FY26 Q3 net sales totalled €1,945m, as the group saw sales stabilise, with organic net sales up 0.1% as volumes returned to growth despite continued weakness in key markets including the US and China.
For the nine months to March, organic net sales declined 4.4% to €7.2bn, with reported sales down 14.8% due largely to currency headwinds and portfolio changes, including the disposal of the Imperial Blue and wines businesses.
Trading momentum improved sequentially in Q3, with total group volumes rising 4% and its strategic international brands portfolio growing volumes by 3%.
Excluding the US and China, which declined 12% and 7% respectively in the quarter, the rest of the world delivered organic sales growth of 5%.
The Americas remained under pressure, with regional sales down 8% in Q3 and 10% year-to-date.
The US market continued to soften, with improved market trends during the quarter, and on-trade performance ahead of off-trade.
Canada delivered strong growth, particularly in RTDs and Canadian whisky, while Brazil returned to growth following disruption linked to the methanol crisis.
Asia and rest of world grew 6% in Q3, although year-to-date sales remain down 2%. India continued to outperform with 11% growth in the quarter, supported by strong demand for both imported spirits and local brands including Blenders Pride.
China remains challenging, with sales down 7% in Q3 amid weak consumer confidence and regulatory pressure, affecting sales of Martell and Scotch whiskies.
Africa and the Middle East saw double-digit growth year-to-date, driven by Türkiye, Nigeria and South Africa.
Europe returned to growth in the quarter, up 1%, with strong performances from Bumbu, Perrier‑Jouët and Jameson.
Global Travel Retail also rebounded, rising 11% in Q3 as passenger traffic remained strong and duty-free sales in Asia benefitted from Chinese New Year activity. However, GTR is now expected to be in slight decline for FY26, as a result of travel disruption from the Middle East conflict.
Overall, ready-to-drink products remain a standout growth area, with sales rising 26% in Q3 and 16% year-to-date across the portfolio.
Looking ahead, the company is targeting medium-term organic sales growth of 3-6% per year between FY27 and FY29, supported by a €1bn efficiency programme and continued investment behind its premium brands.
