Pernod Ricard — Earnings Release 2023

Feb 16, 2023

H1 FY23 Sales and Results Press release - Paris, 16 February 2023

VERY STRONG BROAD-BASED GROWTH OF SALES AND PRO¹ IN FIRST HALF STRONG PRICING DYNAMIC, MAINTAINING OVERALL VOLUME GROWTH, SUSTAINING MARGINS

+12% ORGANIC SALES GROWTH (+19% REPORTED) +12% ORGANIC GROWTH IN PRO (+21% REPORTED)

SALES

Sales for H1 FY23 reached €7,116m and grew +12% organically (+19% reported), with a favourable FX impact of +€355m linked mainly to the strength of US Dollar vs. Euro.

H1 FY23 Organic Sales growth was broad-based across all regions:

• Americas +7%: dynamic growth driven notably by USA with favorable phasing2, Brazil and Canada,
• Asia-RoW +18%: excellent growth driven by India, Turkey, Travel Retail and South East Asia recovery. H1 Sales in China reflecting solid Q1 with good Mid Autumn Festival, but soft Q2 partly offset by favorable shipment phasing ahead of Chinese New Year3. Confident outlook for China following lifting of Covid restrictions,
• Europe +6%: very strong performance with Western Europe and Travel Retail.

All spirits segments are growing double-digit:

• Strategic International Brands +13%: strong momentum notably with the Scotch portfolio, Jameson and Absolut,
• Strategic Local Brands +13%: driven by growth of Seagram's Indian whiskies and Seagram's Gin,
• Specialty Brands +14%: continued very strong development of Lillet, Italicus, Malfy, Redbreast, Aberlour and Altos,
• Strategic Wines -2%: softness mostly from UK.

Strong broad-based pricing dynamic at +10%, thanks to strong brand equity. Further price increases planned in H2.

Innovations and Prestige are in strong growth, +16% and +10% respectively.

Q2 Sales were €3,808m, with +12% organic growth, accelerating vs. Q1 organic Sales (+11%).

RESULTS

H1 FY23 PRO reached €2,423m, an organic growth of +12%, with broadly stable organic operating leverage (-1 bp):

• Gross margin expanding +5 bps:
  • o Strong broad-based pricing dynamic across brands and geographies and focus on operational efficiencies,
  • o offsetting high inflation in Costs of Goods.

¹ PRO: Profit from Recurring Operations

² USA H1 Organic Sales growth +5%, ahead of underlying value depletions +3%

³ Earlier vs. LY

Press release - Paris, 16 February 2023

• A&P growing in line with Net Sales with acceleration expected in H2 to fuel future growth. (Ratio of c. 16% of Net Sales expected for FY23),
• Structure costs +12% to support business dynamics and digital transformation momentum,
• Favorable FX impact on PRO +€139m mainly from US Dollar appreciation vs. Euro.

Group share of Net PRO was €1,743m, +21% reported vs. H1 FY22 and the Group share of Net Profit was €1,792m, +29% reported, mainly reflecting increase in Profit from Recurring Operations.

Very strong Earnings Per Share growth +23%, reflecting growth in PRO, limited increase of recurring financial expenses thanks to active liability management (with average cost of debt of 2.5%) in first half and the accretive impact of share buy-back program.

FREE CASH FLOW AND DEBT

Solid cash generation with Recurring Free Cash Flow at c. €1bn, -28% vs H1 FY22, reflecting higher operating working capital outflows normalizing post covid recovery and increase in CAPEX and strategic inventories to support future growth of aged portfolio.

Net debt increased by €1,131m vs. 30 June 2022 to €9,789m.

The Net Debt/EBITDA ratio at average rate¹ was 2.6x at 31 December 2022.

OUTLOOK

In a persistently volatile context, Pernod Ricard has reinforced confidence in delivering a strong performance in FY23 driven by our global footprint and the attractiveness of our diversified, premium portfolio :

• 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

Alexandre Ricard, Chairman and Chief Executive Officer, stated,

"Our first half performance was very strong, marked by broad-based and diversified growth across all regions and categories. In addition, particularly strong pricing dynamic illustrates the attractiveness of our portfolio of premium brands and enabled us to sustain margins in an inflationary context.

