Pernod Ricard S A (PRNDY) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.697 We're delighted to welcome you to our FY25 sales and results call. 00:00:05.697 -- 00:00:10.341 Alex and Hélène will take you through the presentation before we open for your questions. 00:00:10.341 -- 00:00:12.103 Alex, over to you. 00:00:12.103 -- 00:00:17.449 Well, thank you very much and good morning to all of you and I do hope 00:00:17.449 -- 00:00:22.654 you had a nice and enjoyable summer. So welcome to our fiscal 00:00:22.654 -- 00:00:28.059 year 25 sales and results and let's dive into them 00:00:28.059 -- 00:00:30.059 directly. 00:00:30.845 -- 00:00:37.174 Well, first of all, the title is a pretty clear reflection 00:00:37.174 -- 00:00:41.940 of the mindset of Pernod Ricard, of all the teams in Pernod Ricard. 00:00:41.940 -- 00:00:45.766 Steering through a challenging environment with agility, 00:00:45.766 -- 00:00:47.728 with discipline, 00:00:47.728 -- 00:00:52.546 and more importantly so, with strategic conviction. 00:00:52.546 -- 00:00:58.273 And at the end of the day, this has delivered organic margin expansion. 00:00:58.273 -- 00:01:03.940 We have kept on investing behind our brands and their desirability, 00:01:03.940 -- 00:01:09.807 and investing for the long-term growth of Pernod Ricard. 00:01:09.807 -- 00:01:15.474 Our net sales are down 3% organically and minus 6% 00:01:15.474 -- 00:01:20.677 in reported terms, basically impacted by currency impacts. 00:01:20.677 -- 00:01:26.103 What I believe is very important is the continued volume recovery 00:01:26.103 -- 00:01:31.809 at plus 2% for the full fiscal year with the third consecutive semester 00:01:31.809 -- 00:01:37.475 of volume growth. So volume has resumed and is confirmed 00:01:37.475 -- 00:01:42.560 for the third consecutive semester. Declines in China, U...