Slides
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FY26 Sales and Results27th August 2026Fiscal Year ended 30th June 2026
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Disclaimer• 2 •This presentation may contain forward-looking statements based on estimates and forecasts reflecting management's current views and reasonable assumptions. •Relating as they do to future events and circumstances and depending on factors outside Pernod Ricard’s control, forward-lookingstatements involve risks and uncertainties and should not be considered as a guarantee of future performance. •Actual results could differ materially from those expressed or implied by forward-looking statements and in no event can Pernod Ricard and its management be held responsible for any investment or other decision based upon such statements. •The information in this document does not constitute an offer to sell or an invitation to buy shares in Pernod Ricard, nor an initiation or inducement to engage in any other investment activities. •Growth data specified in this presentation refers to organic growth, unless otherwise stated.•Data may be subject to rounding. •Audit procedures have been carried out on the financial statements. The Statutory Auditors’ report will be issued after examination of the management report and completion of procedures required for the filing of the Universal registration document
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3 Steering through a transition with agility, discipline and strategic conviction•FY26 was characterised by a contrasted environment, with continued softness in the US amplified by inventory adjustments and with weak demand in China, mitigated by improving trends and growth across ROW, though impacted by Middle East conflict in Q4•Strong defence of Organic Operating Margin, with acceleration of the €1bn Operational Efficiencies program, delivering half of the target in FY26 and with full delivery now expected by FY28•Driving sustainable cash generation to preserve a strong balance sheet, with materially improved cash conversion in FY26•Optimising strategic investments for future growth, maintaining balance sheet discipline to support our deleveraging trajectory and sustainable shareholder returns•Maintaining a stable dividend per share, with final dividend of €2.35 to be offered in either cash or sharesFully leveraging the breadth of our portfolio and the balance of our geographic footprintTo capture growth opportunities at speed and scale across diverse consumer dynamics, Our operating model leverages its digital capabilities accelerating to a fully digitally enabled organisation
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4 Steering through a transition with agility, discipline and strategic convictionIn a contrasted environment, FY26 saw continued softness in the US, amplified by inventoryadjustments, and weakness in China, mitigated by improving trends and growth acrossROW, though impacted by Middle East conflict in Q4Improving momentum in H2 with organic growth improving from -5.9% in H1 to -1.3% in H2Excluding US and China, growth was positive for FY26 at +0.5%Negative FX and Perimeter effects2 1. Profit from Recurring Operations2. FX mainly due to USD, INR and TRY, perimeter mainly due to brand disposals Adapting at pace while optimizing costs and strengthening cash generation Defending the Organic Operating Margin in a contrasted environment Accelerating the Operational Efficiencies program, enhancing A&P effectiveness and partially mitigating tariffs and COGS inflationStructure Costs down -8.0% (down -4% in FY25), with implementation of Fit for Future operating model and disciplined cost managementStrengthening cash generation and strongly improving cash conversion through disciplinedinvestments and working capital managementActive portfolio management, notably with the disposal of Imperial Blue business Net Sales-3.9% organic-14.2% reportedPRO1-5.2% organic-17.9% reportedCash €1,197m FCF+6%
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5 Disciplined execution defending margin, delivering efficiencies and stronger cash generation -3.9%OrganicNET SALES€9,404m-14.2%Reported-5.2%OrganicPRO€2,423m-17.9%ReportedEPS€5.85NET DEBT / EBITDA+0.4x+6%3.7xFREE CASH-FLOW€1,197m-19%-35bpsOrganicPRO Margin25.8%-117bpsReportedCash Conversion91%+17pts Reported PRO impacted by negative FX and margin accretive perimeter effects
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6 In a contrasted environment, Net Sales were notably impacted by market-specific weakness in the US, China and the Middle East Impacted by softer market conditions and inventory adjustmentsc.25%FY26 Net Sales Weight1. Domestic and Travel Retail -14%USConflict impacting both domestic and travel retail markets-29%1Middle EastChallenging macro context with weak consumer confidence and tightened regulatory environment-19%China17%1% 7%
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7 Improving trends in many markets, with c.40% of Net Sales in growth South Africa+5% Excluding US & China, remaining top 16 markets sell-out value grew at double the market rate, at +2%1Canada +3%Strong momentum on Absolut, Jameson & RTDs Nigeria+18%Strong performance of Whiskies & Cognac Ireland+3%Dynamic RTD performance Japan +8%Fuelled by Perrier-Jouet Dynamic Martell momentum1. Source: See Appendix 2. Imperial BlueIndia+7%/+9% ex.IB2Broad-based growth across the portfolio -3.9%GROUPORGANIC NET SALES GROWTHExcl. USA & China DomesticORGANIC NET SALES GROWTH+0.5% Nordics+4%Strong growth on Absolut, Jameson & Bumbu Australia+2%Jameson, The Glenlivet & Champagne growth Korea+2%Recovery in H2Brazil+1%Recovery in H2 +26%Stellar growth across the portfolioTürkiye H1 flatH2+2%H1 -6%H2 -1%
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8 Adapting at pace to evolving consumer trends and growth opportunitiesMeeting evolving consumer trends with convenience & affordabilityLeveraging the depth of our portfolio including prestigeAcceleratingconsumer centric innovation at scaleElevating cultural relevance, consumer experiences & brand associationsEnabled by data and tech and a simplified organisation accelerating speed and agility Small and fun-size formatsAffordable PremiumisationRTD portfolio extension and RTM adaptationRGM & Promotions OptimisationUnique brands and products, experiences and partnershipsGlobal approach to build prestige brand desirabilityDirect-To-HNW Consumer approachMalibu Pink US successBiggest global innovation launch with Absolut Tabasco Expanding into low/No with Lillet 0.0% and Beefeater 0.0%Partnerships to boost cultural relevanceLong-term synergy potential of spirits brands with experiencesCulturally relevant Brand Associations
