Charenton-le-Pont, 23 October 2025 Q3 2025 revenues Sales down 10.5%1 vs. Q3 2024 Significant decline in the France cluster due to difficult annual commercial negotiations with Off-Trade chainsSlight decline in international sales amid a global market slowdown Nine-month 2025 revenues down 9.2%1 at €127.5m France: continued sharp decline in sales, down 19.3% for the first nine months against a backdrop of challenging annual commercial negotiations with the Off-Trade and continuing decline in the spirits ma ...

文 | 酒讯 半颗 编辑 | 方圆 受限于品牌形象老化、消费人群断层等问题，近年来，黄酒行业一度陷入尴尬境地。为走出困局，越来越多品牌不再"守着老方子过日子"，开始主动寻求 突围。 品类跨界正成为这场突围行动中的重要尝试之一。日前，古越龙山与华润啤酒正式携手，宣布将共同研发"黄酒+啤酒"联名新品。根据协议，古越龙山成 为华润在"黄酒+啤酒"领域唯一合作伙伴，双方将在多个层面展开深度协同。 众号 图片来源：古越龙山公 事实上不只是跨界，近年来黄酒企业在产品创新、渠道布局与营销打法上也在持续试水创新，试图突破传统黄酒消费地域与人群的双重局限。一场关 于"走出去"的行业突围战，正悄然展开。 01 产品突围：内外并举 在黄酒行业谋求突围的诸多路径中，产品始终是绕不开的基本盘。 从酒体风味到消费场景，从包装形象到功能价值，"如何让年轻消费者愿意尝试黄酒"成了当下黄酒企业普遍面对的现实命题。近年来，各大黄酒品牌纷纷 围绕产品形象革新展开探索，其中跨界融合与产品创新成为两条较为清晰的主线。 除啤酒之外，古越龙山还尝试过与露酒、咖啡等多个品类的融合。早前推出的"草本一号"陈皮露酒、"草本二号"佛手露酒、"草本三号"霍山石斛特 ...

Core Insights - LVMH's wine and spirits division experienced a 1% increase in organic revenue in Q3, reaching €1.33 billion ($1.55 billion) due to improvements in Champagne and wines [1] - Champagne and wines saw a 7% organic revenue growth in Q3, while Cognac and spirits faced a 6% decline [2] - For the first nine months of 2025, organic revenues for the wine and spirits division decreased by 4% to €3.9 billion, with reported revenues down 7% due to negative currency impacts [2] Group Performance - Total group revenues in Q3 increased by 1% on an organic basis but decreased by 4% on a reported basis to €18.3 billion [4] - For the first nine months of the fiscal year, revenues dropped 2% organically and 4% reported to €58 billion [4] - The company noted sequential improvement in Champagne and wines, alongside strong performance in Provence rosé wines [4] Segment Analysis - Champagne and wines achieved a 3% organic revenue growth in the first nine months of 2025, totaling €2.16 billion, while reported revenues increased by 1% due to positive currency effects [3] - Cognac and spirits revenues declined 12% organically and 4% in reported terms to €1.76 billion, influenced by trade tensions affecting demand in the US and China [3] - The Chinese market showed some recovery with restocking of VSOP in Q3, although overall Cognac demand remained soft [5] Demand Factors - The demand for Champagne remained resilient, particularly in the US, contributing to solid depletions year-to-date [5] - Cognac faced challenges from trade tensions and weak demand in key markets, particularly the US and China [5] - In Q1 of 2025, the wine and spirits business reported a 17% organic sales drop in the Cognac segment, attributed to ongoing soft demand and uncertainties related to US tariffs [6]

Core Viewpoint - The company reported a significant decline in earnings for the first half of 2025, primarily due to challenging commercial negotiations in France and stock adjustments by distributors, despite some resilience in international markets [2][3][10]. Financial Performance - Net revenues for H1 2025 were €86.6 million, down 8.5% from €94.9 million in H1 2024 [6][10]. - The gross margin decreased to €33.7 million, a decline of €2.5 million compared to €36.2 million in H1 2024, although the gross margin ratio improved by 0.8 percentage points to 38.9% [6][9]. - EBITDA fell to €5.9 million, down €2.6 million from €8.5 million in H1 2024 [6][9]. - Net profit attributable to the Group was €2.6 million, a decrease of €3.9 million from €6.5 million in H1 2024 [6][20]. Market Dynamics - The France Cluster experienced a revenue drop of 17.4% to €35.1 million, with a more pronounced decline of 23.8% in Q2 2025 [11][12]. - The International Cluster's revenues were €51.4 million, down 1.3%, with Q2 sales declining 5.6% [13][19]. - The decline in sales was attributed to sluggish market conditions and the absence of price agreements for the William Peel Scotch brand in France [3][10]. Strategic Initiatives - The company is focusing on cost control measures and has initiated a cost reduction program to safeguard profitability [6][9][26]. - Investments in industrial capacities and IT projects continue, maintaining a comfortable net cash position of €43.8 million as of June 30, 2025 [21][24]. - The company is actively pursuing growth opportunities in its Industrial Services and Agency Brands segments, which are showing potential for real growth [28][29]. Outlook - The company anticipates 2025 to be a transitional year amid ongoing tensions in the global wine and spirits markets and plans to leverage its distribution networks and strategic segments for sustainable growth [25][24]. - Ongoing dialogue with major retailers in France aims to mitigate the impact of commercial tensions and achieve balanced agreements [27][28].

