Good morning, everyone. We're very pleased to welcome you to our H1 FY 2025 Sales and Results presentation. Alexandre and Hélène will take you through the slides before we take your questions. Alexandre, over to you. Thank you very much, Florence, and good morning to all of you, and welcome to today's first half, fiscal year 2025, sales and results presentation. We will cover as well our full fiscal year 2025 outlook, and we have decided to take this opportunity as well to share with you an update on our medium term, taking in a way a longer term perspective. We are meeting, in fact, a week earlier than planned. So let me just begin by sharing with you why we have moved our results release today. So, as you know, we had expressed in our previous financial communication that it was our expectation to return to growth, albeit modest growth, for this full fiscal year. We have now begun to receive early signs that Chinese New Year is likely to be very soft. In addition, the challenge posed by the technical suspension of the duty-free regime on cognac in China due to the anti-dumping measures, which started in December, is still ongoing and is now expected to impact heavily our second half. So, taking those impacts into account leads us to update our expectations for our top line to low single-digit decline for the full year, fiscal year 2025. Given this change in outlook, we have to communicate earlier than planned to comply with our regulatory obligations, hence today's call, which we're delighted to have with you. So, first and foremost, I think the two most important pages of this presentation are the two I'm going to cover with you at the beginning of this presentation. I think that the title perfectly summarizes our state of mind here at Pernod Ricard. We are all, all 20,000 colleagues around the world determined to navigate the current cyclical headwinds with resilience and agility. Our first half performance is in line with our expectations, with a sequential improvement in Q2 over Q1, with Q2 down 2.5% in terms of net sales versus - 6% for Q1, marking four consecutive quarters of volume growth. So, volume growth has now been stabilized. Volumes are up a little bit more than 2% over the first half, and over the MAT period, calendar year 2024, volumes have grown roughly a little bit less than 3%. Our strong first half organic operating margin has grown by 65 basis points, and this is a following 80 basis points increase of our operating margin last fiscal year, despite 18 months of soft top line. This is clearly due to continuous improvement initiatives that are driving EUR 900 million, roughly, of efficiencies since fiscal year 2023, so over the last three years, including our full fiscal year 2025. Ongoing challenging macroeconomic environment and intense geopolitical uncertainties, which we don't have to discuss in detail, you all know about them, continue to impact the spirits market, particularly the worsening context in China and travel retail Asia that I mentioned in the introduction, and strongly impacting particularly Martell. Finally, we anticipate, as I said, a low single-digit decline in organic net sales for the full fiscal year 2025, while sustaining our operating margin organically. Moving on as well to next fiscal year, which we qualify as a transition year, conditional on the degree of challenges posed by the global tariff environment. Obviously, we've made a few scenarios and sensitivity analyses, but there's a bit of lack of visibility on that front, which we're taking clearly into account. We do expect fiscal year 2026 to be a transition year with improving trends in organic net sales in our top line, and amidst extraordinary trade tensions, which we're currently experiencing, we are determined and focused on defending organic operating margin to the fullest extent possible for fiscal year 2026, and finally, cash conversion will improve. Finally, after having spoken about fiscal year 2025 and the transition year fiscal year 2026, if we look a little bit beyond, particularly from fiscal year 2027 to fiscal year 2029, we're projecting stronger organic net sales growth, aiming for a range of + 3% to + 6% on average with organic operating margin expansion. Now, this expansion will be driven by delivering continuing efficiency initiatives to optimize operations and simplify the organizational structure. And these initiatives are expected to deliver roughly EUR 1 billion in efficiencies over the next four years, fiscal year 2026 all the way through to fiscal year 2029. We are focusing as well on strong cash generation, aiming for roughly 80% and above cash conversion to fund our financial policy priorities with strategic investments. And what I mean by strategic investments is the sum of CapEx and increase in strategic inventories, normalizing to roughly EUR 1 billion from fiscal year 2026 and onwards. Finally, we are confident in our strategy, in our operating model, and in the engagement of our teams around the world to deliver sustainable value growth. We're determined to continue to navigate, as I mentioned, with resilience and agility these cyclical headwinds. Let's deep dive briefly into our first half sales and results performance. First half, as I mentioned, organic operating margin has expanded despite sales decline and amidst ongoing challenges in our two largest markets, which are the U.S. and China. Volumes over the first half, I mentioned, up 2%, with Q2 up 4%, which marks a sequential improvement and resilient underlying consumer demand. Organic net sales have declined 4%. I mentioned sequential improvement, - 2.5% in Q2 versus - 6% in Q1. I mentioned the volume growth, which didn't offset a negative price and mix, which were down 6%, principally driven by market mix, U.S., China, to name a couple. H1 margin expansion of 65 basis points, as I mentioned, through very strong revenue growth management across the board, through marketing agility, with obviously very strong agility from our team in China to mention it. We're still investing in our long-term sustainable growth with strategic investments in CapEx and inventories, which have peaked last year and have started to decline as of this year. We'll talk about this in more detail later with Hélène. Finally, this has led to an improved free cash flow of roughly EUR 440 million. Last point, H1 has been unfavorably hit by negative foreign currency exchange. The impact on PRO is EUR 110 million. But since December, November, December, rates have evolved, and we're now in a more positive, I would say, cycle from an FX point of view, and we expect FX for the second half to be positive. So, the EUR 110 million negative impact over H1 should improve over the full fiscal year. I won't dwell into these numbers, which summarize the financial performance. You'll see most of them in more detail in a few minutes. In terms of our top line, the -4% would have been flat. The Rest of the World, excluding our two largest markets, U.S. and China, is flat. You see Americas is at -4%, up 2%, excluding the US. You see Europe -2%, but +1%, excluding Russia, which, by the way, is the last time you'll see a bubble with the excluding Russia number, because since December of 2023, we were no longer selling in Russia. And finally, Asia/ Rest of the World down 5%, but up 3% if we exclude China. I think this is an important graphic, because what this graphic