Coty Inc. Class A

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Good morning and good afternoon everyone. My name is Tasha and I'll be your conference operator today. At this time I would like to welcome everyone to COTI's first quarter fiscal 2027 question and answer conference call. As a reminder, this conference call is being recorded today, November 5, 2026, at 9.30 a.m. Eastern Time or 3.30 p.m. Central European Time. Please note that on November 4, at approximately 4.30 p.m. Eastern Time or 10.30 p.m. Central European Time, COTI issued a press release and prepared remarks webcast, which can be found on its investor relations website. On today's call are Marcus Strobel, Executive Chairman of the Board and Interim Chief Executive Officer and Soraya Benchik, 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, you may press star 1 on your telephone keypad. To leave the queue at any time, please press star 2. Once again, that is star 1 to ask a question, and we'll pause just a moment to allow everyone a chance to join the queue. We'll take our first question from Charles Scotti with Kepler. Please go ahead.