Pernod Ricard — Earnings Release 2023

Aug 31, 2023

VERY STRONG FY23 PERFORMANCE IN A NORMALISING ENVIRONMENT +10% ORGANIC SALES GROWTH (+13% REPORTED) +11% ORGANIC GROWTH IN PRO¹ (+11% REPORTED)

FY23 Net Sales grew +10% organically, totalling €12,137m. Reported Sales growth was +13% with favourable foreign exchange impact mostly from USD appreciation versus EUR.

Broad-based growth across all regions with strong pricing execution:

• Americas: +2%, dynamic growth in LATAM led by Mexico and low-single digit growth in North America with stable Net Sales in USA and underlying value depletions +2%. Declining Sales expected in Q1 in USA, on high comparison basis, with positive outlook for the full year
• Asia-RoW: +17%, excellent broad-based growth led by India, Travel Retail recovery, China and Turkey. Solid performance in Japan, South Korea and dynamic rebound in Southeast Asia. Challenging macroeconomic environment in China leading to declining Net Sales in Q1 FY24, with high comparison basis expected to ease from Q2
• Europe: +8%, strong resilience and pricing with growth led by Spain, Germany and rebound in Travel Retail.

All spirits categories delivered strong growth:

• Strategic International Brands: +11%, strong momentum led by Scotch, Martell, Jameson and Absolut
• Strategic Local Brands: +10%, very dynamic growth notably led by Seagram's Indian whiskies and Olmeca
• Specialty Brands: +8%, continued development led by Lillet, Aberlour, Malfy and the Spot Range
• Strategic Wines: (2)%, overall soft performance mainly driven by Jacob's Creek and Campo Viejo in UK and North America.

Strong Price/mix at +9%, mostly from strong pricing actions (+8%). Resilient volumes growing +1%.

Q4 Net Sales were €2,630m, with +19% organic growth.

RESULTS

FY23 PROgrew +11% to €3,348m (+11% reported), sustaining organic Gross Margin and expanding organic Operating Margin thanks to leading premium portfolio, excellent Revenue Growth Management and operational efficiencies:

• Gross margin protected +3bps as price and mix offset COGS inflation
• A&P ratio maintained at c. 16% of Net Sales, with dynamic allocation between brands, markets and activities
• Discipline on Structure costs +37bps and growing +8% organically
• Negative FX impact on PRO of €(70)m with favorable impact from USD more than offset by Turkish Lira and other emerging market currencies

Recurring effective tax rate at 22.6%.

Group share of Net PRO was €2,340m, +10% reported vs. FY22.

Group share ofNet Profit was€2,262m, +13% reported, a strong increase thanks to Profit from Recurring Operations growth.

¹ Profit from Recurring Operations

CASH FLOW AND DEBT

FY23 Recurring Free Cash Flow reached €1,653m as we leveraged our strong cash generation to accelerate investments in future organic growth with CAPEX and strategic inventories.

The cost of debt averaged 2.6% in FY23 due to higher financing rates.

Net debt increased to €10,273m with significant M&A activity (notably Sovereign Brands, Código and Skrewball), dividend cash out, c. €750m of share buyback executed and positive FX impact on Net Debt (USD/EUR).

Net Debt/EBITDA ratio at average FX rates² stood at 2.7x as of 30 June 2023.

Return to shareholders is accelerating with a proposed dividend of €4.70, an increase of +14% vs. FY22, and a share buyback program of €500m to €800m in FY24.

The financial policy is as follows:

While maintaining investment grade rating;

• Investing in future organic growth, in particular through Strategic Inventories and Capital Expenditure
• Continued active portfolio management, including value creating M&A
• Dividend distribution at c.50% of Net Profit from Recurring Operations, aiming consistently at growing dividends
• Share buyback

OUTLOOK

Building on our very strong FY23 performance, we confidently reiterate our FY23 to FY25 mid-term financial framework of aiming for the upper end of +4% to +7% Net Sales growth and +50/+60bps operating margin.

In a challenging environment, we anticipate for FY24:

• o Broad-based and diversified Net Sales growth for the full year, with soft start in Q1 amplified by high comparison basis
• o Adapting to easing inflationary pressures
• o Continued focus on Revenue Growth Management and operational efficiencies
• o Consistent A&P ratio at c. 16% of Net Sales, dynamically optimized through KDPs³
• o Disciplined investments in structure
• o All leading to organic Operating Margin expansion
• o Significant investments in Capex c. €800m-€1bn range and strategic inventories with a similar level to FY23 to sustainably support future growth
• o Share buyback of €500m to €800m in FY24
• o Negative FX impact.