¹ Based on average EUR/USD rate: 1.05 in calendar year 2022

H1 FY23 Sales and Results Press release - Paris, 16 February 2023

We will continue to invest behind our brands, our group-wide transformation and S&R strategy, deliver operational efficiencies and prepare for exciting future growth opportunities.

I expect this dynamic growth to continue through FY23 albeit in a normalizing environment, demonstrating the strength of our strategy and the agility, dedication and exceptional engagement of our teams around the world."

Press release - Paris, 16 February 2023

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 H1 FY23 Sales and Results can be downloaded from our website: www.pernod-ricard.com

Limited review procedures have been carried out by the Statutory Auditors on the condensed half-yearly consolidated financial statements. The Statutory Auditors' Review Report on the Half-yearly Financial Information is being issued.

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 and hyperinflation.
• 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 prior year, 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 in Turkey is excluded from P&L organic growth calculations by capping unit price 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 the No.2 worldwide producer of wines and spirits with consolidated sales amounting to €10,701 million in fiscal year FY22. The Group, which owns 17 of the Top 100 Spirits Brands, holds one of the most prestigious and comprehensive portfolios in the industry with over 240 premium brands distributed across more than 160 markets. Pernod Ricard's portfolio 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 or Mumm and Perrier-Jouët champagnes. The Group's mission is to unlock the magic of human connections by bringing "Good Times from a Good Place", in line with its Sustainability and Responsibility roadmap. Pernod Ricard's decentralised organisation empowers its 19,480 employees to be on-the-ground ambassadors of its purposeful and inclusive culture of conviviality, bringing people together in meaningful, sustainable and responsible ways to create value over the long term. Executing its strategic plan, Transform & Accelerate, Pernod Ricard now relies on its "Conviviality Platform", a new growth model based on data and artificial intelligence to meet the ever-changing demand of consumers.

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 Investors Relations and Treasury	+33 (0) 1 70 93 17 31
Edward Mayle / Investor Relation Director	+33 (0) 6 76 85 00 45
Charly Montet / Investor Relation Manager	+33 (0) 1 70 93 17 13
Emmanuel Vouin / Head of External Engagement	+33 (0) 1 70 93 16 34

Press release - Paris, 16 February 2023

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 H1 FY23 (in 9Lcs millions)	Organic Net Sales growth H1 FY23	of which Volume	of which Price/mix
Absolut	7.5	+16%	+9%	+7%
Chivas Regal	3.2	+34%	+24%	+10%
Ballantine's	5.3	+17%	+1%	+16%
Ricard	2.6	+10%	+8%	+2%
Jameson	6.4	+19%	+11%	+8%
Havana Club	2.4	+8%	+0%	+8%
Malibu	2.5	+2%	(4)%	+6%
Beefeater	2.1	+12%	+6%	+6%
Martell	1.5	+3%	(11)%	+14%
The Glenlivet	0.9	+12%	+6%	+7%
Royal Salute	0.2	+37%	+22%	+15%
Mumm	0.4	(11)%	(20)%	+10%
Perrier-Jouët	0.2	(6)%	(16)%	+10%
Strategic International Brands	35.1	+13%	+6%	+7%

