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全球领先烈酒集团人头马君度（Rémy Cointreau）公布其 2025–26 财年前九个月业绩表现。报告期内，集团实现销售额 7.354 亿欧元，按报告口径同比下降 6.6%，按可比口径（有机增长）同比下降 1.9%。

分业务来看，干邑板块前九个月销售额同比下降 9.4%，按可比口径下降 4.3%；利口酒与烈酒板块销售额同比小幅下降 0.4%，但按可比口径实现 3.7% 的增长。

值得关注的是，集团在第三季度重回增长轨道，按可比口径实现 2.8% 的增长。其中，干邑业务同比增长 3.2%，利口酒与烈酒业务同比增长 2.8%。

公司指出，尽管整体市场环境依然充满挑战，且中国春节时间调整带来不利的日历因素影响，第三季度中国市场销售表现仍展现出一定韧性，同比降幅维持在低双位数水平。与此同时，亚洲其他市场在该季度实现两位数增长，主要得益于人头马 VSOP 及路易十三的强劲表现。

人头马君度同时表示，亚太地区旅游零售业务在第三季度已“回归正常交易状态”。这一改善主要源于此前影响中国免税渠道的干邑进口问题已于 2025 年 7 月得到解决，并在 2025 年底恢复出货。

此外，第三季度美国市场实现连续第四个季度增长，EMEA 市场亦重新回到增长通道。

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Rémy Cointreau sales return to growth in Q3 as travel retail resumes “normal trading conditions”

Leading drinks company Rémy Cointreau has reported nine-month sales for its 2025-26 financial year, with the figure reaching €735.4 million, down -6.6% year-on-year on a reported basis and -1.9% in organic terms.

Cognac sales in the nine months fell by -9.4% year-on-year (-4.3% in organic terms) while the Liqueurs & Spirits division showed a decrease of -0.4% (+3.7% in organic terms).

Crucially, company sales returned to growth in Q3 (+2.8% in organic terms), buoyed by a +3.2% rise in Cognac and a +2.8% increase in Liqueurs & Spirits.

The company highlighted “relatively resilient” sales in China in Q3 (down by low double digits) despite a “challenging market” and an unfavourable calendar effect related to Chinese New Year timing. The Rest of Asia showed double-digit growth in the quarter, led by Rémy Martin VSOP and Louis XIII.

Rémy Cointreau also hailed a “return to normal trading conditions in travel retail” in Asia Pacific in Q3. This relates largely to the suspension of Cognac imports to the China duty-free market in Q4 2024, resolved since July 2025, with shipments having resumed in late 2025.

Also in Q3, the USA had its fourth quarter of consecutive growth while EMEA returned to growth.

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