Good morning. This is the conference operator. Welcome and thank you for joining the Pernod Ricard first quarter fiscal year 2023 sales conference call and webcast. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Miss Hélène de Tissot, Group Finance, IT and Operations Director. Please go ahead, madam. Thank you. Hello, ladies and gentlemen, and welcome to Pernod Ricard Q1 FY 2023 net sales call hosted by Hélène this morning. We will take you through the presentations and then take your questions thereafter. Hélène, over to you. Thank you, Florence. Good morning, everyone. Let's start with the exact summary of our Q1 fiscal 2023 year sales. This is a dynamic start of the year with diversified sales growth, growing by 22% on a reported basis and +11% organically, with a strong price effect of +7%. I must say this is quite a remarkable performance through COVID, with a Q1 organic CAGR growth of circa +8% over the last three years. Let's start first with the performance across markets. Strong broad-based performance with the U.S. that are enjoying strong distributor depletions, with shipments being impacted by phasing. Strong growth in China and India. Travel retail continues to rebound despite ongoing softness of Chinese travelers. We have as well continued strong dynamism in Europe, which is enhanced by an excellent tourist season, supporting as well the on-trade growth. Strong pricing with effect of fiscal 2022 increases, along with new increases implemented, notably in the US, in the month of September and mainly starting from the first of October, with volumes growing across our three regions. If we look now at the performance across our brands, so diversified double-digit growth across all spirit segments, starting with the strategic international brands that are growing at +12%. Very dynamic growth, which is driven mainly by the Scotch portfolio, but as well by Jameson, Absolut, Beefeater, and Martell. Our strategic local brands are growing by 13%, mainly driven by strong double-digit growth of Seagram's whisky in India. Specialty brands growing very strongly, +16%, with a continued excellent development driven by Lillet, by Malfy, by Redbreast, and as well by our U.S. whiskey, Jefferson's. Scotch at -8% with a soft start, notably in the U.S. and in the U.K., with some phasing effects, but as well a dynamic start in Canada and India. Let's start first with our Must-Win markets. There are continued portfolio momentum in those four Must-Win markets, starting with the U.S. U.S. net sales growth is at +2%, but the underlying depletions are growing by mid-single digits. The softer shipments are entirely due to phasing, with a very strong start of Jameson, The Glenlivet, Malibu, and Jefferson's. We have some further price increases that have been implemented as planned. There is as well a very dynamic consumer-centric innovation, in particular with Jameson Orange. We have as well a very rapid development of the RTD portfolio. Moving to China. China is growing at +9%, with a record sales quarter in China, with strong Mid-Autumn Festival, lapping a very high comparison basis. Positive pricing due to fiscal year 2022 price increases, mainly at the end of spring last year. Double-digit growth on Martell despite ongoing COVID-related disruptions and a continued widening of the market footprint with our Scotch portfolio and with Absolut. Moving to travel retail. Travel retail is growing at +24% with a continued recovery outside of China, and we are on track to deliver our profit back to pre-COVID levels with increased consumer basket size and solid price effect. Moving now to India. India is growing at +21%. Very strong growth, continuing with premiumization trends, supported as well by revenue growth management initiative. Continued very dynamic performance of Royal Stag and Blenders Pride, which is driving, as you know, favorable mix and as well excellent growth of our strategic international brands, in particular, Jameson, the Scotch portfolio, and Absolut. Moving now to our other key markets. Broad-based growth as well across all regions, starting with Europe. Europe is growing at +4%, and it's a double-digit growth if you exclude Russia and Ukraine. France is having a soft start on a high comparison basis, but strong growth in the on-trade. Spain is growing double digits, notably driven by a gin portfolio, but as well Absolut and Whiskey. The on-trade is rebounding in Spain with as well strong tourism, while the off-trade remains resilient. Germany has a very strong growth, driven notably by Lillet and Aberlour. In the UK it's a soft start, notably from wine portfolio and as well a high comparison basis. With a significant staycation in summer fiscal year 2022, so summer 2021. Eastern Europe is in sharp decline, fully driven by Russia and Ukraine, with a good start in Central Europe. America is growing by 6%, with Brazil, which is continuing to grow double digits, enhanced by good pricing and strong mix, with faster growth of strategic international brands. A strong start as well in Mexico with Absolut and Chivas. Canada is growing high single digits on a low comparison basis driven by Absolut, The Glenlivet, and as well, the wine performance. Asia, rest of the world growing at +20%. Japan is posting a double-digit growth, notably driven by Ballantine's, but as well by Chivas and Perrier-Jouët. We have a strong start in Korea with a full on-trade recovery, driven in particular by the whiskey portfolio. Southeast Asia as