Pernod Ricard S A (PRNDY) Q2 2026 Earnings Call

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WEBVTT 00:00:01.027 -- 00:00:07.093 Good morning, everyone. We are pleased to have you for our H1 FY26 results. 00:00:07.093 -- 00:00:12.077 Alexandre Ricard and Hélène de Tissot will take you through the highlights before we 00:00:12.077 -- 00:00:16.401 open the Q&A session. Over to you, Alexandre. 00:00:16.401 -- 00:00:21.345 Well, thank you very much, Joëlle, and good morning to all of you. 00:00:21.345 -- 00:00:28.170 I suggest we go into our first half of fiscal year 26 sales 00:00:28.532 -- 00:00:30.271 and results. 00:00:30.271 -- 00:00:36.059 Now, before we deep dive into all the details 00:00:36.059 -- 00:00:41.267 of this first half, I would like us to, for a couple minutes, just sit 00:00:41.267 -- 00:00:43.330 back and think 00:00:43.330 -- 00:00:49.518 about the underlying, I would say, mindset that underpins 00:00:49.518 -- 00:00:54.145 these results and what we're about to share with you for the 00:00:54.145 -- 00:01:00.331 short and medium term. So, steering with agility, discipline, 00:01:00.342 -- 00:01:06.358 and strategic conviction in what we call a transition 00:01:06.358 -- 00:01:11.552 period. So, first of all, and I hope you'll get a gist of this 00:01:11.552 -- 00:01:17.267 in a few minutes, but we are clearly adapting our organization and executing 00:01:17.267 -- 00:01:22.873 strategies to go and capture growth where it lays. 00:01:22.873 -- 00:01:26.517 Because at the end of the day, in a contrasted environment, 00:01:26.517 -- 00:01:31.943 there are, of course, some challenges, but clearly as well, some opportunities 00:01:31.943 -- 00:01:37.109 in an environment as well where consumer trends are continuously evolving, which is not 00:01:37.109 -- 00:01:42.626 new. Second, you'll see we have made rapid progress on the delivery 00:01:42.6...