Nomad Foods Limited (NOMD) Earnings Call Transcript & Summary

All right. It's time. Let's get this started. So hello, everyone. Thank you to those in the room and those on the webcast for joining us today. We've got an action pack day ahead of us. But before we get into the fun stuff, let's make sure we cover off on the legal stuff. On the screen and in our presentation and press releases, you can find a number of disclaimers. Please read them. All right. Moving on. Here's the agenda. I trust you all can read it. We're going to cover a lot of ground in a relatively short amount of time today. So let's get us started. And to kick us off, we've got our Co-Founder and Co-Chairman, Sir Martin E. Franklin. Martin?

Good morning, everyone. Thank you for joining us. It's great to see so many familiar faces along with many new investors joining us today. To those of you who have supported Nomad for years, thank you for your patience and continued confidence. To those of you who are newer to the story, welcome. I believe you're joining us at a particularly exciting moment. The reality is that Nomad lost its way a bit for a period of time. Having been through similar situations before, we knew that meaningful change starts with leadership and fresh eyes on the business. We put the right team in place and gave them the support and freedom to make the difficult but necessary decisions. Dominic has now been with the company for nearly a year, and I could not be more pleased with the progress he and the team have made. Together with Ruben, he has assembled a strong leadership team and driven significant change across the organization. They have upgraded talent, improved processes and sharpened the strategy. Today, you'll hear firsthand how those changes are positioning Nomad for a much stronger future. Nomad's brands remain exceptionally strong. Its market is healthy, and we now have the leadership team and strategic direction needed to unlock the company's full potential. Yet our valuation suggests the market is yet to recognize that opportunity. This, despite a very strong following by the credit markets, where we have financed ourselves to have long-dated maturities at attractive rates. We see that disconnect as a compelling opportunity for shareholders, which is why my co-founder, Noam and I have recently increased our personal investments in the company. But we also know that perceptions do not change because of presentations. They change because of results. That is exactly what we expect this team to deliver, and we do not think it will take very long. I have lived this market cycle before. Like Nomad, our specialty chemicals company, Element Solutions, was a static equity story through its transformation until it caught investor interest, after which its revaluation from about $11 to now close to $40 was fairly rapid. I believe we will achieve the same thing here. And more importantly, this is not a reacceleration story that begins today, nor is it a story built on promises for some distant future. The revitalization is already underway. The actions have been taken. The foundation has been rebuilt and the early evidence of progress is becoming increasingly clear. Today, Dominic and his team will show you both the proof points that the inflection has already begun and provide the road map for sustaining and accelerating that momentum in the years ahead. I believe it's just a matter of time before the markets recognize Nomad's real value, and we regain the momentum of years past. One final note. Before anyone asks in the Q&A about whether or not we have considered taking this company private, let me say that, of course, we know this is an option that exists if the credit markets are open. Our opinion is that we believe doing so would deny our shareholders the upside inherent in the company's outlook. If the company performs as we expect and the market continues to discount Nomad's value the value, we always have this alternative to consider. But for us, it's a last resort. So with that, let me turn it over to Dominic and enjoy the morning. Thank you.

Thank you, Martin, and thank you all for joining us today. After 9 months as CEO of Nomad Foods, my conviction in this business has only strengthened. What I found is a company with leading brands, great assets and significant growth opportunities alongside several areas where we can perform better. We've already begun addressing those opportunities and building momentum. Today, we'll discuss what we've accomplished, where we see the biggest opportunities and how we plan to win. Most importantly, we'll outline our 3-year value creation plan, which we believe will drive faster growth, stronger profitability and substantial shareholder value creation. But before we dive in, we have a brief video to share to get us started. [Presentation]

