Pernod navigates global slowdown with India performance

Pernod Ricard reported a resilient FY25 YTD performance, led by growth in India, where net sales rose 5 percent despite a softer Q3 impacted by new customs clearance procedures and a temporary production halt in a key state, both now resolved. Jameson, Ballantine’s, Royal Salute, and Royal Stag showed strong momentum, with further acceleration expected in Q4.

Globally, Q3 FY25 net sales declined 3 percent organically to €2,278 million, while YTD sales dropped 4 percent organically and 5 percent reported to €8,454 million, with a negative FX impact of €145 million. Volume grew 1 percent, but a negative market mix impacted a price/mix effect of 5 percent.

The Americas grew 3 percent in Q3, driven by the US, Canada, and Brazil. Europe declined 7 percent in Q3 due to macro pressures and Easter timing, while Asia-RoW dropped 6 percent. Global Travel Retail plunged 31 percent in Q3 due to China’s duty-free suspension on Cognac and a high base effect.

Pernod Ricard reaffirmed its FY25 outlook of low single-digit organic sales decline with stable operating margins, continued cost discipline, and a focused cash generation.