Glanbia plc (GL9.F) Earnings Call Transcript & Summary

Good morning to those dialing in from the U.S. Good afternoon to everyone here in London. Welcome to the Glanbia plc Capital Markets Day. [Presentation]

Very good. So I'm delighted to welcome you to our Capital Markets today and introduce to the great team that we have here in Glanbia, many of whom are new. We'll share the exciting growth opportunities we see in our categories and end-use markets and our confidence in driving continued shareholder return. Before we commence, I have this -- what is we call this important disclaimer on forward-looking statements, just I assume you've all seen it and read it. So just the formality of sharing it with you. We have a busy agenda. What I will do is I'll give you an overview of the group, our strategy and our growth ambition to 2028 and also briefly cover Dairy Nutrition. Before we deep dive into the growth drivers of the business, Performance Nutrition and Health & Nutrition. We'll start with our global brand Optimum Nutrition, then our business leaders will take you through their plans to deliver our ambition. And finally, we'll wrap up at the end with a more detailed view of our 3-year financial goals and then set up for Q&A. I have a lot of Glanbia colleagues here today who will take you through the business, but we've been on a journey over the last 24 months as we build for our next phase of growth. We have expanded our broader leadership capability and team with over 50% of our senior leadership team new in role or new to the business. This injection of energy, new ideas and new capabilities, combined with the deep experience already in the group will help us on our journey to meet our growth ambition. While you get to hear directly from the presenters today, there's lots more leaders present today. Not all are actually on the screen. So please feel free to engage and connect with them later on and hear their ambition for the business. We're also joined today by our outgoing Chairman, Donard Gaynor; our Senior Independent Director, Roisin Brennan; and our new Chair, Paul Duffy. We, Glanbia are at the heart of better nutrition, and we're ambitious for growth. We play in -- we believe in the power of nutrition to unlock potential in everyone. We're a protein powerhouse and our great nutrition brands and ingredients help consumers all over the world achieve their everyday fitness, health and nutrition goals. Our purpose is better nutrition and we're ambitious for growth. We play in an exciting space in fast-growing categories with great brands and ingredients that are positioned to win with accelerating consumer megatrends. We've transformed our business, sharpening our focus to capture the growth in our primary segments of Performance Nutrition and Health & Nutrition. And lastly, as you will see today, we believe we have the right people, the right portfolio and the balance sheet firepower to deliver on our long-term ambition and drive strong shareholder returns. We're at the heart of better nutrition, and it's accelerating. We're at the heart of megatrends. Protein demand has continued to accelerate with 80% of U.S. consumers prioritizing protein on a daily basis. In addition to protein, consumers are increasingly looking for functional benefits in their food from energy and focus to muscle repair and gut health. We've seen this in the growth of creatine, which has gone from a niche $200 million category to a mainstream consumer category worth over $1.1 billion at the end of 2024. The clean ingredient market is expanding, expected to grow from $50 billion to $200 billion by 2030, driven by rising consumer demand for transparency and minimally processed foods. In terms of behaviors, functional nutrition is expanding out of traditional occasions. Take protein for an example. It's now rapidly expanding outside of inherently high protein categories into adjacent categories such as protein coffee, protein water, high-protein cereals. Consumers want to indulge in taste and texture while staying aligned with health and wellness. 83% of consumers tell us that taste is a key priority when deciding what to eat versus 50% who say healthiness is. Experienced culture is rising with digital and real-world fusing together. 68% of consumers are willing to share personal health data if it leads to a better personalized care, indicating trust in digital integration. And of course, we have GLP-1. GLP-1 adoption has been one of the most significant trends impacting nutrition over the past 24 months. The most recent research shows that nearly 12% of American adults have used GLP-1 for weight loss. In research conducted by Glanbia among GLP-1 consumers, protein in all formats was cited as a preferred meal replacement option in addition to the need for energy and vitamins and minerals. All consumer needs, which are a significant benefit to all 3 of Glanbia's businesses. We serve large markets, large markets that are growing. I've talked about the powerful consumer trends in Nutrition, and we're positioned to benefit from these. The markets we address are Performance Nutrition, Lifestyle and Functional Beverages. And while this graph is directional only, it's always an exercise to pull together, what we can take from this is the markets are large and they're growing mid-single digit. We've made a lot of progress over the last number of years. We've been on a significant strategic journey. We've simplified our business through restructuring and exiting our European dairy joint ventures and sharpened our focus through the sale of SlimFast and Body & Fit. We've brought greater focus to our high-growth, high-margin divisions of Performance Nutrition and Health & Nutrition. We've acquired flavor producers to scale our business in natural and organic flavors. We acquired SweetMix in Brazil to scale our nutritional premix and solutions business in Latin America. And just this week, we acquired Scicore, a fully operational manufacturing facility in India commissioned in 2023 with 9 production lines that gives us our own in-market manufacturing for both Performance Nutrition and Health & Nutrition in one of our high-growth markets. We can see this progress in the financials. We've grown our EBITDA, our EBITDA margin. And when we look at the return to shareholders, as part of a progressive dividend policy and our targeted buyback program that we launched in 2020, we've returned EUR 1.2 billion to shareholders. We're ambitious for growth. And when we look at our business, we're targeting 5% to 7% annual organic revenue growth in Performance Nutrition and 4% to 6% annual organic revenue growth in Health & Nutrition. We expect to grow earnings ahead of revenue in PN and H&N, supported by our transformation program that will deliver $60 million in savings. From a group perspective, we're targeting EPS growth of 7% to 11% with 85% cash conversion. And lastly, we'll continue to invest for growth and returns. We've had a progressive dividend policy since 1998, apart from COVID where we held dividend payout flat, and we plan to increase our dividend payout ratio to 30% to 40%. And Mark will take you through the details of this later in the presentation. Through 2025, we focused on simplifying our group structure to bring clarity in our 3 divisions. We're proud to be the #1 global sports nutrition brand and continue to grow our lifestyle nutrition brands. We're the #2 in premix solutions and a leading supplier of natural and organic flavors. We're the #1 in American-style cheddar and a leader in whey protein solutions. And just over 60% of our revenue and 70% of our EBITDA comes from Performance Nutrition and Health & Nutrition in 2025. We're global in scale, 5,800 employees, 27 manufacturing sites, 20 innovation and collaboration centers, commercial offices in 24 countries, and our brands and ingredients are sold in more than 120 countries. We have a clear strategy to drive the next stage of growth. 5 clear drivers that we will deploy our resources against over the next 3 years. Firstly, continue to drive ON globally and grow our portfolio of lifestyle brands. Scale our Health & Nutrition business as a leading solutions partner in our end-use markets, optimize our Dairy Nutrition business to maximize profits across our scale dairy operations and continue to expand internationally, leveraging our scale and global supply chain footprint. And lastly, investing in innovation to stay at the forefront of our growing categories. Delivery against each of these will require focus and execution excellence, enabled by our group-wide transformation project, our team, our talent and culture and as we build out our digital and commercial excellence while maintaining our strong financial discipline. Just turning briefly to ON and Performance Nutrition. Performance Nutrition is the #1 sports nutrition company in the world. It continues to be the key growth driver for the group. And our ambition is to scale Performance Nutrition to $2 billion over the life of this plan. We'll continue to drive the business globally and grow with our portfolio of lifestyle nutrition brands in locally relevant markets, in particular, with Isopure, our lifestyle targeted protein brand. We're investing behind our strong brands and teams, and Colin, Monica and Andy will take you through our strategy across Performance Nutrition and our key markets to capture this exciting growth opportunity. And we have a strong track record. We've grown Optimum Nutrition since acquisition to a $1.2 billion business, growing at a 15% CAGR since its acquisition in 2008, and we've delivered revenue growth in 18 of the last 19 quarters. Turning to Health & Nutrition, a division created less than a year ago that brings dedicated focus on providing high-quality specialist nutritional vitamin mineral premix solutions and great tasting natural organic flavor systems across all product formats. Our focus is on the high-growth end-use markets such as active lifestyle nutrition, functional beverages and vitamin minerals and supplements. We have deep product application and development expertise that allows us to move at pace to co-create innovation with customers all over the world. We're uniquely positioned to serve both large customers but also mid-tier emerging customers looking to move quickly, and we're excited by the opportunity with them. Our ambition is to grow this business towards $1 billion through organic and inorganic growth. And we've announced investments close to $100 million in M&A and planned CapEx in the last 12 months to support the growth of this business and the growth in capacity and capabilities across Europe, China, India, Brazil and the U.S. Arnaud, who joined us 6, 7 weeks ago, will take you through the details of our right to win and our strategy for this business in his presentation. Dairy Nutrition is a scale business that combines our U.S. Cheese and dairy proteins portfolio and is largely one integrated manufacturing footprint and is also the route to market for our joint venture supply of whey and cheese. This business is a leading producer of whey protein isolate and the #1 producer of American-style cheddar cheese. We're benefiting also from the strong growth in protein demand in this business as the leading WPI protein solutions for a business targeting high-protein, ready-to-eat bars and snacks, where we have best-in-class innovation capability to formulate protein, along with flavors and premix into consumer products. In addition, we're seeing strong demand for our bioactives, particularly Colostrum, a position we built with the acquisition of two businesses in the last few years. Although only 35% of the revenue comes from protein and bioactives, it represents approximately 70% of the EBITDA in Dairy Nutrition. The Dairy Nutrition business is a key part of the -- sorry, apologies. Dairy Nutrition business has a number of strengths across our portfolio as a protein powerhouse. First is best-in-class protein technology and application know-how to develop innovative ingredients and products. We also use this know-how to our advantage to cross-sell across our broader B2B portfolio. Thirdly, Dairy Nutrition is one of the key suppliers to Performance Nutrition, and we've just recently approved CapEx for an additional capacity of GBP 10 million of WPI within our joint venture that will come on stream in early 2027. And lastly, Dairy Nutrition is a stable, strong returning business. Turning to innovation. It's going to be key to delivery of our ambition and you're going to see that running the whole way through the presentation and also in the breakouts later on this afternoon. We believe we're uniquely positioned to capture the demand for functional nutrition through our innovation platforms and expertise across protein technology, functionally optimized nutrients and taste solutions. We're supported by over 230 scientists globally across our 20 innovation centers that enable us to develop exciting new products and solutions that bring real functional benefit with great taste and texture for both our B2B and B2C portfolio. And we look forward to sharing more on our innovation strategy during two breakout sessions, one for Optimum Nutrition and one for Health & Nutrition later on this afternoon. 12 months ago, we announced an ambitious group-wide transformation program with the goal of building a simpler, more effective business model to focus on growth and deliver efficiencies. We initially set out an ambition for $50 million of savings, but we made significant progress and are on track to deliver an annual $60 million of savings by 2027, and Mark will talk about this in more detail. The program has 4 key elements. We've simplified our operating model, which we've spoken about. We've separated Nutritional Solutions into Dairy Nutrition, Health & Nutrition and reorganized and injected new capabilities into our Performance Nutrition business. Delivering supply chain efficiencies. We're also centralizing and streamlining key activities and capabilities into center of excellence across procurement, engineering, planning and quality and driving operational efficiency through a mixture of automation and continuous improvement. We're accelerating our procurement savings. In addition, we're leveraging our global manufacturing footprint for capacity. At our core, our Performance Nutrition, Health & Nutrition factories blend powders. Across 10 of our manufacturing sites, we have over 60 powder blenders that can deliver pouches, bags, tubs or sachets and could provide significant expansion capacity for us, especially in international markets. We're accelerating our digital transformation. We've substantially completed the outsourcing of certain finance and HR functions, and we're on a journey to centralize and standardize our processes and back office with AI-enabled functionalities. And in addition, we're focused on AI and advanced analytics to enable front-office growth initiatives with more than 50 use case studies in development. And lastly, optimize our portfolio. We continue to review and optimize our portfolio to ensure we have the right businesses and brands that can deliver on our growth ambition. Turning to whey and whey volatility. We're one of the largest suppliers and the largest buyer of whey protein isolate globally. and we have a clear ongoing strategy on whey procurement. As consumer demand for protein continues to grow, driving our priority growth brands, we've also seen whey pricing hit their highest levels ever driven by strong demand. We have a lot of experience across the dairy complex, but there's currently no way to effectively hedge whey protein. But we do have a robust program using all available levers to manage it. We generally will be procured 6 to 9 months ahead as we are now for 2026. And we engage with our suppliers for longer-term supply investment that takes a number of years to come on stream. But we're seeing the benefit of that now as we go into '26 and 2027. And as I mentioned earlier, we're also investing in our own WPI capacity within our joint ventures, which will come on stream in 2027. As you can imagine, there will always be a lag impact on margin as we implement consumer price increases and navigate this input volatility. We're very thoughtful on this to ensure we do it in a measured way to maintain revenue growth, protect share and consumer demand. We've price increased in 2025 and expect a price increase again in 2026, given the continued strong demand for whey protein. In addition, we also carefully manage our cost base to ensure we're efficient and flex our marketing investment and demand is strong to ensure we prioritize spend on brand-building initiatives. And lastly, with innovation, we're looking to broaden our product mix from whey protein to include other protein sources such as collagen and milk protein, a recent good example being our Pro Quench launch in the U.S. and while also driving non-whey innovation, as you've seen and will see later around our energy platform. We have a strong culture within Glanbia and with distinctive values. So while one of our core values is performance matters, and we're very conscious of our mandate as a public company to deliver consistent performance and returns. We're also fortunate to work for a company where our brands and ingredients that we manufacture and sell truly do help consumers live healthier, better lives. We have a team of business builders who are passionate about growth, our consumers and our customers and always seek to find a better way together, whether it be innovation, digital transformation or operational efficiency. And just to recap before I hand over to my colleagues, our purpose is better nutrition, and we're ambitious for growth. We're operating in exciting high-growth categories with complementary brands and ingredients driven by consumer megatrends. We have transformed our business, sharpening our focus to capture growth in our primary engines of Performance Nutrition and Health & Nutrition. And lastly, as you will see today, we believe we have the right people, the right capabilities, the right portfolio and balance sheet firepower to deliver on our growth algorithm and drive strong shareholder return. I'm sure I'm going to go back -- I'm sure you're looking forward to hearing the detail behind us. I'm going to hand over to Colin Westcott-Pitt, who's going to talk to you about the #1 sports nutrition brand, Optimum Nutrition. [Presentation]

