Rémy Cointreau finished fiscal year 2025-26 with organic sales essentially flat at 0.2 percent growth, reaching €935.3 million. The result met guidance but revealed a sharply divided picture. Q4 delivered a clear acceleration of 8.9 percent organic growth, powered by Cognac. Liqueurs & Spirits held steady. This late surge pulled the full year back to parity after a weaker first half.
The performance raises a precise industry question. Was the Q4 lift mainly technical — low comparables and calendar timing in China Mainland, or does it mark the beginning of genuine demand stabilisation in ultra-premium spirits?
The Numbers at a Glance
Full-year Cognac sales stood at €573.6 million, down 0.5 percent organically. Liqueurs & Spirits grew 2.8 percent to €346.1 million. In the fourth quarter, Cognac advanced 15.5 percent organically while Liqueurs & Spirits were flat at minus 0.1 percent.
Regionally, the Americas posted sequential improvement in depletions, helped by Rémy Martin VSOP revitalisation and strength in XO expressions. APAC showed strong Q4 momentum led by China Mainland. EMEA remained under pressure from cautious consumption and competition. Currency effects reduced reported full-year sales by around 5 percent.
Compared with fiscal 2024-25, the group reversed earlier softness. The first half had declined 4.2 percent organically. The second half turned positive, with Q3 up 2.8 percent and Q4 providing the strongest contribution.
Structural Forces Behind the Cycle
Ultra-premium spirits, particularly Cognac, continue to digest the inventory overhang from the post-pandemic boom. Distributors and retailers in the United States and China Mainland maintained disciplined destocking, creating the volatility seen over recent quarters. Signs of easing have only recently emerged.
Liqueurs & Spirits showed clearer resilience. Brands such as Cointreau, The Botanist, and Bruichladdich gained traction in the Americas and China Mainland, providing an effective buffer against Cognac’s cyclical swings. This diversification has become a key strength as the group navigates pricing pressure and selective consumer demand.
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What the Rebound Actually Signals
The Q4 acceleration in Cognac stemmed heavily from technical support: low prior-year comparables and positive calendar effects from Chinese New Year timing, which added roughly 7 points at the Cognac level in China Mainland. Depletions in China Mainland proved resilient during the festival period despite ongoing soft consumer confidence and regulatory constraints. In the Americas, sequential depletions improved, particularly for Rémy Martin 1738 and XO, while VSOP held stable.
Yet volumes stayed mixed, with price-mix driving most of the growth. Restocking and phasing remain the dominant forces, as retailers stay cautious on inventory rebuild.
Management forecasts a low double-digit to mid-teens organic decline in current operating profit, highlighting continued margin pressure from weaker price-mix, brand investment, and currency effects. This confirms that ultra-premium pricing power is steadily eroding amid selective consumption and rising promotional activity.
Liqueurs & Spirits’ consistency stands out as the more durable signal. Their ability to deliver steady growth even as Cognac navigates adjustment points to a future in which balanced portfolios offer better protection against category-specific cycles.
One strong quarter does not make a recovery. Yet the combination of Q4 momentum, improving depletions in key markets, and Liqueurs & Spirits resilience suggests the mid-cycle adjustment in Cognac may be approaching its final stages. The coming quarters will show whether underlying demand has truly stabilised or remains largely technical.
For the global spirits industry, Rémy Cointreau’s results offer a useful barometer. Brands that pair strong storytelling with disciplined inventory management and real category diversification stand the best chance in the next phase. The group’s shift toward a more balanced portfolio is one worth watching closely.
