Earnings release
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² 1 FY26 Sales and Results Press Release – Paris, 27th August 2026 STEERING THROUGH A TRANSITION WITH AGILITY, DISCIPLINE AND STRATEGIC CONVICTION FY26 ORGANIC SALES -3.9% (-14.2% REPORTED) FY26 ORGANIC PRO -5.2% (-17.9% REPORTED) Disciplined execution defending margin, delivering efficiencies and strengthening cash generation ✓ FY26 Organic Net Sales -3.9%, excluding the US and China +0.5%. FY26 was characterized 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 ✓ Improving momentum in H2 with organic sales growth improving from -5.9% in H1 to -1.3% in H2 ✓ Strong defence of the 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 ✓ Structure Costs down -8.0% (-4% in FY25), with the implementation of Fit for Future operating model and disciplined cost management ✓ Free Cash Flow +6% with strengthened cash generation and strongly improving cash conversion by +17pts to 91%, through disciplined investments and working capital management ✓ Optimising strategic investments for future growth, maintaining balance sheet discipline to support our deleveraging trajectory and sustainable shareholder returns ✓ Proposed dividend of €4.70 per share, stable versus FY25, with an option for shareholders to receive final dividend of €2.35 either in cash or shares
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² 2 SALES FY26 Net Sales totalled €9,404m, an organic decline of -3.9% (-14.2% reported), with a negative FX impact mainly due to the US Dollar, Indian Rupee and Turkish Lira, and a negative perimeter impact mainly from brand disposals. By region: • Americas -10%, o USA -14%, 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 & Kahlúa 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 inventory o Canada in solid growth, notably on Jameson, Absolut & RTDs in a soft market, gaining share o Brazil in modest growth , recovering in H2 from the methanol crisis, with good performances on Beefeater and Absolut, though slight share loss o Mexico in sharp decline, with share loss amidst difficult market conditions • Asia-RoW flat, o India +7% (+9% excluding Imperial Blue), strong 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 whisky by volume1 with 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 According to IWSR CY25
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² 3 o China -19%, Challenging macro -economic 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) o Japan in strong growth, gaining share driven with strong growth of Perrier-Jouët. South Korea returned to growth after significant reset . Taiwan market sales decline continues, market conditions continuing to be soft o Africa and Middle East in strong growth, driven by Türkiye, Nigeria and South Africa, while Middle East region is in sharp decline with impact in Q4 o Australia in modest growth with contrasted brand performance, growing on Jameson, RTDs and Champagne. Gaining share • Europe -3%, o France in decline while maintaining market leadership, with Perrier-Jouet and Bumbu in strong growth o Spain and Germany in decline, amidst continued soft market conditions o UK in modest decline, with growth on Jameson, Absolut and Champagnes, amidst improving market o Eastern Europe in continued growth, notably on Jameson, Ballantine’s & Absolut . Poland in modest decline following excise tax increase, though gaining share • Global Travel Retail -3%, Resolution of the Cognac suspension in China, strong brand activations across Asia and dynamic traveller numbers in Europe and Americas o International passenger traffic continues to grow, now c.10% ahead of pre-covid o Strong recovery of sales in China Duty-Free, with strong Martell sell-out growth during Chinese New Year (CNY) , but Asia region also negatively impacted by weakness in South Korea o Europe benefitting from US tourists and Americas benefitting from dynamic growth in cruises o Strong innovation execution with successful launch of Travel Retail exclusive ranges of The Glenlivet and Aberlour o Market share gain o Q4 sales impacted by Middle East conflict, expected also to weigh on sales in Q1 FY27 By brand: • Strategic International Brands -4% excluding the US and China +1% o Jameson low-single-digits decline globally, though in high-single-digits growth excluding the US, with double -digit growth in India, Nigeria and China and good growth in several European and travel retail markets o Martell sharp decline globally, excluding China in low-single-digits growth driven by triple-digit growth in South Africa , double-digit growth in Nigeria and strong growth in Asia Travel Retail
