Maison Pommery: Revenue Down 12% on a Published Basis, Organic Growth of 0.7%
The disposal of Heidsieck & Co Monopole weighs on the interim accounts of Maison Pommery & Associés, whose published revenue declined by 12.0% in the first half of 2026. Behind this mechanical decline linked to perimeter effects, the Champagne Pommery & Greno brand posted growth of 7.1%, and the Group recalled that its financing is secured until June 19, 2027, with a possible extension through June 2028 subject to conditions.
A Published Decline of 12% for Organic Growth of 0.7% on a Comparable Perimeter
Consolidated revenue for the first half of 2026 stood at €96.2 million, compared to €109.3 million a year earlier, representing a decline of 12.0% on a published basis. This decline is explained by two perimeter effects linked to the portfolio premiumization strategy: the disposal of Heidsieck & Co Monopole, which resulted in a revenue decrease of approximately €9.6 million for the half-year, and the reduction in interprofessional sales, with no contribution to earnings, of approximately €4.5 million. On a comparable perimeter, excluding these two items, revenue increased by 0.7%, driven by Champagne activity up 4.5%. The Champagne Pommery & Greno brand posted growth of 7.1%. Internationally, which represents 62.4% of Champagne revenue, volumes increased by 16.6% in Europe, compared to a market at 8.3%. In France, the Group reported a market share gain of 1.9 percentage points in the large-scale retail segment.
Net Income Down to -€4.0 Million
Current operating income stood at €11.2 million, compared to €13.8 million in the first half of 2025, a decline of €2.6 million. According to the Group, this decrease primarily reflects the loss of contribution from Heidsieck & Co Monopole, not yet fully offset by organic growth. Financial income came in at -€16.2 million, compared to -€15.3 million a year earlier, with the increase in financial charges mainly related to higher interest rates on certain credit lines. Net income stood at -€4.0 million, compared to -€1.4 million in the first half of 2025, a decline of €2.5 million. On a balance sheet basis, total shareholders' equity reached €421.8 million, representing 31.8% of total assets, compared to 29.5% at June 30, 2025, an improvement of nearly 2 percentage points. First half 2025 data have been restated: following the position of its statutory auditors, the Group revised its analysis of the deconsolidation of its receivables assignment contracts under IFRS 9, and restated its accounts closed on December 31, 2024 as well as its 2025 interim information, in accordance with IAS 8. According to the Group, this restatement has no impact on the ratios provided for in the financing agreements concerned.
Net Debt Down and Financing Secured Through June 2027
Net financial debt stood at €716.0 million at June 30, 2026, compared to €754.4 million at year-end 2025 and €775.9 million a year earlier, a reduction of €59.9 million, which the Group tempered by the interprofessional timing shift of a harvest maturity of €22.7 million. On August 5, 2026, Maison Pommery & Associés and nine of its subsidiaries concluded a settlement agreement, approved by the Reims Commercial Court, allowing them to meet financing needs until June 19, 2027, with the possibility of extension through June 2028 subject to certain conditions. This protocol includes financing of €42.8 million, put in place on September 3, 2026, as well as a restructuring of bank debt. The debt reduction plan is based on two pillars: disposals of non-strategic assets for a cumulative target of approximately €100 million and a planned reduction in inventory of €100 million over four years. The Group will propose to its General Meeting on October 19, 2026 the payment of a dividend of €0.38 per share for fiscal year 2025, payable on December 14, 2026, corresponding to a gross yield of 3.89% based on the share price of September 4, 2026.
