Remy Cointreau (RCOP.PA): First Take: Better-than-expected Cognac drives Q1 beat, guidance reiterated

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Remy Cointreau (RCOP.PA): First Take: Better-than-expected Cognac drives Q1 beat, guidance reiterated

Equity Research

29 July 2026 | 7:17AM BST

Remy Cointreau (RCOP.PA): First Take: Better-than-expected Cognac

drives Q1 beat, guidance reiterated

Beat in Q1 driven by Cognac. Remy delivered +1.3% group organic sales growth in Olivier Nicolaï

+44(20)7774-2895 |

Q1, ahead of company-compiled consensus at +0.2%. The beat was driven by Remy olivier.nicolai@gs.com

Goldman Sachs International

Martin Cognac, which grew +7.7% (vs cons. +1.3%). This included low-double-digit

Tom Hulls

growth in APAC, with a low-single-digit decline in China despite a challenging market +44(20)7774-7641 | tom.hulls@gs.com

environment and helped by a strong 6.18 festival. In the US, Cognac sales grew Goldman Sachs International

Aron Adamskimid-single-digit with further sequential improvements in value depletions which is +44(20)7774-6224 |

encouraging in our view (down mid-single-digit in Q1 27 from aron.adamski@gs.comGoldman Sachs International

mid-to-high-single-digit in Q4 26). Liqueurs and Spirits declined -6.6% on an Srikar Medisetti

organic basis (vs cons. -1.5%). In the Americas sales declined low-single-digit, +1(332)245-7675 | srikar.medisetti@gs.com

impacted by unfavourable phasing following strong Q4 rebound, with underlying Goldman Sachs India SPL

trends remaining solid. EMEA performance was mixed for Liqueurs and Spirits, with Sam Darbyshire, CFA

+44(20)7051-9112 |

intense promotional activity and moderate consumer demand continuing, while sam.darbyshire@gs.com

APAC declined. Reported group sales of €223m were +2.0% ahead of consensus.

Rebecca Ayo-Adebanjo

+44(20)7552-2213 | rebecca.ayo-

Guidance reiterated on organic sales and margins. Remy continues to expect a adebanjo@gs.com