Good morning, and thank you for joining us today as we announce the Group's full-year results for 2024. I'm Damian Sanders, Chief Financial Officer at THG. I'll be sharing some highlights and key achievements for the Group through 2024. From there, I'll walk you through our updated strategy and medium-term financial priorities, which reflect our renewed focus as a leading health and wellness consumer brands group. I'll then hand over to Matt Rothwell, our Deputy CFO, who will provide a detailed summary of the Group's financial performance for 2024. After that, Lucy Gorman and Neil Mistry will take us through the performance of their respective beauty and nutrition businesses. 2024 was a monumental year for the Group as we reached our 20-year milestone. The Group now comprises two market-leading businesses, and we served over 40 million customers, with more than 50% of revenues coming from overseas. Through a focus on profitable sales and portfolio rationalization, THG Beauty delivered growth in its home markets and achieved EBITDA margins above our medium-term guidance of 6%. THG Nutrition made progress with its omnichannel strategy, working through its brand repositioning to diversify its revenues across new categories and markets. This was against the challenging backdrop of record-high whey prices and short-term disruption to our online performance. We took decisive action to exit loss-making categories with a focus on margin preservation and strategic alignment within the Group. When assessing the benefits to both the company and shareholders, we took the decision to transfer to the ESCC category of the official list of the LSE, allowing inclusion in the FTSE UK Index Series, which specifically resulted in our inclusion in the FTSE 250 Index from last month, which is expected to improve passive investment flows and liquidity. We successfully demerged THG Ingenuity, which remains a key supplier to the Group. Finally, we reduced gross debt, secured a long-term capital structure to December 2029, whilst reducing leverage and giving us a solid platform for sustainable growth in 2025 and beyond. Whilst it's early on in the year and the challenging macroeconomic environment remains, we are maintaining our revenue guidance for the year at mid-single-digit growth. With the demerging now successfully delivered, we thought it would be worthwhile to refresh on the Group's strategy and medium-term financial priorities, which will guide us through 2025 and beyond. Our strategic priorities consist of building leadership positions in core territories and categories, delivering innovative and relevant products to global consumers, developing our active customer base and driving loyalty, and enhancing brand equity through D2C channels. Within this framework, both beauty and nutrition have their own objectives and growth targets, which we will discuss later in the presentation. Our medium-term financial priorities comprise revenue growth, and over the medium term, we aim to deliver sustainable mid-to-high single-digit revenue growth across the Group. Growth will be driven by growth in existing markets and categories, increasing digital and app adoption, and selective new channels. Secondly, market share growth in key territories, including home markets U.K. and the U.S., and selected European and Asian territories, where we aim to grow our share and authority. Thirdly, Group-adjusted EBITDA margins of circa 9%. As we have refined our model to focus on higher margin products and territories, we aim to maintain the current margin performance of beauty while supporting demand generation and recover back to our target nutrition margin of around 12%. Through prudent cash management and financial discipline, we aim to improve free cash flow generation with the recent completion of our debt refinancing, demonstrating the strength of our balance sheet and substantial liquidity access until at least December 2029. The demerging of THG Ingenuity has been a key milestone in THG's journey, marking a major step in simplifying our model and sharpening our strategic focus in our large addressable markets. Here, we can see the impact of the demerger, comparing the Group's position before and after for the full year. Looking ahead, we believe this simplified model puts us in a much stronger position to deliver consistent free cash flow. We maintain our guidance of mid-single-digit revenue growth in 2025, underpinned by confidence in prestige beauty demand across key markets and the return to growth in nutrition delivered in Q1. The EBITDA progression is supported by a leaner, more efficient cost base and improved inventory profile, continued execution of the beauty strategy, and a second-half-weighted gradual reduction from current whey prices, reflecting new global manufacturing volumes of high-concentrate whey protein entering the market. The demerger has provided the Group with an opportunity to look at cost rationalization and further operational efficiencies. Whilst we will deliver in-year savings, these will be partially offset by the impact of National Insurance and minimum wage. Alongside this, we continue to monitor the changes to U.S. trade policy and reciprocal actions. Whilst our exposure to tariffs across the Group is expected to be less than GBP 1 million pre-mitigating action, market uncertainty and the unknown knock-on impact on consumer demand factors may influence the second half of the year. In the U.S., where THG Nutrition manufactures locally and sources the majority of raw materials domestically, tariff impact is minimal. Less than 5% of nutrition revenues are generated in the U.S., and key inputs like whey are U.S.-sourced for products made there. For THG Beauty, around 20% of sales in the third-party retail business come from the US, primarily through Dermstore, which features largely U.S.