Okay. Right, everyone. Well, glad everyone can make this afternoon's session. It's my pleasure to sit here and introduce Philipp Navratil, the CEO of Nestlé, to the conference. Philipp, thank you very much indeed for coming to Paris and joining us this year. Thanks, Tom. You've obviously been CEO for nine months now, but you've been with the company for 25 years. Yeah. There's an argument that perhaps culturally, Nestlé hadn't modernized as quickly as it should have done over that time period. As you came into the role, maybe you could give us some insights of the aspects of performance that needed improving in the company, and what is it in the culture that you're trying to instill that was missing before? Yeah. First of all, thanks for having me, Tom. It's a pleasure to be here. Look, when I joined Nestlé more or less, yeah, nine months ago as the CEO, and have been at the company for 25 years, and what was definitely necessary and what we're doing as a team, so that is all progressing. We're focusing on growth and that is RIG-led growth, which RIG is the mix between volume and mix. That is what we're focused on and that was not so clear at the beginning. We had some distractions, which were businesses that were not really making sense. We were doing some efforts to tweak margin on the sides, but the view is really RIG-led growth will solve most of the metrics that we want to drive into the right direction, and will also generate most shareholder value going forward. Think about growth, solving for cash, think about growth, solving for market share, losses that we suffered from, think about cash also driving profit into the right direction. Growth is really the metric that we follow on. We also took efforts in simplifying and making clear we're more focused as a company. I said at the full year, we're focusing basically on four big businesses that we embark on. Coffee, where we have a strong order, we'll talk about coffee later on. We have pet food, we have nutrition, and we have food and snacks. These are the four businesses. As you all know, we are disposing of waters, we're disposing of ice cream, we're disposing of mainstream vitamins, minerals, and supplements because those are parts of the portfolio that don't fit into our strategic priorities anymore on return, on cash intensity, on just being a distraction. we're simplifying how we are organized as well at Nestlé, because Nestlé is a big matrix, and we have often been called as too complex in many ways. at the end of the day, what we really want is to push everything that has to do with the consumers and everything that has to do with the customers into the markets. We cannot drive execution from Vevey, from the Lake of Geneva when it comes to the Philippines, when it comes to Mexico. that needs to be in the market. What we will take above market is anything that needs to be at scale, and that makes sense that we do it the same way in each and every market. Like, for example, content generation. Like, for example, how do we run end-to-end workflows that makes sense that we run those the same way in each and every market that we are operating. For example, science or technology-led innovation that single markets can just not do. Those will be done from a central level. Then on culture that you asked as well, Tom. On culture, there is definitely more competitiveness that we need to do. Nestlé, we have been losing market share for a long time, and that for me, it's just not acceptable. Losing market share might be a great excuse, and it's always an excuse if you're the leader. If you have high market shares, there's only one way down. I just don't accept that. If you accept that losing market share is okay, then you accept to be losing. That's not okay in our business. We need to be competitive. That comes obviously through a focus on innovation, a focus on better marketing. Also how we measure people in the company has changed in terms of really measuring outcomes and making sure that delivering those outcomes leads to excellence. Target setting is important. That is also how people progress in the company. In three years' time, what your question is, Nestlé should be a company that is more focused. Nestlé should be a company that is more agile, more innovative, definitely a better marketer, and d elivering value to consumers and obviously then also shareholders. Great. Thank you, Philipp. One of the aspects of change, which to me seems fundamental, is this pivot towards younger consumers— Yeah. Both in your product launches and in your marketing. Yeah. Why was that needed? Why did that have to be something that was a need to focus on that? What does best-in-class marketing now mean for us? Yeah, what's that look like? Obviously, brands age with their consumers. If you look at some of our brands, definitely there is a need to rejuvenate those. All of our brands have that capability. Take Nescafé, for example, is a brand that obviously the consumer base has aged, but as you innovate into that space and as you communicate around that space, you can rejuvenate that and bring young consumers back into the franchise. That means innovating into the space like we have done, for example, with Nescafé cold coffee concentrates. That is a space that younger generations take up and actually experiment and rebuild their coffee favorite coffee beverages at home, but it's also how we communicate. It's more digital, it's more through influencers, and it's more modern and it's more organic in a sense. It's not a big TV campaign and you just do that the same way everywhere. While we think about that, we are also upgrading our marketing muscle and our machinery around marketing. I've been very vocal to say we're not the best brand builders out there. When we say we're a