Core Viewpoint - The company reported a 7.6% decline in organic net sales for Q1 FY '26, which was anticipated due to several factors affecting performance [2]. Group 1: Sales Performance - U.S. net sales declined in Q1, despite improving sellout performance, primarily due to inventory adjustments [2]. - Sales in China experienced a sharp contraction, influenced by macroeconomic challenges and trade inventory adjustments [3]. - The underlying performance in the U.S. and China is better than the reported net sales, with an estimated improvement of around 3 percentage points [3]. Group 2: Regional Insights - Strong underlying growth was noted in India, although sales were negatively impacted by recent excise policy changes in Maharashtra State [3].