clearly shows is that the volume recovery is there and continues following the post-COVID normalization. So, there you have it. We're back to four consecutive quarters of volume growth for Pernod Ricard. I think it's also worthwhile noting that despite soft top line, on the ground, in the field, basically across most, almost all markets, but the vast majority of markets, with obviously one notable exception, which I'll dive into, which is the U.S., we are either maintaining our share or gaining share, and this is the result of basically all of the top line initiatives we've been carrying throughout the group in terms of revenue growth management, but also in terms of building the desirability of our brands and the efficiency of our marketing spend, the return on spend we get, both from a short-term point of view in terms of immediate uplift in sales, but also building brand equity over the longer term. The elephant in the room, if we may call it like this, is the U.S., but I'll deep dive in the U.S. in a few minutes. Very briefly, in terms of our must-win markets, here you have the U.S., organic net sales down 7%. We believe the market is roughly growing at roughly + 1% in value. Our sellout, Pernod Ricard sellout, is down roughly 6%. We've seen improving trends for our performance, particularly on Jameson over the OND October, November, December period, and we expect to see improvement in sellout throughout the second half. India, well, nothing really to say other than that there's a strong broad-based and dynamic growth, perfectly reflecting the underlying consumer demand, with strong growth as well of our imported brands, notably Jameson, Ballantine's, The Glenlivet, and Royal Salute, with ongoing premiumization as well. Good growth of our local whiskies, notably Royal Stag. And finally, we do expect continued strong momentum over the second half. China, I mentioned it in the introduction, clear ongoing challenges from a macroeconomic standpoint, very weak consumer demand, which are leading to sharp declines, particularly on Martell and Royal Salute. And this despite some pretty good growth on our premium brands such as Absolut, such as Jameson, or such as Olmeca. And as I mentioned again, the quality insight or feedback we started getting from our team in China is we expect a very soft Chinese New Year driven principally by a significant decline in gifting this year and very poor consumer confidence. We announced as well a mid-single digit price increase for Martell post-Chinese New Year. Finally, travel retail, very good growth in fact across Americas Europe, but which doesn't or cannot offset, particularly from a mixed portfolio mix standpoint, the weakness around Chinese Asia, around duty-free Chinese Asia, which has hit since December by that technical suspension I mentioned earlier. For the Rest of the World, which by the way represents more than 55% of our business, as I mentioned, Europe down 2%, up 1% excluding Russia. Americas down 4%, but with very good performance in Canada and Brazil, just to name a few where we're gaining share. Asia/ Rest of the World down 5%, but up 3% excluding China with very good performance in Japan or Turkey, just to name a few. Now to Hélène for the financial update. Thank you, Alexandre. Good morning, everyone. Let's move right away to the financial update for this first semester. Starting obviously with the P&L. We delivered - 2.2% organic profit from recurring operations with 65 basis points margin expansion and - 7.4% reported. As already mentioned, but I think it's worth insisting on that, sustaining and expanding our margin is a key element of our financial framework and one we have been consistently delivering through the years regardless of the top line trajectory, as we will see later in the presentation. Gross margin is down 20 basis points on this first half. In particular, we are impacted by the negative market mix, obviously when you look at the decline of U.S. and China. But helping mitigate that mixed effect is our efficiency program. These have been running over recent years. They are now accelerating. To be fair, it's probably circa 50% of those efficiencies that we will deliver this year and that have started in fiscal year 2023. So, they are significantly contributing to the margin expansion this semester, and they will obviously contribute as well to the gross margin for the full year. A&P has a favorable impact of 115 basis points. As usual, we always have some phasing between H1 and H2, and I'm sure you remember that H1 is bigger than H2. So, in terms of ratio, we always have a lower ratio in H1 versus H2. Having said that, we are adapting our A&P spend where it matters, and especially in China, considering the very deteriorated consumer environment. So, this is mainly what you can see here in terms of inflation for the A&P spend. Structural costs - 30 basis points, which is a solid result considering the top line, as our very strict cost control and continuous improvements in our organization enable us to reduce our structural costs by - 2% organically in this first half. FX, Alexandre, you mentioned them, has been a headwind this H1, partially compensated by perimeter now with the USD strengthening. We expect a positive FX impact in H2, assuming spot rates. Moving now to our efficiency programs. You probably remember last time I spoke to you at our Q1 result. I explained that efficiencies are the forefront of my priority, forefront of my priorities as a Group CFO. I think it makes sense. So, let me come back to that theme with much more details. So, efficiency at Pernod Ricard is a continuous process of ongoing improvement in the way we operate and in the way we are organized. The impacts are material. You see here the numbers, EUR 900 million. They are sustainable, and they encompass the entirety of the cost base, including balance sheet, mainly P&L, but as well including balance sheet. Between fiscal year 2023 and 2025, and here, to be very clear, I am including an estimate for the full fiscal year 2025, we have been delivering EUR 900 million efficiency through continuous improvement, again, across operations and structure. So, operation efficiency, you have lots of detail, I believe, on that slide. We are delivering productivity on mainly main aspect on our cost COGS basis, as well as improving cash with finished goods inventory reduction. Together, these are expected to reach circa EUR 600 million for this period of 2023 to 2025. So, they account for 2/3 of the overall efficiency contribution. Three main areas of contribution procurement, which is obviously critical, and you see the weight of this efficiency over the three-year period. We have as well some significant efficiency in the making, which mainly means production footprint, but as well, obviously, in the supply with logistic and as well reduced finished good inventory that I was referring to a few seconds ago. If I move now to the structure cost efficiency, we want to ensure that we are running a consistent, sustainable, fit-for-purpose organization with very strict discipline and as well adapting to the changing circumstances we faced without obviously jeopardizing our ability to capture growth opportunities. Those structure efficiency account for one-third of the total efficiency. And let me maybe just highlight, I believe, a telling illustration of this impact by flagging the 