General summary

1. CERTIFICATION BY THE PERSON ASSUMING RESPONSIBILITY FOR THE HALF-YEAR FINANCIAL REPORT 1


2. HALF-YEAR ACTIVITY REPORT 2
2.1. Key figures and business analysis 2
2.2. Major risks and uncertainties for the second half of the financial year 6
2.3. Outlook 6
2.4. Definitions and link-up of alternative performance indicators with IFRS indicators 6
2.5. Main related party transactions 6


3. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 7
3.1. Half-year consolidated income statement 7
3.2. Half-year consolidated statement of comprehensive income 8
3.3. Consolidated balance sheet 9
3.4. Statement of changes in shareholders’ equity 11
3.5. Consolidated cash flow statement 12
3.6. Notes to the consolidated financial statements 13


4. STATUTORY AUDITORS’ REVIEW REPORT ON THE HALF-YEAR FINANCIAL INFORMATION 33
1 CERTIFICATION BY THE PERSON ASSUMING RESPONSIBILITY
FOR THE HALF-YEAR FINANCIAL REPORT
I certify that to the best of my knowledge the half-year consolidated condensed financial statements included in this
document have been prepared in accordance with the applicable accounting standards and present a true picture of the
assets, financial situation and results of all the companies included within the Pernod Ricard Group, and that the
enclosed half-year activity report is a true reflection of the important events arising in the first six months of the financial
year and their impact on the annual financial statements, a statement of the principal transactions between related
parties, as well as a description of the principal risks and uncertainties for the remaining six months of the financial year.


Alexandre Ricard
Chairman and CEO




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 1
2 HALF-YEAR ACTIVITY REPORT
2.1. Key figures and business analysis
Sales for H1 FY25 totaled €6,176m, an organic decline of -4% and -6% reported, with unfavourable Foreign Exchange
impact of -€177m mainly linked to Argentinian Peso, Turkish Lira and Nigerian Naira, partly offset by positive perimeter
impact of +€29m.


By region:
• Americas -4%,
• USA -7%,
– H1 US Spirits market growth c.+1% inc. RTD
– PR Sell-Out c.-6%
– OND sees improving sell-out performance on key brands, notably Jameson
– Expect to see continuing improvement in sell-out through H2
• Canada good growth, particularly RTD growth, gaining share
• Brazil in growth with favourable comparison basis & consumer demand recovery, gaining share
• Mexico declining though with flat sell-out, gaining share in Off-Trade

• Asia-RoW -5%,
• India +6%,
– Strong, broad-based growth reflecting underlying market demand
– Very strong growth of Jameson and good performance on Ballantine’s, The Glenlivet and Royal Salute
– Good growth on Seagram’s whiskies, notably Royal Stag
– Continued strong momentum expected in H2

• China -25%
– Ongoing challenging macro-economic environment, and weak consumer demand
– Sharp declines on Martell and Royal Salute. Good growth on premium brands Absolut, Olmeca, Jameson
– Early signs of a very soft CNY, significant decline in gifting
– Leading to a deeper decline than expected for the full year
– MSD price increase for Martell post CNY
• Very good growth in Japan and Vietnam, gaining share, sales decline in Taiwan market while gaining share, Korea
decline in both sales and share
• Very strong organic and reported sales results in Turkey, with strong performance of Chivas and Ballantine’s
• South Africa in slight growth and share gains, amidst difficult macro-economic conditions

• Europe -2% (ex-Russia +1%),
• Resilient sales in Europe excluding Russia, with growth in Poland, France and Ireland
• Spain in slight decline, growing share in Off Trade
• Germany in sharper decline with consumer spending pressures, growing share
• Good brand performance on Bumbu, Ballantine’s, Kahlúa, Absolut, Jameson and Chivas plus strong RTD
performance

• Global Travel Retail -9%,
• Growth in Europe driven by air travel and in Americas by cruises
• Weakness in China further deteriorated by technical suspension of duty-free regime on Cognac due to anti-dumping
measures starting early December, expected to heavily impact H2
• Weakness in Korea impacted by political crisis and weak macro environment


By brands:

• Strategic International Brands -6%,
• Martell, in strong decline contributing to c. 90% of total Group Net Sales decline, due to China and Global Travel
Retail
• Jameson broadly flat with positive volumes, strong growth in India
• Absolut positive ‘halo effect’ from RTDs, good growth in Europe
• Strong performance of Scotch brands Ballantine’s and Chivas Regal


HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 2
• Strategic Local Brands +2%,
• Seagram’s whiskies enjoying good growth, led by Royal Stag
• Kahlúa strong, broad-based momentum across regions
• Olmeca double-digits growth, off a low basis of comparison

• Specialty Brands -5%,
• Bumbu in strong growth, but overall category impacted by US exposure

• RTDs +15%,
• Solid growth across the portfolio of brands, led by Absolut RTDs


2.1.1. Profit from Recurring Operations

(1)
Group (€ million) 31.12.2023 31.12.2024 Reported growth Organic growth
Net sales 6,590 6,176 (414) (6) % (267) (4) %
Gross margin after logistics expenses 4,081 3,773 (309) (8) % (178) (4) %
Advertising and promotion expenses (980) (857) +123 (13) % +112 (11) %
Contribution after advertising and
promotion 3,101 2,916 (185) (6) % (66) (2) %
Profit from Recurring Operations 2,144 1,985 (159) (7)% (46) (2)%
(1) At constant forex and Group structure (organic growth)


H1 FY25 PRO reached €1,985m, an organic decline of -2%, a reported decline of -7%
• Gross Margin -20bps organic decline, impacted by negative market mix, increased promotions and despite COGS
decrease benefitting from efficiency programs
• A&P c.14% of net sales, adapted to softer market conditions in China
• Strict discipline and continuous improvement on Structure costs, reduced organically by -2%
• Operating Margin expands organically +65bps, but declines on a reported basis by -39bps to 32.1%
• Reported Operating Margin impacted by adverse foreign exchange impact of -€110m, and a -€2m Perimeter impact
with favourable hyper-inflation offset by disposal of Clan Campbell and Becherovka
• Foreign Exchange impact largely on Turkish Lira, Nigerian Naira and Argentinian Peso. H2 FX expected to be
favourable


Business activity by geographic area


Americas (€ million) 31.12.2023 31.12.2024 Reported growth Organic growth(1)
Net sales 1,860 1,738 (122) (7) % (81) (4) %
Gross margin after logistics expenses 1,232 1,155 (78) (6) % (50) (4) %
Advertising and promotion expenses (374) (322) +53 (14) % +46 (12) %
Contribution after advertising and
promotion 858 833 (25) (3) % (3) — %
Profit from Recurring Operations 555 547 (8) (1)% +10 2%
(1) At constant forex and Group structure (organic growth)




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 3
Asia/Rest of World (€ million) 31.12.2023 31.12.2024 Reported growth Organic growth(1)
Net sales 2,850 2,619 (231) (8) % (156) (5) %
Gross margin after logistics expenses 1,699 1,523 (176) (10) % (98) (6) %
Advertising and promotion expenses (357) (297) +61 (17) % +56 (16) %
Contribution after advertising and
promotion 1,342 1,226 (116) (9) % (42) (3) %
Profit from Recurring Operations 997 892 (105) (11)% (33) (3)%
(1) At constant forex and Group structure (organic growth)



Europe (€ million) 31.12.2023 31.12.2024 Reported growth Organic growth(1)
Net sales 1,880 1,819 (62) (3) % (30) (2) %
Gross margin after logistics expenses 1,150 1,095 (55) (5) % (30) (3) %
Advertising and promotion expenses (248) (238) +10 (4) % +10 (4) %
Contribution after advertising and
promotion 902 857 (45) (5) % (20) (2) %
Profit from Recurring Operations 591 546 (46) (8)% (23) (4)%
(1) At constant forex and Group structure (organic growth)




Net sales by region, 31.12.2023 (6 Net Sales by region, 31.12.2024 (6
months) months)


Europe Europe
29% 29% Asia/Rest of
Asia/Rest of World
World 42%
43%


Americas Americas
28% 28%

Profit from Recurring Operations by Profit from Recurring Operations by
region, 31.12.2023 (6 months) region, 31.12.2024 (6 months)


Europe Europe
28% 27%
Asia/Rest of Asia/Rest of
World World
47% 45%


Americas Americas
26% 28%




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 4
2.1.2. Group share of Net Profit from recurring operations

(€ million) 31.12.2023 31.12.2024
Profit from Recurring Operations 2,144 1,985

Financial income/(expenses) from recurring operations (200) (240)

Corporate income tax on recurring operations (475) (438)

Net Profit from discontinued operations, non-controlling interests and share of net profit from
(30) (34)
equity associates
(1)
Group share of Net Profit from Recurring Operations 1,439 1,274

Group Net Profit per share from recurring operations – diluted (in euro) 5.68 5.06
(1) Recurring operating income after taking into account current financial expenses, current income tax, income from equity associates, and income from
discontinued operations or operations held for sale.