Alexandre Ricard, Chairman and Chief Executive Officer, stated,

"Pernod Ricard once again delivered a very strong full-year performance, achieving double-digit broadbased growth in sales and earnings despite a volatile environment. The relevance of our growth strategy, the desirability of our brands and the unwavering commitment and agility of our teams enabled us to gain share in most markets and strengthen pricing. Our transformational journey continues to accelerate through the deployment of tech and data-powered organizational, sales and marketing initiatives. We are making solid progress on our sustainability and responsibility roadmap to 2030. While the environment in FY24 remains challenging, I am confident in Pernod Ricard's ability to deliver on its medium-term objectives."

² Based on average EUR/USD rate: 1.05

³ Key Digital Programs

All growth data specified in this press release refers to organic growth (at constant FX and Group structure), unless otherwise stated. Data may be subject to rounding.

A detailed presentation of FY23 Sales and Results can be downloaded from our website: www.pernod-ricard.com

Audit procedures have been carried out on the financial statements. The Statutory Auditors' report will be issued after examination of the management report and completion of procedures required for the filing of the Universal Registration Document."

Definitions and reconciliation of non-IFRS measures to IFRS measures

Pernod Ricard's management process is based on the following non-IFRS measures which are chosen for planning and reporting. The Group's management believes these measures provide valuable additional information for users of the financial statements in understanding the Group's performance. These non-IFRS measures should be considered as complementary to the comparable IFRS measures and reported movements therein.

Organic growth

• Organic growth is calculated after excluding the impacts of exchange rate movements, acquisitions and disposals and changes in applicable accounting principles.
• Exchange rates impact is calculated by translating the current year results at the prior year's exchange rates.
• For acquisitions in the current year, the post-acquisition results are excluded from the organic movement calculations. For acquisitions in the prior year, post-acquisition results are included in the prior year but are included in the organic movement calculation from the anniversary of the acquisition date in the current year.
• Where a business, brand, brand distribution right or agency agreement was disposed of, or terminated, in the prioryear, the Group, in the organic movement calculations, excludes the results for that business from the prior year. For disposals or terminations in the current year, the Group excludes the results for that business from the prior year from the date of the disposal or termination.
• The impact of hyperinflation on Net Sales and PRO in Turkey is excluded from P&L organic growth calculations by capping unit local price/cost increases to a maximum of +26% per year, equivalent to +100% over 3 years.
• This measure enables to focus on the performance of the business which is common to both years and which represents those measures that local managers are most directly able to influence.

Profit from Recurring Operations

Profit from Recurring Operations corresponds to the operating profit excluding other non-current operating income and expenses.

About Pernod Ricard

Pernod Ricard is a worldwide leader in the spirits and wine industry, blending traditional craftsmanship, state-of-the-art brand-building, and global distribution technologies. Our prestigious portfolio of premium to luxury brands includes Absolut vodka, Ricard pastis, Ballantine's, Chivas Regal, Royal Salute, and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Malibu liqueur and Mumm and Perrier-Jouët champagnes. Our mission is to ensure the long-term development of our brands with full respect for people and the environment, while empowering our employees around the world to be ambassadors of our purposeful, inclusive and responsible culture of authentic conviviality. Pernod Ricard's consolidated sales amounted to € 12,137 million in fiscal year FY23.

Pernod Ricard is listed on Euronext (Ticker: RI; ISIN Code:FR0000120693) and is part of the CAC 40 and Eurostoxx 50 indices.

Contacts

Florence Tresarrieu / Global SVP Investor Relations and Treasury	+33 (0) 1 70 93 17 03
Edward Mayle / Investor Relations Director	+33 (0) 1 70 93 17 13
Charly Montet / Investor Relations Manager	+33 (0) 1 70 93 17 13
Emmanuel Vouin / Head of External Engagement	+33 (0) 1 70 93 16 34

