Pernod Ricard SA produces and sells wines and spirits worldwide. Its portfolio includes whiskey, vodka, gin, rum, liqueur and bitters, champagne, tequila and mezcal, and aperitif under brands such as 100 Pipers, Aberlour, Absolut, Ballantine's, Beefeater, Chivas, Havana Club, Jameson, Kahlúa, Martell, Mumm, Perrier-Jouët, Ricard, and The Glenlivet. It also offers non-alcoholic beverages under brands including Beefeater 0%, Ceder's, Suze Tonic 0%, Cinzano Spritz 0%, Pacific, Campo Viejo Sparkling 0%, and Jacob's Creek Unvined. Founded in 1805, the company is headquartered in Paris, France.
The U.S. ban on specified Canadian alcoholic beverages took effect on Tuesday, halting new imports of covered products while still allowing stores to sell Canadian alcohol already in the country. The reach of the ban depends on the drink's customs classification and how it is shipped, producing a mixed bag of what will remain available to U.S. consumers and what will disappear from shelves. Canadian-made products imported in bottles ready for sale are the most exposed, including Molson Canadian, owned by Molson Coors, and packaged Canadian whiskies such as Canadian Club and Alberta Premium, both owned by Suntory Global Spirits, along with J.P. Wiser's and Lot No. 40, both owned by Corby Spirit and Wine, part of Pernod Ricard. Some familiar brands are less likely to disappear: Diageo's Crown Royal is expected to remain available because its producer imports whisky in bulk and bottles it in the U.S.
TAP · Tariff · Negative Molson Canadian is among the bottled Canadian products most exposed to the new U.S. import ban.
DGE.LSE · Tariff · Positive Diageo's Crown Royal is expected to remain available since it is imported in bulk and bottled in the U.S., avoiding the ban.
RI.PA · Tariff · Negative Pernod Ricard's J.P. Wiser's and Lot No. 40 are bottled Canadian whiskies exposed to the import ban.
Corby Spirit and Wine Limited · Tariff · Negative Corby Spirit and Wine's J.P. Wiser's and Lot No. 40 are among the bottled Canadian whiskies hit by the ban.
Suntory Global Spirits · Tariff · Negative Suntory Global Spirits' Canadian Club and Alberta Premium are packaged Canadian whiskies exposed to the import ban.
President Donald Trump said he plans to remove the 10% tariff on Irish whiskey, part of the duties the United States imposed on most European Union goods including wine and spirits. Speaking during the Irish Open golf tournament on Sunday, Trump said he was acting on repeated requests and announced, "On behalf of the United States of America, I am going to take the tariffs off." The move follows a similar concession in April, after King Charles' state visit, when Trump lifted certain tariffs on UK whiskey, including Scotch and spirits made in Northern Ireland. Chris Swonger, CEO of the Distilled Spirits Council of the United States, called the decision another positive step toward reducing barriers to spirits trade and said it would provide a welcome boost for retailers, restaurants, consumers and the American economy as hospitality businesses enter the critical holiday season. Eoin Ó Catháin, director of the Irish Whiskey Association, said nothing exemplifies the U.S.-Ireland trade relationship better than Irish whiskey and noted that exports to the U.S. were worth €450M, or $520M, in 2025, adding that the association will keep working with EU and U.S. counterparts to secure a return to the zero-for-zero arrangement for all drinks exports. Companies that own Irish whiskey brands include Pernod Ricard, Becle and Diageo.
DGE.LSE · Tariff · Positive Diageo owns Irish whiskey brands, so removal of the 10% US tariff on Irish whiskey lowers a trade barrier on its products.
RI.PA · Tariff · Positive Pernod Ricard owns Irish whiskey brands, benefiting from the lifting of the 10% US tariff on Irish whiskey.
Becle, S.A.B. de C.V. · Tariff · Positive Becle owns Irish whiskey brands, so the removal of the US tariff on Irish whiskey eases trade costs on its products.
Nvidia Expects Revenue to Top $100 Billion, Boosting Tech Stocks Worldwide
Nvidia reported revenue for the May-July quarter of $96.2 billion, up 106% from a year earlier and above analysts' expectations of $92 billion. The company also forecast revenue for the August-October quarter to surge to $108 billion, reflecting strong confidence in AI technology investment. This sent Nvidia shares up 8.7%, with AI-related stocks broadly higher, led by Autodesk up 6.2%, Adobe up 5.7%, and Broadcom up 4.5%, pushing the Philadelphia Semiconductor Index up 2.3%. In European markets, the STOXX 600 closed down 0.69% on French political concerns, but tech stocks helped support the market, with Nemetschek surging 9.9% after Bank of America Global Research said it found no disruption to software business. Pernod Ricard fell 4.6% after sales missed estimates. In Asia, markets opened lower, led by the KOSPI down 1.6%. The Thai market is expected to trade sideways, with AOT in focus after resolving the issue of overbooked flight slots, and passenger numbers in the first half of August grew 8%, with four new direct flight routes added.
Corby Spirit and Wine Reports Record Fiscal 2026 Results
Corby Spirit and Wine reported record fiscal 2026 results, with revenue rising 10% to C$271.6 million, adjusted operating earnings up 12% to C$53.7 million, and adjusted EPS climbing 15% to C$1.23. Ready-to-drink beverages drove growth, with RTD volume up 18% versus 7% for the category, and RTDs now representing about 40% of revenue. The company sold its Lamb's rum brand for C$39.2 million, renewed its Pernod Ricard agreement through 2029, and raised its quarterly dividend 4% to C$0.25 per share. Management expects fiscal 2027 uncertainty from potential U.S. product returns and tougher comparisons.