Group share of Net PRO was €1,274m, down -11%. Higher interest rates led to increased Recurring Financial Expenses
with an average cost of debt at 3.4%. Reduction in Income Tax on Recurring Operations is in line with the reduction of
Profit from Recurring Operations.
Earnings Per Share in decline of -11% at €5.06, reflecting lower Group Share of Net Profit from Recurring Operations and
higher financial expenses.


Free Cash flow and Net debt
Free Cash Flow at €440m, +€139m vs H1 FY24, driven by improved working capital with lower increase in receivables
and continued improvement in finished goods inventory level. Slight decrease in strategic inventories and Capex starting
to normalise following last year’s peak investment level.
Capex spend is driven notably by capacity expansion in Ireland, US and Scotland and by casks and maturation
warehouses. For FY25, expect Capex spend of €700m for the full year and strategic inventories increase comparable to
last year.
1
Net debt up €1,099m vs. 30 June 2024 to €12,050m. The Net Debt/EBITDA ratio at average rate increased to 3.5x at 31
December 2024 reflecting lower Reported PRO and higher Net Debt. Leverageratio expected to improve as Reported
PRO growth and Strategic investments coming down from their peak last year normalise and with proceeds from
announced disposals. H1 M&A mainly includes the Ste Marguerite vineyard acquisition and exercise of call options on
recent M&A. H2 is expected to have a positive contribution from announced M&A proceeds.

2.1.3. Group share of Net Profit

(€ million) 31.12.2023 31.12.2024
Profit from Recurring Operations 2,144 1,985

Other operating income and expenses 142 (88)

Operating profit 2,285 1,897

Financial income/(expenses) from recurring operations (200) (240)

Other financial income/(expenses) (18) (8)

Corporate income tax (466) (433)

Net Profit from discontinued operations, non-controlling interests and share of net profit from
(32) (27)
equity associates
Group share of Net Profit 1,569 1,190


Group Share of Net Profit was €1,190m, down -24%. Non-Recurring Operating Expenses include mainly costs of Group
Transformations projects and Restructuring.




1
Based on average EUR/USD rates: 1.082 CY24


HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 5
2.2. Major risks and uncertainties for the second half of the financial
year
The main risks and uncertainties facing the Pernod Ricard Group are detailed in the “Risk management” chapter of the
Universal Registration Document, available on the Autorité des Marchés Financiers website and on the Pernod Ricard
website.




2.3. Outlook
Ongoing challenging macroeconomic environment and intense geopolitical uncertainties continue to impact the Spirits
market, particularly the worsening context in China and Travel Retail Asia, notably impacting Martell. This leads us to
revisit our outlook for FY25 and beyond.

Anticipating low single digit decline in Organic Net Sales for FY25 and sustaining our Organic Operating Margin.

Conditional on the challenges posed by the global tariff environment, FY26 is expected to be a transition year with
improving trends in Organic Net Sales. Amid extraordinary trade tensions, we are focused on defending Organic
Operating Margin to the fullest extent possible. Cash conversion to improve.

From FY27 to FY29, projecting stronger Organic Net Sales growth, aiming for a range, on average of +3% to +6%,
accompanied with Organic Operating Margin expansion.

Delivering continuing efficiency initiatives that optimize Operations and simplify the organisational structure, expected
to deliver c.€1bn in efficiencies from FY26 to FY29.

Throughout these periods we aim to maintain consistent investments behind our brands with c.16% A&P/NS, with agility
and responsiveness to maximise opportunity by brand and market.

Focusing on strong cash generation aiming for c.80% and above cash conversion, to fund our financial policy priorities,
2
with strategic investments normalizing to c. €1bn from FY26.

We are confident in our strategy, in our operating model’s ability to deliver and in the engagement of our teams. We are
determined to navigate with agility these cyclical headwinds.




2.4. Definitions and link-up of alternative performance indicators
with IFRS indicators
Definitions and reconciliations of alternative performance indicators with IFRS indicators are described in the
management report of the 2023/2024 Universal Registration Document.




2.5. Main related party transactions
Information related to related parties transactions are detailed in note 6.6 related parties of the notes to the condensed
consolidated interim financial statements included in this document.




2
Strategic investments = Capex and increase of strategic inventory


HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 6
3 CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
3.1. Half-year consolidated income statement
(€ million) 31.12.2023 31.12.2024 Notes
Net sales 6,590 6,176 2
Cost of sales (2,509) (2,403) 2
Gross margin after logistics expenses 4,081 3,773 2
Advertising and promotion expenses (980) (857) 2
Contribution after advertising and promotion expenses 3,101 2,916 2
Structure costs (958) (931)
Profit from recurring operations 2,144 1,985 2
Other operating income/(expenses) 142 (88) 3.1
Operating profit 2,285 1,897
Financial expenses (249) (287)
Financial income 31 39
Financial income/(expenses) (218) (248) 3.2
Corporate income tax (466) (433) 3.3
Share of net profit/(loss) of associates (2) (3)
Net profit of discontinued and held for sale activities – –

Net profit 1,599 1,214
o/w:
- Non-controlling interests 30 24
- Group share 1,569 1,190
Earnings per share - basic (in euros) 6.20 4.73 3.4
Earnings per share - diluted (in euros) 6.19 4.72 3.4




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 7
3.2. Half-year consolidated statement of comprehensive income
€ million 31.12.2023 31.12.2024
Net profit for the period 1,599 1,214
Non-recyclable items
Actuarial gains/(losses) related to defined benefit plans (52) (3)
Amounts recognised in shareholders’ equity (69) (4)
Tax impact 17 1
Equity instruments (7) 14
Unrealised gains and losses recognised in shareholders’ equity (10) 32
Tax impact 3 (18)
Recyclable items
Net investment hedges 3 (13)
Amounts recognised in shareholders’ equity 3 (18)
Tax impact (1) 5
Cash flow hedges (1) (1)
(1)
Amounts recognised in shareholders’ equity (1) (1)
Tax impact — —
Translation adjustments (219) 232
Other comprehensive income for the period, net of tax (277) 228
COMPREHENSIVE INCOME FOR THE PERIOD 1,321 1,443
Of which:
• Group share 1,308 1,389
• non-controlling interests 13 54

(1) No impact recycled to result for the period.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 8
3.3. Consolidated balance sheet

Assets
€ million 30.06.2024 31.12.2024 Notes
In net values

NON-CURRENT ASSETS

Intangible assets 12,234 12,403 4.1
Goodwill 6,806 6,927 4.1
Property, plant and equipment 3,982 4,266
Non-current financial assets 932 996 4.4
Investments in associates 58 73
Non-current derivative instruments – –
Deferred tax assets 1,713 1,684
Total non-current assets 25,725 26,349

CURRENT ASSETS

Inventories and work in progress 8,255 8,423 4.2
Trade receivables and other operating receivables 1,581 2,203 4.3
Income taxes receivable 122 97
Other current assets 416 420 4.5
Current derivative instruments 8 19
Cash and cash equivalents 2,683 1,916 4.7
Total current assets 13,065 13,079
Assets held for sale 395 367 4.10
TOTAL ASSETS 39,185 39,795




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 9
Liabilities
€ million 30.06.2024 31.12.2024 Notes

SHAREHOLDERS’ EQUITY

Capital 393 391 6.1
Share premium 3,052 3,052
Retained earnings and currency translation adjustments 10,828 11,911
Group net profit 1,476 1,190
Group shareholders’ equity 15,749 16,543
Non-controlling interests 1,048 1,089
Total shareholders’ equity 16,797 17,632

NON-CURRENT LIABILITIES

Non-current provisions 313 316 4.6
Provisions for pensions and other long-term employee benefits 277 261 4.6
Deferred tax liabilities 3,153 3,232
Bonds - non-current portion 10,907 11,014 4.7
Non-current lease liabilities 352 391 4.7
Other non-current financial liabilities 133 135 4.7
Non-current derivative instruments 11 8 4.8
Total non-current liabilities 15,146 15,358

CURRENT LIABILITIES

Current provisions 158 149 4.6
Trade payables 2,930 2,727
Income tax payables 149 280
Other current liabilities 1,607 1,039 4.9
Bonds - current portion 1,778 1,110 4.7
Current lease liabilities 96 96 4.7
Other current financial liabilities 352 1,188 4.7
Current derivative instruments 21 36 4.8
Total current liabilities 7,091 6,625
Liabilities related to assets held for sale 151 180 4.10
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 39,185 39,795




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 10
3.4. Statement of changes in shareholders’ equity
Equity
Actuarial attributable
Additional gains Changes Currency to equity Non- Total
paid-in Consolidated and in fair translation Treasury holders of controlling shareholders
€ million Capital capital reserves losses value adjustments shares the Parent interests ’ equity

