Pernod Ricard has seen its turnover and profits fall again due to sharp declines in China and the United States. The group is now stepping up its cost-cutting program and has outlined a moderate outlook.
Impact of tariffs
In the six months to December 31, 2025, Pernod Ricard’s organic sales fell by 5.9% to €5.3 billion, slightly weaker than the 5.7% decline forecast by analysts. Due to unfavorable exchange rate effects linked to, among other things, the US dollar, Indian rupee, and Turkish lira, reported sales were down 14.9%. Profits performed little better: down 7.5% organically and 18.7% reported. The company cited the impact of tariffs in the US and China and inflation as key pressure factors.