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9 FY26 Sales
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10 USAWeight in Net Sales117%Organic Net Sales -14% IndiaWeight in Net Sales113%Organic Net Sales +7%/+9% ex IB Sustained improvement in sell-out gap to market, with accelerating responses to changing consumer demand•Spirits market slowdown with economic moderation and subdued consumer confidence. Narrowing gap-to-market through accelerating responses•Sell-out c.-7% over the full year, with sales impacted by some inventory adjustments•Jameson & Kahlua outperforming their competitive set, while Skrewball and Malibu sell-out improving, helped by strong success of small formats and Malibu Pink innovation•Rapid adaptation to evolving market conditions, focusing on consumer recruitment & activation, Revenue Growth Management, innovation, RTD, small formats, on-premise activation and cultural partnerships•Route to Market reorganisation implemented and adapted to subsequent industry changes, with residual impacts on trade inventoryStrong momentum reflecting underlying consumer demand and premiumisation trends, gaining share•Accelerating performance underpinned by dynamic consumer demand•Market share gain, further benefitting from the Imperial Blue disposal•Good growth on local brands notably Royal Stag, the world’s #1 whisky2with c.32m cases and Blenders Pride and launch of “Xclamat!on”•DD growth on Strategic International Brands led by Jameson’s exceptional performance, the #1 imported premium Spirit brand in India, and good growth on Ballantine’s and Chivas Regal•Disposal of Imperial Blue business is immediately accretive to margins and growth•Excise policy changes in Maharashtra state negatively impacting sales from July FY26•India UK trade agreement implemented July 2026 1. Net Sales FY26 2. In volumes, IWSR CY25
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11 ChinaWeight in Net Sales17%Organic Net Sales -19%Challenging macroeconomic environment, continuing weak consumer sentiment and regulatory measures impacting demand•Sharp decline with prestige categories under pressure, notably in sales of Martell •Premium brands are growing, supported by rise in casual dining occasions and increasing penetration of Premium Spirits among the growing middle class•Market share decline in Cognac, impacted by channel exposure•Cautiously optimistic trade sentiment ahead of Mid Autumn Festival (MAF)1. Net Sales FY26 Global Travel Retail Weight in Net Sales16%Organic Net Sales -3%Resolution of the Cognac suspension in China, strong brand activations across Asia and dynamic traveller numbers in Europe and Americas•International passenger traffic continues to grow, now c.10% ahead of pre-Covid•Strong recovery of sales in China Duty-Free, with strong Martell sell-out growth during CNY, but Asia region also negatively impacted by weakness in South Korea•Europe benefitting from US tourists and Americas benefitting from dynamic growth in cruises•Strong innovation execution with successful launch of TR exclusive ranges of The Glenlivet and Aberlour•Market share gain•Q4 sales impacted by Middle East conflict, expected also to weigh on sales in Q1 FY27
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Regions 12 EuropeWeight in Net Sales131%Organic Net Sales -3%AmericasWeight in Net Sales127%Organic Net Sales -10%Asia-ROWWeight in Net Sales142%Organic Net Sales flat •France sales in decline while maintaining market leadership, with Perrier-Jouet and Bumbu in strong growth•Spain and Germany both in decline, amidst continued soft market conditions•UK in modest decline, with growth on Jameson, Absolut and Champagnes, amidst improving market •Eastern Europe in continued growth, notably on Jameson, Ballantine’s & Absolut. Poland in modest decline following excise tax increase, though gaining share•Canada in solid growth, notably on Jameson, Absolut & RTDs in soft market, gaining share•Brazil in modest growth, recovering in H2 from the methanol crisis, with good performances on Beefeater and Absolut, though slight share loss, •Mexico in sharp decline, with share loss amidst difficult market conditions•Japan in strong growth, gaining share with strong Perrier-Jouët, South Korea returned to growth after significant reset, Taiwan market sales decline, market conditions continuing soft •Very strong growth in Türkiye, notably with Chivas Regal and Ballantine’s and also on Absolut•South Africa in good growth, gaining share, driven by exceptional performance on Martell•Australia in modest growth with contrasted brand performance, growing on Jameson, RTDs and Champagne. Gaining shareValue market share sources see appendix 1. Weight in Net Sales FY26
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13 Diversified portfolio with solid brand performance in many markets, with Strategic International Brands excl. US & China +1% Organic Growth-3% Organic Growth+20% Organic Growth-2% TD: Triple Digits DD: Double-digits LSD: Low-Single-Digit HSD: High-Single-Digit MSD: Mid-Single-Digit +9%Excl. US+2%Excl. US Organic Growth-12%+3%Excl. China Organic Growth+1%Organic Growth+0%DD growth DD growth DD growthTD growthLSD growth, HSD in Asia TR HSD growthMSD growthDD growthDD growthDD growth DD growth MSD growth MSD growthLSD growth+1%Excl. China c.65%FY26 SIBs Net Sales Weight
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14 FY26 Financial Update
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15 Strong defence of Margin supported by acceleration of Operational efficienciesOrganic PRO¹-5.2%Reported PRO-17.9%FY25 Reported Operating MarginGross Margin A&P Structure costs FY26 Organic Operating Margin*Perimeter FX FY26 Reported Operating Margin26.9%-221 bps+109bps-122bps+77 bps25.8%Gross Margin•Negative price/mix in soft pricing environment and adverse market mix•Tariffs impact c.-45bps on US & China•Net COGS effect excluding tariffs, c.-100bps impact, LSD inflation :oInflation on aged Wet Goods and lower absorption of fixed costs oStrongly benefiting from faster implementation of Operational Efficiencies, notably savings on dry goods•Perimeter effect2 of -€114m, accretive to margins, and•Adverse FX of -€268m3leading to deterioration of reported Operating Margin Organic -35bpsChange in Reported Operating Margin rate -117bps€2,951m€2,423m •A&P at the lower end of the range, at 15% of Net Sales, benefitting from enhanced A&P effectiveness•Reorganisation effective from 1stJan and strict cost discipline leading to a sharp reduction in structure costs +41bpsCOGS inflation mitigation, marketing investments optimisation and sharp reduction in structure costs 1. Profit from Recurring Operations 2. Negative perimeter impact of €114m has a positive effect on Margin3. FX largely on USD, Turkish Lira, Indian Rupee* “Organic Margin” is for illustrative purposes