Opening
position on
01.07.2023 396 3,052 13,055 (301) (27) 3 (462) 15,717 998 16,715
Comprehensive
income for the
period – – 1,569 (52) (8) (200) – 1,308 13 1,321
Capital variation – – – – – – – – – –
Expenses related
to share-based
payments – – 26 – – – – 26 – 26
(Acquisition)/
disposal of
treasury shares – – (23) – – – (161) (184) – (184)
Dividends and
interim dividends
distributed – – (664) – – – – (664) (5) (669)
Other
transactions with
minority interests – – (6) – – – – (6) 10 4
Other
movements – – (3) – – – – (3) – (3)
Closing position
on 31.12.2023 396 3,052 13,957 (354) (35) (198) (623) 16,193 1,016 17,209


Actuarial Equity
Additional Consolidated gains Changes Currency Treasury attributable Non- Total
Capital paid-in reserves and in fair translation shares to equity controlling shareholders
capital losses value adjustments holders of interests ’ equity
€ million the Parent

Opening
position on
01.07.2024 393 3,052 12,836 (275) (19) 82 (319) 15,749 1,048 16,797
Comprehensive
income for the
period – – 1,190 (3) 14 189 – 1,389 54 1,443
Capital variation (2) – (150) – – – 150 (2) – (2)
Expenses related
to share-based
payments – – 20 – – – – 20 – 20
(Acquisition)/
disposal of
treasury shares – – (64) – – – 57 (7) – (7)
Dividends and
interim dividends
distributed – – (591) – – – – (591) (5) (596)
Other
transactions with
minority
interests – – (18) – – – – (18) (8) (25)
Other
movements – – 2 – – – – 2 – 2
Closing position
on 31.12.2024 391 3,052 13,224 (278) (5) 271 (112) 16,543 1,089 17,632




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 11
3.5. Consolidated cash flow statement
€ million 31.12.2023 31.12.2024 Notes
CASH FLOW FROM OPERATING ACTIVITIES

Group net profit 1,569 1,190
Non-controlling interests 30 24
Share of net profit/(loss) of associates, net of dividends received 2 3
Financial (income)/expenses 218 248
Tax (income)/expenses 466 433
Net profit from discontinued operations – –
Depreciation of fixed assets 217 211
Net change in provisions (42) (30)
Net change in impairment of goodwill, property, plant and equipment 14 –
Changes in fair value of commercial derivatives 3 2
Changes in fair value of biological assets and investments – –
Net (gain)/loss on disposal of assets (213) (7)
Expenses related to share-based payments 26 22
Self-financing capacity before financing interest and taxes 2,291 2,094
Decrease/(increase) in Working Capital Requirements (1,169) (836) 5.1
Interests paid (194) (296)
Interests received 18 38
Taxes paid/received (254) (195)
Net change in cash flow from operating activities 691 805
CASH FLOW FROM INVESTING ACTIVITIES

Capital expenditure (393) (370)
Proceeds from disposals of property, plant and equipment and intangible
assets 2 5
Purchases of financial assets and activities (213) (157) 5.2
Disposal of financial assets and activities 195 16 5.2
Net change in cash flow from investing activities (409) (506)
CASH FLOW FROM FINANCING ACTIVITIES

Dividends and interim dividends paid (1,199) (1,194)
Other changes in shareholders’ equity – 4
Issuance of long-term debt 1,692 851 5.3
Repayment of debt (601) (824) 5.3
Repayment of lease liabilities (67) (58)
(Acquisitions)/disposals of treasury shares (184) (11)
Net change in cash flow from financing activities (360) (1,232)
Cash flow from non-current assets held for sale – –
Increase/(decrease) in cash and cash equivalents (before foreign
exchange impact) (77) (933)
Effect of exchange rate changes 107 167
Increase/(decrease) in cash and cash equivalents (after foreign exchange
impact) 30 (767)
Cash and cash equivalents at start of period 1,609 2,683
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD 1,639 1,916



HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 12
3.6. Notes to the consolidated financial statements
Pernod Ricard is a French Company (Société Anonyme), subject to all laws governing commercial companies in France,
including in particular the provisions of the French Commercial Code. The Company is headquartered at 5, cours Paul
Ricard, 75008 Paris, France and is listed on the Euronext exchange. The condensed consolidated interim financial
statements reflect the accounting position of Pernod Ricard and its subsidiaries (hereafter the “Group”). They are
reported in millions of euros (€), rounded to the nearest million. The Group manufactures and sells wines and spirits.
On 12 February 2025, the Board of Directors approved the condensed consolidated interim financial statements ended
31 December 2024.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 13
NOTE 1. ACCOUNTING POLICIES AND SIGNIFICANT
EVENTS
Note 1.1. Accounting policies
1.1.1 Policies and accounting standards governing the preparation of the
financial statements
Because of its listing in a country of the European Union (EU), and in accordance with EC regulation 1606/2002, the
condensed consolidated interim financial statements of the Group for the first half-year ended 31 December 2024 have
been prepared in accordance with IAS 34 (interim financial reporting) of the IFRS (International Financial Reporting
Standards) as adopted by the European Union.

The Group has not anticipated any standards, amendments or interpretations published by the IASB but not yet
approved or not yet mandatory in the European Union, as of 31 December 2024.
Note that:
• the Group’s financial year runs from 1 July to 30 June;
• condensed consolidated interim financial statements were prepared in accordance with the same accounting
principles and methods as those used in the preparation of the annual consolidated financial statements at 30 June
2024 ; except for the income tax charge which was calculated based on a forecast for the fiscal year;
• the condensed consolidated interim financial statements do not include all the information required in the preparation
of the consolidated financial statements and must be read in conjunction with the consolidated financial statements at
30 June 2024.
• OECD Pillar Two rules providing for a 15% minimum tax per jurisdiction for multinational corporations have been
st
adopted by the EU and therefore apply to the Group for fiscal years opened as from 1 July 2024. The corresponding
European Directive was transposed into French law in December 2023. Based on Group internal analysis and
st
geographical footprint, the impact in the consolidated financial statements is not material. As of December 31 , 2024,
the Pillar 2 charge was recognized in accordance with IAS 34 principles.

Estimates — The preparation of consolidated financial statements in accordance with IFRS requires that Management
makes a certain number of estimates and assumptions, which have an impact on the Group’s assets, liabilities and
shareholders’ equity and items of profit and loss during the financial year. These estimates are made on the assumption
that the company will continue as a going concern and are based on information available at the time of their
preparation. Estimates may be revised where the circumstances on which they were based change or where new
information becomes available. Future outcomes can differ from these estimates. At 31 December 2024, the
Management was not aware of any factors likely to call into question estimates and assumptions used in the preparation
of full-year consolidated financial statements at 30 June 2024.

Judgement — In the absence of standards or interpretation applicable to specific transactions, Group management
used its own judgement in defining and applying accounting policies which would provide relevant and reliable
information within the framework of the preparation of financial statements.


1.1.2 Seasonality
Wines and spirits sales are traditionally affected by a seasonality factor, in particular products associated with end-of-
year celebrations in key markets. Sales in the first six months of the financial year are generally higher than in the
second half-year.



Note 1.2. Significant events of the semester

1.2.1. Bond issues and redemption

On September 27, 2024, Pernod Ricard SA redeemed in full a 650 million euro bond issued on September 17, 2014, which
had reached maturity and carried a 2,125% coupon.

Following the Autorité des Marchés Financiers' approval of the base prospectus, on May 26, 2020, Pernod Ricard set up a
Euro Medium Term Notes (EMTN) program, updated annually and lately on October 24, 2024 (the "Program"). Under
the terms of the Program, the Group may issue bonds through private placements in various currencies. The securities
may be admitted to trading on Euronext Paris. The maximum nominal amount of securities outstanding under the
Program is set at 7 billion euros (or its equivalent in any other currency).



HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 14
NOTE 2. Operating segments
The Group is focused on the single business line of Wines and Spirits sales. The Group is structured into three primary
operating segments constituted by the following geographical areas: Europe, Americas and Asia/Rest of World.

The Group Management Team assesses the performance of each segment on the basis of sales and its Profit from
Recurring Operations, defined as the gross margin after logistics, advertising, promotional and structure costs. The
operating segments presented are identical to those included in the reporting provided to Managing Directors, in
particular for the performance analysis.

Items in the income statement and the balance sheet are allocated on the basis of either the destination of sales or
profits. Operating segments follow the same accounting policies as those used for the preparation of the consolidated
financial statements. Intra-segment transfers are transacted at market prices.

