Pernod Ricard reported Q3 FY26 organic net sales of +0.1% on 16 April 2026 – the first positive organic quarter of the fiscal year and the clearest sequential improvement in the group’s trend since the current cycle of decline began. Reported net sales of €1,945 million declined 14.6%, entirely due to €175 million of adverse foreign exchange and €175 million of group structure impact from the disposal of wines and Imperial Blue. The organic and reported figures are telling two entirely different stories, and the organic story is the one that matters.
Q1 FY26 declined 7.6% organically. H1 FY26 declined 5.9%. Q3 FY26 grew 0.1%. The inflection has arrived on the timeline that management guided – skewed toward H2, as consistently communicated since the beginning of the fiscal year. Understanding what drove it, what remains broken, and why the full year guidance was simultaneously downgraded despite the Q3 improvement is the analytical work worth doing.
“Our priorities are clear: to strengthen the desirability of our brands as a foundation of long-term, sustainable growth; to drive greater efficiency across the organization; and to enhance cash generation. Our balanced geographical footprint, diversified portfolio and highly engaged teams put us in a unique position to navigate a contrasted environment and seize opportunities. We remain fully committed to adapting with agility and executing with discipline to meet evolving consumer needs and capture growth.”
Alexandre Ricard, Chairman and CEO, Pernod Ricard – H1 FY26 Sales and Results, 19 February 2026
The quarterly trajectory: the inflection that was always coming
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