Hello, everyone. This is Olga Levinzon, COTI's Senior Vice President of Investor Relations. Thank you for joining us today for the prepared remarks portion of COTI's fourth quarter fiscal 2026 earnings. On Thursday, August 20th, 2026, at approximately 8 a.m. Eastern Time or 2 p.m. Central European Time, we will hold a separate live Q&A session on our results, which you can access via our Investor Relations website. Joining me for our presentation are Marcus Strobel, Cody's Executive Chairman of the Board and Interim Chief Executive Officer, and Laurent Mercier, Cody's Chief Financial Officer. Before I hand the call over to Marcus, I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Cody's earnings release and the reports filed with the SEC where the company lists factors that could cause actual results to differ materially from these forward-looking statements. In addition, except where noted, the discussion of Cody's financial results and Cody's expectations reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release. With that, I will turn it over to our Chief Executive Officer, Marcus.

Thank you, Olga. Hello, everyone. Thank you for joining us. Before I begin, I first of all want to thank you, Laurent, for your leadership as CFO. On behalf of the board and the entire company, I want to thank you for your many contributions to Kodi over the last nine years. I would also like to congratulate Soraya on her appointment as Chief Financial Officer. We are pleased to have her stepping into this role as part of an orderly transition as we continue executing our strategy. Our fourth quarter results were ahead of expectations, an encouraging step as we improve execution consistency. The strong cash discipline across the company also fueled higher free cash flow in fiscal 26, even in the face of profitability headwinds. At the same time, we are not where we want the business to be. Fiscal 27 will be a transition year as we strengthen core franchises and simplify the portfolio and organization, positioning CODI for more consistent growth and sustainable value creation over time. With that, let me turn it over to Laurent.

Thank you, Marcus. Now let me begin by walking you through the sales and sell-out trends in the quarter. While the macro environment remains volatile, our focus continues to be on the areas we can control. strengthening sell-out, improving execution, and allocating resources behind the brands, markets, and initiatives with the greatest potential to create value. Starting with our Q4 performance, Coty delivered Q4 like-for-like sales down 1%, reflecting sequential trend improvement and coming in ahead of our guidance of a mid-single-digit like-for-like decline. Relative to our expectations coming in, the better than expected like for like sales performance was supported by stronger than expected customer orders in the U.S. in both prestige fragrances and mass cosmetics, as well as a milder impact from the Middle East. Specifically, the Middle East conflict impacted our Q4 total sales by a little over 1%, whereas we had anticipated a 2-3% impact for the quarter. We ended FY26 with a 5% like-for-like decline in sales which included quarterly variability driven in part by prior year comparisons and the timing of commercial and portfolio actions like exiting end of scale markets and launches. We remain focused on disciplined execution and improving sell out across the portfolio. Though quarterly fluctuations may continue over the course of fiscal year 27 as we make necessary adjustments. Let me start with a broader market backdrop and sell-out performance. Despite continued macroeconomic and geopolitical uncertainty, consumer demand for beauty remains resilient. In prestige, the market grew approximately 6% in the second half of fiscal 26, while the mass beauty market grew approximately 5% over the same period. Against that backdrop, our sellout performance remained below the market in both divisions. In Prestige, our sellout declined 1% in the second half and was slightly negative for the full fiscal year. The timing of several key consumer and retail events differed year over year, including Easter in Europe and Amazon Prime Day in the US. As a result, we believe the six-month view provides a more representative comparison of both market growth and our sell-out performance. However, our conclusions remain consistent. The Prestige Beauty market remains robust, though very competitive. Our major prestige fragrance launches are performing well, but they have not yet generated the halo across the core portfolio that we are targeting, particularly in the second half. And at the same time, our smaller flankers are not sufficiently differentiated. These two factors are resulting in the modest decline in our sell-out. This is exactly what we intend to improve in FY27, as all of our brand plans are aimed at driving both incrementality of innovation and a halo for the portfolio. In consumer beauty, our sell-out declined 2% in the second half, which is an improvement relative to the 4% sell-out decline for the full