9% reduction in SG&A headcount since fiscal year 2023. I emphasize that these are continuous programs, and so we can look forward to future efficiency gains, which I will obviously come back to later in the presentation. Moving now to the earnings per share down in H1 at -11% due to lower reported profit from recurring operations, increased financial expenses as expected as we refinance bond debt that was issued in a much lower rate environment, partially compensated by a reduced income tax on recurring operations. Moving now to cash flow and debt. First, free cash flow and cash generation. This is obviously a very strong focus, and we have improved free cash flow by circa EUR 150 million versus December 2023. This year, this first half, it amounts to EUR 440 million. We are continuously optimizing ordinary working capital with this semester's notable improvement in finished goods inventory level. Our strategic investment, being CapEx and increasing strategic inventories, remain elevated compared to historical standards as we invest in our future growth. But as already mentioned by Alex, they are, however, coming down from their peak reached in fiscal year 2024. For fiscal year 2025, we expect circa EUR 700 million in CapEx and strategic inventories increase to be comparable to last year. Moving now to the net debt, our net debt- to- EBITDA ratio is at 3.5 at the end of December, which reflects also the timing of our dividend, which, as you know, is always paid in full in H1. This ratio should come down in the full year versus H1, but will remain above three. We don't have a specific range in terms of net debt- to- EBITDA. Nonetheless, we are keen on gradually getting back to 3% and in line as-reported PRO growth normalizes, strategic investments come off their peak, and we benefit from the proceeds from previously announced M&A. Back to you, Alex, for the mid-term update. Well, thank you, Hélène. Regarding the medium-term update, I think it's important just to sit back a second and have a broader view on the evolution of the international spirits category, the one in which we operate. So, here you have the IWSR value numbers that go back 25 years since the year 2000. You see that there have been cycles both in terms of super growth and in terms of strong declines. I won't go through them. You know them all. I think what's interesting to see is that we estimate the normative value growth for the total international spirits segment to be at around between 5% and 6%. By the way, this includes standard spirits. It would be higher if you exclude standard and just look at Premium+, which is the segment in which we even operate further. And if you look at since so from 2010 to COVID, that 5.4% CAGR is what we believe the normative value growth to be. And since COVID, in fact, and we didn't do it on purpose, it is also 5.4%. And we estimate this year, 2024, the forecast year is part of that low end of a cycle. I think it was interesting to share this chart with you. So, within that environment, we have some markets that grow. We have others that are somewhat challenged going through different, by the way, cycles. But those bubbles basically are proportionate to the size of our business and to the contribution they have to the total sales of Pernod Ricard. And what we're trying to share with you with this slide is basically to say we're very balanced from a geographical footprint point of view. So, if we remain extremely agile in terms of resource allocation and go get the growth where it is, that's basically what we're obsessed with. Not only are we balanced from a geographic standpoint, and as you know, we've been saying this and repeating it quite regularly, we're also balanced from a portfolio standpoint, from a segment standpoint. Our obsession here is to be segment- agnostic because there are cycles within our industry from one segment to the other, which, by the way, aren't the same from one market to the other. What I do like to also share with you on that front, if you take some of our strategic brands, you here have five-year CAGR in terms of value since 2019 all the way through to December 2024 in terms of calendar years. But look at Chivas 6% CAGR over that period all the way through to December end, Ballantine's 6% growth CAGR, Jameson 8% CAGR over that same period, Absolut 4% CAGR. Obviously, Martell being hit clearly by what we mentioned, particularly China and travel retail, down 3% CAGR over that period. But basically, strong underlying fundamental growth across the portfolio over that period. As I mentioned, the elephant in the room, if you like to call it that way, the U.S. market is still soft, but it's starting to show some improving trends. We believe that there is some degree of gradual recovery, albeit it's not fully linear. Within that, we are closing the gap to the market in terms of performance. As you can see in the middle graph, upper graph, our gap to market is closing progressively. By the way, the latest Nielsen's that came out a couple of days ago also show, by the way, these four brands are just our four largest brands, Jameson being our number one brand, Absolut our second brand, and then you have Kahlúa and Malibu. As you can see, you do see as well here a gradual recovery. We've put in place over the last year or so a number of clear initiatives behind our brands, both from a marketing standpoint with very, very strong media campaigns for key brands. The latest one over OND, which was Jameson, both on the Jameson original brand, but also on Jameson Black Barrel and the more recent introduction of Jameson innovation called Triple Triple with very positive early signs and momentum, by the way. Marketing and commercial where basically it's all about operationalizing our strategy from a field point of view and with our new sales director that recently joined us. So, since still working on the U.S., early green shoots that are starting to materialize. India, I'm not going to dwell on it. That being said, let's be very clear. India, fully in line with our algorithm, 8% CAGR. In fact, we believe we can even do better than that. We enjoy a strong leadership position in what has now become from a top- line point of view, our second largest market. We have 40%, a little bit more than 40% market share in the segments we want to operate in. The market is premiumizing. The market is extremely dynamic. I was there a couple of months ago. It's just quite tremendous to see what's going on within the market, but also behind our own brands. And again, the demographic profile of India is extremely attractive to us. Roughly 25 million additional legal drinking age people every single year for the foreseeable future. China, yes, strong headwinds as we speak, but huge potential over time. Let's be clear. The segment of population that we are focusing on is due to grow over the foreseeable future from a demographic standpoint, first of all, which are middle and affluent Chinese households. They're expected to grow over the coming years. I think what is interesting to see, there is a direct link correlation close to if I gave a rounded number of 100% between consumer confidence on one side and consumer consumption on the other. And I think the bottom left chart explains this very clearly. We're at a record low consumer confidence level ever since the index was created. And at the same time, savings per capita