Hello, everyone. Thank you for joining today's Q&A session with Conor McQuaid, CEO of Pernod Ricard North America. I hope you've had the opportunity to see the video update we released earlier today that describes the progress Conor has made in the nearly 2.5 years of his leadership in North America, with this now being Conor's third opportunity to update us all on his progress. Please note that during this call, Conor will not provide any forecast, outlook or guidance. Our most recent group guidance was updated and shared by Hélène in our Q3 sales update in April. As usual, in order to give as many people as possible the opportunity to pose questions to Conor, please no more than two questions at a time. Operator, please now, if you could explain the mechanism to ask questions and then we'll hand over directly to Conor. 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 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. First question is from Laurence Whyatt, Barclays. Hi, Conor. Thanks very much for the questions. A couple from me, please. In your prepared remarks, you mentioned that Skrewball was having a few issues from the Route to Market changes in the U.S. Just wondering if any of your other brands struggled in any way as a result of the Route to Market changes. I think in the past few quarters, you've mentioned that you've been underperforming the U.S. market. Just wanting to understand if the Route to Market changes have anything to do with that. Secondly, on your ready-to-drink strategy, a lot of the growth in ready-to-drinks has often been in new-to-world brands. Your innovation in the space is largely line extensions with your existing brands. I'm just wondering if you could talk us through the strategy behind your innovations in the Ready-to-Drink space. Thank you very much. Morning, Laurence, thank you for joining us and hello to everybody on the call from a bright and sunny New York. I'll take the two questions in sequence. Sorry, beg your pardon. Skrewball first, from a Route to Market perspective. As we went through the transition on acquisition a number of years ago, we had some challenges in the relative stock loading that went into trade, and also the timing of those changes meant that some of the promotional windows that we would normally have been able to access on a portfolio basis weren't available to Skrewball. I think we got off to a very challenged start at the outset. We also had some supply challenges around the 100 ml can, which is core to the proposition on Skrewball insofar as it's a great trial mechanic, and obviously we were one of the innovators in bringing that format to market. I think we've largely addressed those issues now. We have the 100 ml back in distribution, and I think that's a positive contributor to the improving momentum that we're seeing on Skrewball. And largely we're seeking to double down on the strategy, being very clear that it's a shot brand and plays in that shot space, and really making sure that we get on menu for those impulse moments around shot, which take place clearly in the U.S. on an ongoing basis. Very happy with where we are in terms of the strategy clarity and what we're trying to bring to bear from a market execution perspective. The small sizes play a key role in that proposition, and we've got some exciting innovation coming down the line, including the launch of the American Classic Peanut Butter and Jelly in a can and small size format that's hitting the market, as well as some even more exciting innovation that we will trial in Southern California and New Jersey come September. As I say, a lot of work done to positively inflect the performance on Skrewball, despite the challenging start that we experienced. From an RTD perspective, I think you're right in saying that new to world has been a key driver of RTDs, but I think it's also very important that we look at the various swim lanes that play out in the RTD opportunity. Clearly, you've got malt-based or flavored malt beverages, as they're referred to. You've got wine-based RTDs, and indeed you've got spirit-based RTDs. It's in spirit-based RTDs that we're seeing the dynamic growth. The propositions that seek to access that market and those opportunities come through three swim lanes, as we're describing it. There's the light and refreshing, there's bar quality in a can, and there's playful pour. Really what we're saying to ourselves is new to world the entry point or is it the clarity of proposition that we bring to bear? You look at a brand like Malibu, for example, the number one brand in the U.S. associated with summer, our number one household penetration brand, and indeed a brand that has all the refreshment cues and daytime, summertime drinking occasion opportunity to execute against. It's about us challenging ourselves to bring the right proposition to market that can access that moment. Doesn't, to my mind, necessarily need to be new to world. Indeed, our strategy in service of our Power brands. That's the 60%, 70% of the portfolio that is made up of those six Power brands. We're really trying to hone and refine our entry points so that we have the most competitive chance to win. We're seeing great momentum on our most recent collaboration and innovation, which is Malibu and Dole. Dole being the number one brand associated with pineapple juice. Again, the multiplier effect of those two brands working together in support of a relevant proposition seems to be resonating as we head into the critical summer period. Again, a lot of work done in refining the strategy, I referenced in the video as well, the positive momentum we're experiencing on the launch of Malibu Pink is clearly hitting the mark and clearly going after a key