{"id":15933,"date":"2026-06-04T10:28:00","date_gmt":"2026-06-04T08:28:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=1e892f90968a32f25fc3549cf81929f7"},"modified":"2026-06-04T10:28:00","modified_gmt":"2026-06-04T08:28:00","slug":"remy-cointreau-full-year-results-in-line-with-targets","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=15933","title":{"rendered":"R\u00e9my Cointreau: Full-Year Results in Line With Targets"},"content":{"rendered":"<p class=\"bwalignc\">\n<b>RC <i>Forward <\/i>transformation<i> <\/i>plan: driving growth and creating value (\u20ac100 million<sup>1<\/sup> over 3 years)<\/b><\/p><p class=\"bwalignc\">\n<b>2026-27 objectives: return to growth and slight improvement in Current Operating Margin on an organic basis<\/b><\/p><ul class=\"bwlistcircle\">\n<li>\n<b>Sales: <\/b>+0.2% on an organic basis<\/li>\n<li>\n<b>Gross margin: <\/b>-3.7 pts on an organic basis at 65.8% (-2.1 pts excluding incremental customs duties)<\/li>\n<li>\n<b>Sustained investment in marketing and communications:<\/b> 19.7% of sales<\/li>\n<li>\n<b>Tight control of overhead costs:<\/b> -1.3% on an organic basis<\/li>\n<li>\n<b>Current Operating Profit (COP): <\/b>\u20ac165.4 million (-11.5% on an organic basis), or 17.7% margin (-2.6 pts on an organic basis)<\/li>\n<li>\n<b>Improved Free Cash Flow (FCF) <\/b>at \u20ac53.8 million: tight management of working capital; cash conversion rate<sup>2<\/sup> of 27% (vs 10% in 2024-25)<\/li>\n<li>\n<b>2026-27 objectives:<\/b>\n<ul class=\"bwlistdisc\">\n<li>\nReturn to <b>organic growth in sales<\/b><\/li>\n<li>\n<b>Slight organic improvement in Current Operating Margin (COM)<\/b><\/li>\n<\/ul><\/li>\n<\/ul><p>PARIS--(BUSINESS WIRE)--Regulatory News:<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260603949560\/en\/549676\/5\/REMY_COINTREAU_FR_RVB.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260603949560\/en\/549676\/5\/REMY_COINTREAU_FR_RVB.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260603949560\/en\/549676\/5\/REMY_COINTREAU_FR_RVB.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260603949560\/en\/549676\/21\/REMY_COINTREAU_FR_RVB.jpg\" \/><\/a><p>\nR\u00e9my Cointreau\u2019s (Paris:RCO) <b>sales <\/b>came to \u20ac935.3 million in full-year 2025-26, up +0.2% on an organic basis and in line with objectives. Sales were down -5.0% as reported, including a negative -5.2% currency effect that was due primarily to trends in the dollar and the renminbi. <b>Current Operating Profit <\/b>was \u20ac165.4 million, down -11.5% on an organic basis. This mainly reflects a decline in gross margin linked to incremental customs duties, as well as unfavorable trends in price mix and production costs. This deterioration was partially offset by strict control of overhead costs. <b>Current Operating Margin<\/b> was down by -4.4 points to 17.7% as reported (of which -2.6 points on an organic basis).<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwsinglebottom bwtopsingle bwvertalignm bwwidth50\" colspan=\"1\" rowspan=\"2\"><p class=\"bwcellpmargin bwalignl\">\nSales \u2013 in \u20ac million (<i>unless otherwise stated<\/i>)<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwsinglebottom bwtopsingle bwrowaltcolor1 bwalignc bwvertalignm bwwidth10\" colspan=\"1\" rowspan=\"2\"><p class=\"bwalignc bwcellpmargin\">\n<b>2025-26<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwsinglebottom bwtopsingle bwalignc bwvertalignm bwwidth10\" colspan=\"1\" rowspan=\"2\"><p class=\"bwalignc bwcellpmargin\">\n<b>2024-25<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwsinglebottom bwtopsingle bwalignc bwvertalignm bwwidth10\" colspan=\"1\" rowspan=\"2\"><p class=\"bwalignc bwcellpmargin\">\n<b>Reported change<\/b><\/p><\/td><td class=\"bwtopsingle bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Organic change<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>vs. 2024-25<\/b><\/p><\/td><td class=\"bwpadl0 bwsinglebottom bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>vs. 2019-20<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Sales<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>935.3<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>984.6<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-5.0%<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>+0.2 %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-4.6%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Gross margin (%)<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>65.8%<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>70.6 %<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-4.7 pts<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-3.7 pts<\/i><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-0.8 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Current Operating Profit<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>165.4<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>217.0<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-23.8%<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-11.5%<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-18.1%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Current operating margin (%)<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>17.7%<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>22.0%<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-4.4 pts<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-2.6 pts<\/i><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-3.2 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net profit \u2013 Group share<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>78.7<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>121.2<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-35.1%<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-21.1%<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-26.7%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>Net margin (%)<\/i><\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>8.4%<\/i><\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>12.3%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-3.9 pts<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-2.6 pts<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-2.9 pts<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet profit \u2013 Group share excl. non-recurring items<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n89.2<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n128.0<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-30.3%<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-16.6%<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-23.6%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Net margin excl. non-recurring items (%)<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>9.5%<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>13.0%<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-3.5 pts<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-2.2 pts<\/i><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-2.7 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EPS \u2013 Group share (\u20ac)<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>1.51<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2.36<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-36.0%<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-22.2%<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-30.0%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nEPS <b>\u2013 <\/b>Group share excl. non-recurring items (\u20ac)<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1.71<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2.49<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-31.2%<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-17.8%<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-27.0%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net debt \/EBITDA ratio<\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>3.22x<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>2.40x<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>+0.82x<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrightsingle bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>+0.82x<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>+1.36x<\/i><\/b><\/p><\/td><\/tr>\n<\/table><p>\n<b>Franck Marilly, CEO, commented:<\/b><\/p><p>\n<i>\"In a persistently complex macroeconomic and geopolitical environment, we delivered a 2025-26 performance in line with our objectives, driven by tangible progress on our key priorities: stabilizing the business, preserving profitability, and improving cash generation. In this year of transition, we have won several key battles: our brands are regaining ground in the United States, R\u00e9my Martin is strengthening its leadership and market share in China, and our Travel Retail business is gradually recovering, with the aim of doubling in size within three years. At the same time, we have continued to reduce overhead costs while maintaining investment in our brands. In 2026-27, despite limited visibility, our determination remains unwavering. We will continue strict execution of our priorities: accelerating the growth of our non-cognac brands, seizing every opportunity in cognac to rebuild momentum, and strengthening our positions in the United States and China, while identifying new growth drivers and leveraging innovation. The creation of a new entity dedicated to Emerging Markets should make it possible to substantially accelerate our development in these regions and supports our ambition to double our sales there within three years. This strategy will be reinforced by the launch of RC Forward, a plan designed to sustainably strengthen our fundamentals and create value across all our operations. It will generate around \u20ac100 million of value creation by 2028-29 and will be a key enabler of our growth strategy, supporting it sustainably while reducing our exposure to macroeconomic cycles. We will present our medium-term objectives in November 2026.\"<\/i><\/p><p class=\"bwalignc\">\nCurrent Operating Profit by division<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwsinglebottom bwtopsingle bwwidth50\" colspan=\"1\" rowspan=\"2\"><p class=\"bwcellpmargin\">\nIn \u20ac million (<i>unless otherwise stated<\/i>)<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwsinglebottom bwtopsingle bwrowaltcolor1 bwalignc bwvertalignm bwwidth10\" colspan=\"1\" rowspan=\"2\"><p class=\"bwalignc bwcellpmargin\">\n<b>2025-26<\/b><\/p><\/td><td class=\"bwpadl0 bwsinglebottom bwtopsingle bwalignc bwvertalignm bwwidth10\" colspan=\"1\" rowspan=\"2\"><p class=\"bwalignc bwcellpmargin\">\n<b>2024-25<\/b><\/p><\/td><td class=\"bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwtopsingle bwalignc bwvertalignm bwwidth10\" colspan=\"1\" rowspan=\"2\"><p class=\"bwalignc bwcellpmargin\">\n<b>Reported change<\/b><\/p><\/td><td class=\"bwtopsingle bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Organic change<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>vs. 2024-25<\/b><\/p><\/td><td class=\"bwsinglebottom bwleftsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>vs. 2019-20<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCognac<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n141.5<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n184.5<\/p><\/td><td class=\"bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-23.3%<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-12.6%<\/i><\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-26.1%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>As % of sales<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>24.7%<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>30.2%<\/i><\/p><\/td><td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-5.5 pts<\/i><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-3.6 pts<\/i><\/p><\/td><td class=\"bwvertalignt bwleftsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-2.8 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLiqueurs &amp; Spirits<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n43.1<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n51.5<\/p><\/td><td class=\"bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-16.3%<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-3.1%<\/i><\/p><\/td><td class=\"bwvertalignt bwleftsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>+31.9%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>As % of sales<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>12.5%<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>14.6%<\/i><\/p><\/td><td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-2.1 pts<\/i><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-0.8 pts<\/i><\/p><\/td><td class=\"bwvertalignt bwleftsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-0.6 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Subtotal : Group brands<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>184.6<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>236.0<\/b><\/p><\/td><td class=\"bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-21<\/i><i>.<\/i><i>8%<\/i><\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-10<\/i><i>.<\/i><i>5%<\/i><\/b><\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-17<\/i><i>.<\/i><i>6%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>As % of sales<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>20<\/i><i>.<\/i><i>1%<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>24<\/i><i>.<\/i><i>5%<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-4<\/i><i>.<\/i><i>4 pts<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-2<\/i><i>.<\/i><i>7 pts<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwleftsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-3<\/i><i>.<\/i><i>7 pts<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nPartner brands<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(1.3)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(1.4)<\/p><\/td><td class=\"bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-8.6%<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-9.4%<\/i><\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-19.4%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nHolding Company costs<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(17.9)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(17.7)<\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>+1.5%<\/i><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>+1.9%<\/i><\/p><\/td><td class=\"bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-11.2%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>165.4<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>217.0<\/b><\/p><\/td><td class=\"bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-23<\/i><i>.