company that is consumer-driven, we want to be a company that actually drives consumers and drives trends. Hence innovation needs to do that. Innovation, when you think about it, rejuvenating innovation is the one that creates new spaces to tap into within your categories. It is a space where you drive new excitement, bring new consumers in, like we have done, for example, with Dua Lipa on Nespresso. That engagement brings in new, younger consumers to the Nespresso franchise that had never, ever thought about engaging with Nespresso. That is how we think about marketing. When we look at what marketing really needs to do is we're just not known as the best brand builders in the industry, and we need to become the best brand builders in the industry. That has to do with using data, using AI, using great content, really building that muscle. This has to do with bringing in new talent. I would say it's a soft metric, but really we will get there when we will be having a struggle to hold our marketing talent back because they're being poached by competition. Today it's not the case. We're building that as we speak. Maybe some of you have seen one of the good examples is what we have done with KitKat in the past few weeks with that truck that has been stolen, and you have seen it was a huge digital viral campaign. That is how marketing should be. It should be more entrepreneurial, it should be more organic, and it should be much faster to really be able to set trends and not only to follow trends. Okay, thank you. Perhaps we can dig a little deeper into the growth platforms— Yeah. That you outlined. You state that the growth platforms account for about 30% of sales. Maybe if we start on coffee and pet, which together in total account for about half of group sales and operating profit. Yeah. In coffee first, I think many were concerned that some of the growth drivers, like cold coffee, weren't being captured by yourselves, and perhaps some might see it as a stretch of how do you go from a cold coffee RTD to buying a Nespresso machine? Yeah. What have you done within coffee to reinvigorate the growth? Obviously Q1 was strong, but do we need to see pricing come down to see that continue to be strong? If you take a step back on how we decided to drive growth at Nestlé is this growth platforms that you alluded to. We decided that we have growth platforms that are structured in a way that there's underlying higher growth there because they tap into existing consumer trends. One of them is cold coffee, for example. Across those platforms, we have great brands, great capabilities, science and technology-driven innovation, and also good execution muscle in the markets. Those platforms are 30% of the group sales, and they should be driving high single-digit growth. One of them is cold coffee. Cold coffee you have to see as a platform. What we have done there is really not only having a single innovation that we drive forward, but the whole platform is interesting. In coffee, as we have the three best brands that you can have in the industry in terms of coffee. We have Nespresso, we have Starbucks, and we have Nescafé. Across those brands, we're building out the cold coffee platform. You have executions like the coffee concentrates that we have launched under Nescafé, but also under Starbucks. We have launched some products that are soluble, that are designed for being soluble in cold water, so you can do cold coffees at home. We have the designed capsules for Nespresso that are flavored, that you can play around with and really drive cold coffee. We have ready-to-drink coffee that we're rolling out across the globe through different brands. We are expanding need states in coffee. A few years ago when I started in coffee, coffee was a hot beverage that would wake you up in the morning. Today coffee has become a very varied way to play around. You compete with indulgent desserts, as you do with refreshment on the other side or energy on the other side. We have just launched, inspired by what Starbucks is doing out of home as well, refreshers that are colorful, that are fruit based and have a green coffee concentrate base. Coffee has become a real playground to expand need states and that is exactly what we're doing across all of those brands. Hence coffee is a place that I see long-term structural growth. You have seen our RIG was 3.5% in Q1, which was strong. On top of that came pricing. We were able to drive that RIG despite double-digit pricing in some of the markets that we have done. Coffee prices are coming down now. I believe that driven by innovation, driven by good execution and the power of the brands that we have, we will be able to drive RIG while still capturing some opportunities that we still have in terms of pricing. The portfolio helps us actually to be able to cater to any consumer that is out there, from very premium to very affordable, great coffee cups. I don't think that we will have to wait for prices to come down for volumes to pick up there in coffee. Okay. Thank you. Perhaps on pet care, maybe you could start with highlighting some of the trends we're actually seeing, because it being one of those that has been perhaps held back over the last few years. Maybe just looking U.S., Europe, and EM, is that a better backdrop to be putting investment into now? Yeah, no, absolutely. Pet is another great category for us. Absolutely, there's good structural growth. I'll go a little bit into the growth drivers across the category and then we can go into some of the geographies you mentioned. In terms of structure, pet adoption is still there. We are leading the cat segment, and we're number 2 in the dog segment. Dog is a place, I would say it's stable. There's still pet adoption coming in, but what happens