Rémy Cointreau: First-half sales up 2.9% driven by cognac
Rémy Cointreau published on October 28, 2026 revenue of €510.9 million for the first half of its 2026-27 fiscal year (April-September). It is up 2.9% on an organic basis and 4.4% on a reported basis, thanks to a favorable foreign exchange effect of 1.5%. The second quarter advanced 4.2% on an organic basis, compared to 1.3% in the first quarter.
This growth is driven by cognac, up 12.4% on an organic basis for the quarter, while liqueurs and spirits declined 7.4%. The group confirmed its annual targets. It also reduced to approximately €5 million the expected impact of tariffs on its current operating income.
Cognac up 10.3% over six months, liqueurs down 7%
Over the half-year, the Cognac division achieved revenue of €338.7 million, compared to €300.2 million a year earlier, representing growth of 10.3% on an organic basis and 12.8% on a reported basis.
The pace strengthened over the period: the division grew 7.7% on an organic basis in the first quarter, then 12.4% in the second.
The Liqueurs & Spirits division follows the opposite trajectory. Its revenue stands at €169.7 million, compared to €182.7 million, a decline of 7.0% on an organic basis over the half-year, following a drop of 6.6% in the first quarter and 7.4% in the second.
Partner Brands now account for only €2.5 million, down 62.5% on an organic basis. The group attributes this principally to the cessation of partner brand distribution in Benelux since April.
China up, US sales held back by inventory drawdown
The geographic breakdown clarifies these disparities. The Asia-Pacific zone increased 14.3%, driven by accelerating shipments to China in the second quarter during the Mid-Autumn Festival. For cognac, the rest of Asia benefited from sales of Rémy Martin XO and VSOP.
The Americas region declined 5.5%, due to a high comparison base for cognac and inventory reductions in the United States related to distribution changes. The mechanism weighs on both divisions: distributors are reducing their stocks, which decreases the group's shipments.
Wholesaler sales to retailers evolved differently. According to the group, they were nearly flat over the half-year in the Americas region and improved from quarter to quarter. For liqueurs, they are growing, notably driven by Cointreau, The Botanist and Mount Gay.
The Europe, Middle East and Africa zone declined 2.2%. The group notes growth in Africa and improvement in the United Kingdom, but the rest of Europe affected by a consumer environment that is "mixed".
This publication comes after several sessions of share gains in October. The stock notably gained 4% on October 7 and then 3.5% on October 14, following two analyst upgrades.
Targets confirmed, tariff impact reduced to approximately €5 million
For fiscal year 2026-27, Rémy Cointreau still anticipates a return to sustainable organic revenue growth, with gradual improvement over the quarters. The impact of tariffs on current operating income is now estimated at approximately €5 million, solely in China, compared to approximately €20 million previously.
This revision primarily reflects the reduction of US tariffs on European imports from 15% to 10%. It also accounts for €6.4 million in tariff refunds for fiscal year 2025-26, recorded over the half-year.
The gain of approximately €15 million will be entirely reinvested in the group's activities to support growth. The target of slight organic improvement in current operating margin therefore remains unchanged.
Currencies now work in the group's favor. The expected effect on revenue is approximately +€15 million, compared to approximately -€15 million previously. On current operating income, it is now estimated between +€3 million and +€5 million, compared to a negative effect of between €5 million and €8 million previously.
On the balance sheet, the group completed on September 30, 2026 its first issuance of hybrid bonds, for €250 million at a fixed rate of 6.75%. These securities will be entirely recognized in equity. The group will have an initial option to redeem early between July 7 and October 7, 2031.
Rémy Cointreau will present its half-year results and medium-term financial targets on November 25, 2026, notably on its RC Forward transformation plan. Its target of a leverage ratio (net debt to EBITDA) below 3.5 times as of March 31, 2027 was set in June. It does not include the effect of the hybrid issuance, which should further reduce this ratio.