consumer opportunity that the brand has all right to win within. Recruitment is the overarching theme of the strategy, so making sure that all we do is in service of the recruitment of the next generation of Malibu consumers. I think we're much sharper and clearer in the role that RTDs play in that. In summary, I'm saying new to world is not the only entry point, consumer-relevant propositions, and we believe we have brands in the portfolio that can meet that need. Thanks, Conor. My first question was much more about your other brands rather than Skrewball. I really want to understand if you've had any issues on any other brand outside of Skrewball, following the route-to-market changes. I think that's a very live and active question. As we reset our Route to Market, as we came to the end of our contract period, as of last year, and we updated everybody in terms of the changes that we made and the philosophy that we brought to bear in those changes, which was very much driven by a fittest athlete by state. Looking at it on a state-by-state basis, very forensically going across each state and determining who was our best partner to win in that state. They were the changes that we made some 12 months ago and obviously transitioned towards. In the interim, outside of our control, there has been quite a degree of change within the distributors tier, and we've seen, obviously, the consolidation of various states, the departure of RNDC to a meaningful degree, which was a number two wholesale partner that we've been working with. We've had to, again, forensically go back across our footprint and make changes as appropriate. In that context, I'm very comfortable that we've done and made the right choices. As I say, I think the team have worked very hard and diligently to go about that exercise with real clarity. We're in the transition mode on those 11 states that are in that second wave of change. Fundamental in those changes is Texas, one of our largest markets, and we've transitioned from RNDC into Southern as of the first of May. I would characterize that as a transition that's gone particularly well. I think, again, to the hard work of the team and the support of Southern as a partner. We're off to a good start. Our fill rates are north of 80%, and the transition has been exemplary, I think, in the way that we've managed it. Some of the other markets will transition as of the first of July. Notably in those is Maryland, which is currently with RNDC, and will move to the new Reyes organization, subject to the conclusion of those contract negotiations. As I say, we're working across each of those states that are in transition to make sure that we're doing so in a very structured and supportive manner. As I say, I think the work that's been done by the team is giving us confidence that we're doing so without major disruption to the route to market, or indeed the availability of our products in the brand or in the states in question. Perfect. Thank you so much. Thank you so much. Hopefully that answers your question, Laurence. Thank you. Next question is from Richard Withagen, Kepler. Yeah. Hi, good morning, Conor, and good afternoon, Ed. Two questions from me as well, please. First of all, there's been a structural destocking in your U.S. business for a few years now, and the industry inventory to sales ratio also remains elevated. I mean, should sell-in and sell-out be more aligned in fiscal 2027, and then why would that be the case? The second question I have, there is obviously a lot of focus on the top-line performance, and rightly so, I guess, but how do you make sure it is profitable growth? What are some of the points of focus for this, Conor? Thank you, Richard. Good questions. Destocking clearly contextualized, and I think we need to take a step back collectively and look at the challenge that we faced into 12 months ago. Again, to recall a lot of the noise in the system and a lot of the speculation and uncertainty indeed around the level of tariffs that will be applied to our sector. At one point in time, being spoken to in terms of 200%. Now, we took that into account, clearly in ensuring that we had an elevated level of stock stateside, to mitigate the challenge and the risk that that posed to the business. We did start the year with elevated stock levels, and I think that was well flagged. We have seen some industry adjustments through the course of H1, and we are lapping those elevated comparison bases as we head into H2. That's reflected in the figures where you see the sell-out broadly at -7% and the sell-in at about -14%. Adjustments are being made in the context, as I've just described, of some of the distributor changes and indeed some of the pipeline fill effect on the impressive innovation funnel that we've put to market. We're not really at a liberty at this point in time to talk about how next year or the full year of next year will play out, but clearly we are diligently working across each of the states, each of the distributors, ensuring that our stock levels are appropriate to mitigate any challenges and risks. It's been bumpy over the last 12 months, and I would hope for a more stabilized view as we go forward. On your second question, in terms of top line and the profitable growth and how the shape of the P&L plays out against the challenges that we face into. Clearly, resource allocation is critical in that regard. Key line item is A&P and the dedication of those resources to the brands of greatest opportunity that can positively inflect our performance. We're helped and aided greatly by the early adoption from a Matrix perspective, which is our AI A&P process, which allows us to diligently review investments made, touchpoints chosen, and