there, what you see is that households that have several pets or had several pets, they're not replacing the number 2, number 3 when it dies. That's sort of coming down, but there's still pet adoption coming in. You have a trend to smaller dogs in general. We have seen also pet coming back slightly, but it's definitely a place that there's less growth versus cats. In cats, we have seen good structural growth in cat. We have been capacity constrained in cat for a long time. We're building capacity back as we speak, specifically in the U.S. Cat is a growing segment. Cat adoption is up. As people go back to work, cat is just an easier animal to hold at home. Cats are growing in that sense. We like cats a lot because cats are also picky eaters in a sense, and so you need more science technology to actually cater to that successfully. We see generally three trends also when it comes into pets. In the world you see less babies and more pets, so that's just an overarching trend, and that's true. People look for companionship and if you have people that get older and are more lonely also, they look for pets and cat is always a good companion there. You see a trend that helps us a lot as well. If you look at how our portfolio is structured, we play in the premium segment. There is this personification of pets, and they're part of the family and people are actually making the extra effort to treat them well and to spend extra money on their pets. That's a trend that helps us as well. If you look at it in the U.S., for us, we're building back capacity, as I said. That will also enable us to drive innovation that we have not been able to do because we were capacity constrained. Also, some more promotion as that category comes down from a very high inflation-led period into more normalization. In Europe, we are much more skewed towards cats and we were not capacity constrained and growth is doing just fine. In emerging markets there's opportunities, same as I said before on pet adoption, but also there is what we call caloric coverage, which is the percentage of the food intake that a pet takes through pet food is very low. Look at it through a lens of penetration or frequency of consumption. Those trends will lead into that and we're investing into emerging markets where we see pet adoption and the opportunity coming up as well. That is also skewed more towards cats, especially in Asian markets. Okay, thank you. Perhaps one adjacent area or an area within pet that you’ve previously highlighted was therapeutics— Yeah. And supplements. What is your scale in therapeutics supplements and is that somewhere you'd expect to be allocating a bit more capital? No, for sure. Through [crosstalk] Pet therapeutics is one of those growth platforms I was alluding to before. These are highly specialized products that we normally sell only through veterinary channels, so highly specialized. Normally when consumers go there, their veterinary would prescribe that product to them. The brand that we talk about is Pro Plan. We have that on cat and on dog. Normally that becomes a lifelong subscription, so people would not change that out if they're happy with those products. Those are products that piggyback from our science and technology backbone from the nutrition division that we have. They're really smart in taking some of those benefits that R&D comes up with into pet food, into driving pet food with health benefits, but also healthy longevity, weight management, all these kind of, even memory management, et cetera like that. These benefits. What's interesting there is how do we invest into that? It's obviously classic marketing, but how you grow that area is actually putting more boots on the ground in terms of sales force because you need more people visiting more vets and more vet clinics to actually drive the leads to be able to then have them talk to potential customers that are considering or already bought a pet to give them Pro Plan. It's highly specialized, it's premium, and it's scientific products, and we believe we have an edge there, and we're going to invest there. It's high growth. Okay, thank you. If we put coffee and pet care together, how confident are you that either or combined together can outperform staples overall, would you say? I think both. I'm very confident both of those. Both of those have an underlying growth of 3%-4%, if you ask Euromonitor, I think we will on both of those categories will be definitely growing at the upper end of those. If we accelerate, as I said before, through growth platforms like, for example, soluble coffee in emerging markets, cold coffee, portion coffee in the U.S., those growth platforms, they grow high single digits. Some of them grow double digits. We will definitely be able to elevate that growth rate. Same on pet food. They're skewed to a premium segment. We do not play in mainstream or economy in pet food. That is growing faster. Our premium portfolio grows faster than economy and mainstream, again underpinned by additional investments, additional growth in pet therapeutics for example, but also wet cat food, where we see a really strong structural growth. We will be able to outperform the market on both of those. I'm confident long term on both pet and coffee. Okay, thank you. Looking at nutrition now, which in your presentation was the area you put the highest potential growth rate on of category growth of 3%-5% at the full year. It's not been running at 2% RIG. No. We are, as you stated, seeing pressure on birth rates. There is the impact of the product recall this year. Maybe to begin with, you could cover off, are you seeing any lasting impacts of the recall? I guess the category overall hasn't done quite as well as you might have expected, given the pivot towards health and