Core Viewpoint - Treatt reported a challenging financial year due to sustained high citrus raw material costs and softer consumer demand in parts of North America, impacting overall performance [1][2] Financial Performance - Revenue for the year ended 30 September 2025 was GBP 132.5 million, reflecting an 11.8% decline year over year, primarily driven by volume reductions linked to high citrus prices [3] - Gross margin decreased to 25.9%, down 340 basis points year over year, attributed to citrus-related inflation and a weaker product mix [4] - Profit before tax and exceptional items was GBP 10.3 million, with management actions noted but insufficient to fully counter external pressures [4] Dividend and Exceptional Costs - The company declared a dividend of 5.6 pence per share, consistent with its dividend policy and balanced against earnings and cash flow [4] - Exceptional costs amounted to GBP 3.3 million, higher than the previous year, mainly related to a potential transaction process [5] Category Performance - Heritage category sales declined by 11%, primarily volume-led, with management aiming to recover citrus volumes as prices ease [6] - Premium category sales fell by 13%, driven by slower U.S. consumer demand amid macroeconomic uncertainty, although the company remains confident in its health and wellness offerings [6] - New category sales also declined due to citrus headwinds affecting China, while coffee volumes remain low but are expected to grow with the opening of the Shanghai Commercial and Innovation Center [7]

Core Insights - Constellation Brands reported fiscal first-quarter results that did not meet analysts' expectations, indicating weak consumer demand as a significant factor [1][2] - The company generated revenue of $2.52 billion, a decrease of 6% year-over-year, and adjusted earnings fell to $572.9 million, or $3.22 per share, down from $654.5 million, or $3.57 per share, in the same quarter last year [1][2] Financial Performance - Revenue for the quarter was $2.52 billion, slightly below analyst consensus [1] - Adjusted earnings were $572.9 million, or $3.22 per share, which also fell short of estimates [1] - The company maintained its full-year earnings estimate of $12.60 to $12.90 per share, with Wall Street analysts expecting $12.84 [2] Market Reaction - Following the earnings report, Constellation's shares declined by less than 1% in extended trading [2] - The stock has experienced a nearly 25% decline in value throughout 2025 up to the close of Tuesday [2]