well is posting a very strong rebound. Africa and Middle East continue the excellent growth of Martell and Jameson in HGR, and South Africa is in double-digit growth on a low comparison basis. Turkey is as well growing double digits, both from volume and price, and this is led by Chivas and Ballantine's. Let's move now to a special focus on our active portfolio management, with a very special focus, I would say, on the reinforcing of the US market footprint. I must say I'm very pleased and excited to present that slide today, as this is a result of long efforts from our team. US obviously is the number one market for spirits. It is our number one market and our leading mainstream market. This is a market which is structurally dynamic, resilient to downturn with increasing premiumization trends, which is obviously motivating our ambition to reinforce our footprint. These three investments that you can see on that slide are doing exactly that. With a highly attractive premium brand in fast-growing categories, we are starting or reinforcing partnership with a leading spirits entrepreneur, highly regarded within the industry, I must say. They are bringing their passion, their creativity and entrepreneurship, and these brands are very complementary to our existing comprehensive portfolio in the US. Let me say a few words on each of them. Starting with the Sovereign Brands, where we are increasing our stake with an acceleration growth for the exciting super premium brands, such as the sparkling wine Luc Belaire and Bumbu Caribbean Rum. As you know, Luc Belaire is already 1 million cases. This is a French sparkling wine. Bumbu is already around 300,000 cases. The second investment I would like to highlight is Código 1530, where we are buying a majority stake in Código 1530 tequila, which is a range of ultra-premium and prestige tequila. This is obviously gonna broaden our agave portfolio in the U.S. market across different price bands and occasions, with a special focus and exposure to the ultra-premium and prestige tequila category. Which means that we're gonna have a strong portfolio, again, across the different price points and occasions. Código has been growing very fast. This is probably getting closer now to 100,000 cases in the calendar year 2022, starting last year from 40,000 cases. You see a very impressive growth. I would like as well to highlight Nocheluna, where we are joining forces with Casa Lumbre, which is already a strong partner for us, with this newly emerging and highly promising brand in the sotol category, with as well the support of Lenny Kravitz. These are great illustration, I must say, of the execution of our bolt-on acquisition strategy. Talking about illustration, you can see as well on that slide how successful we have been in the integration and scaling up of high-potential premium brands over the recent past. We have listed here a few examples of the net sales growth that we delivered since acquisition to June 2022 on all those brands, which are, I must say, growing quite impressively at triple digits. This is, I think, a very strong illustration of what we wanna do with our active portfolio management. By the way, it mirrors as well, very well, the performance of our specialty brands portfolio, which has been doubling, as you know, in the space of three years. We are very excited to start our journey with Código 1530 and Nocheluna and to accelerate even further with the Sovereign Brands. Moving now to a conclusion and outlook. For this fiscal year 2023, we are confident in delivering diversified balanced growth. This start of the year is dynamic with a diversified sales growth of +22% reported and +11% organic, with this strong pricing effect of +7%. Despite what we believe is gonna be a persistently volatile context, we remain confident in the resilience of our portfolio, and we continue to expect for the full year dynamic broad-based net sales growth, albeit moderating on a normalizing comparison basis. We are intensively focusing on revenue growth management and operational efficiency in a high inflationary environment. We are expecting to keep investing in A&P in a very dynamic way with A&P ratio to net sales at circa 16% and continuing investment in structure. We are as well expecting a significant positive currency effect for fiscal 2023. We're gonna actively invest for sustainable value creation with the four priorities that you know. First priority, fueling future growth through strategic inventory and CapEx, with CapEx that should be at circa 70% of our net sales. With as well active portfolio management, which is clearly illustrated with our recent investment, reinforcing our U.S. market footprint. With as well a dividend we pay out at circa 50% of the prior year recurring net profit. With a share buyback program of EUR 500 million-EUR 750 million to be executed during the fiscal year. Thank you very much, Hélène. Now we can turn to your question. Operator, if you can open the call, and then, let's have the first question, please. Thank you. This is the conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Edward Mundy with Jefferies. Please go ahead. Morning, Hélène. Morning, Florence. Hi, everyone. Three questions, please. First of all, on China, you pointed to a strong Mid-Autumn Festival. Is that both on sell-in and sell-out? And are inventory levels, you know, broadly healthy going into the second quarter? Second question is on the US. Can you provide a bit more color around the