DemandDemand is still weak for cognac in the US, further postponing an end to destocking and the long-awaited recovery of the category.
Market OutlookManagement did not yet commit to an FY25 guide but initial remarks were negative as the US cognac market is expected to rebound in 2H25 at best.
Operating IncomeThe Cognac division was, as expected, the hardest hit with a 33% organic decline in operating income.