Pernod Ricard
Note: This is a daily stock update and the information stands true as of 28/08/25, 09:00 CET.
Company Update:
Expert Opinion:
The guidance is in line with the consensus, both for this year and for the improvement going forward. The expected resumption of business with China on Cognac and America will gradually occur . Even though comments suggest Q1 and Q2 will remain tough, our expert expects we now have seen the trough in terms of momentum and newsflow. He expects the stock will gradually rerate as eps growth accelerates down the line.
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Company Update:
Net sales reached €10,959m, down 3% organically, slightly better than consensus expectations of a 3.2% decline.
Recurring operating profit came in at €2,951m, representing a 0.8% organic decline, much better than Visible Alpha consensus estimates of around -3%.
FY26 outlook :
1/ Q1 expected to decline, due to US inventory adjustments and Cognac duty-free sales in China resuming only from Q2.
2/ FY25/26 will be transition year with organic sales growth weighted towards H2. (Consensus is at +0.5% organic)
Medium-Term Outlook (FY27–29):
Organic net sales growth targeted at +3% to +6%.
Ongoing operating margin expansion.
Cost efficiencies of €1bn to be delivered between FY26–FY29.
Expert Opinion:
The guidance is in line with the consensus, both for this year and for the improvement going forward. The expected resumption of business with China on Cognac and America will gradually occur . Even though comments suggest Q1 and Q2 will remain tough, our expert expects we now have seen the trough in terms of momentum and newsflow. He expects the stock will gradually rerate as eps growth accelerates down the line.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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