return on investment that we get from those investments. That hones and sharpens year on year through the support of the AI tool that we're using to make more informed choices as we go forward. Again, really refine how that A&P is being deployed, drive for efficiencies therein, and challenge ourselves very much in the context of working versus non-working. How many dollars are in front of the eyes of the consumer versus those that are in more back office focused activities. We're really trying to pull that down so that we get as much of that investment working hard in the field and in front of consumers. A lot of good work being done in that regard. Our Matrix adoption and our use thereof the recommendations through that tool is north of 70%. In other words, what it's telling us to do is being reflected in the decisions that we make to the level of 70%. Then we have opportunity, and this is intended within the tool, that you can override and maybe strike for some new ideas, new initiatives that aren't in the historical numbers, and therefore it's not ever a case that you strike for 100% adoption of what the tool will tell you to do. As I say, really good use thereof, and the marketing team have really embraced it as very informative as to how they make those relevant resource choices from an A&P perspective. Then from an SG&A, looking at the organization and again, trying to ensure that what changes have happened externally, be that the wholesaler changes that we are making, the dedication that we have negotiated within the wholesale tier is reflected in our own teams and ensuring that there's no duplication in roles, responsibilities, and indeed accountability. Make sure that we really are very studiously and very disciplinedly looking at our organization and our SG&A costs that are pressed up against the opportunity and making adjustments accordingly. Again, I have to commend the team, the agility that they've shown and the way that they've addressed or worked with us to address those changes that we would wish to make, to ensure that we're as agile and responsive to the external context as we see it. As I say, very disciplined approach to A&P, very disciplined approach to SG&A. Then largely within the broad parameters of what's in our control is the SG&A, or sorry, the RGM discipline that's been brought to bear in the business. Again, I'm very impressed with the work that the team have done in using new tools, new insights, and embedding that understanding into those choiceful decisions that we're making around promotional intensity, promotional frequency, and indeed state level, SKU level discussions and conversations that we are being having against the competitive context. I can reassure you genuinely, there's a lot of really good work being done, and it's something that's to the forefront of our mind in the context of the current market, that we need to use the resources available to us in the most appropriate way possible. Thanks. Thank you, Richard. Next question is from Sanjeet Aujla, UBS. Hey, Conor. Thanks for the presentation. A couple of questions from me, please. Can you touch upon the pricing environment in the industry? It feels like it's been deteriorating the last few quarters. Against that backdrop, how competitive do you think the portfolio is versus your competitive set at the moment? Are there any further interventions you foresee over the next 12 to 18 months? Clearly, it's a dynamic marketplace at the moment. Just coming back to your point on resource allocation and marketing spend. I think in the first half, marketing spend in the Americas region for Pernod was down 23%, something like 250 basis points of the Nielsen sales. Do you feel you've got the resources there to be able to keep closing that gap versus the market? Does there need to be incremental investment on the marketing side? Thanks. Thanks, Sanjeet. In relation to pricing, clearly, I say this with all transparency, we sit every Friday morning at the executive team level and sit with the ORGM team and go across the detail and the understanding. There's a work plan that is looked at. We looked at the external environment, we looked at any changes within the competitive context, moves being made, with that cadence of once a week. That's a mandatory, no choice. All of the team must be there, including our commercial leadership, our finance leadership, and our marketing leadership. That to say that we are studiously studying this and acting in real time, I think is reflected in that cadence and in the approach that we're taking. The tools, as I say, have really given us greater understanding, greater opportunity to make data-based decisions as we see those changes. In the context of the market, clearly you've got a lag in some of those decisions that you take and their ability to show up on shelf, and that's not uniform state by state. Different states can move in different ways at different times. We're looking to OND, we're looking to the promotional calendar and the promotional investments that we'll make, and the bets and the choices that we will place against that available resource. In the marketplace, what we're seeing at the moment is a migration towards premium, in certain categories more so than others. For example, tequila, for example, you're seeing super premium, maybe somewhat more under pressure and then dynamism in that premium space around that $25 price point. Brands that can hit that price point and work in tequila in that category at that price point seem to be hitting the sweet spot of where the consumer is of the moment. It's not a uniform view across categories. There's different dynamics at play across vodka, and whiskey and some of the other major categories