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16 Earnings per share at €5.85 Reported∆FY26FY25€ millions-18%2,4232,951Profit from Recurring Operations(421)(455)Financial Expenses from Recurring Operations(487)(619)Income tax on Recurring Operations(38)(49)Minority interests and other-19%1,4761,829Group share of Net Profit from Recurring Operations252252Number of shares for diluted EPS (millions)-19%5.857.26Earnings per share before non-recurring items ¹•Optimised finance costs leading to decrease in Recurring Financial ExpensesoAverage cost of debt increased from 3.2% to 3.4%, driven by higher interest rates applied on a lower Net Debt•Reduced Income Tax on Recurring Operations, in line with the reduction in PRO, with ETR at 24.4% down from 24.8%1. Diluted Net Earnings per Share from Recurring Operations (€/share)
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17 Group Share of Net Profit Loss from Non-Recurring Operations primarily due to Restructuring charges Reported∆FY26FY25€ millions-19%1,4761,829Group share of Recurring Operations(261)(208)Loss from Non-recurring operations(19)(38)Non-recurring financial income (expenses)545Non-recurring corporate income tax1(2)Minority interests from non-recurring-26%1,2031,626Group share of Net Profit
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18•Slight increase in Operating working capital needs benefits from lower Trade Receivables and finished goods inventory levels, offset by lower payables•Optimized Strategic Inventories and Capex, significantly below peak levels•Strong improvement in Cash Conversion at 91% % ∆Reported ∆FY26FY25€ millions-18%(529)2,4232,951Profit from Recurring Operations5394389Amortisation, depreciation, provision movements and other-16%(523)2,8163,340Self-financing capacity from recurring operations(47)(5)42(Increase)/decrease in operating working capital needs323(233)(557)Increase in Strategic Inventories273(383)(656)Capital expenditure+1%262,1962,170Recurring Operating Cash Flow+17 points91%74%Cash Conversion65(756)(821)Financial expenses and taxes+7%911,4401,348Recurring Free Cash Flow(27)(243)(215)Non-recurring items+6%641,1971,133Free Cash Flow Growth in Free Cash Flow driven by materially improved cash conversion
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191. Ratio calculation using last twelve months EUR/USD rates 1.17 Focus on cash generation to preserve a strong balance sheet •Improved FCF with optimized strategic investments and strict discipline in operating working capital•Positive contribution from M&A Aiming for ratio of net debt/EBITDA below 3x by FY29 FY25 Net Debt / EBITDA1,1973891,22630-Jun-25 FCF M&A Dividends89FX207Other 30-Jun-2610,66210,7273.3x¹FY26 Net Debt / EBITDA3.7x¹Net Debt down -€65m
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Strategic Update 1. Our purpose & transformation journey
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Pernod Ricard’s Purpose is anchored in timeless human needs 21 More relevant than ever in a world seeking authentic human connections In an increasingly complex & digital world, the need for meaningful real-life connectionshas never been greater.At the same time, consumers drink more intentionally: each occasion carries more meaning and value.Growth comes from enriching existing occasions and creating new ones, expanding the shared experiences that bring people together around our brands. As consumers drink more intentionally, we create more reasons to come togetherand more meaningful experiences around our brands
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22 Long-term drivers remain attractive, despite short-term headwinds and tailwindsIncrease in LDA1 population Growth of the Middle & Affluent ClassEconomically independent womenInternational Spirits increasing share of TBA2 Soft consumer confidenceSqueezed consumer wallets 1. Legal Drinking Age2. Total Beverages Alcohol, IWSR 2025 vs 2020 Conviviality is evolving creating both challenges and opportunitiesPremiumisationExperiencesConvenienceEvolving lifestyles, inc. changing occasions & frequency Attractive long-term fundamentalsNear-term cyclical pressures in some marketsConviviality continues to evolve
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23 Broad and balanced geographic footprint with strong market positions; well placed to capture growth +160Brandsdistributed inCOUNTRIES 60In-house sales teamsCOUNTRIES USA17%EMEA39%Asia Pacific33%India13%China7%Rest of Asia Balanced between mature and emerging marketsAmericas27%Eastern EuropeAfrica & Middle EastWestern EuropeCentral & South AmericaOceaniaMature Markets c.55%Emerging Markets c.45%Bubble size proportional to Net Sales FY26
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Scotch WhiskyIrish Whiskey CognacIndian WhiskyVodkaLiqueurGinRumChampagneAgaveRTDsNorth American WhiskeyOthers1 24 A diversified portfolio of premium international spirits, well exposed to growing segmentsBroad category exposure 1. Mainly Anis, aperitifs and non-branded business 2. IWSR 2025 Retail Sales Value growth Balanced between aged and non-aged, diversified across categories and price segments Exposure to growing categories within TBA International SpiritsIndian WhiskiesChampagneBeerWineTraditional Spirits Presence in growing International Spirits CategoriesScotch WhiskyIrish WhiskeyCognacVodkaLiqueurGinRumAnis & AperitifAgaveUS Whisky +2%+4%+2%+2%+0.5%+0.5%+2%-11%-1%-1%+7%+5%+13%+2%-1%-11% Weight in PR Net SalesMarket growth2FY26 Net Sales Portfolio price positionSpirits-based RTDs +1%
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Strengthening Pernod Ricard’s operating modelRemoval of regional layerssimplified marketcompanies into 10 entitiesSimplified 8 Brand Companies into 2Brand Unitsintegrated into a streamlined HQOrganisationEfficiency programOperational EfficienciesPhase OneOperational EfficienciesPhase TwoPioneeringof AI-enhanced solutionswith launch of 4 KDPs1Industrializing & AugmentingEmbedded AI solutionsData & TechPortfolioActive portfolio ManagementAccelerating innovation 2022 2023 2024 2025 2026 2027 2028 BeyondOngoing multi-year transformation across organisation, operational efficiency, technology and portfolio management 1 2€900m€1bn 251. Key Digital Programs
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26 Initiated in 2023: creating a lean and agile, Fit-for-Future organisation“Tomorrow” phase 1 (2023-24)“Tomorrow” phase 2 (2025-26)Simplified from 3 regions & 50 Market Companies into 10 Management Entities1 Organisation simplification, investing in data and tech to fully leverage scale & business proximity 1. Management Entities: North America, China, India, GTR, Northern Europe, Southern Europe, Central & Eastern Europe, Latin America, Africa & Middle East, Asia Pacific2. Cumulative headcount reduction vs June FY23 including business unit disposals Simplified Global Functions and 8 Brand Companies to 2 Brand Units -5%-12%-18%FY24 FY25 FY262%-4%-8%FY24 FY25 FY26 c.3,600 cumulative headcount reductions vs June 20232 Reorganisation & cost discipline leading to organic structure cost decreaseContribution to organic operating margin-58bps+17bps+77bps
