Pernod Ricard reported fiscal 2026 consolidated sales of €9.404 billion, with organic sales down 3.9% year on year, below the company-compiled 3.7% consensus forecast. Sales fell 14% in the United States and 19% in China, the group's largest markets, as U.S. inventory adjustments persisted and China's weak economy, consumer sentiment and regulatory measures hurt demand. CEO Alexandre Ricard said he sees almost no growth potential in the U.S. business over the next three years, although Pernod's geographic breadth should support the group. Outside the two markets, organic sales rose 0.5%; India grew 7% and overtook China as Pernod's second-largest market, while Japan and South Korea also performed strongly. Full-year organic operating profit fell 5.2%, reported operating profit declined 17.9%, and the company proposed an unchanged dividend of €4.70 per share. Pernod expects fiscal 2027 organic sales to be broadly flat, with stronger momentum in India and other regions offsetting continued pressure in the U.S. and China. It expects to complete its €1 billion restructuring program a year early and is preparing a potential IPO of its India business.