<\/i><i>8%<\/i><\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-11<\/i><i>.<\/i><i>5%<\/i><\/b><\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-18<\/i><i>.<\/i><i>1%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>As % of sales<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>17<\/i><i>.<\/i><i>7%<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>22<\/i><i>.<\/i><i>0%<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-4<\/i><i>.<\/i><i>4 pts<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-2<\/i><i>.<\/i><i>6 pts<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwleftsingle bwpadl0 bwalignc bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-3<\/i><i>.<\/i><i>2 pts<\/i><\/b><\/p><\/td><\/tr>\n<\/table><p>\n<b>Cognac<\/b><\/p><p>\nCognac division sales declined -0.5% on an organic basis in full-year 2025-26, reflecting a +7.8% rise in volumes and an -8.3% decline due to price mix. Performance was driven primarily by strong growth in sales in the Americas, supported by a favorable basis of comparison and sequential improvement in depletions<i><sup>3<\/sup><\/i><i> <\/i>compared to last year. Early results of the push to revitalize R\u00e9my Martin VSOP contributed, together with a stronger performance in the high-end segment. At the same time, sales in the APAC<sup>4<\/sup> region showed a moderate decline, with business in China affected by a complex market environment and disruption in Travel Retail in the first half. Yet R\u00e9my Martin proved resilient and continued to gain market share. Elsewhere in Asia, strong sales growth was driven by R\u00e9my Martin VSOP and XO. In the EMEA<sup>5<\/sup> region, performance was once again affected by sluggish consumption and intense competition.<\/p><p>\n<b>Current Operating Profit <\/b>fell -12.6% on an organic basis to \u20ac141.5 million, with current operating margin down -3.6 points to 24.7%. This mainly reflects lower gross margin, which nonetheless remained high (-5.5 points on an organic basis, to 67.2%). Negative factors included an unfavorable price mix, higher production costs, and the recognition of additional customs duties. These impacts were partially offset by continued tight control of overhead costs (sales ratio down 0.5 points on an organic basis) and a more selective approach to investment in marketing and communications (sales ratio down 1.4 points on an organic basis, while remaining high).<\/p><p>\n<b>Liqueurs &amp; Spirits<\/b><\/p><p>\nIn the <b>Liqueurs &amp; Spirits<\/b> division, full-year <b>sales<\/b> rose +2.8% on an organic basis, including a +2.6% rise in volumes and a +0.2% price-mix impact. This reflected strong showings by <i>Cointreau, The Botanist <\/i>and<i> Bruichladdich<\/i>. The Americas were the division\u2019s main driver, supported by a favorable basis of comparison and solid trends in depletions. The APAC region generated solid growth, due primarily to <i>Bruichladdich<\/i> whisky whose sales in China resumed, and to excellent momentum in Japan and the rest of Asia. In the EMEA region, performance was uneven, as consumers adopted a wait-and-see attitude.<\/p><p>\n<b>Current Operating Profit<\/b> declined -3.1% on an organic basis to \u20ac43.1 million, setting margin at 12.5%, down by -0.8 points. This reflected a decline in gross margin (-1.4 points on an organic basis, to 66.0%), due primarily to the integration of incremental customs duties and a slight increase in marketing and communications investment (sales ratio up by 0.2 points). It was partially offset by a reduction in overhead costs (sales ratio down 0.7 points on an organic basis).<\/p><p>\n<b>Partner Brands<\/b><\/p><p>\n<b>Sales of Partner Brands <\/b>were down -22.4% on an organic basis in 2025-26.<\/p><p>\n<b>Current Operating Profit <\/b>came to -\u20ac1.3 million full year in 2025-26, compared with -\u20ac1.4 million in 2024-25.<\/p><p class=\"bwalignc\">\nConsolidated results<\/p><p>\n<b>Current Operating Profit (COP)<\/b> stood at \u20ac165.4 million, down -23.8% as reported (-11.5% on an organic basis). This takes into account a -10.5% organic decline in Current Operating Profit for Group Brands, a negative contribution from Partner Brands, and nearly unchanged holding costs.<\/p><p>\nThis performance also includes a <b>negative currency effect<\/b> of -\u20ac26.6 million, linked primarily to trends in the US dollar and Chinese renminbi. The average <b>euro\/dollar exchange rate<\/b> deteriorated from 1.07 in 2024-25 to 1.16 in full-year 2025-26, while the <b>average hedging rate<\/b> deteriorated from 1.09 to 1.15 over the same period. The average <b>euro\/renminbi exchange rate<\/b> worsened from 7.76 in 2024-25 to 8.23 in 2025-26, and the <b>average hedging rate<\/b> deteriorated from 7.65 to 8.21 over the period.<\/p><p>\n<b>Current Operating Margin<\/b> stood at 17.7%, down -4.4 points as reported (of which -2.6 pts on an organic basis). This trend reflects:<\/p><ul class=\"bwlistdisc\">\n<li>\nA -3.7 points decline in <b>gross margin<\/b> on an organic basis to 65.8%. Contributing factors were incremental custom duties, an unfavorable price-mix effect, and a rise in production costs<\/li>\n<li>\nA controlled reduction in <b>marketing and communications outlays<\/b> (-0.7 points on an organic basis) which nonetheless remained high (19.7% of sales)<\/li>\n<li>\nA reduction in the <b>overhead cost ratio<\/b> (organic decrease of 0.4 points in sales ratio), despite the reintegration of \u20ac11 million from last year\u2019s one-off savings)<\/li>\n<li>\nAn unfavorable <b>currency effect<\/b> -1.8 points<\/li>\n<\/ul><p>\n<b>Other operating costs and income<\/b> stood at -\u20ac13.9 million in 2025-26 compared with -\u20ac6.0 million in 2024-25, including depreciation of Westland assets and restructuring in the Benelux linked to changes in the distribution network.<\/p><p>\nAs a result,<b> operating profit<\/b> stood at \u20ac151.5 million in 2025-26, down -28.2% as reported.<\/p><p>\n<b>Financial expense <\/b>totaled -\u20ac42.1 million in 2025-26, compared with -\u20ac42.6 million in 2024-25.<\/p><p>\n<b>Taxes<\/b> came to \u20ac31.4 million, for a nearly unchanged effective tax rate of 28.7% in 2025-26 (28.2% excluding non-recurring items) compared with 28.6% in 2024-25 (27.2% excluding non-recurring items).<\/p><p>\n<b>Net profit Group share<\/b> stood at \u20ac78.7 million, down -35.1% as reported, for a net margin of 8.4%, down -3.9 points as reported.<\/p><p>\n<b>EPS Group share<\/b> stood at \u20ac1.51, down -36.0% as reported from 2024-25. Excluding non-recurring items, the figure is \u20ac1.71.<\/p><p>\n<b>Net debt <\/b>rose by \u20ac15.0 million to \u20ac690.4 million at March 31, 2026. This was primarily due to a decline in EBITDA that was partly offset by a sharp improvement in Free Cash Flow resulting from marked optimization of working capital. As a result, the Group reported a steep improvement in its cash conversion from 10% in 2024-25 to 27% in 2025-26.<\/p><p>\n<b>The net debt\/EBITDA ratio<\/b> stood at 3.22x at March 31, 2026 compared with 2.40x at March 31, 2025, reflecting the impact of lower EBITDA and not a worsening in the Group\u2019s balance sheet.