Appendices

Emerging Markets

Asia-Rest of World		Americas	Europe
Algeria	Malaysia	Argentina	Albania
Angola	Mongolia	Bolivia	Armenia
Cambodia	Morocco	Brazil	Azerbaijan
Cameroon	Mozambique	Caribbean	Belarus
China	Namibia	Chile	Bosnia
Congo	Nigeria	Colombia	Bulgaria
Egypt	Persian Gulf	Costa Rica	Croatia
Ethiopia	Philippines	Cuba	Georgia
Gabon	Senegal	Dominican Republic	Hungary
Ghana	South Africa	Ecuador	Kazakhstan
India	Sri Lanka	Guatemala	Kosovo
Indonesia	Syria	Honduras	Latvia
Iraq	Tanzania	Mexico	Lithuania
Ivory Coast	Thailand	Panama	Macedonia
Jordan	Tunisia	Paraguay	Moldova
Kenya	Turkey	Peru	Montenegro
Laos	Uganda	Puerto Rico	Poland
Lebanon	Vietnam	Uruguay	Romania
Madagascar	Zambia	Venezuela	Russia
			Serbia
			Ukraine

Strategic International Brands' organic Sales growth

	Volumes FY23 (in 9Lcs millions)	Organic Net Sales growth FY23	Volumes	Price/mix
Absolut	12.7	+10%	+2%	+8%
Chivas Regal	5.1	+25%	+10%	+15%
Ballantine's	8.8	+13%	(4)%	+17%
Ricard	4.4	+1%	(1)%	+2%
Jameson	10.7	+10%	+2%	+8%
Havana Club	4.3	+6%	(6)%	+12%
Malibu	4.7	+4%	(5)%	+9%
Beefeater	3.7	+10%	+2%	+7%
Martell	2.4	+10%	(3)%	+12%
The Glenlivet	1.6	+9%	(3)%	+12%
Royal Salute	0.3	+32%	+17%	+15%
Mumm	0.6	(5)%	(16)%	+11%
Perrier-Jouët	0.3	+6%	(7)%	+12%
Strategic International Brands	59.5	+11%	(0)%	+11%

Net Sales (€ millions)	FY22		FY23		Change		Organic Growth		Group Structure		Forex Impact
Americas	3,133	29.3%	3,481	28.7%	+348	+11%	+62	+2%	+108	+3%	+178	+6%
Asia / Rest of World	4,438	41.5%	5,191	42.8%	+753	+17%	+755	+17%	+84	+2%	(86)	(2)%
Europe	3,130	29.2%	3,465	28.5%	+335	+11%	+251	+8%	+57	+2%	+27	+1%
Group	10,701	100.0%	12,137	100.0%	1,436	+13%	1,068	+10%	248	+2%	120	+1%
Net Sales (€ millions)	Q4 FY22		Q4 FY23		Change		Organic Growth		Group Structure		Forex Impact
Americas	708	30.9%	728	27.7%	+20	+3%	+20	+3%	+45	+6%	(45)	(6)%
Asia / Rest of World	857	37.4%	1,073	40.8%	+216	+25%	+311	+36%	+23	+3%	(118)	(14)%
Europe	729	31.8%	829	31.5%	+100	+14%	+103	+14%	+9	+1%	(13)	(2)%
Group	2,295	100.0%	2,630	100.0%	336	+15%	434	+19%	78	+3%	(176)	(8)%
Net Sales (€ millions)		H2 FY22 H2 FY23		C h Change a		Organic Growth		Group Structure		Forex Impact
Americas	1,495	31.5%	1,476	28.9%	(19)	(1)%	(56)	(4)%	+78	+5%	(42)	(3)%
Asia / Rest of World	1,914	40.4%	2,069	42.7%	+155	+8%	+295	+15%	+36	+2%	(175)	(9)%
Europe	1,333	28.1%	1,476	28.4%	+144	+11%	+143	+11%	+18	+1%	(18)	(1)%
Group	4,742	100.0%	5,022	100.0%	280	+6%	381	+8%	133	+3%	(235)	(5)%

Sales Analysis by Period and Region

Summary Consolidated Income Statement

(€ millions)	FY22	FY23	Change
Net sales	10,701	12,137	+13%
Gross Margin	6,473	7,246	+12%
Advertising and promotions spend	(1,698)	(1,939)	+14%
Contribution after A&P spend	4,775	5,307	+11%
Structure costs	(1,751)	(1,959)	+12%
Profit from Recurring Operations	3,024	3,348	+11%
Financial income/(expense) from recurring operations	(215)	(291)	+36%
Corporate income tax on items from recurring operations	(651)	(691)	+6%
Net profit from discontinued operations, non-controlling interests and share of net income from associates	(34)	(25)	(26)%
Group share of net profit from Recurring Operations	2,124	2,340	+10%
Profit from Non Recurring Operations	(62)	(83)	+35%
Financial income/(expense) from non-recurring operations	(45)	(35)	(22)%
Corporate income tax on items from non recurring operations	(26)	40	(256)%
Non controlling interests (non-recurring)	4	1	(79)%
Group share of net profit	1,996	2,262	+13%
Non-controlling interests	35	21	(40)%
Net profit	2,031	2,283	+12%

