Quick Take: Rémy Cointreau Q1FY27 - some positive signs, but no recovery yet for Cognac in either the US or China

研报英文原文证据摘录

Quick Take: Rémy Cointreau Q1FY27 - some positive signs, but no recovery yet for Cognac in either the US or China

29 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 55.00 EUR Specialist Sales

Alix Turner

+44 20 7762 4044

alix.turner@bernsteinsg.com

Quick Take: Rémy Cointreau Q1FY27 - some positive signs, but no

recovery yet for Cognac in either the US or China

Rémy Cointreau reported Q1FY27 sales this morning, outperforming cons expectations driven

Close Date 28 Jul 2026

by Cognac up +7.7% organically. Underlying trends are improving in the US, albeit still in

RCO.FP Close Price (EUR) 48.50

decline, and China remains weak albeit with “green shoots”.

Price Target (EUR) 55.00

Group Sales were modestly ahead of expectations, posting +1.3% organic growth in the Upside/(Downside) 13%

quarter (vs. cons. +0.3%, Bernstein +0.4%), driven by the Cognac division while Liqueurs & 52-Week Range 61.75/34.24

Spirits declined on tough comps. EDME --

FYE Mar

Cognac was significantly better than expected, +7.7% organic growth (vs +1.8% cons, +2% Div Yield 0.5%

Bernstein). Growth was driven by APAC ex China. China continued to decline as the market Market Cap (EUR) (M) 2,551

remains weak (despite a strong 6.18 e-commerce festival); but the company talks about EV (EUR) (M) 3,242

some green shoots. US sales/shipments were up MSD; however, value depletions were down Performance YTD 1M 6M 12M

MSD, albeit with +ve mix from Louis XIII and 1738. EMEA saw strong growth driven by South Absolute (%) 32.4 11.7 23.8 (17.4)

Africa and the UK. EDME (%)