Rémy Cointreau cuts 2025-26 sales forecast as China weakens, US recovery slows 

FRANCE – Rémy Cointreau has lowered its sales forecast for the 2025-26 financial year, citing worsening market conditions in China and a slower-than-anticipated rebound in the United States.  

The French spirits group announced the revised outlook while reporting its results for the first half of the fiscal year. 

The company now anticipates organic sales growth in the range of “stable to low single-digits”, compared to a prior projection of “mid-single-digit growth”.  

Rémy Cointreau also expects an organic decline in current operating profit within the “low double digits to mid-teens”, revised from its earlier expectation of a “mid-single-digit” decrease. 

Despite the downgraded projections, the group said it plans to continue investing in both China and the US to support long-term recovery. Management stated the company remains committed to strengthening brand momentum in its core markets. 

For the six-month period ending in September, Rémy Cointreau reported sales of €489.6m (US$568.5m), a decline of 4.2% on an organic basis compared to the previous fiscal year.  

Reported sales decreased by 8.3%, impacted by a negative currency effect of 4.1%, mainly due to fluctuations in the US dollar and Chinese renminbi. 

Second-quarter organic sales fell 11% to €281.9 million (US$326.14M), with the group pointing to challenging economic conditions and timing effects. Regional results varied, with the Americas posting a 12.8% increase, supported by favorable comparisons and improved depletions.  

However, sales in Asia-Pacific dropped 14.8%, driven by weaker demand in China, later Mid-Autumn Festival timing, and disruptions in travel retail. The EMEA region also recorded a 9.2% decline due to heightened promotional activity and subdued consumption. 

Cognac sales, which account for the majority of the group’s revenue, declined 13.5% organically in the second quarter to €178.2m, largely due to weakness in APAC. The Liqueurs and Spirits division saw a 5.3% organic drop in the quarter to €100 million (US$115.69M). 

The launch of Rémy Martin VS in South Africa and Nigeria in September showed encouraging early performance, according to the company.  

While Cognac sales fell 7.6% organically in the first half to €300 million (US$347.08M), the Liqueurs and Spirits segment grew 4.1% to €182.7 million (US$211.38M), marking a 43.7% increase compared with the first half of 2019-20. 

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