fiscal year. While still clearly below the market growth levels, this improvement in our consumer beauty sell-out is being driven by the US, where we are seeing some early green shoots for Sally Hansen and CoverGirl, as well as acceleration in our sell-out growth in Brazil. In sum, our focus is improving sell-out in both divisions and steadily closing the gap to the market. Let me now turn to our prestige division. Prestige Like for Like sales improved sequentially to down 0.5% in the fourth quarter and exceeded our expectations. Within this divisional total, Prestige Fragrance Like for Like revenues declined 1% in Q4 and by approximately 4% in the second half, which is now almost aligned with our Prestige Fragrance sellout trends in the second half. In parallel, we saw strong momentum in Prestige Cosmetics, which delivered double-digit sales and sell-out growth, supported by Kylie, Burberry, and the early contribution from the Marc Jacobs makeup launch. The estimated impact on Prestige sales from the Middle East conflict was approximately 1.5% in the quarter, lower than we had initially anticipated. We saw encouraging momentum from innovations across the portfolio, including Boss Bottle Beyond, Cosmic Kylie Jenner Intense, and Calvin Klein Euphoria Elixir. Let me now turn to consumer beauty sales trends. While results remain below where we want them to be, we saw an improvement in trends in the fourth quarter, with like-for-like sales declining 3%. Color cosmetics remained pressured though trends improve sequentially as we continue to implement the actions associated with our turnaround plan. Encouragingly, Sally Hansen returned to sales growth, supported by continued positive sellout momentum over the past six months. We are also seeing improving sellout trends in CoverGirl and a narrowing gap versus a broader category. and in the UK, Rimmel gained volume market share in the last three months and is narrowing the gap to the broader category. Lifestyle fragrances remained challenged, though sales trends improved compared to prior quarters. While we still have considerable work ahead, these results provide early evidence that the actions we are taking are beginning to gain traction. Our focus remains on strengthening sell-out, improving execution and positioning consumer beauty for more sustainable growth over time. While our financial performance remains impacted by the challenges we have discussed throughout the year, we are making progress against our strategic priorities. I will now walk you through our financial results for the fourth quarter and full fiscal year. Turning to gross margin, in the fourth quarter, our adjusted gross margin was 60.9%, down 140 basis points year over year, and in line with our expectations. For the full fiscal year, adjusted gross margin was 63%, down 190 basis points. In the quarter, the primary drivers of the year-over-year decline were cost absorption impact from lower volumes, elevated excess and obsolescence in both divisions, and the impact from tariff. We remain focused on simplification, operational discipline, and productivity actions as we aim to stabilize gross margins over the course of fiscal year 27. Turning now to our savings program. Our all-in-to-win program continued to deliver strong results in fiscal year 26, with total productivity and fixed cost savings of more than $250 million ahead of our target. These savings were generated across procurement, supply chain, overheads and organizational efficiencies, reflecting continued focus on productivity and disciplined cost management. Importantly, these actions are contributing to a structurally leaner cost base. Our underlying fixed cost structure declined 4% year over year in fiscal year 26, despite the inflationary backdrop, partially offset by a headwind from the partial restoration of variable compensation. We expect to accelerate our savings initiatives in fiscal year 27 and beyond as we right-size our cost structure across the P&L. Turning to EBITDA and EPS. In the fourth quarter, our adjusted EBITDA and adjusted EPS, excluding the equity swap, came in at the high end of our guidance range and ahead of expectations. That said, performance remains below where we want to be in absolute terms, and we are not satisfied with the current level of profitability. We continue to invest behind our core brands and franchises, with ANCP remaining in the high 20s as a percentage of sales. I just said a bit that decline 26% year on year in Q4 and 22% in fiscal year 26. primarily to reflecting top-line pressure, lower gross margins, and the year-over-year impact from variable compensation. Adjusted EPS, excluding the impact of the equity swap, was breakeven in the fourth quarter and $0.34 for the full fiscal year. As we move forward, we remain focused on improving execution, strengthening operational discipline, and building more consistent profitability over time. Let me now walk you through our adjusted EBITDA delivery by division. Starting with Prestige, adjusted EBITDA declined 17% in Q4 and 12% in FY26. The FY26 EBITDA decline