Vranken-Pommery secures €42.8 million in financing through June 2027
The Champagne group announced the conclusion of a conciliation agreement with its main financial partners, approved by the Reims Commercial Court. At the same time, the exclusivity period with Henkell International expired without an agreement at this stage.
Additional financing of €42.8 million through June 2027
Maison Pommery & Associés and nine of its subsidiaries concluded an agreement with their main financial partners to cover their financing needs until June 19, 2027 (the "maturity date"), with the possibility of extension until June 2028 subject to conditions. This conciliation agreement, approved on August 5, 2026 by the Reims Commercial Court, secures the group's liquidity position and provides it with the resources necessary for the 2026 harvest, expected earlier than usual.
The agreement provides for the availability, from early September 2026 until the maturity date, of €42.8 million in additional financing, remunerated at the 3-month Euribor rate plus 3.5%, with lenders benefiting from conciliation privilege and security interests. It also provides for the maintenance or extension of short and medium-term banking lines, including the €50 million loan granted by Natixis, which expired on May 31, 2026.
The conciliation procedure was opened on July 29, 2026.
Security interests on assets in Champagne and new covenants
The agreement provides for a postponement of principal repayment on the main medium-term facilities until the maturity date, the restructuring of several financing facilities, including those dedicated to stock aging, as well as the suspension of the consequences of existing or potential default cases. Maison Pommery & Associés and its subsidiary Vranken-Pommery Production grant security interests on certain group assets in Champagne, including pledges on Pommery SAS shares as well as trusts and pledges on interests in companies holding wine-related assets.
New financial covenants are implemented, including restrictions on payments and dividends to shareholders, capped at a total amount of €10.8 million until the repayment of additional financing, as well as a minimum consolidated cash covenant of €2 million.
The possibility of extending the maturity date to June 19, 2028 is conditional on the extension of the maturity of the €45 million bond loan issued on May 14, 2019 (ISIN: BE0002654359), currently set for June 19, 2027, to that same date.
End of discussions with Henkell and debt reduction envisaged
Following the expiration on July 31, 2026 of the exclusivity period, Maison Pommery & Associés and Henkell International confirmed that exclusive discussions, initiated on June 2, 2026 and concerning a strategic partnership that could lead Henkell to become majority shareholder, ended without an agreement at this stage. Both companies stated they remain open to resuming negotiations at a later date. As of August 1, 2026, the group is free to consider the sale of non-strategic assets.
The group confirms a target for the sale of non-strategic assets, in particular in Southern Europe, for a total amount of approximately €100 million (in addition to the proceeds from the sale of Heidsieck & Co Monopole), as well as a reduction in its inventory of approximately €100 million between 2027 and 2030, representing a total potential debt reduction of €200 million, to which would be added a capital increase.
The group will publish its 2025 universal registration document and its 2026 interim financial report on September 7, 2026, and will hold its general meeting on October 19, 2026. The dividend amount proposed will be substantially lower than the €0.80 per share announced on March 30, 2026.
