Rémy Cointreau has become the latest major distiller to withdraw mid-term guidance.
The French spirits group today (4 June) pulled its objectives for 2030 – drawn up a decade ago.
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The Rémy Martin Cognac maker pointed to “the continued lack of macroeconomic visibility”, tensions over tariffs and uncertainty over when the US market would recover.
Rémy Cointreau also cited the appointment of its new CEO, a move announced last week. The Bruichladdich whisky maker said Franck Marilly “will establish his own strategic roadmap while remaining aligned with the value strategy implemented by the group for decades”. He joins later this month.
Analysts expected the withdrawal the guidance, which came alongside the publication of Rémy Cointreau’s annual financial results.
In February, Diageo pulled its medium-term guidance, citing “macroeconomic and geopolitical uncertainty”.
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By GlobalDataThe same month, Pernod Ricard cut its sales forecasts, saying “intense geopolitical uncertainties” were hitting the spirits sector.
Rémy Cointreau published its full-year sales at the end of April but today’s announcement covered the group’s profits.
So-called current operating profit fell 28.7% to €217m ($247.8m) and by 30.5% on an organic basis. The group share of net profit decreased 34.4% to €121.2m, or by 36.8% organically.
In April, the Cointreau liqueur maker posted an 18% decline in full-year sales on an organic basis to €984.6m.
Last year, the group set out plans to find €50m in costs during the fiscal period. It said today it had extracted €85m.
For Rémy Cointreau’s new 2025-26 financial year, the company expects sales to return to “mid-single-digit growth on an organic basis”.
The company said the recovery would be “driven primarily by a strong technical rebound in sales to the United States” starting in the first quarter.
In a sign of the uncertainty about tariffs, not just on imports to the US but on EU brandy shipments to China, Rémy Cointreau’s guidance for current operating profit was for growth “in the high single-digit to low double-digit range” – but “excluding any increase in customs duties in China and the United States”.
At the moment, the company’s “worst-case scenario” is for the potential increase in tariffs to amount to €100m gross.
Rémy Cointreau’s share price, down by more than 42% in the last 12 months, was up 5.12% at €49.32 today at 17:00 CEST.