phasing in the US versus depletion trends? Is it due to a tough shipment comp from last year, or is it around phasing ahead of price increases? And then the third question is Europe ex Russia. Seeing pretty strong performance within Spain, but, you know, slower growth within both France and the UK. Are you seeing any change in consumer purchasing patterns, for instance, downtrading or channel shift across Europe? Okay. Good morning, Ed. Thank you very much for those questions. Let's start with China. Indeed, in China, we are delivering a strong performance across Mid-Autumn Festival and National Day with our value sell-out that are growing low double digits. This is, I would say, quite consistent with the optimism that we mentioned last time we talked six weeks ago, which was at that time the optimism of the trade earlier in the summer, which was driving the sell-in. Now that we have the sell-out visibility, we can confirm this strong performance. I would say, first, this performance is both coming from volume and price, in a context which remain a bit disrupted, but with the off-trade which is growing and more than covering a kind of softness in the on-trade, I must say, knowing that the Mid-Autumn Festival is rather an off-trade occasion. As you know, we were starting that year with a very healthy level of trade inventory everywhere by the way, but especially in China. This is a strong performance, particularly given the fact that the environment is still disrupted. As you know, there's some limited intercity travel and the on-trade is disrupted, which is probably showing further that consumers are adapting to the environment and that we have built a strong brand in China. Moving maybe to your second question on the U.S. Yes, I will take the opportunity of your question to clarify this phasing. I think you alluded to that. This is definitely pure phasing, meaning coming from two main drivers. First and foremost the management of the distributors' inventory ahead of pricing three. As well, the impact of the hurricane, the Hurricane Ian that has impacted Florida and Georgia at the end of September with some supply chain disruptions. Nothing in terms of weaker underlying consumer demand. There's absolutely no slowdown. The depletion volumes are growing, and we have as well a strong price effect. It's purely phasing. Our third question, sorry, was on Europe. Europe as you mentioned is first some low comp in Q1, for instance in Spain, where last year the on-trade was still quite disrupted. Globally, we have a strong start in Europe with a very good summer, a very good tourist season. There is a softer start in France and in the UK, but which is mainly due to the high comps last year. There's no change in the consumer purchase pattern. I take the opportunity of the question to clarify that we don't see any change in Europe or anywhere else. Thanks, Hélène. Very helpful. Just coming back to the first question on China just to just so I completely understand it. Your shipments then were +9%. Your sell-out was low double digits. You had low inventories going in to the quarter and therefore the inventory picture going into Q2 is also healthy. Is that the right read? Yes, that's the right read. Very good. Thank you. Thank you. The next question is from Andrea Pistacchi with Bank of America. Please go ahead. Yes. Hi, Hélène. Good morning. I have two questions, please. First one on the buyback. You've reiterated EUR 500 million-EUR 750 million for this year, but I don't think the buyback has been started. If you could provide a reason, please, why it hasn't started and potential timing for that. The second question I have is on the deals that you were discussing, Sovereign Brands, Código 1530. They've been growing strongly, as you said. What is the potential to really scale these up across your geographies? I mean, are there any supply constraints or capacity constraints of any sort which would prevent you from growing these brands strongly to several hundred thousand potentially over time if demand were there? If I may, sorry, one quick third one. If you could just provide a bit of granularity on the price increases you have put through, and also whether you've taken price increase in this sort of second round also in Europe. Thank you. Okay. Thank you very much. Let's start with the share buyback. Confirmation of this, the execution of this share buyback before the end of the fiscal year, as I mentioned in the conclusion. As you know, I think very well our different financial policy priorities, meaning that, we are focusing first on the investment for the organic growth, but as well then on M&A and dividends. I must say this has been a quite active M&A quarter as you know. Confirmation, the execution will happen before the end of the fiscal year. For Código and the potential of tequila, obviously it's very early days. I was flagging the quite impressive growth that Código had over the recent past. We are very excited by this new investment. There will probably be some supply constraints as always with a great, I would say, booming brand that we will handle in due course. This is obviously a very exciting news for us to add Código to our agave portfolio. On pricing. I think you nicely summarized what would be the key drivers of pricing, which is a carry forward of last year price increase, but as well, new price increase in this fiscal year 2023, which is, as I said, already starting with the U.S. Maybe let me just clarify what is the