Speaker: Nik Jhangiani, CFO What we learned: . US market: The company noted that while there have been no big changes in US spirits market trends since the Q325 update, the most recent US spirits data had seen some improvement in-line with US consumer confidence also looking a little better. Diageo commented that it was cautiously optimistic about the US business. . FY26 FCF: Diageo continues to be very confident on the levers it has within its control to deliver c.USD3bn of FCF in FY26 in any scenario. While the company would not be drawn into whether this includes scenarios where LFL EBIT growth is flat to modestly negative, it described the USD3bn figure as a non-negotiable. . Cyclical vs. Structural: Diageo reiterated its belief that the current weakness in US alcohol/spirits demand is primarily cyclical (driven by macro) but commented on needing to be aware of the trend towards moderation which has been a long-term trend. Overall tone: Neutral