that we're operating within. Pricing is something that we will continue to stay hugely focused upon and really challenge ourselves to be as sharp in the choices that we make and the decisions that we take, and respond in real time to what we see externally. From an A&P resources perspective, we're holding to a view that 18% as a ratio A&P to net sales in the U.S. is an appropriate level. Within that, while it has reduced in quantum, I point to the earlier conversation and discussion I gave in terms of the use of those resources is getting better all the time, and the concentration of those on fewer brands. North of 70% of those available resources are going against the Power Six, and really being very diligent about how they are being spent in support of the strategies that we're putting in place. The resource as I have it and as we work towards the 18%, is being worked harder and indeed, opportunities as they present themselves are always something that we can have a discussion with our colleagues in Paris around. We had the out of cycle opportunity last year, for example, on the MLS, opportunity for Jameson to become the official whiskey of Major League Soccer here in the U.S. and that was a conversation that we were able to take to Paris and get support therein. It's fluid and dynamic at market level. It's fluid and dynamic at group level. As I say, we're working to make sure that we've got the available resources to address the opportunities as we see them. Many thanks. Thank you. Next question is from Trevor Stirling, Bernstein. Hi, Conor. Two questions from my side, please. The first one is, there's a lot on your plate, Conor, just looking at the presentation and the number of things, the number of levers you're pulling at the moment is quite remarkable. If you had to pick out three or four of the critical ones in terms of closing that gap to the market, what would you highlight? I suppose the second question, I appreciate you can't comment at all on the Brown-Forman discussions. During that period when it was public that the discussions were going on, how did you manage the morale of your organization and indeed of your distributor partners? Because it must've been quite unsettling for them. Thanks for the questions, Trevor. Let me take the first one if I can in terms of the three levers. I think as I referred to in the presentation, when I set off on the journey here in the U.S., I called out three areas of focus in terms of the sharper portfolio focus, excellence in execution, and recognizing that I needed to bring the team, the people in the organization, indeed our relationships with the wholesalers on that journey with me. They still hold true to this day. They are still the focus areas that we challenge ourselves against, knowing that they're not once and done. It's an ongoing muscle that we must flex, and we must continue to pump action, if that's an analogy I can use, on each of those three levers. Build that muscle, ensure that that sharpness on portfolio, that excellence in execution, and that the structure and the people are coming on the journey with us. In closing the gap to market, we've brought it from where we were six points off the market rate, some number of years ago, down to a two-point gap to market. I think that's reflective of all the good work that's being done. The challenge we now face into is how do we get from two to meeting the market. That's the focus and the energy that the team are bringing to the FY 2027 plans. In that clarity of what we're asking of our distributor partners to do, I think this is a big step forward in where we've come from. We had 150 of the senior leadership across the wholesale tier with us last week in New York, and we were able to call out very explicitly the three bold actions on each of the brands and challenging ourselves to make it as simple and executable as possible. Our asks potentially in past have been somewhat complicated, and we weren't really as sharp as I would have hoped us to be, so that the teams and the partners that we're working with across the wholesale tier know what we want to do, know where we find the opportunities, and know what we need to go after. Specifically, what has been commendable and what was remarked upon by the wholesalers was the innovation funnel. That we've brought to bear across the brands with a particular focus on the Power Six and the need for they to be strategic in nature to fall within the brand architecture of each of those brands. Not a short-term LTO spike to the brand architecture, that they fall within what we would wish to sustainably invest behind over the long term. We've had some really good positive launches on some of those innovations. The Glenlivet Caribbean Reserve, which was for the holiday season last year, will be repeated this year, again, with a different proposition, but again, hitting that elevated price point to $ 12. Really, I mentioned this in the video, Malibu Pink has come out the gate really strongly and really started to show where we had an issue, and it was clear that Malibu was a drag on the portfolio performance. Really understanding what was driving that, what we needed to pivot towards, and we've hit an occasion, we've hit a flavor, and we've hit an execution of that particular innovation, which gives us strong positivity towards the summer period. We're faster in our response to what's going on in the marketplace, and we're pulling the appropriate levers, from a brand perspective that I would genuinely hope set us up for success as we set out to try and close the gap to market. From a Brown-Forman and morale perspective, the conversations that were being had, and the respectful decision that was taken not to go forward