Chivas Brothers, the Scotch whisky business of Pernod Ricard, announced its H1 FY25 (July 2024 – December 2024) financial results with organic net sales down 2% due to a slow first quarter with gradual recovery in the second.

“This modest dip reflects the complex market dynamics seen across the wider Scotch category, alongside ongoing global economic headwinds,” said Chivas.

Ballantine’s global sales saw strong growth of 8%, driven by Ballantine’s Finest which increased sales in most of its strategic markets.

Chivas Regal grew by 3%, supported by consumer appetite of its beloved Chivas 12 and Chivas 18 offerings as well as “intrigue” for innovative new product launches such as Chivas Regal Extra Smoky Cask, which saw strong performance in its launch market of Turkey towards the tail end of the half.

The Glenlivet global sales fell 9% as a result of challenging US and Asian market dynamics, but saw growth in South Africa and India.

Royal Salute experienced a 20% decline “as a result of tightened consumer spending across key Asian markets, with the exception of Taiwan where appetite for Royal Salute’s signature blends persists.”

Overall, emerging markets such as Turkey (+56%), Brazil (+8%) and India (+1%) generated positivity for Chivas Regal and Ballantine’s as consumers continue to seek out and trade up to premium Scotch whisky.

“This is contrasted by ongoing challenging conditions in other markets, with dynamics in the US (-10%) and China (-19%) particularly impacting strategic brands across the breadth of the Chivas Brothers portfolio,” said Chivas.

Chivas Brothers’ Chairman and CEO, Jean-Etienne Gourgues, said: “Our H1 FY25 performance reflects the complexity of the global Scotch market, along with the agility and resilience of our organisation.

“While we remain realistic about short-term challenges, we’re taking a dynamic approach to investments in our brands and in our business to help navigate through these headwinds while preserving our long-term ambition.”