Kering Sa Ord (PPRUF) Q4 2025 Earnings Call

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WEBVTT 00:00:01.246 -- 00:00:04.491 Good morning, everyone, and thank you for joining us this morning. 00:00:04.491 -- 00:00:09.358 We are pleased to welcome you to our Caring 2025 Folio Results. 00:00:09.358 -- 00:00:14.466 We are here with Luca De Meo, CEO of Caring, Jean-Marc Duplex, CEO 00:00:14.466 -- 00:00:19.553 of Caring, and Armel Poulou, CFO. This presentation will be followed by a Q&A 00:00:19.553 -- 00:00:23.536 session. Luca, the floor is yours. 00:00:26.384 -- 00:00:28.987 Thank you, Philippine. Good morning, everyone. 00:00:28.987 -- 00:00:34.408 Very happy to be with you today. Of course 2025 was not 00:00:34.408 -- 00:00:40.059 the year we wanted. I think it didn't reflect the full potential of Caring 00:00:40.059 -- 00:00:46.608 and we all know it here. But what matters is our response. 00:00:46.611 -- 00:00:49.056 Swift, disciplined 00:00:49.056 -- 00:00:51.100 and unwavering. 00:00:51.100 -- 00:00:56.464 Since the second half of the year I can assure you 00:00:56.464 -- 00:01:01.729 we have been taking action decisively to put the group back on the right 00:01:01.729 -- 00:01:03.590 trajectory. 00:01:03.590 -- 00:01:06.913 I think we're still far from where we want to be. 00:01:06.913 -- 00:01:11.738 We don't have everything in place yet, 00:01:11.738 -- 00:01:16.802 but we're building every day with focus. 00:01:16.802 -- 00:01:19.663 Our objective is clear. 00:01:20.966 -- 00:01:26.063 Reignite desirability. and prepare the next cycle of growth, house by 00:01:26.063 -- 00:01:31.831 house, product by product, client by client. 00:01:31.831 -- 00:01:33.954 So 2025 was 00:01:33.954 -- 00:01:39.001 a turning point, not because of the numbers, but because of the decision we 00:01:39.001 -- 00:01:41.004 started to take. 00:01:41.004 -- 00:01:43.488 A...