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² 4 o Absolut in low-single-digits decline globally, excluding the US in low-single-digits growth, with double-digit growth in Türkiye and India, and good growth in Brazil and Canada o Scotch portfolio resilient, with Ballantine’s in low-single-digits growth and Chivas Regal broadly stable; both delivered strong growth in Türkiye and India • Strategic Local Brands -2%, o Strong momentum on Indian Whiskies, led by Blenders Pride and Royal Stag o Olmeca in good growth, led by Africa and Europe o Kahlúa in decline in the US • Specialty Brands -8%, o Bumbu in strong, broad-based growth o Código in good growth, notably in Asia and France o Skrewball decline in the US, though growing in Rest of World o Lillet in decline, driven by Germany • RTDs +12%, strong growth across Canada, Australia and Western Europe RESULTS FY26 Profit from Recurring Operations totalled €2,423m, an organic decline of -5.2% and a reported decline of -17.9%. • Gross Margin was impacted by negative price/mix in a soft pricing environment, adverse market mix, tariffs and COGS inflation, while benefiting from the accelerated implementation of Operational Efficiencies. • A&P at 15% of Net Sales, at the lower end of the c.16% range, supported by enhanced A&P effectiveness • Strict cost discipline and the Fit for Future reorganisation led to an organic reduction in Structure Costs of -8.0% • Reported Profit from Recurring Operations impacted by negative perimeter effect of - €114m, and adverse FX of -€268m largely on US Dollar, Turkish Lira, Indian Rupee • Operating Margin at 25.8%, down -35bps organically, was impacted by adverse FX, while perimeter impact was accretive to margins Group share of Net Profit from Recurring Operations was €1,476m, down -19%. Optimised finance costs led to a decrease in Recurring Financial Expenses, with an average cost of debt of 3.4%, while Income Tax on Recurring Operations declined in line with the reduction in Profit from Recurring Operations. Group Share of Net Profit was €1,203m, down -26%, with higher non-recurring costs, primarily due to restructuring charges. Earnings Per Share in decline of -19% to €5.85. FREE CASH FLOW AND DEBT Free Cash Flow at €1,197m, +6% vs FY25, driven by materially improved cash conversion of 91%, up +17pts. Operating Working Capital benefited from lower trade receivables and finished goods inventories, partly offset by lower payables. Optimisation of strategic inventories investment and Capex at €616m, significantly reduced from recent peak levels.
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² 5 Net debt decreased by -€65m versus 30 June 2025 to €10,662m, supported by improved Free Cash Flow and a positive contribution from M&A. The Net Debt/EBITDA ratio at average rate increased to 3.7x, mainly reflecting the decline in Profit from Recurring Operations. A dividend of €4.70 per share is proposed, stable versus FY25, subject to shareholder approval at the Annual General Meeting on 20 November 2026. Shareholders will be offered the option to receive the FY26 final dividend of €2.35 either in cash or shares. FINANCIAL POLICY Our financial policy balances the deployment of capital for profitable growth and the return of capital to shareholders. While maintaining investment grade rating: 1. Investment in future organic growth, in particular through Strategic Inventories and Capital Expenditure 2. Continued active portfolio management, including value creating M&A 3. Progressive dividend policy aiming for a dividend distribution at c.50% of Net Profit from Recurring Operations 4. Share buyback, when above priorities are fulfilled FY27 OUTLOOK We are expecting organic Net Sales broadly stable for the full year, in a contrasted 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 growth notably in India. A&P/Net Sales investment will be maintained at c.16%. We will strongly defend Organic Operating Margin supported by strict cost control and accelerating the implementation of our Operational Efficiency initiatives whilst investing in digital transformation. We expect strategic investments at c.€700m, strong operating working capital management, with cash conversion expected to continue at c.90%. MEDIUM TERM FY27-29 Noting the current softness in the US market, we are projecting Organic Net Sales growth, aiming to be, on average, close to the lower end of the +3% to +6% range over FY27 to FY29. We expect Organic Operating Margin expansion, supported by accelerated operational efficiencies of €1bn from FY26 to FY28, while maintaining consistent investments behind our brands with c.16% A&P/Net Sales. We expect strengthened cash generation, aiming for c.90% cash conversion to fund our financial policy priorities, with strategic investments normalizing to no more than c. €700m. We are targeting Net Debt / EBITDA ratio below 3x by FY29.
