Pernod Ricard reported a €10.96 billion revenue decline for fiscal 2025, its lowest since 2021, driven by a 21% sales plunge in China and suspended cognac duty-free listings. Organic sales fell 3%, with recurring operations profit dropping to €2.95 billion from €3.12 billion, maintaining a 26.9% operating margin through cost savings. Global Travel Retail declined 13% due to China’s duty-free suspension, while Asia-Pacific markets saw steep declines. India and Japan grew 6%, and Africa/Middle East surged 19%, led by Chivas Regal and Ballantine’s. Net profit fell to €1.63 billion, and market capitalization shrank to €21.3 billion after a 33.4% share price drop.