This video captures some of the momentum that is building across Nomad Foods today. And I hope it's the same sense of excitement and confidence you feel as we take you through our plans. We have a lot to cover today. But if you leave with only 3 messages, these are the ones I hope you remember. First, we've strengthened the business and returned the company to organic revenue growth in Q3. And Transformation is never a straight line, but we have clear and compelling plans to build on this momentum and sustain profitable growth in 2027 and beyond. Second, Momentum is building and the growth opportunity ahead of us is substantial. Historically, our growth has been constrained by several self-imposed limitations. We are removing those constraints, significantly expanding our addressable markets and unlocking new revenue growth opportunity that we're confident we can capture over time. And third, while we have big ambitions, our execution plan is highly pragmatic, we have a clear road map to sustain top and bottom line growth, improve returns and reduce leverage. Given our current valuation, we believe successful execution against these priorities has the potential to create significant shareholder value. By the end of today, I hope you'll have a deeper appreciation not only of how far we've come, but more importantly, for the scale of the opportunity that lies ahead. What we're demonstrating today is not an inflection in waiting. It is an inflection underway. We are committed to delivering substantial earnings and free cash flow growth over the next 3 years and beyond and it starts with restoring sustainable organic revenue growth. As we discussed on prior earnings calls, our performance this year was impacted by several transitory headwinds. Those headwinds are now behind us and the actions we've taken to strengthen the business are beginning to gain traction. As a result, we expect to return to organic sales growth this quarter. We believe that growth will continue through next year and accelerate thereafter, consistent with the midpoint of the guidance we're introducing today. As Ruben will discuss later, we expect sustainable top line growth to translate into sustainable earnings growth. Today, we are establishing an external target of delivering low single-digit top and bottom line growth over the next 3 years which we believe is substantially better than what is implied in our current valuation. While we have significant ambitions for the business and see substantial opportunities ahead -- we're equally focused on rebuilding credibility by setting targets that are both meaningful and achievable even in a less favorable operating environment. That philosophy underpins these growth targets. At the same time, we're taking actions to improve the conversion of earnings into free cash flow, creating additional capacity to enhance shareholder returns. Our capital allocation priorities are clear. We intend to maintain our attractive dividend, which currently yields approximately 6.5%, while reducing leverage to increase financial flexibility and broaden our shareholder base. We believe this combination of dependable revenue growth, consistent earnings expansion, increasing free cash flow, ongoing deleveraging and a disciplined dividend policy will create substantial long-term value for shareholders. We are confident that we can achieve our plans for several reasons, the first being our advantaged starting point. Nomad Foods already operates from a position of strength. That strength is evident in our strong leadership position. We're already the largest savory frozen food company in Europe with branded retail sales that are twice as large as our next closest competitor. Our leadership comes from the power of our brands. While Nomad Foods itself is just over a decade old, the brands that make up this company have been trusted by consumers for generations. Birds Eye has been a household name in Europe for nearly a Century. Findus traces its roots back to the 1940s, and Iglo has been serving families since the 1960s. These are not just brands part of the fabric of everyday life across Europe. Generations of consumers have grown up with them, creating deep levels of trust, familiarity and loyalty. Across our key markets, our brands consistently rank among the strongest in the industry. We hold the #1 position in brand awareness in 14 of our top 15 markets and the #1 brand equity ranking in 12 of those 15 markets. Across our 25 country category combinations, we have an average market share of 38%, more than 2x the combined share of all other branded competitors. These are great assets. As a result, we enter every market from a position of strength, giving us a powerful platform to drive innovation, win with consumers and capture future category growth. Our strength has translated into leading positions across numerous categories and markets. No other company matches the combination of category breadth and geographic reach that we have. And importantly, we are far from finished. Despite our scale, we still see substantial opportunities to expand our categories, extend our brands and drive future growth. A critical enabler of that growth will be our supply chain, which is one of our most underappreciated strengths. Across Europe, we have built a manufacturing and distribution network capable of serving our retailers at scale. Our footprint includes 17 factories, 94 warehouses and 80,000 delivery points, creating a pan-European platform that will be both extraordinarily difficult and prohibitively expensive to replicate today. Importantly, we still have meaningful unused capacity within that network. As we grow, we can capture additional volume without needing to make disproportionate investments in infrastructure. That combination of scale, reach and operating leverage is unparalleled in our category in Europe. The strength of our brand and supply chain assets is enhanced by the strength of our category. Across the markets where we operate today, frozen food has delivered strong and consistent growth over the last decade. Even through COVID and the subsequent inflationary period, the category proved remarkably resilient. And this growth has been balanced with both value and volume sales growing. What makes this growth particularly compelling is the scale of the category. The frozen food market across the categories and countries that we currently participate in, generated EUR 30 billion in retail sales in 2025 and is adding roughly EUR 1 billion of value each year. That's a tremendous pool of growth and one that provides a significant runway for our value creation. And the size of the growth is even more substantial when you include our potential to expand into new categories, channels and markets. And we expect that growth to continue because it's being driven by long-term consumer trends, not short-term factors. Take convenience as an example. While we serve a broad range of consumers, our core consumer is a busy parent, juggling the demands of family life. Frozen food helps deliver a delicious nutritious meal from freezer to table in under 30 million and often much faster. That's why frozen food is one of the most compelling meal solutions available today, offering convenience that rivals restaurant takeout. Frozen food also delivers outstanding value for money. First, it's simply cheaper meals made with frozen ingredients typically cost EUR 2 to EUR 3 less than chilled alternatives with even bigger savings versus takeout. Consumers estimate they can save up to EUR 1,200 per year by replacing takeout meals with frozen options. Second, frozen dramatically reduces waste. Consumers use what they need, when they need it and avoid throwing food away that alone can save households another EUR 360 to EUR 620 per year. Of course, none of the benefits of convenience or value matter if the food doesn't taste great. And this is perhaps the most underappreciated advantage of frozen food. Take our Ps as an example. They're flash frozen within hours of harvest, locking in nutrients at their peak. But just as importantly, they look in flavor freshly harvested peas and naturally sweet. The longer they sit, the more those sugars are consumed through natural biological processes or converted into starch by freezing them at their freshest we preserve that peak sweetness and flavor. The result is a product that can deliver a superior taste experience, not only versus frozen alternatives, but versus so-called fresh refrigerated products that may have spent days moving through the supply chain before reaching the consumer. In many cases, frozen food is simply better food. And the frozen experience is getting better each year. New technologies like air fryers are helping consumers achieve restaurant quality results at home with greater speed and convenience. And we're still early in that adoption curve, particularly across Europe. That combination of increasing convenience compelling value, improving product performance and expanding variety gives us confidence that this category will continue to grow for many years to come. And lastly, we're quite fortunate to have a portfolio that is strongly aligned with long-term consumer health and wellness trends. More than 2/3 of our sales come from lean protein and vegetables, two of the most nutritious and sought after food groups. That positions us exceptionally well as consumers place greater emphasis on healthier eating and as trends such as GLP-1 adoption increasingly influence food choices. At the same time, this slide also highlights an important opportunity. While our concentration in these categories as a competitive advantage, it also means we have significant room to diversify into adjacent frozen food segments and unlock additional avenues for growth. For the analysts and investors in the room and joining via webcast, we understand that advantages on paper are only meaningful if they produce results. So let's talk about our track record of delivery. The inherent advantages of frozen food created tremendous value for shareholders over many years between 2016 and 2024, Nomad Foods delivered a 6% compound annual revenue growth rate and a 7% EBITDA growth rate, outperforming many peers in the industry. Yet our recent results tell a different story. Performance did not meet our expectations and 2026 is a necessary transition year. Importantly, this is not because our competitive advantages disappeared. We still have leading brands, great categories, strong retailer relationships and a world-class supply chain. So what held us back, after nearly a year with the company, I've become convinced that our recent challenges stem from culture and execution, not the quality of our assets. That's important because execution can be fixed, and that's exactly what we're doing. So what have I learned? First, we became complacent. We stopped acting like a category leader and lost some of the competitive intensity that have driven our success. Second, we became too focused on margin percentages rather than value creation. During the inflation cycle, aggressive pricing hurt our competitiveness, costing us volume and market share. And by applying overly stringent margin thresholds, we also left attractive growth opportunities on the table. Third, we became too short-term focused. Rather than addressing underlying issues early we spent too much time managing to the quarter instead of building for the long term. And finally, we placed unnecessary constraints on growth. We lean too heavily into a narrow view of the categories we should play in. While our nutrition-led portfolio remains a strength, we failed to fully capitalize on attractive opportunities in other categories within the frozen aisle. All these issues are fixable and that is exactly what we have been doing. In 2025, we addressed elevated retail inventory levels that have built up across the trade. We deliberately reduced inventory in the channel, which created an approximately 230 basis point headwind to reported revenue growth. While some retailers also pulled forward purchases ahead of early 2026 price increases, we exited the year with a much healthier inventory position. We continued that work in the first quarter of 2026, and drawing down the inventory build in December and ending the practice of incentivizing retailers to load inventory at quarter end. Together, these actions caused our organic revenue growth to trail retail sellout by roughly 550 basis points in the quarter. While these decisions pressured near-term reported results, they were the right actions to improve the quality of our revenue strengthen our retail partnerships and establish a healthier foundation for sustainable growth going forward. And while we've been eliminating bad practices and strengthening the foundation of our business, we've also made significant enhancements to our leadership team. I officially became CEO of Nomad Foods and joined the board at the beginning of this year. I'm immensely fortunate to be guided by our co-Chairman and co-founders, Su Martin Franklin and Noam Gottesman. Both Martin and Noam are titans of business who have created tremendous value across multiple companies and industries. Their partnership, insight and counsel have been invaluable as we shape the next chapter of Nomad Foods. You'll also see my fellow Board member and CFO, Ruben Baldew. Since joining the company in 2024, Ruben has played a pivotal role in helping us identify our opportunities for improvements, strengthening our operating foundation and develop multiyear value creation plan that we're sharing with you today. Just as importantly, we've strengthened the team responsible for leading the next chapter of Nomad Foods. The executive team you see here combines deep institutional knowledge with outstanding new talent and 3 of the 5 leaders in this slide have joined the company within the last year. Dior joined us last summer as President of Central Europe, this summer as President of Central Europe. Central Europe represents one of our most compelling growth opportunities and I'm confident DR is the right leader to unlock that potential. She brings more than 2 decades of consumer goods experience and is someone I've worked closely with before. Her track record, leadership style and commercial mindset make her an excellent fit for this role. Simon joined in the spring to lead our U.K. and Ireland business, our largest and most important market. Simon brings a great combination of consumer goods and food retail experience giving him valuable insights into both the consumer and customer perspective. John also joined us this spring as President of Southern Europe. John is also leading several of our category expansion initiatives, which you'll hear more about later today. He brings 25 years of industry experience, and like Dior as a leader, I know well from previous roles. At the same time, I'm pleased that we've retained two highly respected members of our leadership team. Neil Fletcher and Eduardo Bachier, our Chief Supply Chain Officer, who plays a critical role in executing our strategy. As you'll hear later today, Eduardo and his team are leveraging our supply chain not only is an operational strength, but is a key enabler of our value creation plan. Taken together, this team gives us the leadership, experience and capabilities we need to execute with greater speed, accountability and ambition in the years ahead. The changes extend well beyond the executive team. One of the best examples is the transformation of our marketing organization we moved from a complex structure with layers of redundancy to a leaner, more agile model that is locally empowered, consumer-focused and built for speed. By putting decision-making closer to the markets, we're improving effectiveness, increasing accountability and ensuring our investments generate stronger returns. Later today, you'll hear more about the tangible benefits we're already realizing from these changes and the role they are playing in accelerating growth. We also redesigned incentives to drive accountability and reward performance. At the local level, leaders are now compensated based on the results they can directly influence. That sharper alignment is improving focus. And at a senior level, we've strengthened the alignment of executives with shareholders through our option matching program, we encourage leaders to invest their own money alongside our investors. I personally have purchased more than $6 million of Nomad Food shares in the open market. and our senior executives have collectively invested over $4 million more. All of our Board members are also shareholders. And as you heard from Martin, our two co-founders, have recently increased their investments with sizable open market purchases. Another important change we've made is rebuilding credibility with the investment community. We stopped overpromising and started setting realistic expectations that we could consistently deliver even in the face of incremental headwinds such as the retail disruptions we experienced earlier this year. As a result, we've broken the negative estimate revision cycle that have been weighing on the stock, and we have begun rebuilding credibility with investors. The same philosophy applies to the targets we are sharing today. because going forward, our goal is straightforward, do what we say we're going to do, if not more. But at the same time, we think in that like owners. When shareholders win, we win. As a result, we're highly motivated to execute our strategy, deliver on our commitments and create substantial long-term value. And while we remain disciplined in our approach and our external targets, we will not hold back in pursuing growth opportunities that can create meaningful value for shareholders. As you've heard, we've made significant changes across the business. While there's still work to do, we're encouraged by the early signs that our actions are gaining traction. Inside the company, momentum is building, engagement is higher, confidence is growing, and the organization is increasingly aligned behind our band to win. Outside the company, we're beginning to hear positive feedback from retailers, many of whom have noted a meaningful change in both our approach and the quality of our partnership. And while we're still operating well below our full potential, our actions are beginning to deliver results. As we look to the next chapter of our journey, we're guided by a simple but ambitious vision to be the captain of frozen. Being captain is about far more than being the largest player in the category. We already hold that position. It's about acting like the category leader in everything we do. It means deepening our role as the industry's greatest expert with unmatched insights into consumers, customers and the trends shaping the future of frozen food. It means raising the bar and extending our leadership advantage through superior products, stronger innovation, more effective marketing and flawless execution. It means earning the trust of consumers who allow on us to feed their families and becoming the indispensable partner that retailers turn to for category growth. And ultimately, it means winning, winning in our core categories and markets winning through category expansion and channel development and winning by growing both our business and the frozen food category as a whole. Our ambition is clear: lead the category, shape its future and create long-term value for shareholders. Our strategy to deliver this ambition is built on three priorities. First, we'll protect and strengthen our core. We'll invest behind the categories, brands and markets that have made us the European frozen food leader. Secondly, we'll expand into adjacencies where we have a proven right to win. Third, we'll conquer new territory. We'll pursue opportunities across new categories, channels and end markets with the agility and challenger mindset of an insurgent brand backed by the scale and resources of Europe's frozen food leader. Together, these 3 pillars give us a clear road map to accelerate growth while remaining disciplined and focused on value creation. You'll hear much more about each of these opportunities from Dior and John in just a few moments. What's particularly exciting is how much this broader perspective expands our opportunity set. We're not going to pursue all these opportunities at once. We remain disciplined, focused and deliberate in how we allocate resources and capital. But by expanding our lens beyond our traditional core categories and near in adjacencies, we've unlocked a significantly larger growth runway. In fact, this broader view increases our addressable market to roughly 4x the size of the opportunity set we've historically focused on. That does not change our priorities. We'll continue to focus on the opportunities where we have the strongest right to win and the highest returns. What it does change is our long-term growth potential. Simply put, there's far more room to grow than we previously gave ourselves credit for. And with our brands, capabilities, customer relationships and category expertise, we believe we are uniquely positioned to capture that opportunity over time. Our first priority is simple. Fully capitalize on the competitive advantages that already differentiate Nomad Foods and position us to win. First, we have industry-leading brands. We own some of the strongest and most trusted brands in frozen food built over decades and supported by deep consumer loyalty. Second, we have Europe's broadest frozen food portfolio. Our scale and breadth make us a more valuable partner to retailers and allow us to serve a wider range of consumer needs, but the benefit goes beyond scale. Operating across multiple categories and markets gives us unique insights into consumer behavior and emerging trends. We often see trends develop in one market before they spread elsewhere, allowing us to identify opportunities earlier, move faster and scale successful ideas more effectively than competitors. Third, we have a unique pan-European supply chain. Our integrated manufacturing and distribution network is a significant strategic asset and a key competitive advantage. As Eduardo will discuss later, it generates productivity savings that help fund growth investments, whilst also providing the capacity, flexibility and speed required to support future expansion. The important point is that our growth strategy is not dependent on building new capabilities from scratch. We already possess many of the assets required to succeed. Our focus on leveraging them more effectively more consistently and across a broader set of opportunities than ever before. To ensure we fully capitalize on our competitive advantages, we're systematically removing several constraints that have historically limited our growth potential. First, we're shifting from a narrow focus on margin percentage to a broader focus on value creation. Margin discipline remains essential, but we'll increasingly prioritize opportunities that generate attractive profit dollars and strong returns that exceed our cost of capital. That gives us a much larger runway for growth. Second, we're becoming even more consumer-led. Our nutrition credentials remain a competitive advantage, but consumers want products that are both nutritious and delicious, by following consumer demand and expanding into attractive adjacent occasions, we can significantly increase our addressable market. Third, we're becoming faster and more agile. We've simplified the organization, increased accountability and strengthen collaboration across markets. We're focusing on fewer, bigger opportunities and moving with greater speed and urgency. This combination of broadening our addressable markets, more fully leveraging our inherent strengths and removing the constraints that have historically limited our growth potential is powerful. It positions us to be the captain of frozen with substantial untapped growth potential. Our opportunity is bigger than we've historically pursued. Our addressable market is significantly larger, and we believe we have the brands, capabilities and leadership team to capture it over time. Now let me pass it to Dior and team show how we plan to do that across categories and channels

