保乐力加(PDRDF)最新财年净销售额达到94.04亿欧元 有机口径同比下降3.9%

金吾财讯
Aug 27

金吾财讯 | 保乐力加(PDRDF)公布最新财年经营数据,财年净销售额达到94.04亿欧元,有机口径同比下降3.9%,报告口径下滑14.2%。集团净利润份额12.03亿欧元,同比回落26%,主要受到重组带来的非经常性成本抬升影响,每股收益下降19%至5.85欧元。尽管营收利润端出现下滑,公司现金流表现保持韧性,自由现金流录得11.97亿欧元,相较2025财年提升6%,现金转换率大幅上行17个百分点至91%。债务层面,公司净债务较2025年6月30日减少6500万欧元,当前净债务规模106.62亿欧元。对于2027财年,保乐力加判断全年有机净销售大体维持平稳,外部经营环境不确定性较强。美中市场受一季度库存调整因素拖累出现下行,管理层预判中国市场基础趋势有望迎来改善;除中美之外的全球区域保持向好态势,印度市场实现强劲增长。企业将维持A&P投入占净销售比重约16%,战略投资额预计约7亿欧元,持续推进数字化转型,严控各项成本,捍卫有机运营利润率,预期现金转换率维持在90%附近,保持稳健的营运资金管理。拉长至2027-2029财年中期维度,受美国市场疲软现状约束,保乐力加设定有机净销售增长目标,区间落在3%-6%的下限附近。公司将依靠运营效率改革、成本管控与数字化投入对冲部分核心市场压力,同时依托印度等新兴市场的高景气,平衡整体业务表现。烈酒行业面临消费需求波动、渠道库存调整等多重变量,中期业绩能否达成,将取决于美国市场回暖节奏以及中国市场基本面修复进度。

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