Remy Cointreau Sa Ord (REMYF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the Remy Control Credit Tree Sales 2425. My name is Caroline and I'll be your coordinator for today's event. Please note this call is being recorded and for the duration of the call, your lines will be on listen only mode. However, you will have an opportunity to ask questions at the end of the call. This can be done by pressing star 1 on your telephone keypad to register your questions. We kindly request you to limit the number of questions to 2 per person. If you require assistance at any point, please press star 0 and you'll be connected to an operator. I will now hand over the call to your host, Luca Marotta, the CFO, to begin today's conference. Thank you. Good morning, everyone. Thank you for joining us today. As highlighted in our press release, Q3 sales declined by 21.5% organically. This performance reflects several key factors. First, high comparison and ongoing stocking in the U.S., despite a slight sequential improvement in volume depletion from Q2 to Q3. Second, challenging market condition in China in APAC trade retail. Third, a significant sequential improvement in the rest of the world, including Europe and the rest of Asia, which returned to growth in Q3. And fourth, last but not least, a positive calendar effect linked to Chinese New Year, which is earlier this year, more or less 1.5 points in Q3 at group level, representing in absolute value around 5 million euros. So far, trends for Chinese New Year are soft but slightly better than our initial expectations. Futury sales decline is broken down as follows. Volume decreased of minus 13.8% and minus 7.7% of price mix effects, largely driven by the underperformance of high-end brands. Lastly, the cost-cutting plan is progressing well in line and in line clear with our roadmap high...