Good morning, everyone. Welcome to Nestlé's Full-Year Results Press Conference. Thank you for joining us this morning. With me here today are Laurent Freixe, our CEO, and Anna Manz, our CFO. Before we get started, let me remind you of a couple of housekeeping items. You are currently placed on mute. You will be invited to ask questions after the presentations. Now, please take a moment to read the disclaimer on your screen. Thank you. With that, let's now move into the prepared remarks from Laurent and Anna. Many thanks, Christoph, and good morning to all. Let me start with four key messages regarding 2024 and our outlook. First, we delivered 2024 results in line with, or slightly better than, our latest guidance provided in October, both on top line and on profitability, and cash flow was strong. Second, we have given formal 2025 guidance this morning. This is unchanged versus the previous outlook comments we provided despite the recent commodity price moves. Third, we are stepping up investment to accelerate category growth and improve market share performance. This is funded by our 2.5 billion CHF cost savings program called Fuel for Growth. We'll provide some more details on progress today, and finally, we have moved quickly to put the organization in place and align our teams to deliver our plan. We had a solid finish to 2024, and this gives us a good base as we move into 2025. It is important to keep in mind that we are on a journey and that it will take time until we are firing on all cylinders. But things are changing and changing fast. At the CMD, we set out how we plan to accelerate performance and transformation by driving operational excellence, unlocking the full portfolio potential, and strengthening our foundations. With this reminder, let's look at what we have been doing to accelerate Nestlé. We started with sharpening the strategy, building on our nutrition, health, and wellness foundations, and we put in place the organization to set us up for delivery. We simplified the zone structure, moving from five zones to three zones, reorganized waters and premium beverages into a global standalone business, and digital and sustainability now report directly to me. From the outside, these changes may sound like simple changes to our reporting segments, but these changes are not at all trivial. Ultimately, they impact 270,000 people, and we are not only changing the way we report, we are changing the way we work. It's impressive that we have executed this in a matter of a couple of months, and I want to thank our teams for this. With the plan and the organization in place, we need to make sure everyone is aligned behind the executions. In the last weeks, we have cascaded down the strategy across the organization through what we call our OMP, our Operational Master Plan. It sets out in detail the actions and the KPIs behind the objectives with clear targets and milestones against each. We have started to track progress through monthly operational reviews. We use the Virtuous Circle internally as our strategic framework. This picture annotated with the OMP actions is something you will find on Nestlé desks around the world. There is a lot that sits behind this. It starts with efficiency and productivity because this is the fuel for the growth engine. Next is investing for growth with appropriate impact so that we deliver growth with the right returns. It is important to reiterate here that we are not waiting until we have all the additional fuel from efficiencies before we start to invest. This all leads to creating shared value, making sure we deliver profitable growth in a long-term sustainable way. I'm now going to talk to what we have been doing and what we will be doing in these three areas. At the CMD, we announced a new three-year cost reduction program, which comes on top of existing annual cost efficiency initiatives. We call this new program Fuel for Growth. We aim to achieve a cost savings of 2.5 billion CHF by the end of 2027. Approximately three quarters of the savings will come from procurement, with the remainder coming from operational efficiencies and commercial investments. The savings will build from 0.7 billion CHF in 2025 to reach the full run rate savings of 2.5 billion CHF by the end of 2027. Over 300 million CHF of the expected savings for 2025 have already been secured. That is how we are creating the fuel. Now, let's look at how we will deploy it to accelerate growth. Our midterm ambition is to deliver 4% plus growth. To do that, we need to accelerate the category growth and improve on top our market share. We have four main levers: expand our winners to reach their full potential, achieve more impact for innovation by scaling our big bets, build a new growth engine, and last but not least, address our underperformance. I will dig into how we are progressing on these levers in some of our largest categories. Let's start with coffee. In ready-to-drink coffee, annual sales today are around 1 billion with double-digit growth. Last year, we launched in new markets in AOA, and we are doing the same in Europe and Latin America this year. The new launches are off to a strong start. I was in the Middle East recently, and I was very impressed by the outstanding in-store execution. Next to RTD, coffee out-of-home represents annual sales of about CHF 2.5 billion, with an objective to grow at 10% plus annually. We are leveraging all three of our unrivaled brands in Nescafé, Starbucks, and Nespresso. Innovation is key to winning new accounts, and we are launching new machines with enhanced capabilities. For example, we have launched the Nescafé Fusion range in 15 markets across Asia, Europe, and Latin America, and it is now being rolled out to an additional 60 markets. In coffee, we have two innovation big bets. The first, Nescafé Espresso