets and showing a strong recovery in the second half of the year, after a more challenging start.
The group recorded revenues of 935,3 million euros, up 0,2% on an organic basis, while the reported figure shows a 5% decline, penalized by the exchange rate effect linked in particular to the dollar and the renminbi.
The most significant data, however, comes from the fourth quarter, which saw a sharp acceleration with an 8,9% organic growth, indicating a progressive improvement in demand and the effectiveness of commercial initiatives. This turnaround reflects primarily the recovery of the Cognac division and the greater resilience of the premium product portfolio.
In detail, Cognac showed very strong growth in the fourth quarter (+15,5% organic), driven by the Asia-Pacific region and in particular China, where a favorable comparison base, calendar effects and good resilience during the Chinese New Year had an impact.
The picture is weaker in the Americas, where the comparison with a particularly strong previous year in the United States weighed on performance, even if there are signs of progressive improvement in volumes.
In Europe, the Middle East, and Africa, Cognac returned to growth for the second consecutive quarter, supported by both the European market and the travel retail channel. However, it remains clear that the competitive environment and moderate consumption continue to hinder a full recovery.
The Liqueurs & Spirits division closed the quarter essentially stable (-0,1% organic), with differing trends across geographic regions. The Americas continued to grow thanks to strong performances from brands such as Cointreau, The Botanist, and Bruichladdich, while the EMEA region was impacted by an unfavorable calendar effect after the strong rebound in the previous quarter.
In Asia-Pacific, the division recorded sustained growth, once again driven by China and Japan, confirming the region's increasingly central role for the group. Geographically, the full year saw organic growth in the Americas (+7,2%), while Asia-Pacific declined by 4,3%, impacted by the difficulties in the Chinese market and disruptions in travel retail in the first half of the year. The EMEA region also declined (-3,1%), primarily due to competitive pressure in Cognac.
Overall, Cognac remains the group's main driver with sales of €573,6 million, albeit with a slight organic decline (-0,5%), while Liqueurs & Spirits grew by 2,8%, confirming greater resilience in the medium term.
Regarding profitability, Rémy Cointreau confirms its operating profit target for the year, which is expected to show an organic decline in the low double-digits to mid-teens, due to the geographic mix and sustained investments. The group also expects a negative exchange rate impact of between €25 million and €30 million on operating profit.
Overall, the results show a transitional year, characterized by a weak first half and a progressive recovery in the second, with encouraging signs especially in the premium segments and key markets, but still affected by macroeconomic volatility and currency dynamics.