Variation
Group (€ million) 31.12.2023 31.12.2024 (M€) Variation (%)

Net sales 6,590 6,176 (414) (6) %

Gross margin after logistics expenses 4,081 3,773 (309) (8) %

Advertising and promotion expenses (980) (857) +123 (13) %

Contribution after advertising and promotion 3,101 2,916 (185) (6) %
Profit from Recurring Operations 2,144 1,985 (159) (7)%



Variation
Americas (€ million) 31.12.2023 31.12.2024 (M€) Variation (%)

Net sales 1,860 1,738 (122) (7) %

Gross margin after logistics expenses 1,232 1,155 (78) (6) %

Advertising and promotion expenses (374) (322) +53 (14) %

Contribution after advertising and promotion 858 833 (25) (3) %
Profit from Recurring Operations 555 547 (8) (1)%



Variation
Asia/Rest of World (€ million) 31.12.2023 31.12.2024 (M€) Variation (%)

Net sales 2,850 2,619 (231) (8) %

Gross margin after logistics expenses 1,699 1,523 (176) (10) %

Advertising and promotion expenses (357) (297) +61 (17) %

Contribution after advertising and promotion 1,342 1,226 (116) (9) %
Profit from Recurring Operations 997 892 (105) (11)%


Variation
Europe (€ million) 31.12.2023 31.12.2024 (M€) Variation (%)

Net sales 1,880 1,819 (62) (3) %

Gross margin after logistics expenses 1,150 1,095 (55) (5) %

Advertising and promotion expenses (248) (238) +10 (4) %

Contribution after advertising and promotion 902 857 (45) (5) %
Profit from Recurring Operations 591 546 (46) (8)%




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 15
Breakdown of net sales by brands
31.12.2023 31.12.2023 Variation
€ million published restated 31.12.2024 (M€) Variation (%)

International Strategic Brands 4,209 4,209 3,858 (351) (8)%
Local Strategic Brands 1,149 1,103 1,098 (5) —%
Strategic Wines 232 232 233 +2 +1 %
Specialities 447 462 437 (25) (5)%
Other products 553 585 550 (35) (6)%
TOTAL 6,590 6,590 6,176 (414) (6) %


Since the 2024/2025 financial year, the ‘Local Strategic Brands’ and ‘Specialities’ segments have changed to reflect the
active portfolio management, notably with disposals of some non-strategic local brands. This segmentation change has
been applied to the period ended December 31, 2023 for comparison purposes.



NOTE 3. Notes to the income statement
Note 3.1. Other operating income and expenses
Other operating income and expenses are broken down as follows:

€ million 31.12.2023 31.12.2024
Impairment of property, plant and equipment and intangible assets (15) (9)
Gains or losses on asset disposals and acquisition costs 202 (7)
Net restructuring and reorganisation expenses (48) (42)
Disputes and risks 2 (19)
Other non-current operating income and expenses – (12)
Other operating income and expenses 142 (88)


At December 31, 2024, other operating income and expenses primarily consisted of restructuring costs for (42) million
euros and disputes and risks for (19) million euros.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 16
Note 3.2. Financial income/(expense)
€ million 31.12.2023 31.12.2024
Interest expenses on net financial debt (211) (255)
Financial expenses on lease liabilities (8) (8)
Interest income on net financial debt 31 39
Net financing cost (187) (224)
Structuring and placement fees (1) (1)
Net financial impact of pensions and other long-term employee benefits (7) (6)
Other net current financial income (expenses) (5) (9)
Financial income/(expense) from recurring operations (200) (240)
Foreign currency gains/(loss) (15) (3)
Other non-current financial income/(expenses) (3) (5)
FINANCIAL INCOME/(EXPENSE) (218) (248)



At December 31, 2024, the cost of net financial debt includes financial expenses relating to bonds (158) million euros,
commercial paper (12) million euros, factoring and securitization contracts (38) million euros, interest on rental debt (8)
million euros and other expenses (9) million euros.



Note 3.3. Income tax
Analysis of effective tax rate

€ million 31.12.2023 31.12.2024
Operating profit 2,285 1,897
Financial income/(expense) (218) (248)
Taxable profit 2,067 1,649
Theoretical tax change at the effective income tax rate in France (534) (426)
Impact of tax rate differences by jurisdiction 86 81
Other impacts (18) (87)
Effective tax charge (466) (433)
Effective tax rate 23 % 26 %


The income tax expense for the period is calculated by applying the estimated effective income tax rate for the fiscal
year, based on the information available as of the interim reporting date (see Note 1.1.1 - Policies and accounting
standards governing the preparation of the financial statements).




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 17
Note 3.4. Earnings per share
Numerator (€ million) 31.12.2023 31.12.2024
Group share of net profit 1,569 1,190


Denominator (in number of shares)
Average number of outstanding shares 252,792,605 251,472,451
Dilutive effect of bonus share allocations 521,141 441,805
Dilutive effect of stock options and subscription options 75,853 3,479
Average number of outstanding shares - diluted 253,389,599 251,917,734
Earnings per share (€)
Earnings per share - basic 6.20 4.73
Earnings per share - diluted 6.19 4.72




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 18
NOTE 4. Notes to the balance sheet
Note 4.1. Intangible assets and goodwill
Movements in the year
Translation Other
€ million 30.06.2024 Acquisitions Allowances Disposals adjustments movements 31.12.2024

Goodwill 6,893 31 – – 91 (1) 7,014
Brands 14,106 – – – 236 1 14,343
Other intangible assets 586 12 – (1) 3 (12) 587
Gross value 21,584 43 – (1) 330 (12) 21,944
Goodwill (87) – – – – – (87)
Brands (2,056) – – – (50) – (2,106)
Other intangible assets (402) – (32) 1 (1) 12 (422)
Amortisation/impairment (2,545) – (32) 1 (51) 12 (2,615)
INTANGIBLES ASSETS AND
GOODWILL, NET 19,039 43 (32) – 279 – 19,330


Goodwill mainly comes from the acquisitions of Allied Domecq in July 2005 and of Vin&Spirit (« V&S ») in July 2008. The
main brands recognized in the balance sheet are: Absolut, Ballantine’s, Beefeater, Bumbu, Chivas Regal, Kahlúa, Luc
Belaire, Malibu and Martell, most of which were recognised upon the acquisition of Seagram, Allied Domecq, Sovereign
Brands and V&S.




Note 4.2. Inventories and work-in-progress
The inventories and work-in-progress are broken down at closing as follows:

Movements in the year
Change in Change in Translation Other
€ million 30.06.2024 gross values impairment adjustments movements 31.12.2024

Raw materials 274 (27) – – 5 253
Work-in-progress 6,779 232 – 54 46 7,110
Goods in inventory 828 (69) – 1 (5) 756
Finished products 469 (73) – 2 (10) 389
Gross value 8,350 64 – 58 37 8,508
Raw materials (16) – 6 – – (10)
Work-in-progress (29) – 7 – (1) (23)
Goods in inventory (28) – – (1) – (29)
Finished products (21) – – – – (22)
Impairment (94) – 12 (1) (2) (84)
Net Inventories and work in
progress 8,255 64 12 57 35 8,423


As at 31 December 2024, 86% of work-in-progress relate to maturing inventories intended to be used for whisky and
cognac production. The Group is not significantly dependent on its suppliers.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 19
Note 4.3. Transfers of financial assets
In the first half of the period 2024/25, the Group continued its programs to sell receivables due from various
subsidiaries, resulting in outstanding receivables of 1,617 million euros at December 31, 2024 and 1,124 million euros at
June 30, 2024. As substantially all risks and rewards associated with the receivables were transferred, they were
deconsolidated.


Note 4.4. Non-current financial assets
Non-current financial assets are broken down as follows:

€ million 30.06.2024 31.12.2024
Shareholder equity instruments 502 570
Net value of IAS surplus plans 233 218
Loans, guarantees and deposits 192 202
Other financial assets 5 6
NON-CURRENT FINANCIAL ASSETS 932 996



Note 4.5. Other current assets
Other current assets are broken down as follows:

€ million 30.06.2024 31.12.2024
Tax accounts receivable, excluding income taxes 225 231
Prepaid expenses 113 106
Advances and down payments 56 66
Other Receivables 23 17
TOTAL OTHER CURRENT ASSETS 416 420




Note 4.6. Provisions
4.6.1 Breakdown of provisions
The breakdown of provision at the balance sheet date is as follows:
€ million 30.06.2024 31.12.2024
Non-current provisions
Provisions for pensions and other long-term employee benefits 277 261
Other non-current provisions for risks and charges 313 316
Current provisions
Provisions for restructuring 66 54
Other current provisions for risks and charges 92 95
TOTAL PROVISIONS 748 726


Some Group companies are involved in disputes as part of their normal business activities. They are also subject to tax
audits, some of which may lead to adjustment. The main disputes are described in Note 6.5 – Disputes.
At 31 December 2024, the amount of provisions booked by the Group in respect of disputes or risks in which it is
involved amounted to €411 million, excluding uncertain tax positions presented within “Income taxes payables”. The
Group does not provide details (with exceptions), as it believes the disclosure of the amount of any provision booked in
consideration of each pending dispute would be likely to cause serious harm to the Group.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 20
4.6.2 Changes in provisions (other than provisions for pensions and other long-
term employee benefits)
Movement of the period
Used Unused Translation Other
€ million 30.06.2024 Allowances reversals reversals Reclassification adjustments movements 31.12.2024

