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Introduction & Market Context
Rémy Cointreau (EPA:RCO) presented its first quarter fiscal 2026-27 results on July 29, 2026, marking a return to organic growth after a challenging prior year. The French spirits group reported organic sales growth of 1.3% year-over-year to €223.2 million, driven primarily by strong cognac performance that more than offset continued weakness in its liqueurs and spirits division. Shares rose 6.67% to $5.44 following the presentation, as investors welcomed the company’s confirmed full-year guidance and signs of operational resilience in key markets.
Deputy CEO and CFO Luca Marotta emphasized that the quarter unfolded in line with expectations, with cognac delivering 7.7% organic growth while liqueurs and spirits declined 6.6%. The results reflected a positive price-mix effect of 2.7% that more than compensated for a 1.5% volume decline, underscoring the company’s premium positioning strategy.
Quarterly Performance Highlights
The company’s first quarter performance revealed a tale of two portfolios, with cognac emerging as the clear growth engine while liqueurs and spirits continued to face headwinds across most regions.
As shown in the following overview of Q1 2026-27 performance and guidance:
Cognac sales reached €141.9 million, up 8.1% on a reported basis and 7.7% organically, representing 64% of group brand sales. The division benefited from solid performance in the United States, strong growth across the rest of Asia-Pacific, and only a slight reduction in China. Notably, the cognac business delivered a 15.9% volume increase, though this was partially offset by an 8.3% negative price-mix effect as the company adjusted its portfolio strategy.
In contrast, liqueurs and spirits generated €79.6 million in sales, declining 7.7% on a reported basis and 6.6% organically. The division faced challenges from slight reductions in the Americas and mixed performance across EMEA markets, where competitive pressure and moderate consumer demand weighed on results.
The following sales bridge illustrates how the company achieved its modest growth:
Partner brands sales declined sharply by 48.4% to just €1.7 million, primarily due to the discontinuation of certain distribution agreements in Benelux. This strategic pruning had minimal impact on overall group performance given the small base.
Regional Performance Analysis
The company’s regional results highlighted significant geographic divergence, with Asia-Pacific delivering high single-digit growth while the Americas and EMEA faced headwinds.
The following regional breakdown provides detailed performance insights:
Americas (39% of sales): The region posted a low single-digit decline, though performance varied considerably by market. The United States showed resilience with low-to-mid single-digit growth driven by cognac, particularly Rémy Martin 1738. Management noted the company was gaining market share in a difficult environment, with Q1 value depletions slightly negative overall but slightly positive in volume terms. Canada experienced high single-digit declines due to destocking, while Latin America fell by very strong double-digits due to challenging year-over-year comparisons.
APAC (39% of sales): The region delivered high single-digit growth, supported by strong momentum across the rest of Asia. China sales declined by low-to-mid single digits in line with expectations, but management highlighted "green shoots" including EC 6.18 e-commerce sales up 12.3%. Marotta emphasized that "every time we were able to be in touch directly with the consumer, we were resilient and beating our expectation." The rest of Asia posted very strong double-digit growth driven by cognac, with Louis XIII, Rémy Martin XO, and Rémy Martin VSOP all performing well.
EMEA (22% of sales): The region declined by low-to-mid single digits, pressured by competitive intensity in Germany and the discontinuation of partner brand distribution in Benelux. However, the UK and Nordics posted low single-digit growth, mainly in the Nordics, while Africa, Middle East, India and CIS grew by mid-to-high single digits led by South Africa, despite slight negative impact from Middle East conflict.
Division-Level Performance
The cognac division’s strong performance reflected both strategic execution and favorable market positioning in premium segments.
As detailed in the following cognac performance breakdown:
In APAC, which represents 54% of cognac sales, the division posted low double-digit growth. While China declined by low single digits in Q1, the business showed resilience for Rémy Martin, with improvements in Hainan, Macau, and Hong Kong offsetting continued challenges in Taiwan. Q1 value depletions increased by low single digits, driven by Rémy Martin Club. The rest of Asia delivered very strong double-digit growth across Louis XIII, Rémy Martin XO, and Rémy Martin VSOP.
In the Americas (33% of cognac sales), the division declined by low single digits overall. North America sales grew by mid single digits in Q1, with the US and Rémy Martin 1738 performing well despite high comparisons, while Canada suffered from destocking. Detailed depletion data showed the company outperforming both Nielsen and NABCA market trends, with RC Cognac volume depletions down 4.3% over three months versus market declines of 5.2% and 9.6% respectively.
