Slides
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4 Sales up by MSD% in Q3, driven by Germany, Greece and Romania; most growth came from Cointreau and MetaxaSales down by HSD% in Q3: sell-in below sell-out due to high base of comparison; sell-out was positive in a declining market Sales up by LSD% in Q3, led by France(in both divisions)Sales were up by very strong DD% in Q3, boosted by the successful launch of RM VS in South Africa, which bodes well for next yearSlight increaseDown MSD % YoYSales were down by low DD% in Q3, impacted by challenging market conditions and strong negative CNY calendar effect (-8 pts in Q3 at APAC level)Return to normal trading conditions in Travel RetailSolid D11 Festival: +15% YoYHealthy levelDown high-teens % YoY (including negative calendar effects in Q3)Very strong DD% sales growth in Q3, mostly led by Cognac (Rémy Martin and Louis XIII)LSD % sales growth in Q3, driven by both divisions on the back of a low base of comparison and another slight sequential improvementUnchanged vs Q2Close to 4mdown by MSD % YoYo/w down by low to MSD% in Q3Sales up by Mid-to HSD % in Q3, underpinned by both divisionsSales up by very strong DD % in Q3, mostly led by Cognac
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Mainland Chinawasdown by low DD% in Q3,affected by continued complex market conditions and an unfavorable CNY calendar effect•Excluding this technical effect, China would have been almost stable, helped by a strong performance during D11 Festival on e-commerce andreturn to normal trading conditions in Travel Retail•In this tough context and given heightened wait-and-see behavior ahead of CNY , all channels were downTaiwanreported weak performances in both sell-in and depletions;Hong Kong and Macauwere up strongly helped by positive phasing andpromotionsOverall,9M value depletions were down by high-teens % YoYRest of Asiawasup by very strong DD % in Q3,mostly led by RM VSOP and Louis XIII 5North America: oSales up by LSD% in Q3,underpinned by a low base of comparison and a slight sequential improvement in depletionsoQ3 US value depletions:down Mid-to-HSD % YoY, including a positive Mix effect linked to Louis XIII outperformanceEMEA’s sales were up by high-teens % in Q3oThe UK & Nordicswere down double-digit in Q3 (sell-in), impacted by high base of comparison; sell-out was back to positive supported by amore targeted pricing approach and new listingsoEurope 3PDwas flat in Q3, showing a strong improvement vs. Q2, helped by a more flexible pricing approach, leading to MS gainsoAMEI & CISwere up by triple-digits led by South Africa (RM VS new launch) whileBenelux & Francewere up by Mid to HSD%oEMEA 9M value depletions:down low DD % vs. LYUS Price-Mix: -3 pts YoY+10 ptsvs. 19-2012m basisended Dec-25Latin America:sales up by triple-digits % in Q3driven by RM VSOP and Louis XIII
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6 North America:oSales up by low to MSD % in Q3, driven by Cointreau and The Botanist which delivered positive depletions in Q3 in a declining marketoCointreau and The Botanist’s Q3 US value depletionswere respectively up byLSD% and low DD% YoY oChina:down by HSD% in Q3,mostly impacted by Cointreau which faced aggressive price competition;9M value depletions were down by low DD%oRest of Asia:down by low DD % in Q3impacted by Australia (phasing and high comps)EMEA’s sales were up by Mid to HSD % in Q3oThe UK & Nordicswasup by LSD% in Q3, led by Cointreau, Port Charlotte, Octomore and Telmont; positive effects linked to distribution gains (TheBotanist), new launches (Cointreau RTDs) and greater pricing agility; the UK is gaining MS alongside positive sell-out in a declining marketoEurope 3PDwasup by mid to HSD% in Q3,led by Germany and Greece; overall, solid growth from Metaxa and CointreauoBenelux & Francewasup by MSD% in Q3whileAMEI & CISwas down byMSD %oEMEA 9M value depletions down LSD% vs. LYLatin America:down by LSD% in sales in Q3impacted by price increase in Puerto Rico on Cointreau, following tariffs and fake alcohol issue in Brazil (São Paulo)US Price-Mix: -2 pts YoY+16 ptsvs. 19-2012m basisended Dec-25
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Appendices
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11 (In €m)
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