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In 2025-26, the Americas saw organic growth of +7.2%, supported by a very favorable base of comparison and a marked sequential improvement in depletion variation, compared to last year. This improvement reflects the initial results of initiatives aimed at revitalizing Rémy Martin VSOP, as well as the resilience of the Liqueurs & Spirits division. Sales in the APAC region declined by -4.3% on an organic basis, notably impacted in China by challenging market conditions and first half disruptions in Travel Retail. However Rémy Martin demonstrated solid resilience and continued to gain market share. Lastly, the EMEA region reported a -3.1% organic decline, impacted by the Cognac division, where intense competitive pressures weighed on results against a backdrop of relatively subdued consumption.
Breakdown of sales by division
| €m (April 2025-March 2026) | 2025-26 | 2024-25 | Change as reported | Organic change | |
| vs. 2024-25 | vs. 2019-205 | ||||
| Cognac | 573.6 | 611.8 | -6.2% | -0.5% | -18.2% |
| Liqueurs & Spirits | 346.1 | 352.6 | -1.8% | +2.8% | +37.5% |
| Subtotal: Group Brands | 919.7 | 964.3 | -4.6% | +0.7% | -3.7% |
| Partner Brands | 15.6 | 20.3 | -22.9% | -22.4% | -41.6% |
| Total | 935.3 | 984.6 | -5.0% | +0.2% | -4.6% |
Cognac
Cognac division sales rose by +15.5% on an organic basis in the fourth quarter.
This performance was primarily driven by strong sales growth in the APAC region, led by China. Despite a challenging environment, China benefited from a very favorable base of comparison, positive calendar effects, and resilient business during the Chinese New Year. At the same time, the rest of Asia continued to face tough market conditions amid ongoing economic headwinds. By contrast, sales in the Americas recorded a slight decline, reflecting the high base of comparison in the United States (which saw double-digit growth in Q4 2024-25) and an unfavorable phasing effect in Canada. Yet underlying trends remain encouraging: variations in volume depletions showed further sequential improvement compared to the previous quarter, reflecting the initial results of initiatives to revitalize Rémy Martin VSOP, as well as the strong performance of the high-end segment, particularly Rémy Martin XO. Lastly, the EMEA region recorded a second consecutive quarter of growth, supported by Europe and Travel Retail.
Liqueurs & Spirits
Liqueurs & Spirits division sales remained broadly stable in the fourth quarter, down -0.1% on an organic basis.
The Americas delivered further sales growth despite a high base of comparison, driven by strong performances from Cointreau, The Botanist and Bruichladdich, all of which outperformed their respective categories, both over the full year and in the fourth quarter. In the EMEA region, sales declined, mainly due to an unfavorable phasing effect following a sharp rebound in shipments in the previous quarter. Finally, the APAC region recorded strong growth, driven by China and Japan, reflecting solid momentum for the Bruichladdich and Cointreau brands.
Partner Brands
Sales of Partner Brands declined by -6.1% on an organic basis in the fourth quarter.
2025-26 full-year COP target confirmed
In light of sales performance in line with targets and continued sustained investment in China and the United States, Rémy Cointreau confirms its annual target for Current Operating Profit6 and expects an organic decline in the low double-digit to mid-teens range.
In addition, the Group anticipates a negative currency impact on Current Operating Profit of between -€25 million and -€30 million.
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 Deputy CEO & 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% |
Q4 2025-26 sales (January 2025-March 2026)
| €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 | 123.2 | -9.2 | 132.4 | 114.6 | +7.5% | +15.5% | |
| Liqueurs & Spirits | 73.0 | -5.1 | 78.2 | 78.3 | -6.7% | -0.1% | |
| Subtotal: Group Brands | 196.2 | -14.4 | - | 210.6 | 192.9 | +1.7% | +9.2% |
| Partner Brands | 3.7 | 3.7 | 3.9 | -6.8% | -6.1% | ||
| Total | 199.9 | -14.4 | - | 214.3 | 196.8 | +1.6% | +8.9% |
H2 2025-26 sales (October 2025-March 2026)
| €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 | 273.4 | -19.6 | 293.0 | 270.3 | +1.1% | +8.4% | |
| Liqueurs & Spirits | 163.4 | -10.0 | 173.3 | 170.8 | -4.4% | +1.5% | |
| Subtotal: Group Brands | 436.8 | -29.6 | - | 466.3 | 441.1 | -1.0% | +5.7% |
| Partner Brands | 8.9 | -0.1 | 9.0 | 9.8 | -8.9% | -8.0% | |
| Total | 445.7 | -29.7 | - | 475.3 | 450.9 | -1.2% | +5.4% |
FY 2025-26 sales (April 2025-March 2026)
| €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 | 573.6 | -34.8 | 608.4 | 611.8 | -6.2% | -0.5% | |
| Liqueurs & Spirits | 346.1 | -16.4 | 362.5 | 352.6 | -1.8% | +2.8% | |
| Subtotal: Group Brands | 919.7 | -51.3 | - | 971.0 | 964.3 | -4.6% | +0.7% |
| Partner Brands | 15.6 | -0.1 | 15.7 | 20.3 | -22.9% | -22.4% | |
| Total | 935.3 | -51.4 | - | 986.7 | 984.6 | -5.0% | +0.2% |
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 performance at constant exchange rates and scope of consolidation
2 Asia-Pacific
3 Wholesaler shipments to retailers (year-on-year in %)
4 Europe, Middle East and Africa
5 At constant exchange rates (2024-25 rates)
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:
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429578902/en/
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