Remy Cointreau Sa Ord (REMYF) Q2 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.059 Hello, and welcome to the Rémi Cointreau Q2 Sales Conference call. 00:00:05.059 -- 00:00:09.386 Please note this conference is being recorded, and for the duration of the call, your 00:00:09.386 -- 00:00:14.574 lines will be on listen only. However, you'll have the opportunity to ask questions after 00:00:14.574 -- 00:00:19.942 the presentation, and this can be done by pressing star 1 on your telephone keypad 00:00:19.942 -- 00:00:25.090 to register your question. You are kindly asked to limit yourselves to two 00:00:25.090 -- 00:00:26.795 questions only. 00:00:26.795 -- 00:00:32.440 If you require assistance at any point, please press star zero and you'll 00:00:34.865 -- 00:00:36.988 be... ...to an operator. 00:00:36.988 -- 00:00:42.115 I will now hand you over to Luca Marotta, CFO, to begin today's conference. 00:00:42.115 -- 00:00:44.838 Thank you. Good morning, everyone. 00:00:44.838 -- 00:00:50.325 Thank you for joining us today. As highlighted in our 00:00:50.325 -- 00:00:55.330 press release, H1 sales decreased by... 00:00:55.330 -- 00:00:57.891 4.2% organically. 00:00:58.033 -- 00:01:03.358 This performance includes a minus 11% decline 00:01:03.358 -- 00:01:08.482 in Q2, which should be, as expected, the lowest quarter 00:01:08.482 -- 00:01:12.184 of the year. It reflects 00:01:14.969 -- 00:01:20.814 some adverse phasing effect in a still challenging 00:01:20.814 -- 00:01:26.551 macroeconomic environment. This result stems from mixed 00:01:26.551 -- 00:01:31.758 regional trends mainly driven by, on one hand, 00:01:31.758 -- 00:01:37.326 strong sales growth in the U.S. cognac division for a second consecutive 00:01:37.326 -- 00:01:43.135 quarter, supported clearly by low comps, but also improved sequential 00:01:43.135 -- 00...