H1 FY23 Sales and Results

Press Release 16/02/2023

Very strong broad-based growth of sales and pro  in first half strong pricing dynamic, maintaining overall volume growth, sustaining margins +12% organic sales growth (+19% reported) +12% organic growth in pro (+21% reported).


Sales for H1 FY23 reached €7,116m and grew +12% organically (+19% reported), with a favourable FX impact of +€355m linked mainly to the strength of US Dollar vs. Euro.
H1 FY23 Organic Sales growth was broad-based across all regions:

  • Americas +7%: dynamic growth driven notably by USA with favorable phasing , Brazil and Canada,
  • Asia-RoW +18%: excellent growth driven by India, Turkey, Travel Retail and South East Asia recovery. H1 Sales in China reflecting solid Q1 with good Mid Autumn Festival, but soft Q2 partly offset by favorable shipment phasing ahead of Chinese New Year . Confident outlook for China following lifting of Covid restrictions,
  • Europe +6%: very strong performance with Western Europe and Travel Retail.

All spirits segments are growing double-digit:

  • Strategic International Brands +13%: strong momentum notably with the Scotch portfolio, Jameson and Absolut,
  • Strategic Local Brands +13%: driven by growth of Seagram’s Indian whiskies and Seagram’s Gin,
  • Specialty Brands +14%: continued very strong development of Lillet, Italicus, Malfy, Redbreast, Aberlour and Altos,
  • Strategic Wines -2%: softness mostly from UK.

Strong broad-based pricing dynamic at +10%, thanks to strong brand equity. Further price increases planned in H2.
Innovations and Prestige are in strong growth, +16% and +10% respectively.
Q2 Sales were €3,808m, with +12% organic growth, accelerating vs. Q1 organic Sales (+11%).



H1 FY23 PRO reached €2,423m, an organic growth of +12%, with broadly stable organic operating leverage (-1 bp):

Gross margin expanding +5 bps:

  • Strong broad-based pricing dynamic across brands and geographies and focus on operational efficiencies,
  •  Offsetting high inflation in Costs of Goods.
  • A&P growing in line with Net Sales with acceleration expected in H2 to fuel future growth. (Ratio of c. 16% of Net Sales expected for FY23),
  • Structure costs +12% to support business dynamics and digital transformation momentum,
    Favorable FX impact on PRO +€139m mainly from US Dollar appreciation vs. Euro.

Group share of Net PRO was €1,743m, +21% reported vs. H1 FY22 and the Group share of Net Profit was €1,792m, +29% reported, mainly reflecting increase in Profit from Recurring Operations.
Very strong Earnings Per Share growth +23%, reflecting growth in PRO, limited increase of recurring financial expenses thanks to active liability management (with average cost of debt of 2.5%) in first half and the accretive impact of share buy-back program.


Solid cash generation with Recurring Free Cash Flow at c. €1bn, -28% vs H1 FY22, reflecting higher operating working capital outflows normalizing post covid recovery and increase in CAPEX and strategic inventories to support future growth of aged portfolio.

Net debt increased by €1,131m vs. 30 June 2022 to €9,789m.
The Net Debt/EBITDA ratio at average rate  was 2.6x at 31 December 2022.


In a persistently volatile context, Pernod Ricard has reinforced confidence in delivering a strong performance in FY23 driven by our global footprint and the attractiveness of our diversified, premium portfolio :

  • Dynamic, broad-based Net Sales growth albeit in a normalising environment
  • Continuing focus on revenue growth management and operational efficiencies to offset cost pressure, in high inflationary environment
  • A&P ratio at c. 16% of Net Sales and continuing disciplined investments in structure
  • Sustaining Operating margin
  • Accelerating investments in CAPEX and strategic inventories, thanks to solid cash generation
  • Confirming €750m share buy-back for FY23 with a new €300m tranche to be launched imminently
  • Positive currency effect expected


Alexandre Ricard, Chairman and Chief Executive Officer, stated,
“Our first half performance was very strong, marked by broad-based and diversified growth across all regions and categories. In addition, particularly strong pricing dynamic illustrates the attractiveness of our portfolio of premium brands and enabled us to sustain margins in an inflationary context.

We will continue to invest behind our brands, our group-wide transformation and S&R strategy, deliver operational efficiencies and prepare for exciting future growth opportunities.

I expect this dynamic growth to continue through FY23 albeit in a normalizing environment, demonstrating the strength of our strategy and the agility, dedication and exceptional engagement of our teams around the world.”



Press release

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About pernod ricard

Pernod Ricard is a worldwide leader in the spirits and wine industry, blending traditional craftsmanship, state-of-the-art brand development, and global distribution technologies. Our prestigious portfolio of premium to luxury brands includes Absolut vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and Perrier-Jouët champagnes. Our mission is to ensure the long-term growth of our brands with full respect for people and the environment, while empowering our employees around the world to be ambassadors of our purposeful, inclusive and responsible culture of authentic conviviality. Pernod Ricard’s consolidated sales amounted to € 12,137 million in fiscal year FY23. Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code:FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices

Contacts Pernod Ricard

Florence Tresarrieu
Global SVP Investors Relations and Treasury
Tel: +33 (0) 1 70 93 17 03
Edward Mayle
Investor Relations Director
Tel: +33 (0) 1 70 93 17 13
Charly Montet
Investor Relations Manager
Tel: +33 (0) 1 70 93 17 13
Emmanuel Vouin
Head of External Engagement
Tel: +33 (0) 1 70 93 16 34