current pricing impact across geographies. For the total Q1, it's +7%. In the U.S., it's mid-single digits. In China, it's probably more high single digits. For EMEA, LATAM, it's probably more high single digit to a low double digits. I would say SEAA mid-single digit, you know, there are geographies like global travel retail and India. This is the Q1 impact in terms of net sales growth. This is gonna be a key focus for us in the coming months to keep implementing new price increase and to obviously focus as well on the quality of the execution of the price increase, which I must say so far has been quite strong, fully in line with our expectation. Very helpful. Thank you. The next question is from Simon Hales with Citi. Please go ahead. Thank you. Morning, Hélène, morning, Florence. Three quick ones for me as well, please. Firstly, Hélène, just coming back to the US shipment phasing and sort of comments that you were making. I just wanted to confirm that as we look into Q2, we should expect shipments really to be running ahead of depletions as we see some normalization from those Q1 headwinds. Just to clarify with that, you're saying you're not seeing any wholesaler destocking in the US. That's the first one. Secondly, just coming back to the timing of the potential share buyback. You know, are we really waiting for the AGM statement? Do you need to get a shareholder approval before you can actually start executing in the market? That's the second question. Thirdly, obviously, lots of bolt-on M&A deals you've been doing of late. I know you haven't disclosed the cost individually of those deals, but can you give us any idea of the amount you've spent in total year to date on M&A? Okay. I hope you will apologize, but I'm gonna answer to your two last question quite fast, I have to say. Timing of the share buyback, I think I made it clear that it will be executed by the end of fiscal year, and there's no constraint linked to the shareholders meeting. On the cost of the different investment, I'm not gonna share that with you today. Moving to the first question on the U.S. I think the phasing is very clearly linked to the inventory management ahead of price increase, and the price increases are happening first of October. Meaning, Q2 will be benefiting from the pricing increase. We are not gonna comment what could be a Q2 performance right now. As you know, obviously, this is a very important quarter with OND, so we are focusing our efforts to make that quarter a very good one with as well some strong brand activation. I think your last question was on the destocking of the wholesalers. As I mentioned, the depletion are growing mid-single digit. Got it. Thank you very much. The next question is from Celine Pannuti with J.P. Morgan. Please go ahead. Thank you. Good morning, everyone. My question is coming back on Europe, you mentioned the strong growth ex Russia and Ukraine. Do you know whether you've seen any change throughout the quarter because obviously we had a strong summer tourist season and whether there was any September weakening there. Still on Europe, you didn't mention pricing. Can you tell us what the pricing is like in Europe, please? You are going to implement it going forward. Second question would be on cost inflation, which you mentioned. Can you give us an idea of where we are in terms of the different moving parts? I presume the shipping rates are weakening, salary probably increasing, and you know how you are dealing with glass ahead. Maybe lastly, just to, what you just said about the U.S. You said pricing in the U.S. in Q1 was mid-single digit. Expect on top of that, the new pricing in Q2. Did I understand that correctly? Thank you. I hope I'm not gonna miss any other question. I start with the last one. Pricing, your understanding is correct, it's mid-single digit in the U.S. in Q1, and we are implementing new price increase starting first of October. Your second question is on Europe, in terms of any weakening in September, the answer is no. We don't see any change in the consumer purchase pattern, as I said as an introduction. This is relevant for Europe and for all the other geographies. Pricing in Europe, I mentioned end of last term, it's low double digits. Finally, your question on cost and on the inflation. Let me spend a bit more time on this one. As you know, inflation remains quite elevated. I must say it's more impacting us in this beginning of fiscal year than it did last year because it impacted us mainly in H2 last year. We are right now, let's say, lapping low comparison basis in terms of cost evolution last year. This is driven largely by the impact of energy prices across our cost, meaning across dry goods, mainly, as well as freight and wet goods. Dry goods, this is especially true for the glass cost, which is increasing significantly because of high energy costs. We are impacted by a double-digit inflation on glass. Freight, I mean, you mentioned some more positive trend in terms of freight. I must say it's not yet our case, especially because we are exporting mainly from Europe, I would say, to the U.S. On that flow, there's no significant improvements. The last year was obviously quite exceptional in terms of very high increase of the freight cost, but it remains quite elevated as we speak, I must say. I think your last question was on the way we manage the security of supply. This is obviously a very strong focus on our team. We are very carefully managing the supply of commodity