Concentrate, was launched in 2024 in Australia and China and resonated strongly. In 2025, we are now expanding into seven new markets, including the U.S. and the U.K. The second, Nescafé Dolce Gusto Neo, is rolling out to six new markets in 2025, and we are launching new machines in existing markets. On underperformance, we have said before that we need to revitalize Nespresso in Europe by increasing availability and visibility. We are expanding our pop-ups and shop-in-shop model, and we are also investing significantly in a new global George Clooney campaign. Turning next to pet care, the category growth slowed in 2024, but we continue to expect 4%-5% in the medium term. For Nestlé, we see a lot of opportunities. In zone AOE, for instance, we can have a much larger market share than we have today. We are making a substantial investment in capabilities, particularly in market innovation and marketing. Growth accelerated to double digits in the second half of 2024, and we are growing market share. Therapeutics is already a business of over 600 million CHF and growing strongly. To drive that further, we are expanding investment in science-based innovation and veterinary engagement and scaling up in direct-to-consumer. On innovation big bets, we announced the expansion plans for a unique pyramid-shaped wet cat food earlier this week. We are expanding across the U.S. and launching a new product form in 15 markets in Europe with more to come in 2026. Nutrition, health, and wellness is a key component of our Nestlé strategy. Our infant nutrition business continues to build on science-based innovation. One of our big bets is Sinergity, a proprietary blend of probiotics and HMOs. We launched the product in 15 markets in 2024, including Hong Kong, Mexico, and Brazil, as well as many markets in Europe. We see much more potential, in particular in AOE and LATAM. On our underperformance, we are seeing a continued strengthening around our VMS business in the U.S. We have improved availability and are now focused on flawless retail execution and winning back consumers, and finally, on new growth platforms, we see significant potential for nutrition to support healthy longevity and women's health. Overall, you can see that there is a lot of energy and activity behind our growth acceleration plans. Let me also comment on the important topic of creating shared value. Nestlé is the nutrition, health, and wellness company. We enhance the quality of people's lives, playing a role in the diets of everyone, everywhere, at all stages of life, and we also have a key role in strengthening the resilience of food systems. Today, I'm very pleased to say that we are not just delivering on our plans. We are ahead of schedule on two of our most important targets on greenhouse gas reduction and regenerative agriculture. We are creating shared value for all our stakeholders. So to close, let me come back to the key messages from today. We are generating the fuel for growth and already capturing savings. We are investing to accelerate category growth and improve market share performance with focused resource allocation. We have aligned the organization behind our plan. In short, we are moving fast and Nestlé is changing. Now, let me hand over to Anna to take you through the 2024 results in detail and to the outlook for 2025. Thanks, Laurent, and good morning. I'm going to cover our performance in 2024 and the implications for 2025. We delivered 2.2% organic sales growth with RIG of 0.8% and pricing of 1.5%. Sales were also negatively impacted by foreign exchange movements due to the strengthening of the Swiss franc. Several factors shaped our sales delivery for the year. Consumer demand softened in 2024. Sentiment has stabilized but remains fragile. Consumer hesitancy towards global brands in Zone AOE had a negative impact of 40 basis points on the group's organic growth, and the actions taken to reduce customer inventories in the second half of the year had an additional 20 basis points impact on growth. Pricing was lower in 2024, reflecting a reduction in input cost inflation across most categories and a return to a more normal promotional environment. Let me give you a brief summary of the key factors shaping our performance of the segments this year. In Zone North America, our growth was disappointing. Consumer demand was weak, particularly at the lower end of the income spectrum. We lost share in frozen food, and we were held back in coffee creamers by capacity constraints for most of the year. Our actions to improve competitiveness in these underperforming cells have not yet translated into a meaningfully improved growth trajectory. Despite this negative growth, the zone improved its UTOP margin through mix management and disciplined cost control, while stepping up investments for the future growth. Zone Europe delivered with solid growth, with improving market share trends. As we shared on our nine-month call, Q3 was impacted by delistings linked to temporary customer challenges to price increases, as well as a slowdown in Turkey. In Q4, growth improved as we got back on the shelf. We're taking more price in 2025, so this may give rise to more customer challenges. Margin improvement in Europe was strong, supported by portfolio management. Zone AOE delivered positive RIG despite multiple macro headwinds. Consumer hesitancy towards global brands in some markets remained a drag through the year, but it's now in the base of comparison as of Q1. The Q4 slowdown in RIG was partially linked to actions to reduce customer inventory. In LATAM, growth was driven by price. The actions taken to manage customer inventory reduced growth in the Q3, but the Q4 bounced back, driven by additional pricing in confectionery and coffee across most markets. In China, a deflationary environment meant that pricing