Profit from Recurring Operations by Region

World
(€ millions)	FY22		FY23		Change		Organic Growth		Group Structure		Forex impact
Net sales (Excl. T&D)	10,701	100.0%	12,137	100.0%	1,436	+13%	1,068	+10%	248	+2%	120	+1%
Gross margin after logistics costs	6,473	60.5%	7,246	59.7%	773	+12%	646	+10%	142	+2%	(15)	(0)%
Advertising & promotion	(1,698)	15.9%	(1,939)	16.0%	(242)	+14%	(180)	+11%	(31)	+2%	(31)	+2%
Contribution after A&P	4,775	44.6%	5,307	43.7%	531	+11%	466	+10%	111	+2%	(46)	(1)%
Profit from recurring operations	3,024	28.3%	3,348	27.6%	324	+11%	334	+11%	60	+2%	(70)	(2)%
Americas
(€ millions)	FY22		FY23			Change		Organic Growth		Group Structure	Forex impact
Net sales (Excl. T&D)	3,133	100.0%	3,481	100.0%	348	+11%	62	+2%	108	+3%	178	+6%
Gross margin after logistics costs	2,059	65.7%	2,220	63.8%	161	+8%	10	+0%	51	+2%	100	+5%
Advertising & promotion spend	(568)	18.1%	(686)	19.7%	(117)	+21%	(57)	+10%	(23)	+4%	(38)	+7%
Contribution after A&P spend	1,491	47.6%	1,534	44.1%	43	+3%	(47)	(3)%	28	+2%	62	+4%
Profit from recurring operations	1,014	32.4%	965	27.7%	(49)	(5)%	(87)	(9)%	(6)	(1)%	45	+4%
Asia / Rest of the World
(€ millions)	FY22		FY23		Change		Organic Growth		Group Structure		Forex impact
Net sales (Excl. T&D)	4,438	100.0%	5,191	100.0%	753	+17%	755	+17%	84	+2%	(86)	(2)%
Gross margin after logistics costs	2,496	56.2%	2,969	57.2%	473	+19%	501	+20%	74	+3%	(102)	(4)%
Advertising & promotion	(633)	14.3%	(740)	14.3%	(107)	+17%	(111)	+18%	(4)	+1%	7	(1)%
Contribution after A&P	1,862	42.0%	2,229	42.9%	366	+20%	390	+21%	70	+4%	(95)	(5)%
Profit from recurring operations	1,220	27.5%	1,516	29.2%	296	+24%	325	+27%	64	+5%	(93)	(8)%
Europe
(€ millions)	FY22		FY23		Change		Organic Growth		Group Structure		Forex impact
Net sales (Excl. T&D)	3,130	100.0%	3,465	100.0%	335	+11%	251	+8%	57	+2%	27	+1%
Gross margin after logistics costs	1,918	61.3%	2,057	59.4%	139	+7%	135	+7%	17	+1%	(13)	(1)%
Advertising & promotion	(496)	15.9%	(513)	14.8%	(17)	+3%	(13)	+3%	(4)	+1%	(0)	+0%

Contribution after A&P 1,422 45.4% 1,544 44.6% 122 +9% 122 +9% 13 +1% (13) (1)% Profit from recurring operations 790 25.2% 867 25.0% 77 +10% 96 +12% 2 +0% (22) (3)%

Foreign Exchange Impact

Forex impact FY23 (€ millions)		Average rates evolution			On Net Sales	On Profit from Recurring
		FY22	FY23	%		Operations
US dollar	USD	1.13	1.05	7.7%	221	118
Turkish Lira	TRY	13.83	20.04	-31.0%	(84)	(73)
Indian rupee	INR	84.93	85.49	-0.7%	(9)	(3)
Chinese yuan	CNY	7.28	7.28	-0.1%	(1)	(1)
Pound sterling	GBP	0.85	0.87	-2.6%	(13)	15
Bresilian real	BRL	5.91	5.41	9.4%	18	6
Argentinian peso	ARS	118.70	190.42	-37.7%	(48)	(17)
Japanese yen	JPY	132.09	143.70	-8.1%	(20)	(11)
Mexican peso	MXN	22.92	19.95	14.9%	15	(11)
Other					41	(93)
Total					120	(70)

