PDRDF - Pernod Ricard GAAP EPS of Euro6.77 revenue of Euro7.12B; issues FY23 outlook

• Pernod Ricard press release ( OTCPK:PDRDF ): 1H GAAP EPS of €6.77.
• Revenue of €7.12B (+19.5% Y/Y), +12% organic sales growth.
• Solid cash generation with recurring free cash flow at c. €1B, -28% vs H1 FY22.
• Net debt increased by €1,131M vs. 30 June 2022 to €9,789M.
• The Net Debt/EBITDA ratio at average rate was 2.6x at 31 December 2022.
• Outlook: Dynamic, broad-based Net Sales growth albeit in a normalising environment.
• Continuing focus on revenue growth management and operational efficiencies to offset cost pressure, in high inflationary environment.
• A&P ratio at c. 16% of Net Sales and continuing disciplined investments in structure.
• Sustaining Operating margin.
• Accelerating investments in CAPEX and strategic inventories, thanks to solid cash generation.
• Confirming €750m share buy-back for FY23 with a new €300m tranche to be launched imminently.
• Positive currency effect expected.

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