<\/p><p>\n<b>Return on capital employed (ROCE)<\/b> was 7.7% at March 31, 2026, down -2.6 points (of which -1.4 points on an organic basis) reflecting the decline in profitability of Group brands combined with ongoing strategic purchases of eaux-de-vie, which weighed on capital employed.<\/p><p>\nThe Board of Directors of R\u00e9my Cointreau will recommend that shareholders approve <b>an ordinary dividend of \u20ac0.75 per share at the General Meeting on July 21, 2026, (compared with \u20ac1.50 in 2024-25). The dividend will consist of a \u20ac0.50 cash payment and a further \u20ac0.25 payable either in cash or in shares.<\/b><\/p><p class=\"bwalignc\">\n\u201cThe Sustainable Exception\u201d supports more responsible growth<\/p><p>\nR\u00e9my Cointreau continues to roll out its \u201cSustainable Exception\u201d roadmap and has confirmed further progress under this transformation program.<\/p><p>\nSince 2022, the roadmap\u2019s <b>Terroir<\/b> pillar has committed the Group to aligning its climate trajectory with the Paris Agreement, as validated by the Science Based Targets initiative (SBTi). For the second consecutive year, the Group\u2019s <b>carbon emissions performance <\/b>remains ahead of schedule, with its direct CO\u2082 emissions (Scopes 1 and 2) and those from its value chain (Scope 3) <b>down -17% compared to the 2020\u201321 baseline.<\/b> This reflects a range of concrete actions across the Group\u2019s Houses, including expanded solar power generation, which now covers 3% of total energy needs, with a target of tripling that figure within two years; the INTACT project focused on legume-based alcohols; and efforts to reduce packaging.<\/p><p>\nThe Group also continued to make progress in <b>reducing water use<\/b>, particularly at sites in water-stressed areas. The target is a -20% reduction from the 2022-23 baseline by 2030. Once again this year, progress exceeded targets, with <b>water withdrawals down -36% compared to the baseline<\/b>, reflecting ongoing work to optimize production processes, reduce losses and modernize infrastructure.<\/p><p>\nUnder its <b>sourcing of agricultural materials<\/b>, R\u00e9my Cointreau has continued to support suppliers in obtaining certification in sustainable or regenerative agriculture. Today 77% of strategic agricultural materials are certified, up from 68% last year. A milestone was reached in 2025 when the Domaine des Hautes Glaces and Telmont estates obtained ROC (Regenerative Organic Certified<sup>\u00ae<\/sup>) certification for their own estates, reinforcing their role as pioneers in regenerative agriculture.<\/p><p>\nFinally, under the roadmap\u2019s <b>social<\/b> pillar (People), the Group has continued to advance its diversity and equal opportunity commitments. Women currently account for half of the Executive Committee, exceeding the permanent target of 40%.<\/p><p class=\"bwalignc\">\n2026-27 Objectives<\/p><p>\nIn 2026-27, R\u00e9my Cointreau anticipates <b>a return to sustainable organic sales growth<\/b>, with momentum expected to strengthen progressively over the year.<\/p><p>\nThe Group also anticipates <b>a slight organic improvement in Current Operating Margin<\/b>. This projection is based on Current Operating Profit integrating an estimated \u20ac20 million<sup>6<\/sup> in customs duties, compared with around \u20ac15 million in 2025-26.<\/p><p>\nFinally, R\u00e9my Cointreau aims to maintain its leverage (net debt\/EBITDA) below 3.5x at March 31, 2027.<\/p><p>\nIn a particularly volatile environment and based on estimates to date, the Group expects <b>a negative full-year currency effect of<\/b>:<\/p><ul class=\"bwlistdisc\">\n<li>\nbetween -\u20ac15 million and -\u20ac20 million on sales<\/li>\n<li>\nbetween -\u20ac5 million and -\u20ac8 million on Current Operating Profit<\/li>\n<\/ul><p class=\"bwalignc\">\nRC <i>Forward<\/i> 2028-29<\/p><p>\nIn a persistently complex and volatile environment, both economic and geopolitical, R\u00e9my Cointreau has decided to go on the offensive with RC <i>Forward<\/i>, an ambitious three-year transformation plan.<\/p><p>\nThe plan marks a decisive shift for the Group, with a particular focus on regaining market share, maximizing the potential of its brands, and sustainably strengthening its business model. It also represents a major contributor to the medium-term strategy and is designed to gradually reduce its dependence on macroeconomic cycles.<\/p><p>\nRC <i>Forward<\/i> is structured around <b>three major strategic initiatives:<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\nThe first aims to implement <b>several sizeable growth projects<\/b> designed to shape the Group\u2019s sales trajectory over the medium term. These initiatives are designed to sustainably reignite growth in Cognac, accelerate the development of other strategic categories, and strengthen the Group\u2019s presence in high-potential markets. R\u00e9my Cointreau has identified five priority initiatives: the launch of a breakthrough innovation for R\u00e9my Martin in the United States in Q1 2027-28, unlocking the full potential of both R\u00e9my Martin XO and the Prestige division, scaling up in emerging markets, and accelerating the expansion of Global Travel Retail. These projects, which will contribute increasingly over time, represent important long-term growth drivers for the Group.<\/li>\n<li>\nThe second initiative focuses on <b>improving commercial execution<\/b> by making distribution networks more efficient; by strengthening the <i>Revenue Growth Management<\/i> program; and by optimizing the effectiveness of A&amp;P investments.<\/li>\n<li>\nThe third initiative will strengthen the Group\u2019s business model through increased centralization of <b>Group procurement.<\/b><\/li>\n<\/ul><p>\nFinally, RC <i>Forward<\/i> will be accompanied by a <b>shift to a more agile and efficient business model<\/b>, based on a clearer definition of roles between brands and regions, as well as simplified internal processes.<\/p><p>\n<b>By 2028-29, R\u00e9my Cointreau plans to generate approximately \u20ac100 million of value creation compared to 2025-26, at COP level. <\/b>This estimate corresponds to the plan\u2019s gross contribution in the current economic environment, at constant exchange rates.<\/p><p>\nThe value generated by <i>RC Forward<\/i> will reinforce the Group\u2019s medium-term objectives, which will be announced on November 25, 2026, alongside publication of first-half results.<\/p><p>\nA Webcast for investors and analysists will be held today, starting at 9.00 (CET) with Marie-Am\u00e9lie de Leusse, Chairwoman; Franck Marilly, CEO; and Luca Marotta, deputy CEO &amp; CFO. Presentation slides are available online at <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.remy-cointreau.com&amp;esheet=54547148&amp;newsitemid=20260603949560&amp;lan=en-US&amp;anchor=www.remy-cointreau.com&amp;index=1&amp;md5=e6e544938d76df6674a1a944ac4d5ff4\" rel=\"nofollow\" shape=\"rect\">www.remy-cointreau.com<\/a> under \u201cFinance\u201d.