together with our colleagues in Paris, was something that we were fully aware of. What I sought to do during that period was just be as open and transparent with the team here. Clearly, there was open questions within our own organization and indeed within the wholesaler tier. There was many things that were going on that we couldn't speak to, but we did try to give the team reassurance that in the eventuality that there was news and information to impart, that they would hear it directly from us. That was all in service of trying to ensure that they stayed focused on what we need to do and the job at hand, and not to get too far ahead of ourselves and not to think about what might happen further down the line, but stay focused on the day job and the work that needed to be done. Yes, it was obviously a cause of much conversations with our distributor partners. Again, trying to make sure that people didn't run ahead of the curve while the discussions took place and didn't get ahead and start thinking about the possibilities or the opportunities or the challenges that might face into us if it was to go ahead. It was really trying to make sure that everybody was diligently focused on the day job, while this played out as it did. Thank you very much, Conor. Thank you, Trevor. Next question is from Olivier Nicolai, Goldman Sachs. Hello, Conor. Hi, Ed. Two question, please. You highlighted that Pernod will now work with 10 wholesalers in the U.S. Can you elaborate a little bit on the operational and financial disruption that you had following the switch from RNDC? When do you expect the full benefit of this new route to market to flow through to the P&L? Secondly, I was just wondering if you have commented or if you are able to comment at all on the tariff reversal and what you could expect in term of refund. Thank you. Morning, Olivier. On the wholesalers, again, take a step back, if we would, to the process that we went through and the thought process that we went through some 12 months ago. The fittest athlete philosophy, who is best by state. Also looking at the portfolio in terms of how can we bring simplification and prioritization to what we wish to get done. That very much fundamentally shifted our focus towards saying the mainline, and the predominance within the mainline of the Power Six, needed to be given primacy in the focus. Mainline and choices of who were our mainline distributor by market were the first entry point. Secondly, we looked at were there opportunities in RTD? Were there capabilities in RTD that would be better serviced by somebody who had that muscle? Reyes came to the fore in that regard as a beer distributor at that time that was solely focused on building that capability with all that goes with that in terms of frequency of delivery, C-store coverage, merchandising capability at scale. We moved quite a number of the states. I think overall it was seven markets moved to the Reyes network, which is about 54% of the spirits-based RTD market coverage. That was a very deliberate choice to be. In working with somebody who had that RTD discipline built from what they understood and what they were so expert in doing from a beer perspective. Big markets moved to an RTD network, and that's going through that transition phase as we learn how to work together and as we build out that muscle. The third leg of that thought process was to say that we had gems within our portfolio, by definition, great brands that had opportunities but were just too far down the priority list, and weren't really getting their right to step out and be incubated to scale in the manner in which we hoped. Therefore, we picked a set of different distributors, largely different by state, to put the gem portfolio into play. For example, here in New York, we moved it to Empire. Brands within that portfolio, as I say, real gems such as Plymouth, such as the Spot range in Irish whiskey, such as Powers, such as Goslings Rum. That allows us to have those conversations and get to know a new set of distributors. Three very intentional choices across the three portfolio priorities that we've got, and ultimately new relationships opened up with distributors that we hadn't traditionally worked with. In that transition and the transition that happened last year and indeed the transition that's happening as we speak, the financial disruption is relatively minor. As I say, I think I've been super impressed with just the ability for us to plug into those systems. Knowing that we had a preexisting relationship with Southern, for example, when we moved Texas to Southern, meant that a lot of the disciplines that were already in play across the other states just simply incorporated Texas within how we operate. The cadence of engagements, the engagement of the teams towards the priority and the clarity of the portfolio strategy has been relatively seamless, I'd have to say. Texas has been a challenging market for us. It was probably about 20% of our Nielsen drag was coming from Texas alone. We're very optimistic to the new relationship that started with the team. We have a kickoff meeting with the new team in place that has been recruited at speed. We'll set forth, as I say, with that new FY 2027 plan, working together with them. Really encouraged by the speed of the transition and the relative seamless nature thereof. What it does provide, if you think forward, is now the five footprint states of the U.S. that are about 40% of the total opportunity are now with Southern. How we work together, while it has improved over the last 12 months, can be even turbocharged now that we've got those five big states with one wholesaler, and that we can work in the same disciplined manner as Paul, my commercial