was driven by cost of goods sold absorption headwinds from lower shipment volumes, higher trade spending and higher tariff costs. In Q4, the EBITDA decline primarily reflected a step-up in ANCP behind Prestige make-up initiatives as well as some COGS absorption headwinds. Even amid these near-term pressures, Prestige delivered a strong adjusted EBITDA margin of 20.5% in FY26, highlighting the resilience of our scaled global beauty platform. In consumer beauty, adjusted EBITDA continued to be under pressure in Q4, declining 67% year over year. As we discussed previously, consumer beauty profitability was heavily pressured by supply chain costs under absorption due to lower sales, higher excess and obsolescence, and higher tariff-related costs. Importantly, in Q4, Consumer Beauty Adjusted EBITDA improved by 32 million sequentially from Q3, supported by tighter cost control and seasonally stronger sales. Turning now to free cash flow. Despite over a 200 million decline in our fiscal year 26 EBITDA, we delivered very strong free cash flow of 348 million, An increase of approximately 70 million year over year and well ahead of our guidance. This performance reflects disciplined working capital management across the organization, year over year reduction in cash bonuses, a 34 million reduction in cash paid for interest, and a 25 million lower capex. Importantly, this demonstrates strong cash conversion and disciplined balance sheet management in a difficult operating year. Strong cash generation remains a key priority as we continue to fund strategic investments, strengthen the balance sheet, and position the company for sustainable long-term value creation. Turning now to our balance sheet and capital structure. Debt pay down and debt averaging remains a top priority for Coty and an important element of our long-term value creation framework. We exited fiscal 26 with net debt of 2.9 billion and this balance does not incorporate the first tranche of proceeds we received in July from the Gucci transaction. Net debt declined by nearly 840 million year over year reflecting progress against our debt reduction objectives through the Vela monetization and strong free cash flow generation. In turn, we exceeded the year with leverage of approximately 3.4 times. Even as we navigate evolution of our portfolio, we continue to target leverage of approximately two times over time. In parallel, we continue to evaluate our portfolio and assets to support a simplified COTI with a stronger balance sheet. Let me turn it back to Marcus to discuss our outlook.

Thank you, Laurent. Let me walk you through our outlook for the first quarter of fiscal 2027. As we continue to see quarter after quarter, consumer demand for beauty remains resilient with solid demand growth in fragrances and cosmetics. At the same time, consumers are increasingly selective in their purchase decisions, which is manifesting in several ways. In some cases, benefiting more premium brands and products. In other cases, benefiting more accessible offerings. We are continuing to implement our code-incurated strategic framework, focusing on core brands and markets, reducing portfolio complexity, increasing agility by simplifying the organization, and identifying savings opportunities across the P&L to support increased investment in consumer engagement and protect profitability. We expect first quarter fiscal 27 like-for-like revenue to decline by a low to mid-singleton percentage. While we expect Q1 sell-out trends for both divisions to be broadly consistent with trends in the second half of fiscal 26, the timing of customer orders and prior year comparables are contributing to fluctuations in our year-over-year sales trends. On a reported basis, we anticipate foreign exchange to have a neutral impact in the quarter. We see Q1 adjusted gross margins declining by approximately 50 to 100 basis points year over year, driven by cost of goods absorption, headwinds from lower shipment volumes, and elevated, though sequentially lower, excess and obsolescence, partially offset by productivity initiatives and procurement actions. Altogether, we expect Q1 adjusted EBITDA to decline by low teens percentage, reflecting a sequential improvement from the more significant declines in the second half of fiscal 26. This is expected to translate to adjusted EPS, excluding the equity swap, of 11 cents to 13 cents per share. Anchored in the seasonal strength of our business in the first half and continued disciplined capex and working capital management, we expect free cash flow in first half fiscal 27 of over 300 million. Let me briefly share how we are approaching fiscal 27. As we have discussed, our objective is to restore growth while improving the quality of our business through greater focus, simplification, and operating discipline. Fiscal 27 will be a transition year as we strengthen the core business and continue shaping a simpler, more focused COTI, factoring both the Gucci exit by fiscal 28 and final portfolio decisions related to our strategic review by the end of calendar 26. Given