Pernod Ricard Warns of Sales Hit as Americans Ease Off Drinking
Pernod Ricard, the French distiller behind Jameson, Ballantine's, and Chivas Regal, warned that fading interest in alcohol in the U.S. will continue to weigh on sales over the coming years, offsetting growth in markets like India. The company reported sales of 9.4 billion euros ($11 billion) for the 12 months through June, down 14% from the prior fiscal year, or 3.9% lower on an organic basis. Sales were dragged by sharp falls in the U.S. and China, which together contribute around a quarter of group revenue. Pernod expects U.S. softness to keep group sales growth toward the lower end of its guided 3%-6% annual range through the next three years. In contrast, India, which makes up about 13% of group revenue, showed solid growth, and CEO Alexandre Ricard said a possible separate listing of the Indian business remains at "discussion level." The company also highlighted growth in ready-to-drink products, which rose 12% on year, as a recruitment opportunity among younger drinkers.
Pernod Ricard Sees No Growth in US Business for Next Three Years
French spirits giant Pernod Ricard reported a 3.9% decline in organic sales for fiscal 2026, exceeding the market's expected 3.7% drop. Weakness in China and the US weighed on results, and the company now expects long-term revenue growth through 2029 to be at the lower end of its 3-6% range. Earlier this year, the company held talks with Brown-Forman, the maker of Jack Daniel's whiskey, about a potential merger, but the talks fell through due to disagreements over terms. CEO Alexandre Ricard said that in the US, its largest market, there is little prospect of growth over the next three years, and it will remain a drag on the group. Meanwhile, India has overtaken China to become its second-largest market, and the company has begun discussions and preparations for an initial public offering (IPO) there.
Pernod Ricard has released its half-year report on the liquidity contract entrusted to Rothschild Martin Maurel, showing 6,500 shares and €4,060,352 in the liquidity account as of 30 June 2026. Over the first half of 2026, purchases totaled 328,237 shares for €23,542,435.55 across 3,605 transactions, while sales reached 336,737 shares for €24,214,573.66 across 3,630 transactions. The company noted that as of 31 December 2025, the account held 15,000 shares and €3,347,050. Effective 1 July 2026, management of the liquidity agreement has been transferred to Rothschild & Co Global Markets Solutions (Europe) SA following a reorganization within the Rothschild & Co group, with no impact on the agreement's terms or allocated resources.
Brown-Forman board dismisses unsolicited takeover proposal from Sazerac
Brown-Forman's board has dismissed an unsolicited takeover proposal from privately owned spirits group Sazerac as not actionable. Sazerac submitted a cash offer of $32 per share on May 1, valuing the company at approximately $15 billion, and recently sent a letter to Class A shareholders seeking discussions on financial terms and strategic rationale, indicating willingness to improve its offer. A group representing Brown family members, who control a majority of Class A shares, reaffirmed confidence in the company's long-term strategy and said the proposal does not align with its vision. The approach followed the collapse of merger talks between Brown-Forman and Pernod Ricard in late April, and any transaction would require Brown family approval.
Brown-Forman, the U.S. maker of Jack Daniel's whiskey, announced that President and CEO Lawson Whiting has decided to step down. The timing of his departure is undetermined, and he will continue in his role until a successor is named. The board has begun a search for the next CEO, considering both internal and external candidates. The company is facing a prolonged slump in alcohol consumption and has been exploring strategic options in recent months. In May, it rejected a 15 billion dollar takeover bid from Sazerac, and in April, it ended merger talks with Pernod Ricard after failing to agree on terms.
RI.PA · Capital · Neutral Pernod Ricard ended merger talks with Brown-Forman in April, but the CEO departure does not directly affect Pernod.
Sazerac Company · Capital · Neutral Sazerac's $15 billion takeover bid was rejected in May; CEO departure may signal strategic shift but no direct impact on Sazerac.
Brown-Forman seen as undervalued takeover target with potential bidding war
Brown-Forman Corporation is viewed as a materially undervalued takeover candidate, with a bullish thesis suggesting the spirits company could be worth well above $40 per share compared to its recent trading price of $27.96. The analysis highlights privately held Sazerac as a more suitable strategic partner than previously speculated suitor Pernod Ricard, given Sazerac's family ownership and cultural alignment with Brown-Forman. A combination could create a spirits powerhouse with nearly $10 billion in revenue while preserving family stewardship, though regulatory scrutiny and competing bids remain possible. The prospect of a competitive bidding process is seen as a catalyst for a significant rerating of the stock, which currently trades at a trailing P/E of 18.27 and a forward P/E of 16.16.
BF-B · Capital · Positive Article states Brown-Forman is materially undervalued and a takeover target, with potential bidding war as catalyst for rerating.
Sazerac Company · Capital · Positive Sazerac is identified as a more suitable strategic partner; a combination would create a spirits powerhouse, benefiting Sazerac's value.
RI.PA · Competition · Neutral Pernod Ricard is mentioned as a previously speculated suitor but deemed less suitable than Sazerac; no direct impact.
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