Slides
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4 Sales were down by high-teens in Q2, mostly impacted by Germany and Poland where consumption is weak and promotional activity is high Sales were up by Mid-to-HSD% in Q2, accelerating from Q1, mostly driven by the UKSales were down sharply in Q2, affected bydiscontinuation of partner brands’ distribution in the BNL from April on (up excl. NGB); France was down by LSD%Sales were up by very strong DD% in Q2, led by South Africa and the UAE; the conflict in the Middle East had a slight negative impact on the regionUnchanged vs. Q1up by low DD % Sales were down by low DD % in Q2, impacted by high comps in cognac and destocking following the change in distributorsUnchanged vs. Q4at 4 monthsClose to flatControl states are now growing, while open states are close to flat, with the solid performance of L&S offsetting the decline in CognacSales were down by low DD% in Q2, impacted by continued destockingSales were up by very strong DD% in Q2, mostly driven by CognacSales were up by mid-teens % in Q2, in line with expectationsWhile Q2 depletions were positive, market conditions remain challenging, with MAF depletions below expectationsHigher than end of Juneup by MSD%Sales were up by very strong DD% in Q2, driven by Cognac and, to a lesser extent, L&S
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China:•Sales inChina were up by mid-teens in Q2 (i.e. HSD % in H1)in a challenging market; performance mainly driven bydirect channels(notably e-commerce and key accounts) while indirect wholesale channels strongly underperformed;e-commerce was up by more than +30% in Q2,accounting for 30% of sales; while RM Club continued to grow, the quarter saw astrong outperformance of Louis XIIIas well as a meaningfulacceleration in RM XO;sales inHainan, Hong-Kong, TaiwanandMacauwere all strongly up in Q2•Overall,H1 value depletions were up by MSD % (incl. HSD% growth in Q2),mostly driven by Hainan, HK and Macau; Louis XIII and RM VSOP led thisperformance while RM Club continued to be resilient; these results are positive but reflect a soft MAF , below expectations, which will require arealignment between sell-in and sell-out in Q3Rest of Asia:sales wereup by very strong DD% in Q2,mostly driven by RM XO and RM VSOP 5North America: oSales were down by low DD% in Q2,impacted by high comps and some destocking (particularly Canada)oQ2 US value depletions were down by LSD% (Low-to-MSD% in H1),sequentially improving from the previous quarter, thanks to the strongperformance of Louis XIIII as well as the sequential improvement of RM VSOPoThe UK & Nordicswereflat in Q2, led by the UK which returned to growth and benefited from a very strong sell-outoEurope 3PDwasdown by low DD% in Q2, mostly impacted by GermanyoAMEI & CISwereup by very strong DD%,boosted by South Africa (continued success of RM VS) and the UAEoBenelux & Francewere up byvery strong DD%,ahead of the transition to the two new distributors on October 1 in BeneluxEMEA value depletions: up byvery strong DD% in both Q2 and H1USPrice-Mix: +1 pts12M basis, ended Sept-26Latin America:sales were up by triple digit % in Q2,albeit from a low base, led by RM VSOP , RM XO and, to a lesser, extent Louis XIII
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6 North America:oSales were down by low DD % in Q2, impacted by some destocking, following the changes in distribution in the USoQ2 US value depletionscontinued to displaysolid growth at LSD % (Low-to-MSD% in H1),led by all key brands (Cointreau, Mount Gay, The Botanist) oChina:down by Mid-to-HSD in Q2,affected by Cointreau which faces high promotional competition, whileWhisky was up by strong DD%; valuedepletions were down by high-teens in H1,showing strong improvement in Q2 for Whisky, which returned to growthoRest of Asia:up by Low-to-MSD% in Q2,mostly driven by Japan where Bruichladdich is enjoying good momentum (particularly Octomore), as isTelmont, while Australia continued to face tough market conditionsoThe UK & Nordicswereup by HSD% in Q2, driven by strong growth in the UK (new distribution gains and solid innovation pipeline includingCointreau Spicy and Mount Gay Spiced)oEurope 3PDwasdown by strong DD% in Q2,primarily impacted by Germany and PolandoBenelux & Francewereup by LSD% in Q2,benefiting from the changes in distribution, whileAMEI & CISwere almost flat, still affected by theconflict in the Middle East, as most of the footprint is in the UAEEMEA Q2 value depletions were up by LSD%, i.e. down LSD% in H1Latin America:sales were up by HSD % in Q2, supported by strong performance of CointreauUS Price-Mix: -2 pts12m basis ended Sept-26
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Appendices
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10 (In €m)
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