coding curated remains in the early stages of implementation with uneven quarterly performance trends, coupled with the ongoing strategic review, we will not be issuing full-year fiscal 27 guidance at this stage. However, I do want to share a framework of the moving parts for fiscal 27. We have several large, highly-incremented launches planned in fiscal 27, coupled with smaller targeted launches designed to strengthen core franchises. We remain mindful of several external factors, including potential volatility in our cost of goods due to the Middle East conflict and oil prices. Assuming oil prices remain at or below $100 per barrel, the anticipated impact to our cost of goods should be limited to 20 to 30 million, which is embedded in our outlook. As it relates to tariffs, our refund submission for fiscal 27 is in process, which could represent upside of up to 30 million though this is currently not embedded in our assumption. We also expect the normalization of variable compensation, which will be a year-over-year headwind to our cost base. At the same time, we are accelerating our fixed cost reduction efforts, building on the progress already achieved through our productivity programs, and continuing to simplify the organization. Altogether, we are targeting improvement in year-over-year EBITDA trends over the course of fiscal 27. Last month, we reached a critical deal with Caring, securing significant immediate and future cash proceeds totaling $400 million plus inventory proceeds in exchange for the early transition of the Gucci license a year ahead of schedule and supporting Caring with this transition. This was a positive outcome for Kodi in the context of a license which was already set to exit the portfolio. While it's far too early to provide an exact outlook for fiscal 28, when Gucci is no longer in our business, I do want to provide context in some of the financial parameters, our plan to offset the loss, and the strength of our core portfolio. As part of the agreement with Caring, Cody received $250 million in cash at signing, and will receive an additional $150 million no later than September 30, 2027, plus additional proceeds for the inventory. We plan to use these proceeds to support three primary objectives. Reducing debt, investing in our core prestige, fragrance and beauty brands to accelerate growth and funding the organizational optimization required to align our cost structure with the future scope of the business. In the meantime, we will continue to operate the Gucci Beauty brand through at least June 30, 2027. It is important to contextualize the size of Gucci Beauty in our portfolio. Gucci Beauty contributes a low double-digit percentage of our total revenues. From a margin standpoint, Gucci Beauty's profitability is broadly consistent with that of Kodi's overall prestige division. At the same time, it's important to emphasize that our prestige brands are all supported by a shared R&D, manufacturing, and distribution backbone. And of course, the central Kodi functions support the full Kodi portfolio, including Gucci. As such, without any interventions, the mechanical impact to our profit in the first year of the Gucci Beauty exit would be sizable. We're actively developing a plan designed to moderate the sales and profit impact in fiscal 28 from the exit of the Gucci Beauty business and position the business for success in fiscal 29 and beyond. Starting on the cost side, to address the anticipated substantial central and divisional costs expected to remain following the Gucci exit, We are developing a significant fixed cost savings plan, which we expect to begin implementing in the second half of fiscal 27. We will share more details as the program is finalized, but the key components the program will address are global go-to-market setup, manufacturing and distribution footprint, the layering of the organization, and rightsizing the central organization. In addition to this incremental fixed cost savings program, we will also be continuing to generate productivity savings across the P&L, and particularly in cost of goods, targeting several hundred million of additional savings over the next three years. Cody has a well-established track record of executing robust fixed costs and productivity savings, delivering over one billion of cumulative savings in the last six years, which fueled both significant investment in the business and close to 200 basis points of adjusted EBITDA margin improvement between fiscal 21 to fiscal 25. Our track record gives us confidence in our ability to execute these actions, which are designed to simplify the operating model with the new scope of the business and strengthen our profitability and margins. We are developing plans to help moderate the fiscal 28 profit impact following the Gucci exit, while fueling the growth in fiscal 29 and beyond. The first part is an amplified innovation and expansion pipeline for our core prestige fragrance brands, such as Burberry, Hugo Boss, Calvin Klein, Marc Jacobs, Chloe, and Kylie, as well as targeted investment into Davidoff