leader, has brought to bear on that relationship. A monthly cadence of meetings, identifying core opportunities and indeed challenges that the team must face into. I think if anything, we're getting even closer and more collaborative and more aligned in terms of how we're trying to get to market. This is now facilitated even to a greater degree than maybe was happening before by the change of Texas and the five footprint states now all being under Southern. From a tariff perspective, clearly the process is in play as we speak in terms of recouping some of that impact and that tariff impact that has hit the business over the last 12 months. We're starting to see the first payments or repayments of those tariff monies starting to flow through. The process seems to be working well. Obviously we're across trying to recoup the monies that we previously had paid on the tariff basis. Thank you very much. Next question is from Chris Pitcher, Rothschild & Co, Redburn. Thank you. Good afternoon, Conor. Ed. Yeah, a couple of questions, please. One following up on the distribution changes and then one on brands. In terms of the scale of the shift, could you just give us numbers, sort of what percentage of your revenue is actually in transition currently? In this process, have you been able to get better terms which should help your reported sales performance? Within that, now that you're more coordinated with Southern's, how would you describe the technological backdrop between you and the wholesalers? Is it still quite a manual process? Is it highly automated? Are there more efficiencies to be taken there? On your other brands, just you didn't say anything about Martell, Chivas or Seagram's, which are reasonable size in your portfolio. I was wondering if you can give us a quick update on those. Thanks. Thanks, Chris. In terms of distribution, it was 11 states that transitioned in the most recent changes that we made, the biggest of which obviously was Texas. We went with Texas, Louisiana, and Oklahoma, with Southern Maryland from RNDC into what will presumably be the new Reyes structure. The Dakotas and Indiana, we moved into Johnson Brothers. It was 11 states in total, the biggest of which clearly was Texas. Beyond that, I wouldn't want to comment further in terms of what those represent for our business, just from a commercial sensitivity perspective. From a tech backbone, I think genuinely it's not a manual process. It's a highly automated process. We were plugged into the Southern Glazer's system, for example, from all the other states. The addition of Texas into the discipline processes and the investment that Southern has made in a technological backbone that is in its service of how they work with their partners is particularly impressive. Their digital capabilities are somewhat in tune and in line with the work that we've been doing together on initiatives such as D-STAR, which is our sales tool, where we direct the sales team to the next best action based on data by outlet, looking at the competitive context. As I say, we were very well plugged in and using a lot of the synergies that were already in play across other states, and the opportunity now obviously is to apply that to Texas in the same manner. Good tech backbone and good solid integration between the teams and using the tools that are available to them. When we talk to Martell, Chivas, Seagram's in the portfolio strategy as we've outlined, there's two distinctions in that list of those three brands. Martell and Chivas are in what we call Targeted Elevate. What that seeks to do is not try to take on the national opportunity, but seeks to go after where we see the greatest opportunity for Cognac and for blended Scotch whisky and pick out those states where we believe we've got the opportunity to be targeted and focused in bringing the brand strategy to bear. That's very specific for Martell. It's very specific for Chivas. Seagram's is somewhat differentiated, and that's in our execute intent. Very much a commercial focus. We don't invest any meaningful amount of A&P into Seagram's Gin. We're just executing that commercially, so it doesn't play a strategic role going forward. Targeted Elevate, focus state prioritization and investment appropriately, and then an Execute strategy against Seagram's. Thank you very much. Thanks, Chris. Next question is from Andrea Pistacchi, Bank of America. Yes. Hi, Conor. Hi, Ed. I had one question, please, or a couple on Jameson, which has been a key driver of your improved performance relative to the market. You made and referred to price adjustment you made a couple of years ago. You put more resources behind the on-trade, the MLS sponsorship. What are the next steps to further improve Jameson from here, besides really getting the distributors behind it? Then sort of connected or on Jameson more broadly, you were talking earlier about the pricing environment. We see what's going on in Tequila, but how do you see the pricing environment more broadly in whisky, the space Jameson is competing in? Thank you. Thank you, Andrea. Yes, as you say, the pricing adjustments that we took some two years ago, flowed through now to a clarity in terms of the shelf price and the competitive context in which we continue, as I mentioned previously, to monitor on an ongoing basis. The prices have been reset. Now we're down at the level of looking at promotional frequency depth, frequency by state, in those key selling periods and really sharpening and honing our approach therein. I think, again, to take a step back, what you need to be mindful of too is the relative life stage of the Jameson brand across states. We take markets such as New York and California, which were at the forefront