wellness, and perhaps why is that in your view? What's the opportunity? Look, first of all, on the infant formula recall, that's one of the things that should not happen in our industry. We definitely have to get better, that's very clear. The learnings are there. We're working on those. What we have done really well is to get the product back on shelf and to reestablish confidence and trust with consumers, healthcare professionals, hospitals, associations, et cetera. That is what we're doing. I do not see a long-term impact on the brands. The category is also such that it recruits every day. Every day you lose consumers because this is a category where consumers normally are very short, depending on how many children you have. For one child, normally it's between six, seven, eight months they're in that category. You get out of the category. You don't consider it anymore. New mothers with their babies come in every day, that is what we are rebuilding now. Having been off shelf for some time, you lost a cohort of babies that you take through that product range, we're rebuilding that. We're tracking it. We're seeing that nicely coming back, we will be back full recovered by the end of the year, for sure. We're also investing in the brand in terms of bringing influencers, healthcare professionals into our factories to show them our capabilities in terms of safety and quality, obviously, we're investing in behind marketing campaigns, behind the brands that is highly science-driven, we invest in innovation. That should come back, but then again, you said it, you go into a place, there is lower birth rates, and so there is less growth in infant formula. Where I'm excited about in the nutrition space is really adult longevity space, health in general. You have seen we have brought together the Nestlé Health Science and the Nestlé Nutrition divisions, and that is not a move to drive efficiencies, et cetera, but it's a move to really unlock growth. We were having two divisions that were playing on the same field, so two divisions playing on protein, two divisions playing on fiber, two divisions playing on creatine, for example, and there are plenty of brands that we had under Nestlé Health Science that are only U.S.-based, and we never managed to leverage those across the borders into Europe. Think about brands like Orgain, that you would know if you live in the U.S., but you would not know if you live outside the U.S. Vital Proteins is a fantastic brand that has much more leeway and much more growth to go. We have these capabilities that we bring together, joined up R&D capabilities, joined up muscle in terms of execution, and then we have beautiful businesses that already drive high single-digit growth, like medical nutrition, for example, that are really highly science-based and are very specific to post-cancer treatment or during hospitalization, what can you eat? Those are tube-fed but also can be normally ingested, and these are highly specialized products where we can really make a difference. Long term, despite lower birth rates, I see the nutrition space being an exciting space for us to innovate, and this is the core of what Nestlé actually is about. It's about regaining that space, and I believe we can grow that at the upper part of that range. The category growth rate. Okay, thank you. Well, you're giving yourselves the funds to invest. You're generating CHF 3 billion of cost savings by the end of 2027. Yes. In 2026, you'll have perhaps the most significant incremental funds to spend. It must be good for the business to be proactive rather than reactive, I guess, as it has been potentially in the more recent history. Is it just as simple as giving people more money and spend on A&P and seeing the growth? What's the kind of oversight, and what's the level of returns that you're expecting to see? Yeah. It's not as easy. What we do is, the efficiency generation is an important part of the program because efficiency generation enables us to actually take additional funds. This year, it's going to be CHF 600 million of additional A&P funds, if you want like that, to be reinvested into those growth platforms to really drive those to high single-digit growth. That's important. It's not about putting those savings through to margin recovery. Margin recovery for us come through driving RIG-led growth. It's a function of driving the growth, which is really important. Once we have that money, we deploy it onto those growth platforms. This is done obviously through smart and discerning target setting, which is important. In the past, Nestlé would set targets, and everyone would get the same target, exactly the same target, which would maybe be right for your business, maybe would be wrong because you would then not lean into driving some of those growth platforms because they might be dilutive at the beginning. You need the right target to be able to lean in, and then you need the right funds to put against, and we're tracking that. We're tracking that as an executive board, and obviously we then take decisions where we say there's spaces you could invest more and get more growth. Great, we do that. There is a space that actually something is not doing right, and we don't see the growth coming through. We shift that money to somewhere else. It comes obviously with the money we give you, but it comes with an ask that you deliver against the promise. Also what we have done at Nestlé, which helps a lot, we have focused our media spend, for example, from 400 brands that would get media to 100 brands. You can say that's still a lot, but we have over 30 brands that have more than CHF 1 billion retail sales. They need media. Some other local or regional brands that are big enough to support media. Media campaigns need to be