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法国洋酒巨头 保乐力加（Pernod Ricard）在截至2025年12月31日的上半财年业绩报告中表示，旅游零售业务动能正逐步改善。

报告期内，全球旅游零售销售额同比下降3%，但第二季度已出现明显反弹，主要得益于马爹利（Martell）干邑在中国旅游零售渠道恢复销售。此前，中国有关部门已于7月完成对欧盟白兰地进口的反倾销调查。

保乐力加指出，上半财年欧洲和美洲旅游零售市场终端销售表现强劲，邮轮渠道延续良好增长势头；相比之下，除中国以外的亚洲市场仍显疲软，韩国市场表现尤为低迷。公司预计，全年旅游零售渠道整体将保持基本稳定。

从集团整体来看，上半年销售额同比下降14.9%（有机下降5.9%），至52.5亿欧元。业绩受到汇率波动的显著拖累（减少3.56亿欧元），主要与美元、印度卢比和土耳其里拉走弱有关。此外，业务范围变化带来的负面影响达2.17亿欧元，主要源于品牌处置，包括 Imperial Blue 业务的出售。

公司进一步表示，若剔除美国和中国两大市场（因渠道库存调整导致降幅扩大），集团整体表现基本保持稳定。多数区域市场实现增长，且第二季度已显现出改善趋势。

保乐力加董事长兼首席执行官Alexandre Ricard表示：

“我们的优先事项十分明确：持续提升品牌吸引力，这是实现长期可持续增长的基础；同时在整个组织内推动更高效率，并进一步增强现金创造能力。

“我们在全球布局上的均衡优势、多元化的产品组合以及高度投入的团队，使公司能够在复杂多变的环境中保持稳健，并把握新的发展机遇。我们将以敏捷姿态持续优化战略，以严谨执行推动落地，积极应对不断变化的消费者需求，并捕捉增长机会。

“在2023年启动的转型基础上，我们在2026—2029财年总额10亿欧元的运营效率提升计划方面已取得显著进展，其中包括‘Fit for Future’运营模式的全面推进。今年预计将实现约三分之一的效率提升目标，同时也在加快战略性投资的常态化节奏。

“我对行业长期基本面、公司的战略方向，以及我们运营模式在持续创造长期价值方面的韧性，依然充满信心。”

保乐力加经常性经营利润为16.2亿欧元，按报告口径同比下降18.7%，按有机口径下降7.5%。

毛利率按有机口径下降216个基点，主要受美国和中国关税影响，以及陈年基酒成本通胀、价格与产品组合略显不利等因素拖累。

集团强调，运营效率提升与成本管控成效显著，包括结构性成本大幅削减10%，从而使营业利润率按有机口径仅收缩55个基点至30.7%。

报告期内，归属于股东的净利润同比下降18%，至9.75亿欧元。

保乐力加在美洲市场的销售额按有机口径同比下降12%，其中美国市场下滑15%，主要受烈酒市场持续疲软及渠道库存调整影响，预计这一因素将贯穿全年。

高盛研究部门在报告中指出：“美国市场占集团销售额约20%，是保乐力加最大的单一市场。若消费者需求进一步走弱，或尊美醇（Jameson）增长势头放缓，同时龙舌兰品类（保乐力加在该领域布局相对不足）持续扩大市场份额，公司可能面临一定的份额流失风险。

“此外，若未来美国与欧盟之间出现批发商去库存或进口关税问题，保乐力加亦可能受到冲击。”

欧洲市场销售额同比下降3%，主要反映法国市场温和收缩，以及德国和西班牙需求走软；英国市场表现稳健、波兰实现增长，在一定程度上对冲了整体下滑。

亚洲及其他地区销售额下降4%。其中，印度市场成为主要亮点，同比增长4%（若剔除Imperial Blue业务则增长8%）。公司表示，印度市场受益于强劲的内生需求、高端化趋势以及第二季度动能加快。

中国市场销售额大幅下滑28%，主要受监管环境趋严对渠道贸易的影响、消费者信心疲弱以及库存调整等因素拖累。不过，旗下高端品牌如绝对伏特加（Absolut）和尊美醇仍实现增长。

保乐力加战略国际品牌销售额同比下降7%，主要受马爹利在中国市场表现疲软拖累。不过，该品牌在南非、尼日利亚和美国均实现强劲增长。

尊美醇在美国市场有所下滑，但终端销售动能正在改善，并在印度和德国实现稳健增长。

绝对伏特加在印度、中国、土耳其和加拿大表现强劲。巴黎之花香槟（Perrier-Jouët）在所有地区均实现两位数增长。

战略本土品牌整体同比下降2%，其中皇家之鹿（Royal Stag）和Blenders Pride的增长，被Imperial Blue的下滑所抵消。

特色品牌同比下降7%，但Bumbu实现强劲增长。即饮类产品表现亮眼，整个产品组合同比增长12%。

展望

保乐力加将2026财年视为“过渡年”，预计下半年有机净销售额将呈改善趋势。公司正自2026财年至2029财年实施总额10亿欧元的“Fit for Future”运营效率提升计划。

中期来看（2027—2029财年），公司目标是实现年均3%至6%的有机净销售额增长，并推动有机营业利润率逐年提升。

高盛研究部门表示：

高盛研究部门指出：“管理层继续预计2026财年为‘过渡年’，有机销售改善趋势主要集中在下半年，同比预计增长约0.9%。保乐力加同时重申，其目标是在尽可能范围内维持有机营业利润率，依托成本控制及2026—2029财年总额10亿欧元的效率提升计划。

“公司仍将重点关注现金创造，战略性投资预计约为7.5亿欧元（低于此前9亿欧元的预期），并通过高效营运资金管理，推动2026财年现金转化率达到约80%及以上（较2025财年的74%有所改善）。”

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Travel retail rebounds for Pernod Ricard in Q2 as China sales resume and Europe and the Americas grow

Pernod Ricard noted improving momentum in travel retail as it reported half-year results for the period ended 31 December 2025.

