Rémy Cointreau reported Q3 sales up 2.8% on an organic basis, driven by a mix of regional performances. The U.S. market delivered solid growth for a fourth consecutive quarter, benefiting from low year-ago comparables and sequentially improving depletions, though U.S. depletion levels remain slightly negative. In EMEA, both the Cognac and Liqueurs & Spirits divisions returned to growth, reversing the prior quarter’s declines. China sales showed relative resilience in a challenging environment, with an unfavorable calendar shift of Chinese New Year weighing on Q3 by 3 percentage points at the group level (1 point on a year-to-date basis). Excluding these technical effects, nine-month sales would have been flat year-on-year.

The Q3 top-line expansion was underpinned by an 8.7% increase in shipment volumes, complemented by a 5.9% positive price and mix effect. Volume growth was broad-based, led by the Cognac portfolio in EMEA and China, while price/mix gains reflected a higher contribution from premium and super-premium expressions. The combined effect of these two drivers offset residual declines in certain high-end segments and supported the overall organic increase.

Cognac continued to be the primary growth engine, with double-digit volume gains in EMEA and low-single-digit growth in China despite competitive pressures. Liqueurs & Spirits also contributed to the recovery, with mid-single-digit growth in Europe and stability in the Americas. The company noted ongoing efforts to streamline its high-end assortment, which temporarily dampened some ultra-premium shipments but is expected to optimize long-term brand equity and profitability.

Shares in Rémy Cointreau climbed following the sales release, as the Q3 beat market expectations. Management reaffirmed full-year guidance, citing a resilient balance sheet and robust cash flow generation. They highlighted targeted marketing investments in the U.S. off-trade channel and continued expansion in travel retail. Analysts now anticipate a modest upgrade to fiscal 2026 EBIT forecasts based on the stronger volume trend and sustained price/mix momentum.