opportunities were limited. But despite that, the zone delivered solid RIG-led growth, thanks to continued innovation with strong performance in RTD coffee and e-commerce. Nestlé Health Science did exactly what we said it would, with the second half of the year seeing growth accelerate. We've started to see an improvement in the market share trends in VMS and are growing slightly ahead of the category. That's a category which is growing in high single digits. The growth leverage delivered a step up in margin. Nespresso's solid RIG-led growth was largely driven by the U.S. Europe posted close to flat growth and remains an area of focus. The broader Nespresso ecosystem, that's including Starbucks by Nespresso, adds another 100 basis points to growth. By category, the group's growth was driven by coffee, confectionery, pet care, and health science. Coffee delivered mid-single digit growth, led by Soluble and RTD. Growth in pet was driven by RIG. As expected, pricing reduced, but it started to stabilize a little in the Q4. I've already commented on health science, but nutrition posted positive growth with continued momentum for Nan. Prepared dishes and cooking aids were held back by the performance of frozen food in the U.S. Milk products and ice cream were impacted by weakness in dairy and coffee creamers in the U.S. Confectionery growth was driven by pricing. Kit Kat globally and Garoto in Brazil were the key growth drivers. Turning to profit, just a few things to note here. Margins in coffee and confectionery were primarily impacted by higher input costs. In prepared dishes and cooking aids, the margin increase was supported by higher gross profit margin driven by portfolio optimization and efficiencies. Milk products and ice cream posted lower margins, following higher advertising and marketing investments and reduced growth leverage. Water saw a margin reduction impacted by supply constraints. All of these elements come together in our guidance. We're driving change in context of what is clearly a particularly uncertain period. The guidance we're providing today is based on current information on key macroeconomic variables. It doesn't assume further significant movements in commodity prices or foreign exchange rates or the impacts from new tariffs. Our guidance for 2025 is in line with the outlook we gave at our capital markets day in mid-November. To summarize, we expect organic sales growth to improve versus 2024 and strengthen throughout the year as we deliver on our growth plans. Our UTOP margin is expected to be at or above 16% as we invest for growth. And with that, let me hand back to Christoph. Thank you, Anna. We are now ready to move into the Q&A. Laurent and Anna are joining me on stage. Now, if you wish to ask a question, there is a hand icon at the bottom of your toolbar. And then once I call on you, you can unmute yourself. You will be placed back on mute after your question is answered. May I please ask you to only ask two questions at once so everybody has an opportunity to speak? I see there's already one question on the screen from Jakob Blume, Handelsblatt. Good morning, Jakob. Please go ahead. Hi, good morning. Thank you very much for taking my question. My first question would be, have you thought about the impacts of potential tariffs in the a bit struggling U.S. market? One and two, you have around, maybe correct me if I'm wrong, but you have around 30 billionaire brands who account for a large share of the revenue and 1,900 sort of minor brands. Do you consider at all, yeah, selling brands who are underperformers or? Yeah, thank you very much. Thank you. So thank you, Jakob. On the question of the tariff, as you can imagine, we are monitoring the situation on a daily basis, and we are on top of it. When it comes to global trade and tariff, I think we are in a unique privileged position, which is giving us resilience to significant movements. And let me explain why. We have had always that strategy that we make, so we produce where we sell. And that makes that if you take the two biggest blocks economically, and I could include Europe in the same landscape, let's say U.S., China, but also Europe, everything almost that we sell, we make in the given geography. So almost everything we sell in the U.S., more than 90% is produced in the U.S., so immune to tariff. More than 90% of what we sell in China is produced in China, so immune to tariff. A similar dimension to Europe, where you would see more, of course, free trade within the economic space. So we have that unique strength and that unique position. On the brands, what we want to do is to put the focus on the core brands. They can be the 31 billionaire brands, you're right, but it can be also local iconic brands. Think of Thomy in Switzerland, for instance, which is part of the consumer landscape, or Garoto in Brazil, or many other brands that we got in the portfolio. So what we want is to support those core brands, the global ones and the local ones. And it's clear that in the focus, some brands will get less support. And the idea is to pull them through promotional activities, trade activities. When it comes to movements in the portfolio of brands, that's something that we are always constantly reviewing to make sure that we have in the portfolio categories and brands that can contribute to our sustainable, profitable growth agenda. Thank you very much. Thank you, Jakob, for your question. And the next question is from Isabel Strassheim, Tages-Anzeiger. Isabel, please go ahead. Thank you. Hello, good morning to everybody. I have two questions, please. One is on your pricing. You stated that in the U.S., in the second half, the pricing got negative. And in comparison to Europe, growth mainly was led by pricing. So I'm wondering, will that stay in the current year? What's your expectation? How