Rémy Cointreau (RMC) Q4 24/25 TU earnings summary

Executive summary

• Full-year sales reached €984.6 million, down 18% organically and 17.5% reported, in line with expectations, with Q4 down 19% due to technical and market factors, especially in China and APAC, while the US rebounded from a low base.

• Cost optimization and cost-cutting measures delivered over €50 million in savings, supporting the confirmed 2024-25 COP organic margin target.

• The 2029-30 strategic plan and long-term financial targets remain unchanged.

Financial highlights

• Full-year sales were €984.6 million, down €209.6 million or -17.5% reported, with an organic decline of €215.3 million (-18%).

• Volume effect was -11.8% and price/mix -6.3% for the year; currency translation added €5.7 million (0.5%).

• Q4 Cognac sales fell 32.8% organically, while Liqueurs & Spirits grew 16.1% organically in Q4.

Outlook and guidance

• FY 2024-25 organic COP margin expected between 21% and 22%, with exchange rates expected to add €5 million to COP.

• 2025-26 expected to resume high single-digit annual organic sales growth and gradual COP margin improvement, but margin improvement depends on tariff outcomes.

• 2029-30 targets reiterated: 72% gross margin and 33% COP margin.