Rémy Cointreau: Setting the Agenda

研报英文原文证据摘录

Rémy Cointreau: Setting the Agenda

Equity Research

European Consumer Staples

22 July 2026

Rémy Cointreau

Setting the Agenda

Rémy Cointreau reports Q1 sales on 29 July. We forecast OSG

of 2.2% vs consensus at 0.2%, driven by cognac and Rest of

Asia. China remains difficult and the US faces tough comps, RCOP.PA/RCO FP UNDERWEIGHT European Consumer

Staplesbut we expect some underlying improvement. UW. NEUTRAL

Price Target EUR 35.00

Price (20-Jul-26) EUR 45.50

Rémy Cointreau reports Q1 sales on 29 July 2026. We forecast Q1 OSG of +2.2% (vs Potential Upside/Downside -23.1%

consensus +0.2%), driven by cognac at +2.9% (vs consensus +1.3%), with L&S up LSD at Source: Bloomberg, Barclays Research

+0.9% (vs consensus -1.5%). This would be consistent with the company’s FY27 guidance

for a return to organic sales growth, although Q1 is seasonally small for cognac. European Consumer Staples

Laurence WhyattWe expect APAC to be the key growth driver, led by Rest of Asia, where momentum remains

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positive across the region. However, China continues to face a difficult backdrop, particularly at laurence.whyatt@barclays.com

the premium end, but we expect Rémy to look relatively resilient due to weak comps. We will be Barclays, UK

looking for an update on China depletions, promotional intensity and whether management

Imogen McCurleyremains confident in delivering positive sales and volumes across China and APAC in FY27.

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imogen.mccurley@barclays.comWe expect trends in the US and EMEA to remain mixed. The US faces tough comparisons

Barclays, UK

following double-digit growth last year, while Canadian destocking remains a headwind.

However, underlying US sell-in trends appear resilient and we expect a sequential improvement Ashutosh Jain