Well, good afternoon, everyone, and welcome. Thanks to you for the kind introduction. My name is Colin Westcott-Pitt. I'm the Chief Brand Officer for Glanbia Performance Nutrition. We are very proud to be the world's #1 sports nutrition brand. We're sold in over 100 countries. And in Gold Standard Whey, we have the world's #1 protein powder. We're the #1 in 21 markets and within the top 3 in 45. Now the Optimum Nutrition story is 40 years old next year. We were there at the beginning of the category. And as Hugh said, we've enjoyed really strong growth since acquisition in 2008. And while we're very proud of what we've achieved so far, given the growth of the category and the strength of our brand and the power of our people, we believe that we have got great opportunities going forward, and we feel we're only just getting started. So not only are we #1 in terms of revenue, we are and always have been the most trusted brand in sports nutrition. This position was compelling to consumers in the beginning when the category was growing. We think it's going to be even more powerful as we get through in the future. We're the only truly global brand in the category, respected as a global pioneer and we're very lucky that all of our users tell their friends and family about the really positive experience that they have with all our Optimum Nutrition products. Net Promoter Score is a really key indicator for us, and we're regularly either #1 or in the top 3 of all of the markets that we track. And these NPS scores are extremely strong. Now for us, everything starts with product. Our commitment to quality is unsurpassed. The vast majority of our powders are manufactured in-house. We keep our quality team incredibly busy with over 100,000 checks and tests every single year. And our products are certified by the best third-party people in the industry, reinforcing the trust that consumers are looking for. We're also the most awarded and the most reviewed brand in the category. Now this is even more important in the world of AI search, where the algorithms actually search for trusted and relevant sources rather than the old pay-to-play model. And also, our portfolio satisfies every needs of our consumer. Historically, it has been based around the workout moments, but increasingly broader dayparts like breakfast where consumers are consuming protein shakes. And we also satisfy the modern lifestyle trends that Hugh referenced, whether it be protein, energy and increasingly vitamins and minerals. So the Optimum Nutrition brand continues to be anchored in the product groups of protein and energy. And I'm sure everybody in this room knows the attractiveness of protein at the moment. And in all the research that we do, it confirms both current consumption increasing and also future intent of consumption of protein increasing across demographics and across geographies. Protein powder is the #1 powder format in the U.S. and 1 in 3 consumers consume protein powder annually. And consumers, as we all know, we probably think about are always very busy getting even more busy. So energy is a really important need for them. Now Optimum Nutrition is very established in the category with pre-workout and AMIN.O.Energy. And with the recent evolution of creatine, we're very well placed to push that harder with creatine moving forward. And you'll hear a lot more about creatine both in the sampling and in the breakout rooms later. Now as many of you are aware, Optimum Nutrition's primary format is powder. And powder is clearly now mainstream. In proprietary research conducted by GPN, consumers confirm their engagement in the format and their future intent to buy. And critically, in a world of protein proliferation, what consumers are starting to indicate is that we are willing to pay more for high-quality protein. So like us, they believe that not all proteins are made the same. And also from our research, it's really clear why consumers are beginning to really buy into the protein format. It offers a whole range of benefits beyond just value for money. The ability to mix to their own specifications is really critical, indicating that powders may well be the new cocktails for the performance consumer. So we've continued to build a really detailed understanding of the nutrition consumer. And in 2024, we conducted a global segmentation study, which was actually the most extensive that we've ever done, designed to understand the modern needs and nutrition choices of consumers. Now we identified 3 macro needs and found that there's a large group of consumers who make nutrition choices based on what we can call performance needs, which can be further segmented into build. So think of the classic gym goers and athletic consumers. So think running, cycling and more team sports. So to dig just a little bit deeper into this group. You may be thinking, is this a small niche group of people that go to the gym lifting really heavy weights, absolutely not. We're talking a much more accessible and approachable definition of performance. Think about gym memberships and attendance post-COVID. 1 in 4 Americans and 1 in 5 Australians and Brits are now members of gyms. Those numbers are all-time highs. And then every Saturday morning, 400,000 people on 5 different continents attend 2,000 events, lace up their shoes to run park runs, either knocking a couple of seconds off their personal bests or just feeling a bit better doing it. And I know all of us can probably think of friends and family in that sort of group and even our kids that are actually getting much better information and understanding the benefits of Performance Nutrition products, and that's changing and shaping their attitude towards what they put in their bodies to be able to perform better. Now the performance motivated consumer, as we define it, account for between 15% and 25% of the total adult population in the markets that are on the screen there. It's a little lower in India, where we only target a more affluent proportion of those consumers. So while we are #1 in sports nutrition, growing revenue, growing household penetration, we have a very large addressable market. And whether you look at household penetration, which currently, as an example, in the U.S. is 5.8% or the number of these performance motivated consumers that claim to buy Optimum Nutrition regularly, we have significant headroom for growth. So that was our target consumer. What about our current user? Well, they're highly committed to the category in terms of the performance lifestyle and also the category spend. Sports nutrition for them is just a way of life. They buy multiple product categories, which is another opportunity for Optimum Nutrition given our strong portfolio, and that's something Monica will talk through with regimen a little later. Our consumers' income is typically 20% higher than the average. So in a world of cost of living pressures, we're pretty confident that our users are committed to the performance lifestyle. They're committed to the category, and they're also committed to the Optimum Nutrition brand. Our playbook for growth has remained pretty consistent over the years, and we see no reason that it won't drive growth in the future. We have thoughtfully and carefully expanded our consumer base to the most relevant adjacencies to protect the credibility and make sure our spend is as efficient as possible. We've continued our uncompromising dedication to product edge, and we're continually ensuring that our distinctive brand assets stand out. Our new pack design that you see on the screen here increases the branding of Optimum Nutrition. It calls out protein much more explicitly. It simplifies the macro call outs to the things that are really important to consumers, and it drives premium cues with the gold band across the middle. We'll continue to deliver creative that captures attention and drives persuasion and a little bit more about that in a moment. And we'll use digital to drive reach and give consumers a really personalized experience that's much harder to get in the more traditional paid media approach. We'll continue to update our elite athletes and support the brand's high-performance credentials and try to reach the biggest audiences. And we'll bring innovations that truly solve consumers' problems. And all the while, we'll be expanding our retail footprint, both online and offline, often helping retailers that are new to the category build their businesses as well. And we will invest for growth. We have invested over $0.25 billion in marketing on the Optimum Nutrition brand over the last 3 years, and we fully expect to increase that in the next 3 years with the vast majority going to digital media and activations. And so to look a little bit more closely in a couple of those areas. Now I've talked a lot today about our commitment to quality and our commitment to product. We've developed an AI tool that scans consumer reviews and comments across markets. There's about 240,000 sources across e-commerce and social media platforms. And we've used it to understand a couple of things. First of all, what's really important to consumers in terms of product attributes, and this is for protein powder. I've been in so many groups over the years when you hear this kind of thing being said, this brand mixes really well. It doesn't clump like other brands I know. This brand doesn't digest well for me. I don't use it or this brand doesn't have that choky texture that I've associated with some of the cheaper products. So when we look at the results across these critical dimensions, what we see is that Gold Standard Whey rates #1 in the big 5 markets that we focus on, and we rate especially well on protein quality and mixability, which are actually the top 2 attributes that consumers call out. We also talked about inspiring creative. Now launching in January 2026 is our new campaign from Optimum Nutrition. It's called the Optimum Advantage. It's a multi-market 360 campaign that features our elite athletes for impact as well as a vast range of assets for reinforcing the functional reasons why Optimum Nutrition gives you an advantage. There will be a lot more detail in the breakouts later, but we're just happy to share with you today the lengths that one of our elite athletes goes in order to keep his Optimum Advantage. And I warn you, you may never look at him the same way again. [Presentation]