Sensitivity of profit and debt to EUR/USD exchange rate

Estimated impact of a 1% appreciation of the USD

Impact on the income statement(1)	(€ millions)
Profit from recurring operations	+15
Financial result	(1)
Pre-tax profit from recurring operations	+14

Impact on the balance sheet	(€ millions)
Increase/(decrease) in net debt	+31

(1) Full-year effect

FY23 Full-year Sales and Results

Press release - Paris, 31 August 2023

Balance Sheet

Assets (€ millions)	30/06/2022	30/06/2023
(Net book value)
Non-current assets
Intangible assets and goodwill	17,657	19,000
Tangible assets and other assets	4,600	4,798
Deferred tax assets	1,844	1,870
Total non-current assets	24,100	25,667
Current assets
Inventories	7,369	8,104
aged work-in-progress	5,732	6,267
non-aged work-in-progress	91	151
other inventories	1,546	1,685
Receivables (*)	1,388	1,814
Trade receivables	1,320	1,401
Other trade receivables	68	413
Other current assets	435	435
Other operating current assets	430	427
Tangible/intangible current assets	6	8
Tax receivable	145	31
Cash and cash equivalents and current derivatives	2,559	1,624
Total current assets	11,896	12,008
Assets held for sale	15	1
Total assets	36,012	37,676
(*) after disposals of receivables of:	602	749
Liabilities and shareholders' equity (€ millions)	30/06/2022	30/06/2023
Group Shareholders' equity	15,944	15,717
Non-controlling interests	309	998
of which profit attributable to non-controlling interests	35	21

Total Shareholders' equity	16,253	16,715
Non-current provisions and deferred tax liabilities	3,818	3,777
Bonds non-current	9,238	9,678
Lease liabilities - non current	400	384
Non-current financial liabilities and derivative instruments	197	187
Total non-current liabilities	13,653	14,026
Current provisions	150	164
Trade payables	3,019	3,461
Other current liabilities	1,311	1,556
Other operating current liabilities	799	859
Tangible/intangible current liabilities	513	698
Tax payable	263	113
Bonds - current	842	580
Lease liabilities - current	107	99
Current financial liabilities and derivatives	415	962
Total current liabilities	6,107	6,935
Liabilities held for sale	0	0
Total liabilities and shareholders' equity	36,012	37,676

Analysis of Working Capital Requirement

(€ millions)	June 2021	June 2022	June 2023	FY22 WC change*	FY23 WC change*
Aged work in progress	5,373	5,732	6,267	287	(555)
Advances to suppliers for wine and ageing spirits	9	8	12	(1)	(2)
Payables on wine and ageing spirits	(93)	(115)	(182)	(21)	61
Net aged work in progress	5,289	5,626	6,098	265	(497)
				0
Trade receivables before factoring/securitization	1,672	1,922	2,151	163	(307)
Advances from customers	(21)	(34)	(34)	(9)	3
Other receivables	445	487	824	9	(356)
Other inventories	1,098	1,546	1,685	342	(141)
Non-aged work in progress	84	91	151	3	(51)
Trade payables and other	(2,946)	(3,669)	(4,106)	(534)	626
Gross operating working capital	331	343	671	(25)	(228)
Factoring/Securitization impact	(592)	(602)	(749)	12	156
Net Operating Working Capital	(261)	(259)	(78)	(13)	(71)
Net Working Capital	5,028	5,366	6,019	252	(568)
* at average rates	Of which recurring variation		262	(586)
		Of which non recurring variation		(10)	19

