It was China that proved the most challenging market – declines in sales of Scotch and Martell, linked to the anti-dumping investigation and associated tariffs, led to a sales decline of 21%.

The anti-dumping investigation also resulted in a suspension of cognac sales in China Duty Free, coupled with weakness in the South Korea and Taiwan duty free markets, Global Travel Retail saw a 13% decline in sales.

Pernod has stated that it expects a return to growth in the sector in fiscal 2026 with the resumption of Martell sales in China Duty Free.

Uncertainty surrounding tariffs in the US, which will surely continue into fiscal 2026, contributed to a sales decline of 6% in the world’s largest spirit market.

In a more positive reading, India continues to be a bright spark for the group. Double-digit growth in Royal Stag and Jameson contributed to a 6% sales growth in India, with Jameson’s strong performance making India the Irish whiskey brand’s second largest market by volume and the title of the number one imported spirit brand in India.

Fiscal 2025 profit from recurring operations saw a reported decline of 5.3% (organic decline of 0.8%) largely due to the negative market mix and adverse foreign exchange impact driven by the Turkish Lira, Nigerian Naira, Indian Rupee, British Pound and Argentinean Peso.

However, the group saw year-on-year net debt fall by €224 in part due to the positive impact from the weakening US Dollar.