Welcome to the SMCP 2026 Q3 sales presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants will be able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to the speakers to begin today's conference. Please go ahead. Good morning, everyone. Thanks for being with us today for the publication of SMCP Q3 sales. I am here with our CEO, Isabelle Guichot, and our CFO, Patricia Huyghues Despointes. You can listen to the publication via the usual conference call, or you can connect to the webcast to have the presentation displayed. As usual, we will go through the presentation, and then we will have the Q&A session. Before I hand it over to Patricia and Isabelle, I invite you to go through our usual disclaimer on page 2. I think we can start now. Thank you, Amélie. Good morning, everyone, and thank you for joining us today. The first 9 months of 2026 demonstrate the resilience of our business model despite the softer consumer environment during the third quarter. Sales came in at EUR 888 million, I hope it is a lucky number, with organic revenue almost stable over the period and slightly positive like-for-like growth. Strong momentum in America and EMEA, together with a resilient trend in APAC, help compensate the more challenging consumption environment in France during the third quarter. We continue to execute our disciplined discount strategy. The average discount rate was reduced by 2 points compared with last year, with all regions contributing to this improvement and particularly strong progress in America. To be noted that the third quarter is usually a quarter in which we do a lot of outlet sales, and that we try to reduce as much as possible, so that also has an impact on the discount strategy. We also continue to optimize our retail network. In the third quarter, we pursued a disciplined approach, combining selective adjustments to improve the network quality and targeted development opportunities where we see potential. At the same time, we continue to expand through our partner network in key existing market and further strengthen our international footprint with the opening of a new country this quarter, Armenia. Overall, we ended the period with 1,586 point of sales and remained focused on balancing network efficiency, strengthening profitability, and brand desirability. If we move on to page 5, you can see the bridge explaining the evolution of sales between the first 9 months of 2025 and 2026. Like-for-like sales increased by 0.7%, contributing nearly EUR 7 million and reflecting the resilience of customer demand across most regions. Network evolution had a negative impact of around EUR 18 million, mainly related to the closure of the Saks corners in the U.S. and BHV-SGM in France. Wholesale activity remained positive, contributing more than EUR 8 million, supported by the continued development of our partners' business. Finally, foreign exchange represented a headwind of around EUR 5 million during the period, fully concentrated in H1, while Q2 FX was slightly positive. If we move to page 6, you will find the trends by region. Patricia Huyghues Despointes will come back later in more granular details in the presentation, but just a few highlights from my side. By region, performance was driven by a strong momentum in America, up 9% organic and continued growth in EMEA, up 5%, with both regions increasing their contribution to group sales by one point. APAC remained resilient with stable organic sales and positive like-for-like growth despite softer demand in mainland China, while also gaining one point in the group sales mix. France had a more challenging environment in Q3, with sales down 10% and like-for-like at minus 5%. By brand, with its good dynamic, Maje gains one point versus last year. By channel, in line with group strategy, wholesale gains one point versus last year and reaches 12% contribution. Now, turning on to the key initiatives of the quarter, I would like to start with Sandro's Spring/Summer 2027 collection presentation, held at the Cité de l'Architecture et du Patrimoine in Paris. It was a stunning presentation. The event showcased the brand's latest women and men's collection in a unique setting overlooking the Eiffel Tower. Through an elegant scenography, Sandro brought together architectural heritage and contemporary style, perfectly blending the brand's creative vision and its link with culture and art. We can also highlight Maje Spring/Summer 2027 collection presentation at the Musée Carnavalet in the Garden of Musée Carnavalet in Paris. This season, the brand embraced the poetic and floral atmosphere with a scenography inspired by nature that beautifully reflected Maje's feminine, romantic, and contemporary universe. Page 9, we can highlight Sandro Fall/Winter 2026 presentation event that took place in Beijing. Through its backstage city stage concept, combining fashion, dance, and craftsmanship, the event brought the collection to life while further strengthening Sandro's visibility in China and gathered a lot of KOL and influencers. Another highlight of the quarter was Maje capsule collection with Céline Dion. You know that we started that capsule last year, and obviously with the residence of Céline Dion in Paris, we further went on. The collaboration benefited from strong visibility thanks to the six weeks residency that just finished last week. On the slide, you can see a picture of Céline Dion alongside with her son René-Charles wearing a Maje sweater. The launch was further supported by the dedicated pop-up at Galeries Lafayette, showcasing key