Other non-current
provisions 313 33 (19) (9) 3 (4) – 316
Provisions for restructuring 66 17 (25) (2) – (1) (1) 54
Other current provisions 92 6 (5) (3) – 3 2 95
TOTAL 471 57 (49) (14) 3 (2) 1 465




4.6.3 Provisions for pensions and other long-term employee benefits
The Group grants pension and retirement benefits and other post-employment benefits (medical insurance or life
insurance), in the form of defined contribution or defined benefit plans.
• in France, benefit obligations mainly comprise arrangements for retirement indemnities (non-funded) and
supplementary pension benefits (partly funded);
• in the United States and Canada, benefit obligations include funded pension plans guaranteed to employees as well as
unfunded post-employment medical plans;
• in Ireland, the United Kingdom and the Netherlands, benefit obligations mainly consist of pension plans granted to
employees.
The table below presents a reconciliation of the provision between 30 June 2024 and 31 December 2024 for both periods:

30.06.2024 31.12.2024

Health care Health care
and other and other
Pension employee Pension employee
€ million commitments benefits Total commitments benefits Total

Opening net (assets)/liabilities 12 106 119 (55) 98 44
Expenses for the year 25 10 35 24 4 28
Actuarial (gains)/losses (1) (27) (5) (32) 5 – 5
Employer contributions (54) – (54) (24) – (24)
Benefits paid directly by the employer (8) (8) (16) (4) (3) (7)
Change in scope of consolidation – (5) (5) – – –
Exchange differences (3) – (3) (3) 1 (2)
Net (assets)/liabilities at end of period (55) 98 44 (57) 100 43
Amount recognized as an asset (233) – (233) (218) – (218)
TOTAL PROVISION FOR PENSION 178 98 277 161 100 261

(1) Recognised as items of *other comprehensive income*


At December 31, 2024, the (218) million euros in plan surpluses relating to employee benefit obligations are recognized
in non-current financial assets (see Note 4.4 Non-current financial assets).




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 21
The net financial impact recognised in income statement in respect of pensions and other long-term employee benefits
is broken down as follows: :

Charge for the year (€ million) 31.12.2023 31.12.2024
Benefits accrued during the year 15 14
Interest on provisions 1 –
Fees/taxes/premiums 6 5
Impact of plan amendments/reductions in future entitlements – (1)
Impact of liquidation of commitments – 10
NET EXPENSE/(INCOME) RECOGNIZED IN INCOME STATEMENT 21 28



Note 4.7. Financial assets and liabilities
Net financial debt, as defined and used by the Group, corresponds to total gross debt (translated at the closing rate),
including lease liabilities and fair value and net foreign currency assets hedged derivatives (hedging of net investments
and similar), less cash and cash equivalents.


4.7.1 Breakdown of net financial debt by nature and maturity
30.06.2024 31.12.2024
Non- Non-
€ million Current current Total Current current Total
Bonds 1,778 10,907 12,685 1,110 11,014 12,124
Syndicated loans – – – – – –
Commercial paper 196 – 196 1,043 – 1,043
Other loans and financial debts 156 133 288 145 135 280
Other financial liabilities 352 133 485 1,188 135 1,323
Gross financial debt 2,130 11,040 13,170 2,298 11,149 13,447
Fair value hedge derivatives
instruments - assets – – – – – –
Fair value hedge derivatives
instruments - liabilities – 10 10 – 8 8
Fair value hedging derivatives – 10 10 – 8 8
Net investments hedging derivative
instruments - assets – – – – – –
Net investment hedging derivatives
instruments - liabilities 6 – 6 24 – 24
Net investment hedge derivatives 6 – 6 24 – 24
Financial debt after hedging 2,136 11,050 13,186 2,323 11,157 13,479
Cash and cash equivalents (2,683) – (2,683) (1,916) – (1,916)
Net financial debt excluding lease
liability (547) 11,050 10,503 407 11,157 11,563
Lease liabilities 95 352 448 96 391 487
Net financial debt (451) 11,402 10,951 502 11,548 12,050




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 22
4.7.2 Breakdown of debt excluding rental debt by currency before and after
currency hedging instruments at June 30, 2024 and December 31, 2024
30.06.2024
Gross financial Amount Debt after Net debt after % debt after % Net debt
€ million debt hedged hedging Cash hedging hedging after hedging

EUR 9,776 (662) 9,114 (1,463) 7,651 69 % 73 %
USD 3,296 723 4,018 (276) 3,743 30 % 36 %
GBP 1 (107) (106) (156) (262) (1)% (2)%
SEK 1 (123) (122) (38) (161) (1)% (2)%
Other currencies 96 186 282 (750) (468) 2% (4)%
FINANCIAL DEBT
BY CURRENCY 13,170 16 13,186 (2,683) 10,503 100 % 100 %


31.12.2024
Gross financial Amount Debt after Net debt after % debt after % Net debt
€ million debt hedged hedging Cash hedging hedging after hedging
EUR 9,989 (611) 9,378 (671) 8,707 70 % 75 %
USD 3,396 838 4,234 (357) 3,877 31 % 34 %
GBP 1 (171) (170) (104) (274) (1)% (2)%
SEK – (207) (207) (31) (238) (2)% (2)%
Other currencies 61 184 245 (753) (508) 2% (4)%
FINANCIAL DEBT
BY CURRENCY 13,447 32 13,479 (1,916) 11,563 100 % 100 %


4.7.3 Breakdown of fixed/floating-rate debt excluding rental debt before and
after interest-rate hedging instruments at June 30, 2024 and December 31,
2024
30.06.2024 31.12.2024

€ million Debt before hedging Debt after hedging Debt before hedging Debt after hedging
Fixed-rate debt 12,871 98 % 12,685 96 % 12,292 91 % 12,100 90 %
Capped floating-rate debt – –% – –% – –% – –%
Floating-rate debt 314 2% 501 4% 1,187 9% 1,380 10 %
FINANCIAL DEBT AFTER
HEDGING BY TYPE OF RATE 13,186 100% 13,186 100% 13,479 100% 13,479 100%


At 31 December 2024, before taking into account of any hedges, 91% of the Group’s gross debt was fixed-rate and 9%
floating-rate. After hedging, the floating-rate part was 10%.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 23
4.7.4 Schedule of financial liabilities at 31 December 2024
The following table shows the maturity of future financial liability-related cash flows (nominal and interest). Variable
interest flows have been estimated on the basis of rates at 30 June 2024 and 31 December 2024.

30.06.2024 Balance
Sheet Contractual 6 to 1 to 2 to 3 to 4 to
€ million value flows < 6 months 12 months 2 years 3 years 4 years 5 years > 5 years

Nominal value 13,170 13,051 918 1,070 1,187 29 1,683 1,363 6,801
Interest – 2,616 170 125 281 254 254 222 1,310
Gross financial debt 13,170 15,667 1,088 1,195 1,468 283 1,937 1,585 8,112
Lease liabilities 448 528 40 68 89 71 55 46 159
Cross currency swaps 6 – – – – – – – –
Flows payable – 477 – 477 – – – – –
Flows receivable – (465) – (465) – – – – –
Derivative instruments -
liabilities 25 27 16 4 7 – – – –
Derivative instruments -
liabilities 31 39 16 16 7 – – – –
TOTAL FINANCIAL
LIABILITIES 13,649 16,234 1,144 1,279 1,564 354 1,992 1,631 8,271


31.12.2024 Balance 6 to
Sheet Contractual < 6 month 12 month 1 to 2 to 3 to 4 to
€ million value flows s s 2 years 3 years 4 years 5 years > 5 years

Nominal value 13,447 13,344 2,118 70 1,202 1,123 1,195 1,262 6,375
Interest – 2,484 126 169 275 256 228 205 1,225
Gross financial debt 13,447 15,828 2,244 239 1,477 1,379 1,423 1,467 7,600
Lease liabilities 487 618 46 70 92 73 59 47 231
Cross currency swaps 24 – – – – – – – –
Flows payable – 492 492 – – – – – –
Flows receivable – (465) (465) – – – – – –
Derivative instruments -
liabilities 20 20 15 3 3 – – – –
Derivative instruments -
liabilities 44 47 41 3 3 – – – –
TOTAL FINANCIAL
LIABILITIES 13,978 16,493 2,332 312 1,571 1,452 1,482 1,514 7,831




4.7.5 Credit lines
At 31 December 2024, credit lines comprised the multi-currency syndicated loan of €2,100 million, a bilateral line of €500
million and a Champagne loan of €260 million. No drawdowns have been made from these credit lines.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 24
4.7.6 Bonds