consumer savings rate is at its highest level, not only in China, but it's a worldwide record level in terms of big economies at roughly 35%. So, the resources are there. The purchasing power is there, but the confidence is just not there. So, we do expect at some point in the future, when is another question, some type of rebound. In the meantime, obviously, we've reorganized ourselves in China from many points of view. And we are also taking this as an opportunity to really push our premium brands portfolio outside of Martell to diversify our future sources of growth in China. And then, frankly, I'm not going to dwell on this, but in the Rest of the World, whether it's mature or emerging markets, we enjoy very strong leading positions where we experience very positive momentum. But in the meantime, beyond top line, which is our number one priority and focus, we're also driving efficiencies. We are indeed. So, let's move to this zoom now on what to expect in terms of additional efficiency for the year fiscal year 2026 to 2029. So, as I explained already, our efficiencies are sizable, sustainable, and an important contributing factor to our margin expansion, which we want to grow over the midterm. So, here we see obviously that we have, I would suggest, a very strong track record in terms of delivering organic operating margin expansion. You can see that on the left part of the slide with efficiency initiatives across ops, logistics, A&P, and structure. As I explained, we have been achieving EUR 900 million from 2023 to the end of fiscal year 2025 with a strong acceleration in fiscal year 2025. We will continue to do that, and those initiatives will continue to contribute significantly to the organic operating margin expansion and, by the way, to the cash generation for the years to come. We expect circa EUR 1 billion of further efficiency to be realized from 2026 to 2029 from both operations and simplification of our organization. Moving now to cash and to our focus on delivering a strong, sustainable cash generation from a profitable growth. Again, cash is a strong focus. Ultimately, this is a translation of our profitable growth, enabling us to fund our future growth and serve our financial policy priorities, first being organic growth. We have delivered, on average since fiscal year 2021, a free cash flow of circa EUR 1.5 billion. The cash conversion has decreased those past two years as we have stepped up significantly our investments in strategic inventories to fund the future growth of the group. Those investments have peaked in fiscal year 2024. CapEx, I'm going to repeat, is expected to amount to circa EUR 700 million in fiscal year 2025, with increase in strategic inventory to be at similar level to fiscal year 2024. Both strategic investments, so both CapEx and increase in strategic inventory should not exceed circa EUR 1 billion from 2026 onwards as most of our projects draw closer to completion. So, cash conversion is anticipated to trend back towards 80% and above as reported PRO improves. Strategic investments normalize from their fiscal year 2024 peak and thanks to ongoing ordinary working capital optimization. We are actively managing our portfolio with margin accretive disposals to focus on the most attractive and fastest growing categories of premium international brands. We have disposed of local non-strategic brands, Clan Campbell and Becherovka, while announcing the disposal of our wines, and Minttu and other Nordic brands expected to close in H2 of this fiscal year. Thank you, Hélène. Moving on to our financial policy, which remains unchanged. I think it's important to remind you that our financial policy aims to balance the deployment of capital for profitable growth, as Hélène mentioned, and returning capital to our shareholders. You know that policy. I think it's important to say that in line with our financial policy and consistent with what we've been doing in fiscal year 2024, it is our intention to maintain a stable dividend in fiscal year 2025, subject to board and AGM approvals in due course. To conclude, I'm not going to go through this page, which basically summarizes all of the key messages we just shared with you today. Instead, I'd like please allow me to share with you, I would say, some broader perspectives, 2025 is for us at Pernod Ricard an important year. It's a milestone marking our 50th anniversary of the founding of Pernod Ricard. Pernod and Ricard merged exactly 50 years ago in 1975. I think this is the perfect opportunity to step back and put into context the current challenges. I'd like to start by taking clear assurance in our ability to overcome these. It's not the first time it happens. It's definitely, by the way, not the last time, but we've always overcome challenges. Pernod Ricard has been at the heart of the spirits industry for decades now, with the most experienced and passionate and committed teams in the field focusing on building brand desirability and selling our brands. Our exquisite products, I may be biased, but that's so be it, which frankly take years to craft, embody our commitment to long-term vision and the agility needed to navigate an ever-challenging environment. I do believe that we have consistently demonstrated resilience and agility needed through past crises. I won't go through them. I think you all know which ones we're talking about over the last 20, 25 years, with the most recent one before that one being the COVID crisis. And as before, I am confident that we will emerge stronger, we will emerge leaner, and we will emerge more efficient once these current cyclical challenges are over and before new ones obviously to come. And about 18 months ago, and I think that's also what we wanted to share with you today, we took bold and decisive steps to adjust our organization. I won't go back to what Hélène presented, but these EUR 900 million over the last three years, including this year. And by the way, we will continue to do so in the future, as we mentioned. I'd like to conclude by saying that I am fully, truly proud of our team's ability to operate with discipline, with focus, and with agility, and finally take the opportunity to thank them because they're doing a great job. From now, I think we're happy to take questions you may have. Yes, we are opening the call for questions. So, Operator, if you can start with the first caller. Thank you. 