Pernod Ricard’s revenue falls due to setbacks in the US and China

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.