So we wish both Oscar and Lando all the best at the race this weekend. Our commitment to education and advocacy remains extremely strong. We're incredibly proud of our sports nutrition school, and I just wanted to share with you a little bit of our story on that. [Presentation]

We select our elite athletes very carefully. We only work with people who use and love our products, and we back up their efforts with more local on-the-ground local heroes that drive more regular on-the-ground content and activation. We've also made a big impact in digital. Now we know from our research that consumers use social, search and websites intermittently as they go around their research and consideration phases and all the way through to advocacy. The number of followers on our social platforms has increased by 16% over the last year. We're now up to over 6 million followers. And our elite athletes actually have a very large social following as well. And we were delighted earlier this year when our friends at Google rang us to tell us that Jeet Selal's video explaining that the Gold Standard Whey is made from the highest quality ingredients was the highest video view count for any reviews -- for any searches on protein reviews across the world. It currently has 14 million views and still counting. So also our education engagement efforts and our series of McLaren has surpassed our expectations. This is the unlock series and we'll share more on our digital experiences a little bit later. Now this effort has led to really strong results across all of our battlegrounds, as you can see on the page. And we'll continue to integrate our brand activations and experiences using a combination of paid, owned and earned media across all of these battlegrounds, always educating, always informing and always earning trust. So in summary, I said at the beginning that we feel we're only just getting started. The category is growing and consumers are getting more and more educated and interested about sports nutrition. There is a really large untapped pool in all of our major markets. We have the #1 brand in the category. It is loved and respected by consumers and has really strong business momentum. We have award-winning products as well as best-in-class digital activation, and we're committed to scale investment to support our growth ambition. Thanks very much for listening. I'd now like to introduce Monica McGurk, the President and CEO of our Americas region. I have a video. [Presentation]

Thanks, Colin, for that intro. And welcome, everyone. I'm Monica McGurk, CEO of PN Americas. I'm delighted to share with you today the opportunity for growth in our market, particularly focusing on the U.S. After joining PN a little over a year ago, I've come to appreciate, whether on the line or in our labs, the special magic we bring to our products, the quality and efficacy so critical to establishing consumer trust and holding our market position. The time I've spent walking stores and with our leading customers has given me a real sense of our category leadership. So I'm confident when I say we enter the next 3-year cycle from a position of strength. We operate a scaled business with 1,200 employees, over $1 billion in expected revenue this year and a 3-year CAGR of 4%, demonstrating sequential quarter-over-quarter momentum this year. Our portfolio includes 5 brands, including think, Amazing Grass, BSN and Isopure and is anchored by Optimum Nutrition, which is about 2/3 of our business and a U.S. market leader with a nearly 10% share of the total protein powders market. We're a protein powerhouse with over 70% of our revenue from protein powders, alongside a strong ready-to-eat platform in our top 10 ranking high-protein bar brand, think! and a growing presence in ready-to-drink. We have the largest blending facility in the category with significant headroom for capacity expansion at minimal investment. And this also gives us enormous flexibility for rapid innovation. In the last 18 to 24 months, we've launched 70 innovations, flavor variants and new packages to respond to market opportunities. As such, we are perfectly positioned to capitalize on the American consumers' demand for protein. Our priority brands are targeted at a large and growing addressable market in the U.S. Core powders, which includes protein and creatine is an $8 billion market historically growing mid- to high single digits, having accelerated to double-digit growth in the last 12 months. As Hugh spoke to earlier, demand for protein is rising globally. This is true in the U.S. as well, with GLP-1s now about to become cheaper, fueling growth among lifestyle-oriented consumers. These protein categories are resilient to economic uncertainty. Colin and Hugh shared the high-income SKU of our core consumer. Multiple independent sentiment trackers confirm that this consumer remains confident with recent upticks in sentiment and expectations to grow their spending. Further, these categories behave more like a staple protected in the basket like groceries even in tough times. Hence, third-party research shows consumers report a fairly stable net intent to purchase in our category year-over-year and contrast to other semi-discretionary categories such as beauty, for which consumers report a 15-point decline in net intent to purchase. We are well positioned to take advantage of this underlying demand given the strength of Optimum Nutrition. But even with its strength, ON has headroom, for example, to expand its household penetration of 5.8%, closer to the category penetration of 33.5%. And we have even further opportunity to access high penetration formats across our branded portfolio, led by think! in the ready-to-eat area and Isopure against ready-to-drink. So we'll capture the opportunity of these resilient categories primarily through the protein engines of ON and Isopure, complemented by the ready-to-eat platform of Think. So let's start with the first 2 engines. Our first, Optimum Nutrition is ready for another era of growth, building on its legacy of trust and product edge. It has momentum. Optimum Nutrition had a household penetration of 5.8% this year, reflecting strong recruitment and retention. Reported past 6-month buyers are growing 2 points ahead of the category. New-to-brand buyers are contributing 65% of this household penetration with 61% of that cohort being new to protein powders, a reflection of Optimum Nutrition's firepower in delivering true category growth. It has strong aided awareness at 40%, rising to 64% when combined with the awareness of Gold Standard Whey, a testament to the resonance of the brand. Growing double digits, ON has outpaced the category in household penetration growth, total distribution points or TDP growth and ACV or all commodity volume growth. Across measured channels, it is the #1 driver of retail dollar consumption growth in the protein powder category and is the #2 driver on that same metric in creatine, speaking to its criticality to our retail partners in their own search for growth. Equally exciting is our second engine, Isopure. I'll speak more to it in a bit, but from a much smaller base, it has also delivered double-digit household penetration and distribution growth, growing unit and dollar consumption ahead of the category with aided awareness approaching that of ON. So let me unpack the keys to driving growth in Optimum Nutrition. ON's growth will be driven by strong category momentum captured through velocity and distribution. Retention of our current consumer base and ongoing recruitment is a function of building what I like to call brand love, cementing trust and turning consumers into advocates in their own right. Colin highlighted a number of the ways we build these sticky consumer relationships globally. I'm going to highlight just a few local twists. First, we continue to lead on digital innovation. We're live with our AI-enabled advisory tool, Coach Optimum, showing industry-leading rates of engagement at 83%, over 20 points ahead of Google benchmarks for excellence. The U.S. version of the Optimum Advantage campaign featuring basketball, phenom, Cameron Brinks will focus on regimen penetration. On average, we know ON brand consumers regularly use at least 4 products in their regimen, but only slightly more than one of those are an Optimum Nutrition product. This is a massive share of wallet opportunity that we will directly attack with our creative platform. You can see the way it will come to life in commercial excellence. Optimum Advantage will have 360-degree execution through incremental display activity and the release of a special regimen pack designed to introduce consumers to the ON trio of protein powder, preworkout energy powder and creatine, messaged in-store as built to stack, backed by the insight that consumers who adopt an ON branded regimen double their satisfaction to 80%. We'll be relentless in the pursuit of new distribution across traditional immediate consumption and trial channels with an ambition to deliver another double-digit compound annual growth rate in TDPs and ACV. And we'll leverage the capabilities of our new dedicated revenue growth management team to ensure we're delivering the right pack at the right place at the right price. Finally, we'll grow through innovation, focusing on our winning powder format, diversifying our mix from whey and expanding into new formats to drive household penetration and relevance. Examples include new creatine variants and formats such as gummies, Pro Quench, a 20-gram protein powder blend of clear whey and collagen enhanced with electrolytes to directly address the need for joint health and hydration and our 40-gram ready-to-drink offering with fiber for gut health, tackling one of consumers' biggest barriers to increase protein consumption as ON seeks to participate in this format. Collectively, this strategy reflects an ambition to grow ON's household penetration to an industry-leading position. Now let's turn to our leading lifestyle brand, Isopure, beginning with a dip into its new brand campaign, More of What Matters. [Presentation]