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27 c.30%Accelerating €1bn Operational Efficiencies program, with c.50% achieved in FY26 Cumulative savings are the sum of incremental annual efficiencies, expected to positively impact the P&L across COGS, A&P and Structure or contributing to cash optimisation Design to sustainable valueEnhanced procurementMarketing firepowerSustainable AssetsManufacturing optimizationOperational ExcellenceIntegrated end to end supply chainLogistics footprintSupply ProcureMakePackaging tendersPackaging value engineeringMedia, POS & services tendersHedging on energy and cerealsDistillery energy cost reductionOptimize manufacturing sourcingEliminate dry goods lossesIncrease distillation yieldsOcean freight deep/short sea tenderCost to serve initiativesFinished Goods and Raw Material Inventory FY26 to FY28c.35%c.15%Totalc.€1bnFit for FutureFit for Future organisation Impact from active portfolio managementc.20%Agility, efficiency and continuous improvementStrict cost discipline c.27%FY23 to FY25c.22%c.18%Totalc.€0.9bnc.33%Total c.€1.9bn Full program completion now expected in FY28, one year earlier than previously announcedc.€0.5bnc.€0.5bnc.€0.3bnc.€0.5bn
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Leveraging Data, tech and AI to accelerate execution, improve agility & responsiveness and drive productivity across the business Deployed first wave of high-impact use cases across Marketing, Commercial, Innovation and Corporate FunctionsEstablish AI@PR governance and architectureStrengthen data quality and accessibilityHarmonize processes, data and accelerate insightsEmbed intelligence into every decision and processConnect people, data, platforms and AI seamlesslyEnhance execution, insight and agility From AI Adoption to embedded enterprise intelligence Built strong user adoptionDemonstrated benefits 1 2 3 Explore & OptimizeTrusted foundations to unlock speed & productivity at scaleSpeed, scale & adaptation Pioneer Prove value and drive adoptionIndustrializeBuild foundations for scaleAugmentEmbed intelligence 28
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Maintaining consistent investments behind brands, with improved effectivenessIncreasing spend effectiveness with Digital and sharp resource allocation ROS3+7%Strong focus on increasing Return onSpend Strong discipline allocation mixImproving media execution excellence US+19%China+17% 77136Digital Media delivers superior ROS1vs Traditional Media Trad Media (Linear TV, OOH)Digital Media ( Paid Social, CTV /OLV, Digital display, Influencers)ROS Index2 Non-Working A&P evolution over the past 4 years-34%Strong A&P savings delivered through sustained cost discipline FY23 FY26+75% 291. Return on Spend: incremental net sales generated by marketing, advertising, and promotion activities divided by A&P spends. 2. ROS Index: Performance of a specific touchpoint compared with the market average (base 100). 3. . Last available year, CY/FY25Matrix Scope for Media measurement 12 Markets (US, Canada, Mexico, Brazil, China, Korea, Japan, South Africa, UK, Germany, Spain, France)
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30 Active portfolio management, focusing on the international premium spirits segment Finnish portfolioWine portfolio 1. Of all disposals on the slide Disposal of non-core brands to accelerate growth and improve marginsGenerating cumulative gross proceeds of c.€1.5bn1 Mumm Napa sparkling wines Disposals Closed FY23 & FY24Closed FY25Closed FY26 Announced FY27
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Strategic Update2. From insight to action
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Rapidly evolving consumer landscape requires insight-led decisions & faster execution 32 Low confidence, pressured discretionary spend, fear of inflationDesire & openness to innovation, flavors, formats & fun In cluttered and time-pressured lives people want quick and easy optionsRising health consciousness with claimed spirits moderation widespreadConviviality is evolving from spontaneous connections to planned events. In Emerging Markets LDA+ population will grow by 1.2% CAGR to 2030 Middle Class growth of 4% by 2030Impress need state remains key EXPLANATION Tailwind for GrowthHeadwind for Growth Combination of Tailwind and Headwind GLOBAL CONSUMER INSIGHTS TRENDS IN EMERGING MARKETS CONSUMER INSIGHTS GenZ continues to engage in spirits. Repertoires growing to include many categoriesAffordability2Novelty3Choosing Convenience4Mindful Moderation5Craving Connection6Demographics7Emerging Middle Class8Status Driven Premiumisation9 Spirits Exploration1
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33 Spirits ExplorationSpirits continue gaining share of TBA as consumers broaden their repertoire across categories From its market leading position, Pernod Ricard is well positioned as Chinese consumers lean into western style spiritsEngaging with younger consumers through evolving communication channelsIncreased capabilities of market companies to actively manage a larger number of brands with greater agility 1&2Dynamic growth of premium brands •Expansion of music platform into key cities•RTM of e-commerce and Premium On Trade •Social-led modern touchpoints
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34 Affordability $199$78.99$58.99$56.99$44.99$36.99$32.99$30.99$23.99$20.99$11.99$9.99$4.99$3.99 750ML1.75L1.75L750ML750ML750ML750ML375ML375ML375MLRTD 4PK200ML100ML Cans50ML Ultra-PremiumShareable / Stock UpPremium / Super PremiumTrade UpAt Home / MixingTrial / On-the-Go / Easy Serve New York- High Price Market RTD $325K$8.2K$17.3MNEW$1.5M$1.5M$6.6M$30KNEW$3.5M$283k$1.8MNEW$1.5M52WE $ VolPrice StratSizeOccasion Total price point range coverage, while AI-powered RGM optimizes price promotion activationsWage growth is outpaced by inflationSmall & fun formats satisfy consumerdesire for premium products despite economic constraintsc.+10% FY26 NS50cl and belowAddressed through RGM, portfolio price ladders and brand portfolio format architecture Illustrative Example of Jameson, similar approach applied to all brands
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Novelty 35 Addressed with an accelerating innovation program with strong upcoming pipelineOrganisation simplification enables brand units to respond with increasing pace and scaleFY26 Innovation Overview Key innovations pipelineLaunched FY26 Launched17markets132kcsLaunched50markets193kcsBiggest launch in Pernod Ricard HistoryShare11%of Malibu Original142kcs NEW FY27 Tapping into aesthetics-driven drinks culture
