Improving Momentum With Stable Organic Net Sales in Q3 in a Volatile Context

Regulatory News:

Pernod Ricard (Paris:RI):

Press Release – Paris, 16 April 2026

We report as expected, a sequential improvement in Organic Net Sales in Q3 compared to H1, with total group volumes in Q3 back to growth at +4%, and with Strategic International Brands’ volumes growing +3%. When excluding the US and China markets which contracted in Q3 -12% and -7% respectively, Q3 Organic Net Sales in the rest of the world are growing strongly at +5%. Sales have improved in markets across all regions in Q3, with strong momentum in Emerging Markets and continued growth in several Mature Markets.

We are exploiting evolving consumer trends to capture growth with actions that address consumer trends and needs including:

• Addressing affordability with RGM, smaller formats and standard and premium brands,
• Consumer experiences, with music festival activations,
• Convenience, including through RTD, and through targeted stores activations
• Broadening the consumption occasions, with the launch of no and low alcohol products.

We are actively managing what is within our control, adapting our resources with agility, deploying our efficiency program, steering the organisation to fuel our future growth and optimise our cash generation.

FY26 Q3 Net Sales totalled €1,945m, an organic growth of +0.1%, and -14.6% reported.

FY26 9M Net Sales totalled €7,199m, an organic decline of -4.4% and -14.8% reported, with unfavourable Foreign Exchange impact of -€515m mainly linked to USD, INR and TRY¹, and Group Structure of -€393m mainly linked to the disposal of Wines & Imperial Blue business.

By regions, (Organic Net Sales Q3/YTD):

• Americas -8% / -10%,
  • USA -12% / -14%,
    • Our Sell-out value gap-to-market² sustained at c.2pts
    • After a soft OND holiday season, Q3 market² performance improved to -4%, slightly ahead of the YTD trend, with the On-trade channel performing better than the Off-trade,
    • Active innovation pipeline, recruiting new consumers and maintaining brand desirability, with notable recent examples including Jameson Triple Triple, Absolut Tabasco and Malibu Pink.
  • Canada: solid growth YTD, double digits in Q3 with strong growth from RTDs, Canadian Whisky and Jameson,
  • Brazil: back to growth in Q3, following the easing of the impacts from the methanol crisis.

• Asia-RoW +6% / -2%,
  • India +11% / +6%,
    • The Spirits market continues to enjoy dynamic consumer fundamentals,
    • Q3 benefit from strong underlying demand and continuing premiumisation, along with the disposal of the Imperial Blue business,
    • Broad-based growth across the portfolio with imported spirits in strong double-digits growth, including Jameson, Absolut and Scotch brands,
    • Strong growth from local brands, especially Blenders Pride, and with the launch of the new “Xclamat!on” range of Spirits.

• China -7% / -24%,
  • Macro context remains challenging, with weak consumer confidence and tightened regulatory environment,
  • Sales in Q3 benefitted from the phasing of CNY, though underlying performance was soft, in line with the cautious sentiment of the trade ahead of CNY
  • YTD Sales of Martell and Scotch Whiskies are in decline, while premium brands enjoy positive sales momentum
• Korea back to growth in Q3
• Japan continues its strong momentum YTD, with Perrier-Jouët in double digits growth
• Africa and Middle East, double-digits growth YTD, driven by Türkiye, Nigeria and South Africa. We are carefully monitoring the evolving conflict in the Middle East, and we expect full year net sales to be impacted.

• Europe +1% / -2%,
  • Back to growth in Q3, with strong performance from Bumbu, Perrier-Jouëtt and Jameson,
  • France decline YTD, though easing in Q3,
  • Spain solid growth in Q3, benefitting from the earlier Easter,
  • Germany declining YTD in a subdued though improving market,
  • Poland broadly stable YTD, with Q3 impacted by phasing.

• Global Travel Retail +11% / +2%,
  • Traveller numbers remain strong, ahead of pre-COVID in all regions
  • Sales rebound following the resumption of Cognac sales in China DF
  • Asia DF benefitted from an active festive marketing program celebrating CNY, with strong double-digits sell-out growth for Martell
  • Europe and the Americas continue to see positive momentum in sell-out, notably cruises in the Americas
  • GTR now expected to be in slight decline for FY26, as a result of travel disruption from the Middle East conflict

By brands, (Organic Net Sales Q3/YTD):