So Isopure is a premium everyday brand that delivers the highest quality protein and great taste with a clean and short ingredient list, enhanced by vitamins and minerals, incidentally sourced from H&N. It reflects our target consumers' behavior of intentionality, making small, consistent choices in every element of her daily routine to get the most out of life for her and her entire family. This positioning allows us to target an incremental consumer from Optimum Nutrition. As Colin shared, our Nutrine segmentation identifies 27 million U.S. consumers looking to shape, tone and build lean muscle, a different need than that expressed by the performance motivated target of ON. And panel data shows that the Isopure consumer is predominantly female, broadening our portfolio's demographic reach. There are some other unique features to this consumer. They are even more affluent than the ON consumer, spending 38% more on the category than average. They incorporate protein into their diet beyond a traditional shake format, using our products as an ingredient in cooking and baking, a unique usage occasion. And they seek premium product experiences with an interest in women's health and beauty. Hence, Isopure is a strong platform for incremental growth. We'll capture the opportunity by building brand love and relevance in 3 ways. First, through the rollout of our More of What Matters campaign, a top tertile scoring campaign in pretesting, which you just saw within early days has reached 20 million consumers. Second, by educating consumers on how to integrate Isopure into their daily routines as the ideal culinary mixing. Influencer content shows them how. For example, with celebrity Tiffani Amber Thiessen sharing simple baking hacks and holiday recipes to activations highlighting mixability into things like sauces and soups. Third, we're building premium associations through high-quality partnerships and asset activations like Volvo Fashion Week in Mexico. Isopure participated with branded space, product sampling giveaways to over 50 influencers with a collective follower base of over 53 million, generating tremendous reach, including 10 million views or more on the Isopure Instagram alone. Alongside this brand building, we are innovating to meet our lifestyle consumer needs across formats and occasions. -- including Isopure Protein Water, which launched earlier in test this year in the club channel with plans for further national distribution. If you haven't seen it yet, it's in the coolers outside. The rollout of a stick pack format offering 10 grams of protein plus electrolytes, a convenient format to capture on-the-go occasions and innovations that expand Isopure into high-growth non-whey offerings such as collagen and colostrum. Expanding our distribution through visibility and new channels is the final piece to delivering on Isopure's growth ambition. This year, we launched a premium visual identity refresh across the entire brand, creating a distinctive look that provides stronger taste and quality cues while improving shelf impact and shoppability. We continue to elevate display execution and shelf placement. And to capture the critical mix in occasion, we are targeting displays and cut into aisles outside of the Performance Nutrition set. For example, the bakery and pasta aisles supported by sachet packs. And we're ambitious for further distribution, aiming for a double-digit CAGR of ACV and TDPs, expanding with and introducing new customers that are consistent with our lifestyle-focused aesthetic-oriented consumer target. A great example of this is Ulta, a leading U.S. beauty retailer whose strategy includes a keen focus on beauty from within. Isopure is the perfect partner for their shopper, which has earned us category captaincy and designation as their wellness and supplement anchor brand. Hence, we have significant headroom for growth with Isopure. Since 2022, we've doubled our investment behind the brand, and we'll continue to invest to capitalize on this opportunity. Finally, we'll continue to leverage think! as our lead ready-to-eat horse. think! has a strong legacy as the first brand in the protein bar to put protein into bars and a positioning grounded in great taste, high-protein functionality, all without the gunk. We continue to build on that position, driving relevance with the refreshed campaign, Don't think. think! We're expanding our channel presence with an increased focus on strategic shelf positioning and incremental display and are disrupting the category with new sensory delights such as Crispy Squares and new snacking formats like Pretzel Protein bites. So to summarize, we are confident in our journey to growth, underpinned by our strong track record, market position and leading brands. We operate in large growing categories across powders, ready-to-eat and ready-to-drink driven by strong consumer trends that benefit our full portfolio. We'll continue to build on the strength of and the upside for Optimum Nutrition while capitalizing on the growth potential for Isopure and our broader lifestyle portfolio by targeting incremental consumers. We've built a flywheel to deliver profitable growth, building brand love, meeting unmet consumer needs with innovation that expands occasion relevance and then driving relentless commercial execution, including the right revenue growth model. This enables us to continue to invest in brand building and innovation while delivering margin progression. All of this is enabled by a talented team of highly engaged brand and business builders with strong capabilities in commercial and operational excellence. Some of them are here today. I encourage you to meet them if you have the chance. So as you can see, the future is bright for Performance Nutrition Americas and it's equally so for our business around the world. To tell you about that, I'm going to hand it over to Andy Shaw, the CEO of our PN International business. And as he's coming up, I'll give you a peek into last year's very high-performing New Year, New You campaign with Cameron Brinks. [Presentation]

Thanks, Monica, and good afternoon, everyone. My name is Andy Shaw. I'm really delighted to be here and have this opportunity to take you on a bit of a whistle stop tour of our international markets for Performance Nutrition. I'm going to start off with a slide that Monica showed as well, just gives you a nice snapshot of how our business is built, some of the growth drivers that we've had over the previous 3 years. So this year, we're estimating revenue coming in at $600 million or above $600 million for 2025, which will be a 12% CAGR since 2022. So decent growth in the business and very much driven by our very talented 725 employees, some of which are here in the room today, but across the world. We have 20 locations across the world, kind of small offices to midsized offices. And we operate 15 markets at a scale presence, so over $10 million revenue. And this is all enabled by our supply chain. We have a real competitive advantage with our supply chain. So if we drive 250 miles north of here, you'll get to Middlesbrough roughly. That is where we supply our European and U.K. businesses with powders. On top of that, we have coming out of Chicago powders going to Asia, so places like Japan, Korea, Australia and New Zealand. And then our real competitive advantage, which has helped a lot in recent years, particularly with news around tariffs is our local manufacturing, which we have in China, and we have in India as well. So this gives us a real superiority advantage in those particular markets. The other piece I would draw your attention to on this slide is the top right. We are heavily focused on Optimum Nutrition. And that's been a conscious decision over the last 3 years. We really believe this brand has the right to travel, and I'm going to talk you through that a bit more in the next few slides. But it currently is 87% of our business. So just talking through, I guess, the left-hand side, this will give you a little bit of new information regarding how the international business is actually split up. So our 12% CAGR over the last 3 years has taken us from $435 million in 2022 to $600 million or just over $600 million this year. We have a nice split across our business. So on the chart, you can see we have Europe and the U.K. and the rest of world. And actually, when we look at where we'll finish this year, it's about 50-50. So we have a nice balance across all these different regions. And actually, nice to say as well, we have 12% CAGR growth across both those regions, too. And when you look at the right-hand side of this slide, this gives you the breakdown of Optimum Nutrition's growth versus 4 of our key priority markets, so China, India, the U.K. and Australia. And Australia has, as an example, a category of $0.8 billion, so the sports nutrition category, it's growing at 9% and Optimum Nutrition over the previous 3 years is growing at 10%. So we're growing ahead of the category and taking share within that market. And we have some standout performances there, particularly in China, which I'm going to talk about in more detail. The one that we're showing growth less than the category is India. So that's showing 15% over the past 3 years and a category growing at 23%. However, when you look at the data over the last 12 months, that growth rate is now at 23%, so just in line and actually just above NOI category. That's very much a result of the supply chain piece that I was talking about earlier as we've really ramped up our local manufacturing in that market, it's enabled us to really get a bit of speed and momentum into the business. Finally, China at the bottom is growing at 47% over the last 3 years for Optimum Nutrition, which is a really standout performance versus the category growing at 9%. And there's probably one person that can do a better job explaining that than me, and that's our General Manager of China, Michael Yang. So I'm going to pass over to him via a video.

I'm Michael Yang, the Country Director of Glanbia Performance Nutrition, Greater China. On behalf of the entire 24th strong team here in China, I'm proud to share the story of one of the fastest growing markets for Glanbia globally. Over the past 4 years, revenue in China region has more than doubled as we continue to build the optimization brands locally. Our market share has grown steadily, and we have become one of the top 3 port nutrition brands in China by using global and local partnerships with high paying athletes and influencers, we have driven record levels of brand awareness and penetration for Optimum Nutrition among our target consumers. Looking ahead, we will continue to win through our relentless focus on driving category leadership through consumer education. This year, Optimum Nutrition China partnered with the Chinese Nutrition Society, a government affiliated nonprofit industrial thought leader to co-author and publish China's first protein powder white paper. We are set up for success with our local manufacturing network, which now delivers nearly 40% of the portfolio in China, driving more flexibility, operational efficiency and enabling localized innovation. We continue to execute our omnichannel strategy in market on leading e-commerce platforms like Tmall, JD and TikTok, which account for the majority of our business, we continue to hold a top position in our category. We have experienced strong growth in social commerce TikTok with sales almost doubling in the year. Additionally, we continue to expand our offline presence with ambitious plans to grow our institution within the FDM and top channels with a proven track record, strong brand metrics operational agility and a clear vision for expansion. We are excited to continue to grow the business into 2026 and beyond.