Press release - Paris, 16 February 2023

Net Sales (€ millions)	H1 FY22		H1 FY23		Change		Organic Growth		Group Structure		Forex impact
Americas	1,638	27.5%	2,005	28.2%	+368	+22%	+118	+7%	+30	+2%	+220	+13%
Asia / Rest of World	2,524	42.4%	3,122	43.9%	+597	+24%	+460	+18%	+48	+2%	+90	+4%
Europe	1,797	30.2%	1,989	27.9%	+191	+11%	+108	+6%	+38	+2%	+45	+3%
World	5,959	100.0%	7,116	100.0%	+1,156	+19%	+686	+12%	+115	+2%	+355	+6%
Net Sales (€ millions)	Q2 FY22		Q2 FY23 Change		Organic Growth		Group Structure		Forex impact
Americas	864	26.7%	1,048	27.5%	+184	+21%	+73	+9%	+14	+2%	+98	+11%
Asia / Rest of World	1,373	42.3%	1,634	42.9%	+261	+19%	+229	+17%	+23	+2%	+9	+1%
Europe	1,005	31.0%	1,125	29.6%	+121	+12%	+79	+8%	+13	+1%	+28	+3%
World	3,242	100.0%	3,808	100.0%	+566	+17%	+381	+12%	+49	+2%	+135	+4%
Net Sales (€ millions)	Q1 FY22		Q1 FY23		Change		Organic Growth		Group Structure		Forex impact
Americas	773	28.5%	957	28.9%	+184	+24%	+46	+6%	+16	+2%	+122	+16%
Asia / Rest of World	1,152	42.4%	1,488	45.0%	+336	+29%	+231	+20%	+25	+2%	+80	+7%
Europe	793	29.2%	863	26.1%	+70	+9%	+28	+4%	+25	+3%	+17	+2%
World	2,718	100.0%	3,308	100.0%	+590	+22%	+305	+11%	+66	+2%	+219	+8%

Sales Analysis by Period and Region

Note: Bulk Spirits are allocated by Region according to the Regions' weight in the Group

Summary Consolidated Income Statement

(€ millions)	H1 FY22	H1 FY23	Change
Net sales	5,959	7,116	+19%
Gross Margin	3,640	4,368	+20%
Advertising and promotions spend	(840)	(994)	+18%
Contribution after A&P spend	2,801	3,375	+20%
Structure costs	(803)	(951)	+18%
Profit from recurring operations	1,998	2,423	+21%
Financial income/(expense) from recurring operations	(102)	(134)	+31%
Corporate income tax on items from recurring operations	(436)	(521)	+20%
Net profit from discontinued operations, non-controlling interests and share of net income from associates	(21)	(25)	+18%
Group share of net profit from recurring operations	1,438	1,743	+21%
Profit from Non Recurring Operations	(2)	86	N A
Financial income/(expense) from non-recurring operations	(32)	(5)	N A
Corporate income tax on items from non recurring operations	(16)	(32)	N A
Non controlling interests (non-recurring)	3	0	N A
Group share of net profit	1,390	1,792	+29%
Non-controlling interests	21	21	(0)%
Net profit	1,411	1,813	+29%

Press release - Paris, 16 February 2023

Profit from Recurring Operations by Region

World
(€ millions)	H1 FY22		H1 FY23		Change		Organic Growth		Group Structure		Forex impact
Net Sales	5,959	100.0%	7,116	100.0%	1,156	+19%	686	+12%	115	+2%	355	+6%
Gross margin	3,640	61.1%	4,368	61.4%	728	+20%	424	+12%	77	+2%	227	+6%
Advertising & promotion spend	(840)	14.1%	(994)	14.0%	(154)	+18%	(97)	+12%	(4)	+0%	(53)	+6%
Contribution after A&P spend	2,801	47.0%	3,375	47.4%	574	+20%	327	+12%	73	+3%	174	+6%
Profit from recurring operations	1,998	33.5%	2,423	34.1%	425	+21%	229	+12%	57	+3%	139	+7%
Americas
(€ millions)	H1 FY22		H1 FY23		Change		Organic Growth		Group Structure		Forex impact
Net Sales	1,638	100.0%	2,005	100.0%	368	+22%	118	+7%	30	+2%	220	+13%
Gross margin	1,070	65.3%	1,314	65.5%	244	+23%	59	+6%	18	+2%	168	+16%
Advertising & promotion spend	(264)	16.1%	(349)	17.4%	(85)	+32%	(45)	+17%	(3)	+1%	(37)	+14%
Contribution after A&P spend	806	49.2%	965	48.1%	159	+20%	14	+2%	15	+2%	130	+16%
Profit from recurring operations	595	36.3%	697	34.7%	102	+17%	(9)	(2)%	9	+1%	103	+17%
Asia / Rest of the World
(€ millions)		H1 FY22 H1 FY23		Change		Organic Growth		Group Structure		Forex impact
Net Sales	2,524	100.0%	3,122	100.0%	597	+24%	460	+18%	48	+2%	90	+4%
Gross margin	1,458	57.8%	1,827	58.5%	369	+25%	285	+20%	48	+3%	36	+2%