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 one on their touch-tone 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 Simon Hales, Citi. Please go ahead. Thank you. Morning, Hélène, Florence, and Alex. So, I suppose a couple for me, please. I mean, firstly, can I just ask a little bit more about the guidance that you've laid out, both sort of shorter and longer term? I mean, Alex, on fiscal 2026, you're clearly saying that it's going to be another transition year. Visibility is still quite low there, but you do expect to see an improvement in trend. Does that mean we should expect to see some return to growth next year from the declines this year, or are you a bit more cautious than that? And then when we think about the building blocks for the new 3%-6% midterm target, how do we think about your expectations now for normalizing growth rates in your big markets like the U.S. and China? I mean, I think historically we would have talked about, I think, growth in the US perhaps trending on average at about 4% for the industry. Historically in China, you've talked about high single-digit to low double-digit growth rates being the norm there. What are your new expectations on those markets? And then briefly, secondly, I wonder if you could just comment on where we are now on inventory levels in your major markets around the world. So, maybe I'll let Hélène talk about the short term next year, and I'll address your last question on the medium-term framework. And maybe I can start with your second question on inventory level because I think we can move fast on this one. As you know, this is something we are very closely monitoring. At the end of December, I think they are appropriate, especially in our key geographies that we are really laser-focused on. And as you know, the focus for us as well is to make sure that we are closely monitoring the evolution of those trade inventory until June ending to make sure that we land this fiscal year as the previous one with a healthy level of trade inventory. Nothing to flag on the inventory front. Starting with probably this year and next fiscal year in terms of top line expectation. Maybe just to clarify for fiscal year 2025, as you notice, H1 landing is, I would say, exactly in line with our expectation. What's really driving this update is the worsening situation in China and this technical suspension of the duty-free regime impacting travel retail Asia, to be more specific, China duty-free and cognac in China duty-free. This is the main reason for this revised outlook for fiscal year 2025. Having said that, we are expecting some improvements in H2. Maybe let me flag one, which is some sequential improvement in the US. I think that was well highlighted in terms of green shoots, but there's probably more to come in H2. Gradual improvement in the U.S., which we still expect to be in decline for the full year. China worsening versus our initial expectation. Having said that, we have a quite favorable comp in H2. We expect full year not to be as down as H1 so far, but would be significantly down due to the consumer confidence, which is quite low. Travel retail, our assumption for the second half is that despite all our efforts, obviously, to fix the situation, we might be facing this suspension of the duty-free regime for the full year. Now moving to fiscal year 2026. We are talking here about sequential improvements in terms of top line, which means to be quite direct that we don't expect full recovery in China. It's probably more going to be, at least in our central case, about stability compared to where we are today, knowing, and I'm sure we'll get back to that, that we are obviously including in our outlook the implementation of tariffs, which are so far temporary. But again, I'm sure we'll have the opportunity to come back to tariff. When it comes to the other big markets, so travel retail, again, difficult to predict. But if we were to still be in that situation of suspension of the duty-free regime, that will probably put us more in a kind of soft trend for next year in travel retail, not as a sharp decline as this year. India, we expect this very strong momentum to be delivered again next year, and by the way, for the midterm. And for the rest of the other geographies, I mean, I believe you saw that they are solid to strong already in H1, and that is our ambition for next year, knowing obviously that this is as well a clear illustration of the strength of our geographical footprint and diversification. Maybe back to you, Alex, for 2027 to 2029. Yes, thank you, Hélène. Thank you for the question because it's the perfect opportunity to give you the underlying fundamentals to that framework, which I would qualify as, I would like to say in Pernod Ricard, we're grounded in the real and the pragmatic. First of all, we strongly believe in the underlying fundamental growth of our portfolio. Some of these brands have a lot of growth fundamentals in them. Following three years of normalization, what we did take into account to be pragmatic is a gradual but prudent recovery for the U.S. and China, as Hélène was mentioning, starting, by the way, next year, but in that plan as well. The U.S., we believe in that gradual and prudent recovery. By the way, cycling fiscal year 2024 down 9% and a first half in the U.S. down 7%. Based on what I was mentioning earlier in terms of the initiatives, both from a marketing standpoint and a commercial standpoint that we're deploying as we speak. China, again, very prudent expectation. So, we're not relying on a full recovery of China, but we do believe again that we're going to have a pretty favorable comparable basis after fiscal year 2024 down 10% and a first half down 25%. That's a big chunk of business that's been rebased. I could keep on with India, which is ongoing momentum and so on, but I would only mention two final things. The degree of the performance in that range will depend on the pace of the recoveries. The scenario to achieve the bottom end of that range, which by the way is not our base case, but I think it's important to get a good feel for that, is no growth from China and modest low single-digit growth in the U.S. We still achieve the low end of that range, which is again not our base case, but which gives us reassurance regarding that framework. I hope that helps. Very much. Thank you very much. Next question is from Edward Mundy, Jefferies. Please go ahead. Good morning, Alex. Good morning, Hélène. Three questions from me, please. The first is, Alex, your big picture views around the cyclical versus structural debate. The industry has been around a long time. Why do you think this is cyclical and not structural? And then from an affordability standpoint, are you doing much work to start looking at some of the small packs, which seem to be doing quite well within some markets such as the U.S.? The second question is around the efficiency programs, perhaps for Hélène. Can you perhaps talk to some of the key drivers, maybe the split between the operational piece and the structural piece as we think about that fiscal 2026 onwards, the $1 billion? And then the third question is around China, where I tend to agree with that to have a flat China after the last couple of years does seem quite conservative. But could you talk about what you're doing to accelerate the shift in the route to market towards the new channels, pushing your broader premium portfolio, which you started to develop over a decade ago? What are you doing to diversify your source of growth across categories and also within cognac? So, maybe I'll take your first question. By the way, in appendix, you do have a couple of slides which address at least partly your question. First of all, in terms of alcohol consumption, by the way, globally, our volumes have been growing for four consecutive quarters. So, volume is growing, at least for us globally. Demographics are still tailwinds for us. You have these slides in appendix, but basically, total beverage alcohol penetration, by the way, in the U.S., because a lot of questions on moderation are mainly focused on the U.S., but it's true as well elsewhere, has been and is still stable. One American out of two, broadly speaking, drink some kind of alcoholic beverage. It was the case 10 years ago, and it's still the case. If you look at frequency, frequency has gone down, but intensity has gone