and Jill Zander. This will be funded by a combination of more focused and streamlined business efforts in our skincare business, concentrating our funds in the highest ROI opportunities, and moving funds from non-working spending to meet your advocacy investments. Second part of the plan is to build out fully incremental portfolio initiatives, including the launch of Marc Jacobs Maker and Atro Frequencies, which will build over the course of fiscal 27, and a major launch of Frequencies under Swarovski in addition to Marni Frequencies in fiscal 28. And finally, these sales acceleration efforts will be accompanied by the savings program, which we are developing. Taken together, this plan is being designed to deliver on several key objectives. First, return our underlying portfolio excluding Gucci to growth in fiscal 28. Second, moderate the mechanical adjusted EBITDA decline in fiscal 28 with profit recovery resuming in fiscal 29 and beyond. And third, continue to steadily lower our net debt in fiscal 27 and fiscal 28 from the current 2.9 billion. and while leverage will mechanically increase in fiscal 28 due to the step down in profit even as net debt declines, our goal remains to drive our leverage towards two times over time. I do want to note that these financial objectives are based on the current scope of the business with Gucci exiting by fiscal 28. These objectives, therefore, do not contemplate the completion of a strategic review and any resulting decisions which we aim to finish by the end of calendar 26. It is important to highlight that our core portfolio remains robust with long duration licenses and strong market positions. Excluding Gucci, 97% of our portfolio is either an own brand or under perpetual or long-term license. And even after adjusting for the Gucci brand exit, we remain the number three player in both the prestige fragrance market and the total fragrance market, including prestige and mass. Of course, this does not include any of the new brands we will be launching in the next couple of years, including Swarovski. So the potential is significant to reinforce and then grow our market share in our core fragrance business. Let me turn to our broader strategy and the progress we're making under our Kodi Curated strategic framework. As a reminder, Kodi Curated is about focused investment, sharper priorities, scaling what works, stopping what dilutes, and removing layers that slow execution. Applying this framework to the Kodi business means disciplined execution, operational effectiveness, and sufficient multi-year marketing support. While we are still in the early stages of this journey, decisions we are making today are intended to create a more focused organization, a stronger portfolio, and a more consistent foundation for long-term value creation. Let me now turn to how we have translated the QOD curated framework into action over the past several months. First, we are simplifying and de-layering the commercial organization to improve agility, accountability, and decision-making speed. Second, we are reinforcing an organization-wide focus on sell-out and market share. As I have said before, consumer demand is our non-stop, and to better align the organization behind these priorities, we have updated our fiscal 27 incentive compensation structure to include market share as one of the KPIs. Third, Innovation plans across both prestige and consumer beauty are centered around a smaller number of big bets so we can concentrate our resources behind the initiatives with the strongest potential. Fourth, we are stepping up advocacy and consumer engagement supported by a more streamlined agency model and broader deployment of generative AI and generative engine optimization capabilities to improve content efficiency and brand discovery across brands and markets. This enables us to redirect resources away from non-working spending and toward the activities that most directly influence consumer demand. And finally, we continue to apply a more rigorous ROI lens across the portfolio. A good example is Prestige Skincare, where profitability has improved in the past quarter as we have focused our investments in the areas where we see returns. While we are still early in the journey, these actions are helping position the company for more sustainable growth and more consistent performance over time. Building on our more targeted innovation agenda in fiscal 27. One of the most important changes under CODI curated is a more selective and disciplined approach to resource allocation. In fiscal 27, we are concentrating resources behind fewer, bigger, and more scalable initiatives with the strongest potential to create meaningful impact. In prestige, our first half large priorities include Boss Bottle Beyond Herb and Marc Jacobs Makeup, coupled with more targeted launches like Burberry Goddess Amber Vanilla and Kylie Cosmetics Moonstones Frequencies, which are designed to strengthen the core. In the second half, we concentrate resources behind key launches across Hugo Boss and Burberry, coupled with targeted incremental