-based brands. For our own brands like Perricone MD and Biossance, componentry imported from China for manufacture in the U.S. represents the only notable non-domestic input, with alternative sourcing options available. Over the medium term, EBITDA margins are expected to be consistent with historical levels, with significantly improved free cash flow as a result of reduced capital expenditure and lease costs. With that, I'll now hand over to Matt, who will take us through the financial performance for 2024 in more detail. Thanks, Damian. I'm Matt Rothwell, Deputy Chief Financial Officer here at THG, and today I'll be covering the Group's financial performance in 2024. That will be including revenue and margin performance for the Group and each of our businesses, a cost overview and where we've delivered efficiencies, cash flow progression, and an update on our debt profile following our recent refinancing. Today, I'm going to be focusing on the numbers on a go-forward basis, with the Group now consisting of THG Beauty and THG Nutrition. Together, these businesses reported revenue of nearly GBP 1.7 billion last year, and of this, around GBP 1.1 billion was from beauty, with the remainder being THG Nutrition. Beauty delivered a strong performance with progression across our retail and owned brands, resulting in year-on-year sales growth of 3.3%. Nutrition had a more challenging year. Following the rebound, which commenced at the latter part of 2023, old branded stock was cycled through, resulting in average selling prices being temporarily depressed. These took longer to recover than anticipated, and when coupled with the challenging Asian market, it hindered our online revenue growth. Offline sales saw strong growth, though, and I will touch on this more later. As we move through the second half, there were meaningful signs of recovery, and we are pleased to see this continue within the first quarter of the current financial year. As Damian mentioned, in 2023, the Group announced its intentions to exit loss-making categories and territories to support improved cash generation. In addition to these discontinued categories, several small non-core brands and products were exited during financial year 2024. Given the size and complexity of the Group, these exercises continued into 2024. These losses will phase out in 2025, but Group revenue growth will reflect the removal of these non-profitable sales, while simultaneously strengthening market position and supporting positive cash flow. As we move through the P&L, it is clear that our two principal businesses saw contrasting performance in 2024. We delivered a gross profit of GBP 704.8 million, with margins of 41.7%. Input cost inflation in nutrition weighed on margins. However, our well-executed strategy of prioritizing higher margin territories and balancing promotional strategies in beauty helped offset the full impact. Distribution costs, a sub-percentage of revenue, improved again as we benefited from both efficiencies across the distribution network, as well as territory mix generated by deprioritizing categories that generate lower profits and those that are generally furthest from our distribution facilities. While administrative costs reduced on an absolute basis, they increased as a sub-percentage of revenue. This was mainly due to investment in marketing, offsetting a managed reduction in salary and overhead costs. Against the inflationary macroeconomic backdrop, we are pleased that costs were managed well, with only a small level of investment, with payroll an area of focus to keep leveraging over the next few years. This is an area we have identified where further efficiencies can be made, in part due to the simplification of the Group post the demerger. Overall, the Group reported an adjusted EBITDA of GBP 92 million, or GBP 123 million, on a continuing basis pre the demerger of Ingenuity. As we move to our largest business, THG Beauty, we're extremely proud of the progress made, in particular the substantial margin improvement. From focusing on profitable customers and regions, beauty achieved an EBITDA of GBP 80 million, with margins up 310 basis points to 7.2%, achieving our medium-term target. Lastly, we took the decision to withdraw from cosmetics and masstige from owned brand beauty. The decision was made in order to focus on growth opportunities in prestige skincare, spa, and specialist products moving forwards. Turning to nutrition, the overall revenue decline was primarily due to a one-off reduction in average selling prices driven by elevated online promotional activity to clear legacy branded stock during the rebrand. With the rebrand now complete, average selling prices are steadily recovering. The impact was limited to online sales and we're seeing positive momentum building month on month in quarter one of 2025. While online sales declined, offline channels saw huge growth driven by B2B resale and licensing. The rebrand has been a key enabler to unlocking the vast offline opportunity, and we've seen growth through existing accounts in addition to new listings across the U.K. and internationally. Our offline products are typically less weigh-intensive, with margins offline broadly consistent with the overall nutrition business. Our omnichannel strategy will be covered in more detail later in the presentation. Category expansion has been an ongoing priority, and we're seeing healthy demand in areas outside of our core protein categories, including vitamins, hydration, and clothing. This again helps to reduce the commodity exposure across the business. Alongside new product development and offline market expansion, the business is well positioned for return to sustainable revenue growth and continued average selling price recovery. From a margin perspective, record high whey prices and exchange rate movements presented headwinds and cost pressures throughout the year. In light of this, our pricing strategy in Asia was adapted to defend margins. During the second half, we've entered into a co-manufacturing partnership in Japan in an effort to hedge the currency. As volumes increase, we should have more margin to play with to support demand generation and new customer acquisition. Turning to cash flow, here we have presented a summary on a post-demerger basis. Capital expenditure and lease payments illustrate how transformative the demerger is for Group cash generation. We expect these lower levels of cash and lease payments to remain relatively stable moving forwards. The Ingenuity distribution was made on the 2nd of January this year, resulting in an inflated cash position at the year-end of just under GBP 400 million. A key driver of the demerger was to leave the Group in a position to refresh its balance sheet and lower its gross debt. Therefore, in March of this year, we were pleased to announce the refinancing of our long-term debt. The transaction saw our Term Loan B reduced from EUR 600 million to EUR 445 million, and it was extended to December 2029. A partial repayment of our