<\/p><p class=\"bwalignc\">\n<b>Appendices<\/b><\/p><p>\n<b>Sales and Current Operating Profit by division<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIn \u20ac million (<i>unless otherwise stated<\/i>)<\/p><\/td><td class=\"bwtopsingle bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2025-26<\/b><\/p><\/td><td class=\"bwtopsingle bwrightsingle bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2024-25<\/b><\/p><\/td><td class=\"bwtopsingle bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Change<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwsinglebottom bwwidth45\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwsinglebottom bwpadl0 bwwidth11 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nReported<\/p><p class=\"bwalignc bwcellpmargin\">\nA<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth11 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nOrganic<\/p><p class=\"bwalignc bwcellpmargin\">\nB<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrightsingle bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nReported<\/p><p class=\"bwalignc bwcellpmargin\">\nC<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nReported<\/p><p class=\"bwalignc bwcellpmargin\">\nA\/C-1<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nOrganic<\/p><p class=\"bwalignc bwcellpmargin\">\nB\/C-1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Sales<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCognac<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n573.6<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n608.4<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n611.8<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-6.2%<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-0.5%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLiqueurs &amp; Spirits<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n346.1<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n362.5<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n352.6<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-1.8%<\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n+2.8%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Subtotal: Group Brands<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>919.7<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>971.0<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>964.3<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-4.6%<\/b><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>+0.7%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nPartner Brands<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n15.6<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n15.7<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n20.3<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-22.9%<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-22.4%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>935.3<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>986.7<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>984.6<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-5.0%<\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>+0.2%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Current Operating Profit<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCognac<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n141.5<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n161.4<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n184.5<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-23.3%<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-12.6%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>As % of total sales<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>24.7%<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>26.5%<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>30.2%<\/i><\/p><\/td><td class=\"bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-5.5 pts<\/i><\/p><\/td><td class=\"bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-3.6 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLiqueurs &amp; Spirits<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n43.1<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n49.9<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n51.5<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-16.3%<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-3.1%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>As % of total sales<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>12.5%<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>13.8%<\/i><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>14.6%<\/i><\/p><\/td><td class=\"bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-2.1 pts<\/i><\/p><\/td><td class=\"bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-0.8 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Subtotal: Group Brands<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>184.6<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>211.3<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>236.0<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-21.8%<\/i><\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-10.5%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>As % of total sales<\/i><\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>20.1%<\/i><\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>21.8%<\/i><\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>24.5%<\/i><\/b><\/p><\/td><td class=\"bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-4.4 pts<\/i><\/b><\/p><\/td><td class=\"bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-2.7 pts<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nPartner Brands<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(1.3)<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(1.3)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(1.4)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-8.6%<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-9.4%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nHolding Company costs<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(17.9)<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(18.0)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(17.7)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>+1.5%<\/i><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>+1.9%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>165.4<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>192.0<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>217.0<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-23.8%<\/i><\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-11.5%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>As % of total sales<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>17.7%<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>19.5%<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>22.0%<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-4.4 pts<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-2.6 pts<\/i><\/b><\/p><\/td><\/tr>\n<\/table><p>\n<b>Summary income statement<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIn \u20ac million (<i>unless otherwise stated<\/i>)<\/p><\/td><td class=\"bwtopsingle bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2025-26<\/b><\/p><\/td><td class=\"bwtopsingle bwrightsingle bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2024-25<\/b><\/p><\/td><td class=\"bwtopsingle bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Variation<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nReported<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nOrganic<\/p><\/td><td class=\"bwpadl0 bwrightsingle bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nReported<\/p><\/td><td class=\"bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nReported<\/p><\/td><td class=\"bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nOrganic<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nA<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nB<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrightsingle bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nC<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nA\/C-1<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nB\/C-1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Sales<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>935.3<\/b><\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>986.7<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>984.6<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-5.0%<\/b><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>+0.2%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGross margin<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n615.8<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n660.1<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n694.8<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-11.4%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-5.0%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwwidth45 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>Gross margin<\/i><i> (%)<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>65<\/i><i>.<\/i><i>8%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>66<\/i><i>.<\/i><i>9%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>70<\/i><i>.<\/i><i>6%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-4<\/i><i>.<\/i><i>7 pts<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>-3<\/i><i>.<\/i><i>7 pts<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Current Operating Profit<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>165.4<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>192.0<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>217.0<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-23<\/i><i>.<\/i><i>8%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-11<\/i><i>.<\/i><i>5%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwwidth45 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Current operating margin (%)<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>17.7%<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>19.5%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>22.0%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-4.4 pts<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-2.6 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther non-current income and expenses<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(13.9)<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(14.6)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(6.0)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Operating profit<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>151.5<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>177.4<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>211.0<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-28<\/i><i>.<\/i><i>2%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-15<\/i><i>.<\/i><i>9%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet financial result<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(42.1)<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(44.2)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(42.6)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-1.2%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>+3.8%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Profit before Tax<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>109.4<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>133.2<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>168.4<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-35<\/i><i>.<\/i><i>0%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-20<\/i><i>.<\/i><i>9%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCorporate income tax<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(31.4)<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(38.2)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(48.2)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwwidth45 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin \">\n<i>Tax rate (%)<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>(28.7%)<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>(28.7%)<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>(28.6%)<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-0.1 pts<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-0.1 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nShare in profit (loss) of associates\/minority interests<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n0.6<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n0.6<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1.0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-37.8%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-37.8%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net profit \u2013 Group share<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>78.7<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>95.7<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>121.2<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-35<\/i><i>.<\/i><i>1%<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>-21<\/i><i>.<\/i><i>1%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwwidth45 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Net margin (%)<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>8.4%<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>9.7%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>12.3%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-3.9 pts<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-2.6 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet profit \u2013 Group share excl. non-recurring items<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n89.2<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n106.7<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n128.0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-30.3%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-16.6%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwwidth45 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Net margin excl. non-recurring items (%)<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>9.5%<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>10.8%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>13.0%<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-3.5 pts<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<i>-2.2 pts<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nEPS Group - share (\u20ac)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1.51<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1.83<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2.36<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-36.0%<\/i><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-22.2%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nEPS Groupe \u2013 share excluding