Interest rate Issue date Maturity 31.12.2024
Nominal amount
1000 MEUR 1.13% 04.06.2020 04.07.2025 1,008
600 MEUR 1.50% 05.17.2016 05.18.2026 605
600 MUSD 3.25% 06.08.2016 06.08.2026 571
600 MEUR 3.75% 09.15.2023 09.15.2027 605
500 MEUR 0.50% 10.24.2019 10.24.2027 499
600 MUSD 1.25% 10.01.2020 04.01.2028 577
600 MEUR 3.25% 11.02.2022 11.02.2028 597
750 MEUR * 1.38% 04.07.2022 04.07.2029 750
500 MEUR 0.13% 10.04.2021 10.04.2029 494
1000 MEUR 1.75% 04.06.2020 04.08.2030 1,017
700 MEUR 3.38% 05.07.2024 11.07.2030 696
900 MUSD 1.63% 10.01.2020 04.01.2031 863
500 MEUR 0.88% 10.24.2019 10.24.2031 496
500 MEUR 3.75% 11.02.2022 11.02.2032 495
750 MEUR 3.75% 09.15.2023 09.15.2033 745
800 MEUR 3.63% 05.07.2024 05.07.2034 810
850 MUSD 5.50% 01.12.2012 01.15.2042 827
500 MUSD 2.75% 10.01.2020 10.01.2050 470
TOTAL BONDS 12,124

* Interest subject to the achievement of the key performance indicators to which this obligation is linked.




Note 4.8. Financial instruments

Breakdown by accounting classification 30.06.2024
Loans Liabilities
Fair value and at Balance
Measureme Fair value through receivabl amortise sheet
€ million nt level - profit Equity es d cost value Fair value
ASSETS
Equity instruments Level 1 and 3 – 502 – – 502 502
Guarantees, deposits, investment-
related receivables Level 2 – – 192 – 192 192
Trade receivables and other operating
receivables Level 2 – – 1,581 – 1,581 1,581
Other current assets Level 2 – – 416 – 416 416
Derivative instruments - assets Level 2 7 1 – – 8 8
Cash and cash equivalents Level 1 2,683 – – – 2,683 2,683
LIABILITIES
Bonds Level 1 – – – 12,685 12,685 11,804

Bank debt Level 2 – – – 485 485 485
Financial lease debt Level 2 – – – 448 448 448
Derivative instruments - liabilities Level 2 25 7 – – 31 31




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 25
Breakdown by accounting classification 31.12.2024

Liabilities
Fair value at
Measurement Fair value - through Loans and amortised Balance
€ million level profit Equity receivables cost sheet value Fair value
ASSETS
Equity instruments Level 1 and 3 – 570 – – 570 570
Guarantees, deposits, investment-
related receivables Level 2 – – 202 – 202 202
Trade receivables and other operating
receivables Level 2 – – 2,203 – 2,203 2,203
Other current assets Level 2 – – 420 – 420 420
Derivative instruments - assets Level 2 19 1 – – 19 19
Cash and cash equivalents Level 1 1,916 – – – 1,916 1,916
LIABILITIES
Bonds Level 1 – – – 12,124 12,124 11,428
Bank debt Level 2 – – – 1,323 1,323 1,323
Financial lease debt Level 2 – – – 487 487 487
Derivative instruments - liabilities Level 2 19 25 – – 44 44
*Including € 1 617 million of assets derecognised with continuing involvement as regards factoring and securitization deposits.



The methods used are as follows:
• debt: the fair value of the debt is determined for each loan by discounting future cash flows on the basis of market
rates at the balance sheet date, adjusted for the Group’s credit risk; for floating rate bank debt, fair value is
approximately equal to carrying amount;
• bonds: market liquidity enabled the bonds to be valued at their fair value using the quoted prices;
• other long-term financial liabilities: the fair value of other long-term financial liabilities is calculated for each loan by
discounting future cash flows using an interest rate taking into account the Group’s credit risk at the balance sheet
date;
• derivative instruments: the market value of instruments recognized in the financial statements at the balance sheet
date was calculated on the basis of available market data, using current valuation models.
The hierarchical levels for fair value disclosures below accord with the definitions in the amended version of IFRS 7
(Financial Instruments: Disclosures):
• Level 1: fair value based on prices quoted in an active market;
• Level 2: fair value measured based on observable market data (other than quoted prices included in Level 1);
• Level 3: fair value determined by valuation techniques based on unobservable market data.
In accordance with IFRS 13, derivatives were measured taking into account the Credit Valuation Adjustment (CVA) and
the Debt Valuation Adjustment (DVA). The measurement is based on historical data (rating of counterparty banks and
probability of default). At 31 December 2024, the impact was not significant.
Equity instruments mainly consist of minority stakes in innovative companies in the conviviality sector that are mostly
unlisted and have been acquired by Convivialité Ventures, the Group's private equity arm. Their fair value has been
measured at level 3 of the hierarchy, based on valuations used in their most recent funding rounds. In the absence of
recent transactions, acquisition cost is considered to be the best possible estimate of fair value, except where
underperformance versus the budget or other events occur giving rise to the recognition of an impairment loss. These
investments are not individually material.



Note 4.9. Other current liabilities
Other current liabilities are broken down as follows:

€ million 30.06.2024 31.12.2024
Tax and social security liabilities 856 908
Other current liabilities 750 131
TOTAL OTHER CURRENT LIABILITIES 1,607 1,039


Other current liabilities decrease between June 30 and December 31, 2024 is mainly explained by the €591 million interim
dividend paid on 19 July 2024. Most of these other current liabilities are due within one year.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 26
Note 4.10.Assets held for sale and related liabilities
Assets held for sale, and related liabilities, relate in particular to the international strategic wine brands, for which the
sale agreement is mentioned as a post-closing event in the Universal Registration Document 2024.



NOTE 5. Notes to the consolidated cash flow statement
5.1 Working capital requirement
The working capital requirement has increased by +€836 million. It is mainly explained as follows:
• Inventory: +€69 million;
• trade receivables: +€633 million;
• trade payables: +€214 million;
• others: €(80) million.

5.2 Acquisitions of financial assets and activities
Acquisitions of non-current financial assets and businesses net of disposals generated an impact of (141) million euros,
mainly linked to acquisitions and disposals of businesses during the period.


5.3 Bond issues/repayment of debt
During the half-year, the Pernod Ricard Group redeem (824) million euros in new borrowings and did not issue any
bond. These movements correspond mainly to bond subscriptions and redemptions, as described in paragraph 1.2.1 of
Note 1.2 - Significant events of the year.
In addition, the Group increased the amount of short-term negotiable securities outstanding by 851 million euros.
The Group also paid €66 million in respect of its lease liabilities, of which €58 million related to repayment of the nominal
amount and €8 million to interest payments reported in cash flow from operating activities.




NOTE 6. Additional information
Note 6.1. Shareholders’ equity
6.1.1 Share capital
st
Changes in Pernod Ricard’s share capital between 1 July 2024 and 31 December 2024 were as follow:
Number of Amount in
shares millions of
euros
30.06.2024 253,328,748 393
31.12.2024 252,269,195 391


All Pernod Ricard shares are issued and fully paid for a nominal value of 1,55 euro. Only one category of Pernod Ricard
shares exists. These shares obtain double voting rights if they have been nominally registered for an uninterrupted
period of 10 years.

6.1.2 Treasury shares
At December 31, 2024, Pernod Ricard and its controlled subsidiaries held 645,970 Pernod Ricard shares with a value of
111 million euros. These treasury shares are deducted from shareholders' equity at acquisition cost.


6.1.3 Dividends paid and proposed
Following the resolution agreed upon during the Shareholders’ Meeting of 08 November 2024, the total dividend in
respect of the financial year ended 30 June 2024 was €4.70 per share. An interim dividend payment of €2.35 per share
having been paid on 19 July 2024, the balance amounting to €2.35 per share has been paid on 27 November 2024.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 27
Note 6.2. Share-based payments
The Group recognised an expense of €20 million within operating profit relating to stock option and performance-based
share applicable on 31 December 2024.
Stock option, performance-based share and free share plans are equity settled.
The number of options and outstanding shares changed as follows between 30 June and 31 December:

Units
Number of outstanding options / shares at June 30, 2024 1,285,601
Number of options exercised / shares acquired during the period (420,905)
Number of options / shares cancelled over the period (54,830)
Number of options / shares newly granted over the period 416,554
Number of outstanding options / shares at December 31, 2024 1,226,420




Note 6.3. Off-balance sheet commitments
The Group's off-balance sheet commitments given amounted to € 3,797 million as of December 31, 2024, compared to €
4,075 million as of June 30, 2024.
Off-balance sheet commitments received from the Group amounted to € 3,128 million as of December 31, 2024,
compared to € 3,067 million as of June 30, 2024.



