During Q1, Coty's free cash flow totaled $124.0 million, reflecting a strong $35.8M improvement versus the prior year. This drove Financial Net Debt to $3.9 billion and the financial leverage ratio to approximately 3.8x exiting Q1, which does not factor in the secondary share issuance proceeds received in early Q2. The value of Coty's retained 25.9% Wella stake was stable at $1.06 billion at quarter-end, supporting Coty's Economic Net Debt at approximately $2.9 billion.