Term Loan A and the EUR 155 million of Term Loan B were both repaid through a combination of cash on balance sheet and a founder-led equity contribution. Furthermore, our undrawn revolving credit facility was extended from May 2026 to May 2029. As a result of the refinancing, net leverage has dropped from 3.2 times to 2.2 times. As you can see from the slide, gross debt is anticipated to reduce further by the year-end, and with future cash generation, the Group can progress towards a neutral net cash position. Now for a brief overview of the first quarter performance for this year, which our Group Chief Executive will provide more color on shortly. Overall, the Group recorded sales of GBP 371 million on a continuing revenue basis. The phasing of Easter, together with an extra trading day in the prior year, impacted sales performance in both businesses, but had a more pronounced impact on beauty at circa 300 basis points. In addition to this, beauty had a challenging comparative against Q1 2024, where trending brands, which are hugely popular, have now softened. This, alongside the scaling back of our presence in certain European territories and a shift in our Asian model, impacted revenue growth, albeit the two-year sales performance was consistent with the previous two quarters. Nutrition delivered month-on-month progress across the quarter and exited Q1 in growth. We are now confident the business has turned a corner in its strategic development. Alongside this, our offline channels continue to perform strongly, with momentum also being made in the U.S. with further strategic listings with Walmart, GNC, and The Vitamin Shoppe. Myvitamins and MP Activewear had standout performances with double-digit sales growth year on year. Overall, the start of the year, and in particular the last six weeks trading, is where we need to be to deliver and achieve our mid-single-digit revenue growth guidance for the financial year. I'll now pass you over to our business CEOs to share with you the strategic progress made across their respective businesses. It's one of my absolute makeup holy grails. There's not much more that a girl could ask for, really. I've shopped on Lookfantastic ever since I was a teenager. It's just such a refreshing and light summer scent, and it's just perfect. You cannot give me a better compliment than telling me that I smell nice. This is my go-to for any kind of special occasions. It's my one-and-done hair product. Most loved by us and most loved by you. Good morning. I'm Lucy Gorman, the CEO of THG Beauty. Today, I'll be sharing a summary of performance through 2024, touching on our strategic progress, our customer proposition, and how our audience is responding. We are really pleased with the standout performance we delivered in 2024. We've successfully continued to execute our market prioritization strategy, focusing our efforts on profitable customers and regions, with these efforts coming to fruition with mid-to-high single-digit retail revenue growth in our key home markets. Through concentrating on higher margin sales in key territories and across key brands and products, we have focused on how we deliver value to customers outside of price through product curation, educational content and recommendations, and a market-leading delivery proposition. Over the past 24 months, we've made targeted improvements to our operating model, specifically across marketing strategy and portfolio management. This has resulted in stronger customer retention, increased order frequency, and enhanced lifetime values. Dermstore has maintained its authority in professional skincare in the U.S., with brand consideration and preference up 11% and 17%, respectively. Perception has also improved on how we educate consumers on skincare and offer the best skincare brands. We achieved a record cyber performance with all categories in year-on-year growth, and across the U.K. online beauty market in Q4, Cult Beauty and Lookfantastic were the only two participants to grow their brand share of search, strategically important as we consciously shift our marketing efforts to a brand-centric approach and endeavor to become less reliant on price in the long term. A strategic milestone in our omnichannel evolution was the opening of our first standalone Lookfantastic store, offering consumers the option to discover products and beauty services in a fresh and immersive environment and giving us further opportunity to engage with our community in real life. Our conscious decision to target marketing investment towards more profitable territories and products has led to a modest reduction in active customers, whilst we focus on a mix which delivers greater profitability per order. This was fully expected, with underlying trends and customer health all supportive of our strategy. Our key measures remain very stable, with revenue from returning customers and average order values all improved. We've continued to see growing participation from our app customers, with app users typically spending more per order and shopping more frequently. Our app allows for greater levels of personalisation, which ultimately encourages product discovery and increases retention. We're leveraging tech advancement to further enhance our customer journey and drive deeper personalisation, creating seamless and engaging experiences that will ultimately strengthen brand loyalty and drive growth. We see this as a rapidly developing area that will shape the future of online beauty retail. Our regular research and sentiment surveys help us to continually define and understand our customer base and what matters most to them. Across our three distinct retail destinations, we pride ourselves on providing customers with a best-in-class curation of brands, from the established houses to the specialist and emerging brands. Each of our sites, Lookfantastic, Cult Beauty, and Dermstore, has its own distinct identity and personality, which plays to how we engage with our diverse audience of beauty enthusiasts and the brands we partner with across each. We are investing smarter in where we can win, collaborating with proven partners and influencers, and leaning into categories where we underindex. This includes fragrance, where we continue to grow our category participation, alongside color cosmetics, where we have enhanced our range. An example here was the launch of Kylie Cosmetics, which led to a surge in social engagement and