Net Debt

	30/06/2022			30/06/2023
(€ millions)	Current	Non-current	Total	Current	Non-current	Total
Bonds	842	9,238	10,079	580	9,678	10,258
Commercial paper	180	-	180	801	-	801
Other loans and long-term debts	226	179	405	155	173	328
Other financial liabilities	406	179	585	956	173	1 129
Gross Financial debt	1,248	9,417	10,664	1 536	9 851	11 387
Fair value hedge derivatives – assets	(5)	-	(5)	-	-	-
Fair value hedge derivatives – liabilities	-	9	9	-	14	14
Fair value hedge derivatives	(5)	9	3	-	14	14
Net investment hedge derivatives – assets	-	-	-	-	(3)	(3)
Net investment hedge derivatives – liabilities	-	9	9	-	-	-
Net investment hedge derivatives	-	9	9	-	(3)	(3)
FINANCIAL DEBT AFTER HEDGING	1,242	9,435	10,677	1,536	9 862	11 398
Cash and cash equivalents	(2,527)	-	(2,527)	(1,609)	-	(1 609)
NET FINANCIAL DEBT EXCLUDING LEASE DEBT	(1,284)	9,435	8,150	(73)	9,862	9 789
Lease Debt	107	400	507	99	384	484
NET FINANCIAL DEBT	(1,177)	9,835	8,657	26	10 246	10 273

Change in Net Debt

(€ millions)	30/06/2022	30/06/2023
Operating profit	2,963	3,265
Depreciation and amortisation	381	417
Net change in impairment of goodwill, PPE and intangible assets	10	52
Net change in provisions	7	(74)
Changes in fair value on commercial derivatives and biological assets	(2)	(87)
Net (gain)/loss on disposal of assets	(5)	(74)
Share-based payments	40	44
Self-financing capacity before interest and tax	3,392	3,543
Decrease / (increase) in working capital requirements	(252)	(568)
Net interest and tax payments	(846)	(942)
Net acquisitions of non financial assets and others	(481)	(602)
Free Cash Flow	1,813	1,431
of which recurring Free Cash Flow	1,926	1,653
Net acquisitions of financial assets and activities and others	(723)	(1,129)
Dividends paid	(826)	(1,072)
(Acquisition) / Disposal of treasury shares and others	(813)	(786)
Decrease / (increase) in net debt (before currency translation adjustments)	(549)	(1,556)
Foreign currency translation adjustment	(562)	53
Non cash impact on lease liabilities	(95)	(112)
Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts)	(1,205)	(1,615)
Initial net debt	(7,452)	(8,657)
Final net debt	(8,657)	(10,273)

Net Debt Maturity at 30 June 2023

Currency	Par value	Coupon	Issue date	Maturity date
EUR	€ 1,500 m o/w: € 500 m € 500 m € 500 m € 650 m € 1,500 m o/w: € 750 m € 750 m € 500 m o/w: € 250 m € 250 m	0.000% 0.500% 0.875% 2.125% 1.125% 1.750% 1.125% 1.750%	24/10/2019 29/09/2014 01/04/2020 27/04/2020	24/10/2023 24/10/2027 24/10/2031 27/09/2024 07/04/2025 08/04/2030 07/04/2025 08/04/2030
	€ 600 m € 750 m € 500 m € 1 100 m o/w: € 500 m € 600 m	1.500% 1.375% 0.125% 3.750% 3.250%	17/05/2016 07/04/2022 04/10/2021 02/11/2022	18/05/2026 07/04/2029 04/10/2029 02/11/2032 02/11/2028
USD	\$ 850 m \$ 600 m \$ 2,000 m o/w: \$ 600 m \$ 900 m \$ 500 m	5.500% 3.250% 1.250% 1.625% 2.750%	12/01/2012 08/06/2016 01/10/2020	15/01/2042 08/06/2026 01/04/2028 01/04/2031 01/10/2050

Bond details

Net Debt / EBITDA ratio evolution

	Closing rate	Average rate(1)
EUR/USD rate Jun FY22 -> Jun FY23	1.04 -> 1.09	1.13 -> 1.05
Ratio at 30/06/2022	2.5	2.4
EBITDA & cash generation excl. Group structure effect and forex impacts	(0.1)	(0.1)
Group structure and forex impacts	0.3	0.4
Ratio at 30/06/2023	2.7	2.7

(1) Last-twelve-month rate

Diluted EPS calculation

FY22	FY23
257,947	255,632
261,190	257,537
(2,158)	(1,488)
688	830
259,719	256,879

(€ millions and €/share)	FY22	FY23	reported r
Group share of net profit from recurring operations	2,124	2,340	10.2%
Diluted net earnings per share from recurring operations	8.18	9.11	11.4%

Upcoming Communications

Date (subject to change)	Event
19 October 2023	Q1 FY24 Sales
10 November 2023	Annual General Meeting
15 February 2024	H1 FY24 Sales and Results

31st August call details

Available in the media section of Pernod Ricard's website