The group, whose 200 brands include Beefeater gin, Absolut vodka and a host of top whisky names, said that turnover slid 14 percent in its full year to end-June to 9.4 billion euros, mainly because of weaknesses in the US dollar, Indian rupee and Turkish lira.
Pernod Ricard said a cost-cutting campaign to withstand difficult market conditions had resulted in one billion euros in "operational efficiencies" since it was launched.
Sales in the United States fell 14 percent in 2025-26 from the previous period, and in China the decline was 19 percent. Sales across Europe were down three percent.
For the American market, it blamed a "spirits market slowdown with economic moderation and subdued consumer confidence".
For China, it noted a "challenging macroeconomic environment, continuing weak consumer sentiment and regulatory measures impacting demand".
After the EU hit Chinese electric cars with higher tariffs in 2024, China imposed anti-dumping duties on European cognac.
That continued to hit its cognac brands, with Pernod reporting a "sharp decline with prestige categories under pressure, notably in sales of Martell".
But sales grew nine percent in the major Indian market, where it owns Royal Stag, the world's biggest-selling whisky by volume. It noted "strong momentum reflecting underlying consumer demand and premiumisation trends".
Pernod Ricard said it expected "broadly stable" turnover for 2026-27 despite the "contrasted and uncertain" environment.
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