Remy Cointreau Unsp/Adr

Hello and welcome to the RemiQuantro Q1 sole publication. My name is Laura and I will be your coordinator for today's event. Please note this call is being recorded and for the duration of the call, the lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star 1 on your telephone keypad to interfere question. If you require assistance at any point, Please press star zero and you will be connected to an operator. I will now hand you over to your host, Luca Morota, the CFO, to begin today's conference. Thank you.

Good morning, everyone.

Thank you for joining us today. As highlighted in our press release, Q1 sales increased by 5.7% organically. This performance reflects several key factors. First of all, a very favorable base of comparison in the U.S. and a modest sequential improvement in value depreciation, Q1 of this year compared to Q4 previous fiscal year. Second point, tough market condition of China and the continuous disruption of trade retail in China. Excluding this technical specific factor, representing a negative impact of 2.5 points at group level, China specifically would have been positive, showing a good resilience. Third point, a sequential phase improvement in EMEA compared to Q4, led by Lacrosse and Spirit Division.