So fantastic to have a flourishing business in China. It's a really exciting market, and we have a really talented team actually led by Michael in that market. And it links nicely to this. So we have a lot of markets in the international business. We have over kind of 30 to 35 I would call active that we are proactively managing. And we try to go about that in a methodical way. So we have a repeatable business model, growth model that we try and take to all the different markets because it can come with a lot of complexity, a lot of volatility. And this just talks you through how we tackle that challenge. So on the left-hand side, you'll have markets like Malaysia or our smaller markets and there are established markets usually between $0 million and $10 million revenue. And we really approach these in a very simple way. So we take the brand and we go very much digital first. We look at the core range, the core powders range. We keep it very simple, and we look at e-commerce and specialty. Specialty is always an important channel to get into early because that's where our core consumers are. And then as we expand and these markets expand, they become build and we kind of add on. So we start to look at how our creative expands more and more to that local consumer. The channel, we would start to have conversations with more strategic distribution partners and portfolio, we start to expand. But it's very important you almost earn the right to grow. and earn the right to actually expand this business in a structured way. And good examples of that would be the UAE. We have a very nice business there or Ireland. And then finally, and that's where I've spent most of the time today, our kind of priority markets, your India, your China, your U.K., they are $50 million plus, and we really want to be the leaders and kind of reflect, I guess, what we have in the U.S. as a business model. So lead on things like the category, on RGM, obviously start to bring innovation into those markets. And when we talk about innovation later on, they're very much specifically for these priority markets. Channels, we obviously then start going into places like FDM and portfolio, we also start to look at our other brands. So within the international business, the focus at the moment is obviously Optimum Nutrition. But as a good example of starting to expand that would be we launched Isopure in the U.K. in the second half of this year. And that leads me nicely to the U.K. Obviously, delighted to have everybody here in London and host the Capital Markets Day. Just a quick snapshot of our U.K. business. It's in good health, which is pleasing. We are actually the #1 protein powder brand in the U.K. in measured channels. We're also the #1 creatine brand in the U.K. in measured channels, and we've had a 7 percentage point growth since 2022. So it's in decent condition. I think one of the key drivers we're really focused on in this market is our omnichannel distribution. So really getting the brand out there in the different customers such as Sainsbury's, Tesco, Holland & Barrett, which have been with us for a long time, people like PureGym, really good strategic partners that have our core audience in them and obviously, Amazon as well. I won't spend too much time on this slide actually because Colin has done a good job obviously explaining to it. It is at the core of our growth model though. So brand building is actually incredibly important for the international business, probably more so in some aspects when you look at that portfolio of markets than innovation. It's important that we lead with Optimum Nutrition and build a really strong brand that has foundations for the success and the future. The other thing that's worth flagging in this is that we take these global assets, and it's a very efficient model where we then localize them. So we would change the language, we would change the athlete, but effectively, the nonworking spend around that is a very effective and efficient model to spread what is and should be a global brand message. On the right-hand side, you've seen some of the athletes today. We are very proud of the athlete portfolio, very elite athletes that we've built across our markets over the last 3 to 5 years. Some good examples are Harley Reid, who's a new AFL superstar in Australia. Rishabh Pant is a God of Cricket and actually linked to Cricket, the bottom right images are the RCB, the Royal Challengers Bangalore, who just recently won the IPL. Thankfully, we signed them before they won. And it was pretty cool because we obviously have Virat Kohli, those of you who are cricket fans will know who this is. He also has 274 million Instagram followers. And in terms of trying to bring your brand to an audience, I think there's probably no better examples. But again, I will leave the explanations to Sumit, who's our Indian GM, and who's going to talk you through that in a bit more detail.

Namaskar, My name is Sumit Mathur, and I have the privilege of leading the GPN business in India with a 40-member plus strong team. Together, we are building an enduring Glanbia legacy in one of the fastest-growing sports nutrition market in the world. The India business has proven. It has consistently delivered sustainable growth. In fact, in the last 4 years, we have nearly doubled our revenue. We believe we are set up for success. We are set for success because we have an India first business model with 100% local manufacturers, this drives speed to market consumer-first innovations and business resides. We are set for success because we play a full brand portfolio with Optimum Nutrition and Isopure. And that allows us to win both performance and lifestyle consumers. Optimum Nutrition continues to strengthen in India through our approach of executing global ideas locally. Case in point is the partnership with Royal Challengers Bangalore. They are the reigning champions of Indian Premier League, and that partnership has helped Optimum Nutrition reach 62 million people and delivered a record-breaking 130 bps improvement in brand awareness and not to be left behind is Isopure, a tie up with top Bollywood Celebrity Rashmika Mandanna, has helped deliver a reach of over 50 million plus for this brand. We are set for success because we are leading in the channels of future. Majority of our business comes from online channels like marketplaces, quick commerce, D2C, while we also continue to lead and win in traditional offline channels like specialty and pharmacy. Our D2C business is the largest for Glanbia serving consumers across 350 cities every month in India with cutting-edge martech capabilities. On the other hand, quick commerce is exploding in India. With Glanbia driving thought leadership in category development with increasing availability, customized channel pack architecture and data-driven decision, robust business model, 2 strong brands winning in the channel of future and last but not the least, great people are our recipe for success in India.

So as you can see, Indian business also really good health. I'd encourage you to talk to Satyavrat, who actually is our President for the EMEA region. He looks after both the China and India businesses, and he's here today. But yes, then I just wanted to move on to innovation. You'll see outside today, and I hope you get the opportunity to try some of these products. They're all set up. They've been set up by the U.K. team. And if we want to continue to lead the category, particularly in those priority markets, then innovation is fundamental and key to that being a success. We have some nice examples here. Everybody is probably aware of creatine. But again, I would encourage you to go to the creatine session afterwards because you'll get a real good insight into what is driving this category, but we've had an explosion across creatine and some fantastic flavored creatine being sampled outside that was launched in the U.K. and in Europe this year. Alongside electrolytes, so hydration another booming category, and we launched electrolytes in the U.K. and Europe this year. As well as our whey and collagen product, which is similar to the product that has just been shown to you by Monica called Pro Quench. Our RTD business continues to expand. We have a very focus again on priority markets. So the U.K. and Australia are leading the way there. We recently got our RTDs listed in Tesco Express as part of the meal deal alongside co-op and some other retailers in the U.K., and that will continue to be a focus for us going forward as it is in Australia. And then finally, Isopure. Isopure, as you saw from the video, Sumit and the team in India have done a fantastic job there with some real superstar Bollywood representatives. And then just about 5 months ago, actually, we launched it in the U.K. as well. So it's in Sainsbury's, Holland & Barrett and Amazon as we speak. And my penultimate slide is around omnichannel execution. It's a passion of mine. I think making sure the brand shows up well, both online and offline is absolutely critical for any superstar brand. I've got some nice examples here, Marketplaces and D2C on the left. Amazon is a big customer for us, but as is now retailers like tesco.com, sainsbury's.com. And as the traditional FDM retailers expand into online, it's very important that we get our brands there. Within Amazon, in particular, we have a good relationship. We've worked well with them, and we're now the #1 protein powder in both the U.K. and in Australia. Moving over to China. You saw from Michael's video, TikTok Shop has been an explosion over the last 3 to 5 years. Really, the majority of our business was actually in JD and Tmall. It is now JD, Tmall and TikTok. Very much those 3 platforms are dominating Chinese commerce at the moment. I'm pleased to say we're performing well there. We're up 88% year-on-year within TikTok Shop. Moving to India. And again, Sumit talked about it. It's an extraordinary thing to witness the different Indian cities where you go to the dark stores and you see anything being ordered and delivered within 10 minutes. It's really, really an extraordinary thing to see. And Sumit and the team have done a fantastic job working with the big players like Blinkit and Zepto, and we have a business now that's growing at 124% in that quick commerce specialty. We are seeing as well quick commerce slowly evolve into the Middle East in places like Dubai as well. And finally, FDM, it's really critical, particularly as new users come to this category, a lot of them want to pick the product up. So often when you get into the category, you'll be over towards the left-hand side of this slide, you'll be regularly ordering in Amazon. However, with things like collagen and creatine, people like to pick it up and the physical experience of stores is still actually fundamental to this category as it grows. We've done a good job growing our distribution across multiple regions, particularly in the U.K. Continental Europe, we've had some great wins recently in the big retailers like Carrefour, Auchan across Spain, Italy, Portugal. And then we recently had a very big win as well in Australia, which was with one of the biggest retailers there, Chemist Warehouse. So in summary, the international business is in good health. I'm pleased to say we have a good strong track record of growth and good ambitions for the next 3 years. The mainstreaming of protein that we've all talked about today is something we are seeing in our markets. They are behind America, but they are absolutely showing that growth is coming in a similar fashion for the protein market. We're very proud of the brand. It's showing up very well. Our awareness is growing across all our markets over the last 3- to 5-year period. Our global footprint and our agile supply chain gives us the ability and flexibility to be able to deal with regulatory challenges. And most importantly, actually, when you look at the people on the video, the teams that we have built across the markets are very, very strong. They're coming from traditional backgrounds in terms of FMCG. And we really believe that if we continue to build those talents in the markets, we'll make the most out of this opportunity. That's it from me. I believe there is now a break for everybody. It's 5 minutes and if we could ask you all to be back in this room in 5 minutes, that would be fantastic. Thank you. [Break]