innovation behind other key brands. We will also launch the Atro fragrance collection in selective distribution channels. In consumer beauty, we are applying the same discipline by focusing investment and execution behind our largest brands and core franchises. First half priorities include CoverGirl's TrueBlend Sun and Scalp Bronzing Glow Serum, Rimmel's Oh My Gloss Slipstick, Max Factor's Lasting Blur, and Sally Anson's Miracle Gel and Instadry Seasonal Shade Stories. In the second half, we will follow with additional high-impact innovation across these brands designed to support their core franchises. Across both divisions, our innovation is designed to drive greater incrementality, strengthen core franchises, and create a broader halo across each brand. We are seeing some early progress within the core portfolio as we implement our coding curated strategy. Starting with Burberry, a core pillar of our prestige portfolio and a brand we intend to overdrive in fiscal 25 and beyond. Over the last several years, we have built significant momentum in Burberry frequencies, which has risen from number 29 globally in 2019 to number 15 today. At the same time, Burberry makeup is also gaining traction, delivering strong double-digit growth in both the fourth quarter and fiscal 26, and expanding the potential of the broader Burberry beauty franchise. As we focus on amplifying consumer engagement, we're also seeing improvements in Burberry's consumer advocacy. Burberry's prestige-frequence category share of influence increased by 80 basis points. At the same time, Given Burberry's global brand desirability, the current consumer engagement and the focus of share is below its potential, and we are focused on accelerating this further in fiscal 27. Building on our multi-year momentum with Burberry, our fiscal 27 plans include a meaningful increase in marketing investment and consumer engagement, as well as relaunching a brand new, impactful campaign and incremental innovation behind one of Burberry's core franchises. All aimed at amplifying fragrances and makeup. Turning to Hugo Boss, another core pillar of our prestige portfolio. Hugo Boss' frequencies continue to gain shares in the US and Canada, while the Boss Bottle franchise maintains a top five position in Europe, gaining share in fiscal 26. This demonstrates the strength of the core franchise, even as performance is affected by smaller tailings, an area our sharper portfolio focus is designed to address. We are also seeing encouraging momentum in consumer advocacy and engagement. Hugo Boss Prestige Frequence Category Share of Influence increased 100 basis points. Building on the success of Boss Bottle Beyond, one of our key fiscal 27 priorities is the launch of Boss Bottle Beyond for Her, which will extend the franchise into the female fragrance segment and is intended to create a strong halo across the court. We also plan to relaunch The Scent, a dual-gender franchise to better appeal to Gen Z consumers. Together, these initiatives are designed to broaden Hugo Boss consumer reach, strengthen momentum, and reinforce the brand as a leading global fragrance franchise. Let me now turn to Calvin Klein, another iconic pillar of our prestige portfolio. Euphoria Elixir is a strong example of how focused innovation supported by disciplined activation can translate into tangible results. The launch is helping drive share gains across Germany, France, Italy, and Mexico, while the broader CK Fragments business delivered mid-single-digit sellout growth in the fourth quarter. Advocacy momentum is also accelerating, with Calvin Klein Prestige Fragments category share of influence rising by 60 basis points. Looking ahead to fiscal 27, we will continue to amplify the Euphoria Elixir launch, while leaning into renewed 1990s nostalgia, levering CK1's position as one of the era's defining fragrances. Turning to Marc Jacobs. Marc Jacobs' fragrances sales grew double-digit over the past six months, supported by the Daisy Murakami Collection and Perfect Absolute. Our launch of Amazon Premium Beauty in July 25 has broadened consumer access and fueled online share gains throughout fiscal 2026 by creating a halo across the broader brand. Organic advocacy accelerated during this period to the early bust generated by the launch of Marc Jacobs Beauty with media value doubling year over year. Importantly, combined with innovation and general expansion, this engagement is strengthening the core fragrance business while building awareness as we expand the brand into the makeup category. In June, we launched makeup under Marc Jacobs Beauty, demonstrating how we can leverage the strength of an established fragrance franchise to extend the brand into new areas of beauty. The initial response from consumers and influencers has been very strong. Although the collection is currently only available online, early Sephora sellout is already ahead of our targets. Beginning in September, we will significantly expand its reach through a rollout into hundreds of Sephora stores across the U.S., as well as travel