人头马君度（RCO FP）2025财年初步观察

Edward Mundy, ACA * | Equity Analyst44 (0)20 7029 8476 | emundy@jefferies.comAndrei Andon-Ionita, CFA * | Equity Analyst+44 (0) 207548-4173 | aandon-ionita@jefferies.com Exhibit 1 - Jeff vs Act vs Cons.Year end: 31 MarchGroup (EURm)Total SalesOrganic (%)FXM&AGroup BrandsOrganic (%)Group EBITOrganic EBIT (%)FX impactEBIT MarginYoY Margin (bps)CognacOrganic sales (%)EBITOrganic EBIT (%)EBIT MarginYoY Margin (bps)Liqueurs & SpiritsOrganic sales (%)EBITOrganic EBIT (%)EBIT MarginYoY Margin (bps)Partner BrandsOrganic sales (%)EBITOrganic EBIT (%)EBIT MarginYoY Margin (bps)Holding co costsAdj Net incomeAdj EPS (basic)Source: Jefferies, Visible Alpha, Company dataPlease see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionRémy CointreauRémy Cointreau is a French alcoholic beverage company that produces cognac, liqueurs, and spirits.Company Valuation/RisksRémy CointreauDCF-derived price target. Risks include macro, inventory volatility, and China.Analyst Certification:I, Edward Mundy, ACA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Andrei Andon-Ionita, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Edward Mundy, ACA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby a research analyst.Registration of non-US analysts:Andrei Andon-Ionita, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more withina 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security priceconsistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform ratedsecurities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/orJefferies policies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of commun