over a 100% increase in daily new followers on the day of launch. Prada Beauty was another recent prestige addition to Lookfantastic, alongside a selection of dermatological skincare brands. In order to establish and grow our position as a trusted authority within the industry, as well as differentiate us from other retailers, using our platform to share expert-backed advice, recommendations, and content remains a key focus for us. Aligned to this is how we use our platform to positively influence the industry and reflect ever-changing consumer values. Through the launch and rollout of our market-leading beauty packaging recycling scheme, Recycle:Me, we are incentivizing customers to recycle beauty and cosmetics products while raising our profile as a force for change within the industry. We've also partnered with green claim validator Provenance to provide consumers with increased transparency and information on purchasing decisions. As part of our focus on margin expansion, we took the opportunity to refine our own brand portfolio, concentrating our efforts on high-growth and innovative product categories. We've taken the decision to prioritize our skin and haircare brands. Our portfolio is now centered on largely vertically integrated categories, helping us to optimize margins and drive efficiency. Today, our key brand focuses within our own brand assortment are ESPA, Perricone MD, Biossance, and Christophe Robin. By concentrating our efforts on these flagship brands, we can focus our innovation resource and omnichannel growth strategy. ESPA is now available in 450 luxury spas and hotels around the world, and Perricone MD and Biossance listed in over 4,500 retail doors globally across premium department stores and specialty beauty retailers, where the consumer base aligns with our target audience. Product innovation continues to be a key pillar of our growth strategy. We were proud to see several of our brands recognized across the industry, with a number of accolades for Biossance, our newest addition to the portfolio. Looking ahead to 2025, it's important to pause and understand the market we're operating in and how we can use our strengths to fuel future growth. The beauty industry is on course to reach a size of over GBP 600 billion by 2027. We're seeing rising global adoption and continued momentum in online shopping, both helping to drive the growth of the e-commerce beauty segment. The premium segment continues to outperform mass beauty, aligned to our proposition, demonstrating where the most compelling opportunities lie. As we look to strengthen our position as a leading authority in the industry, this means deepening engagement across our social platforms, nurturing and growing our communities, and acting as a trusted source of education for our customers. This builds a compelling audience for our many brand partners and puts us front and center of new brands seeking a high-quality audience. Relationships with our brand partners have been developed over many years across our retail sites and key markets, and they are increasingly partnering with us as part of their own brand-building activities, with our growing retail media proposition providing a platform for growth and partner storytelling. Our priority remains to continue to endeavour to deliver customer value through loyalty scheme rewards, best-in-class service, content, and product discovery, ensuring our customers stay with us for the longer term. Our product vision, centred around refine, curate, and exclusivity, ensures we have a compelling portfolio and a category assortment that is optimized for growth. Our new business pipeline for 2025 is strong, with more than twice as many new brand launches already secured to launch this year, with an emphasis on trending K-beauty, premium fragrance, dermatological skincare, and first-to-market brands for our Cult Beauty trendsetters. We will continue to invest in our customer proposition and demand generation whilst balancing our three key medium-term targets: expanding our market presence and share in home regions, taking our active customer base back into growth, and maintaining EBITDA margins around 6%. I'll now hand over to Neil Mistry, who will take you through the performance of our nutrition business. No, no new year, new me. You're already the main character. You will live like everybody's watching. You will eat 5Ks for breakfast. You will prepare, fuel, and refuel without compromise, and you will feel yourself. Because this ain't about anybody else. This is all about you. Unlock your main character energy at Myprotein. Thanks, Lucy. Hi all. I'm Neil Mistry, the CEO of THG Nutrition. 2024 has been a transitional year for the business, and as Matt touched upon earlier, we faced a number of headwinds. Nevertheless, we made significant progress in developing our offline presence, which has laid the foundation for our return to growth in the first quarter. Developing an omnichannel experience to support the brand awareness has been fundamental in enabling us to enhance the long-term margin and growth potential of the business, further developing Myprotein's position as a global prominent active nutrition brand. Following strong retail expansion in the U.K. across major grocers, convenience outlets, and specialist retailers, we're now focused on scaling our presence in the U.S. This includes building top-tier relationships with key retailers such as Walmart, specialist stores like GNC and The Vitamin Shoppe, and taking a strategic approach to growth on marketplaces such as Amazon. Clothing has always been a key category for Myprotein and will play an ever greater role with the introduction of the new Mycon logo. Beyond its commercial potential, the category will serve as a powerful branding tool, and in Q1, clothing delivered double-digit growth. We're also launching our Myprotein apparel range in Decathlon, supporting the repositioning as a standalone category rather than just a basket add-on, a strategic move to enhance visibility and brand perception. Reflecting on the brand's evolution, we've expanded our reach beyond core gym goers to include technical performers and everyday lifestyle consumers. Our audience now falls into three key groups across both nutrition and clothing. The everyday impact-active consumer who incorporates protein, vitamins, healthy snacks, and supplements into their routine. Our discerning gym community seeking high efficacy. This