retail. This phased approach allows us to build brand heat and validate consumer demand before scaling distribution, consistent with the focused and disciplined approach underpinning Cody Curated. While it's still early, the initial response reinforces our confidence in Marc Jacobs' beauty's potential beyond fragrance. Let me now turn to Kylie Cosmetics, which is delivering standout momentum across both fragrance and makeup. Over the past six months, fragrance and makeup sales each grew double digits, demonstrating the strength of Kylie as a multi-category beauty brand across both retail and e-commerce. Fragrance momentum is also translating into marketplace gains, with Kylie gaining unit share across the U.S., the U.K., and Canada. In fiscal 27, we will build on this performance with two priority initiatives, the Moonstones fragrance collection and new lip kits. These launches are designed to strengthen Kylie's position as a scaled, multi-category beauty brand across fragrance, lip, and face. Let me now turn to Chloé, another important pillar within our prestige fragrance portfolio. Chloé Atelier de Fleur continues to demonstrate the strength of our ultra-premium fragrance strategy with sales growing again in fiscal 26. We have also seen an encouraging consumer response to the recent Les Essences Méditerranée collection, reinforcing the appeal of the brand's elevated positioning and distinctive fragrances. Looking ahead, we will continue to build on this momentum by supporting the core franchise while carefully expanding the brand's presence within the attractive ultra-premium fragrance segment. Let me now turn briefly to Davidoff. In fiscal 26, the brand delivered double-digit sell-out growth across Italy and Spain. And Davidoff's cool elixir is broadening the brand's appeal among millennials, materially reducing the average age of its core consumer by approximately 10 years. Davidoff also remains one of the top 15 men's prestige fragrance brands in Germany. Let me now also touch on what we are seeing in fragrance mists. Mists continue to grow, and importantly, they are incremental to the portfolio. The mists we've launched under several of our prestige fragrance brands are bringing new, younger consumers, particularly Gen Z, into our brands. We are excited to have recently launched fragrance mists under Marc Jacobs, offering a light sending format in playful packaging. From a profitability standpoint, gross margins on mists are comparable to our broader prestige division, which reinforces that this is a complementary subcategory, supports the core franchise. Now turning to consumer beauty, let me provide an update on Color the Future, our performance improvement plan for color cosmetics. As we outlined last quarter, the program applies the principles of Cody Curated to the cosmetics business, sharper priorities, fewer and more impactful innovations, consistent support behind core franchises, and a leaner operating model. We are now executing this strategy across four key areas. First, we are continuing to implement a new operating model for global brand marketing and new product development designed to strengthen our speed to market, advocacy, and overall agility. At the same time, we are right-sizing the organization and selectively increasing external sourcing to improve innovation relevance and speed to market. Second, we are meaningfully reducing complexity. Our fiscal 27 innovation bundles include 16% fewer SKUs. We are also leveraging shelf resets, regulatory dynamics, and new launches to remove approximately 20% of our total SKU base, which we expect will result in negligible revenue impact. Importantly, our exits from underscale markets were completed in Q4, and we don't expect any further P&L impact from this area. Third, we are sharpening our brand equity, expression, and consumer targeting to drive salience, awareness, and consideration. CoverGirl and Max Factor are refocusing on Gen X consumers while we plan to maintain Rimmel and Bourgeois existing brand equity and assets. Finally, Pencil. Our AI-enabled content production capability went live on July 1 and is expected to improve content speed and meaningfully reduce content production costs in fiscal 27. We have also renegotiated supplier terms for merchandising capital expenditure. Together, these actions demonstrate concrete execution of Color the Future, supporting our objective of improving consumer beauty growth and profitability over time. These operational changes are beginning to support better trends in our cosmetics brands. With the U.S. serving as our pilot market for Color the Future, improving sell-out and closing the gap to the category remain key priorities. Sally Hansen is showing very encouraging progress. Over the last 52 weeks, Sally Hansen trailed the category by six points in sales on a value basis. In the last four weeks, the gap narrowed to just one point, with the brand growing 5% compared with 6% for the category. Unit performance is even stronger, with Sally Hansen growing 5% in the last four weeks against a flat category. Sally