of the Jameson growth back in the day. That has and asks us to do things differently given the relative scale of Jameson in California, one of the top whisky and certainly one of the top two spirit brands in the California market. That has different challenges attendant with it versus a market such as Texas, where we are under indexed versus our competitive set and our fair share. That's more in that growth phase. Again, we hone the strategy and play a different playbook in Texas that we do versus California and New York. In terms of what we're doing going forward, and you talk to really showing up in culture in that bond and connect moment that goes with sports culture around the MLS. Really being sure and clear that we have the right portfolio strategy, meeting those right price points. The trade-up opportunity at a 20% premium that Triple Triple is bringing to bear, and indeed, that occasional gifting opportunity and special moment that Jameson Black Barrel plays into at that $34-$39 price point. Having the portfolio architecture that allows us to flex towards those different price points is hugely important. As we go forward, if we look into next year, there's two things I would call out. One is very clear recruitment strategy, where we under index in certain two specific target markets against Hispanics and African Americans. They are two where Jameson hasn't really recruited at the levels that we would aspire to. A deliberate focus on getting a relevant playbook in play so that we can recruit against those two opportunities. Then in terms of both innovation and small sizes, we do still see upside opportunities. We will bring in Jameson Distillers Batch, which is a EUR 50 price point proposition, which will launch in September in advance of the key holiday period. That will bookend the Jameson portfolio in the EUR 25-EUR 50 range with the four relevant propositions therein. Small sizes is something that we under index in, and it's a highly dynamic part of the market. 375s and below, across triple-triple and indeed across Jameson Original will be focuses for the O&D period. Indeed, smaller sizes being in can format in the 100 ml size, is something that we will also put into play as we seek again with that recruitment intent to get people to sample, to taste the great flavor and the approachability that Jameson represents. A key drive on under indexed opportunities from a targeted consumer perspective and making sure that the portfolio, both in breadth, price points and in relative sizes, has been fully exploited to the extent going forward. We still believe genuinely that there's huge headroom for Jameson in this marketplace, and there's not more that we can do to fully exploit what we have, which is a key brand in an occasion, bond and connect, fan culture, and all that goes with that really plays to the strength of the brand and the accessibility of the flavor. From a pricing perspective, just come back in on that point. As I say, I think we're super clear in terms of the strategy that we're putting in play in support of that. If I can just follow up more broadly on the sort of smaller pack sizes. From a profitability point of view, how do smaller packs, compare smaller bottles, smaller cans compare to the standard size? Obviously, you're getting a higher price per unit of liquid, with more complexity in terms of supply chain. Is your supply chain set up to be able to, at speed, adapt to and offer different pack sizes? It's a profitable market, and on a percentage basis or whatever, it's not margin dilutive in those smaller sizes. We adapt with agility to make sure that we're bringing the right price point to the pack size as appropriate. I would draw a distinction between what would be traditionally normal pack sizes that would be within the range. 375, 200 ml, 100 ml is new, but 50 ml is obviously traditionally and has been part of the pack architecture that we've put. We have stepped up and are clearly making sure that the supply chain is making those sizes available, and then the call out, as we had with the wholesalers last week when they were in N.Y., is to put double down on the distribution opportunities that they now represent. Again, I'm confident that we've got the supply chain flexibility and agility to meet that opportunity. With the 100 ml can being new, that's something that we're going to have to go forward with now with a clear focus to make sure that as the opportunities and as we see the responsiveness of the market to the launch of those new 100 mls, how that plays out and making sure that the supply chain stays in lockstep with those progress or the progress that we make in that regard. Again, I think the team are clear on the opportunity. They're clear that this is a focus for us as we head into 2027, and that we need to work very closely with our supply chain colleagues to make sure that we don't miss any opportunities out there as we get the 100 ml through the system and as we double down on closing the under indexation opportunities that we see where the traditional or small sizes can play. Thank you. Thanks, Andrea. Last question is from Céline Pannuti, JP Morgan. Thank you very much. Good morning to you. My first question is on the U.S. market. You said it was down 5% year to date. Have you, on the ground, seen or discussed with your wholesalers any impact of higher gas prices on consumer propensity to go out, spend on alcohol, either on the on-trade or potentially on the off-trade? When you were talking about pricing affordability, do you see any rise in promotion in order to woo the consumer in the current context? The second question on RTDs, can you remind us how big is RTDs as to the total sales for your business? You said it