Remy Cointreau Sa Ord (REMYF) Q4 2026 Earnings Call

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WEBVTT 00:00:00.908 -- 00:00:04.350 Welcome to the Remy Contreau 2025-2026 00:00:04.492 -- 00:00:09.397 Fourth Quarter Sales Presentation. For the first part of the conference call, the participants 00:00:09.397 -- 00:00:14.183 will be in listen-only mode. During the questions and answers session, participants are 00:00:14.183 -- 00:00:19.148 able to ask questions by dialing pound key 5 on the telephone keypad. 00:00:19.148 -- 00:00:24.054 Now I will hand the conference over to Luca Murata, Deputy CEO and CFO. 00:00:24.054 -- 00:00:26.895 Please, sir, go ahead. 00:00:27.773 -- 00:00:32.300 Good morning, everyone, and thank you for joining us today. 00:00:32.300 -- 00:00:38.130 As highlighted in our press release, Q4 sales grew by 8.9% 00:00:38.130 -- 00:00:44.320 organically speaking, including 4 points of Chinese New Year calendar effects. 00:00:44.320 -- 00:00:46.704 This performance reflects 00:00:46.704 -- 00:00:50.627 a strong growth of cognac, plus 15.5%, 00:00:51.030 -- 00:00:55.870 including 7 points of Chinese New Year calendar effects, positively. 00:00:55.870 -- 00:01:01.135 mainly driven by China, which benefited from a favorable base of comparison, 00:01:01.135 -- 00:01:05.299 including the end of the disruption in the Chinese duty-free. 00:01:05.299 -- 00:01:10.144 As a reminder, it was clearly present the previous year in Q4. 00:01:10.144 -- 00:01:12.546 And, clearly, 00:01:12.546 -- 00:01:17.450 another positive element, which is the good resilience during the Chinese New Year. 00:01:17.450 -- 00:01:22.475 In parallel, America recorded a moderate decline due to high comps in the 00:01:22.475 -- 00:01:26.549 U.S. and some phasing effects specifically in Canada. 00:01:26.549 -- 00:01:29.854 Second important point to highlight 00:01:29.854 -- 00:01:34.44...