will you be able to increase your prices in the U.S. again, and will it remain in Europe? And the second question is a different topic, please. It's on your savings. You will change your supplier management. I've read that. If Mrs. Manz told us during the Capital Markets Day that it was changing to a single supplier globally, could you give some examples on that? And I'm wondering as well whether it is linked as well to commodity sourcing. Okay, thank you so much. Yeah, thank you for the question. On the pricing environment, it depends on the context. It depends also on the portfolio. You would see Europe, for instance, very exposed to coffee, confectionery as well. Chocolate are significant categories. In the US, we hardly have any chocolate in the portfolio. Coffee is sizable, but by and large, the largest category is pet care. We go to sizable food business. That explains different dynamics by geography. When it comes to the U.S., we have decided, and you might see more of that, we have decided to price right and to invest in prices in areas where maybe we got out of consideration from the consumers. You know that when you pass a certain price point vis-à-vis competition, consumers will turn their back and start to buy potentially competition. So on pizza, for instance, we realized that we had to adjust our pricing to be more attractive, to be more competitive, and to be in the consideration set by the consumers, and we did those adjustments. Expect that to happen as well in 2025, that we might invest also in pricing. We want to invest in quality. We want to invest in pricing. We want to invest in visibility of our brands. We want to invest in consumer engagement. It's not just marketing that will increase. It's the entire span of the value equation that we are investing on. Now, it's clear that when it comes to coffee and chocolate, as input costs have increased, further increased, you should see some pricing. But same story. We will try first to mitigate through our productivity, cost savings programs, the impact of input costs, and we'll price right, the ideas to price right in the competitive environment. Everyone is impacted. If anything, I think in terms of the coffee, the fact that we sell essentially coffee capsules, soluble coffee, coffee out of home, ready to make coffee, where the component of green coffee cost is less than for roast and ground players is rather a competitive advantage. And think of chocolate, what we push and what we drive and what we innovate on is essentially the space where we combine chocolate and wafers or chocolate and biscuit, the chocobakery space, the chocobiscuit space. And there, the cocoa cost component also plays a smaller role. So those are the critical points. What was the supplier? On suppliers, so maybe we didn't explain well. We want to consolidate globally some categories where we were buying more locally. And there are some categories, and you have a scale advantage when you buy globally. That is the relationship between the volume that you buy and the price that you get. So we are looking at that. But generally speaking, we don't want to enter into a sole supplier relationship because when we enter in a sole supplier relationship, we create also dependency. We could say that we create interdependency, yes, but we want to rather strengthen our bargaining power on the one hand, and we want also to diversify in an environment where global trade is impacted. We want to diversify the sourcing. So there is a product of, yes, more consolidation where it makes sense, but we want more than one option in terms of the supply and in terms of origin of the supply. And we would like to have systematically at least one local option in case of disruption to global trade. Thanks a lot. Thank you, Isabel. And the next question is from Claudia Stahel, Swiss Radio. Hi, this is Claudia Stahel. I'm the TV correspondent for China. So my two questions are China-related. First question is, we saw a deflation environment in China in 2024, and this continues in 2025. What do you expect when it comes to consumption for 2025? I had a bit of a closer look at the results for China, and I'm curious about pet care, why pet care didn't grow so much in 2024, because in 2023, it was growing in two digits, and demand was also not very well in 2023. I'm wondering why pet care is not doing that well right now in China, because pet care is growing quite a bit in China despite the environment, because a lot of people are not having children and are having pets. Yes, thank you very much for the two questions. I think globally on China, we are in a dynamic that looks a little bit like Japan. Population is not growing anymore. Population is aging. We see that there are significant deflationary pressure. There is a lot of competition. The market is very, very active, very competitive, and all of that creates an environment where there is not much pricing, so that should continue. I think the trend is rather a long-term trend. The currency also is pretty solid, so that's the environment in which we operate. The good thing is that we are capable to drive volume growth, to drive volume mix growth in that kind of environment. When it comes to pet care, you're right. All the trends go in the direction of pet care growing in China, more urban population, more aging population, less babies, more pets, and more calorific coverage. So we have identified that. This is a priority for us. What you read in the 2024 numbers is a more short-term dynamic, but the focus on growing pet care in Asia and in China is absolutely front and center. And we concur with your views that there is tremendous potential in the category. Thanks a lot. The next question is from Sonja Wind, Bloomberg. Please go ahead, Sonja. Hello. Thank you very much for taking my question. I would be