Pernod Ricard S A (PRNDY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. We are pleased to have you for our H1 FY26 results. Alexandre Ricard and Hélène de Tissot will take you through the highlights before we open the Q&A session. Over to you, Alexandre. Well, thank you very much, Joëlle, and good morning to all of you. I suggest we go into our first half of fiscal year 26 sales and results. Now, before we deep dive into all the details of this first half, I would like us to, for a couple minutes, just sit back and think about the underlying, I would say, mindset that underpins these results and what we're about to share with you for the short and medium term. So, steering with agility, discipline, and strategic conviction in what we call a transition period. So, first of all, and I hope you'll get a gist of this in a few minutes, but we are clearly adapting our organization and executing strategies to go and capture growth where it lays. Because at the end of the day, in a contrasted environment, there are, of course, some challenges, but clearly as well, some opportunities in an environment as well where consumer trends are continuously evolving, which is not new. Second, you'll see we have made rapid progress on the delivery of our 1 billion euros operational efficiency program, which we introduced exactly a year ago. You'll see where we stand on that program. Third, you'll see as well we have a clear focus on on cash generation to preserve our strong balance sheet with, and we'll focus and deep dive on this with Hélène in a few minutes, normalizing strategic investments and improved operating working capital. Finally, and this will be a conclusion later this morning, we remain absolutely confident in the attractive fundamentals of the industry, in our strategy, in our operating model and we confirm our outlook...