Exanimation Pernod Ricard''s CEO of North America, Conor McQuaid, hosted a QandA call this afternoon. We felt Pernod Ricard struck a more optimistic tone, noting green shoots as the US business continues to close the gap with the overall market, led by improving trends from Jameson and Absolut. Moreover, we were also struck by how much appears to have changed over the last 12 months, with a redesign of the portfolio strategy, price repositioning and ongoing state-by-state wholesaler review. Further points of colour below: QandA highlights . Pricing and affordability: Have done a significant amount of work on pricing in the last 18 months. Were very bold in pricing post-pandemic, but took a step back to reset the portfolio 12 months ago. Have resourced the revenue growth team to a greater degree to facilitate greater understanding, reactivity and greater post-event analysis. Important to be agile and make timely decisions. It has resulted in some strategic price repositions. Do believe that they now have the sharpest RGM capabilities that they have had for quite some time in the US. . Wholesaler review: Quite a bit of dynamism at the wholesaler tier in the US at the moment. Took the opportunity to do a full review of the portfolio by state, to make sure they have the right resources on a state-by-state basis. The power and explode brands (80% of sales in the portfolio) is where the bulk of the focus is. There are also additional brands which require extra resource to grow in the longer-term. Then there is also RTDs which require a different level of focus from wholesalers. Are in the final stage of discussions with wholesalers and the feedback on portfolio prioritisation has been positive. The KPIs that Pernod is giving wholesalers is also very clear, and that has been well received. . FY26 and green shoots: Were a 5pp gap to market a year ago, and now it is just 2pp on volume. On value, it was a 6pp gap a year ago and it is now just a 3pp gap. Want to...