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² 6 We are adapting our strategy to capture growth opportunities, and our operating model to meet changing circumstances including through our ongoing digital transformation to unlock further efficiencies. We are confident in the continued engagement of our teams and we remain focused to deliver sustainable value growth over time.
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² 7 All growth data specified in this press release refers to organic growth (at constant FX and Group structure), 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. A detailed presentation of our FY26 Sales & Results can be downloaded from our website: www.pernod- ricard.com Definitions and reconciliation of non-IFRS measures to IFRS measures Pernod Ricard’s management process is based on the following non-IFRS measures which are chosen for planning and reporting. The Group’s management believes these measures provide valuable additional information for users of the financial statements in understanding the Group’s performance. These non-IFRS measures should be considered as complementary to the comparable IFRS measures and reported movements therein. Organic growth - Organic growth is calculated after excluding the impacts of exchange rate movements, acquisitions and disposals, changes in applicable accounting principles and hyperinflation. - Exchange rates impact is calculated by translating the current year results at the prior year’s exchange rates and adding the year -on-year variance in the reported transaction impact between the current year and the previous year. - For acquisitions in the current year, the post -acquisition results are excluded from the organic movement calculations. For acquisitions in the prior year, post -acquisition results are included in the prior year but are included in the organic movement cal culations of the current year only from the anniversary date of the acquisition. - The impact of hyperinflation on Profit from Recurring Operations in Türkiye and Argentina is excluded from organic growth calculations by capping local unit price/cost increases to a maximum of +26% per year, equivalent to +100% over three years. - Where a business, brand, brand distribution right or agency agreement was disposed of or terminated in the prior year, the Group excludes the results for that business from the prior year in the organic movement calculations. For disposals or terminations in the current year, the Group excludes the results for that business from the prior year from the date of the disposal or termination. - This measure enables users to compare the Group’s performance on a like -for-like basis, focusing on areas that local management is most directly able to influence. Profit from recurring operations Profit from recurring operations corresponds to the operating profit excluding other non-recurring operating income and expenses. Cash Conversion Cash 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 / EBITDA Net debt corresponds to gross financial debt, including IFRS 16 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 About Pernod Ricard Pernod Ricard is a worldwide leader in the spirits and champagne industry, blending traditional craftsmanship, state-of-the-art brand-building, and global distribution technologies. Our prestigious portfolio of premium to luxury brands includes Absolut vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and Perrier-Jouët champagnes. Our mission is to ensure the long -term development of our brands with full respect for people and th e environment, while empowering our employees around the world to be ambassadors of our purposeful, inclusive and responsible culture of authentic conviviality. Pernod Ricard’s consolidated sales amounted to €9,404 million in FY26. Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code: FR0000120693) and is part of the CAC 40 index.