pieces from the capsule, and which was a big success. To conclude on product initiatives, two recent accessory launches are delivering encouraging early results. Sandro sneaker called Light Wave and Maje Milpli bag, which is another addition to the M line family, both support the group strategy to further develop desirable accessory categories across our brands. Page 11, we continue with the Claudie Pierlot and Fursac initiatives. Claudie Pierlot Spring/Summer 2027 collection was unveiled in the brand newly renovated flagship on the Rue des Francs-Bourgeois, showcasing both the collection and the elevated retail experience through the new store concept, which been revealed on that occasion. For Fursac, a key highlight of the quarter was its appointment as official menswear partner of Ligue 1 soccer. Through this partnership, Fursac now dresses the Canal+ presenting team, further increasing the brand visibility and reinforcing its premium menswear. You have a few of the Ligue 1 officials on the picture. Page 12. Moving on to our commercial strategy. We continue to strengthen our partner network. During the quarter, we entered one new country, Armenia, with the opening of a Maje and Sandro stores in Yerevan. We also further developed our presence in Egypt, a successful market for the group, with a new store for Sandro in Cairo. You have the picture for both. I will now hand over to Patricia, who will take you through the figures in a more granular way. Thank you, Isabelle. Good morning, everyone. Let's now move to sales by region, and we will start with EMEA and France. In EMEA, sales reached EUR 331 million, up 5% organically year nine months. Despite a strong comparison base in Q3, like-for-like growth was at +7% in Q3 2025 versus 2024. The region delivered another resilient quarter this year, supported by positive like-for-like performance in markets such as Southern Europe, Italy, Spain, or Benelux. We also continued to benefit from solid momentum among our partners, including Balkans, Central Europe, Middle East, particularly in Saudi, Kuwait, also Turkey, and we maintained our efforts on discounting. In France, sales reached EUR 272 million, down 10.4% versus last year in a market environment that deteriorated during the third quarter. Q3 sales also remained impacted by negative perimeter effects related to the closure of BHV-SGM. As a reminder, this base effect will end mid-November. Paris continued to outperform provincial stores, thanks to more resilient demand and stronger tourist activity. Sandro and Maje performed in line with the market indicators, and our disciplined discount policy continued with a further two points improvement in the average discount rate. Now moving on to page 15. In America, sales increased by 8.6% to EUR 147 million. The region continued to perform strongly despite a high comparison base. In the U.S., we had double-digit like-for-like growth in the third quarter, which was supported by solid store traffic and continued digital momentum. This was partially offset by the effect of the closure of the Saks corners. Canada also maintained a positive momentum across both physical and digital stores. Wholesale sales were temporarily affected by shipment timing effects and a high comparison base in Q3 last year. But on the whole, for the region, the underlying retail momentum remains very solid across the countries. As in our previous quarters, we remained highly focused on promotional policy, reducing the average discount rate by 3 points. In APAC, 9-month sales reached EUR 138 million, broadly stable compared with last year and supported by positive like-for-like growth. We recorded positive momentum in Hong Kong, Taiwan, Macau, Singapore, while mainland China was affected by softer consumer demand during the third quarter. Our disciplined approach to margin improvement continued with a 2-point reduction of discount rates across both retail brick-and-mortar stores and also digital channels. Thank you, Patricia. To conclude, the first 9 months of 2026 once again demonstrate the resilience of our business model. Despite a softer consumer environment during Q3, we delivered resilient organic performance across most regions, supported by the strength of our brands and continued customer demand. We also maintained a strict approach to discount management, reducing discount levels across all regions and supporting both brand desirability and profitability. While trading conditions in France remain challenging, positive momentum in America and EMEA partly offsets this pressure. Looking ahead, while remaining vigilant in an uncertain macroeconomic and geopolitical environment and assuming no further significant deterioration in trading conditions in France, we confirm our 2026 objectives. Before taking on your questions, traditional update on the sales process of SMCP shares. I will kind of repeat myself versus what I told you 3 months ago. I just can tell you that discussions with candidates are still ongoing. We will update the market of any material development in due course. I thank you for your attention, and we are now happy to take your questions. Ladies and gentlemen, if you wish to ask a question by phone, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. If you are attending the conference on the web, you can also ask questions using the chat box at the bottom of the page. The next question comes from Marie-Line Fort from Bernstein. Please go ahead. Yes. Good morning to all. Thank you for the presentation. I think that the Q3 was particularly impacted by