non-recurring items (\u20ac)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1.71<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2.05<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrightsingle bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2.49<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-31.2%<\/i><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>-17.8%<\/i><\/p><\/td><\/tr>\n<\/table><p>\n<b>Reconciliation of net profit and net profit excluding non-recurring items<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>In \u20acm<\/i><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwpadl0 bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2025-26<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2024-25<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net profit \u2013 Group share<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>78.7<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>121.2<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther non-current income expenses<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n13.9<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n6.0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNon-current tax items<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(3.4)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(1.7)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nExceptional contribution in corporate tax (France)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net profit excluding non-current items \u2013 Group share<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>89.2<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>128.0<\/b><\/p><\/td><\/tr>\n<\/table><p>\n<b>Cash-Flow statement<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>As of March 31 (in \u20acm)<\/i><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2026<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>Change<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Opening net financial debt (April 1<sup>st<\/sup>)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>(675.4)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>(649.7)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-25.7<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGross operating profit (EBITDA)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n211.6<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n267.8<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-56.2<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWCR for eaux-de-vie and spirits in ageing process<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(96.1)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(110.2)<\/p><\/td><td class=\"bwpadl0 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n+14.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther working capital items<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n56.2<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(21.6)<\/p><\/td><td class=\"bwpadl0 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n+77.8<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCapital expenditure<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(37.0)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(51.2)<\/p><\/td><td class=\"bwpadl0 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n+14.2<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFinancial expenses<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(30.0)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(37.4)<\/p><\/td><td class=\"bwpadl0 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n+7.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTax payments<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(46.7)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(19.9)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-26.8<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>Free Cash-Flow <\/i>excl. other non-current income &amp; expenses<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>58.2<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>27.6<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>+30.6<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet flows on other non-current income and expenses<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(4.3)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(8.4)<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n+4.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>Free Cash-Flow<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>53.8<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>19.2<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>+34.7<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDividends<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(58.8)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(41.0)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-17.9<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nImpacts of acquisitions\/disposals on net debt<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(4.1)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n(1.0)<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-3.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nConversion differences and others<\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>(5.9)<\/i><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>(3.0)<\/i><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-2.9<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Other Cash flow<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>(68.8)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>(44.9)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-23.9<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total cash flow for the period<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>(15.0)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>(25.7)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>+10.7<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Closing net financial debt (March 31)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>(690.4)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>(675.4)<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-15.0<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>A <\/i><i>Ratio <\/i><i>(Net debt\/<\/i><i>EBITDA)<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>3<\/i><i>.<\/i><i>22<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>2<\/i><i>.<\/i><i>40<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>0<\/i><i>.<\/i><i>82<\/i><\/b><\/p><\/td><\/tr>\n<\/table><p>\n<b>Balance sheet<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>As of March 31 (in \u20acm)<\/i><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2026<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Non-current assets<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>1 023.9<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>1 040.2<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Current assets<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2 432.0<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2 384.0<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth76 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\no\/w inventories<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2 168.4<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2 105.6<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwwidth76 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\no\/w Cash and equivalent<\/p><\/td><td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n78.0<\/p><\/td><td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n83.