Note 6.4. Contingent liabilities
Contingent tax liabilities
• Pernod Ricard has received several notices of tax adjustment for 2007 to 2021, specifically concerning the tax
deductibility of promotion and advertising expenses for an amount of 10,882 million Indian rupees (equivalent to € 123
million, including interest as of the date of the reassessment) which includes the amount of promotion and advertising
expenses reassessed during a special audit carried out in 2017. Such special audit covered other various topics for a
total amount of 1,387 million Indian rupees (equivalent to € 16 million).
• It should be noted that the level and amount of this risk pertaining to promotion and advertising expenses have been
gradually and significantly reduced in recent years and that the Company obtained two court rulings in its favour in
2020 for the period from 2007 to 2014. High Court has dismissed Tax Department’s appeal against these court rulings
in 2024. These rulings further strengthen Pernod Ricard India’s position on the tax deductibility of advertising and
promotion expenses. Reassured by these decisions and after consulting with its tax advisers, Pernod Ricard India will
continue to dispute the merits of the reassessment proposal and believes it has a probable chance of success in
litigation. Accordingly, no provision has been booked for this matter.

Contingent liabilities related to the change in the legal framework applicable to the
Delhi Route to Market
• In November 2021, the new Excise Policy applicable in the National Capital Territory of Delhi changed the alcohol
distribution system, from government-run corporation model to private distributors and retailers.
• The context of the change in route to market were investigated by two government agencies, the Enforcement
Directorate (ED) and the Central Bureau of Investigation (CBI). These investigations were related to accusations that
irregularities were committed by certain Delhi officials, as well as distributors and retailers, during the drafting and
implementation of this excise policy.
• In that context, on 2 February 2023, a Delhi Districk Court took cognizance of a change sheet filed by the Enforcement
Directorate of India, claiming that, among others, Pernod Ricard India and one of its employees might have benefited
from undue gains under the new Excise Policy, allegedly in breach of certain provisions of the Indian Prevention
against Money Laundering Act.
• The authorities' investigation has now concluded, with no significant developments concerning Pernod Ricard India, as
the CBI has closed its inquiry without filing any charges against Pernod Ricard India or its employees. Pernod Ricard is
preparing for the trials, which are yet to be scheduled. Neither the exact exposure of Pernod Ricard nor the probability
of the risk occurring could be assessed at this stage.
• As a responsible company, Pernod Ricard India is committed to comply with the laws of the country and will vigorously
defend all allegations made against it.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 28
Note 6.5. Disputes
In the normal course of business, Pernod Ricard is involved in a number of individual and collective legal, governmental,
arbitration and administrative proceedings.
A provision for such proceedings is only recognised under “Other provisions for risks and charges” (see Note 4.6 –
Provisions) when it is probable that a present obligation arising as a result of a past event will require the payment of an
amount that can be estimated reliably. In the latter case, the provisioned amount corresponds to the best estimate of
the risk. The provisioned amount recorded is based on the assessment of the level of risk on a case-by-case basis, it
being specified that any events arising during the proceedings may at any time require that risk to be reassessed.
The provisions recorded by Pernod Ricard at 31 December 2024 for all disputes and risks in which it is involved
amounted to €411 million, compared with €405 million at 30 June 2024 (see Note 4.6 – Provisions), excluding uncertain tax
positions recognised in income taxes payable. Pernod Ricard provides no further details (other than in exceptional
circumstances), as disclosing the amount of any provision for ongoing litigation could cause the Group serious harm.
To the best of the Company’s knowledge, there are no other legal, arbitration or governmental proceedings or
exceptional events (including any proceedings of which the Company is aware that is pending or threatened) that may
have or have had over the last 12 months a material impact on the profitability of the Company and/or the Group, other
than those described below.

Disputes relating to brands
Havana Club
The Havana Club trademark is owned by a joint venture, Havana Club Holding SA (HCH), which is 50% held by Pernod
Ricard. The brand has been registered by HCH in more than 200 countries. In the United States, this trademark has been
owned since 1976 by “Cubaexport”, an affiliate of Pernod Ricard’s Cuban partner in the Havana Club joint venture. The
intellectual property rights over the American trademark are currently being challenged in the United States courts by a
Pernod Ricard competitor (Bacardi).

I. “Section 211” and “No Stolen Trademark Act”
• In 1998, the US Congress passed Section 211 (also known as the “Bacardi Bill” because it was adopted through intense
lobbying by representatives of Bacardi). This law has two main effects: 1) it prohibits US courts from recognizing and
enforcing the rights of Cuban companies over trademarks associated with goods nationalized by the Cuban
government, and 2) it subjects the renewal of these trademarks to the obtaining of a specific license from the Office of
Foreign Assets Control (OFAC), which has discretionary power to grant or refuse the license.
• As a result, since its entry into force, Section 211 has impacted Cubaexport in two ways:
• Cubaexport has been deprived of any legal recourse against the illegal use of its trademark in the United States by
Bacardi, which has been distributing since 1996 rum under the “Havana Club” brand produced in Puerto Rico.
• In order to renew the registration of its trademark with the USPTO, Cubaexport must seek and obtain specific prior
authorization from OFAC every 10 years.
• In 2002, the Dispute Settlement Body of the World Trade Organization (WTO) condemned Section 211 on the grounds
that this law is incompatible with the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) and,
in particular, with obligations regarding most-favored-nation treatment and national treatment. To date, the United
States has not taken any measures to comply with this decision (i.e., modification or repeal of Section 211).
• In December 2024, the US Congress passed the “No Stolen Trademarks in America” Act (NST). The NST strengthens
the effects of Section 211 by extending the prohibition on recognition of the Havana Club trademark from courts to all
US federal agencies, including the USPTO and the OFAC, which technically makes it impossible for Cubaexport to
renew its trademark in 2026. The bill was signed by president Biden and became law on December 1st 2024.
• This law applies exclusively to the US registered Havana Club trademark but has no impact at all on the Havana Club
joint-venture’s rights over the Havana Club trademark which is registered by the JV in over 200 countries worldwide.

II. Renewal of the Havana Club trademark in the US
• In 1976, Cubaexport obtained the registration of the Havana Club trademark in the United States from USPTO for 20
years.
• In 1996, Cubaexport applied for and obtained the renewal of its trademark from USPTO for 10 years.
• In 2006, Cubaexport applied for a further 10-year renewal of its trademark with USPTO but, on the basis of Section 211
adopted in 1998, the USPTO refused to record the renewal of the trademark registration in the absence of an OFAC
license. Cubaexport also requested a license from OFAC, which OFAC denied. Cubaexport appealed OFAC’s decision
before the Federal Court of the District of Columbia, which dismissed it in 2009. Cubaexport appealed this decision to
the Court of Appeals for the District of Columbia, which in 2011 upheld the decision of the lower court. Cubaexport
filed a petition for a writ of certiorari asking the United States Supreme Court to review the case with the support of
the French government, the National Foreign Trade Council, and the Washington Legal Foundation. In 2012, the
Supreme Court denied Cubaexport’s petition, thus ending Cubaexport’s dispute with OFAC.
• Between 2006 and 2016, Cubaexport’s Havana Club trademark registration remained in a “frozen” status with the
USPTO while the USPTO Director considered Cubaexport’s petition to review the decision not to record the renewal of
the registration.
• In 2015, Cubaexport once again applied for a license from OFAC to renew its trademark registration and obtained it.
On this basis, in 2016, Cubaexport applied and obtained from the USPTO the renewal of its trademark retroactively
from 2006 to 2016 and for an additional period of 10 years until 2026.


HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 29
• As a consequence of the enactment of the NST, Cubaexport will no longer be able to obtain an OFAC license to renew
its US trademark registration for another 10 years, as it successfully did in 2016. As a result, Cubaexports’ registration
should definitively expire in July 2026 (Cubaexport remains the legitimate owner of the brand until that date), leading
to its cancellation and allowing Bacardi to apply for the registration of its own Havana Club trademark in the US
market.

III. Ongoing litigations in front of the US Federal Courts

1. Dispute over the ownership of the HC trademark in the US before the District of Columbia Court (DC Case)

• In 1995, Bacardi brought a case before the Trademark Trial and Appeal Board (TTAB), which is the judicial body of the
United States Patent and Trademark Office (USPTO), seeking the cancellation of the registration of the “Havana Club”
trademark registered since 1976 by Cubaexport in the United States.
• In January 2004, the TTAB rejected this claim, thereby refusing the cancellation of the registration. Bacardi appealed
this decision to the Federal Court of the District of Columbia (DC Court). The proceedings before the DC Court were
suspended after the USPTO refused to renew the trademark in 2006, and resumed in January 2016 after the renewal
was granted. On this occasion, Bacardi filed additional claims to challenge the 2016 renewal, to which Cubaexport
responded with two motions filed in August 2016: one motion seeking dismissal of all substantive claims made by
Bacardi, and another motion seeking expedited proceedings on certain aspects.
• On March 6, 2023, the DC Court partially granted and partially denied Cubaexport’ motions, referring the arguments
rejected in the motions to analysis on the merits. On April 19, 2023, Cubaexport responded to Bacardi’s initial claims
and filed a counterclaim for infringement of its Havana Club trademark in the US. Bacardi filed a motion to dismiss
Cubaexport’s counterclaim.
• On October 15, 2024, the DC Court granted Bacardi’s motion to dismiss Cubaexport’s counterclaim. This decision does
not impact the main substantive question of the ownership of the Havana Club trademark in the United States which
remains to be resolved by the DC Court.
Current status and next steps:
• The DC Court proceedings are currently ongoing notably with the discovery procedure which is not expected to finalize
before June 2025.
• The NST adopted on December 1st, 2024, may impact the procedure and outcome of this litigation. These implications
are currently being assessed by PR legal teams.