Hansen's significantly improved performance has been supported by a return to more consistent media support behind core brand pillars and agile, on-trend color collections and display programs for InstaTribe. While still early, this trajectory provides encouraging initial evidence of improving execution under color for the future. For CoverGirl, sales trends on both the value and unit basis are improving. Sales on a retail value basis improved from 6% decline over the last 52 weeks to slightly positive in the latest four weeks, while unit declines narrowed from 8% to nearly flat. Although CoverGirl continues to trail a category, the gap has narrowed substantially. Importantly, CoverGirl's sales also returned to growth in the quarter, increasing by a mid-single digit percentage. Similar to Sally Hansen, Simprovement has been supported by more consistent and new, more equity-based media and advocacy support, particularly behind our top two franchises, Lash Blast and SimpliAges. At the same time, we start more proactive targeting a multi-generational audience for particular emphasis on Gen X, and we are now rolling out the new visuals and assets across our website, social handles, and retailer POS. Turning to Rimmel in the UK. Well, turnaround actions are an earlier stage, but encouragingly, retail brands are beginning to improve. Sales on a value basis improved from 3% decline over the last 52 weeks to a decline of just 0.5% in the last four weeks, meaningfully narrowing Rimmel's gap to the category. Unitrends have improved even further, moving from a 4% decline to a 1% decline and outperforming the category by one point, in both the last 12 and 40 periods. While more work remains to return Rimmel to sustained growth, Projectory provides encouraging early evidence that our actions are beginning to take hold. Turning to mass frequencies, Q4 like-for-like sales declined by a low single-digit percentage, although trends improved sequentially. Where we have focus and scale, performance remains stronger, with Adidas frequencies delivering high single-digit like-for-like growth in Q4. This reinforces our decision to concentrate resources behind core brands and priority markets while simplifying the broader portfolio. To guide this work, we're introducing our Future of Sending, a framework built on the principles of Cody Curated and designed to deliver greater focus, scale, and more consistent returns. As part of our strategy to strengthen the fundamentals of our business, we are also actively positioning our brands to be in the emerging Thank you for joining us. We are measuring our brand's geo-attraction with a visibility score, which captures how often the brand in question appears in the answer of an unbranded AI query. As an example, Marc Jacobs has already reached a strong AI positioning in the UK with an 8.7 visibility score, while Hugo Boss in the UK has reached a 6.3 visibility score. But the real highlight of the last quarter has been Rimmel in the UK with a visibility score of 13.8, driving its brand ranking in large language models from number seven several months ago to number four currently. The local team achieved this impressive result in such a short period of time through a multi-step action plan, including enhancing the brand webpage, optimizing the product description pages on retailer websites, refining our social media strategy, and amplifying our editorial content approach. We are cascading this geo playbook across the full portfolio so that we capture our fair share in the accelerating area of AI discovery and shopping. Let me take a step back. and frame where we are and where we're going. As we close today, let me be clear. While our results were ahead of expectations, we are not yet where we want to be. Over the last three quarters, we have taken concrete steps to simplify the portfolio, to focus on the core and reduce debt, including the Vela monetization in late 2025 and the recent early transition agreement with Cary. Our near-term outlook reflects both the opportunities ahead and the realities we need to navigate, including periods of volatility and the impact of portfolio changes that will weigh on our results before actions fully take hold. Fiscal 27 will be a transition year as we strengthen our core business by completing the work to shape a simpler, more focused Kodi, fracturing both the Gucci exit by Fiscal 28, as well as final portfolio decisions related to our strategic view of consumer beauty by the end of calendar 2026. We have important strengths to build on, including leading brands, strong category positions, solid cash generation, and a differentiated end-to-end global platform. Through Cody Curated, we've established a clear plan to sharpen execution, strengthen our core franchises, accelerate our brands with the strongest growth potential, and structurally improve productivity across the business. We know there's no shortcut, and we will continue to be transparent about our progress and our challenges along the way. As I've said before, it will take time, but it will eventually happen.