to really minimize any risk to our ability to produce. This is very true for the fuel availability, where we have long-term contracts to secure the supply. This will protect us for the FY 2023 production. We are as well obviously very carefully managing the supply of glass, and this is a high priority. We are as well managing what could be a potential tension in terms of gas supply by, for instance, optimizing our management of our plants to really anticipate everything we can ahead of winter. These are, well, some, I would say good news in terms of gas supply, for instance, in some countries, there is some protection coming from the, I would say the state policy which is for instance, what's happening in Sweden, where we should be protected from as an industry. The next question is from Olivier Nicolai with Goldman Sachs. Please go ahead. Hi. Good morning, Hélène, Florence. Thanks. Got three questions, please. First of all, just wanted to clarify something on the U.S. You mentioned mid-single-digit growth in terms of depletion. Can you give us an idea in terms of volumes versus price versus mix? I think you mentioned price is mid-single digits. I was just wondering if both of the components are flat or if there's one positive, one negative. Just going back to the price increase again that you have implemented in the U.S., you mentioned mid-single-digit price increase. I understand. If I understand correctly, you increased prices in early February. Should we expect essentially two price increases overlapping for the next five- or six-month period? Secondly, on China, really good to see that you had a strong Mid-Autumn Festival. Do you have any depletion data ready for Golden Week, which was earlier this month? Should we expect a boost to your shipments considering that Chinese New Year is on the 22nd of January next year, so earlier than in 2022? Just lastly on going back to your acquisitions, arguably, I see obviously you've been strengthening tequila quite strongly. Just going back to the Sovereign Brands acquisition, what does a brand like Luc Belaire bring to your portfolio that your current wine and champagne portfolio could not do? On Bumbu Rum, do you see the premium rum category finally picking up, notably in the U.S.? Thank you. Okay. A very long list of questions I must say. Hopefully, I'm not gonna miss any of those. I'll start with the US. Just to clarify, in the US, the depletion, which are growing at mid-single-digit%, it's both coming from volume and price. Price in the US, as you mentioned, we had increased our price twice in fiscal year 2022, in October, starting in October, so in October 2021, and more significantly in February 2022 across most of the portfolio. Now we are taking more price, which is from mid-single-digit% to high single digits% across portfolio. For China, the comments I was mentioning in terms of strong performance is across Mid-Autumn Festival and National Day. For the Chinese New Year timing, you're right, this is gonna be earlier. This year, Chinese New Year is gonna happen on 22nd of January. It was the 1st of February last year. In theory, this should have, indeed, a favorable trading impact in H1. I must say it's a bit too early to tell. You know, this is as well quite depending on the distributor anticipation for Chinese New Year. Sovereign Brands, I would say, first, as you know, this company has been very well known for building very successful, innovative and creative brands. Not only the one you were referring to, that are Luc Belaire and Bumbu, but as well in the past. We are very happy to partner with the Baehrisch brothers. Luc Belaire, it's a very fast-growing French sparkling wine, quite well-positioned in terms of pricing. This is a super premium plus price positioning with a pricing which is above $30 a bottle. It's mainly in the US. It's 90% in the US. I would like to say, when you mentioned your question was also referring champagne. This is, for us, a very clear illustration on the consumer centricity. Consumers in the U.S., obviously, they like champagne and so do we. They like many other things including Luc Belaire, which has a very impressive success in the recent past. There is room for sure for those very exciting brand. And I will tell you the same thing for Bumbu. This is a very fast-growing brand. There's three core SKUs as well in the super premium plus space with a RSP which is above $35 a bottle. It's mainly in the U.S., but not only. The non-U.S. market are probably accounting for something close to 40% of the performance of those brands, which means as well that this is gonna give us the opportunity to accelerate the distribution of Bumbu outside the U.S. This is quite exciting for us. Perfect. Thank you very much. The next question is from Laurence Whyatt with Barclays. Please go ahead. Thank you. Starting with China, first Martell performance is quite strong across the different quality. You were referring to the whiskey performance. Maybe let me come back to that. Scotch in China, starting with The Glenlivet. The Glenlivet is in double-digit growth. I must say it has doubled in size in each of the past two years. It's quite impressive. For Chivas, the performance is a bit different. It's because it's negatively impacted by the on-trade exposure. As you know, Chivas is very exposed to the on-trade, and this is still quite disrupted in China as we speak. That's the reason for Chivas' more negative performance in that specific context. On Tequila, I