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Pernod Ricard SA (OTCPK:PDRDF) Q3 2025 Results Conference Call April 17, 2025 3:00 AM ET Company Participants Florence Tresarrieu - VP, Investor Relations Helene de Tissot - Executive Vice President of Finance Conference Call Participants Andrea Pistacchi - Bank of America Gen Cross - BNP Paribas Exane Edward Mundy - Jefferies Trevor Stirling - Bernstein Simon Hales - Citi Olivier Nicolai - Goldman Sachs Chris Pitcher - Redburn Atlantic Florence Tresarrieu Hello, everyone, and welcome to our Q3 FY '25 sales calls. I guess you've all seen the press release this morning, Helene de Tissot, our Group CFO, will provide a brief opening comments before we move to your questions.

Pernod Ricard confirmed it expects sales to fall for the current fiscal year as the Absolut Vodka owner grapples with trade turmoils and a downturn in demand.

Richard Chamberlain, head of European consumer discretionary equity research at RBC, weighs in on the impact of tariffs on the retail sector.

CNBC's Joe Kernen reports on the latest news.

I give a hold rating for Pernod Ricard due to headwinds in the US and China, margin pressures, and potential tariff risks. Pernod Ricard is losing market share in the US and facing weak consumer sentiment and regulatory challenges in China, impacting sales and profitability. Despite cost-cutting efforts, Pernod Ricard's margins are compressing, and potential US tariffs on European spirits could further exacerbate this issue.

Pernod Ricard is exploring a sale of its champagne brand G.H. Mumm, according to five sources familiar with the matter, as it looks to focus on premium labels in its portfolio.

Jonny Forsyth, senior director of food & drink at Mintel, weighs in on Diageo's earnings and the potential impact of U.S. tariffs on the drinks industry.

India's antitrust watchdog has sought additional information and documents from Delhi city authorities as it steps up an investigation into allegations of competition law violations by France's Pernod Ricard , a government document shows.

Pierre-Yves Calloc'h, chief digital officer at Pernod Ricard, comments on how artificial intelligence is transforming the French firm.

Pernod Ricard, trading at a 10-year low forward PE of ~14X, offers a 4.5% dividend yield and future growth potential. Despite recent sales declines, Pernod's diversified portfolio and growth in emerging markets like India and Brazil present strong future growth opportunities. Pernod's ability to generate €1.3 billion in free cash flow and a 17% pre-tax return on tangible capital supports its growth and shareholder returns.