Diageo plc

Hello and welcome everyone to the Diageo PLC Fiscal 26 Q3 Trading Statement. My name is Lucy and I'll be coordinating the call today. If you would like to ask a question, you may do so by pressing star followed by 1 on your telephone keypad. I'll now hand you over to Sonia Gabriel to begin. Sonia, please go ahead when you're ready.

Thanks, Lucy. Good morning, everyone. Welcome to Diageo's Fiscal 2026 Q3 Trading Statement call. I'm Sonia Gabriel, Head of Investor Relations, and I'm joined this morning by Sir Dave Lewis, Chief Executive Officer, and Nick Gianchiani, Chief Financial Officer. Just a quick reminder for those on the call that in the discussions today, the company may make certain forward-looking statements, including those that refer to our estimates, plans, and expectations. Please refer to this morning's release for more detail, including factors that could lead to actual results to materially differ from those expressed in or implied by any such forward-looking statements. Hopefully you've all seen this morning's press release, which can be found on our website. For those listening who'd like to ask a question, please use the dialing details included in today's press release. Also, if I could ask if you could limit to one question per analyst, we can hopefully get round everyone. First, let me hand over to Dave for some brief opening remarks.

Sonia, thank you very much indeed, and good morning, everybody, and thank you for joining us today. I'm joining the call from the States. Sonia and Nick are in the office in London. And before I pass over to Nick to take us through the trading update, I've got to say a word about the upcoming Capital Markets Day. You would have seen in the release that we're intending to hold the Capital Markets Day on the 6th of August in the office in London. The work on the strategy update is progressing well, as is the redesign of the operating framework. There's lots of work for us still to do, but we're confident that we'll have that complete and ready to share with you on the 6th So the plan at the moment is in the morning we'll do a short full-year trading update, and then in the afternoon invite you into the Diageo HQ and share with you that strategy update and any of the redesign of the operating framework. So with that, Nick, I'm going to hand over to you for the Q3 trading update.