think what we are aiming at is beating the market in the U.S. and when we had that discussion late spring what we mentioned is that we want to beat the market with our current portfolio. Let's be quite honest, if we have the acceleration of fantastic brands that we manage to integrate through our active portfolio management, this is obviously gonna accelerate and boost our ambition to deliver that performance in the U.S. market. That's again great news. Your question about the number of brands that we can activate. I must thank you for asking that question. This is a very important point for us. We want really to accelerate as well in terms of diversification of growth across our different markets, starting with the US. This is exactly what the Convivialité platform is gonna deliver for us in an amplification of our performance across the market, and obviously, starting with the number one market in the US. We'll have the ability, and this is deployed, as you know, as we speak, to activate more brands, so that we can be even more consumer centric, capturing the different opportunity across categories and moments of consumption, which is giving us the confidence to be able to manage different brands, probably more brands than we did in the past. Having said that, maybe a point of clarification on slide five, what we mentioned in terms of performance of the brands. The left-hand side of the brand is not specific to the U.S., right, the full performance of those brands across the market, even if obviously for Del Maguey and the U.S. whiskeys, it's mainly coming from the performance in the U.S. But for Monkey and Malfy, the performance is extremely strong in many other geographies. Okay. We're gonna take our two last questions. Two last callers, sorry. The next question is from Trevor Stirling with Bernstein. Please go ahead. Hi, Hélène and Florence. Three questions on my side this time for it. First one, travel retail, very strong, Hélène. Is that coming from across the board in terms of regions? Is it being driven by the recovery in Asia, ex China? Maybe a little bit of color there would be great. A little bit of color on the strength in India would also be super. Finally, just coming back to the U.S., you've talked about mid-single-digit value depletions in the U.S. I think last year you were at 8% sales growth in the U.S. Does that imply a little bit of a marginal slowdown in the U.S.? Okay. Can you just repeat your question on travel retail? I get it in terms of region, but I think you mentioned India. I'm not sure I understand the question, so. Yeah, sure. Second question was on India. A very strong performance out of India. You know, are there any particular brands or regions that is driving that strength in India? Okay. Thank you. Let's start with India. You're right, we didn't talk yet about India, which is obviously a key market for us, one of our key must-win markets performing extremely strongly in this first half, with a continued premiumization trend and to be fair. That's exactly what's happening in the strategic local brands space with a strong performance of Royal Stag and Blenders Pride, which is coming with a very favorable mix and as well a strong acceleration, excellent performance of our strategic international brands. I must say, the environment in India is very strong and the consumer confidence is increasing. It's probably at an all-time high, despite inflation. We continue to benefit from favorable long-term demographics with the continuing growth of affluent middle class and as well the urbanization. Very, very strong performance there. Travel retail, I mean, it's mainly coming from a strong recovery, I would say everywhere except North Asia. Your last question was on the U.S. Yes. The U.S., as you know, we believe that the market is obviously very exciting and dynamic, but we expect some normalization. Normalization meaning being back to what was pre-COVID market trend, which is around mid-single digits. We are performing mid-single digits. This is probably quite consistent with our view of normalization. Thank you. Thank you very much, Hélène. We're gonna take our last question. The last question is from Jeff Stent with BNP Paribas. Please go ahead. Hey, good morning, and thank you for taking my question. I'm not sure whether you can necessarily add much to this subject matter, but I'd just be grateful for your latest thoughts on Indian tariffs and sort of trade negotiations. You know, it sounded that both yourselves and Diageo were quite optimistic recently on that. Just what are your thoughts now? Thank you. Thank you. Well, obviously we strongly support negotiations that are happening between U.K. and India to get a high quality free trade agreement. As I was mentioning, India is very important for us. It's the world's largest whiskey market by volume already, and it's becoming one of the biggest by value. With the growth of middle class, which is obviously very promising. It seems that there is strong willingness on both sides of the table, I would say, between U.K. and India to reach a deal, but nothing has been signed so far. Let's see. It's obviously much too early to think about what could be the concrete implications. Again, we are strongly supporting the negotiations. Okay. Thank you. Thank you very much, Hélène. Thank you very much all. This is concluding our call. We wish you a very good day and speak to you soon. Thank you very much. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.