Contribution after A&P spend 1,097 43.5% 1,427 45.7% 331 +30% 260 +24% 48 +4% 23 +2% Profit from recurring operations 814 32.2% 1,074 34.4% 260 +32% 194 +24% 46 +6% 20 +2%

Europe

(€ millions)	H1 FY22		H1 FY23		Change		Organic Growth		Group Structure		Forex impact
Net Sales	1,797	100.0%	1,989	100.0%	191	+11%	108	+6%	38	+2%	45	+3%
Gross margin	1,112	61.9%	1,227	61.7%	114	+10%	79	+7%	12	+1%	23	+2%
Advertising & promotion spend	(214)	11.9%	(245)	12.3%	(31)	+14%	(27)	+13%	(1)	+1%	(2)	+1%
Contribution after A&P spend	898	50.0%	982	49.4%	84	+9%	52	+6%	11	+1%	22	+2%
Profit from recurring operations	589	32.7%	652	32.8%	64	+11%	45	+8%	2	+0%	16	+3%

Advertising & promotion spend (361) 14.3% (400) 12.8% (39) +11% (25) +7% (0) +0% (14) +4%

Note: Bulk Spirits are allocated by Region according to the Regions' weight in the Group

Press release - Paris, 16 February 2023

Foreign Exchange Impact

Forex impact H1 FY23 (€ millions)			Average rates evolution vs EUR	On Net Sales	On Profit from Recurring
		H1 FY22	H1 FY23	%		Operations
US dollar	USD	1.16	1.01	-12.7%	+222	+122
Russian rouble	RUB	84.86	61.58	-27.4%	+47	+39
Turkish Lira	TRL	11.42	18.54	+62.3%	(59)	(52)
Indian rupee	INR	86.52	82.11	-5.1%	+39	+13
Chinese yuan	CNY	7.47	7.08	-5.3%	+49	+29
Pound sterling	GBP	0.85	0.86	+1.4%	(4)	+5
Bresilian real	BRL	6.27	5.33	-15.0%	+21	+7
Argentinian peso	ARS	114.76	151.27	+31.8%	(16)	(7)
Japanese yen	JPY	129.90	141.70	+9.1%	(10)	(7)
Mexican peso	MXN	23.66	20.23	-14.5%	+10	(3)
Other					+54	(8)
Total					+355	+139

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	+19
Financial result	(1)
Pre-tax profit from recurring operations	+18

Impact on the balance sheet	(€ millions)
Increase/(decrease) in net debt	+39

(1) Full-year effect

Press release - Paris, 16 February 2023

Balance Sheet

Assets (€ millions)	30/06/2022	31/12/2022
(Net book value)
Non-current assets
Intangible assets and goodwill	17,657	18,306
Tangible assets and other assets	4,600	4,416
Deferred tax assets	1,844	1,767
Total non-current assets	24,100	24,489
Current assets
Inventories	7,369	7,567
aged work-in-progress	5,732	5,873
non-aged work-in-progress	91	122
other inventories	1,546	1,572
Receivables (*)	1,388	2,469
Trade receivables	1,320	2,387
Other trade receivables	68	81
Other current assets	435	448
Other operating current assets	427	417
Tangible/intangible current assets	8	31
Tax receivable	145	97
Cash and cash equivalents and current derivatives	2,559	1,805
Total current assets	11,896	12,386
Assets held for sale	15	1
Total assets	36,012	36,875
(*) after disposals of receivables of:	602	1,031