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total Assets<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>3 455.9<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>3 424.2<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Shareholders\u2019 equity<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>1 929.6<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>1 929.3<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Non-current liabilities<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>755.5<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>629.9<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth76 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\no\/w Long-term financial debt<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n684.5<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n562.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Current Liabilities<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>770.8<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>865.0<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwwidth76 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\no\/w Short-term financial debt<\/p><\/td><td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n83.8<\/p><\/td><td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n196.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth76\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total Liabilities and Shareholders\u2019 equity<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>3 455.9<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>3 424.2<\/b><\/p><\/td><\/tr>\n<\/table><p class=\"bwalignc\">\n<b>Definitions of alternative performance indicators<\/b><\/p><p>\n<i>Due to rounding, the sum of values presented in this document may differ from totals as reported. Such differences are not material.<\/i><\/p><p>\n<i>R\u00e9my Cointreau\u2019s management process is based on the following alternative performance indicators, selected for planning and reporting purposes. The Group\u2019s management considers that these indicators provide users of the financial statements with useful additional information to help them understand the Group\u2019s performance. These alternative performance indicators should be considered as supplementing those included in the consolidated financial statements and the resulting movements.<\/i><\/p><p>\n<b><i>Organic growth in sales and Current Operating Profit<\/i><\/b><\/p><p>\n<i>Organic growth is calculated excluding the impact of exchange rate fluctuations, acquisitions and disposals. This indicator serves to focus on Group performance common to both financial years, which local management is more directly capable of measuring.<\/i><\/p><p>\n<i>The impact of exchange rates is calculated by converting sales and Current Operating Profit for the current financial year using average exchange rates (or, for Current Operating Profit, the hedged exchange rate) from the previous financial year.<\/i><\/p><p>\n<i>For acquisitions in the current financial year, sales and Current Operating Profit of acquired entities are not included in organic growth calculations. For acquisitions in the previous financial year, sales and Current Operating Profit of acquired entities are included in the previous financial year; however, they are only included in current year organic growth calculations with effect from the anniversary date of the acquisition.<\/i><\/p><p>\n<i>For significant disposals, data is post-application of IFRS 5, under which results of entities disposed of are systematically reclassified under \u201cNet earnings from discontinued operations\u201d.<\/i><\/p><p>\n<b><i>Indicators \u201cexcluding non-recurring items\u201d<\/i><\/b><\/p><p>\n<i>The two items set out below constitute key indicators for measuring recurring business performance, since they exclude significant items which, by virtue of their unusual nature, cannot be considered inherent to the Group\u2019s ongoing performance:<\/i><\/p><ul class=\"bwlistdisc\">\n<li>\n<b><i>Current Operating Profit<\/i><\/b><i> consists of operating profit before other non-recurring operating income and expenses.<\/i><\/li>\n<li>\n<b><i>Net profit attributable to the Group excluding non-recurring items<\/i><\/b><i> consists of net profit attributable to the Group adjusted to exclude other non-recurring operating income and expenses, associated tax effects, profit from deconsolidated, divested and discontinued operations and the contribution from dividends paid in cash.<\/i><\/li>\n<\/ul><p>\n<b><i>Gross operating profit<\/i><i> (EBITDA)<\/i><\/b><\/p><p>\n<i>This measure, which is used in particular to calculate certain ratios, equates to Current Operating Profit less amortization and depreciation expenses on intangible assets and property, plant and equipment for the period, expenses arising from stock option plans, and dividends received from associates during the period.<\/i><\/p><p>\n<b><i>Net debt<\/i><\/b><\/p><p>\n<i>Net financial debt as defined and used by the Group is equal to the sum of long- and short-term financial debt and accrued interest, less cash and cash equivalents.<\/i><\/p><p>\n<b>About R\u00e9my Cointreau<\/b><\/p><p>\nAll around the world, there are clients seeking exceptional experiences; clients for whom a wide range of terroirs means a variety of flavors. Their exacting standards are proportional to our expertise \u2013 the finely-honed skills that we pass down from generation to generation.<\/p><\/td><\/td><br\/> <b>Contacts<\/b> <br\/><p class=\"bwcellpmargin\">\n<b>Investor relations:<\/b> C\u00e9lia d\u2019Everlange \/ <a  href=\"mailto:investor-relations@remy-cointreau.com\" rel=\"nofollow\" shape=\"rect\">investor-relations@remy-cointreau.com<\/a><br\/><b>Media relations:<\/b> M\u00e9lissa L\u00e9vine \/ <a  href=\"mailto:press@remy-cointreau.com\" rel=\"nofollow\" shape=\"rect\">press@remy-cointreau.com<\/a><\/p><br\/> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20260603949560\/en\/R%C3%A9my-Cointreau-Full-Year-Results-in-Line-With-Targets\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP39212bri8lIe-zl5tWvCOnRHW3evRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxY5fjCLYi_If30KxIsYuhwbuLAuCkn8FS6sh-I3dfDZEg==\"> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"<p>RC Forward transformation plan: driving growth and creating value (\u20ac100 million1 over 3 years)<br \/>\n2026-27 objectives: return to growth and slight improvement in Current Operating Margin on an organic basis<\/p>\n<p>Sales: +0.2% on an organic basis<\/p>\n<p>Gross margin:&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15933","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/15933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15933"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/15933\/revisions"}],"predecessor-version":[{"id":15934,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/15933\/revisions\/15934"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}