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36 Convenience UK Germany Australia17%26%12%23%18%25%Weight of Gen Z in spirits drinkers Weight of Gen Z in RTD drinkers Gen Z over-indexes among RTD drinkers2 Spirits-based RTDs are fast-growing1 Market Volume growthHigh ABVLow ABV+13% +26%+5%+6%-5%+10%-2%+8% RTDs Addressed through expanded RTD portfolio offering, growing from c.0.5% of sales in FY21 to c.2.5% in FY26 Enhanced portfolio with multiple format solutions 100ml Fun sized formats Multi PacksMini-formats 50ml Small formats 200 ml to 500 ml Source: 1. IWSR 2025 vs 2024 2. Bevtrac March 2026
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37 Mindful moderation 2023 2024 2025 2026Stable rate of abstinence Source: BevTrac March 2026 Non-Alc PremiumisationAddressed through premiumisation and the expansion of lower-ABV and alcohol-free offerings, as consumers continue to embrace "Drink Less but Better". AperitifFor lighter occasions Targeted opportunity, relevant for markets incl. Germany and Spain Less but better Almost 1 in 5 of those claiming to drink less are trading up (“less but better”) Source: IWSR BevTrac 2026
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38 Craving ConnectionsConsumers value in-person experiencesAddressed through On-Trade activations and partnerships with sports, festivals and cultural icons US On-Trade market value in growth, along with On Trade in UK, France and JapanMusic festivals and sporting events attract an ever higher numbers of participants with >80% of Gen Z planning to attend a festival1People in key Asian markets want to see their friends c. 25% more than they are currently2 1. Live Nation Living for Live Global Study 2025, based on a sample of 40,000 respondents aged 18–54 across 15 countries2. IPSOS “Attitudes to Socialising” study for Pernod Ricard, May 2026, Sample 6,000 LDA+ CNY TR Activation
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39 Emerging Markets benefitting from powerful long-term tailwinds 41%17%41%ChinaIndiaROWMiddle class population growth 2025-2030+86M new Middle Class Middle Class growth driven by China and India +320M new LDA between 2025-2030 Other EMsRest of World+68M +30M+21M+108M +94M+226M LDA in EMs Exceptional performance from Jameson,the #1 imported premium Spirit brand in India and Pernod Ricard’s #2 Jameson market by volume Domestic innovation leverages local pride with the launch of “Xclamat!on” Market Leader in Premium Plus Imported Spirits, with c.40% value share Martell #1 Cognac in volume 48% Value Cognac Market share Addressed through broad geographic breadth and diversified western style portfolio Sources: UN Forecasts and Oxford Economics
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Strategic Update 3. Capital allocation & Financial Policy
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65%74%91%FY24 FY25 FY26 FY27 to FY29 411. ROCF = Recurring Cash Flow + Change in Working Capital, Change in Maturing inventories and Cash Capex Strategic investments reduced by 56% from recent highs to €616m 766656383645557233FY24 FY25 FY26 FY27 toFY29€1.4bn€1.2bnMax c.€0.7bn€0.6bnStrategic inventoriesCapexReduced Strategic InvestmentsFY26 Strategic Investments strictly controlled c. €616m For FY27 and beyond, Strategic investments not expected to exceed c.€700m Successfully achieved cash conversion (ROCF1/PRO) at c.90% Reduced Strategic Investments and Operating working capital optimisation to support deleveragingImproving cash conversion, strengthening our balance sheet to maximize flexibility Improving cash generationOptimized Operating working capitalReduced Strategic InvestmentsReturn to PRO growth supported by accelerated efficiency initiatives c.90% Aiming for leverage below 3x by FY29
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42 Commitment to long term shareholder remunerationProposed dividend¹ of €4.70 per share, stable since FY23 1.Subject to shareholder approval at AGM on 20th November 2026 3.122.663.124.124.70 4.70 4.70 4.70FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26€/shareDPS€4.70•Pernod Ricard will offer shareholders the option to receivetheir FY26 final dividend of €2.35 either in cash or shares
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43 Capital allocation priorities, underpinned by balance sheet flexibility While maintaining investment grade rating :1. Investment in future organic growth, in particular through Strategic Inventories and Capital Expenditure2. Continued active portfolio management, including value-creating M&A3. Progressive dividend policy aiming for a dividend distribution at c.50% of Net Profit from Recurring Operations4. Share buyback, when above priorities are fulfilled Financial policy balances the deployment of capital for profitable growth and the return of capital to shareholders
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Outlook
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• 45 FY27 OutlookWe are expecting organic Net Sales broadly stable for the full year, in acontrasted and uncertain environment, with:•Declines in the US and China, impacted by inventory adjustments as from Q1,and with underlying trends expected to improve in China, and•Continued positive momentum in Rest of World, with ongoing strong growthnotably in India.A&P/Net Sales investment will be maintained at c.16%.We will strongly defend Organic Operating Margin supported by strict costcontrol and accelerating the implementation of our Operational Efficiencyinitiatives whilst investing in digital transformation.We expect strategic investments at c.€700m, strong operating working capitalmanagement, with cash conversion expected to continue at c.90%.
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• 461. FY27 to FY29 2. Per annum Medium-term Framework1Noting the current softness in the US market, we are projecting Organic Net Salesgrowth, aiming to be, on average, close to the lower end of the +3% to +6% rangeover FY27 to FY29.We expect Organic Operating Margin expansion, supported by acceleratedoperational efficiencies of €1bn from FY26 to FY28, while maintaining consistentinvestments behind our brands with c.16% A&P/Net Sales.We expect strengthened cash generation, aiming for c.90% cash conversion to fundour financial policy priorities, with strategic investments normalizing to no morethan c. €700m.We are targeting Net debt / EBITDA ratio below 3x by FY29.We are adapting our strategy to capture growth opportunities, and our operatingmodel to meet changing circumstances including through our ongoing digitaltransformation to unlock further efficiencies.We are confident in the continued engagement of our teams and we remain focusedto deliver sustainable value growth over time.