Liabilities and shareholders' equity (€ millions)	30/06/2022	31/12/2022
Group Shareholders' equity	15,944	16,415
Non-controlling interests	309	343
of which profit attributable to non-controlling interests	35	21
Total Shareholders' equity	16,253	16,779
Non-current provisions and deferred tax liabilities	3,818	3,802
Bonds non-current	9,238	9,732
Lease liabilities - non current	400	390
Non-current financial liabilities and derivative instruments	197	229
Total non-current liabilities	13,653	14,153
Current provisions	150	135
Operating payables	3,019	3,222
Other operating payables	1,311	971
of which other operating payables	799	890
of which tangible/intangible current payables	513	82
Tax payable	263	391
Bonds - current	842	575
Lease liabilities - current	107	100
Current financial liabilities and derivatives	415	569
Total current liabilities	6,107	5,964
Liabilities held for sale	0	0
Total liabilities and shareholders' equity	36,012	36,896

Press release - Paris, 16 February 2023

Analysis of Working Capital Requirement

(€ millions)	June 2021	December 2021	June 2022	December 2022	H1 FY22 WC change*	H1 FY23 WC change*
Aged work in progress	5,373	5,446	5,732	5,873	21	239
Advances to suppliers for wine and ageing spirits	9	14	8	19	5	10
Payables on wine and ageing spirits	(93)	(147)	(115)	(238)	(53)	(103)
Net aged work in progress	5,289	5,313	5,626	5,653	(28)	146
Trade receivables before factoring/securitization	1,672	3,085	1,922	3,419	1,360	1,599
Advances from customers	(21)	(31)	(34)	(31)	(8)	2
Other receivables	445	399	487	480	(40)	4
Other inventories	1,098	1,166	1,546	1,572	10	(13)
Non-aged work in progress	84	82	91	122	(3)	34
Trade payables and other	(2,946)	(3,626)	(3,669)	(3,842)	(593)	(277)
Gross operating working capital	331	1,075	343	1,719	725	1,324
Factoring/Securitization impact	(592)	(919)	(602)	(1,031)	(315)	(445)
Net Operating Working Capital	(261)	155	(259)	688	410	878
Net Working Capital	5,028	5,468	5,366	6,341	382	1,024
				Of which recurring variation	0	(0)
* at average rates				Of which non recurring variation	374 8	1,060 (36)

Net Debt

	30/06/2022			31/12/2022
(€ millions)	Current	Non-current	Total	Current	Non-current	Total
Bonds	842	9,238	10,079	575	9,732	10,307
Commercial paper	180	-	180	401	-	401
Other loans and long-term debts	226	179	405	157	207	364
Other financial liabilities	406	179	585	558	207	765
Gross Financial debt	1,248	9,417	10,664	1,133	9,939	11,072
Fair value hedge derivatives – assets	(5)	-	(5)	-	-	-
Fair value hedge derivatives – liabilities	-	9	9	-	1 4	1 4
Fair value hedge derivatives	(5)	9	3	-	1 4	1 4
Net investment hedge derivatives – assets	-	-	-	-	-	-
Net investment hedge derivatives – liabilities	-	9	9	-	8	8
Net investment hedge derivatives	-	9	9	-	8	8
FINANCIAL DEBT AFTER HEDGING	1,242	9,435	10,677	1,133	9,961	11,094
Cash and cash equivalents	(2,527)	-	(2,527)	(1,796)	-	(1,796)
NET FINANCIAL DEBT EXCLUDING LEASE DEBT	(1,284)	9,435	8,150	(662)	9,961	9,299
Lease Debt	107	400	507	100	390	490
NET FINANCIAL DEBT	(1,177)	9,835	8,657	(563)	10,351	9,789