I'm the new leader. I'm the leader of the new business. Newly created division of Glanbia Health & Nutrition. I'm 6 weeks into the game So I guess I would give you -- I thought I would give you a few elements of background. I've been leading B2B businesses in the food industry for a bit more than 20 years. Before joining Glanbia, I managed global businesses at DuPont and IFF, so ingredients and systems businesses. There are many things I like about Health & Nutrition, and I will cover that in my presentation in a minute. But before I do that, I thought I would give you a brief introduction to the business with a short video. [Presentation]

All right. So Health & Nutrition was created very recently. It was carved out of the Glanbia Nutrition business earlier this year. What it's really about it's a high-growth, high-margin nutrition platform. It's structured around 2 main product lines. So the premix or custom premix solutions first. And maybe explain a bit what it is for those who are less familiar with the business. When you think of premix, think of 13 vitamins and hundreds, if not thousands of minerals or single ingredients. And the magic of premixing is to blend those at the required ratios in the right regulatory framework and then to deliver them at scale wherever your customer needs it with the right quality without impacting taste basically, okay? So quite an interesting game. We are globally #2 player in this field. So that's the first product line. The second product line are natural and organic flavor systems. And I guess everybody sees what flavors are. What I find quite remarkable about those two product lines is that both of them, they have a strong impact on the consumer experience, either through taste or through the benefits, the functional benefits you get, while at the same time, they represent a very small portion of the food product cost. We operate in 12 manufacturing sites. We own 10 innovation and customer collaboration centers with 125 scientists in 2025, we'll reach a bit more than $600 million revenues, a bit more of the $110 million of EBITDA. Over the last 2 years, we grew by 11% per annum. And that's, of course, a combination of category of organic and M&A. Very interestingly, we are very focused on those 3 categories you see on the right-hand side there, right? And the good news that those categories enjoy a nice mid-single-digit growth. They're also supported by long-term consumer trends. So the BU is new, and Glanbia has been playing in this field for a long time, for more than 20 years. The journey started in 2004 when Glanbia was looking for adjacencies to its dairy ingredients business. It acquired a business, I think this gentleman on the right, that acquired a business in Germany at the time in Premix. And since then, it's been a story of finding the right targets, acquiring them, integrating them, capturing synergies and then expanding them, investing to yield further returns to the shareholder. A good example is Watson. We acquired Watson in 2019 that not only gave an interesting footprint for premix in the East Coast of the U.S., it also brought a portfolio of technologies we leverage everywhere in our network. The flavors journey is also interesting. So we had a tiny flavor business until we decided to scale it up. And in 2020, Glanbia acquired Foodarom a business headquartered in Canada with a strong natural focus. Then acquired Flavor Producers in 2024. And those businesses were very well integrated into the business, provided nice cost synergies, but also revenue synergies we enjoy today. They also gave us the size we needed to stand up H&N as an independent business unit, okay? So the journey continues. I think Hugh referred to $100 million spend in 2025 in H&N. If I look at the last 2 years, so 2024 and 2025, we will have vetted as much as $400 million of capital to grow this business in acquisitions and in organic in CapEx. I'll start with acquisitions. You heard of SweetMix, so that's a premix business located in Brazil. We also acquired and Hugh referred to that last Friday, we signed a binding agreement to buy -- to acquire Scicore, a state-of-the-art facility in India. That's for the M&A this year. On the organic side, we broke the ground 2 weeks ago in China to double capacity. We are currently exploring the best options to increase our capacity in Europe. And lastly, in the U.S., we invest in Spray Dried Flavors. That's very important to be able to address the flavor or powdered flavors market. We also expand our customer collaboration center in Ohio, which is centered around beverages. So three fundamental reasons why we are very well positioned to compete and to win in this market. I'll start with the footprint. We are one of the very few players who can serve customers globally. We serve global players who typically look for consistency in terms of supply into their manufacturing network across the globe. We also serve local regional players who typically look for local needs, local tastes. The second key success factor is our range of technologies, and I'll cover that in a bit more detail next page. The third factor is our applications or customer collaboration capabilities. I'll cover them page after next. And maybe before we move on, this business is really focused. So we have this deep expertise in a few strong categories. We're also pretty lean and agile. And we also win business because we respond faster and we deliver faster. So going through technologies and areas of strength, I'll highlight four quickly. The first one is what we call our fun technologies, functionally optimized nutrients. It's basically around protecting the single ingredients so that when they get into the premix and into the customer manufacturing process, they don't lose their benefits. The second one is around, when I introduced the premix business, I referred to this notion of consistency and homogeneity. So think of ingredients like some vitamins, some think of folic acid, it comes at a very small concentration, really trace concentration. And you want every single bag you deliver to your customer to include the same amount of this trace vitamin. So it's quite an art or science rather to get to this level, and we typically use trituration to get to this. The third one is around our understanding of the protein molecule. So that comes from our dairy background, from work we've been doing with universities. We understand how the molecules work and interact together. And thanks to that, we can balance stuff and get to the right flavor profile. The last one is quite critical when you try to address clean label needs. So it's about our capability or ability to extract natural botanicals from -- from botanical raw material so you can extract natural extracts, natural essences and from there build clean label flavors. So that's a few -- four areas of strength, and you have a chance to hear more about those in the H&N breakout after this explanatory. The second area I believe of interest that was the -- yes, the second area of interest or the key success factors is what I call applications or customer collaboration. That's where the science comes to life and where you codevelop with your customer their product, which will win in their market. So we picked three examples. I'll start with the first one in China. The market is shifting over there. Customer came to us, they want a clear protein drink with some hydration benefits, which would also be clean label, okay? So you can't use the usual tricks with hydrocolloids to get the right texture because they want this clean label. So they really had to iterate a few times applications team, customer and regulatory team. And they found a limited set of additives that would allow to keep the label clean and reach the right flavor profile. We also help the customer scale up, found some co-manufacturing capacity so that they could launch domestically in more than 400 retail outlets. The second example, actually, the next two are U.S.-based. The second one is a customer with a range of ready-to-mix protein products. So think of -- it's a sachet, you open, you pour in a mug and you add water and you have your beverage. And they wanted to add a coffee one. So it had to be protein, coffee, clean label. Again, we iterated and that's where we use this knowledge of proteins and interactions between proteins and flavors. Very interestingly, the -- when you look at the back of the pack, the label doesn't mention any flavor. It only mentions botanical extracts, which are either organic or natural. The third example, you may be more familiar with the third one. The third one is how do you call that, an influencer-based or inspired brand who wanted to launch some trading -- trending -- sorry, botanicals through a gummy format. So they wanted add a claim around energy, concentration, stress reduction. Now the challenge comes from the fact that the -- to produce a gummy, it's a hot molding process. So that typically damages the botanicals or their impact so that it doesn't reach unfortunately, the consumer. Good news, we had this FON technology, and we micro encapsulated those botanicals so that they would be fully bioavailable to the end consumer. Okay. So I hope I gave you a good feel of how this works, the science part, the applications part. And again, this will be covered in the H & N breakout. You have a chance to try some samples. So looking forward, our strategy is very straightforward, four pillars. I will start with -- the first one is around expanding with our customer base. So it's around deepening relationship, it's also about supporting our customer's growth as a go to new geographies. Second one -- and maybe on this one the fact that we acquired India -- footprint in India and Brazil is obviously to support this first pillar. When we move to the second pillar, it's about acquiring new customers. So here, typically, we would look at midsized customers that are more sensitive to innovation, agility or partnership. We also have a good track record of growing with those customers once we've acquired them, we grow nicely with them. In the second pillar, we also try to maximize cross-selling. So think of cross-selling between flavors and premix and also between flavors and dairy nutrition or between flavors and Performance Nutrition. The third pillar is about continuing to invest in our R&D pipeline, expanding our applications and customer collaboration centers. I mentioned our investment in Ohio. And the fourth one is about M&A. So we'll continue to pursue targeted acquisitions, either to expand our footprint further or to acquire other technologies. Our approach to M&A remains very disciplined. We have strict return hurdles. Obviously, we focus rigorously on the execution of the synergies and focus on financial strength. So with those 4 pillars, combined, we target a consistent 4% to 6% organic growth over the next 3 years, to which we will add the M&A impact. As far as EBITDA margin, we'll stick to the 17% to 19% range. So to conclude, we believe we are very well positioned to accelerate growth for Health & Nutrition in the coming 3 years, 4, 5 reasons for this. We have a strong track record of organic and M&A growth. I'm looking at my notes here. We are focused in very attractive core categories, growing mid-single digit. We've got a strong scale platform we can leverage with deep relationship with regional and global customers. We've got a strong global network of innovation and collaboration centers. And lastly, we have a new leadership team in place and fully dedicated to driving growth, okay. So that's it. With this, I will hand it over to Mark. He will wrap all of this up into a beautiful financial presentation. Thank you.

