Coty Inc. Class A

Thank you. Thank you.

Good morning and good afternoon, everyone. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to COTI's third quarter fiscal 2026 question and answer conference call. As a reminder, this conference call is being recorded today, May 6th, 2026, at 8 o'clock a.m. Eastern Standard Time or 2 o'clock p.m. Central European Time. Please note that on May 5th at approximately 4.30 p.m. Eastern Standard Time or 10.30 p.m. Central European Time, Cody issued a press release and prepared remarks webcast, which can be found on his Investor Relations website. On today's call are Marcus Strobel, Executive Chairman of the Board and Interim Chief Executive Officer, and Laurent Mercier, Chief Financial Officer. I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Cody's earnings release and the reports filed with the SEC where the company lists factors that could cause actual results to differ materially from these forward-looking statements. In addition, except where noted, the discussion of Cody's financial results and Cody's expectations reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release. With that, we will now open the line for questions. If you would like to ask a question, please press star 1 on your keypad. To leave the queue at any time, press star 2. Once again, that is star 1 to ask a question. Thank you. Our first question will come from Filippo Falroni with Citi. Please go ahead.

Hi. Good morning and good afternoon there. First question, Marcus. I was hoping you can elaborate on the selling versus sellout gap that you called out yesterday, both for prestige and consumer beauty, different drivers there. But how should we think about it going forward to Q4 and as you start thinking about fiscal 27? And then one question for Laurent. On the margin side, can you provide some color on the exposure to oil and higher oil prices, both from a raw material standpoint, but also from a distribution and logistical standpoint? Thank you.