curious to know what's your hunch for the inflation development. So can you tell us a bit more? What are you modeling? What are you preparing for? Do you expect inflation to increase? And also, to come back to the topic of tariffs, you said that 90% of the products in the U.S. and China is made locally, but what about the raw materials? Because you import that from elsewhere. So can you tell us a bit more about the proportion that comes from where and the impact that you see? And yeah, and if I could squeeze in one question for my understanding, you mentioned that your guidance does not assume any further significant movements in tariffs. So if there were tariffs to be extended to Europe, would that mean you have to change your guidance? Thank you very much. Thank you very much for the question. I think it's a perfect question for Anna. So in terms of inflation, look, it's something we monitor closely, and we stay very focused on the actions that we can take, which is around pricing and making sure that we are navigating that irrespective of inflation. It's very hard to predict what's going to happen in the context of some of these tariff moves. I mean, that could change the inflationary environment relatively considerably. Our focus is really on the executional piece, delivering for consumers irrespective of the environment we are in, and then responding to the environment as it changes. In terms of what I'm saying on tariffs, we were quite clear in our guidance today that we were excluding the impact of tariffs because it's actually very hard to know exactly what will or won't happen. We're guiding really on a steady state environment, and we'll see how that plays out. That said, you heard from Laurent that a lot of our manufacturing is local, and we have a lot of mechanics therefore to mitigate any tariff that we do see come through, be it pricing, be it changing our sourcing. In terms of China with respect to raw materials, again, we look to source locally where possible. I'm not going to get into all of the specifics, but those are areas where we naturally actually are always looking to make sure that we're diversifying where we're sourcing raw materials from so that we are well positioned in the event of changes. Thanks a lot. And thank you, Sonia, for your question. If you want to ask a question, please raise your hand at the bottom of your toolbar. And there is another question, Johannes Ritter from the Frankfurter Allgemeine. Good morning, Johannes. Good morning. Thank you. Judging by the development of the share price, the market does not yet seem to have confidence in your new strategy. How do you comment on this? And looking at your water business in France, it still continues to produce headlines. Are you afraid that you will have to close your Perrier plant in Vergèze? And one last broader question. There are increasing reports about the negative health effects of highly processed food. Are you already seeing this in your sales, or do you expect that this could affect your business in the medium to long term? Yeah, so that's many, many questions in one on the share price. Look, I think we laid out very clearly our strategic direction, our strategic priorities at the Capital Markets Day. And since then, this is the first time that we communicate results. And I think there was a little bit this perspective from the analysts and investors' community that, okay, the strategy looks coherent, it makes sense, but we want to see the results. So bear with us a little bit. The results are coming. This is the first time we produce results for the full year. But keep in mind that I was appointed early September and that the results are Q4. So, of course, product of the dynamic that we had and the greater focus on execution. But you will see in the quarters to come the results materialize. And this is why we put so much also focus and emphasis on following up on the initiative that we laid out. So I guess through that, we will build up confidence, and we see that the reactions actually are getting increasingly positive. On the waters issue in France, I think we face a situation where we have an inadequacy between the reality of the production and what the regulation says. We call for a technical debate so that there is agreement on how we secure that mineral water and generally water or water beverages are delivered in a safe way to the consumers, which we have secured at all times while respecting regulation. So there is a need to address that issue. I hope that we will not have to close Vergèze because it would be a drama for not only Vergèze, by the way, in the region, but it would be a drama for the industry in France and possibly beyond because it's not only Nestlé, which is at stake there. This is an industry question. The third point was UPF. On processed food. food. Yeah, this is a debate that we follow very, very closely. I think it's very, very important to keep in mind that processed food has accompanied the progress of the industrial revolutions. With the industrial revolution came the urbanization, and we had the need to bring safe food to people living in urban areas. The population moved from living in the countryside to moving in urban areas and without access to fresh food, so providing processed food was very, very critical to that and has also a lot to fight the food-borne diseases. People forget that they were people getting really sick or even passing away from food contamination, food poisoning, and we know that food doesn't keep so well, so fridges were so important. Sterilization was so important and helped fight all those diseases, so it's important to bear in mind that those are really critical, and the third dimension is that it helps keep the food. You know that one-third of the food produced globally today is wasted in a context when more