Thank you, Dominic. You've heard the ambition and the strategy. Now let's talk about execution. Our growth will be driven by disciplined commercial execution, category by category, market by market with focused investments and winning innovations. This is what we will make happen. To deliver our growth ambitions, we're evolving both innovation and marketing in 3 important ways. First, we're getting better at scaling win ideas. Our local teams stay close to the consumers and identify what works while a pan-European scale allows us to rapidly replicate successful innovations, campaigns and concepts across markets, brands and categories. This improves speed increases returns and maximizes the value of our footprint. Second, we're building a stronger price architecture. Rather than forcing consumers to choose between our brands and private label, we're offering compelling options across value, core and premium tiers. This expands our addressable market improves retention and creates opportunities to trade consumers up over time. Third, we're modernizing brand building. We're allocating resources more effectively, scaling successful campaigns across markets and investing in higher quality, creator led content. At the same time, we're ensuring our brands win at the point of purchase through superior products, compelling value and standard execution in store. Together, these capabilities will help us innovate more effectively strengthen our brands and accelerate sustainable growth. Let me demonstrate how we're putting these changes into practice, starting with our fish category. Fish & Seafood is our largest category, representing 1/3 of our revenue. and it is an area where we have significant competitive advantages. We have the leading portfolio of brands, the broadest geographic footprint and unmatched breadth of products, and as Eduardo will discuss later today, a differentiated supply chain that further strengthens our position. Efficiency food is a large and attractive category. At EUR 6.4 billion in retail sales, it delivers around 5% long-term growth and provides a meaningful runway for value creation, which is fueled by powerful consumer trends. Fish is nutritious, it's convenient, it's affordable and it delivers great taste for the whole family. At the same time, there are evolving consumption habits and technologies such as the rapid adoption of fryers. Consumers can now enjoy a restaurant-quality meal of fishing ships from freezer to fork in minutes. Given this favorable fundamentals, we expect healthy category growth to continue. Our ambition is not simply to participate in that growth, but to lead it by partnering closely with our retail customers, and investing behind innovation, renovation, marketing and best-in-class in-store execution. Leadership in Fish comes with a responsibility to keep raising the bar. We must continue to lead through innovation while ensuring our core portfolio maintains its market leadership and earns its price premium. A great example is our largest product segment that beloved fish fingers. In fish fingers, crunches is one of the most important drivers of preference as consumers seek a great eating experience from the first bite to the last. That's why we invested in a significant renovation of the range. This year, we launched our crunches fish finger ever. Consumer testing shows a meaningful improvement versus our previous recipe and clear superiority over our primary competitors. This initiative also demonstrates one of the key capabilities shifts we discussed earlier: innovation, that travels. The Cross fish finger was launched and rolled out across all our markets, accelerating both impact and value creation. Alongside this product for innovation will also leverage our scale and apply the same thinking to our marketing. We built a single pan-European communication platform around the convincing better product with a clear reason to buy and try. The result, as you can see on the screen, is marketing that travels. The core creative idea, assets and messaging remain consistent with only language and pack presentation adapted locally. This more efficient marketing allows us to dedicate resources towards more creativity. Here, you can see two out-of-home executions. The product is the hero. The message is simple and clear and the creative is designed to capture attention. This principle is applied across every consumer touch point from in-store activation to digital media. And it delivered results. We're turning around our fish business, which was in decline. Today, retail sales have returned to growth showing that our approach resonates with consumers. But we are on standing still. While we are happy to celebrate this success, we're already moving forward to ensure that we continue to increase our competitiveness. As we have discussed on recent earnings calls, cost for the most common frozen fish species in Europe have increased sharply. Both we and our competitors have already taken pricing and we currently have another round of increases underway. Naturally, this creates affordability pressures for our consumers and increases the risk of trade down or trade out of the category. But rather than viewing this as a headwind, we're actually seeing it as an opportunity. We believe our scale, sourcing expertise and supply chain capabilities position us better than anyone to navigate this environment. We are leveraging those strengths and expanding our price ladder, offering compelling options across a wider range of consumer budgets to preserve affordability without ever compromising on quality. Let me bring this to life. As one of the largest fish buyers in the world, we have access to a broad range of species and sourcing options. Combined with the capabilities of our R&D organization, we have developed a new range of high-quality products built around [ Pangasius ] creating an attractive value tier within the category. These products will roll out early next year and create a distinctive price architecture. By leveraging different species, we can create a clear, good, better, best ladder that broadens our appeal across consumer segments. Consumers who value the heritage, quality and taste of our core product range or our premium card offerings can continue to enjoy the products they know and love more value-conscious shoppers gain access to a high-quality, more affordable entry point into our portfolio. This strengthens our category leadership, expanding our coverage across price points, retaining consumers and attracting new ones. We're excited about this opportunity as it does allow us to sustain the positive momentum we have worked hard to restore in our fish portfolio. Now let's turn to our second core categories, vegetables. Vegetables is our second largest core category, representing approximately 25% of our revenue. At EUR 7 billion in size and growing at around 6% annually, it is both a large and highly attractive market. Frozen vegetables are particularly well positioned because the category's inherent benefits strongly align with consumer needs. Our vegetables are frozen within hours of harvest, they lock in peak nutrition, freshness and flavor and avoid food waste. In a nutshell, consumers get greater value from their purchase. Given these advantages, the strong underlying market dynamics and our own innovation and marketing plans, we see significant growth potential in the category. Here again, continuous renovation is critical to keep our core portfolio relevant and differentiated, and Spinach is a great example of it. We are the branded Spanish leader in Central Europe, but leadership requires innovation which we haven't done in the past few years. Our new high-protein cream spinach with care changes that. It brings the protein trend into Spinach, creates a new proposition in the category and reinforces our competitive edge. The product is on shelf supported by digital, social and in-store marketing campaign. It is early days, but I can proudly say that net sales are tracking at more than twice our initial plan. And yet again, this is an innovation that travels. What started in Germany is now rolling out across our major Spanish markets. And here's another example from peas, but this time, the focus is not on innovation or renovation. Instead we use marketing to reinforce the superiority of our products and brands. The U.K. and Northern Europe are major key markets where we hold the leading branded position. Our [indiscernible] clearly superior and trade at a price premium but even great products need support. And here is an example of how we keep our product benefits top of mind. [Presentation]