up. The sum of the two, if you do the calculation, has gone down a bit, and this is where we believe, by the way, in terms of servings, this is where we believe that the less but better trend, which is not new, which we've been focusing on for the last 20 years, is indeed happening. Finally, and by the way, and this is our conviction and belief, the biggest part of the moderation we are currently seeing, and it was inferred a little bit in your question with lower formats, is economic-driven moderation. Again, American households, middle class American households' disposable income has been under pressure after a couple of years of huge inflation, and therefore their discretionary spend has gone down, then finally, regarding specifically Gen Z, so Gen Z drink less, but they do drink better, so they definitely drink less beer and wine, to be fair, and penetration we do see has gone down for these two segments. At the same time and in parallel, penetration for spirits amongst that segment of the population has gone up by three points over the last decade. There are a bit more abstinence among Gen Z, but regarding the rest of the Gen Z population, basically what we see, and we have all the data to suggest it, they will drink less frequently, which regular drinking tends to skew towards beer and wine, and more occasionally, and when they do, they will trade up if they have the right purchasing power to stronger upper-value spirit brands, which is the segment in which we operate, so all in all, we do believe, and we're not the only ones that the headwinds we're facing are mainly cyclical for the vast majority. There's a little bit of less drinking. By the way, the Gen Z starts drinking spirits earlier than Millennials did back in the day, and the emergence, the dynamic emergence, I would say, of spirit-based RTDs tends to accelerate this phenomenon. The less but better is there, I agree. All in all, I do think right now the moderation is mainly driven by economics. Efficiency. Maybe just to make it very tangible on what to expect in the future, let me come back to the track record on what we have been delivering in the recent past and including this year. EUR 900 million, 2/3 on ops, 1/3 on SG&A. There's lots of detail again in the deck, but if I can come back to the main sources of optimization in terms of ops, let's start with one which really delivered a lot, which is procurement. We have been working very strongly on procurement, and this is definitely optimizing many lines of our cost base: wet goods, dry goods, logistics, CapEx, A&P, and many other indirect expenses. This is something very sizable and again sustainable for the future. I mentioned already some of the examples for making and supply, but all those operational initiatives account to two-thirds of this efficiency. Maybe let me zoom on the SG&A front, structure cost initiative. We have here too as well a sizable type of initiative, one which we called Fit for Purpose Organization, where we are really working on simplifying the organization. By the way, many of those simplifications have been anticipated and started before fiscal year 2024, but have a full impact in fiscal year 2024. If I can name a few, we had simplified our organization in terms of regional layer by closing the regional hubs in EMEA and Asia. We have as well adapted our teams in France. We have as well adapted very recently the size of our organization in China. We are as well taking quite fast the opportunity of closing of our disposal to adapt our route to market. For instance, we have adapted the size of the team in the Czech Republic after the disposal of Becherovka. And I can obviously go on. In terms now of cost discipline, which is the second part of the efficiency program contributing to the structure cost trajectory, we have, I would suggest, accelerated a lot in terms of very strict cost discipline. And if I can name two very concrete examples, we have moved to a non-business essential travel ban already a few months ago, and as well to a global recruitment freeze except critical position. So, this is the past, but obviously nothing is stopping at the end of June. We have a significant ambition that we mentioned of EUR 1 billion from 2026 to 2029. I'm not going to go into the specifics on what would be the weight of operation versus structure, but you can expect operation to account for more than 50% of this global envelope because obviously this is a continuous journey. What I can as well add to that is that we have a very accurate monitoring of those efficiencies in terms of hard savings versus cost avoidance, and a big part of it is definitely hard savings, and that's our intention as well for the future. I think there was a question on China in terms of premium brands versus the rest of the portfolio. Well, listen, as I mentioned during the presentation, it is clearly our intent to diversify our sources of growth in China. Martell is still 85% of our business in China, but we see that the other 15% are growing. So, obviously, we'd love for Martell to grow as well, but in the meantime, as Martell is suffering in China, and we've adapted our strategy behind Martell in China, including from a marketing standpoint, we are investing behind the rest of the portfolio, behind the likes of Absolut, behind the likes of Olmeca, and behind the likes of Jameson and a few other brands because they are growing, they have momentum, and they are benefiting from basically that emergence of that channel that started, I think, 18 months ago now, which is these neighborhood live venues, very accessible, very skewed towards the new Chinese generation, the Gen Z and early Millennials. Drinks you can buy by the glass. They're perfectly affordable. There's an increasing taste for cocktail-driven spirit cocktails in these areas. Again, it's not like the nightclub or KTV venues where you have to buy by the bottle, skewed towards the higher marks, particularly on cognac. And so, our goal is really to increase the proportion of our premium brands portfolio because we're lucky to have it across the market. Great. Thank you. The next question is from Sarah Simon with Morgan Stanley. Please go ahead. Yes. Good morning. Thanks for taking my questions. I had a couple of questions. One was on the thorny question of U.S. tariffs. Have you given any, I mean, I assume you have given thoughts to kind of the potential impact based on different kind of input assumptions if U.S. tariffs were to be put European imports? Second question was on tax. Is it true or is it correct that the higher tax in France is now going to be imposed? So, can you give us a sense of what you think the tax rate will be in fiscal 2025, please, and 2026? And then can you just remind us about disposal proceeds and what we should expect to be coming in on a net basis in the second half of this year? Thanks. I guess I can take those three questions if that's okay with you, Alex. Perfect. So, I start with tariff. By the way, my answer will as well cover our estimate on the anti-dumping impact because we mentioned that already in the recent past. So, let me reiterate the numbers. So, obviously, we are taking very seriously in our scenario what could be the impact of tariff. So, both anti-dumping measures that are already impacting us on a preliminary basis in China, which is the main impact for us, to be clear, and what could happen in the