than two billion people on the planet suffer from food security, do not have access to food in sufficient quantity to be healthy. It is a shocking data. If there is no food processing, well, the problem is multiplied by X. Food processing is very, very important. Now, when it comes to the debate, I think it is important to move from the discussion around calories to the discussion around nutrition. We are the nutrition health and wellness company. We play a role in the lives of everyone at every stage of life, from early ages down to aging or people that have medical conditions. We can play a role there and look at our portfolio. Our portfolio is very, very well geared towards that. Any agenda that is focused on healthy lifestyles, healthy diets is our agenda as well. And we feel rather supported by those discussions. But we want to make sure that food processing is not demonized because food processing is so critical. If there is no food processing, I think there is a real issue and a real risk to mankind. The next question is from Sophie Martin[inaudible]. Sophie, please go ahead. Hi everyone. So I have two quick questions. So first, for three years now, we've seen the price increase. They've been the engine of your growth. And with the internal growth rate that you present today, are you confirming that the trend is finally reversing? And when do you expect the impact of the RIG on growth to exceed the price impact? When will the two-line start to reverse? The other question is on the United States. Can you detail the reason of the weak performance? Maybe give examples of products that underperform. I think you mentioned pizza, but is there other? Thank you so much. Thank you. So let me hand over to Anna for the price RIG equation. Sure. So you've seen us take actions to make sure that we're really driving RIG momentum, and we've seen an improvement in RIG momentum through the year. Now, our focus on driving market share and consumer penetration will continue and is right at the heart of all of the operational changes that Laurent laid out at the Capital Markets Day. That said, as we come into 2025, we've got some very significant inflationary pressure on cocoa and coffee. And in those categories, we will be taking price in the context of the commodity costs going up. So exactly what the balance of RIG and price will be, we'll see as we go through the year, and it'll depend on the consumer response to some of that pricing. In the U.S.? On the U.S., well, I think the frozen part has been under pressure, but we are taking actions on every part of the value equation, investing in quality, investing in pricing where we need to do it, investing in rebuilding distribution as we lost some distribution along the way, and investing in brand communication with on top investments in innovation. So we are really pulling all the levers to strengthen the attractiveness of our brands and turn around the growth trend. And maybe one just to build on that, you asked about the overall strength of the U.S. I mean, 60% of our businesses are performing very well. You've got a challenge in frozen that we've talked about, and we've also talked through the year around supply constraints around the creamer's business, which has held us back in 2024, but that we now have the new plant online. So you should see us improve as we work through 2025. Thank you. Thank you. Thank Thank you, Sophie. And the next question is from Rachel Richterich, AWP. Good morning. I'm coming back on the waters activities. Nestlé Waters, that was recently reorganized on a standalone unit. What are the plans for this unit now? Are you, for example, planning to sell this unit? So yeah, thank you for the question. And I think the fact that the organization that has been announced only three months ago at the Capital Markets Day is organized, is staffed, and is operational shows at what pace Nestlé is moving. This unit is up and running, and they are already working not only at managing the business and addressing any issues that they may face, but they are working also on the next phase, which is getting organized to engage in the partnership discussions that we would like to achieve. We are committed to the space. We believe in waters and premium beverages as part of healthy diets. This is part of our nutrition, health, and wellness strategy. We are committed to the brands, so we exclude an outright sale, but we look for any form of partnership to strengthen our business, to be able to invest in our business, to grow the premium brands like S. Pellegrino, Perrier, Panna, but also to grow the space, which is massive in terms of the opportunity, which is the premium beverage space, 1 trillion, which requires investment. So this is the agenda that we have ahead of us. Keep in mind that we are committed to the space. We look for partnerships on how we can enhance and realize the potential of the category. Thank you. It looks like there are no further questions. In that case, that concludes our press conference. Of course, you can reach out to the media office anytime via phone or email. And thank you very much. And with that, I'm handing over to Laurent for the closing remarks. Thank you very much for your interest. You can see that results are solid, that the plans that we laid out at the Capital Markets Day are materializing. We are putting the focus on achieving efficiencies, cost savings. Our Fuel for Growth program is moving at pace. We are starting investing in our growth platform, in our innovation big bets. The organization is aligned through our Operational Master Plan and moving in the right direction. I'm confident that although it takes time to move the needle, you will see Nestlé moving at pace in the right direction as we have shown it in that publication of the results and in our plans going forward.