As you can see, our advertising is simple, product focused, yet inspiring. We activated it across multiple media channels, reaching more than 40 million adults in the U.K. The results were strong. Our value share increased by 1 percentage point, and retail value sales grew 7% during the campaign. This reminds us that our core vegetable portfolio is far from commoditized. Through a combination of innovation, renovation and effective brand activation, we can continue to widen the gap versus competitors and strengthen our category leadership. Let me close by sharing one more exciting vegetable initiatives that we have planned for next year. You will remember our fish example where we expanded our Price park architecture by introducing a value tier to remain to retain shoppers. Steam fresh shows how we successfully premiumize the category and treat consumers up to higher value products. It uses our proprietary technology platform, featuring individually portioned pouches the steam in minutes, looking in taste texture and nutrition. Steam Fresh is not a new platform for us. We first launched it in the U.K. in 2014 and have continuously innovated behind the range. The team fresh range includes natural vegetable products and products with rice and grain combinations, transforming it from a simple side dish into a convenient meal component. It is sold at a premium price in the U.K. and delivers attractive margin. The brand not only encourages existing frozen vegetable consumers to trade up but also attracts younger and time press households who may have previously overlooked frozen vegetable on perceptions of taste and texture. As a result, we have built a clear, good, better, best ladder. This allows us to serve the same shopper across more occasions, increased basket value and drive profitable category growth. Steam Fresh is now a 15 million net sales business in the U.K., a testament to the strength of the proposition and the brand we have built over time. And we continue to innovate to keep the platform fresh and relevant to consumers heading into 2027. Here, you can see 4 new ethnic inspired varieties that we will launch early next year. This innovation step into a powerful consumer trend, Pan-Asian cuisine has been one of the fastest-growing questions for at-home meal occasions in the U.K. as restaurant inspired flavors increasingly find their ways into home kitchens. The success of Steam Fresh in the U.K. is encouraging because it is built on benefits that are university appealing, consumers value superior quality and convenience, and they are willing to pay a premium for products that deliver both. Consistent with our commitment to build platforms at travel, we will begin rolling out Steamfresh across multiple markets in 2027. First, with core vegetables and expanding the portfolio over time. This is a true win-win, win. Consumers benefit from a higher quality, more convenient solution. retailers benefit from category premiumization and incremental growth and we benefit from -- by capturing more consumption occasions and growing our presence at the premium end of the pricing ladder. So as you can see, we're bringing excitement to the world of fish and vegetables. And these are our core categories, and we keep investing behind them, confirming our category leadership and creating new avenues for growth. And with that, let's turn to the next chapter of opportunity, the adjacencies where we see significant room for expansion in areas where we have demonstrated our right to win. The first adjacency we will discuss is chicken, which has already scaled to become one of our key categories, fast growing across many markets and with significant runway ahead. Chicken is one of the most dynamic categories in frozen food today. Across Europe, it represents a EUR 2.7 billion market and has been growing at around 6% annually. Consumers increasingly view chicken as an affordable, versatile and great-tasting source of protein. But the opportunity extends beyond those functional benefits. The chicken phenomenon that has fueled growth across U.S. quick-service restaurants across the Atlantic. We're seeing the same trend emerge across Europe with chicken becoming a culturally relevant category that consumers actively seek out and engage with. That has created opportunities for brands to stand out through distinctive innovation, both marketing and stronger consumer connections. Most importantly, our brands have already demonstrated they can win in chicken. We have built meaningful positions in key markets, and we see a clear path to expanding that success further across Europe. We have successfully built our chicken business into a EUR 300 million platform, driven primarily by the U.K., where we are now the #1 branded player. One of our biggest successes has been the launch of Chicken shop a platform that taps directly into the consumer trends I just discussed. By bringing on -- by bringing on-trend flavors, formats and food experiences into the home, Chicken shop has become a powerful growth engine and a great example of how innovation and brand building can create value. We plan to strengthen our U.K. chicken business by expanding into the fastest-growing parts of our category. In Q1, we'll launch an 8 SKU range of whole muscle chicken products across trips, chunks and shredded tenders. This is our first entry into a large, fast-growing segment where strips and chunks are growing double digit and now represent over 1/3 of the category sales, a segment where we have no presence today. This is a big deal. And it expands our reach into a large incremental occasions and consumers extending our trusted chicken credentials beyond our traditional family focused portfolio. We are excited about what this can add to our U.K. business, and we're just as excited about the opportunity we have to replicate our Chicken Shop success in new markets. Quick service restaurants are showing that this trend can travel. And now, we are too. Let's visit the Nordics. Frozen chicken represents a 480 million retail market across the Nordics, making it an attractive opportunity for expansion. Earlier this year, we launched Chicken shop in the region, leveraging the same winning product concepts, brand architecture and marketing platform that drove success in the U.K. We supported the launch with a full 360-degree activation program across TV, digital, social and in-store channels and it's working. Despite still building distribution, we have already achieved a 5% share of the frozen chicken pieces grills and burger segment over the last 12 weeks. This is proof that the platform travels. And as a result, we plan to expand Chicken Shop into several additional markets next year, and we look forward to sharing more with you in due course. And now let's turn to meals. Meals represent one of our most attractive growth opportunities. It's a very large category with around EUR 8 billion in retail sales, and it is delivering consistently strong growth as consumers are increasingly looking for convenient high-quality meal solutions. And while we have strong capabilities and established positions across many markets, our overall share remains relatively modest. We have already demonstrated that we can win in this category with strong positions in the Nordics and meaningful share in Italy and France. In fact, if we replicated our 7% share in France, in Germany and the U.K. it would represent roughly EUR 115 million of incremental net sales in just those two markets. So why haven't we grown faster? Simply put, meals were not a priority. We focus our resources in categories where we already held leadership positions. And in the markets where we did invest, we built a highly fragmented portfolio with different recipes and formats by countries. The result was unnecessary complexity, lower manufacturing efficiency and resources spread too thin. That's exactly what we're now addressing as we build a more focused, scalable and profitable meals platform. Looking ahead, localization will remain important wherever it creates meaningful consumer value and attractive returns. But Meals is also a category where successful product platforms and innovations can travel across markets far more effectively as they have today. Going forward, our ambition is to make the transfer of winning products from one market to another, the rule and not the exception. By building on common platforms, we can rapidly scale proven consumer propositions across geographies, while still tailoring recipes to local tastes. Sweden provides an excellent example of this strategy in action. Here, we are successfully applying a common chassis approach to expand our flavor assortment. We have steadily expanded our meals business in Sweden through a combination of strong execution and continuous innovation. Our traditional meals range provides a solid foundation for localized products that meet the unique demands of the Swedish consumer. We have supplemented that with our Italian platform successfully transferred from other markets and launch quickly and efficiently. Building on that, we are now introducing Asian-inspired meal varieties that align with evolving consumer taste and growing demand for global flavors. By the way, flavors and formulas that trends end markets that do not need to be localized. This approach enables us to capitalize on economies of scale, reduce complexity, lower cost and generate attractive returns while maintaining competitive consumer price points. Most importantly, it is driving profitable growth as the results demonstrate, we're already increasing household penetration, purchase frequency and buying rate, providing clear evidence that the strategy resonate with consumers and create value for the business. And here is another example of how we're extending successful flavors and formats to efficiently grow our business. On the left, is a range of frozen meals in a microbe ball format that we successfully launched in the Nordics. The team recognized that this concept has strong potential in Germany, giving us a compelling point of differentiation in a fast-growing category where we are a challenger brand at the moment. The team moved quickly and the product is launching in Germany and Austria this month from identifying the opportunity to being able to launch it took us just 60 days. We achieved the speed because following our marketing reorganization, we now have a single category team with visibility across the entire portfolio and the ability to quickly identify and scale winning concepts. We're also taking a fundamentally different approach to execution. Leveraging the same product platform, the same manufacturing footprint, multilingual packaging and a single decision gate rather than a sequence of approvals. This is a powerful example of how our new operating model is unlocking growth opportunities while accelerating speed, reducing complexity and improving returns. And we're only getting started. We expect many more success stories like this as we continue to scale this approach across our business. Let's now turn to our third adjacency, frozen potatoes, where we also see a significant opportunity to grow. As you can see, the frozen pot category is a $6 billion market across Western and Eastern Europe. It has delivered strong and consistent growth with a CAGR of nearly 8% since 2018, making it one of the most attractive categories within frozen food. We have already demonstrated that our brands can compete successfully in this space. After all, it is a natural extension for the leading frozen fish company to offer a leading frozen potato portfolio. We have built strong positions in markets such as the U.K., France and Belgium, proving that we can create value and win with consumers in this category. Growth, however, is not automatic. Frozen potatoes is a highly competitive category with limited product differentiation, making cost competitiveness, execution and sharp price points critical to success. Through our experience in our more established markets, we have developed valuable capabilities and learned what it takes to win. Our ambition now is to leverage those learnings and expand our presence in additional markets where we remain underrepresented. To capture more than our fair share of this opportunity, we're deploying a highly focused strategy. We're concentrating on chips of rice which accounts for more than 60% of frozen potato category volume and developing the one chip with the optimal size, crispness and taste profile to satisfy the vast majority of consumption occasions. By simplifying the assortment around the winning proposition, we can maximize scale efficiencies and create more effectively against the market leader while offering consumers a compelling price value equation. We plan to roll the strategy out across additional markets throughout 2027 and look forward to updating you on our progress. So those are the adjacencies we plan to attack chicken, mills and potatoes. In each category, we have already demonstrated a clear right to win in multiple markets, yet significant runway for expansion remains. These are natural extensions of our existing capabilities, offering an attractive combination of lower execution risk and strong return potential. With that, I will hand it over to John who will take you through some of our larger white based opportunities.

