Pernod Ricard Mid-Year Results 2025 – have things bottomed out?
Commercial Spirits Intelligence No.82
This newsletter is a collaboration between Duncan McFadzean of Noble & Co, and Martin Purvis. In this newsletter we leverage our experience, contacts and market intel to provide meaningful analysis that speaks to relevant issues for you.
Pernod Ricard Mid-Year Results 2025 – have things bottomed out?
Following on from Diageo’s recent mid-year results, we have just seen the mid-year 2025 results from Pernod Ricard.
This presents another excellent opportunity to analyse Pernod’s position and the wider implications within the spirit market.
The key focus of this article is on brand case goods volume as Pernod publishes some excellent data on this.
(Worth noting that Fiscal Year (FY) 2025 runs from 1st July 2024 to 30th June 2025)
Pernod Ricard Mid-Year 2025 Results
As well trailed in the mainstream media the Pernod headlines were pessimistic. Reported net sales are down 6% with organic sales down 4% based on the same period last year. Total Net Sales in 1HFY25 were €6.2 bn.
It was interesting to note Profit from Recurring operations (PRO) was listed at €1.99 billion euros or 32% margin.
There is some incredibly good data in the back of the report on Strategic International Brands Organic sales growth. This shows sales volumes for each of Pernod’s big brands in Millions of 9-Litre cases for the 1H FY25. This in turn allows us to make excellent comparisons between previous years and helps us estimate what the full-year picture may look like.