Pernod Ricard S A (PRNDY) Q3 2025 Earnings Call

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WEBVTT 00:00:00.723 -- 00:00:04.147 Hello, everyone, and welcome to our Q3 FY25 00:00:04.147 -- 00:00:08.252 sales calls. I guess you've all seen the press release this morning. 00:00:08.252 -- 00:00:12.297 Hélène de Tissot, our Group CFO, will provide a brief opening comment before we move 00:00:12.297 -- 00:00:17.403 to your questions. To allow everyone to ask a question, please ensure you have 00:00:17.403 -- 00:00:20.527 two question maximums for Hélène. Thank you. 00:00:20.527 -- 00:00:22.129 Hélène, over to you. 00:00:22.129 -- 00:00:24.512 Thank you, Florence, and good morning, everyone. 00:00:24.512 -- 00:00:29.714 Thank you for joining this Q3 sales call. We report a resilient performance 00:00:29.714 -- 00:00:35.342 with organic materials minus 3% in Q3, minus 3% reported, 00:00:35.342 -- 00:00:38.166 and year-to-date minus 4%, 00:00:38.166 -- 00:00:43.213 organic minus 5% reported. Volumes are growing year-to-date 00:00:43.213 -- 00:00:47.899 at plus 1%. Price mix is minus 5%, 00:00:47.899 -- 00:00:52.105 primarily caused by strongly negative market mix effect. 00:00:52.105 -- 00:00:57.191 Note that there are some phasing technicalities impacting Q3 that will reverse in 00:00:57.191 -- 00:01:02.458 Q4. In India, to start with, the implementation of new automated customs 00:01:02.458 -- 00:01:08.043 clearance procedures that has delayed the clearance of our imported brands, and a temporary 00:01:08.043 -- 00:01:13.048 production interruption in a third-party production facility in one major state, which 00:01:13.048 -- 00:01:15.150 is now resolved. 00:01:15.150 -- 00:01:18.713 Second technicalities, global travel retail. 00:01:18.713 -- 00:01:23.818 In addition to the impact of the suspension of cognac in duty-free, the quarter is impacted 00:01:23.818 -- 0...