Operator

Welcome to the Remy Cointreau 2025-2026 Fourth Quarter Sales Presentation.

[Operator Instructions] Now I will hand the conference over to Luca Marotta, Deputy CEO and CFO. Please, sir, go ahead.

Luca Marotta
Deputy CEO & Group Chief Finance Officer

Good morning, everyone, and thank you for joining us today. As highlighted in our press release, Q4 sales grew by 8.9% organically speaking, including 4 points of Chinese New Year calendar effect.

This performance reflects strong growth of Cognac, plus 15.5%, including 7 points of Chinese New Year calendar effect positive, mainly driven by China, which benefited from a favorable base of comparison, including the end of the disruption in the Chinese duty free. As a reminder, was clearly present in the previous year in Q4. And clearly, another positive element, which is the good resilience during Chinese New Year.

In parallel, Americas recorded a moderate decline due to high comps in the U.S. and some phasing effects, specifically in Canada.

Second important point to highlight and to explain this plus 8.9% Q4 performance, stable performance in Liqueurs & Spirits division, minus 0.1%, which reflects a solid momentum in the U.S. and China, but more contrasted performance in EMEA on the back of phasing effect.

Q4 sales decline increase breaks down as follows: volume decrease of 2.4% and plus 11.3% of price/mix effect, largely driven by mix on the back