[Technical Difficulty] portion of Coty’s Fourth Quarter Fiscal 2024 Earnings. On Wednesday, August 21, 2024, at approximately 8.15 a.m. Eastern Time or 2.15 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 Sue Nabi, Coty’s CEO, and Laurent Mercier, Coty’s CFO. Before I hand the call over to Sue, I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Coty’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 we're noted, the discussion of Coty’s financial results and Coty’s expectations reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release. Thank you. I will now turn it over to our CEO, Sue Nabi.

Welcome everyone. [Technical Difficulty] its privileged position. Beauty is neither a consumer goods industry nor a luxury goods industry. Instead, beauty is at the sweet-spot of desire, well-being, self-confidence, affordability, ritual, indulgence, and many new things that we and our consumers will continue to invent. This is what fuels the strong global beauty growth that we continue to see to this day and which we expect to continue for the quarters and years to come. In fact, beauty is a fundamental desire that has sustained over the millennia, and this desire has only accelerated in the recent years, with growing sophistication and premiumization, and is here to stay and to amplify. At Coty, having transformed our organization and strategic path several years ago, we are now performing as a beauty leader and more and more as a beauty trendsetter, which we believe is an opening for a new era for Coty as a beauty powerhouse. Importantly, a key element of this outperformance has been our unwavering strong investment into our marketing, regardless of the macroeconomic volatility, because we believe that this is what will create value for our brands for the long term. Since we began our transformation, we have maintained our A&CP levels in the high 20s percentage, and going forward we will make use of the levers at our disposal to allow us to maintain this level of support at a minimum, even as we expand our profitability. In a year filled with many milestones for Coty, let me summarize the four key achievements of fiscal ’24. First, we once again grew ahead of the underlying beauty market, fueled by our leadership in fragrances, strengthened performance in our core cosmetics business, and overdriving our growth channels, markets, and categories. Second, we are building unique and hopefully best-in-class expertise…

Thank you, Sue. Our fiscal year ‘24 net revenue grew a very strong 11% like-for-like, coming at the upper end of our fiscal 2024 guidance of 9% to 11%. This growth included approximately 1% contribution from the hyperinflationary environment in Argentina. In the second half, which largely balances out the difficult comparisons in Q4, our like-for-like revenue grew 8%. And in Q4, our like-for-like revenue grew 5%, which was at the upper end of our expectations of low-to-mid single-digit percentage growth and as anticipated, included several points of headwind from prior year comparisons when our revenues grew 17% like-for-like. These Q4 results reflect a like-for-like CAGR of approximately 10% versus fiscal ‘22, largely consistent with the like-for-like CAGR level in Q3, and re-affirming that our underlying sales growth trends remain steady. We have also continued to deliver strong and consistent margin expansion. Our fiscal ‘24 adjusted gross margin grew strongly by 50 basis points to 64.4%, ahead of our guidance of modest expansion in fiscal year ‘24, and included 140 basis points of adjusted gross margin expansion in Q4. Our fiscal ‘24 and Q4 adjusted gross margin improvement was driven by ongoing premiumization of the portfolio coupled with the benefit from pricing and continuous supply chain productivity, partially offset by COGS inflations and excess & obsolescence impact at the start of the year In fact, with our fiscal year ‘24 adjusted gross margins reaching 64.4%, we have reached the mid 60s gross margin target we had set at our 2021 Investor Day a full year ahead of schedule. The strong gross margin expansion allowed us to sustain our strong investment behind our brands, with our A&CP investments remaining at 27% for the year. In total, we expanded our fiscal year 24 adjusted operating margin by 80 basis points to 14.1%…

Thank you very much, Laurent. So, in today’s complex and fast paced macro and beauty environment, Coty’s competitive advantages position us to continue to both grow and outperform regardless of fluctuations in the market. First, we have a balanced portfolio, allowing us to capture demand growth across price points, channels, categories and markets, further reinforced by our global manufacturing and distribution footprint. Number two, we have unrivaled fragrance expertise, which we will continue to infuse across our full range of brands. Third, we are re-igniting our iconic brands with a robust growth playbook across advocacy marketing and fast and agile innovation. And finally, we have significant growth opportunities in front of us, as we capture our fair share across many parts of the beauty market where we are currently under-indexed. Let me now share more details about our truly differentiated balanced portfolio and balanced growth model. We’re pursuing sustainable and balanced growth. As you can see here, our strong 11% like-for-like growth in fiscal '24 was generated in a very healthy and balanced way. We delivered momentum across our Prestige and Consumer Beauty businesses, across each of our regions, and also with expansion in volume, price and mix. We also delivered strong growth across channels. Brick & mortar, which accounts for approximately 80% of our sales, grew solidly by approximately 9%. And e-comm grew at double this rate at approximately 20%. Complementing our growth channels are our growth engine markets, which include Brazil, Mexico, the rest of LATAM, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, these growth engine markets now account for 22% of our sales and are growing rapidly, with approximately 17% like-for-like growth in fiscal '24. Even excluding the contribution from the hyperinflationary environment in Argentina, our sales in growth engine markets grew 13%. And in…