Pernod Ricard, FR0000120693

Pernod Ricard issues EUR 1.5 billion: RBC lifts target for Pernod Ricard stock

Published on 10/26/2026 at 10:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-quarter fiscal 2026/27 revenue fell 6.3 percent to EUR 2.234 billion. Pernod Ricard stock costs EUR 67.34, 0.71 percent below Xetra close.

Debt action and operating pressure

Pernod Ricard completed a EUR 1.5 billion hybrid bond issuance on October 22, 2026.
First-quarter fiscal 2026/27 revenue fell 6.3 percent to EUR 2.234 billion.
Pernod Ricard stock trades at EUR 67.34 at 10:16 a.m. CEST at Lang & Schwarz on October 26, 2026, 0.71 percent below the Xetra close of October 23, 2026.
RBC raised its target from EUR 69.00 to EUR 71.00 on October 19, 2026.
The annual general meeting is scheduled for November 20, 2026.

Modernes Glashochhaus als Firmensitz, Pernod Ricard S.A. FR0000120693 Architektur-Render — Architektur-Render eines modernen Bürohochhauses symbolisiert den Unternehmenssitz von Pernod Ricard S.A. FR0000120693 in Paris, Illustration mit AI erstellt.

Pernod Ricard completed a EUR 1.5 billion hybrid bond issuance on October 22, 2026, while its stock was trading at EUR 67.34 at Lang & Schwarz on October 26, 2026 at 10:16 a.m. CEST, 0.71 percent below the Xetra close of October 23, 2026. The financing move follows first-quarter sales pressure and a higher RBC valuation target.

Debt action follows weak sales

According to Pernod Ricard, the group successfully completed the hybrid bond issuance on October 22, 2026. The investor-relations page also lists a tender offer announced on October 20 for seven existing note series, linking the financing plan to debt management.

The operating backdrop is weaker. In the first quarter of fiscal 2026/27, revenue fell 6.3 percent on a reported basis to EUR 2.234 billion and declined 0.9 percent organically, according to the company's Pernod Ricard release dated October 15, 2026.

Three events set the timeline

On August 27, 2026, Pernod Ricard reported fiscal 2025/26 organic sales down 3.9 percent and recurring operating profit down 5.2 percent, according to the company release. On October 15, 2026, first-quarter fiscal 2026/27 revenue reached EUR 2.234 billion, with reported growth down 6.3 percent. On October 22, 2026, the company completed the EUR 1.5 billion hybrid bond issuance, as listed on its investor-relations page.

What does the debt action change?

Pernod Ricard's net debt to EBITDA ratio stood at 3.3 in fiscal 2025/26, while the group targets a ratio below 3.0 by fiscal 2028/29. That target gives the bond transaction a balance-sheet purpose beyond refinancing, even as first-quarter sales fell 10 percent in the United States and 25 percent in China.

Analyst support is cautious rather than broad-based. According to Boursorama on October 19, 2026, RBC kept a Market-Perform rating and raised its price target from EUR 69.00 to EUR 71.00. The target is 5.43 percent above the Lang & Schwarz price of EUR 67.34.

Dates for the next checkpoints

Pernod Ricard's annual general meeting is scheduled for November 20, 2026. The company lists first-half fiscal 2026/27 sales and results for February 18, 2027.

Stock stays below the target

The bond issuance improves the financing narrative, but the next test remains the conversion of the group's cost and debt plans into sales growth. At 10:16 a.m. CEST, Pernod Ricard stock was trading at EUR 67.34 at Lang & Schwarz on October 26, 2026, minus 0.71 percent versus the Xetra close of October 23, 2026 at EUR 67.82. The further course of trading is shown by the continuously updated real-time quote of Pernod Ricard stock.