BNPP Exane View While there is a +50bp headline LFL beat (vs. co. consensus), vol/mix is a light (-70bps below co. consensus) and the pricing beat is primarily driven by Latin America. On this basis we expect a broadly neutral (to sector) share price reaction. Headline figures . LFL: +4.3% (co cons: +3.8%; BBG cons: +3.9%) . Vol/mix: +1.9% (co cons: +2.6%; BBG cons: +2.8%) . Price: +2.4% (co cons: +1.2%; BBG cons: +1.1%) Top-line drivers Scanning the top-line drivers by segment / geography, the principal driver of the beat is Latin American pricing (+11.1% vs. Bbg cons at +2.8%). As to the vol/mix miss, we note that both North America (+0.9% vs. Bbg cons at +2.6%) and ROW (-1.0% vs. Bbg cons. at +2.2%) are light. Bottom-line drivers N/A - only a sales update Other Nothing of note. Guidance (unchanged) . LFL: +3-5% (Bbg cons: +4.1% LFL) . EBIT: recurring EBIT to grow faster than sales (Bbg cons: +30bps YOY) Likely revisions of consensus We estimate that consensus likely has around a -4% earnings downgrade weighing on FY26 from cumulative FX. Sector read across We will watch Latin America pricing from its notable Swiss peer tomorrow. Conference call details Today at 08:15 CET. Web: Click here.