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47WRITE THE NAME OF YOUR FUNCTION OR MANAGEMENT ENTITY
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48 Definition of alternative performance measures and reconciliation to IFRS measuresPernod Ricard’s management process is based on the following Alternative Performance Measures (APMs), which have been chosen forplanning and reporting purposes. The Group’s management believes that these measures provide valuable additional information for users of the financial statements in understanding the Group’s performance. These APMs should be considered as complementary to IFRS measures and reported movements therein.Organic growthOrganic growth is calculated after excluding the impacts of exchange rate movements,acquisitions and disposals, changes in applicable accounting principles and hyperinflation.The exchange rate impact is calculated by translating the current year’s results at the prior year’sexchange rates and by adding changes in the current and prior years’ translation adjustments.For acquisitions in the current year, the post-acquisition results are excluded from the organicmovement calculations. For acquisitions in the prior year, post-acquisition results are includedin the prior year but are only included in the organic movement calculations of the current yearfrom the anniversary date of the acquisition.The impact of hyperinflation on profit from recurring operations in Türkiye and Argentina isexcluded from organic growth calculations by capping local unit price/cost increases to amaximum of 26% per year, equivalent to 100% over three years.Where a business, brand, brand distribution right or agency agreement was disposed of orterminated in the prior year, the Group excludes the results for that business from the prior yearin the organic movement calculations. For disposals or terminations in the current year, theGroup excludes the results for that business from the prior year from the date of the disposal ortermination.This measure enables users to compare the Group’s performance on a like-for-like basis, focusingon areas that local management is most directly able to influence.Profit from recurring operationsProfit from recurring operations corresponds to operating profit excluding other non-recurring operating income and expenses.Cash ConversionCash conversion is calculated by dividing the Recurring Operating Cash Flow by the Profit from recurring operations. The Recurring Operating Cash Flow is calculated as the Self-financing capacity from Recurring Operations + Change in Recurring Operating Working Capital needs, Change in Strategic inventories and Cash Capex. Net Debt / EBITDANet debt corresponds to gross financial debt, including IFRSௗ16 lease liabilities, less cash and cash equivalents. EBITDA corresponds to Profit from recurring operations excluding depreciation, and amortisation on fixed assets. The net debt / EBITDA ratio is calculated using EBITDA on a last twelve months basis and using Net Debt translated at last twelve months average exchange rates. Strategic Investments Strategic (ageing) Inventories plus Capex
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49 Market Share and sell-out sourcesCANADA: Spirits, ACD Off-Trade ending 31MARCH26UK: Spirits and RTDs, Nielsen Off-Trade ending 27JUNE26 & CGA On-Trade excl. RTD ending 13JUNE26GERMANY: Spirits and RTDs, Nielsen ending 28JUNE26POLAND: Whisky, Vodka , Rum and Gin, Nielsen ending 28JUNE26USA: Spirits and RTDs, Nielsen ending 26JUNE26 + NABCA ending JUNE26FRANCE: Spirits and Champagne, Nielsen ending 14JUNE26TÜRKIYE: Spirits, Nielsen ending 28JUNE26MEXICO: Spirits, Nielsen & ISCAM ending JUNE26SPAIN: Spirits, Nielsen Off-Trade & On-Trade ending 30JUNE26INDIA: Operating segment NNS International Spirits and Deluxe and Premium Admix, Sell-through and Sell-in combination ending JUNE26JAPAN: WSS and Champagne, Intage On & Off-Trade ending 30JUNE26 PR+SALBRAZIL: Whisky, Gin & Vodka, Nielsen and internal data ending 05JULY26SOUTH AFRICA: Spirits, Sparkling wines and RTDs, Circana True Data On & Off-Trade ending JUNE26TAIWAN: Whisky & Cognac, Nielsen ending 22JUNE26AUSTRALIA: Spirits, Champagne and RTDs, Unweighted Market Circana Off-Trade ending 28JUNE26SOUTH KOREA: Whiskies, NTS and Nielsen combination ending 30JUNE26CHINA: Total WSS & Champagnes, internal data incl. GMA ending MARCH26GLOBAL TRAVEL RETAIL: internal data
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50 Upcoming Communications EventDate (subject to change)Q1 FY27 Sales15thOctober 2026Shareholders’ Annual General Meeting20thNovember 2026H1 FY27 Sales and Results18thFebruary 2027
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Resilience from grain to glass *talent & compensation decisions are based on performance, merit and experience, data subject to French legislation 71% of our key raw agricultural materials sustainably sourced-11% reduction of agricultural emissions in absolute value (FLAG scopes 1 & 3) vs. FY22 -46% reduction of scope 1&2 emissions & -15% scope 3 non-FLAG emissions in absolute value vs. FY22 -25% reduction in water consumption intensity vs. FY18 -16% in total recordableincident frequency rate since FY2543% women among top management and gender pay equity maintained* 1.2Bn+people reached by ‘Drink More Water’ campaign through online and on the ground activations since launch2m+visitors to our Brand Homes exposed to responsible drinking messages since FY2451
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52 Emerging MarketsAmericas EuropeAlgeria Mali Antigua AbkhaziaAngola Mauritius Argentina AlbaniaBahrain Mongolia Aruba ArmeniaBangladesh Morocco Bahamas AzerbaijanBenin Mozambique Barbados BalkansBhutan Myanmar Bermuda BelarusBurkina Faso Namibia Bolivia BosniaCambodia Niger Brazil BulgariaCameroon Nigeria Caribbean CroatiaCape Verde Oman Cayman Islands GeorgiaChina Persian Gulf Chile HungaryCongo Qatar Colombia KosovoDemocratic Republic of Congo Rwanda Costa Rica LatviaDjibouti Saudi Arabia Cuba LithuaniaEgypt Senegal Curacao MacedoniaEquatorial Guinea Seychelles Dominican Republic MoldaviaEthiopia Sierra Leone Ecuador MontenegroGabon South Africa Grenada PolandGhana South Sudan Guatemala RomaniaGuinea Bissau Sri Lanka Haiti RussiaIndia Syria Honduras SerbiaIndonesia Tajikistan Jamaica TurkiyeIran Tanzania Mexico UkraineIraq Thailand NicaraguaIvory Coast Togo PanamaJordan Tunisia ParaguayKazakhstan Turkmenistan PeruKenya Uganda PhilippinesKyrgystan Uzbekistan Puerto RicoLaos Vietnam St KittsLebanon Zambia St LuciaMadagascar Zimbabwe St VincentMalaysia SurinameMaldives Trinidad & GuyanaUruguayVenezuela Asia-Rest of World
