Rémy Cointreau (RMC) Q4 2026 TU earnings summary

Executive summary

• Q4 organic sales grew 8.9%, led by strong Cognac growth (+15.5%) in China/APAC, supported by Chinese New Year calendar effects, while Americas improved sequentially and EMEA faced subdued consumption and competitive pressures.

• Full-year sales reached €935.3 million, down 5% reported due to negative currency impacts, but up 0.2% organically, in line with guidance.

• Americas posted +7.2% organic sales growth for the year, APAC declined -4.3%, and EMEA declined -3.1%.

• Value depletion for the group fell low single digits year-on-year, reflecting significant destocking, especially in the U.S.

• Inventory levels improved in the U.S. and remained healthy in China; EMEA inventories slightly increased.

Financial highlights

• FY 2025-26 reported sales were €935.3m, down 5% from €984.6m, mainly due to negative currency impacts of €51.4m, primarily from USD and RMB.

• Organic growth for the year was €2.1 million (+0.2%), with a 3% positive volume effect and -2.8% price mix.

• Cognac division FY sales: €573.6 million, down 0.5% organically; Liqueurs & Spirits: €346.1 million, up 2.8% organically; Partner Brands: €15.6 million, down 22.4% organically.

• Q4 sales performance benefited from an 11.3% price-mix effect, offsetting a -2.4% volume effect.

Outlook and guidance

• Full-year top-line and COP guidance confirmed; organic COP expected to decline low double-digit to mid-teens percent, with negative currency impact of €25–30 million and €25 million net impact from additional customs duties.

• No tariff refunds included in FY 2026/2027 budget; cautious approach maintained due to ongoing volatility.

• Moderate optimism for China, but market remains volatile and guidance for 2026/2027 will be detailed in June.