Thank you, Arnaud, and welcome to the team. Definitely a baptism of fire having to do a presentation like this so quickly. I don't have any videos as you probably would not expect. But I am happy to be here today to talk you through our ambition and give you a little bit of an update on the track record that we've had over the last number of years. And I hope you've been inspired by the presentations you've had from Hugh and the leadership team over the last bit of time as well. Before I start, I'll take that as read in terms of the forward-looking statements that I will speak to. So firstly, I would like to look back at our track record of performance at our last Capital Markets Day in 2022, we set 3-year financial targets in terms of adjusted earnings per share, cash conversion and return on capital employed. And notwithstanding a volatile macro environment over the last number of years, I'm happy to say that we've delivered across all three group metrics. We committed to growing adjusted earnings per share on average of 5% to 10% per annum and taking into account our latest guidance for '25, we expect to deliver average growth of approximately 7% over the 3 years. We've ensured cash flow has been a strong focus. Working capital optimization has been important for us. And as a result, we've been able to exceed our expectation on cash flow conversion and on average, over 85% of EBITDA will have been converted, which means we'll have generated operating cash flow of over $1.3 billion over the last 3 years. That's obviously given us a lot of optionality in terms of investment, including what Arnaud was just speaking to. The return on capital employed metric is a very important one for us. The average return on capital employed over the 3 years will be approximately 12%, 10% to 13% being our target for that metric. Turning to divisional performance. For the 3 years, Performance Nutrition average annual revenue growth was approximately 2%. That's below our target of 5% to 7%. And as many of you will know, that's because of the performance of SlimFast primarily. We've now completed the sales of both SlimFast and Body & Fit. And on a pro forma basis, excluding those brands, the average revenue growth would have been 7% over the period. We're on track to exceed our targets. We set for EBITA margins for the Performance Nutrition division in excess of 12% and expect to have an average margin over the 3-year period of approximately 14%, which translates to an average EBITDA margin of just over 15%. In 2024, we changed the primary financial reporting metric from EBITA to EBITDA. So we felt that was a more comparable metric in terms of industry standards. At the beginning of this year, as Arnaud said, we resegmented our group separating Glanbia Nutritionals into Health & Nutrition and Dairy Nutrition. And as such, the Nutritional Solutions metric is a little bit different in terms of how we come through that. We've done a pro forma here to show you that we would have been approximately 3% growth over the 3 years versus the 3% to 5% target that we have. Again, many of you may recall, in 2023, industry-wide customer destocking was a challenge we were all facing with. But '24 and '25, that stabilized. We saw significant growth coming through in those years. We're also on track to meet our EBITDA margin target of greater than 12% with an average of 15%. That has been helped, of course, by the JV agency model change that we did also. Now looking at our capital allocation record, our delivery of $1.3 billion of operating cash flow facilitated a disciplined and progressive approach to capital allocation over the 3 years, and we invested for growth while also returning capital to shareholders. Just over $170 million was allocated to high-returning strategic capital projects to enhance capabilities across the business. Key projects included capacity expansion, IT and digital enhancements and business integration, given the acquisitions that we made during the period. Approximately $430 million was invested in accretive acquisitions being flavor producers, Sweetmix, Scicore just announced and the U.S. bioactive ingredients business. During the period, we also received proceeds of approximately $180 million from the sales of noncore assets, including SlimFast, Body & Fit and our European Dairy Joint Venture in 2023. In terms of shareholder returns, approximately $320 million was returned via dividends, in line with our payout ratio range between 25% and 35%. We also returned capital via share buybacks. And in the period, we bought back 28.5 million shares at a cost of approximately EUR 14 a share -- just over EUR 14 a share. We maintained strong financial discipline, achieving an average return on capital employed of 12% over the period and an average year-end net debt-to-EBITDA ratio of less than 1x. In terms of our core financial principles, these are the principles that we've applied over the last number of years, and we will be applying over the next 3 years as well. Firstly, we are focused on delivering strong revenue and EBITDA growth across our portfolio of better nutrition brands and ingredients. We are progressing an important group-wide transformation program, which will enable the group to unlock efficiencies, which we'll use to fund growth and to improve EBITDA and margins. We are committed to strong cash conversion, enabling us to fuel investment in growth and also returns. We have a disciplined capital allocation framework, which utilizes our strong cash generation for organic investments and acquisitions, ensuring they deliver strong returns. We're committed to returning capital to shareholders via our dividend payout ratio target and using excess cash for share buybacks. And finally, we're committed to maintaining a strong balance sheet and target an investment-grade-like leverage position. These principles give us confidence that we can continue to drive long-term shareholder value. Now let me talk about our group-wide transformation program, which we announced in November 2024. Pleased to say we're upgrading our targeted cumulative annual savings from at least $50 million to at least $60 million by 2027, with up to 40% of these savings expected to be achieved by the end of 2026. As Hugh mentioned earlier, our transformation program has four key pillars, which include optimizing our operating model, delivering operating efficiencies, accelerating digital transformation and streamlining our portfolio. We expect to reinvest at least 50% of savings to drive further growth, primarily focused on innovation and marketing with up to 50% of savings driving EBITDA and margin progression. The total cost of the program is now expected to be approximately $100 million, previously $70 million to $80 million. These costs primarily relate to severance, change management costs as a result of outsourcing certain back-office support functions and costs associated with establishing the Dairy Nutrition and Health & Nutrition business and the global supply chain organization. By the end of 2025, we expect to have approximately 2/3 of those costs incurred. As part of optimizing our portfolio, we have recently concluded the sales of SlimFast and Body & Fit. As the program progresses, we will continue to keep our portfolio under review to ensure all assets contribute to long-term shareholder value. Turning now to Performance Nutrition and in terms of our ambition for that business. We expect to deliver annual organic revenue growth of 5% to 7% over the medium term. We have strong confidence in our brand's ability to capture growth in the attractive categories we operate in. We particularly see Optimum Nutrition and Isopure as driving that growth. Organic revenue growth will be driven by a combination of category growth, increasing penetration and points of distribution as well as innovation. We expect to grow Performance Nutrition EBITDA ahead of revenue over the period, and we are focused on margin progression with a target of structurally expanding margins by up to 250 basis points from a 2025 base. As we plan to improve margins over the 3-year period, commercial initiatives focused on revenue growth management in terms of pricing in line with cost inflation, price pack architecture and promotional effectiveness are important elements in our toolbox. There can be a lag when input costs increase quickly and we can thoughtfully increase prices to our consumers. We are working through this currently, having taken price increases across our markets during 2025 with further price increases planned for 2026. We are proactively managing the current unprecedented level of input cost inflation, which has been driven by strong category growth. We are taking a more layered approach to whey procurement, so we are procured at least 2 to 3 quarters ahead of expected requirements, providing good cost visibility. Significant new whey supply is starting to come on stream, which we expect will, over time, moderates this inflationary cycle. And as I noted earlier, group-wide transformation program savings as well as portfolio optimization from the recent sale of noncore brands will also result in margin accretion in Performance Nutrition. All of these elements give us confidence in progressing Performance Nutrition margins over the period. Turning to our new division, Health & Nutrition. We expect to deliver annual organic revenue growth of 4% to 6% during the period '26 to '28. Our Health & Nutrition division operates in attractive end-use markets across premix and flavors that are growing at mid-single digits. Drivers of organic revenue growth for Health & Nutrition include end-use market growth, commercial excellence and added capabilities as we scale with our global and regional customer base. In addition to this, we expect acquisition investment to contribute to total revenue growth over the period, and we are focused on scaling Health & Nutrition in target geographies across premix and Flavors, and we'll also look at adjacencies as appropriate. We expect EBITDA to grow ahead of revenue over the period with margins in the range of 17% to 19%, driven by operating leverage and our group-wide transformation program. Our key focus will be on scaling up this business via organic and inorganic investment, and our ambition would be that over the medium term, we will be at the higher end of this EBITDA margin range. We are also focused on optimizing cash profits in our Dairy Nutrition segment, which is now a stand-alone business. Dairy Nutrition has a scale U.S. cheese, proteins and bioactives portfolio with a strong track record of delivering cash returns, driven by operational efficiency, commodity management and cost optimization. We also have a strong joint venture operating model with Dairy Nutrition as an operational and commercial partner, earning commissions on cheese and whey sales. The joint venture is also one of Performance Nutrition's key whey suppliers. Over the medium term, Dairy Nutrition will deliver annual EBITDA in the range of $150 million to $160 million with the joint venture also contributing consistent profit after tax. Dairy Nutrition revenues are primarily driven by pass-through pricing of end dairy markets, and therefore, revenue is not a KPI in this business. Our focus will continue to be on earnings and cash returns. As I mentioned earlier, we have a strong track record of operating cash flow conversion, reflecting the strength and discipline of our financial model. Operating cash flow has been underpinned by EBITDA growth, strong working capital management and disciplined sustaining capital investment. We have a centralized working capital management approach, ensuring appropriate receivables and payables terms as well as strong sales and operating planning processes to manage inventory levels. With the creation of our global supply chain organization, we will benefit for operational efficiencies through further automation as well as leveraging blending assets across both Performance Nutrition and Health & Nutrition. With this new organization, we also expect to see significant benefits in inventory management. We are targeting a 5% reduction in average inventory investment over the medium term. Today, we are upgrading our operating cash flow conversion target from 80% to at least 85%. We are confident in delivering over $1.5 billion in operating cash flow in the next 3 years, an increase of $1.3 billion in the prior cycle. We have a strong track record of shareholder returns. And from 2020 to 2025, we returned EUR 1.2 billion to our shareholders via dividends and share buybacks. Since 2020, since we started our share buyback program, we've been consistently using excess cash to execute share buybacks. And since that date, we repurchased approximately 52 million shares at an average price of just over EUR 13. And today, with our confidence around cash delivery, we are announcing an update to our dividend policy, increasing the payout ratio range to 30% to 40%, reflecting our ongoing commitment to maintaining a consistent and progressive dividend policy. Looking forward then, along with strong cash delivery, we will continue to have a balanced capital allocation framework. Organically, we expect business sustaining and strategic capital expenditure to be in an annual range of approximately $80 million to $100 million over the 3-year period. Looking to acquisition targets, we're focused on new and complementary capabilities and regions, primarily within Health & Nutrition as we are ambitious to scale up that business. We will look for opportunities that unlock synergies and that meet our return hurdles. We will continue to have a progressive dividend policy within our updated payout ratio range. And we will deploy excess cash on further buyback programs consistent with prior years, and we will update you on our buyback plans for 2026 when we report our full year results in February. We will continue to maintain a strong balance sheet and expect the group's average net debt to EBITDA will average less than 2x over the period. To summarize our growth algorithm then, we have an ambition to grow adjusted earnings per share by 7% to 11% per year over the next 3 years. This will firstly be driven by our divisional ambition of 5% to 7% annual revenue growth for Performance Nutrition and 4% to 6% annual revenue growth for Health & Nutrition, both organic metrics. Secondly, earnings growth with both PN and H&N growing EBITDA ahead of revenue and a focus on margin progression in both businesses. And thirdly, capital investments by continuing to refine our business model, invest in capability, capacity and technology and accretive acquisition activity with a return on capital employed ambition of between 10% and 13%. We're upgrading our operating cash flow conversion rate to 85%, and our dividend payout ratio will be between 30% and 40% of adjusted earnings per share. And hopefully, from what you've seen today, you can appreciate why we believe the group is well positioned to achieve these targets. To summarize then, I would like to remind you of the core pillars of our investment case. We have a complementary portfolio of better nutrition brands and ingredients with leading market positions. We are operating in an environment of powerful consumer trends and growing categories. We have evolved our operating model to simplify our structure and focus on growth within our 2 core divisions of Performance Nutrition and Health & Nutrition. We have a talented team of brands and business builders with a strong culture and values across our organization. We are ambitious for revenue growth, EBITDA growth and EBITDA margin progression over the 3-year period. We will continue to have strong cash generation, enabling organic and acquisition investment opportunities at or above our target return range. And finally, we are committed to a framework of progressive returns to shareholders while maintaining a strong balance sheet. So I appreciate your time today. And now we're going to move to Q&A.

