Remy Cointreau Sa Ord (REMYF) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.916 Hello and welcome to the Remy Control Credit Tree Sales 2425. 00:00:03.916 -- 00:00:07.741 My name is Caroline and I'll be your coordinator for today's event. 00:00:07.741 -- 00:00:11.125 Please note this call is being recorded and for the duration of the call, your lines 00:00:11.125 -- 00:00:15.932 will be on listen only mode. However, you will have an opportunity to ask questions at 00:00:15.932 -- 00:00:20.658 the end of the call. This can be done by pressing star 1 on your telephone keypad to 00:00:20.658 -- 00:00:25.184 register your questions. We kindly request you to limit the number of questions to 2 00:00:25.184 -- 00:00:30.339 per person. If you require assistance at any point, please press star 0 and 00:00:30.339 -- 00:00:34.565 you'll be connected to an operator. I will now hand over the call to your host, Luca 00:00:34.565 -- 00:00:36.989 Marotta, the CFO, to begin today's conference. 00:00:36.989 -- 00:00:39.269 Thank you. 00:00:40.353 -- 00:00:44.179 Good morning, everyone. Thank you for joining us today. 00:00:44.179 -- 00:00:49.606 As highlighted in our press release, Q3 sales 00:00:49.606 -- 00:00:53.489 declined by 21.5% organically. 00:00:54.653 -- 00:00:59.954 This performance reflects several key factors. 00:00:59.954 -- 00:01:05.039 First, high comparison and ongoing stocking in the U.S., 00:01:05.039 -- 00:01:10.164 despite a slight sequential improvement in volume depletion from 00:01:10.164 -- 00:01:12.467 Q2 to Q3. 00:01:12.467 -- 00:01:18.533 Second, challenging market condition in China in APAC trade retail. 00:01:18.533 -- 00:01:23.738 Third, a significant sequential improvement in the rest of the world, 00:01:23.738 -- 00:01:29.249 including Europe and the rest of Asia, which returned to growth in Q3...