is where our Origin range fits in. Hybrid and pro athletes. These are individuals with technical needs requiring advanced products to support endurance, hydration, and high-intensity training programmes. This customer will be supported by our Pro range. Supporting our target audiences, we've established and expanded our royalty model. We've carefully chosen high-quality partners in key territories. We've seen huge successes with our product partnerships through the year. Our 10-year Müller partnership continues to grow, with the range now available in all major U.K. supermarkets. Additionally, our partnership with Jimmy's Iced Coffee was recognized with an industry award. As we enter 2025, we do so as the U.K.'s most top-of-mind and most preferred sports nutrition brand, and we remain committed to broadening our appeal as an inclusive brand in nutrition, health, and wellness markets. The brand repositioning has enabled us to utilize both online and offline channels with exciting product ranges and partnerships. This has led to more touchpoints than ever before and enhanced our ability to benefit from trends and increase protein consumption. The response to the Myprotein elevation has been really encouraging. While these changes naturally impacted short-term revenues as the old and new branded products were swapped out, the positive response from online consumers and offline retail partners means we can now refocus on dialing up our innovation efforts from a position of strength as the U.K.'s most preferred sports nutrition brand. Through ongoing engagement with consumers and existing customers, we've seen a clear improvement in Myprotein's brand equity over the last 12 months and demonstrated effectiveness at guiding customers through the funnel to purchase. The rebrand has unlocked a range of opportunities to drive future growth. We're seeing an increased brand awareness, new partnerships with best-in-class category brands, and the successful activation of our six aisle strategy. With a renewed proposition and brand appeal, we are increasingly attractive to category leading partners where we can benefit from supply chain and product expertise. We are visible in more locations than ever before, across dairy, frozen foods, healthy snacking, and food to go. The breadth of this product range positions us to a wider audience and provides us with a comparative advantage, with more Myprotein products in the hands of consumers. Our ranges are now available in over 20,000 doors globally, with new partnerships announced this year across apparel and the expansive Asia retail market. The strategy has helped us complement our online business as it supports product discovery and welcomes a wider audience to the brand. Here we can see some examples of how we are developing brand awareness in the real world. We've been able to use our authority within the industry to partner with category leading brands and increase our reach. We're extremely proud to be official nutrition partners of HYROX, the fastest-growing fitness competition in the world. The partnership has strengthened our reputation in the performance space and is supported by our tailored range of licensed products that support athletes at every stage of their journey. Through licensing out partnerships, we're creating mutually beneficial partnerships where we can capitalize on our brand recognition and digital footprint to venture into categories where we lack the distribution or product capabilities. We're delighted to announce a long-term collaboration with dairy group Müller. Myprotein brings its protein credentials and the ability to reach an active health-conscious consumer, whilst Müller brings category credibility and access to a major portion of U.K. households. By expanding our B2B retail footprint, Myprotein has connected with a wider audience, enhanced its brand position, and been a powerful driver of product discovery. We'll continue to use our offline channels to grow our presence in key regions such as Europe, the U.S., and Asia. As a result of this strategy, more customers are buying Myprotein products than ever before, with new offline customers offsetting the temporary depressed online active customer levels, which have now stabilized in the first quarter. As a result of reduced ASPs, as all branded stock was cleared through, our average order value has now dropped through 2024. Meanwhile, app participation continues to grow, with app sales being shown to yield improved AOVs and lifetime values against web sales. Over the last 12 months, we've witnessed a number of trends develop within the industry and through society as a whole. We're seeing underlying trends of digital adoption accelerating globally. This, coupled with economic development in low-income regions, supports the future demand growth for e-commerce and sports nutrition. We're also seeing the rise of short-term media as an opportunity to educate the consumer, while simultaneously creating a new point of sale. With these market observations in mind, we set specific priorities for 2025 to ensure that we are capitalizing on the underlying trends and fueling future growth. These include utilizing our authority within the nutrition and wellness industry to leverage long-term trends in consumer health and drive demand for equality, value, and trusted education. Peel into the high growth performance and wellness categories and use further partnerships and innovations to elevate online and offline channels. Through the use of vertically integrated facilities and an enhanced localized approach, we aim to get products to market at pace and innovate within the industry. From working towards these priorities, we aim to achieve the following strategic outcomes: customer retention and acquisition improvements, enhanced brand equity and awareness, and a return to historic EBITDA margins. I'll now pass you on to our Group CEO, Matthew Moulding. Good morning, everybody, and thank you for joining us today. We are here to announce the Group's 2024 preliminary results and update on Q1 performance. There is already a lot of detail in the earlier presentation, and so I'll keep to the key messages. Despite a hell of a lively year on many fronts, I'm pleased to announce the Group delivered +1% revenue growth in 2024, giving us revenues of around GBP 1.9 billion. Even though whey commodity pricing significantly hampered nutrition margins, the Group still managed