sufficient, and they need to drive some results, and spreading the money thinly has not turned out as being a good investment. We concentrate those additional funds on less businesses. We concentrate those additional funds on less campaigns, and get a better ROI on our marketing spend. That doesn't mean that the 70% of the core business, that we call core business, doesn't get anything. They will still get money to drive promotions, to drive some innovation, but they will just not get additional funds that come from those efficiencies to drive additional growth. That 70% needs to grow at cruising speed of those categories. Yeah. That is how we attach some strings to those additional funds we give out to markets. Okay, thank you. If we look at the external cost environment, we've been seeing coffee come down, you're seeing things like energy obviously go up. What are the overall raw material dynamics for you currently, and does that at all affect the net cost savings that you can make? Should we expect some pricing across categories in H2 into next year? Yeah, that's a big question there. If you take a step back and look at our cost structure, 2025 was highly impacted by increasing coffee and cocoa prices, at least for us. That has somewhat come down. You have seen cocoa prices come down, you have seen coffee prices come down somewhat. If you look at 2026, for us, net-net, commodity price or input cost is actually favorable. If you compare to 2025, and so that's why we have said you should expect 2026 margin to be higher than 2025 margin, and sort of improving through the year as those better costs on those two commodities are coming through. Now you have obviously some inflationary pressure from other places like the Middle East crisis, that we will still have to see. We are hedged, so through H1 we are hedged, and some are hedged larger, some are hedged a little bit shorter. We will have to see how those inflationary pressures come through, and then see what that means in terms of pricing that we need to do. That's going to be different. It's not going to be we're going to increase prices just like that. When we do pricing at Nestlé, we take this really responsibly, so it's really done market by market, category by category, depending on competition, depending on the consumer, depending on our capability as well. This is a muscle we have really built during the last years because we have had several rounds of price increases, it's not about just increasing the list price, it's about using price pack architecture, using our portfolio to drive the mix into the right direction and really drive it in a smart way to make sure we take consumers along and don't lose consumers just because we increase price too much. Where we see that we increase price too much, we go backwards and make sure we correct that because it's much more expensive. It turns out to win back consumers once you lost them, and they walked away because your price- value equation was broken. We take that responsibly, but we take price where we can take price, and we give back price where we need to give back price. That equation has worked so far, and the muscle is a strong one that we have. In terms of the conflict in the Middle East, is that something that's at all affected the supply of any key commodities? Is that affecting any demand, either in the Middle East or the emerging markets, which might be affected by energy prices going up? Yeah. In the region itself, the region itself is about 3% of our sales. We have not seen a lot of demand changes there. The team is really resilient. This is a really resilient team. They're based in Dubai, they're basically in that region, which is the whole Middle East. It's constant crisis. They're really good at managing that. They have resilient supply chains. We have resilient supply chains everywhere because we normally produce 90% of what we sell locally. We have really strong relationships with suppliers, et cetera. We have not seen disruption in the region itself. Obviously, if you take a step back from that conflict, you will see there is a risk of having supply disruptions or physical supply disruptions, which I don't see a big risk for Nestlé, to be very honest. As far as I can see, again, back to that local anchoring of supply chains and strong relationships where scale is important. There is obviously the consumer, and that we'll have to monitor carefully. We have not seen a big shift so far, but as you mentioned, some emerging markets, definitely in markets where fuel prices and fuel has a bigger share of wallet of people react. For example, in the Philippines, you see consumers staying more at home. They will not take transport or their vehicle to go to the office or working from home, shopping closer to home, eating more at home. These are all things that although it'll suppress some of the growth, but this should all lean into our portfolio and enable us to gain market share in those markets. Because when people eat at home, and when people shop closer to the markets, that is where we are present, and that is where our brands play a role. Again, this is a playbook that we have played many, many times, and we are good at that. Normally in those moments, we gain share. You have the other pressure, which is more input cost pressure. When you have beyond fuel, packaging materials for the secondary effects of packaging material, fertilizer cost increase that will have an impact, not this year and probably started to come in next year. There will be an increase in input costs, depending on where fertilizer ends up in terms of cost. You will have that, and that you have to put in the scale when you think about your margin. Again, where we can increase price, we increase price where we can increase