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² 8 Contacts Joelle Ferran / Global VP, Investor Relations & Financial Communication +33 (0) 1 70 93 25 37 Edward Mayle / Investor Relations Director +33 (0) 6 76 85 00 45 Ines Lo Franco / Investor Relations Manager +33 (0) 1 70 93 17 13 Emmanuel Vouin / Head of External Engagement +33 (0) 1 70 93 16 34
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² 9 Appendices Emerging Markets Strategic International Brands’ performance Americas Europe Algeria Mali Antigua Abkhazia Angola Mauritius Argentina Albania Bahrain Mongolia Aruba Armenia Bangladesh Morocco Bahamas Azerbaijan Benin Mozambique Barbados Balkans Bhutan Myanmar Bermuda Belarus Burkina Faso Namibia Bolivia Bosnia Cambodia Niger Brazil Bulgaria Cameroon Nigeria Caribbean Croatia Cape Verde Oman Cayman Islands Georgia China Persian Gulf Chile Hungary Congo Qatar Colombia Kosovo Democratic Republic of Congo Rwanda Costa Rica Latvia Djibouti Saudi Arabia Cuba Lithuania Egypt Senegal Curacao Macedonia Equatorial Guinea Seychelles Dominican Republic Moldavia Ethiopia Sierra Leone Ecuador Montenegro Gabon South Africa Grenada Poland Ghana South Sudan Guatemala Romania Guinea Bissau Sri Lanka Haiti Russia India Syria Honduras Serbia Indonesia Tajikistan Jamaica Turkiye Iran Tanzania Mexico Ukraine Iraq Thailand Nicaragua Ivory Coast Togo Panama Jordan Tunisia Paraguay Kazakhstan Turkmenistan Peru Kenya Uganda Philippines Kyrgystan Uzbekistan Puerto Rico Laos Vietnam St Kitts Lebanon Zambia St Lucia Madagascar Zimbabwe St Vincent Malaysia Suriname Maldives Trinidad & Guyana Uruguay Venezuela Asia-Rest of World Volumes 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 FY26 of which Volumes of which Price/mix
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² 10 Net Sales Analysis by Period and Region Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group Summary Consolidated Income Statement Net Sales (€ millions) Americas 3,154 29% 2,584 27% (570) (18)% (318) (10)% (78) (2)% (174) (6)% Asia / Rest of World 4,635 42% 3,920 42% (715) (15)% (13) (0)% (324) (7)% (379) (8)% Europe 3,170 29% 2,900 31% (270) (9)% (74) (3)% (180) (6)% (16) (0)% Group 10,959 100% 9,404 100% (1,555) (14)% (405) (4)% (582) (5)% (568) (5)% Net Sales (€ millions) Americas 665 27% 570 26% (96) (14)% (65) (10)% (26) (4)% (4) (1)% Asia / Rest of World 1,054 42% 926 42% (128) (12)% +43 +5% (121) (11)% (50) (5)% Europe 786 31% 709 32% (76) (10)% (34) (5)% (43) (6)% +1 +0% Group 2,506 100% 2,205 100% (300) (12)% (57) (2)% (190) (8)% (53) (2)% Net Sales (€ millions) Americas 1,416 30% 1,184 29% (232) (16)% (121) (9)% (48) (3)% (63) (4)% Asia / Rest of World 2,016 42% 1,738 42% (278) (14)% +97 +5% (228) (11)% (147) (7)% Europe 1,352 28% 1,229 30% (123) (9)% (31) (3)% (90) (7)% (2) (0)% Group 4,784 100% 4,151 100% (633) (13)% (56) (1)% (365) (8)% (212) (4)% Forex ImpactFY25 FY26 Change Organic growth Group Structure Forex Impact Q4 FY25 Q4 FY26 Change Organic growth Group Structure Forex Impact H2 FY25 H2 FY26 Change Organic growth Group Structure (€ millions) FY25 FY26 Change Net sales 10,959 9,404 (14)% Gross Margin 6,516 5,495 (16)% Advertising and promotions spend (1,679) (1,409) (16)% Contribution after A&P spend 4,837 4,086 (16)% Structure costs (1,886) (1,663) (12)% Profit from Recurring Operations 2,951 2,423 (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 Operations 1,829 1,476 (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 operations 45 5 (89)% Non-controlling interests (non-recurring) (2) 1 NA Group share of net profit 1,626 1,203 (26)% Non-controlling interests 48 36 (25)% Net profit 1,674 1,238 (26)%