2. Dispute over the validity of the renewal of the HC trademark in front of the District Court of Virginia (USPTO
Case)

• In 2021, Bacardi filed a parallel lawsuit against the USPTO in the United States District Court for the Eastern District of
Virginia to request the cancellation of the renewal of the trademark granted in 2016 on the grounds that the USPTO
did not have the necessary authority to renew this trademark.
• In 2022, the District Court dismissed Bacardi’s claims on jurisdictional grounds. Bacardi appealed this decision to the
United States Court of Appeals for the Fourth Circuit.
• In June 2024, the Court of Appeals overturned the decision of the District Court that it lacked authority to hear the case
and referred the case back to the District Court of Virginia for further analysis.
• In August 2024, the District Court of Virginia signed an order allowing Cubaexport to intervene in the litigation
between Bacardi and USPTO.
Current status and next steps:
• In December 2024, the parties submitted to the Court their motions for summary judgment, and their respective
oppositions and replies.
• On 24 January 2025, the Court heard oral arguments on both sides’ motions for summary judgment and ruled in favor
of USPTO and Cubaexport and dismissed Bacardi’s claim seeking cancellation of USPTO’s 2016 decision to renew
Cubaexport’s US Havana Club trademark. The Court’s written order detailing the Court’s reasoning is expected in
February. Bacardi may appeal this decision to the competent Court of Appeal.
• The outcome of this case may impact the other pending litigation (DC Case). If, following this procedure, the Courts
were to grant Bacardi’s request and conclude that the USPTO acted beyond its authority in granting the renewal, this
would mean that the registration of Cubaexport’s trademark would be considered expired from 2006. On the contrary,
if Bacardi’s request is denied, the USPTO’s decision will stand confirming Cubaexport’s ownership of the US HC brand.

• The NST may also impact the procedure and outcome of this litigation. These implications are currently being assessed
by PR legal teams.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 30
Tax disputes
The Group’s companies are regularly audited by the tax authorities in the countries in which they are registered.
The assessment of the risk related to each tax dispute is regularly reviewed by the affiliate and by the Group’s Tax
Department, with the assistance of external counsel for the most material or complex cases. Provisions are recognised if
necessary. Pernod Ricard provides no further details (other than in exceptional circumstances), as disclosing the amount
of any provision for ongoing tax litigation could cause the Group serious harm.

India
• Pernod Ricard India Ltd has an ongoing dispute with the Indian customs authorities over the declared transaction value
of concentrates of alcoholic beverages (CAB) imported into India. Customs are challenging the transaction values, arguing
that some competitors used different values for the import of similar goods. This matter was ruled on by the Supreme
Court, which issued an order in July 2010, setting out the principles applicable for the determination of values that should
be taken into account for the calculation of duty. Pernod Ricard India Ltd has already paid the corresponding amounts up
to 2001. For the period between 2001 and December 2010, Pernod Ricard India Ltd has paid almost the entire differential
duty as determined by customs in Delhi following the initial adjustment notice received in 2011. A second notice received
in 2013 and confirmed by a court on 14 August 2017 has been suspended by the Supreme Court. As regards the
Company’s CAB imports since 2011, Indian authorities have issued reports challenging the transaction values as well as
three show cause notices dated 2022, but failed to disclose all the data underlying their allegations. The Group has filed
court requests to obtain such data and continues to actively work with the authorities and courts to resolve pending
issues. In addition, pending resolution of the dispute, the customs authorities have demanded bank guarantees for the
additional adjusted duties. The company challenged this request before the Supreme Court and obtained a stay of
execution in March 2023. Further, Common Adjudicating Authority (‘CAA’) has been appointed in New Delhi to adjudicate
upon the case. On April 16, 2024, Pernod Ricard India has filed a common reply to all three show cause notices before
CAA.
• Pernod Ricard India is also involved in a debate with the Indian customs authorities over the transaction value of
international products imported into India. Discussions are ongoing with the relevant authorities and courts.
• Moreover, Pernod Ricard India received several notices of tax adjustment for 2007 to 2021 relating to the tax deductibility
of advertising and promotion expenses (see Note 6.4 – Contingent liabilities). In 2020, Pernod Ricard India obtained two
court rulings in its favour for the period from 2007 to 2014, strengthening its position on the tax deductibility of
advertising and promotion expenses. High Court has dismissed Tax Department’s appeal against these court rulings in
2024.
• It should be noted that a provision for the above-mentioned disputes is only recognised, as appropriate in other
provisions for risks and charges (see Note 4.6 – Provisions) or in income taxes payable (see Note 3.3 – Corporate income
tax), when it is probable that a present obligation arising as a result of a past event will require the payment of an amount
that can be estimated reliably. The amount of the provision is the best estimate of the expenditure required to settle the
liability.


Commercial disputes
Colombia
Two separate complaints were filed jointly before the Colombian Competition Agency (Superintendencia de Industria y
Comercio) on 14 November 2017 by the department of Cundinamarca and its wholly owned distilling company Empresa
de Licores de Cundinamarca against Pernod Ricard SA, Pernod Ricard Colombia SA and a competitor company. In late
December 2020, Pernod Ricard Colombia received notice of a similar complaint, initially filed in September 2019 by the
departments of Valle and Antioquia (as well as wholly owned distillation companies). The complaint alleges that the
defendants have committed violations of the Colombian Unfair Competition Act and, in particular, Articles 7 and 18
thereof, through the illegal import of spirits into Colombia. The complaints allege that the companies have gained an
unfair market advantage over local producers through such activity. The plaintiffs seek damages corresponding to the
loss of profits and taxes over the period 2013/17 (2019 in the case of Valle and Antioquia).
Pernod Ricard intends to vigorously defend itself against such allegations. These complaints contains allegations that
are similar to those made in prior legal proceedings before the New York courts brought by Cundinamarca, the Republic
of Colombia and several other Colombian departments in 2004. The New York proceedings were voluntarily discontinued
by the parties in 2012.


Note 6.6. Related parties
During the first half-year ended 31 December 2024, relations between the Group and its associates remained the same
as in the financial year ended 30 June 2024, as mentioned in the Universal Registration Document.
In particular, no transactions considered unusual with regards to their nature or amount occurred over the period.


Note 6.7. Subsequent Events
There are no post-closing events having significant impact on the Group’s financial statements.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 31
NOTE 7. Consolidation scope
There is no significant change in the consolidation scope in the first half of the 2024/25 financial year.




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 32
4 STATUTORY AUDITORS’ REVIEW REPORT ON THE
HALF-YEAR FINANCIAL INFORMATION

This is a free translation into English of the statutory auditors’ review report on the half-yearly financial information
issued in French and is provided solely for the convenience of English-speaking users. This report includes information
relating to the specific verification of information given in the Group’s half-yearly management report. This report
should be read in conjunction with, and construed in accordance with, French law and professional standards
applicable in France.

To the Shareholders of Pernod Ricard S.A.,

In compliance with the assignment entrusted to us by your Shareholders’ meetings and in accordance with the
requirements of article L. 451-1-2 III of the French Monetary and Financial Code ("Code monétaire et financier"), we
hereby report to you on:
• the review of the accompanying condensed half-yearly consolidated financial statements of Pernod Ricard S.A., for the
period from July 1 to December 31, 2024,
• the verification of the information presented in the half-yearly management report.
These condensed half-yearly consolidated financial statements were prepared under the responsibility of the Board of
Directors. Our role is to express a conclusion on these financial statements based on our review.

Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France. A review of interim financial
information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with professional standards applicable in France and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 -
standard of the IFRSs as adopted by the European Union applicable to interim financial information.

Specific verification
We have also verified the information presented in the half-yearly management report on the condensed half-yearly
consolidated financial statements subject to our review. We have no matters to report as to its fair presentation and
consistency with the condensed half-yearly consolidated financial statements.


Paris La Défense, February 13, 2025
The Statutory Auditors
French original signed by

KPMG S.A. Deloitte & Associés

Sara Righenzi de Villers Adrien Johner Marc de Villartay Loris Strappazzon
Partner Partner Partner Partner




HALF-YEAR FINANCIAL REPORT DECEMBER 31 2024 — Pernod Ricard 33