Remy Cointreau SA: Post the Call: Cognac beat though depletion remains negative in China & US

研报英文原文证据摘录

Remy Cointreau SA: Post the Call: Cognac beat though depletion remains negative in China & US

tes a “slight organic improvement” in COP, based on an estimated €20m Olivia Petronilho - Specialist Sales -

European Consumer

in customs duties to be paid (c.€15m in FY25-26). We would expect limited (44-20) 3493-3709

changes to FY26 consensus EBIT growth given the unchanged guidance, though olivia.b.petronilho@jpmorgan.com

we note a stronger APAC ex-China performance. The building blocks of top line

progression remain unclear to us, and Remy is guiding to a progressive

improvement in growth, with risk to low visibility on top line delivery amid weak

end markets remaining, while the innovation in geographical expansion discussed

may take time to contribute.

• APAC Cognac: APAC Cognac (54% Cognac segment sales) was up +LDD%,

despite China sales down -LSD% in a challenging market, still marred by

consumer confidence issues. The company commented on marked strength

during the 6.18 ecommerce festival (+12% during the period). E-commerce

broadly remains a bright spot with regards to China Cognac, allowing Remy

to meet new consumers and territories. Overall depletions in the APAC region

were +LSD%, driven by Remy Martin Club, partially offset by weakness

within XO product, and L&S. Rest of Asia up very strong +DD%. Management

were keen to note that the strong performance of APAC GTR was not solely due

to the lapping of easy comps, and also reflects the company’s renewed focus

on the GTR segment, including the “weapon” of Club Exception.

• Americas Cognac: Americas Cognac (33% Cognac segment sales) was -LSD

% in Q1, with performance driven by North America offset by weak Latin

America sales on tough comps. Within North America, US drove the region’s