Compagnie Financière Tradition S.A.

to Richemont Financial Year 2026 Interim Results presentation. I am Sandra, your call operator. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Richemont. Please go ahead.

Thank you, Sandra, and good morning, everyone. Thank you for joining us for Richemont's half-year results presentation for the period ended 30th September 2025. Here with us today are Johan Ruppert, Chairman, Nicolas Boss, CEO, Burka Grund CFO, and James Fraser, Investor Relations Executive. We would like to remind you that the company announcement and results presentation can be downloaded from richmond.com and that the replay of this audio webcast will be available on our website today at 3 p.m. Geneva time. Before we begin, please take note of our disclaimer regarding forward-looking statements in our ad hoc announcements and on slide two of our presentation. Turning now to the presentation, Burkhardt will begin by discussing key highlights and group sales. I will then provide further detail on the performance of our maisons. And finally, Burkhardt will take you through the financials and offer some concluding remarks. This presentation will then be followed by a Q&A session. Burkhardt, over to you.

Thank you, Alessandro. Good morning to everyone and thank you for joining us today. Deschamps delivered solid results in the first half in a complex macroeconomic and geopolitical environment. Sales for the period reached €10.6 billion, up by 10% at constant exchange rates and by 5% at actual exchange rates. Operating profits stood at €2.4 billion, up by 7% compared to the prior year period, or up by 24%, excluding the significantly adverse foreign exchange movements. Operating margin reached 22.2%, improving by 30 basis points. Profit from continuing operations at 1.8 billion euros was 4% higher than the prior year period. Cash flow from operating activities amounted to 1.9 billion euros. Finally, our net cash position remained very robust at 6.5 billion euros after the 1.9 billion euro dividend paid in September. Turning to our highlights, starting with the top line. The group posted double-digit growth at constant rates, led by continued success at jewelry maisons and sustained local demand across most regions. In the second quarter in particular, the group and its maisons experienced strong momentum, with sales up by 14% at constant rates. In Q2, we saw higher sales across all business areas, including a remarkable 17% increase at the jewelry maisons. Sales at the specialist watchmakers were up 3%, boasting their first quarter of growth in almost two years, while sales at other business areas rose by 6%. In addition, all regions posted double-digit increases in Q2, including Azure Pacific, supported by a return to growth in China. In the period, the group showed its ability to maintain a robust financial position. Operating profit in the first half increased to 2.4 billion euros, reflecting the positive contribution from the strong top-line growth combined with effective cost discipline. This was achieved despite external headwinds, including unfavorable FX movements, increasing raw material costs, and to a lesser extent, the initial impact of additional US duties. Consequently, the group maintained a solid net cash position at 6.5 billion euros, an increase of 0.4 billion euros over the prior year period. In this context, our maisons continued to demonstrate agility while investing for the long term. Showing their persistent drive for creativity and product innovation, they introduced strong novelties with craftsmanship at their core. They further nurtured their brand equity through impactful yet disciplined communication spending. They continued to cultivate future growth prospects through strategic investments. This drove a higher share of our CapEx envelope towards internal boutiques and manufacturing capacities, primarily for the jewelry missiles. Let me now discuss the group sales performance in more detail, first by region and then by distribution channel. Unless otherwise stated, all comments refer to year-over-year changes at constant exchange rates. Most regions posted solid performances in the first half, benefiting from double-digit growth across all regions in Q2, led by strong local demand. Sales in the Americas maintained their momentum throughout the first half and posted 18% growth, with strength across all business areas, all channels, and all markets in the region. Of note, Julie Maisons and Specialist Watchmakers posted double-digit performances, while several fashion and accessories maisons showed encouraging signs. In Q2, the Americas region posted its seventh consecutive quarter of double-digit growth, with sales up by 20%. The Americas made up 25% of group sales, up from 23% in the prior year period. Asia Pacific returned to growth in the first half, up by 5% compared to the prior year period, fueled by a 10% rise in the second quarter. Of note, sales in China, Hong Kong, and Macau combined stabilized in the first half, the notable improvement to 7% growth in Q2, led by the Julie Maisons. The performance was solid elsewhere in Asia Pacific, with notable double-digit growth in the South Korean and Australian markets. Sales in Asia-Pacific made up 32% of group sales, down from 34% in the prior year period. Sales in Europe increased by 11%, driven by double-digit growth at the Julie Maisons and single-digit increases at the Specialist Watchmakers and other. All major markets in the region posted higher sales, notably in Italy. Growth was led by strong local demand in addition to a positive contribution from tourist spending, particularly from the American clientele. Overall, the performance in Q2 was consistent with that of Q1 at plus 11%. Sales in Europe represented 24% of group sales, a tad higher than the 23% in H1-25. Japan ended the first half with sales down by 4%. After returning to double-digit growth in the second quarter, led by an acceleration in local demand, particularly at jewelry maisons, tourist spending, while improving in Q2, declined in the first half, reflecting demanding comparatives and a stronger Japanese yen. Japan's contribution to group sales decreased slightly to 10%, compared to 11% in the prior year period. Belize in Africa posted the strongest regional growth for the period, with sales up by 19%, slightly ahead of the Americas. The performance was led by the Julie Maisons, with positive specialist watchmaker sales at constant rates. All markets were up, with the United Arab Emirates being the key contributor. Sales in the region made up 9% of group sales, in line with the prior year period. The largest contributors to sales growth in value terms were the Americas and Europe, each adding over 200 million euros in incremental sales, followed by the Middle East and Africa region with a contribution of over 100 million euros. Combined with broadly stable sales in Asia Pacific and a limited decline in Japan, the group was able to generate over 500 million euros of additional sales in the first half, despite a significant negative impact from currency movements. Let us now turn to sales by distribution channel with growth expressed at constant exchange rates. Overall, the three channels experienced broadly similar performances in the first half, leading to a stable contribution from direct to client sales at 76%. Let's start with retail, which accounted for 70% of group sales. unchanged from the prior year period. Sales rose by 10%, driven by double-digit growth at the jewelry maisons and mid-single-digit growth at the other business area, while sales at the specialist watchmakers declined slightly. All regions except Japan posted solid performances, led by double-digit growth in the Americas and Middle East and Africa. Online retail, at 6% of group sales, grew by 7%. Strong performance at the Julia Maisons more than compensated for softness in the other business area. Sales at the specialist watchmakers were broadly stable in the period. All regions boasted growth, led by Europe. And now moving to wholesale, which includes sales to external monobrand franchise partners and third-party multibrand retail partners, sales to agents, and royalty income. All sales represented 24% of the group sales and were up by 9%, supported by growth at both the Julie Maisons and the other business area. A region, the strongest contribution came from the Americas, Europe, and the least in Africa. Now back to you, Alessandra.