weak meteorological condition. I know it is probably very difficult to measure, but could you provide a rough idea of what kind of impact it had on your third quarter sales, and in which regions particularly? My second question is about the scope impact. You still have impact of closure of stores in Q3. At what time or reason can we consider that we won't have any more of this impact? Lastly, about your full price strategy, how have you been able to maintain such a solid execution in price strategy given the market conditions? Thank you, Marie-Line Fort. Very valid questions, as usual. First of all, the weather impact, very difficult. We don't like usually to attribute a result to the weather, but this time, the fact is that we experienced an exceptionally hot summer. This condition lasted from mid-May through the end of September and even the first few days of October, covering the entire quarter. This is a new reality that we now know that can occur, will likely occur more frequently, and with which the industry, I think, must learn to operate, both in the collection and the seasonality of our operations. You also have seen probably the reports in the press that the French Retail Federation and Commerce published, and that reported a decline of more than 15% in the French apparel market in September. On top of it, definitely there has been a shift in the shopping behaviors, for sure. Another way for us has been to measure the sell-through of outerwear pieces that usually starts end of August, early September, that clearly we've not seen moving at all in September, which was obvious. Nobody had the will to buy a shearling in September by 30 degrees. So definitely this has an impact, and we've seen a shift in the consumer shopping patterns that move further to October. So it is difficult to factor, but that's been quite obvious, both in brick and mortar and also in digital, for sure. Another question was on the scope effect, the perimeter effect. Just a little for you, as a reminder, we exited the BHV-SGM network in mid-November 2025. So it is true that in Q4 we will come back to a more easy scope comparison versus last year. It will be easier to read the performance in France having this behind us. Saks was in January, so we still have the impact till next January. And both effects were roughly the same size. Same size of effect. We have two effects, and in 2027, for us, the perimeter effect will be less impactful than it was this year. Full price strategy is all the strategy that, it's everything I've shown. Even if the consumer environment is tough and challenging, we remain very active in creating and fostering the brand desirability. You've seen all the events, the activations in China and France and the U.S. that we've done on the brand. The utmost attention that is given to the product quality, to the product pricing, to the desirability of our stores by rolling out elevated presentation. It's 360 work that all brands are doing, and that they are also rolling out everywhere in the world, and it's paying off, and it's obviously also the way we plan our OTBs, the demand planning strategy that we put in place to make sure that we don't overload our capacities, and that we have the right product at the right time in the right amount in store. That's why also we have less, what we call archive or depletion sales, that are also margin killers. It's a discipline that is now embedded within the organization and that's translating into that margin control policy. We have received a written question, actually two, about regions. The first one is, can you please further comment on Q3 performance in the Middle East? And the second one is, what do you think about future growth in the Americas? Okay. In Q3, first, as you all know, we operate the Middle East through our partners, through our partner Al-Futtaim Group. It is a wholesale sell that we recorded, not at the time of the Q3, but there is a shift between the invoicing and the consumption moment. What we can hear from their feedback in term of sell-out is that, yes, the tensions continue to affect the region, especially in the UAE, but it was compensated in Q3 by Saudi and Kuwait. Then in Q4 it is reverse. Saudi is affected by the bombing on the Riyadh airport, but UAE is better on track. In the region we also have Turkey and Egypt that are trading very well. It is a balance, but overall we are pretty satisfied with the way the region is mitigating the impact. Then in Americas we had a question. Yes. At this stage, what we can say is that the positive momentum broadly continues into Q3. As we mentioned earlier during the call, performance can vary significantly from one month to another, which is not unusual in the U.S. You can have shift in the calendar, promotional activities, or even Labor Day this year being later in September than it was last year. However, looking at a full quarter or a full year, what stands out is the remarkable resilience in the U.S. market. We also benefited from the fact that all our markets across the continent are currently performing positively. Canada continues to improve. Mexico is maintaining its strong momentum. South America, while still representing only a small contribution to the region sales, has continued to expand its store footprint. Overall, a positive picture on the American continent. This concludes our Q&A session. Let me hand the conference back to the speakers for any closing remarks. No, we do not have any closing remarks. Thank you all for attending, and we will see you at next publication.