to finish 2024, delivering around 1% growth in continuing adjusted EBITDA to GBP 123.1 million. Throughout 2024, we stayed focused on driving growth in the categories and territories where we have a compelling proposition and a clear advantage. Following on from the demerger of Ingenuity, we immediately undertook the early refinancing of the Group's debt, reducing gearing, and putting in place long-term facilities to the end of 2029, alongside entering the FTSE 250. From an operational perspective, we've delivered meaningful strategic progress within both of our businesses. In beauty, we returned to sales growth for the year, delivering a very strong profitability performance, which led to us exceeding our medium-term EBITDA margin target. The strategic actions taken to focus on profitable regions and customers, mainly within the U.K. and the U.S., were big factors in the beauty performance, as well as sharpening our focus on high-growth categories. We opened our first beauty concept store in Manchester, which has proved a big success, which will lead to the rollout of more stores across the U.K. Across beauty online retail, we're seeing impressive support for our strategy, with AOV, returning customers, and app participation all improving year on year, as well as further growth in loyalty members. Turning to nutrition, it was certainly a transitional year, given we undertook the global rebrand of Myprotein during a year in which whey-based commodities surged to record highs, while FX headwinds in Asia, especially in Japan, proved challenging. We successfully sold through around GBP 100 million of old-branded Myprotein stock through 2024, while replacing it with new branding as we progressed through the year. While the necessary discounting negatively impacted AOVs through 2024, we managed to keep the offline retail channel clear of discounted products. This has paid significant dividends through the second half of 2024 and into 2025, as Myprotein has won significant retail listings with many of the world's largest retailers, including now launching in Walmart stores from Q4 this year. At the same time, the new branding is delivering significant success with licensing partners, with around 30 million products expected to be sold under license in 2025, reaffirming Myprotein's position as the world's largest sports nutrition brand by some distance. At Group level, what I'm most pleased about is that given the challenges we had to navigate in nutrition through 2024, we managed to overdeliver sufficiently in beauty to deliver continuing adjusted EBITDA growth versus the prior year, which was a year in which nutrition delivered a record performance. Also at Group level, we continued with our commitment to de-gear and strengthen the balance sheet, and last month we secured new long-term debt facilities with the support of our banking partners, providing a strong foundation for future growth. That is a brief overview from me, and I would now like to get into the Q&A and run through any questions and hand you back to the moderator. Thank you. If you would like to ask a question from your phone lines, please press Star 1 on your telephone keypad to join the queue. If you change your mind and want to withdraw your question, please press Star 2, and please ensure your lines are unmuted locally as you'll be prompted when to ask your question. The first question comes from a line of Patrick Holland from Barclays. Please go ahead. Hi, good morning. Just two questions for me. Within Beauty, any numbers to put on exit momentum in the quarter and where you might be seeing some positive underlying momentum across the category splits, you know, within skincare, cosmetic care, fragrance, or body? My second question is just on Nutrition. I think it's a big talking point for this year. How should we think about just the shape of margin development with whey capacity coming online, which is good news, and the ASP coming back following the decline last year? Thank you. I'll answer the second question, and then I'll hand over to Lucy for the Beauty question. I mean, in terms of the margin profile for nutrition, you know, clearly whey pricing still remains very high, as people have seen through other people's trade updates. That new supply of product is coming online since probably around March, and we expect that to continue through the year. We are obviously then expecting pricing to fall in the second half of the year. Essentially what you should see there is a more normalised market as we progress month by month through the second half of the year. It is worth noting for our own nutrition business, though, we are now already, as our business, comping those highs. Given our main competition is offline retail, a lot of those competitors have had their product in stores, in supply chains, at much lower pricing because their supply chain is much longer. Pricing in stores now is obviously much more elevated as that cheaper stock has washed through. It is a much fairer landscape for our model to be able to have the right to win. We would expect that to improve further as pricing falls because then obviously the higher priced product is still in the supply chain whilst we will be live with lower-cost product. In answer to your question, the second half is where you would expect to see the primary benefit, albeit it is a much fairer landscape as we stand today. Regarding your questions on Beauty, if we look at exit momentum for Q1, I think there are a couple of nuances that are worth touching on. There was an extra trading day in February last year. For us, Easter is a big trading event in beauty retail. That is second only to cyber at the end of the year. Last year Easter was in March, and this year it was in April. Actually, we are probably better off looking at March and April combined, and we are very pleased with the momentum that we have seen into April and over that Easter weekend in our core U.K. and U.S. markets. As we look to categories, I guess it has been well documented that one of the bigger challenges in the beauty category overall at the minute is skincare, and that is shared by us. That has been, I guess, the biggest drag as a category on the business. We exited the quarter in growth on fragrance and growth on hair, and momentum continues into April. To add a little bit more color to that as well, Patrick, it's worth saying that January was probably the softest month of the