Good morning. So Dior discussed how we're strengthening and protecting our core business and outline our plans to attack adjacencies where we already compete, but have not yet fully leveraged our scale and category leadership. The third pillar of our strategy is what we call capturing new territory. This pillar is about unlocking growth in categories and markets where we already have proven capabilities, strong brands, winning propositions and limited geographic participation today. In many cases, we're not creating anything new. We're taking businesses that already work, already win with consumers and already generate attractive returns and we're extending them into markets where we have Lidl or no presence. That creates a compelling opportunity. We can establish incremental new growth platforms with a lower level of execution risk than building a business from scratch. And the best example of that opportunity is pizza. Pizza is one of the largest and most attractive frozen food categories in Europe. Yet today, our participation is concentrated in just a handful of markets that leaves a significant runway for expansion, and we've already seen encouraging results where we've begun to execute. Let me walk you through this opportunity. Pita is a EUR 7.5 billion retail category, growing at a healthy 6% CAGR across Eastern and Western Europe. And the opportunity for us is significant. Until this year, our presence was largely limited to the U.K. and Ireland meaning we currently have only a very small share of a very large market. That creates substantial white space for growth. As you can see on these slides, achieving just a 5% share in key markets such as Germany, France, Italy, and a handful of others, we generate approximately $140 million of incremental net revenue. $148 million assumes simply capturing a modest share of large growing markets where we already are today, the absolute market leaders in frozen. We entered the pizza category in 2018 through the acquisition of Goodfellas, an Ireland-based business with strong positions in both Ireland and his neighbor in U.K. Since the acquisition, however, performance has been mixed. A few years ago, the business was facing declines in market share following product formulations intended to improve the nutritional profile of the range. What we learned was very simple. When consumers buy pizza, taste comes first. Last year, we took decisive action. We reformulated the portfolio with a singular objective to create the best tasting most resistible pizza possible. The team delivered. And in the second half of the year, we relaunched the range. The result speaks for themselves. Penetration, market shares, and sales improve. In fact, retail sales for our core takeaway line are now growing more than 8%. While this turnaround is important, the broader opportunity is even more exciting. And like some food categories, Pizza preferences are remarkably consistent across Europe. A great pizza in 1 market is often a great pizza in another. We now have a winning product and a proven playbook. The next step is clear. bring that success to more consumers in more markets. So we're taking product that made Gold fellas take away a success and scaling it across Europe. Our research told us the product travels better than the brand. So we launched it under a new banner designed specifically for international growth. The proposition is straightforward, generously indulgent with 10% to 20% more toppings than many competing pizzas, it delivers the loaded restaurant-style experience that consumers are looking for. Nearly half of frozen pizza buyers told us they would definitely or probably purchase the product, even at full price. That give us confidence. We are not building a new brand around a new idea. We are building a new brand around a product consumers have already problem they love. So we now have a winning product. We also know that visibility at shelf is critical. More than half of frozen pizza purchases occasions are on plan, making standout in-store execution a key driver of success. At the same time, consumers are actively looking for variety. Our research shows the average frozen pizza buyer purchases roughly three different pizza brands of ranges each year. That plays directly to our strategy. We will offer consumers meaningful choice starting with the 6 delicious varieties you see on the screen, while creating a powerful billboard effect a shelf that it's just impossible to miss. We're bringing something generally differentiated to the category. A full pizza proposition that is largely absent from frozen as outside the U.K. and one that consumers have already demonstrated they have the willingness to pay for. We will support that proposition by winning both in-store and online through high-impact marketing, strong social engagement and created late content designed to drive trial and awareness. And the economics are particularly attractive. We're leveraging our existing factory footprint, warehouse network and commercial organization, allow us to scale the business efficiently while generating strong returns on investment. Today, we're not ready to disclose the next markets in our expansion plan, but we can share what we've seen in Belgium, where we launched earlier this year using this exact same strategy. The earlier results have exceeded our expectations. Despite having only 31% weighted distribution, we have already achieved more than 2% market share of the total frozen pizza category and nearly 18% share of the Premium America pizza segment. Most encouraging is what we've seen from consumers. According to loyalty card data from one of our retail partners in Belgium, nearly 1/3 of recent purchases are already repeat purchases even though the brand has only been in the market for a handful of months. These results are an early validation of a repeatable growth playbook as we expand into additional markets. Now let's turn to Ice Cream. Ice cream is the largest frozen food category in Europe, generating approximately EUR 22 billion in annual retail sales and growing at a healthy 6% CAGR. And as Eduardo will discuss later, this is the area of our business with the lowest capacity utilization, giving us a unique opportunity to drive growth while leveraging existing assets more effectively. That combination of a large growing category and significant operational leverages makes ice cream a compelling expansion opportunity for us, capturing just 1% market share across the 4 largest European markets, would translate into more than $70 million of incremental net sales. We are participating in a very large category from a relatively small position today, leaving us with substantial headroom for profitable growth in the years ahead. And while our current ice cream business has a small geographical footprint, its market position where it competes is exceptionally strong. In markets such as Serbia and Croatia, we hold scale leadership positions with our brands. And this is against European leaders like [indiscernible] Magnum. That leadership is supported by a differentiated brand portfolio, spanning from iconic [indiscernible] to innovative offerings like [ Quattro ]. Together, these brands allow us to compete across a wide range of consumer occasions, price points and segments. Our route-to-market inclusion in Serbia affords us a scale advantage and expensive competitive moat, especially in the impulse segment, where owning your own phases at retail is a substantial competitive advantage that requires substantial scale to afford good returns. We run 470 of our own company branded direct store delivery trucks and 120,000 freezers at retail. And it has yielded results. As you can see on this page, since '22 the first full year after we acquired the business, we have grown our ice cream net sales at an 8% CAGR. And those net sales have been very profitable. In fact, gross margin contribution from our ice cream business is more than 10 percentage points than the company average. This is a great business for us and one we need to expand efficiently in more markets. One example of this recent expansion success is Austria. It was a logical market for us to expand given that our brands already had some established equity in the market, either because of immigration from therapy accretion into Austria and tourism. We have deployed an insurgent brand model in the market, and it is working. We slowly built the business with one grocery chain and then this year [indiscernible]. We are now on track to have captured roughly 1 share point of the market this year, which as I said before, replicating in other markets, could represent a EUR 70 million incremental net revenue opportunity. Now [indiscernible] is somewhat unique because our brands enter the market with an existing level of awareness and consumer equity. That will not be the case in every market we pursue future expansion efforts in the 2027 season, we leverage license partnership model. This approach allow us to combine our route-to-market capabilities field sales infrastructure, an in-house manufacturing expertise with the strength of established partner brands. We believe that this is a highly attractive model. It will enable us to leverage assets we already have in place, particularly our sales force in what it is a largely counterseasonal category while expanding our participation in an incremental category in a capital-efficient manner. So now let's switch gears away from categories and towards our customers. Retailer Trust is critical to long-term growth. And in the U.K., we lost ground. Bottom-tier advantage survey rankings highlighted shortcomings in customer engagement, category leadership and execution, which translated into lost distribution and growth opportunities. We have them delivered set our approach. Strengthening our commercial organization, improving collaboration with customers and focus on sustainable value rather than short-term volume. The early results are encouraging. Relationships are improving. Momentum is building, and our ambition is to move from the bottom tier to the top tier of the U.K. Advantage survey by next year. When we established the right headquarters relationships with our retail partners, we're able to move beyond the traditional supplier role and work together to optimize life in the shopper journey elevate the in-store experience and drive mutual growth. No frozen food manufacturing in Europe reaches more consumers across more occasions categories, markets and retail customers than Nomad does. That scale translates into meaningful advantage deeper consumer insights, stronger category expertise, broader commercial capabilities, in one of the industry's largest field sales organizations. By combining these assets with close retailer partnerships, we can help shape category growth, improve execution in store and create a better experience for consumers. While we do not have a direct store delivery sales force outside the Adradix, our scale allow us to invest in dedicated in-store sales team across most of key markets, unlike many of our competitors that participate in only a single category. These teams play an important role in driving execution at the shelf. In Italy, for example, they help ensure our products are consistently in stock properly merchandised and easy for shoppers to find and navigate. This might seem operational, but it is a meaningful advantage versus all of our competitors. A high percentage of purchase decisions are made in store which makes winning consumer attention at the point of purchase critical. First, we leveraged the dedicated in-store sales capabilities I just described. ensuring our products are available, visible and presented in the best possible way. Second, our presence across multiple frozen categories allow us to generate attractive returns from investments that many competitors simply cannot justify. A great example of that is freezers because we operate across such a broad portfolio of frozen categories, we can support additional freezer placements with a much wider range of products and consumer occasion making the economics of capturing new categories highly attractive. This creates a virtuous circle. More prize space increases visibility, availability and convenience for our shoppers which drives stronger sales for both our retail partners and our brands. At the same time, it creates competitive advantage that is difficult for a single category competitor to replicate. To bring this to life, let me show you a real example of what we are already achieving in the potato category in Belgium. This is a category where we were not the market leader, yet by applying our captain of frozen approach, we have been able to outperform larger competitors and drive category growth. We did this by engaging shoppers at every touch point in the store. Our dedicated in-store sales team ensures strong availability, standard visibility and compelling execution through the frozen AO from frother placement and merchandising to promotional activation and shopper communication. The results speak for themselves. There is no better proof point that taking the #1 position in frozen potatoes from McCain in one of the highest potato consumer countries in the world. This outcome demonstrates the power of our captain of frozen approach. And as that case study demonstrates, we did at the point of purchase, allow us to win with consumers but to fully capitalize on that advantage we must also optimize the value equation. That means striking the right balance between pricing and promotion, ensuring we remain competitive in the eyes of consumers while continuing to generate strong returns. Our goal is not simply to grow volume, is to grow profitably. So let's talk about how we're going to achieve that. As I'm sure everybody in this room is aware, we and the industry overall are seeing renewed inflation. We've seen this before. And to be fair, we didn't handle it so well in the past. We prioritized margin ratios, pricing ahead of competition. This resulted in robust gross profit per kilo for us in the near term, but it also led to significant volume declines in '23 and contributing to the distribution and share losses we have seen since then. We are extremely clear. This is not something we're going to repeat. We learned a lesson and we learned it well. Today, we're in a better place after absorbing inflation for the past 2 years. So in some instances, we do still have some work to do. And this is the reason that you have heard us talking about passing through only partial inflation this year and relying on productivity to fill the gap. Today, when you're investing in Nomad, you are investing in a better price position company than in the last 36 months. We are more competitive, and you can see it in our improved market share performance over the last 2 periods. And I can assure you, it's only going to get better. And if you're invest in us today, you're also invested in brands that have a better right to win at a price premium than in '22 and '23. In '23, only 40% of our top category country combinations were seen as superior to consumers. Today, that figure is above 60%. While that highlights that we have more work yet to finish, it also highlights that we are in a much better position than we were. And this focus on competitiveness is part of our new approach. When it comes to mitigating our inflation, our focus is on passing through the higher cost to maximize ROI and our competitiveness. To accomplish that, we lean on productivity where needed, but also harness the capability of our advanced data science team. As I mentioned before, aggressive pricing in '22 and '23 took our brands off or desirable price corridors and created a negative curve even in gross profit despite aggressive pricing. We now have calculated the correct price index for all our SKUs, and we can bring them to the sweet spot to maximize results for our desired outcome, whether that be revenue, gross profit, market share or a combination of those. Advanced data science capabilities with AI tools give us the ability to understand pricing corridors and project results while being educated by real time on the ground intelligence. And here is an example on your right. With a minimum of 2 years of weekly point-of-sale data, we can run 3 multilinear regressions against more than 10 variables. Distribution, promo distribution features, seasonality, share and price for Nomad, whether it's branded competition and private label. The output is indicative P&L and market share impact of changes to our price index. This level of insight provided now by AI allow us to price smarter, ensure our competitiveness and maximize our financial returns. We are applying the same type of AI data science to our promotions. We can determine the best time of the month to promote. And here's an example of how we can determine the optimal data promotion. This shows the volume uplift, which we can then overlay with margin considerations at the various promoter depth to optimize top and bottom line returns. The conclusions vary from category to category and market to market. And that is why we get very granular with the analysis to ensure that the insects can be translated into actions. As you can see, we have built AI pricing and promotional capabilities that enable us to optimize both short-term results and long-term value creation. But now let me switch gears into new channel. It is critical that we win with our customers and win with consumers at the point of purchase. But we also have to win where consumers choose to shop. Today, we're not broadly distributed as a company with our scale should be. That means we're missing transactions that should be ours. We see a clear opportunity to close that gap. The single largest retail channel opportunity we see is hard discount. Across Europe, hard discounts generate nearly $20 billion in frozen food sales annually and remain the fastest-growing major retail channel. Despite the strength of our brands, our sharing hard discount significantly lags our share in other retail channels. In Germany, our branded share in hard discount is roughly 60% of our share across all other channels. But in the U.K., that figure is less than 10%. And closing even part of this gap represents a substantial opportunity. If we were to achieve Germany's branded share index in justify markets, Belgium, Austria, Italy, France and the U.K. it would generate approximately $150 million of incremental net sales. And that opportunity only reflects branded products. The reality is that approximately 88% of frozen food sales in hard discount, our private label. If we want to become a major player in this channel, we cannot think as only a brand manufacturer. We must become a strategic partner across both branded and private label. For many years, Nomad viewed hard discount as a threat. Today, we view it as an opportunity. Rather than resisting the growth of the channel, we intend to capitalize on it. We have started this summer negotiations with the main European hard discounters to win with a focused range of high-velocity branded hero SKUs supported by expanded multipack format and assortment Tyler to hard discount. We will complement our branded offering with private label, given that 88% of category sales in hard discounts are private label, it is simply too large an opportunity to ignore. By utilizing available capacity, we can participate in this growth while generating attractive returns. The result is a fundamentally different mindset not defending against hard discount, but winning alongside it. The approach has been extremely well received by hard discounters and already won us new business with 1 major retailer beginning this October. And it is very likely we will generate more wins before the end of Q4. The other major channel opportunity we see is for service, a $17 billion market opportunity, largely incremental or completely incremental to our existing business. Today, we're significantly underrepresented relative to both the size of the channel and the strength of our portfolio. Several competitors with smaller portfolios less geographic reach and fewer category capabilities generate proportionately more than twice the level of food service sales that we do. We believe that GAP represents a substantial opportunity. simply bringing our foodservice exposure in line with industry average, could generate approximately $200 million of incremental new sales. We do already operate several food service models across our business today. In some markets, we provide a full-service solution supplying a broad portfolio directly to restaurant operators. In others, we focus on a narrow range of products sold directly to quick service restaurant chains. And in many markets, our participation in food service remains limited or insignificant, leaving significant room for expansion. Where we have already established strong foodservice business, our objective is straightforward: continue to nurture those relationships, strengthen our position and grow alongside our customers. However, the largest opportunity lies in markets where our presence is still underdeveloped. In those markets, we are focused on a capital-efficient model built around targeted portfolio of products where we already possess strong capabilities, differentiated offerings and available manufacturing capability. Rather than building extensive direct distribution networks, we will partner with Cash & Carry operators and third-party distributors who already serve the food service channel and manage their last-mile delivery. This allow us to leverage existing infrastructure, expand our reach quickly and generate attractive returns with relatively modest investment. We believe this approach offers the most efficient path to scaling our foodservice business and unlocking substantial incremental growth. While we're still in the early stage of this journey, the opportunity is significant. The economics are attractive and we look forward to sharing our progress and success stories in the months ahead. With that, I think we are ready for a short break. This morning, you've heard Dominic explain why we believe our organic growth inflection is already underway and how we're expanding our addressable market to unlock new avenues for growth and build on our renewed momentum over the long term. You've also heard from Dior and myself, bring that strategy to life through tangible examples across categories, channels and markets. The opportunity ahead of us is substantial, and we believe we are only at the beginning of realizing its full potential. When we return, Eduardo will explain our unique supply chain as a unit competitive advantage and how it positions Nomad to capture these growth opportunities more effectively than anyone else in the industry. Ruben will then walk you through the financial implications of everything you've heard today including how we expect these initiatives to translate into sustainable revenue growth, earnings expansion and stronger cash generation and, of course, increase shareholder value. We have covered a lot of ground this morning. but the remaining sections will bring it all together. I enjoy the break, and we'll see you back here shortly. Thank you.

