Rémy Cointreau: Key themes ahead of Q1FY27 sales - stable start to the year

Research evidence excerpt

Rémy Cointreau: Key themes ahead of Q1FY27 sales - stable start to the year

7 July 2026

Trevor Stirling

+44 20 7676 7521

European Beverages trevor.stirling@bernsteinsg.com

Rémy Cointreau SA Nadine Sarwat, CFA

+44 20 7676 6849

Rating nadine.sarwat@bernsteinsg.com

Outperform Asavari Paluskar, CFA, CA (India)

Price Target +44 20 7676 7291

asavari.paluskar@bernsteinsg.com

RCO.FP 54.00 EUR Specialist Sales

Alix Turner

+44 20 7762 4044

alix.turner@bernsteinsg.com

Rémy Cointreau: Key themes ahead of Q1FY27 sales - stable start

to the year

We regularly hold calls with companies, making sure we are up-to-date with their latest

Close Date 6 Jul 2026

communications. Ahead of the Rémy Cointreau Q1FY27 sales due on July 29th, and following RCO.FP Close Price (EUR) 42.60

an open conference call, we update on key themes and our thesis below. We rate Rémy Price Target (EUR) 54.00

Cointreau Outperform, with an unchanged Price Target of €54. Upside/(Downside) 27%

52-Week Range 62.35/34.24

Q1 is expected to be broadly stable for the group, with trends expected to slowly improve EDME 1,617.02

through the year. This is consistent with guidance of a return to organic growth in FY27.

FYE Mar

APAC (ex China) is likely to be the main driver of growth, with Americas & EMEA soft. Cognac

Div Yield 0.6%

is likely to outperform L&S driven by APAC (ex China), and to a lesser extent, Europe (UK).

Market Cap (EUR) (M) 2,337

In Americas, performance is likely to be muted on strong DD% comps and some de-stocking EV (EUR) (M) 3,028

in Canada. US is likely resilient in sell-ins, benefiting from depletion trends in Q4. Sell-outs Performance YTD 1M 6M 12M

are still negative in the US, but Q1 likely to be a sequential improvement on Q4 and Rémy Absolute (%) 21.3 6.4 19.4 (12.3)