quarter, you know, as we assess that for our business. That's more beauty specific than anything. Obviously, Black Friday was much later last year, so you probably took some demand from January into December potentially, or there was delayed spending as a result of purchases one way or the other. You have seen improved momentum then as you progressed through. It's also worth remembering that beauty has got a number of different channels to that business as well. We have manufacturing, which can be not volatile, but it can be lumpy in certain months where you will have orders for some major clients where they may want to push them out a month in one year or pull them forward in another year. That can impact that. Talking about the pure retail business, it's worth saying that January would have been a tougher month, and then we've seen that strength as we progressed through the year. Thank you. That's very clear. Just a quick follow-up on that. Do you think there's more of a category weakness that you're seeing, or is it just general consumer softness maybe in the U.S. and Europe? Thanks. I think U.K. and Europe, sorry, remains relatively buoyant as a category, particularly within premium beauty, which is where we operate. I think where we are seeing a little bit more softness is the U.S., and I think that's probably further compounded with the uncertainty this month. General consensus for the category for the rest of the year remains relatively positive and confident, I guess, pending any further decisions from Trump on tariffs. Thank you. As a reminder, if you'd like to join the queue for questions, please hit Star 1 on your keypads. The next question comes from a line of John Stevenson from Peel Hunt, please go ahead. Hi, good morning. Two or three questions as well, please. Starting with Nutrition, you've got new customer growth recently in the U.K. running at sort of 5%. Is there any sense that you're reaching a different demographic in D2C following the increased exposure offline? I don't know if it's a little bit early or if you're seeing sort of a wider reach from that sort of core gym user. Secondly, I don't know if you can add some color on the performance of products actually physically in store, whether that's sell-through rates, feedback you're getting from the retailers, feedback you're getting from your licensed partners, any more color you can add. Finally, just on Beauty, are we now sort of annualizing the actions that have led to active customer reductions, and what's your sense of when the active might turn in Beauty? Look, it's worth just adding there that Lucy's more than capable of answering both nutrition and beauty because since the start of the year, she's taken over to be responsibility for both of those divisions, with Neil reporting with Lucy and an internal promotion beneath for Lucy as well for the beauty division. I will take the nutrition one, and then Lucy might add a bit more on top of it and then hand over for beauty. Look, I think with nutrition, I'll probably end up waffling a bit because it's quite a far-reaching question in terms of what you've asked there. I think in terms of products in stores that have gone well for offline retail, it is quite a broad range. You probably can't fail to walk into most retailers now in the U.K. and see some form of bar or snack or drink that's Myprotein-related, you know, from all the major retailers. Actually, when you go into territories like the U.S., etc., you'll see creatine is a very trending product across the world, and we've seen great success in that, and it's quite a high AOV product. The different evolutions of protein, so clear whey protein remains, you know, a very strong category, but also the cheaper end of the whey protein market as things have become less affordable, you know, slightly less, you know, percentage of protein counting, which can make it cheaper for people. You know, those products are trending well, especially across the Asian market. It is a broad range. One of the benefits we do have is by having such a broad range of products, we can touch on so many different retailers across the world to suit their needs and what might work for them. We have a big Walmart success story, you know, for the final quarter of this year, which we're pretty excited about, where they're taking quite a range of products. I mean, it's only three products, but across three very different categories. That kind of is reflective of some of the successes we've seen across retail, where the broadening range does that. I can't stress enough the importance of last year's rebrand in terms of being able to deliver these successes either, and the way that we tried to hold on to that stock within our own business rather than flooding the discount channels with it as well. I think in terms of then you were talking about customer growth and are we reaching different customers. I think, look, that's very much the plan, right? We want to be a very big global lifestyle brand. We don't want to be just focused on gym goals. We've naturally got the most professional products that are out there for the serious pro athletes. We've got a big partnership with HYROX, which is a very trending sport right now, which is for serious, you know, it's a serious sport. We are developing products in line with professional athletes all the time. At the same time, you walk into a supermarket and we've got a partnership with Müller Yogurts. You walk into Iceland, we've probably got, I don't know, 15 million frozen meals of the healthier range of frozen meals you can buy as well with Iceland stores and so on and so forth. If you go into, I've just come back from Japan, and every 100 meters in Japan, there's a Family Mart store, and every single one of those Family Mart stores has at least two products of Myprotein in there, but typically four being two bars and two drinks that are in there. There are other stores in Japan that have got the large bags of protein. In those relationships, that's purely done under license, which is the different model altogether. We're always trying to reach different consumers in different demographics, people on the go who just want a healthier lifestyle, who might not even go to the gym is a market that we're doing particularly well in. At the same time, we're never going to give up our core of people that are fanatical about fitness and performance. I think the only thing to add would be that we've