All right, everyone. We're running about 5 minutes ahead of schedule. So we're going to take a quick break, and let's be back here at 10:40. And that includes everyone on the webcast. So we're going to go dark for 18 minutes or so. [Break]

Okay. If everyone could take their seat, we want to keep this thing on track and we're going to get restarted here in just a second. So please grab your seats.

Welcome back, everyone. I hope you enjoyed the small break. During today's presentation, you have heard about our plans to accelerate growth, expand into attractive new opportunities and creates substantial value for the shareholders. Dominic outlined the progress already underway and our strategy to unlock a much larger growth opportunity. Dior and John then demonstrate how we are translating that strategy into tangible actions across our portfolio markets. Now I will walk you through on why we can -- we believe that we can deliver this plan. Thank you, Jason. A key part of the answer is our supply in. Over many years, we built one of the most capable and extensive frozen food networks across Europe. This is one of our most powerful strategic assets and a key enabler of our value creation. I can summarize how our operations will contribute to the value creation plan with 3 pillars. The #1 is our scale. Our industry-leading scale provides competitive advantage that would likely require billions of years in many years to be recreated. Second, capacity. We have significant available capacity in our manufacturing network, and it will allow us to pursue growth in a highly capital-efficient manner. Third, productivity. Over the last few years, we have proven that we built an engine that can fund our investments behind our growth agenda while helping us to maintain a strong competitive position in the marketplace. Nomad Foods operations combined decades of frozen food expertise with extensive network of manufacturing, sourcing, logistics operations and robust strategic partnerships. No but scale is truly exceptional. We are the largest buyers in peace and Spinach in Europe, the largest buyers of white fish in Europe and the second largest globally and we operated the largest frozen fish factory and the second largest cold chain in Europe. As you can see in this slide, our manufacturing network spans the continent and produce the vast majority of our portfolio from peas and fish to mills and ice cream. Combined with a broad ecosystem of strategic partners, we can innovate faster, pond into new categories and serve customers with a breadth of assortment that few competitors can match. Our competitive advantage extends way beyond manufacturing with one of the European largest co-chain networks and extensive row to market, we can serve customers across the continent with efficiency, reliability and scale. Let me bring that advantage to life for an example. How we use special diversification to build a new portfolio pricing architecture. What began as an initiative to build supply chain resilience has become a competitive advantage. Over the last 3 years, we developed alternative farm-raised fish sourcing to diversify beyond Alaska Polo. We have continued investing in those capabilities and relationships. Today, that foresight is paying off, following significant inflation in Alaska Polo. We have access to [indiscernible] supply source. Working closely with the farming partners. We have leveraged our deep fish expertise. That capability allow us to rapidly broaden our price architecture and introduce a new consumer propositions across multiple price tiers. And we've achieved this in a matter of months. This is a powerful example on how our operations do more than ensure supply. It enables innovation unlocks new growth opportunities. Our supply chain creates differentiation even in categories that many may see as commodities. These are a great example. Through a long-standing relationship with our growth, partners, deep integration in the value chain. We take piece from the field to freezer in just 2.5 hours. Along the way, they are washed, cleaned, quality screened and frozen fresh to guarantee that we keep all the flavor. This is a result of a notion. So these results in a noticeable superior product that supports the quality credentials and brand proposition that or highlighted earlier today. Equally important is that we have been able to maintain these high standards while diversifying our sourcing footprint and strengthening our resilience. By leveraging our manufacturing network, we are expanding our sourcing base across Europe, reducing climate-related risks while continuing to deliver the quality that consumers expect. This is another example on how our supply chain not only protected the business but also creates competitive advantage. Looking forward, our supply chain will be a critical enabler for our expansion plans in a cost-effective and capital-efficient way. We have a phenomenal supply chain that can deliver much more than it has done today. Currently, we are utilizing less than 2/3 of our capacity utilization across the network. This affords us the opportunity to apply our growth in an efficient way to unlock valuable cost savings and improving the network utilization. We have built over the last 3 years stronger plans to improve our asset utilization. First, we are accelerating the insourcing of products current manufacturing by third parties. In some case, Sterno production provides standard production provides capabilities that we don't have internally. But in many others, it reflects the legacy decisions rather than current needs. Over the past year, we have taken aggressive actions to bring more production in-house, where we have both capacity and capability to do so. As a result, the share of volume produced externally has already fallen to 22% and we expect to decline below 18% by the end of 2018. We are also optimizing our manufacturing footprint. Over the past year, we announced plans to close the 2 facilities as part of our efforts to better align capacity and demand. Together, those initiatives are expected to increase network utilization from approximately 63% today to more than 70% by '29, improving efficiency, lowering costs and as returns on our asset base. We also see significant opportunity to unlock more capacity utilization through growth. Our pizza plants provide a great example. The new pizza portfolio introduced in the U.K. last year leverage our existing asset base, the agility of our R&D team and the expertise of our trusted partners to make this opportunity a reality in incredible short period of time. We took product from benchtop concept to retail shelves in just 7 months, delivering a superior consumer proposition at a highly competitive price point. The results speaks for themselves. The product has since been recognized as product of the year and is helping to support our turnaround in the U.K. business. More importantly, because of the product that was designed with the scale and repeatability in mind, we are now rolling out the same platform across multiple European markets, leveraging our existing capabilities to drive growth with a minimal investment. This is exactly how we intend to unlock greater value for our supply chain by utilizing our assets more effectively, moving faster than competitors and scaling successful innovations across our European platform. Our supply chain is also a critical productivity engine. Generating consistently the savings that allow us to invest behind our growth. Between '24 and '26, we have delivered $170 million of cumulative cost of goods savings. Looking ahead, we see substantial additional opportunity. We will further accelerate the productivity program over the next 3 years. We expect to deliver an additional to EUR 200 million of cumulative COGS. I want to emphasize that our cost savings targets are not simply aspirations. They are supported by detailed initiatives and execution plans that are already underway. The building blocks are quite simple, but a very, very strong first procurement, our largest opportunity supported by comprehensive program built around 7 value drivers, including 3 new levers. In bond logistics, customs optimization and supplier-led innovation. The biggest contributor, however, will be the supplier consolidation enabled by the ingredient and packaging harmonization. This is another benefit of our common platform innovation approach you heard about earlier today. Collectively, we expect this procurement savings to deliver between EUR 90 million and EUR 100 million savings over the next 3 years. Second, manufacturing efficiency. As we discussed earlier today, we have actions to improve asset utilization, combined with a broader productivity in our factories, we expect to reduce conversion costs, and we will generate between EUR 75 million and EUR 8 million of savings. Finally, Logistics. On this front, much of the work is already underway. And by '28, we expect to reduce the number of deposits that we operate by 22%. Combined with our procurement led logistics initiatives, we expect to generate between EUR 15 million and EUR 20 million of savings in this area. Together, those initiatives support our target of EUR 180 million to EUR 200 million of cumulative COGS savings. Including our overhead efficiency programs, our total cost savings opportunity increased to EUR 200 million to EUR 225 million between '27 and '29. providing another important source of fuel for growth, profitability and shareholder value creation. It's important to say that our productivity agenda does not come at the expense of quality or growth. In many cases, that initiatives are designed to support and accelerate it. Chicken shop is a great example of it. We've initially launched the platform in the U.K. using a third-party manufacturer. Once the brand had a proven its success and reached sufficient scale. We develop plans to bring the production in-house, improving asset utilization while reducing cost. But the benefits went beyond the manufacturing efficiency. The transition creates the opportunity to renovate the brand and reformulated product, leveraging our scale in close collaboration with suppliers, we were able to improve the recipe while simultaneously lowering the cost. The result was a win-win, a more efficient and superior product. Here is another example. Earlier today, Dior shared our first -- our fish finger renovation initiative. Where we improve the consumer experience with a cruncher tester recipe. The renovation gave us meaningful news to communicate and also strengthen our competitiveness. But more important, help us to return overall fish finger portfolio to regain sales growth. What she didn't tell you is that the initiative also generate cost savings. We were able to harmonize our coating systems and consolidate suppliers, simplifying our operation while improving efficiency. The results, another win-win. A better product for consumer, stronger performance in the marketplace and a lower cost per name. This perfect illustrates our approach around the productivity. We are not reducing costs at the expense of consumer satisfaction or growth. We are finding ways to improve our products, strengthening our brands and lowering our cost base at the same time. Now I would like to move your attention to talk about our continuous improvement culture and how we manage our operations. Our focus on improving our cost base increasing efficiency and allocating capital in a disciplined manner is not a onetime project, and it doesn't have an end date. It's embedded in our culture and reflected in the way we operate every single day. Over the past 3 years, we've accelerated our productivity by embracing a continuous improvement mindset across the whole organization. We are consolidating suppliers, optimizing the network investing in high-return automation projects and continuously improving our process. What makes this particularly powerful is that we are achieving this without a disproportional level of investment. We are becoming more efficient in how we deploy both our capital and human resources. The results are evident. For example, Productivity per employee has increased by 16% over the last 2 years in 1 of our factories, demonstrating our ability to drive more output from our existing asset base while creating capacity to reinvest in growth. strengthen our competitiveness and support the long-term margin expansion. It's important to say that the culture of continuous improvement extends well beyond supply chain. It's increasingly embedded across the organization and is generating meaningful overhead savings. The streamlining of the marketing organization is a good example, like Dominic mentioned earlier today. We have created a flatter, faster and more focusing structure while we unlock between EUR 10 million and EUR 12 million of savings. We are also leveraging technology to automate process, improve productivity, and reduce costs. Within our shared service organization, we removed approximately EUR 80 million of cost in the past 2 years to increase automation, adoption of AI embedded to and process simplification. Across the business, the pipeline of overhead efficiencies continues to increase, giving us confidence on our ability to deliver between EUR 20 million and EUR 25 million of savings over the next 3 years, largely offset inflation. These savings are an important enabler of our value creation plan. They help to fund investment behind our growth priorities while supporting our earnings growth. With that, let me hand over to Ruben, who will walk us through the financial targets the shareholder value creation framework in more details. Thank you.

