Pernod Ricard : Inside Information / News release on accounts, results

FY22 Full-year Sales and Results

Press release - Paris, 1 September 2022

A RECORD YEAR WITH EXCELLENT PERFORMANCE+21% REPORTED SALES GROWTH (+17% ORGANIC) +25% REPORTED GROWTH IN PRO1 (+19% ORGANIC)

SALES

FY22 Sales grew by +17% organically, totalling €10,701m. Reported Sales growth was +21% with favourable foreign exchange impact mostly from USD and CNY appreciation versus EUR.

Sales in all regions grew double digit :

• Americas: +12%, very strong growth in North America and very dynamic growth in LATAM, supported with a strong rebound in Travel Retail
• Asia-RoW:+19%, excellent growth led by India, Turkey, China and Sub-Saharan Africa. Very strong performance in Korea and Japan
• Europe: +19%, excellent growth in Europe, led by Spain, Germany, Poland, UK and with a very strong rebound in Travel Retail.

All spirits categories delivered strong double digit growth:

• Strategic International Brands: +18%, excellent growth across all regions led by Jameson, Chivas Regal, Ballantine's, Absolut and Martell
• Strategic Local Brands: +18%, very strong growth notably led by Seagram's Indian whiskies, Kahlua, Olmeca and Seagram's Gin
• Specialty Brands: +24%, continued very rapid development led by American Whiskies, Gins and Agave brands. Specialty Brands doubling their weight in Sales vs. FY19
• Strategic Wines: -4%, overall soft performance in particular due to New Zealand lower harvest.

Price/mix was +5% on Strategic Brands.

Q4 Sales were €2,295m, +14% organic growth.

FY22 delivered record Sales with market share gains in most markets, while leveraging our wide portfolio and geographical breadth and achieving price increases across all markets, of mid single digit on average. Sales were driven by strong recovery of the On-trade, resilience in the Off-trade and rapid rebound in Travel Retail, albeit passenger traffic still subdued in China.

Dynamism in Must-WinMarkets was strong, notably India +26% and Travel Retail +48%, with USA +8% and China +5%. FY22 recorded outstanding performance across Europe, Africa, Central and South America.

1 Profit from Recurring Operations

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FY22 Full-year Sales and Results

Press release - Paris, 1 September 2022

RESULTS

FY22 PRO 1 grew +19%, to €3,024m (+25% reported) delivering organic operating margin expansion of +52bps:

• Gross margin expanded +12bps as price, mix and fixed cost absorption offset COGS increases
• A&P ratio at c. 16% of Sales, with dynamic allocation between brands, markets and activities
• Structure costs: purposeful increase, notably recruitments to support our digital transformation
• Positive FX impact on PRO of c. +€160m thanks mostly to USD and CNY appreciation versus EUR.

Recurring effective tax rate at 23.2%.

Group share of Net PRO was €2,124m, +32% reported vs. FY21.

Group share of Net Profit was €1,996m, +53% reported, a very strong increase thanks to Profit from Recurring Operations growth, reduced financial expenses and positive FX impact.

CASH FLOW AND DEBT

FY22 recorded a record high cash generation with Recurring Free Cash Flow at €1,926m. The cost of debt averaged 2.3% vs. 2.8% in FY21, thanks to successful bond debt refinancing.

Net debt increased by €1,205m vs. 30 June 2021 to €8,657m mainly explained by M&A cash-out and share buyback of c. €750m executed during the year. Net Debt/EBITDA ratio at average FX rates2 stood at 2.4x at 30 June 2022.

Return to shareholders is accelerating with:

• A proposed dividend of €4.12, an increase of +32% vs. FY21

Starting our new fiscal year with very healthy trade inventory levels across regions, in a context remaining volatile, we expect for FY23:

1. Dynamic, broad based Net Sales growth, on a normalizing comparison basis, with a good start to Q1;

1. Intense focus on revenue growth management and operational efficiencies in a high inflationary environment;

1. A&P ratio at c. 16% of Net Sales, with improved ROI;

1. Continuing investments in structure, notably supporting the rapid deployment of the Conviviality Platform;

1. Increased Capex at c. 7% of Net Sales and Strategic Inventories to fuel future growth; o €500m to €750m share buyback, following our financial policy priorities;
   o Significant positive currency effect expected for FY233.

1. Profit from Recurring Operations
2. Based on average EUR/USD rate: 1.13
3. Assuming USD/EUR at 1.00 (spot rate as at 22nd Aug)

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FY22 Full-year Sales and Results

Press release - Paris, 1 September 2022

Alexandre Ricard, Chairman and Chief Executive Officer, stated,

"Three words summarize Pernod Ricard's excellent performance in FY22: record, balanced and sustainable.

FY22 was a record year in many respects. Our Sales broke the symbolic milestone of €10 billion with our fastest growth rate in over 30 years, delivering a record €3 billion profit from recurring operations at a record operating margin of 28.3%.

FY22's performance was also very well balanced. Growth was driven by all regions, categories, price points and channels, with a comparable contribution from both mature and emerging markets.

Most importantly, our performance was sustainable thanks to the real progress we've made on delivering our strategic roadmap "Good Times from a Good Place".

There has definitely been a newfound appreciation for conviviality since the Covid outbreak and I would like to take this opportunity to praise our teams whose commitment has never wavered, and who continue to play a key role in facilitating convivial experiences with our brands around the world.