price, and then we're also always driving efficiencies that will also help us further offset some of those shocks. It's something we monitor really closely, especially the consumer part, because this can change quickly. I believe with the portfolio that we have and the capability that we have to price correctly, and also have the right product assortment, we should be well equipped there. Okay, thank you. Well, perhaps in the time that we have left, we can pivot towards AI. Sure. The use of it within Nestlé. If you look at the investments that you've made so far, what areas are you making those in? Is that more in cost savings operations or demand creation? Look, it's definitely both. It definitely was a shift from using AI to drive efficiencies and to disrupt some of the processes into how do we actually make sense of everything that we have and pivot to drive growth. That's exactly what we're doing. We're connecting. We have a really strong database. 20 years ago, Nestlé put one ERP into the whole company. We have over 90% of the business run through SAP, and that gives us a really strong, unified database, and we're really data rich in that sense. What's now up is to use AI and to really drive those end-to-end workflows, making sense of that data foundation to really make sure we have the right data foundation to use AI to actually accelerate the business and to drive processes more uniformly and more efficiently, in a more agile way, using above- the- market shared service centers. AI is enabling that internally, really connecting the data and making sure we can leverage that, not only to drive efficiencies, we'll do that as well, but to take better decisions, to spend time on those things that really make a difference in driving the business forward and generating growth. It would be very interesting to hear your observations on the use of agentic AI. Yeah. Either on the side of— Yeah. Procurement by retailers or on the side of product discovery by consumers. How do you see that impacting your business? Yeah. It's going to be a big impact. It's a big change. If you think about it, so two aspects to it. Retailers are using it obviously to make a better consumer experience for their shoppers. Shoppers are using it to purchase goods and products, and I think we have an advantage there. If you think about agentic AI or LLM as a new consumer, because if you would do marketing in the past or still, you would think about film, visuals, influencers. A person would respond to that and engage with the product or the service. LLMs don't react to visuals and don't react to that kind of impulse, but what they consume very fast and very efficiently is huge amounts, vast amounts of data. That is what we have. If you think about the advantage that I see for large companies like ours is, we have tons of scientific literature and scientific information on our products. We have all of the information, how it's sourced, where it's sourced from, how it's produced, where does it come from. All of that information you can actually use to have LLMs consume that, and then playing it back to consumers that ask an LLM, "What's the best chocolate? And buy that for me," or sustainable chocolate, whatever. You have to make sure you're in the right space there. I think the information we can put out there is definitely there. We have products today in how we produce them. We have products that have birth certificates. Each and every product that comes out, so for example, think about coffee pods, that has a unique code on it, and you know exactly what the machine specifications were when it was produced, what is the input that went in. You have all of that information that can be actually consumed by LLMs and inform the consumer better. I think agentic, if you look at retail as well, that's maybe a dream, but going forward, as we deploy agents and our retail partners deploy agents to make the experience better, in the future, I believe, and we're testing that at low scale, but that's going to come that those agents actually, they will work together to work for a better assortment, for a better consumer experience, for a better supply chain, for a more efficient supply chain, to making sure the promotions are executed the right way. Those agents should and must, at some stage, work together, especially if some of our retail partners will share the same data platforms. That will become the common way of working, I think, going forward. We're testing that using our relationships with our technology partners as well. Well, thank you. It's fascinating, and obviously going to continue to be ever more important. It will. We're unfortunately running out of time. Philipp, thank you very much indeed. Are there any closing remarks you'd like to make about Nestlé's potential? Look, very quick. What you would have heard today and what you'll hear me say is our actions are starting to work. You've seen a strong Q1 so far. These are early green shoots, and so there's still much to do, but actions are working. We have a clear strategy, that we're deploying clear priorities and we're really focused on RIG-led growth. I think that is what the team is focused on and what we are relentlessly following. We are accelerating our execution in the markets, but also everywhere that we can. Execution is important, so we need to execute that strategy. Our performance is improving, so expect some of the actions that you have seen, focus on less priorities, but priorities that really can make a difference and accelerate the growth rate of the company. Expect the company to grow and create value for the consumers and obviously you as our shareholders. Very well, Philipp. Thank you very much. Thanks, Tom. Thank you very much. Always a pleasure, and thank you very much.