U.S. So, the global envelope, if I'm referring to a non-realized basis, would be EUR 200 million for both China and U.S. China, we mentioned already that our estimate was around EUR 130 million- EUR 140 million. No change on that. So, you can estimate what is at stake in the U.S. with obviously lots of uncertainty, but these numbers are covering our estimate of what could be the impact of a 25% tariff in Canada, Mexico, and 10% Europe. obviously, we are not favorable to this very difficult trade tension environment, but you are asking me for estimates. So, these are my answers. Tax in France, this is an interesting question. I'm sure you know many things can happen or cannot happen in those days in France. So, I'm obviously not taking any risk in terms of what to expect from the Parliament, but there's obviously some measures that could impact our tax. We gave already some estimate last time we talked, which I can reiterate, which is that depending on how many measures would be implemented, we estimate that the impact in terms of effective tax rate for us would be, let's say, around 0.3%. So, our expectation for the year is 25.1%. It could move up to 25.4% if nothing is happening elsewhere. And as I'm sure you know, there's always something happening in the world when we talk about tax disposal proceeds. We don't mention the exact numbers for each two, but that will be obviously quite visible when it comes to our full year communication. But what I'm meaning by disposal proceeds is the closing of the wine disposal, which we expect to happen around spring. Great. Many thanks. The next question is from Olivier Nicolai, Goldman Sachs. Please go ahead. Hi, good morning, Alexandre, Hélène, and Florence. Just two quick questions, please. First, on the U.S., could you talk through Conor McQuaid's key learning during his first year as a new CEO there, and particularly around what's been missing for the Jameson brand according to you over the last, let's say, two years? And then secondly, going back to the 80% cash conversion target that you gave, have you also changed the top executive incentives to reflect this in full year 2025 and beyond? Thank you. So, on your first question, obviously, I speak to Conor not daily, but several times per week. The key learnings, maybe the main one is really working on the operationalization of our field strategy. I think this is absolutely critical. From a strategic standpoint, again, our portfolio strategy, there was some fine-tuning, some clarity given to it, but it's there. It doesn't need to change. It all sits around the Power Brands. There are six of them, and then some of the growth relays and so on and so forth, but very simple, very straightforward from that point of view. From a marketing standpoint, a lot of work has been done, and I think that the brand plans from a marketing point of view are very strong. I mentioned during the presentation, which is a good transition, that Jameson's brand plan, again, is extraordinarily strong around, must be at Jameson. Jameson, if you look at the latest Nielsen's, is back to growth. The number one priority around Jameson is Jameson Original, of course. Jameson Original is almost a mature brand in some big markets such as California and New York, but is still a nascent brand in other big markets such as Texas and Florida, for example, where we believe we don't have our fair share yet and where the initiatives are there to grow the brand. We've accelerated on Black Barrel, and it's already paying dividends, if I may say so. So, we had our first ever media campaign for Black Barrel, which is a trade-up to Jameson. And finally, we fine-tuned our innovation strategy with a very recent launch of Triple Triple, which, again, the early qualitative feedback we're getting from the field and from our trade partners is very positive. So, listen, I mentioned there are some green shoots. We have, I believe, a great management team, which is now full. I think we'll have the opportunity, or should I say Conor will have the opportunity to share a lot of his own learnings with you in May. In In May, in next May, because there'll be a call focusing on the U.S. in a couple of months from now. I'm sure Conor will be happy to share these insights with you. The main one is really operationalizing our strategy, our portfolio strategy, which is great on the field and backed by media campaigns, knowing that we've increased our media intensity in the U.S. while at the same time we've lowered it in China for obvious reasons. Second question on cash conversion. Maybe let me clarify what we are aiming at. So, as I mentioned before, cash conversion is going to improve from fiscal year 2026. And one of the quite explicit drivers of this improvement is going to come from the strategic investments, which will be capped at circa EUR 1 billion, where in the recent past, including fiscal year 2025, we are above that with circa EUR 700 million of CapEx and strategic investment at a similar level than last year. Beyond 2026, we want to be back to a cash conversion rate at circa 80% and above. We obviously have many drivers to that, starting with peer growth and profitable growth, but as well, as I just mentioned, normalization of strategic inventories and many initiatives in terms of working capital improvement. So, your question on incentives. So, as I just said, we are not, I would say, counting on incentive cuts to deliver sustainable, profitable growth and cash generation, even if, of course, depending on where we are in terms of achievements of our ambition for the year, we will assess what is at stake and adjust the bonus achievement accordingly. But I would say this is more short-term measures that we're obviously looking at every year. And back to what I said before in terms of efficiency programs, especially SG&A, we really want to work on structural initiatives. That's exactly what we've been doing. And not only count on what I would suggest is more short-term measures that could happen and that happened already in the past, might happen in the future, such as bonus adjustment. Thank you very much. Next question is from Céline Pannuti, JP Morgan. Please go ahead. Thank you. Good morning, everyone. So, my first question is on price mix. So, noted that volume has recovered, price mix remains negative more than 6% in the first half and in the quarter. Could you talk, and I saw on your strategic brands that many of the top five brands have as well negative pricing themselves. So, could you talk about the pricing environment in Europe, and China? Like, I'm a bit surprised about the 5% price increase in Martell in China, if you could maybe talk as well about that. The second question Europe, we saw a sequential deterioration in the markets. You flagged Germany. Can you talk about what's going on in the market in terms of the competitive environment? And then lastly, I just want to clarify your fiscal year 2026 margin target. You said you want to defend this to the fullest extent possible. Does that mean flat, or do we mean that it's going to be down, but A&P will be part of the equation for you to defend that? Thank you. Okay. Thank you. So, I start with price. So, we have a price mix, which is mainly negative because of mix. But price is obviously much more muted than in the recent past for all the reasons you know in terms of normalization and moderation of the