While we are faced with a challenging and volatile environment, I am confident that our unique competitive advantages and the rapid deployment of our digital transformation will enable us to deliver our FY23 to FY25 medium-term financial framework."

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FY22 Full-year Sales and Results

Press release - Paris, 1 September 2022

All growth data specified in this press release refers to organic growth (at constant FX and Group structure), unless otherwise stated. Data may be subject to rounding.

A detailed presentation of FY22 Sales and Results can be downloaded from our website: www.pernod-ricard.com

Audit procedures have been carried out on the financial statements. The Statutory Auditors' report will be issued after examination of the management report and completion of procedures required for the filing of the Universal registration document."

Definitions and reconciliation of non-IFRS measures to IFRS measures

Pernod Ricard's management process is based on the following non-IFRS measures which are chosen for planning and reporting. The Group's management believes these measures provide valuable additional information for users of the financial statements in understanding the Group's performance. These non-IFRS measures should be considered as complementary to the comparable IFRS measures and reported movements therein.

Organic growth

• Organic growth is calculated after excluding the impacts of exchange rate movements, acquisitions and disposals and changes in applicable accounting principles.
• Exchange rates impact is calculated by translating the current year results at the prior year's exchange rates.
• For acquisitions in the current year, the post-acquisition results are excluded from the organic movement calculations. For acquisitions in the prior year, post-acquisition results are included in the prior year but are included in the organic movement calculation from the anniversary of the acquisition date in the current year.
• Where a business, brand, brand distribution right or agency agreement was disposed of, or terminated, in the prior year, the Group, in the organic movement calculations, excludes the results for that business from the prior year. For disposals or terminations in the current year, the Group excludes the results for that business from the prior year from the date of the disposal or termination.
• This measure enables to focus on the performance of the business which is common to both years and which represents those measures that local managers are most directly able to influence.

Profit from recurring operations

Profit from recurring operations corresponds to the operating profit excluding other non-current operating income and expenses.

About Pernod Ricard

Pernod Ricard is the No.2 worldwide producer of wines and spirits with consolidated sales amounting to €10,701 million in fiscal year FY22. The Group, which owns 17 of the Top 100 Spirits Brands, holds one of the most prestigious and comprehensive portfolios in the industry with over 240 premium brands distributed across more than 160 markets. Pernod Ricard's portfolio includes Absolut Vodka, Ricard pastis, Ballantine's, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur or Mumm and Perrier- Jouët champagnes. The Group's mission is to unlock the magic of human connections by bringing "Good Times from a Good Place", in line with its Sustainability and Responsibility roadmap. Pernod Ricard's decentralised organisation empowers its 19,480 employees to be on-the-ground ambassadors of its purposeful and inclusive culture of conviviality, bringing people together in meaningful, sustainable and responsible ways to create value over the long term. Executing its strategic plan, Transform & Accelerate, Pernod Ricard now relies on its "Conviviality Platform", a new growth model based on data and artificial intelligence to meet the ever-changing demand of consumers.

Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code:FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices.

Contacts

Florence Tresarrieu / Global SVP Investor Relations and Treasury	[phone]
Edward Mayle / Investor Relations Director	[phone]
Charly Montet / Investor Relations Manager	[phone]
Emmanuel Vouin / Head of External Engagement	[phone]

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FY22 Full-year Sales and Results

Press release - Paris, 1 September 2022

Appendices

Emerging Markets

Asia-Rest of World		Americas		Europe
Algeria	Malaysia		Argentina		Albania
Angola	Mongolia		Bolivia		Armenia
Cambodia	Morocco		Brazil		Azerbaijan
Cameroon	Mozambique		Caribbean		Belarus
China	Namibia		Chile		Bosnia
Congo	Nigeria		Colombia		Bulgaria
Egypt	Persian Gulf		Costa Rica		Croatia
Ethiopia	Philippines		Cuba		Georgia
Gabon	Senegal	Dominican Republic		Hungary
Ghana	South Africa		Ecuador		Kazakhstan
India	Sri Lanka		Guatemala		Kosovo
Indonesia	Syria		Honduras		Latvia
Iraq	Tanzania		Mexico		Lithuania
Ivory Coast	Thailand		Panama		Macedonia
Jordan	Tunisia		Paraguay		Moldova
Kenya	Turkey		Peru		Montenegro
Laos	Uganda		Puerto Rico		Poland
Lebanon	Vietnam		Uruguay		Romania
Madagascar	Zambia		Venezuela		Russia
					Serbia
					Ukraine
Strategic International Brands' organic Sales growth
		Volumes FY22	Organic Net Sales
			Volumes	Price/mix
			growth FY22
	(in 9Lcs millions)
Absolut		12.4	+19%		+18%	+1%
Chivas Regal		4.6	+29%		+27%	+1%
Ballantine's		9.1	+27%		+20%	+7%
Ricard		4.5	+4%		+5%	(1)%
Jameson		10.4	+24%		+22%	+2%
Havana Club		4.6	+20%		+5%	+15%
Malibu		4.9	+7%		+3%	+4%
Beefeater		3.7	+35%		+27%	+8%
Martell		2.5	+7%		+4%	+3%
The Glenlivet		1.6	+21%		+19%	+2%
Royal Salute		0.2	+38%		+32%	+6%
Mumm		0.7	+9%		+3%	+6%
Perrier-Jouët		0.3	+32%		+16%	+16%
Strategic International Brands	59.6	+18%		+16%	+3%

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