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53 Strategic International Brands’ performanceVolumes FY26(in 9Lcs millions)Absolut 12.2 -2% 0% -2%Jameson 11.4 -3% 2% -5%Ballantine's 9.4 1% 4% -3%Chivas Regal 4.7 0% -2% 2%Ricard 4.1 -6% -3% -2%Malibu 3.9 -7% -4% -3%Beefeater 3.3 -1% -2% 1%Havana Club 2.8 -20% -16% -4%Martell 1.8 -12% -5% -7%The Glenlivet 1.3 -5% -5% 0%Mumm 0.5 -2% -2% -1%Perrier-Jouët 0.4 20% 20% -1%Royal Salute 0.2 -9% -4% -5%Strategic International Brands 56.1 -4% -1% -3% Organic Net Sales growth FY26of which Volumes of which Price/mix
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54 Sales Analysis by Period and RegionNet Sales (€ millions)Americas 3,15429%2,58427%(570)(18)%(318)(10)%(78)(2)%(174)(6)%Asia / Rest of World 4,63542%3,92042%(715)(15)%(13)(0)%(324)(7)%(379)(8)%Europe 3,17029%2,90031%(270)(9)%(74)(3)%(180)(6)%(16)(0)%Group 10,959100%9,404100%(1,555)(14)%(405)(4)%(582)(5)%(568)(5)%Net Sales (€ millions)Americas 66527%57026%(96)(14)%(65)(10)%(26)(4)%(4)(1)%Asia / Rest of World 1,05442%92642%(128)(12)%+43+5%(121)(11)%(50)(5)%Europe 78631%70932%(76)(10)%(34)(5)%(43)(6)%+1+0%Group 2,506100%2,205100%(300)(12)%(57)(2)%(190)(8)%(53)(2)%Net Sales (€ millions)Americas 1,41630%1,18429%(232)(16)%(121)(9)%(48)(3)%(63)(4)%Asia / Rest of World 2,01642%1,73842%(278)(14)%+97+5%(228)(11)%(147)(7)%Europe 1,35228%1,22930%(123)(9)%(31)(3)%(90)(7)%(2)(0)%Group 4,784100%4,151100%(633)(13)%(56)(1)%(365)(8)%(212)(4)%Forex ImpactQ4 FY25 Q4 FY26 Change Organic growth Group Structure Forex ImpactH2 FY25 H2 FY26 Change Organic growth Group StructureForex ImpactFY25 FY26 Change Organic growth Group Structure
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55 Summary Consolidated Income Statement(€ millions)FY25FY26ChangeNet sales 10,9599,404(14)%Gross Margin6,5165,495(16)%Advertising and promotions spend (1,679) (1,409)(16)%Contribution after A&P spend4,8374,086(16)%Structure costs (1,886) (1,663)(12)%Profit from Recurring Operations 2,9512,423(18)%Financial income/(expenses) from recurring operations (455) (421)(7)%Corporate income tax on items from recurring operations (619) (487)(21)%Net profit from discontinued operations, non-controlling interests and share of net income from associates (49) (38) (23)%Group share of net profit from Recurring Operations1,8291,476(19)%Profit from non-recurring operations (208) (261)+26%Financial income/(expenses) from non-recurring operations (38) (19)(50)%Corporate income tax on items from non-recurring operations455(89)%Non-controlling interests (non-recurring) (2)1NAGroup share of net profit1,6261,203(26)%Non-controlling interests4836(25)%Net profit1,6741,238(26)%
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56 Profit from Recurring Operations by Region (1/2) Bulk Spirits are allocated by Region according to the Regions’ weight in the Group World(€ millions)Net Sales 10,959100.0%9,404100.0%(1,555)(14)%(405)(4)%(582)(5)%(568)(5)%Gross margin 6,51659.5%5,49558.4%(1,022)(16)%(468)(7)%(167)(3)%(387)(6)%Advertising & promotional spend (1,679)15.3%(1,409)15.0%271(16)%172(11)%35(2)%64(4)%Contribution after A&P spend 4,83744.1%4,08643.4%(751)(16)%(296)(6)%(132)(3)%(324)(7)%Profit from recurring operations 2,95126.9%2,42325.8%(529)(18)%(147)(5)%(114)(4)%(268)(9)%Americas(€ millions)Net Sales 3,154100.0%2,584100.0%(570)(18)%(318)(10)%(78)(2)%(174)(6)%Gross margin 2,02164.1%1,58761.4%(435)(22)%(274)(14)%(37)(2)%(123)(6)%Advertising & promotional spend (603)19.1%(482)18.7%120(20)%89(15)%5(1)%26(4)%Contribution after A&P spend 1,41945.0%1,10442.7%(314)(22)%(186)(13)%(32)(2)%(97)(7)%Profit from recurring operations 84726.8%65925.5%(188)(22)%(82)(10)%(28)(3)%(78)(9)%FY25 FY26 Change Organic Growth Group Structure Forex impactFY25 FY26 Change Organic Growth Group Structure Forex impact
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57 Profit from Recurring Operations by Region (2/2) Bulk Spirits are allocated by Region according to the Regions’ weight in the Group Asia / Rest of the World(€ millions)Net Sales 4,635100.0%3,920100.0%(715)(15)%(13)(0)%(324)(7)%(379)(8)%Gross margin 2,62056.5%2,17255.4%(448)(17)%(110)(4)%(77)(3)%(261)(10)%Advertising & promotional spend (580)12.5%(493)12.6%87(15)%35(6)%19(3)%33(6)%Contribution after A&P spend 2,04044.0%1,67942.8%(362)(18)%(75)(4)%(58)(3)%(228)(11)%Profit from recurring operations 1,36029.3%1,07427.4%(286)(21)%(34)(3)%(55)(4)%(197)(14)%Europe(€ millions)Net Sales 3,170100.0%2,900100.0%(270)(9)%(74)(3)%(180)(6)%(16)(0)%Gross margin 1,87559.1%1,73659.9%(139)(7)%(84)(5)%(52)(3)%(3)(0)%Advertising & promotional spend (497)15.7%(433)14.9%64(13)%49(10)%11(2)%4(1)%Contribution after A&P spend 1,37843.5%1,30344.9%(75)(5)%(35)(3)%(42)(3)%2+0%Profit from recurring operations 74423.5%69023.8%(54)(7)%(31)(4)%(32)(4)%8+1%FY25 FY26 Change Organic Growth Group Structure Forex impactFY25 FY26 Change Organic Growth Group Structure Forex impact
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58 Foreign Exchange ImpactFY25 FY26 %US Dollar USD 1.09 1.17 (7.2)% (166) (90)Chinese Yuan CNY 7.85 8.16 (3.9)% (27) (15)Indian Rupee INR 92.59 105.70 (14.2)% (167) (63)British Pound GBP 0.84 0.87 (3.4)% (12) 22Canadian Dollar CAD 1.52 1.61 (6.2)% (18) (7)Australian Dollar AUD 1.68 1.72 (2.4)% (4) (2)Brazilian Real BRL 6.23 6.17 +1.0% 2 1Japanese Yen JPY 162.63 180.12 (10.8)% (25) (15)Turkish Lira TRY 39.00 50.23 (28.8)% (92) (76)Singapourian Dollar SGD 1.44 1.50 (3.9)% (3) (1)Polish Zloty PLN 4.26 4.25 +0.4% 1 0South Korean Won KRW 1,523.86 1,692.01 (11.0)% (9) (6)South African Rand ZAR 19.76 19.71 +0.3% 0 0Taiwan Dollar TWD 34.87 36.20 (3.8)% (3) (2)New Zealand Dollar NZD 1.84 1.99 (8.3)% (3) (2)Mexican Peso MXN 21.47 20.96 +2.4% 2 (1)Hong Kong Dollar HKD 8.48 9.11 (7.5)% (5) (2)Argentinean Peso ARS 1,129.20 1,630.68 (44.4)% (25) (5)Kazakhstani Tenge KZT 544.64 592.42 (8.8)% (5) (4)Swedish Krone SEK 11.28 10.91 +3.3% 1 (6)Ukrainian Hryvnia UAH 45.09 49.81 (10.5)% (6) (5)Vietnam Dong VND 27,655.00 30,628.00 (10.8)% (3) (1)Other Currencies (3) 5Translation impact (568) (273)Transaction impact +5Total FX impact (568) (268) Forex impact FY26(€ millions)Average rates evolutionOn Net SalesOn Profit from Recurring Operations
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59 Sensitivity of profit and debt to EUR/USD exchange rate (1) Full-year effect Estimated impact of a 1% appreciation of the USDImpact on the income statement(1)(€ millions)Profit from recurring operations +13Financial result (1)Pre-tax profit from recurring operations +12Impact on the balance sheet (€ millions)Increase/(decrease) in net debt +32
