Pernod Ricard offers a discounted premium spirits recovery story, where short-term US and China pain masks durable brand power, emerging-market growth and meaningful five-year upside.
Overview
Pernod Ricard is the world’s No. 2 premium spirits group, built around iconic brands, global distribution and high-margin premiumization. FY25 sales were about €10.96 billion, balanced across Asia/Rest of World, Europe and the Americas. Near-term results are pressured by US destocking, China weakness and FX, but the company’s brand equity, pricing power, aging inventory base and exposure to emerging-market premium spirits create a resilient long-term compounding profile.