First question in reference to the category dynamic and how that relates to GLP-1 adoption. Just wondering if there is an in-house view on what oral GLP-1s might mean for the category and the opportunity for your brands.

Yes. Matt, the lights are on us here, so it's hard to see people. But maybe first before just introduce, we obviously have all the presenters here, but I've also asked Sorcha McKenna, who's our Chief Strategy Officer, who leads the transformation project program to join us here as well up on the stage. Yes, look, I said this earlier on, Matt, clearly, what we're seeing is GLP engagement, particularly in the U.S., but soon to be global and certainly in a lot of developing markets, we're also seeing is strong. 12% of U.S. adults have taken GLP-1, consistency of about 7%, 8%. So we're clearly seeing this. And Monica would have called out the benefit -- without a doubt, Isopure has seen some of that benefit from GLP-1 users because we see in terms of consumer needs, consumer usage around weight management as well form. So protein as a macro is in strong demand for consumers who are taking GLP-1. So clearly, we've called it out today as a tailwind, but not just for our consumer branded business, also if you think about Health and Nutrition, consumers are also saying they need protein when they're on GLP-1, they need energy and they need vitamin mineral supplementation. And that plays across all parts of the Glanbia business. So from our perspective, we would see GLP-1 as a tailwind for the entire organization.

Karel Zoete, Kepler Cheuvreux. I have two questions in relation to GPN. The first one is on Isopure. Successful brand within Glanbia, and it seems you've made quite a sizable shift in where you -- and how you want to position the brand -- the brand identity. So what's been driving that to make that change? And the other thing is on the international market. If you look back 5, 10 years or even more, with the exception of the U.K., it's been very volatile in terms of how you want to grow the international business, route to market, the brands. In the future, looking ahead, is this going to be really about premium brands, ON and Isopure and it's very similar to your U.S. business? Or do you still see differences across markets?

Maybe I'll answer the question a little bit first, going back a little bit of history before I hand to Monica on Isopure. Yes, you're absolutely right, Karel. When we bought Isopure, it was actually a premium sports nutrition brand. But the big insight we had for us at the time was what we loved about it was less about the [indiscernible], which was the ISO part of the name, the [ isoloprotein ] and more about the purity. And that was the reason that we saw an opportunity there. So over time, as our business has continue to grow and we continue to scale Optimum Nutrition, we saw an opportunity where this brand appeal to female consumers. It was around the purity piece, and we believed we could grow and extend it. So there was a lot of work done about 4, 5 years ago on repositioning and evolution of that brand, and it's clearly worked well. And maybe just, Monica, do you want to talk a little bit more about U.S. consumer on Optimum.

If I go back to the Nutri-Needs segmentation that Colin shared, as a reminder, this particular segment, the Form aesthetics segment is completely complementary. So as a growth driver, it's very accretive to our portfolio. The continued shift from purity to a broader intentionality position recognizes the behaviors of this target consumer, Hugh as -- again as he was saying, less concerned with the ingredient itself as opposed to the cleanliness and the simplicity and the need to be intentional in boosting all of her daily routines. The same is true for how she thinks about her family. So the shift in the positioning just recognizes the inherent behavior and allows us to capture it across multiple formats as we continue to grow the brand.

Yes. In terms of international markets, the short answer is, yes. The growth model that we showed earlier is kind of our mapping, our structure around how we approach the different markets. Optimum Nutrition is absolutely the focus. And there is so much opportunity in these markets, particularly those middle and underdeveloped markets to actually get distribution right, build the brand properly, get our supply chain in place and then just keep doing the basics really, really well. And then I used the words earlier that kind of almost the right to have a second brand needs to be earned by the markets. Now they do go well together. I think the thing I love about Optimum and Isopure is they sit brilliantly together. They're really complementary. They target different consumer groups, and you can do different things with them. But the risk of distraction by trying to do too much too soon is also something that we're very cognizant of. So we absolutely focused on ON. And then the U.K. is a great example of when you get to a scale position, you have your distribution built out, you have your account managers in place. That is the right time to then bring in a brand like Isopure.

Maybe just to add to that, Andy, Karel, you've followed us quite a bit, like there's always a degree of volatility in international. We always -- whether there's a war breaking out somewhere, there's tariffs, there's currency because we're U.S. dollar-denominated. I think the team do a brilliant job of managing that and then setting the right priorities. Also, you go back to when you followed us, the scale of our business is now in some of these international markets. Let's take India as an example. The scale of that business and the scale of the team, the leadership that we have there compared to 10 years ago is fundamentally different. So -- but Andy and team do a great job is navigating that volatility. It takes a certain skill set. But also then building out that more entrepreneurial team in these markets that can grow the brand and distribution for us. And in reality, when you think about drivers of growth, the key drivers of growth for us still is the opportunity around driving velocity in categories that are still growing fast and are less mature than in some of our main markets. And then secondly, driving distribution. And that's how you see the focus on range as well. Smaller core range as we joke Andy -- for these smaller markets, you kind of 2 tubs of Whey Gold Standard, 2 tubs of Energy and Creatine and when they're in full distribution, come back to us again. And then in the top-tier markets, it's very much about your classic brand building capability as the leading CPG in the market.

Patrick Higgins from Goodbody. Maybe a couple of questions on GPN or PN as well, please. Firstly, just in terms of, I guess, the innovation strategy going forward. It feels like there's been a kind of meaningful step-up in terms of NPD and new product launches in the last 6 months. What's underpinning that step-up? And how should we think about innovation going forward and how that balances, I guess, against other growth drivers like A&P spend? And then kind of linked to that, I guess, is, obviously, we've had some recent innovations around ready-to-drink in particular, and Isopure, which seems to be well received, but conscious that it's a competitive space, it is difficult and expensive to scale. How should we think about, I guess, the evolution of your portfolio from a format perspective over the next, say, 2 to 3 years?

Maybe I'll talk about innovation and I hand over the Isopure piece to you, Monica. A couple of things to call out. We -- if you look at the one-page strategy I put up briefly, innovation was the fourth -- was the fifth pillar. We've never had innovation as a key pillar for growth at a group level before. We've had it at a business unit level, but not at a group level. So we've clearly elevated innovation to a key driver of growth for the group across all our businesses. Actually, second -- Loren Ward is in the audience, our new Chief Science Officer. Loren was our Chief R&D Officer on the -- for Glanbia Nutritionals, and we moved him into a group role, very much focused, less on the innovation application work we do in the businesses, but more on driving our science agenda, particularly given the leader in sports nutrition, but also a leader in Health and Nutrition. So it's been a key focus for us. And I think when I go down into the businesses then, you heard a lot today about the capability we have that build. And we've also resourced that, particularly in Monica's team when Monica came in, innovation was a key focus for Monica to rebuild that team to help drive the growth. And Rizal, who's our Chief Growth and Innovation Officer, is in the audience here today as well, who's with us probably 7 months, maybe. So it's been a deliberate, Patrick, build for us around taking what we are really good at and have lots of capability, leveraging it more across the broader base. Like that's the first time we've broken with 230 scientists across the group. We wouldn't have talked about that in the past. How do we leverage that group -- that large group of scientist application capability to benefit our innovation platform.

Yes. And then just generally to the rest of your question, we fundamentally believe in the growth upside in our core powders business. And as we think about the drivers of growth, as I said earlier, we're looking for balanced growth across category momentum, velocities, distribution and innovation as well. Innovation is a key part of enabling us to continue to take price. So it is an important part of our strategy. With respect to ready-to-drink, our lead horse in the ready-to-drink market is Isopure because it is more of a lifestyle growth opportunity. This particular launch is early days. It's still in test mode. So too early to report anything other than the consumer feedback has been very strong.