Pernod Ricard reports Q1 results; gives FY 2027 and beyond outlook

• Pernod Ricard press release (PRNDY): Q1 Revenue of €2.23B -6.3% Y/Y.
• Sales in the US declined by -10% and in China by -25%, with both markets being impacted by inventory adjustments, as expected.
• Volumes in Q1 returned to growth at +6%, with Strategic International Brand volumes growing +2%.

• FY27 OUTLOOK

  "We are expecting organic Net Sales broadly stable for the full year, in a contrasted and uncertain environment. We expect strategic investments at c.€700m, strong operating working capital management, with cash conversion expected to continue at c.90%."

• MEDIUM TERM FY27-29

  "Noting the current softness in the US market, we are projecting Organic Net Sales growth, aiming to be, on average, close to the lower end of the +3% to +6% range over FY27 to FY29. We are targeting Net Debt / EBITDA ratio below 3x by FY29."

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