Thank you, Eduardo, and good morning, everyone. As you heard from the team, there are plenty of opportunities. And all of that starts with the market. The opportunity is clearly there. On the left, on the next slide, you will see that the market growth is there, 3% to 4% growth already over various years of various categories and on a sizable market. Secondly, and equally important, we are going to increase our playing field times for. And you heard John, Dior speak about that, the opportunity in food service and hard discount, leveraging our ice cream and pizza business beyond their current home markets, a synergetic play, which we'll now execute on. Clearly, we will not execute everything on this overnight, but as a team, we are very excited about this. And that goes beyond just excitement. As Dominic showed before, we will drive this as incentivized shareowners as hard and as fast as possible. Over the past year or so, the team on stage here has bought around USD 10 million in shares on the open market. So we walk the talk. And on this chart, you can see that share price threshold that need to be achieved for Dominic and I to be granted our matching options. As you can see, the value creation that we need to create for our shareholders to benefit from this reward structure is substantial, but we are confident that we can achieve it, which is why we've put so much of our personal wealth into this company. All of this, however, starts with living up to our commitments. Given the positive quarter 3 results, today, we increased our full year 2016 organic revenue guidance. We now expect organic revenue to decline by 2% to 3% for the year versus our prior expectation of a 2% to 5% decline. As a reminder, organic revenue declined by 4% in the first half. So this outlook reflects a meaningful improvement in the second half which is already evident in the third quarter with a growth of more than 1%. Our adjusted EBITDA, adjusted EPS and adjusted free cash flow conversion guidance is unchanged from what we provided with the second quarter results. As we said earlier, we want to rebuild bonus this year for this not to be in headwind for 2017. Any further potential upside will be used for further bonus we built. This is a year to strengthen our foundation, and we do not plan to flow any top line upside to the bottom line as our priority is laying the foundation for better performance beginning in '27. And as a reminder, we will see higher cost inflation beginning in the fourth quarter of this year, which will pressure our gross margin. Also as a reminder, our EPS guidance reflects the impact of our new bond where we extended maturities in the summer. So let's look forward beyond 2026. As said, our category is strong. And on the right, you see the drivers mentioned by Dominic earlier. It's convenient. There's hardly no waste, and therefore, provides good value and it captures stage much better than chilled equivalents. These are important drivers for growth. And then on the left, you will see the category growth as reported for [ Nielsen and Secarna ]. The years after coach you will see were distorted and you see the high inflation. But over the recent years, you see the category between 2% and 3% growth, both driven by price and volume. This sets this category apart from other packaged food categories. For our planning assumptions, we have assumed a 2% to 3% range of growth. The plans are there. Dior and John took you through a high-level overview of our commercial plans, and I hope you agree that we have some compelling opportunities to pursue. We expect this plan to drive improvement in our market share. We still ever have more work to do. We need to continue to strengthen our retail relations, lend our announced fixed pricing actions with no meaningful customer or consumer disruption, drive distribution inflection all while strengthening our culture, speed and agility. Therefore, walking first means a growth between 0% and 2%, which will be equally reflected into bottom line. Adjusted EBITDA growth will be 0% to 2%, and we will continue 90% plus cash conversion. Again, as a reminder, we are all shareholders, and we are incentivized to do more than this, but it starts with delivering on our commitments. For the years '28 and '29, we expect competitive growth of 2% to 3%, and we expect adjusted EBITDA growth to meet or exceed our organic revenue growth targets. We also intend to improve our earnings quality with reduced adjustment and higher ROI on the adjustments that are there. For example, restructuring initiatives that drive tangible cost savings. This is a company which generates strong cash flow, and we are intensely focused on continuing that. We view this as a critical source of value creation for our investors. As such, we are focused on delivering a high quantity and high quality of adjusted free cash flow. We believe we can generate around EUR 550 million of adjusted free cash flow from '27 to '29 which at recent foreign exchange rates translate into nearly $650 million over the next 3 years or nearly 40% of our existing market cap. And then on capital allocation, we have a path to bring net debt to EBITDA down to 3.4x whilst maintaining our current dividend levels. While our near- and medium-term goals are pragmatic, they are also meaningful in that way that they reflect a materially positive top line and bottom line inflection. And as Dominic said, it's not an inflection point in waiting. It's an inflection point underway, underpinned by the third quarter with 1% growth or more. We have seen recovery in our main markets like U.K. and DAS and good growth in both our Adriatic and Nordean region. So our top line guidance is rooted in the improvement we're already seeing today. The improvement will not be a straight line, however. For example, in the fourth quarter, we will lap some pre-buying ahead of our '26 price increase but we are encouraged by the improved underlying momentum. We are also really seeing improved earnings momentum as our top line improves, though that improvement is being masked by the rebuild of incentive compensation this year. which we expect to be up to 5% headwind. Therefore, the underlying step-up in EBITDA '27 versus '26 is lower. And as a reminder, '26 is also a year where we had the impact of stopping bad behavior with sales incentives. So the good news is that the underlying earnings strength of the business is improving. And at this moment, for '27, we don't assume a big headwind of incentive rebuilt. To deliver that growth, we will overcome inflation headwinds. As Eduardo discussed, fish costs have continued to climb for reasonal factors. We came into 26 well hedged through the first 3 quarters, but expect to see higher inflation predominantly due to fish costs in the fourth quarter of this year and continuing through next year. We have experienced mid-single-digit inflation over the past 2 years but anticipate high single-digit inflation next year. This presented a headwind, but we have a number of actions already underway to overcome that, and I will come to that now. As John discussed, a critical line of defense to inflation is leveraging our RGM capability. pricing, it's, of course, an important tool on that. It's important to stress that our approach to pricing is fundamentally different than it was in '22, '23. On the left, you will see that in those years, we aggressively raised prices to preserve our gross margin as a percentage. Our gross profit per kilogram went roughly from EUR 1 to 1 year [indiscernible] so we price above inflation, and you see the impact this has had on volumes. We did this when competitiveness was relatively weak as measured by innovation levels and quality metrics. First of all, we will have a different approach, and you see that on the right. We will look at absolute cost and profit, euro-for-euro pass-through, not margin percentage. Secondly, we will balance profit versus volume and market share. In some cases, given competition, we might be less aggressive on pricing. And in some cases, we will go more aggressive and drive profit. Now we're able to balance this because we'll drive productivity hard, as you've seen from data section. And lastly, we have the tools in place, as John just showed, pricing corridors and models to predict results with real-time data. So our overall approach, therefore, is different. Secondly, linked to the current fish inflation, we've seen private label taking substantial price increase over the last months. We will take our pricing at the end of this year and assuming this goes well, the inflation should be covered from the start of '27. And as Eduardo mentioned, we have strategic advantages in terms of alternative species such as pangasius. As I mentioned, productivity is another important tool in our toolbox. It has been an important offset to inflation this year and also in future years, this will be the case. We have a long pipeline of savings that we expect to help us mitigate inflation, few investments in the business and support bottom line growth. Last year, we announced a 3-year EUR 200 million productivity program and with supply chain savings accounted for the majority of these savings. As Eduardo mentioned, we expect to exceed that goal based on all the initiatives that we shared with you. We now expect our supply chain savings to reach roughly 3% of cost of goods sold per year through 2029. As you can see, this is a meaningful improvement from the level of productivity that we were achieving in the past. Our productivity targets are not limited to the supply chain. You saw the examples in marketing in shared finance, thanks to automation. So we have undertaken a number of initiatives over the past years to offset overhead cost inflation and we have more savings planned for the next year and beyond. Because of this, we expect over expenses absent incentive compensation to fall as a percentage of net sales through 2029 as we overcome inflation and self-fund investment to hold costs flat while growing our organic revenue. Our disciplined approach extends beyond the income statement and into cash flow generation and capital allocation. Historically, we have maintained a highly efficient CapEx profile with investment levels that compare positively to industry peers. Looking ahead, we expect to fund both our productivity initiatives and our growth ambitions without a material step-up in capital expenditures. The advantages of our existing scale and infrastructure is that much of the capacity needed to support future growth is already in place. As a result, we believe we can deliver our growth and profitability objective with relatively modest capital investment supporting strong free cash flow generation and attractive returns on invested capital. And more productivity and expansion does not mean more exceptional P&L and cash flow adjustments. In fact, we have and will continue to meaningfully reduce our exceptional expenditures. Our current plans are to cut our exceptional cash expenditures roughly in half within the next couple of years relative to '25. And our first half '26 results illustrate that we are already making progress against this goal. This is not an aspiration, but a goal we've already begun to achieve. The second point is that the vast majority of our exceptional expenditures will be linked to tangible projects driving returns. You've seen the savings in marketing. The savings is shared finance. We announced two factory closures. Therefore, our exceptional answers are linked to savings that generate a good payback, and we will continue to do that. So quantity of adjustments down quality up. Now it is possible that we find more projects in the future that will come with more exceptional expenditures that are in our current plans, but it will also come with more tangible returns. Ultimately, it's about driving ROI, so we are reducing our exceptional expenditures while improving the returns they are generating relative to the period 23.25%. As I said earlier, this is a company which has healthy cash flow. In this slide, you see our dividend levels. Our dividend of $0.70 per quarter currently yields 6.5%. We will sustain our dividend payout, as mentioned earlier by Dominic. This is nearly USD 300 million in the next 3 years. The combination of our EBITDA growth forecast and lower exceptional cash expenditures is expected to yield higher deployable free cash flow. In fact, we expect our free cash -- free deployable cash flow to grow at nearly 5% CAGR over the next 5 -- 3 years. This means we can comfortably fund our current dividend while generating nearly $200 million of incremental cash. And how are we going to use this excess cash? Our near-term priority is debt reduction. Based on the growth and cash generation targets we outlined today, we expect net debt-to-EBITDA to go down towards 3.4% by the end of '29 at reason foreign exchange rate. Importantly, we are reducing net debt from a position of strength, not necessity. Nomad Foods generates strong cash flow, our balance sheet is healthy. Thanks to our reason to successful refinancing of our term loan and bond, we have no debt maturities until 2032. Approximately 70% of our debt is now fixed and our current average borrowing cost is approximately 5.2%. In addition, we have around EUR 200 million of available liquidity through our RCF and have continued to have strong access to credit markets. In fact, the debt markets have consistently recognized the strength and resilience of our business, a level of confidence that we've -- that we do not believe is fully reflected in our current equity valuation though the plan we are dealing today is designed to change that. The message I hope you take away from today and this section is straightforward. Firstly, we're not asking investors to rely on ambitious assumptions or distant aspirations. We are providing a set of meaningful credible targets that are grounded in the actions already underway across the business. Secondly, our objective is to deliver consistent top line growth and translate that growth into earnings expansion. Thirdly, we will generate strong free cash flow and reduce leverage. Lastly, we intend to maintain our attractive and dependable dividend that has become an important component of a shareholder value proposition. We believe this balanced approach, combining growth, financial discipline and shareholder returns positions Nomad Foods to create substantial value over the coming years. And again, we will not only drive this as management, but also as incentivized shareholders who have invested meaningfully over the last 12 months or so. With that, let me pass it back to Dominic for closing remarks.

