Laurent-Perrier: Champagne Revenue of €294.8M and Market Share Gains
Laurent-Perrier reports a Champagne revenue of €294.8M for the fiscal year 2025-2026, up 4.2% from the previous year. This performance comes in a context where the global Champagne market has declined by 1.6% in volume. The group increased its volume sales by 3.8%, reflecting an aggressive strategy to capture market share. However, this growth is accompanied by a decrease in operating margin, which fell from 26.3% to 25.8%, reflecting significant investments in brand development and commercial enhancement.
Defensive Growth in a Contracting Market
The group's revenue stands at €303.8M in 2025-2026, up 3.18% from €294.4M in the previous fiscal year. Champagne sales reached €294.8M, a 4.2% increase, driven by both a 3.8% increase in volume and a 1.4% effect from pricing and mix, partially offset by a negative currency impact of 1.0%. This result should be viewed in light of market dynamics: the global Champagne sector experienced a 1.6% decrease in volume over the same period. Laurent-Perrier thus progressed against the current, gaining market share. The gap between the market contraction (-1.6%) and the group's growth (+3.8% in volume) illustrates a defensive expansion strategy, based on the strength of its brand portfolio (Laurent-Perrier, Salon, Delamotte, Champagne de Castellane) and mastery of global distribution.
Profitability Maintained but Under Pressure
Operating income increased from €74.4M to €76.1M, a rise of 2.24%. The group's net income improved to €49.5M, up from €47.4M in the previous year (+4.52%), representing 16.3% of consolidated revenue. Earnings per share increased to €8.45, from €8.02 the previous year. However, the operating margin declined by 50 basis points, from 26.3% to 25.8%. This contraction reflects the ongoing investments the group makes for the long-term development of its brands and sales enhancement. Stéphane Dalyac, chairman of the executive board, notes that this margin 'remains at a high level'.
Improved Cash Flow and Strong Financial Structure
Operational cash flow amounted to +€24.5M in 2025-2026, compared to −€11.2M in 2024-2025, a recovery of €35.7M. This positive movement is primarily due to solid business performance, controlled inventory management, and credit control. The group's equity increased from €627.3M to €668.8M, while net debt decreased from €220.2M to €207.9M. The debt-to-equity ratio improved to 0.31 from 0.35 a year earlier, signaling a solid and low-debt financial structure. The group has an active cash reserve of €54.3M as of March 31, 2026. This financial strength provides Laurent-Perrier with the flexibility to continue investing in its brands and distribution without financial constraints.
