1) Leadership Transition and Strategic Focus - Alexandre Ricard introduced Mauve Croizat as the new Deputy CFO, emphasizing her extensive experience within Pernod Ricard. - The company is focused on a consumer-centric growth strategy, leveraging insights to adapt to rapidly changing consumer preferences. - Pernod Ricard is committed to its operational efficiency program, aiming for EUR 1 billion in savings by FY '28, one year ahead of schedule.

2) Financial Performance Overview - Fiscal year '26 saw a 4% decline in organic net sales and a 14% decline reported, with significant impacts from the U.S. and China markets. - Free cash flow improved to EUR 1.2 billion, a 6% increase, with cash conversion at 91%. - Earnings per share (EPS) decreased to EUR 5.85, reflecting a 19% decline year-over-year.

3) Market Challenges and Headwinds - The U.S. market experienced a 14% decline, attributed to inventory adjustments and weak consumer confidence. - China faced a 19% decline due to challenging macroeconomic conditions and regulatory impacts, particularly affecting the prestige category. - The Middle East conflict negatively impacted sales in Q4, contributing to a 29% decline in that region.

4) Operational Plans and Innovations - The company is focusing on adapting to consumer trends, including affordability and convenience, with initiatives in ready-to-drink (RTD) products and premiumization. - Strong growth is anticipated in India, driven by premiumization trends and the recent U.K.-India free trade agreement, which is expected to enhance Scotch brand performance. - Pernod Ricard plans to maintain a marketing-to-net sales ratio of 16%, with continued investment in digital transformation and brand innovation.

5) Guidance and Outlook - For FY '27, organic net sales are expected to be broadly stable, with continued softness in the U.S. and China but positive momentum in other regions. - The company aims for organic operating margin stability, supported by strict cost control and operational efficiencies. - There is ongoing discussion regarding a potential IPO for the Indian market, with preparatory steps being taken.

Bottom line: Pernod Ricard is navigating a challenging market environment with a strategic focus on operational efficiency, consumer-centric innovation, and maintaining a strong balance sheet. While facing headwinds in key markets like the U.S. and China, the company remains optimistic about growth opportunities in India and other regions, positioning itself for sustainable long-term value creation.