Group 1 - Lanson-BCC is in exclusive negotiations to acquire Heidsieck & Co. Monopole from Vranken-Pommery, with a deal expected to be signed on October 1, subject to board approvals [1] - Heidsieck & Co. Monopole accounted for 18% of Vranken-Pommery's Champagne revenue in 2024, while the group's total revenue fell by 10.2% to €304 million ($357.5 million) [2] - Vranken-Pommery's Champagne division revenue dropped by 9.5% to €263.2 million in 2024, and the company is also negotiating the sale of unspecified land in the Camargue region [2] Group 2 - In the first half of 2025, Vranken-Pommery reported a turnover of €109.3 million, a slight decrease of 0.2% compared to the same period in 2024, indicating stable sales in a slightly declining Champagne market [3] - The company's half-year operating income fell by 7.2% to €13.7 million, with a net loss of €1.4 million, an improvement from a loss of €1.9 million in the previous year [4] - Lanson-BCC's first-half revenues increased by 4.8% to €92.1 million ($107.8 million), but its net income dropped by 49.7% to €1.9 million due to rising finance costs [5]

Core Viewpoint - Anora, a Nordic wine and spirits supplier, is planning job cuts to enhance profitability and efficiency, with discussions set to begin in October 2025 [1][3]. Group 1: Job Cuts and Restructuring - Anora is expected to eliminate 70 to 80 jobs in 2025 as part of its restructuring efforts [2]. - The company aims to reduce personnel costs by approximately €7 million ($8.2 million) [2]. - The upcoming negotiations will involve around 500 employees across various positions [3]. Group 2: Financial Performance - In 2024, Anora's net sales decreased by 4.7% to €692 million ($819.2 million) [3]. - EBITDA fell by 9.2% to €61.3 million, but the company reported an operating profit of €34.5 million, a recovery from an operating loss of €31.3 million in 2023 [4]. - The net result for the year was €11.1 million, compared to a loss of €39.9 million the previous year [4]. Group 3: Market Conditions - In the first half of the current year, Anora's net sales fell by 5.3% year-on-year to €306.8 million [4]. - The operating profit for this period was €8.8 million, slightly down from €9.2 million in the first half of 2024 [4]. - The European beverage industry faced challenges in the second quarter due to shifts in consumer trends and adverse weather conditions [5].

Group 1 - The 2025 half-year financial report of Vranken-Pommery Monopole has been filed with the French Autorité des Marchés Financiers and is available for public access [1] - Vranken-Pommery Monopole is a prominent player in the European wine industry and the second largest champagne group, managing 2,600 hectares of land across various regions [2][4] - The company is committed to sustainable wine-growing and environmental conservation, with a diverse portfolio of brands including various champagnes and wines from different regions [2][4] Group 2 - Vranken-Pommery Monopole is listed on NYSE Euronext Paris and Brussels under the ticker symbols "VRAP" and "VRAB" respectively [3] - The company has a strong focus on wine-growing, wine-making, distribution, and marketing, emphasizing the promotion of terroirs [2] - The contact information for the financial control director and media representatives is provided for further inquiries [3]

Group 1 - The company Lanson-BCC has declined to issue annual financial forecasts due to mixed half-year results, reporting better revenues but falling earnings for the first half of 2025 [1][4] - First-half revenues increased by 4.8% year-on-year, reaching €92.1 million ($107.8 million), attributed to a favorable price/product mix despite lower shipping volumes [3][4] - The company's net income fell by 49.7% to €1.9 million, influenced by a 15.4% rise in finance costs due to aging credit facilities and rising average cost of debt [4] Group 2 - The seasonal nature of Champagne sales means that first-half results cannot be extrapolated to the full year, with traditionally around one-third of annual sales occurring in the first half [2] - Export sales accounted for just under half of the group's revenues, a decrease from 52.4% in the first half of 2024, with lower shipments noted to the US and Asia [3]

Group 1 - The total number of shares comprising the share capital of Marie Brizard Wine & Spirits as of July 31, 2025, is 111,989,823 [1] - The total number of voting rights is reported as 194,047,142, while the number of exercisable voting rights is 193,916,356 [1] - The company's by-laws include a clause that requires disclosure of crossing any statutory thresholds in addition to legal thresholds [1]

Company Overview - Diamond Estates Wines & Spirits Inc. is a producer of high-quality wines and ciders and serves as a sales agent for over 120 beverage alcohol brands across Canada [5] - The company operates four production facilities, three located in Ontario and one in British Columbia, producing predominantly VQA wines under various well-known brand names [5] Financial Reporting Delay - The company announced a delay in filing its financial statements, management's discussion and analysis, and CEO and CFO certificates for the year ended March 31, 2025, which were due by July 30, 2025 [1][3] - The delay is attributed to the need for additional audit procedures required by the external auditor concerning certain transactions and estimates included in the financial statements [2] Regulatory Implications - Due to the filing delay, the company expects to be noted in default by applicable securities regulatory authorities in Canada, leading to a 'failure-to-file' cease trade order (CTO) from the Ontario Securities Commission [4] - The CTO is anticipated to prohibit any trading in the company's securities across all Canadian jurisdictions where it is a reporting issuer and will remain in effect until the required filings are completed [4]