Rémy Cointreau: cognac sales up 10.3% in the first half

On 28 October 2026 Rémy Cointreau published its sales for the first half of the 2026-27 financial year, from April to September. Cognac, driven by China and the rest of Asia, grew 10.3% organically and offset the decline in liqueurs. These are sales figures only: the group will release its earnings on 25 November.

510.9 million euros in the first half

Over six months, the group generated sales of 510.9 million euros, against 489.6 million a year earlier. That is a rise of 2.9% at constant exchange rates and scope, and 4.4% as reported, helped by a positive currency effect of 1.5%, mainly from the appreciation of the Chinese renminbi. The second quarter picked up speed: 287.7 million euros, up 4.2% organically, after +1.3% in the first quarter.

Cognac, the only growth engine

The cognac division, home to Rémy Martin and LOUIS XIII, posted 338.7 million euros over the half, against 300.2 million a year earlier. In the second quarter its sales jumped 12.4% organically, after +7.7% in the first. It now accounts for around two thirds of group sales. For the rarest bottles in the category, see our ranking of the world’s most expensive wines and spirits.

China speeds up ahead of Mid-Autumn

Asia-Pacific grew 14.3% organically over the half. In China, shipments accelerated in the second quarter ahead of the Mid-Autumn Festival. The rest of Asia also delivered a solid quarter, led by Rémy Martin XO and VSOP, two references that also drove Latin America. In Europe, the Middle East and Africa, cognac grew strongly in most markets, particularly in Africa.

Why are sales falling in the United States?

The Americas fell 5.5% organically. Rémy Cointreau attributes this to a high basis of comparison for cognac in the United States and to destocking after changes in its US distribution. Yet wholesaler shipments to retailers, a measure the group tracks, keep improving quarter after quarter. On tariffs, the expected cost for the year falls to around 5 million euros on current operating profit, against 20 million previously: nil in the United States, where duties on European imports have dropped from 15% to 10%, and around 5 million in China.

Cointreau and liqueurs down 7%

The liqueurs and spirits division posted 169.7 million euros, down 7.0% organically. In the United States, destocking linked to distribution changes weighed on sales, but shipments to retailers of Cointreau, The Botanist and Mount Gay keep rising. In Europe, intense promotional activity and subdued demand held the division back, despite a return to growth in the UK. Partner brands fell to 2.5 million euros after their distribution in the Benelux countries ended in April.

What is the outlook for the year?

Rémy Cointreau confirms its 2026-27 targets: a return to sustainable organic growth, gathering pace over the year, and a slight organic improvement in its current operating margin. The group now expects a positive currency effect of around 15 million euros on full-year sales, and aims to keep net debt below 3.5 times EBITDA at 31 March 2027. On 30 September it completed its first hybrid bond issue, 250 million euros at 6.75%, recognised as equity. Next date: 25 November, for the half-year earnings and details of the RC Forward transformation plan, in a two-speed luxury market.

Information checked on 31 October 2026. Sources: Rémy Cointreau press release of 28 October 2026 (PDF), group press releases.