Remy Cointreau SA Key takeaways from sell-side meeting

研报英文原文证据摘录

Remy Cointreau SA Key takeaways from sell-side meeting

J P M O R G A N Europe Equity Research

09 June 2026

Remy Cointreau SA Underweight

RCOP.PA, RCO FP

Key takeaways from sell-side meeting Price (09 Jun 26):€44.00

Price Target (Dec-27):€40.00

We attended a sell-side meeting today with Remy Cointreau’s CEO, Franck European Food Producers,

Marilly; deputy CEO & CFO, Luca Marotta; and the IR team, where management Household & Personal Care

discussed FY26 results and FY27 guidance laid on on June 4th (Post the call). The Products, Beverages & Tobacco

team continued to strike a confident tone in their growth objectives, including a Celine Pannuti, CFA AC

return to good sales levels in the US, and a doubling over the next few years of both (44-20) 7134-7123

the Emerging Markets and Global Travel Retail businesses. Within Emerging celine.pannuti@jpmorgan.com

Markets, management feel they can ‘only do better’, with ‘tiny’ representation in Samuel Lewis

some markets (India, Ethiopia) to be built upon. The opportunity in Africa exists samuel.lewis@jpmorgan.com

J.P. Morgan Securities plc

in the category, which is already popular there, and some African markets, like

Nigeria, share cultural commonalities with the US (e.g. choice of celebrity to drive Specialist Sales contact details:

marketing). In the US market, the company sees little disruption potential from the Olivia Petronilho - Specialist Sales -

route-to-market changes, and is confident in the potential growth to be driven by European Consumer

their innovation due to market in Q128. Details there remain limited beyond the (44-20) 3493-3709

understanding it will be a lower priced Cognac innovation, with more to come at olivia.b.petronilho@jpmorgan.com

the strategic update in November. Overall, whilst FY27 guidance was