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60 Balance Sheet: AssetsAssets (€ millions)Non-current assetsIntangible assets and goodwill 17,921 18,000 Tangible assets and other assets 5,284 5,372 Deferred tax assets 1,518 1,523 Total non-current assets24,72224,895Current assetsInventories 8,418 8,470 Ageing Inventories 7,062 7,203 Finished products and other inventories 1,356 1,266 Receivables (*) 1,484 1,372 Trade receivables 1,377 1,228 Other trade receivables 108 144 Other current assets 444 476 Other operating current assets 395 424 Other current assets related to fixed assets and other 49 52 Tax receivable 99 80 Cash and cash equivalents and current derivatives 1,847 1,999 Total current assets12,29212,396Assets held for sale 65 6 Total assets 37,08037,297(*) after disposals of receivables of:1,1221,105 30/06/2025 30/06/2026
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61 Balance Sheet: Liabilities and Shareholder’s EquityLiabilities and shareholders’ equity(€ millions)Group Shareholders’ equity15,21215,500Non-controlling interests1,0141,040 of which profit attributable to non-controlling interests 48 36Total Shareholders’ equity16,22616,540Non-current provisions and deferred tax liabilities 3,626 3,650 Bonds - non-current 10,339 11,613 Lease liabilities - non current 344 356 Non-current financial liabilities and derivative instruments96 125 Total non-current liabilities14,40515,744Current provisions 147 125 Operating payables 2,711 2,578 Other operating payables 1,555 1,522 of which other operating payables 859 866 of which tangible/intangible current payables 696 656 Tax payable 203 194 Bonds - current 1,241 156 Lease liabilities - current 91 93 Current financial liabilities and derivatives495 345 Total current liabilities6,4425,013Liabilities related to assets held for sale 7 0 Total liabilities and shareholders' equity37,08037,297 30/06/2025 30/06/2026
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62 Analysis of Working Capital Requirement(€ millions)June2025June2026FY25 WC change*FY26 WC change*Aged work in progress 7,062 7,203502 245Advances to suppliers for wine and ageing spirits1618(5) 2Payables on wine and ageing spirits (122) (131)41 (15)Net aged work in progress 6,956 7,091 537 232Trade receivables before factoring/securitization 2,499 2,33267 (163)Advances from customers (30) (13)1 18Other receivables & operating current assets 487 55062 67Other inventories 1,242 1,173(153) (30)Non-aged work in progress 114 93(23)Trade payables and other (3,418) (3,301)18 110Operating working capital 894 834 (6) (20)Factoring/Securitization impact (1,122) (1,105)(62) 29Net Operating Working Capital (228) (270) (68) 9 check - Net Working Capital 6,728 6,820 470 241* at average rates514 238(45) 4Of which recurring variationOf which non recurring variation
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63 Net DebtCurrentNon-currentTotalCurrentNon-currentTotalBonds 1 241 10 339 11 579 156 11,613 11,768Commercial paper 379 - 379 195 - 195Other loans and long-term debts 99 96 195 140 115 254Other financial liabilities 478 96 574 334 115 449Gross Financial debt 1 718 10 434 12 153 490 11,727 12,217Fair value hedge derivatives – assets - - - - - -Fair value hedge derivatives – liabilities 4 - 4 - - -Fair value hedge derivatives 4 - 4 - - -Net investment hedge derivatives – assets - (36) (36) - (22) (22)Net investment hedge derivatives – liabilities - - - - 10 10Net investment hedge derivatives - (36) (36) - (11) (11)FINANCIAL DEBT AFTER HEDGING 1 723 10 398 12 121 490 11,716 12,206Cash and cash equivalents (1 829) - (1 829) (1,993) - (1,993)NET FINANCIAL DEBT EXCLUDING LEASE DEBT (106) 10 398 10 292 (1,503) 11,716 10,213Lease Debt 91 344 435 93 356 449NET FINANCIAL DEBT (16) 10 743 10 727 (1,410) 12,073 10,662 (€ millions)30/06/2025 30/06/2026
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64 Change in Net DebtOperating profit 2,743 2,162Depreciation and amortisation 422 413Net change in impairment of goodwill, PPE and intangible assets 52 106Net change in provisions (42) 57Changes in fair value on commercial derivatives and biological assets (7) 6Net (gain)/loss on disposal of assets (93) (181)Share-based payments 25 16Dividends received from associates 0 0Self-financing capacity before interest and tax 3,101 2,579Decrease / (increase) in working capital requirements (470) (241)Net interest, tax payments and others (844) (758)Net acquisitions of non financial assets and others (655) (383)Free Cash Flow 1,133 1,197of which recurring Free Cash Flow 1,348 1,440Net acquisitions of financial assets and activities and others 134 374Other changes in shareholders' equity 4 (0)Dividends paid (1,201) (1,226)(Acquisition) / Disposal of treasury shares and others (11) (10)Decrease / (increase) in net debt (before currency translation adjustments) 59 336Foreign currency translation adjustment & other non cash impact 282 (154)Non cash impact on lease liabilities (117) (116)Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts) 224 65Initial net debt (10,951) (10,727)Final net debt (10,727) (10,662) 30/06/2025 30/06/2026
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65 Net Debt Maturity profile as of 30thJune 2026
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66 Bond DetailsCurrency Par value Coupon Issue date Maturity date € 1,000 m o/w : € 500 m0.500%24/10/2027€ 500 m0.875%24/10/2031€ 1,000 m 1.750% 06/04/2020 08/04/2030€ 500 m0.125%04/10/202104/10/2029€ 750 m1.375%07/04/202207/04/2029€ 1,100 m o/w : € 600 m3.250%02/11/2028€ 500 m3.750%02/11/2032€ 1,350 m o/w : € 600 m3.750%15/09/2027€ 750 m3.750%15/09/2033€ 1,500 m o/w : € 700 m3.375%07/11/2030€ 800 m3.625%07/05/2034€ 800m3.250%03/03/202503/03/2032€ 1,200 o/w : € 500 m3.250%04/02/2033€ 500 m3.750%04/02/2037€ 200 mEURIBOR 3M + 30bp04/11/2027 $ 850 m 5.500% 12/01/2012 15/01/2042$ 2,000 m o/w : $ 600 m1.250%01/04/2028$ 900 m1.625%01/04/2031$ 500 m2.750%01/10/2050USDEUR24/10/201902/11/202215/09/202307/05/202404/11/202501/10/2020
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67 Net debt / EBITDA evolutionAverage rate(1)EUR/USD rate Jun FY25 -> Jun FY261.09 -> 1.17Ratio at 30/06/20253.3 EBITDA & cash generation excl. Group structure effect and forex impacts0.2Group structure and forex impacts0.3Ratio at 30/06/20263.7 (1) Last-twelve-month rate
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68 Net Diluted EPSNumber of shares in issue at end of period 252,269 252,269Weighted average number of shares in issue (pro rata temporis) 252,770 252,269Weighted average number of treasury shares (pro rata temporis) -1,255 -505Dilutive impact of stock options and performance shares 496 578Number of shares used in diluted EPS calculation 252,011 252,342(x 1,000) FY25 FY26reportedrGroup share of net profit from recurring operations 1,829 1,476 -19.3%Diluted net earnings per share from recurring operations 7.26 5.85 -19.4%FY26(€ millions and €/share)FY25