The liqueurs and spirits division faced more persistent challenges across regions:
In the Americas (51% of L&S sales), the division declined by low single digits. North America fell by low single digits due to phasing effects, though Q1 US value depletions showed solid mid single-digit growth for Cointreau, The Botanist, Bruichladdich, and Mount Gay. Cointreau volume depletions rose 4.2% over three months, significantly outperforming a market down 6.5%.
EMEA (37% of L&S sales) declined by low double digits, with the UK and Nordics down mid single digits due to tough market conditions and destocking. APAC (12% of L&S sales) fell by high single digits, with China down strongly due to a tough market and intense promotional activity.
Strategic Marketing Initiatives
The company showcased several successful marketing campaigns that drove commercial momentum across key brands and markets.
The following marketing highlights demonstrate innovation execution:
Notable wins included the EC 6.18 Festival in China, which generated 12% year-over-year sales growth for Rémy Martin through live streaming and promotional offers. The Cinco de Mayo "Make Your Margarita MARGARIGHT" campaign for Cointreau delivered 2% growth in value depletions. Bruichladdich’s Yellow Submarine limited edition achieved 9% versus target, while Mount Gay Silver drove 8% year-over-year growth for the Mount Gay brand. Most impressively, Rémy Martin VS posted 206% year-over-year growth and 70% versus target, demonstrating the power of targeted innovation.
Management emphasized that travel retail delivered very strong double-digit growth, better than expected. Marotta noted that "it is not only a matter of lapping negative performance. We are doing things better," highlighting strategic focus, product design, and improved execution rather than just easy comparisons.
Forward-Looking Statements & Guidance
Management confirmed full-year fiscal 2026-27 guidance without changes, projecting confidence despite ongoing headwinds.
The company’s confirmed outlook is detailed in the following guidance slide:
Key guidance elements include a return to organic sales growth for the full year, slight organic current operating profit margin improvement despite tariff pressure, and maintaining net debt-to-EBITDA below 3.5x by March 31, 2027. The company expects tariff headwinds of approximately €20 million in total, including roughly €15 million in the United States and €5 million from China price-undertaking effects. Currency is projected to weigh on sales by about €15 million and on operating profit by €5 million to €8 million.
Management indicated that July trading was broadly in line with expectations, with China sell-out trends described as very positive so far. Strategic priorities include tighter inventory and working capital management, continued discipline on capital spending, further investment in travel retail, expansion of direct consumer touch points through e-commerce and new channels, and more detail on medium-term strategy planned for later in the year.
Financial Details & Analysis
The quarterly sales breakdown by division provides additional context for the company’s performance trajectory:
Group brands (excluding partner brands) grew 2.0% organically to €221.5 million, with cognac’s 7.7% growth more than offsetting the 6.6% decline in liqueurs and spirits. The 48.4% reported decline in partner brands reflected the strategic decision to discontinue certain distribution agreements, particularly in Benelux, as the company focuses resources on its owned portfolio.
Currency headwinds, while modest in Q1, are expected to intensify throughout the fiscal year:
The total currency impact in Q1 was negative €0.4 million, with the US dollar representing the largest headwind at negative €2.3 million. This was partially offset by positive contributions from the Chinese yuan (+€1.9 million), South African rand (+€0.3 million), and Australian dollar (+€0.2 million). The British pound, Japanese yen, and other currencies provided additional modest headwinds.
The company’s gross profit margin of 65.8% reflects its premium positioning in spirits, though management acknowledged ongoing pressure from tariffs, currency fluctuations, and competitive promotional intensity in certain markets. The balance between volume and price-mix—with overall price-mix positive at 2.7% despite volume declining 1.5%—demonstrates the company’s ability to maintain pricing power even in challenging market conditions.
Analysts on the earnings call focused on three main topics: the US market dynamics, China recovery prospects, and travel retail sustainability. Management emphasized that US improvement stemmed from strong execution rather than fundamental consumer behavior changes, that China direct consumer engagement through e-commerce was driving outperformance, and that travel retail strength reflected strategic focus rather than just favorable comparisons.
The confirmed guidance and modest return to growth, combined with signs of stabilization in key markets like China and continued US resilience, appear to have reassured investors that the company’s premium spirits strategy remains on track despite a challenging operating environment.
Full presentation:
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