Global travel retail sales declined -3% year-on-year in the period but rebounded in Q2 following the resumption of Martell Cognac sales in China travel retail. This followed the resolution of an anti-dumping investigation into brandy imports from the EU by Chinese authorities in July.

Pernod Ricard reported strong travel retail sell-out growth in Europe and the Americas as well as sustained momentum in the cruise channel in the half, but the Asia market beyond China continues to show weakness, notably in South Korea. The company said the travel retail channel should deliver broadly stable business for the full year.

Overall, first-half group sales fell by -14.9% year-on-year (-5.9% in organic terms) to €5.25 billion. Sales were heavily affected by foreign exchange movements (-€356 million), primarily linked to the US Dollar, Indian Rupee and Turkish Lira. This was also driven by a negative perimeter impact (-€217 million) largely due to brand disposals, including the Imperial Blue business.

The company said performance remained broadly stable when excluding the USA and China, where declines were amplified by inventory adjustments. Growth was recorded across many markets in all regions, while Q2 showed improving trends.

Pernod Ricard Chairman and Chief Executive Officer Alexandre Ricard commented, “Our priorities are clear: to strengthen the desirability of our brands as a foundation of long-term, sustainable growth; to drive greater efficiency across the organisation; and to enhance cash generation.

“Our balanced geographical footprint, diversified portfolio and highly engaged teams put us in a unique position to navigate a contrasted environment and seize opportunities. We remain fully committed to adapting with agility and executing with discipline to meet evolving consumer needs and capture growth.

“Building on the journey we began in 2023, we have made significant progress on our FY26-29 €1 billion Operational Efficiencies program, including the roll-out of our Fit for Future operating model. One-third of the targeted efficiencies will be delivered this year and we have accelerated the normalisation of our strategic investments.

“I remain confident in the attractive fundamentals of our industry, Pernod Ricard’s strategy and the resilience of our operating model to deliver sustainable value over time.”

Profit from Recurring Operations totalled €1.62 billion, down -18.7% reported and -7.5% in organic terms. Gross margin declined 216 basis points organically, impacted by tariffs in the USA and China, inflation on aged Wet Goods, and a moderately negative price and mix effect.

The group highlighted strong operational efficiencies and strict cost discipline, including a sharp -10% reduction in structure costs. As a result, operating margin contracted by just -55bps organically to 30.7%.

Group share of net profit fell -18% to €975 million.

Performance by region

The Americas sales declined -12% organically, led by a -15% drop in the USA amid continued soft spirits market conditions and inventory adjustments expected to impact the full year.

In a note, Goldman Sachs Equity Research said: “The USA accounts for 20% of group sales and is therefore the single largest market for Pernod. Pernod is vulnerable to potential consumer demand weakness and could see some share losses if Jameson’s momentum slows and tequila, where Pernod is under-indexed, continues to gain share.

“Pernod could also be vulnerable to destocking among wholesalers or import tariffs between the USA and EU in the future.”

Europe sales declined -3% year-on-year, reflecting modest market contraction in France and softer conditions in Germany and Spain, offset by resilient trading in the UK and growth in Poland.

Asia and Rest of World declined -4%, with India a bright spot with a +4% rise (+8% excluding Imperial Blue). In India, the company cited strong underlying demand, premiumisation trends and accelerating momentum in Q2.

China sales fell by a sharp -28% due to a tightened regulatory environment impacting on trade, weak consumer sentiment and inventory adjustments. However, premium brands including Absolut and Jameson recorded growth.

Performance by brand group

Strategic International Brands declined -7%, driven largely by Martell’s weak performance in China. However, Martell delivered strong growth in South Africa, Nigeria and the USA.

Jameson declined in the USA but showed improving sell-out momentum, with solid growth in India and Germany. Absolut recorded strong growth in India, China, Türkiye and Canada, while Perrier-Jouët delivered double-digit growth across all regions.

Strategic Local Brands declined -2%, with Royal Stag and Blenders Pride growth offset by the Imperial Blue decline.

Specialty Brands fell -7%, although Bumbu delivered strong growth. Ready-to-Drinks were a standout performer, rising +12% across the portfolio.

Outlook

Pernod Ricard described FY26 as a transition year, with improving organic net sales trends expected in the second half. The company is implementing a €1 billion ‘Fit for Future’ operational efficiencies programme from FY26 to FY29.

In the medium term (FY2027-FY2029), Pernod Ricard is targeting organic net sales growth of +3% to +6% annually with annual organic operating margin expansion.

Goldman Sachs Equity Research said:“Management continues to expect FY26 to be a transition year with improving trends in organic sales skewed toward H2 (+0.9% cons). Pernod also reaffirmed its objective to defend organic operating margin to the fullest extent possible, supported by cost control and implementation of FY26-29 €1 billion efficiencies programme.

“The company remains focused on cash generation, with strategic investments now expected at c.€750 million (below €900 million previously), and strong working capital management to drive c.80% and above cash conversion from FY26 (previously guided for an improvement vs. 74% in FY25).” 

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