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² 11 Profit from Recurring Operations by Region Note: Bulk Spirits are allocated by Region according to the Regions’ weight in the Group World (€ millions) Net Sales 10,959 100.0% 9,404 100.0% (1,555) (14)% (405) (4)% (582) (5)% (568) (5)% Gross margin 6,516 59.5% 5,495 58.4% (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 4,837 44.1% 4,086 43.4% (751) (16)% (296) (6)% (132) (3)% (324) (7)% Profit from recurring operations 2,951 26.9% 2,423 25.8% (529) (18)% (147) (5)% (114) (4)% (268) (9)% Americas (€ millions) Net Sales 3,154 100.0% 2,584 100.0% (570) (18)% (318) (10)% (78) (2)% (174) (6)% Gross margin 2,021 64.1% 1,587 61.4% (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 1,419 45.0% 1,104 42.7% (314) (22)% (186) (13)% (32) (2)% (97) (7)% Profit from recurring operations 847 26.8% 659 25.5% (188) (22)% (82) (10)% (28) (3)% (78) (9)% Asia / Rest of the World (€ millions) Net Sales 4,635 100.0% 3,920 100.0% (715) (15)% (13) (0)% (324) (7)% (379) (8)% Gross margin 2,620 56.5% 2,172 55.4% (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 2,040 44.0% 1,679 42.8% (362) (18)% (75) (4)% (58) (3)% (228) (11)% Profit from recurring operations 1,360 29.3% 1,074 27.4% (286) (21)% (34) (3)% (55) (4)% (197) (14)% Europe (€ millions) Net Sales 3,170 100.0% 2,900 100.0% (270) (9)% (74) (3)% (180) (6)% (16) (0)% Gross margin 1,875 59.1% 1,736 59.9% (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 1,378 43.5% 1,303 44.9% (75) (5)% (35) (3)% (42) (3)% 2 +0% Profit from recurring operations 744 23.5% 690 23.8% (54) (7)% (31) (4)% (32) (4)% 8 +1% FY25 FY26 Change Organic Growth Group Structure Forex impact FY25 FY26 Change Organic Growth Group Structure Forex impact FY25 FY26 Change Organic Growth Group Structure Forex impact FY25 FY26 Change Organic Growth Group Structure Forex impact
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² 12 Foreign Exchange Impact Sensitivity of profit and debt to EUR/USD exchange rate FY25 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) 22 Canadian 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 1 Japanese 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 0 South Korean Won KRW 1,523.86 1,692.01 (11.0)% (9) (6) South African Rand ZAR 19.76 19.71 +0.3% 0 0 Taiwan 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) 5 Translation impact (568) (273) Transaction impact +5 Total FX impact (568) (268) Forex impact FY26 (€ millions) Average rates evolution On Net Sales On Profit from Recurring Operations Estimated impact of a 1% appreciation of the USD Impact on the income statement(1) (€ millions) Profit from recurring operations +13 Financial result (1) Pre-tax profit from recurring operations +12 Impact on the balance sheet (€ millions) Increase/(decrease) in net debt +32 (1) Full-year effect
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² 13 Balance Sheet Assets (€ millions) Non-current assets Intangible 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 assets 24,722 24,895 Current assets Inventories 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 assets 12,292 12,396 Assets held for sale 65 6 Total assets 37,080 37,297 (*) after disposals of receivables of: 1,122 1,105 30/06/2025 30/06/2026 Liabilities and shareholders’ equity (€ millions) Group Shareholders’ equity 15,212 15,500 Non-controlling interests 1,014 1,040 of which profit attributable to non-controlling interests 48 36 Total Shareholders’ equity 16,226 16,540 Non-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 instruments 96 125 Total non-current liabilities 14,405 15,744 Current 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 derivatives 495 345 Total current liabilities 6,442 5,013 Liabilities related to assets held for sale 7 0 Total liabilities and shareholders' equity 37,080 37,297 30/06/2025 30/06/2026