As you've heard today, Nomad Food is a company with exceptional assets, strong category tailwinds and a significantly larger opportunity set than we've historically pursued. We have leading brands and unmatched position in frozen food across Europe, a world-class supply chain and categories that continue to benefit from powerful consumer trends around convenience, value, quality, taste and nutrition. Over the past year, we've taken a hard look at ourselves. We identified what needed to change and we have acted decisively. We strengthened the leadership team, simplified the organization, aligned incentives with shareholders improved execution and remove practices and constraints that we're holding the business back. But today's message is not about what we fixed. It's about what we can become. We're expanding our addressable market, broadening the categories, channels and geographies in which we compete and leveraging our scale and capabilities more fully than ever before. Our ambition is clear. To be the captain of frozen, not simply through our scale, but through superior execution, innovation and category leadership. The journey has already begun. The inflection is underway Momentum is building, and we have a clear path to sustainable growth, expanding profitability and increasing free cash flow. We believe the value creation opportunity ahead of us is substantial. We're invested alongside our shareholders. We're confident in our strategy, and we are committed to delivering on our targets. We hope you'll join us in the journey. Thank you. And with that, we'll now take your questions.

Great. Thanks for doing all this. Maybe 2 things. First, for '27, you're looking for organic sales growth in a 0% to 2% range. category outlook still 2% to 3%. So maybe still implies some share losses or some also conservatism. But where are those share losses now most acute? Is it a narrower range of areas where those share losses are happening? And how do you address those? That's a start.

So there are certain share losses which have occurred in certain markets, usually in very, very specific categories. So for example, if you take the more innovative formats of chicken in the U.K., the chicken shop format, for example, that's been growing very significantly. If you look at the traditional format of chicken in the U.K. that's been under more pressure. And that's one of the reasons why we're bringing in so many new formats during the course of this year. So that's coming through. However, what I would say is, though, that we've deliberately approached the guidance for next year in a way that we consider to be quite sensible and quite prudent. Bear in mind that this is a company which lost market share year after year after year. We're now assuming essentially from '28 onwards, that we hold share in both value and volume. But some of these initiatives will take a little bit of time to come through, particularly because we're being very disciplined in terms of what we launch when and the level of support that we're putting behind them. So that's roughly where we are.

Great. And then on supply chain, 63% utilization that's moving higher with some of the 2 plant closures. You mentioned -- and I realize there's a lot of white space opportunity. So you've got the capacity to get after that and hopefully a pretty profitable way. But that still seems pretty low. I was wondering if there were other potential opportunities around asset rationalization even with the growth opportunities that you see going forward? Or is it -- because that just still seems like there's more opportunity there.

So the whole issue of our factory footprint is something that we're looking at very closely all the time. I think in the past year or so, we've shown a greater willingness to close factories than may have been the case before. But actually, whether we have the right factory footprint is something that we always assess. So we'll continue to assess that.

Yes. And just building on that, we're going to drive that hard. By the way, from 63% to 70% if you look at a step up, that's quite a big step-up, and it's exactly what Eduardo shared. We're going to in-source more that is already on the way. We announced two factory closures in the last 12 months. Also when people ask the question, what is different from the past, I think in the new leadership, we have become a bit more decisive we're going to continue looking at factory network optimization. So there are a couple of things. And if we see opportunity to do more, we'll do so.

Great. Thank you. So when you think about the growth aspirations between now and '29. Is there a way to conceptualize how much growth you expect to get out of the existing footprint today versus how much growth is coming from those adjacencies and portfolio expansions.

So it's worth saying that the new portfolio adjacencies and expansions, they have the potential to give us very significant growth. But actually, even if they don't, and we manage our core business successfully, then we're still in fairly good shape as far as our guidance and aspirations go. Now if some of them do significantly better than that. So for example, if we launch pizza, and it gains some of the -- some of the early results, which have been achieved in certain markets where we've launched and then replicated in other markets, then that could also have a significant impact. But actually, the things we're launching, we're doing in a very disciplined, coherent way. carrying in terms of where we're launching and how we're launching them as well. And it's also worth saying a lot of them are simply lifting and shifting concepts, which have worked well in one market and putting them in another market. So that's how we're looking at it.

Okay. If I could follow up, perhaps for lack of a better word, one of the maybe more controversial expansions is the hard discounter especially with a private label partnership mentality. Can you talk a little bit more about the puts and takes, pros and cons as you assess that opportunity? And why investors should not look at that as a slippery slope with ...

Absolutely, absolutely. And I'm glad you raised that. So whether one likes hard discounters or not. They're very big in Europe, and they'll continue to be very big. The biggest retailer in Europe is a hard discounter. Now there are two ways that one can approach hard discounters. And it's true that different companies have had different strategies and different ways of looking at it. One of them is either to pretend they don't exist or sort of hope that they will somehow collapse or we can ignore them and they'll go away. And by the way, quite a lot of companies have taken that approach. The other one is to accept their existence, except the fact that many consumers want to be there. but to manage them in a very thoughtful way. And the way they require to be managed is somewhat different to the way a normal traditional European retailer requires being managed. Now there are two aspects to that and two aspects of what we want to do with hard discounters. One of them is to make sure that the distribution of our branded products, before we think about anything about private label, the distribution of our brand products is where they should be for the position that those hard discounters are within markets where we already operate. Now as you know, most hard discount stores in Europe tend to have slightly smaller formats than traditional supermarkets would have. And so there's a requirement for a higher level of rotation per SKU than you'd have, say, in a [indiscernible]. But the first step is to make sure that we work with those hard discounters so that we can provide the empirical evidence that it's very much in their interest to list our big SKUs. And there are many markets where we have quite big share where we have a pretty meaningless position with hard discounters now. So any -- and of course, if you're a consumer who shops in one of those hard discounters, you're unlikely to change simply because they don't have a bird eye or Findus or Iglo product. So any new distribution there is an upside requires management and it requires careful thought about how to get that. So that's one aspect of it. The other one is private label. And on private label, I think the point you made about the slippery slope is absolutely correct. Because if one manages private label in a thoughtless way, it can give a little boost 1 year and then a lot of trouble in the following year and following years. And we've seen food companies fall into that trap. In terms of the way we manage that, it's entirely different. So a, we would only ever be interested in long-term contracts. B, we would only ever be interested in long-term contracts wherein having those contracts, we significantly strengthened our relationship with the retailer with whom we have that contract; and c, it would have to result in a better position for our branded food business. So instead of being a sort of a mechanism that you use very tactically to fill a factory, that's absolutely not what we would do. And actually, I would -- by the way, I personally sign off every private label contract, and I would personally not sign off something that did that. But if there's something which strengthens our relationship with a retailer, puts our branded position in a better situation than we absolutely would consider doing that for the long term. And that's the difference. And by the way, increasingly in Europe, a lot of the smarter branded food companies are starting to play in that way as well. but it's very different from simply filling a factory in a year and then losing it anode.