Press release - Paris, 16 February 2023

Change in Net Debt

(€ millions)	31/12/2021	31/12/2022
Operating profit	1,995	2,509
Depreciation and amortisation	189	204
Net change in impairment of goodwill, PPE and intangible assets		8
Net change in provisions	(22)	(50)
Changes in fair value on commercial derivatives, biological assets and investments	(3)	(75)
Net (gain)/loss on disposal of assets	(3)	(74)
Share-based payments	17	21
Self-financing capacity before interest and tax	2,173	2,544
Decrease / (increase) in working capital requirements	(382)	(1,024)
Net interest and tax payments	(313)	(395)
Net acquisitions of non financial assets and others	(157)	(170)
Free Cash Flow	1,320	954
of which recurring Free Cash Flow	1,383	999
Net acquitions of financial assets and activities and others	(464)	(855)
Dividends paid	(820)	(1,065)
(Acquisition) / Disposal of treasury shares and others	(292)	(190)
Decrease / (increase) in net debt (before currency translation adjustments)	(256)	(1,156)
Foreign currency translation adjustment	(168)	80
Non cash impact on lease liabilities	(47)	(55)
Decrease / (increase) in net debt (after currency translation adjustments and IFRS 16 non cash impacts)	(471)	(1,131)
Initial net debt	(7,452)	(8,657)
Final net debt	(7,923)	(9,789)

Net Debt Maturity Profile at 31 December 2022

€ billions

2.0

Press release - Paris, 16 February 2023

Currency	Par value	Coupon	Issue date	Maturity date
	€ 1,500 m o/w: € 500 m € 500 m € 500 m	0.000% 0.500% 0.875%	24/10/2019	24/10/2023 24/10/2027 24/10/2031
	€ 650 m	2.125%	29/09/2014	27/09/2024
	€ 1,500 m o/w: € 750 m € 750 m	1.125% 1.750%	06/04/2020	07/04/2025 08/04/2030
EUR	€ 500 m o/w: € 250 m € 250 m	1.125% 1.750%	30/04/2020	07/04/2025 08/04/2030
	€ 600 m	1.500%	17/05/2016	18/05/2026
	€ 750 m	1.375%	07/04/2022	07/04/2029
	€ 500 m	0.125%	04/10/2021	04/10/2029
	€1 100 m o/w: € 500 m € 600 m	3.750% 3.250%	02/11/2022	02/11/2032 02/11/2028
	\$ 850 m	5.500%	12/01/2012	15/01/2042
	\$ 600 m	3.250%	08/06/2016	08/06/2026
USD	\$ 2,000 m o/w: \$ 600 m \$ 900 m \$ 500 m	1.250% 1.625% 2.750%	01/10/2020	01/04/2028 01/04/2031 01/10/2050

Bond details at 31 December 2022

Net Debt / EBITDA ratio evolution

	Closing rate	Average rate(1)
EUR/USD rate 30/06/2022 -> 31/12/2022	1.04 -> 1.07	1.13-> 1.05
Ratio at 30/06/2022	2.5	2.4
EBITDA & cash generation excl. Group structure effect and forex impacts	0.0	0.0
Group structure and forex impacts	0.0	0.1
Ratio at 31/12/2022	2.5	2.6

(1) Last-twelve-month rate

Press release - Paris, 16 February 2023

Diluted Earnings Per Share (EPS) calculation

(x 1,000)	HY FY22	HY FY23
Number of shares in issue at end of period	261,877	257,947
Weighted average number of shares in issue (pro rata temporis)	261,877	257,947
Weighted average number of treasury shares (pro rata temporis)	(1,656)	(1,311)
Dilutive impact of stock options and performance shares	609	733
Number of shares used in diluted EPS calculation	260,829	257,369

(€ millions and €/share)	HY FY22	HY FY23	reported r
Group share of net profit from recurring operations	1,438	1,743	21.2%
Diluted net earnings per share from recurring operations	5.51	6.77	22.8%

Upcoming Communications

Date1	Event
23 March 2023	North America conference call
27 April 2023	Q3 FY23 Sales conference call

1 The above dates are indicative and are liable to change

16th February 2023 call details

Available in the media section of Pernod Ricard's website