Pernod Ricard, FR0000120693

Pernod Ricard issues EUR 1.5 billion bonds while Pernod Ricard stock sits 25.04 percent below high

Published on 10/23/2026 at 10:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q1 FY27 sales fell 6.30 percent to EUR 2.23 billion. Pernod Ricard stock costs EUR 67.36 on October 23, 2026, 0.56 percent below Xetra close.

Debt refinancing and operating pressure

Pernod Ricard priced EUR 1.5 billion of hybrid notes on October 22, 2026.
First-quarter FY27 net sales fell 6.30 percent to EUR 2.23 billion on October 15, 2026.
Pernod Ricard stock trades at EUR 67.36 at 10:35 a.m. CEST at Lang & Schwarz on October 23, 2026, 0.56 percent below the Xetra close of October 22, 2026.

Handelsraum mit CAC-40-Charts und Pariser Skyline, Pernod Ricard S.A. FR0000120693 Börse — Börsen-Editorial zeigt den Handelsraum der Euronext Paris mit CAC-40-Charts von Pernod Ricard S.A. FR0000120693, Illustration mit AI erstellt.

Pernod Ricard (ISIN FR0000120693) was trading at EUR 67.36 at Lang & Schwarz on October 23, 2026, at 10:35 a.m. CEST, down 0.56 percent versus the Xetra close of October 22, 2026, at EUR 67.74. The spirits group priced EUR 1.5 billion of hybrid notes on October 22, according to Pernod Ricard.

Refinancing reaches EUR 1.5 billion

The new undated notes carry coupons of 5.625 percent and 6.125 percent, with EUR 750.0 million allocated to each tranche. Net proceeds will support general corporate purposes and the tender offer for seven existing note series, linking the financing action to the company capital structure.

On October 20, Pernod Ricard launched that tender offer and said results are expected on October 28. The offer covers notes with a combined face value of EUR 4.70 billion, while six series are subject to a cap tied to the new notes, according to Pernod Ricard.

Three dated signals shape the picture

The recent chronology is clear: on October 15, first-quarter FY27 net sales totaled EUR 2.23 billion, down 6.30 percent reported and 0.90 percent organically; on October 20, the company launched the EUR 4.70 billion tender offer; on October 22, it completed the EUR 1.50 billion hybrid issuance. The first-quarter release also showed US sales down 10.00 percent and China sales down 25.00 percent, while India grew 19.00 percent, according to Pernod Ricard.

What does the refinancing change?

The immediate focus is balance-sheet flexibility rather than sales acceleration. RBC kept a Market-Perform rating but raised its target from EUR 69.00 to EUR 71.00 on October 19, while forecasting a 0.20 percent organic sales contraction for fiscal year 2027, according to Boursorama. The target sits 5.41 percent above the Lang & Schwarz price, while the stock is 25.04 percent below its 52-week high of EUR 89.84.

Upcoming dates and stock context

The next substantiated dates are October 28, 2026, for the expected tender-offer results, and November 20, 2026, for the shareholders' annual general meeting. The investor calendar also lists first-half FY27 sales and results for February 18, 2027.

Pernod Ricard is listed on Euronext Paris under ticker RI and is a CAC 40 constituent. Its market capitalization is EUR 16.8 billion, while the 52-week range is EUR 57.90 to EUR 89.84. The current market question is whether refinancing progress can offset the weak US and China trends identified in the latest quarter.

Stock remains below its yearly high

Pernod Ricard stock was trading at EUR 67.36 at Lang & Schwarz on October 23, 2026, at 10:35 a.m. CEST, 0.56 percent below the Xetra close of October 22, 2026, at EUR 67.74. The further course of trading is shown by the continuously updated real-time quote of Pernod Ricard stock.