inflation, and as well in terms of, I would suggest, more busy promotional environments. And this is definitely true in the U.S. and Europe, and in the US, this is one of our key initiatives as well in terms of delivering sequential improvement of the performance of the brands to make sure that their price positioning is where it should be. So, we are carefully but actively working on profitable promotion activity and as well, when it's required, adjusting price. So, this is what we've been doing for already a few months in the U.S. And this is as well one of the reasons why the volumes improvement is where they are, as highlighted by Alexandre a bit earlier this morning. Europe, I'm sure you know it has always been a place where price negotiation can be tough, and they are, but we are very determined to protect our price. China, your question on Martell, as you might remember, we didn't increase price last year. Before, we've been consistently increasing price to this type of range of mid-single digit for Martell, which is as well obviously the reflection of what can impact our COGS. So, that's why we are increasing our price post-CNY this year. Germany? Yes. So, first of all, I think it's worthwhile noting, Céline, Europe still is surprisingly, in a way, resilient versus what we hear in the news and so on and so forth. What has happened and what we're currently experiencing is if you take our second and largest markets Europe, respectively, more or less Spain and Germany, Spain is in slight decline and Germany is in sharp decline. Germany has gone into recession and we see consumers suffering in Germany and promotional intensity has significantly gone up in this market. And this is why it's impacting overall. But other than that, the rest of European markets are doing pretty well. I'd like to take the opportunity to underline the good performance of France that has grown over the first half, not only in terms of top line, but in terms of market share as well, but also markets such as the U.K., despite a very intense competition, or Ireland. And of course, the more you go eastwards, the more dynamic with markets such as Poland and so on. So, pretty strong resilience Europe, but with our two of the top three markets in that region, which are suffering, one sharply, Germany, and one slightly, Spain. And the last question was on the margin for fiscal year 2026. So, back to my comments before on tariff. We are building in our scenario or in our central case so far an impact of tariff, which could, depending on what could be implementation date and so on, but up to EUR 200 million in terms of impact, again, mainly China, but as well if things were moving in the U.S. So far, we have obviously anticipated, by the way, that's quite clear for China because we are absorbing those impacts, which is already a reality for us in China this year. We are absorbing that and confirming our ability to sustain the operating margin for fiscal year 2025. But when it comes to 2026, having in mind this amount of EUR 200 million, we cannot commit so far to do more than what we say, which is defend as much as possible our operating margin expansion. Because obviously, it's a balance between what we can do and what we have been doing back to the efficiency program. There's probably more that we can deliver, but we want as well, obviously, to protect the fundamentals of our organization to be able to seize the rebound of our top line, which we believe will happen soon. Maybe to be even more specific on the mitigation measures for tariff. So, we have already adapted our business in China, again, which is more than covering the impact of the anti-dumping measures this year. We're going to keep implementing all these efficiency programs I was referring to. And there's obviously some more specific initiatives we are working on in terms of supply chain optimization or revenue growth management, which we can quite quickly activate to mitigate tariffs. So far, our estimate is that we could probably cover up to 50% of those tariffs if they were to happen, again, with this annualized estimate of EUR 200 million. We're going to take our last two questions. Last question is from Sanjeet Aujla with UBS. Please go ahead. Hi, Alex, Hélène, and Florence, a couple from me, please. Firstly, on India, can you just comment a little bit to what extent you had a benefit from the opening up of Andhra Pradesh in the last quarter and how significant that was and how that might play out over the second half of the year? Is that behind some of your optimism there? Just coming back to the U.S., Alex, as you're thinking about your portfolio as it is today in the medium term, you sound upbeat about the U.S. getting back to historical growth rates as a category, but do you think your portfolio is fit for purpose to grow in line or ahead of that, which has been a long-term ambition? Maybe the first one. Yes. I'm sorry, but I'm not going to be as specific as you ask in terms of what is the size of the Andhra Pradesh opportunity. What I can tell you is for sure it is great news contributing to the performance of India. But as usual in this very amazing country, sometimes there are opportunities, sometimes there are challenges. But this is one. Again, India, our expectation for India is to be in line with our long-term ambition for the year and for the years to come. But you're right, this is a great business opportunity that we are capturing. And on your question on the U.S., so I was saying earlier we have six Power Brands, so Jameson, Absolut, Glenlivet, Malibu, Skrewball, and Kahlúa that represent basically two-thirds of our business. And then we have what we call, I mentioned growth relays, internally we call them Explode Brands with our Tequila Código, our Mezcal Del Maguey, our Bourbon Jefferson's, and our nascent star Redbreast. Let's put it that way. So these two portfolios, the power brands and the Explode Brands, represent a little bit more than 80% of our business. Are we still underexposed to tequila relative to the market? Yes, but we have very strong focus on Código and our aim is really to grow Código. Are we still underexposed to some extent to bourbon? Listen, we have Jefferson's today, which is not tiny, and we're focusing on Jefferson's bourbon for that category in the U.S. Now, bear in mind, and this is why I think it's important, the U.S., everybody is talking about tequila and ready-to-drinks, but the reality as well is there are other segments that have still some pretty strong growth potential. The most important one we're playing in is Irish whiskey with both Jameson, as I mentioned, which still has good growth to grow, and Redbreast, which is, by the way, growing quite nicely. So, do we have the right portfolio? That's what we've been doing over the last few years from an M&A standpoint, getting exposure to bourbon, getting exposure to tequila. Now we do believe we have enough of the right portfolio to operationalize that portfolio strategy on the ground and get that portfolio to grow. So, we're going to take the last question. Sorry, we have time for one last question. Okay. So, thanks a lot. I think we don't have more questions. So, thanks a lot, Alex and Hélène, for the presentation and the answer to questions. Thanks a lot for connecting. And I'm sure we're going to speak a bit later today or in the coming days. Thank you. Thank you very much.