was still growing. What do you expect the RTD category growth to be? Can you talk about the profitability? First of all, can you talk about your ambition in terms of how big it should be in your business, the profitability profile? As you see a competitive set of brands that are mainly non-spirit brands, how do you think you can step up and seeing that spirit branded RTDs are more relevant to consumer? Thank you. Thank you, Céline. Great question around the consumer. I think that, again, as we mentioned in the video, there's a lot of challenging contextual data points that would say the consumer in the U.S. still feels apprehensive to their financial future. We see their positivity at an all-time low in terms of how measured by Michigan. The University of Michigan tracker, I think, is at a historical low in terms of consumer sentiment. Again, in disposable income and all other metrics that you look at, the gas price, the disposable income is under pressure, and that wallet squeeze is something that we clearly need to be mindful of. As we go forward, clearly, as I highlighted in the video, I think we're clear on where those consumer insights lead us to put clear actions in place. The price pack architecture is one clear response to that. In terms of how we show up from a promotion perspective, again, with the diligence that we've now got and the data-led insights that we're working to, those choiceful decisions are being taken. We're looking clearly how we sit relative to the competitive set to make sure that we've got that focus to all the plans that we're putting in place. This is a temporary pressure. I think one of the salient comments I keep coming back to is never underestimate the strength of the U.S. consumer. When times are good, they like nothing more than to spend, to celebrate, to socialize. Clearly contextually in the moment that we're in, a temporary pressure remains there, but we remain confident to the future, and all the fundamentals that would give us that confidence going forward. From an RTD perspective, it's currently 2% of our net sales. The profitability profile has a difference to bottled spirits. On a gross margin basis, wherever, it's probably about 30% versus the average across the category, across the broader portfolio at a level of about 70%. It has different dynamics at play within, and I think I described them earlier on in terms of what it asks of you as a supplier to put your focus towards, is a different playbook with different challenges. Speed of innovation is clearly one. Consumer relevance in the proposition. Clarity, are you playing in that light and refreshing space? Are you playing in that bar quality in a can space or are you playing in the playful pour space? As I say, as we look to build out the portfolio that we wish to put forward to the market, it's been very choiceful and disciplined how we do that. Again, making sure that you're clear on who your competitor is, because, again, there is differences depending on the alcohol base in question. Is it malt? Is it wine or is it spirit? Gives you access to different channels and different coverage challenges in terms of C-store availability is an opportunity in certain states if it's in a wine format or in a malt format. We're very clear that we want to play in the spirit space for the core portfolio that we're working to at the moment. That, as I said, is in service of those power brands. A focus on Absolut, a focus on Malibu, opportunistically going after where Jameson and indeed where Skrewball can play in that relevant format, as we go forward. A lot of work done to get us to here and a lot more that we would wish to do going forward. I think your final question around, again, that sort of view on frequency and intensity and how we're showing up in the on-premise. I'd point you to the most recent CGA data that we're looking at in February, which shows that from an on-premise perspective, we have inflected our performance and are now growing ahead of the category in the on-premise. All the good work that's been done and the focus to the on-premise is clearly there. Frequency and intensity is a debate that obviously has gone on. We look at it over a longer term and then obviously use different data sources. We would see frequency somewhat in decline over the long term, but intensity going up. Intuitively, that feels right. People going out less, in terms of the number of occasions that they're consuming alcohol, but when they choicefully do so, maybe really spoiling themselves in those occasions to have that extra cocktail or have those extra drinks in those occasions. If you come lower and narrower in a sort of last year basis, you get a different perspective. Again, I think we need to be choiceful as to how you're looking at this through the longer term lens or whether you're just going in on a short-term basis, and obviously the data source that is used to underpin that. We really see that as, I suppose, supportive of the belief that spirits clearly continue to be relevant to the consumer choices that are being made in the U.S. There are other questions that you need to challenge yourself and need to challenge our teams against, is how we're showing up, how relevant are the propositions, how clear are the strategies that we're putting in place to access that highly dynamic situation as we're working towards. Thank you. Thank you, Céline. On that final question, thank you very much, Conor, for taking the time today from closing the gap to market to answer those questions. Thank you all for joining us today for that Q&A session with Conor McQuaid, CEO of Pernod Ricard North America. Thanks, everybody. Have a good day. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.