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² 14 Analysis of Working Capital Requirement Net Debt (€ millions) June 2025 June 2026 FY25 WC change* FY26 WC change* Aged work in progress 7,062 7,203 502 245 Advances to suppliers for wine and ageing spirits 16 18 (5) 2 Payables on wine and ageing spirits (122) (131) 41 (15) Net aged work in progress 6,956 7,091 537 232 Trade receivables before factoring/securitization 2,499 2,332 67 (163) Advances from customers (30) (13) 1 18 Other receivables & operating current assets 487 550 62 67 Other inventories 1,242 1,173 (153) (30) Non-aged work in progress 114 93 (23) Trade payables and other (3,418) (3,301) 18 110 Operating working capital 894 834 (6) (20) Factoring/Securitization impact (1,122) (1,105) (62) 29 Net Operating Working Capital (228) (270) (68) 9 Net Working Capital 6,728 6,820 470 241 * at average rates 514 238 (45) 4 Of which recurring variation Of which non recurring variation Current Non-current Total Current Non-current Total Bonds 1 241 10 339 11 579 156 11,613 11,768 Commercial paper 379 - 379 195 - 195 Other loans and long-term debts 99 96 195 140 115 254 Other financial liabilities 478 96 574 334 115 449 Gross Financial debt 1 718 10 434 12 153 490 11,727 12,217 Fair 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 10 Net investment hedge derivatives - (36) (36) - (11) (11) FINANCIAL DEBT AFTER HEDGING 1 723 10 398 12 121 490 11,716 12,206 Cash 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 10,213 Lease Debt 91 344 435 93 356 449 NET FINANCIAL DEBT (16) 10 743 10 727 (1,410) 12,073 10,662 (€ millions) 30/06/2025 30/06/2026
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² 15 Change in Net Debt Net Debt Maturity Profile at 30 June 2026 € billions Operating profit 2,743 2,162 Depreciation and amortisation 422 413 Net change in impairment of goodwill, PPE and intangible assets 52 106 Net change in provisions (42) 57 Changes in fair value on commercial derivatives and biological assets (7) 6 Net (gain)/loss on disposal of assets (93) (181) Share-based payments 25 16 Dividends received from associates 0 0 Self-financing capacity before interest and tax 3,101 2,579 Decrease / (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 1,197 of which recurring Free Cash Flow 1,348 1,440 Net acquisitions of financial assets and activities and others 134 374 Other 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) 59 336 Foreign 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 65 Initial net debt (10,951) (10,727) Final net debt (10,727) (10,662) - 30/06/2025 30/06/2026
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² 16 Bond details Net Debt / EBITDA ratio evolution Currency Par value Coupon Issue date Maturity date € 1,000 m o/w : € 500 m 0.500% 24/10/2027 € 500 m 0.875% 24/10/2031 € 1,000 m 1.750% 06/04/2020 08/04/2030 € 500 m 0.125% 04/10/2021 04/10/2029 € 750 m 1.375% 07/04/2022 07/04/2029 € 1,100 m o/w : € 600 m 3.250% 02/11/2028 € 500 m 3.750% 02/11/2032 € 1,350 m o/w : € 600 m 3.750% 15/09/2027 € 750 m 3.750% 15/09/2033 € 1,500 m o/w : € 700 m 3.375% 07/11/2030 € 800 m 3.625% 07/05/2034 € 800m 3.250% 03/03/2025 03/03/2032 € 1,200 o/w : € 500 m 3.250% 04/02/2033 € 500 m 3.750% 04/02/2037 € 200 m EURIBOR 3M + 30bp 04/11/2027 $ 850 m 5.500% 12/01/2012 15/01/2042 $ 2,000 m o/w : $ 600 m 1.250% 01/04/2028 $ 900 m 1.625% 01/04/2031 $ 500 m 2.750% 01/10/2050 USD EUR 24/10/2019 02/11/2022 15/09/2023 07/05/2024 04/11/2025 01/10/2020 Average rate(1) EUR/USD rate Jun FY25 -> Jun FY26 1.09 -> 1.17 Ratio at 30/06/2025 3.3 EBITDA & cash generation excl. Group structure effect and forex impacts 0.2 Group structure and forex impacts 0.3 Ratio at 30/06/2026 3.7 (1) Last-twelve-month rate
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² 17 Diluted Earnings Per Share (EPS) calculation Upcoming Communications Date (subject to change) Event 15th October 2026 Q1 FY27 Sales 20th November 2026 Shareholders’ Annual General Meeting 18th February 2027 H1 FY27 Sales and Results Number of shares in issue at end of period 252,269 252,269 Weighted average number of shares in issue (pro rata temporis) 252,770 252,269 Weighted average number of treasury shares (pro rata temporis) -1,255 -505 Dilutive impact of stock options and performance shares 496 578 Number of shares used in diluted EPS calculation 252,011 252,342 (x 1,000) FY25 FY26 reported r Group 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