We have adjusted our estimates to reflect lower FY26e organic sales (-2.1% from -0.9% previously) and EBIT growth (-2.7% from -1.2% previously) forecasts and updated FX. The reduction to our FY26e organic growth estimates reflects continued consumer demand / spirits industry weakness across major markets (US, China and Europe) and we reduce forecasts modestly across the regional reporting segments. We do not consider the changes to be material; our rating is unchanged. We reduce our target price from EUR87 to EUR83 (ADR from USD20.3 to USD19.7).