got lots of data to suggest that the consumer buying nutrition in a grocery is very different to the consumer that's buying nutrition on myprotein.com. Equally, the product selection and format, sizes, and flavors that we can offer our retail partners is typically very different to what we have online. There is always a reason for the consumers to come back to us at the dot com. With regards to your question on beauty and headwinds from the profitability strategy, they abate from Q3 this year. Both Europe should be in growth by Q3 this year, and Asia will become immaterial by that point where we discontinued Asia in Q3 last year. Okay, that's great. Thanks, Lucy. Yeah, I don't know if the supermarkets will give you any feedback in terms of how you're performing. Yeah, absolutely. We track sales out weekly. We get all the data on that. We're seeing really solid growth week on week on week. We're continuing to open new doors. There's plenty of opportunities still in the pipeline, so we expect that to be a key growth lever throughout this year and beyond. The next question comes from a line of Charlie Rothbarth from HSBC. Please go ahead. Good morning, everyone. Thanks so much for taking my question. Only two from me, given the quality of questions from my desk is on the call. Within nutrition, could you remind us what within the COGS number, how much of that comes from whey? I think historically the number looks to be about 65%, but would you mind on that? Finally, could you just remind us, given the FX movements we're seeing, what you think your overall bit of exposures are, unless I've missed it in the release, which is a perfectly viable option? Thank you. Sure. Look, on the FX side, assuming the market stays where it is today, then we'd expect an FX tailwind for the year ahead, which would be the first year since we IPO'd. That'll be a nice breather. So far, especially with the Japanese yen, that's trading at about JPY 191. For large parts of last year, it was around JPY 200, but for almost all the year, it was above JPY 191. We will see on that regard. We are expecting that to get a break from FX as we progress through the year. What was the other? COGS for whey. COGS. In terms of COGS for whey, yeah, look, I mean, you're probably not too far out there. If you worked on about 50%, I think is probably where I would say your COGS for whey are. If you looked at our product range as well, just to add to that, we don't just sit there and wait for a normalised whey market. The one thing the two price shocks we've seen in the last 15 years of whey have done is made us very focused on other products that can move us away from some of that reliance on whey. If we were to look at the performance of vitamins as an example, that's our highest, well, one of our highest growth categories. Actually, our highest growth category right now is in activewear, where we're seeing 30% plus growth year on year in many months with activewear. Vitamins isn't too far behind that at the same time. You have seen the focus on bars, foods, and snacks. If you were to work on typically your COGS on a bag of whey protein, it is probably in the 50s when it's been manufactured and the rest of it. Those kinds of products are about half of our sales, which is probably down from about 70% a couple of years ago. Thank you very much. As a final reminder, if you would like to ask a question, please press Star 1 on your telephone keypads. The next question comes from a line of Andrew Wade from Jefferies. Please go ahead. Morning. A couple of questions from me, both on the beauty side of things. The first one, just in terms of obviously the run rate, we're looking for the run rate to improve quite a lot as we go through the year. Some of that is sort of weaker comp, some of it is calendar effect, and some of it is annualizing, as Lucy touched on earlier, to answer the previous question, annualizing some of the territory changes. Could you sort of walk us through the building blocks, how we should be thinking about it at a high level between getting from where we've done at Q1 to what we're looking at for the full year in terms of the beauty revenue number? I think that'd be helpful. That's the first one. Yeah, our full year ambition remains at mid-single digit growth for beauty. As you've touched on, I think you've captured most of the building blocks there really, and some of the headwinds start to fall away. There's annualisation of certain trading days, and we do expect that growth to accelerate as we go through the year. I think I guess you've perfectly captured it there. I'm not sure there's too much more to add. It's more like 250-300 basis points is what you'll get back straight away for sort of Asia and Europe impact. As we've touched on, the Easter impact is principally a beauty thing. Most of the impact we've captured there straight into the beauty numbers, and that obviously will normalize. You can see that's normalized on the two-year basis where beauty was in 2.7% growth, and that normalizes for both the leap year and the impact of Easter, and it's why we think that Q1 positions as well to deliver that full year guidance on beauty. Just to sort of keep going on that one then, I mean, if we're talking about, you say sort of 300 basis points from Asia and EU, and I can't remember the number that you just said, but there was another 300 from. From the combined. Yeah, combined impact of calendar and Easter, yes. You know I'm still sort of trying to bridge the gap all the way back up from where we were in Q1 up to plus five. Two other factors within there. It was a particularly strong period for the B2B side of the business, particularly in own brand beauty. That was very strong. We have a number of our own brands, or one in particular that does particularly large sales out to Costco in North America. That had a big deal that landed in March. That has phasing that falls later in the year this year. Quite a big movement, and you're talking mid-single digit millions per deal going into those retailers. You can see the impact on a quarter there can be quite material. That's one factor. Plus the impact of the comp. The comp in beauty does get substantially softer as the year goes on. It was a plus 10% Q1 in the prior year. Those are the biggest components, but it was very strong for the B2B side of the beauty business in Q1 2024. That's very helpful. Thank you. The second one, Lucy, in your speech there, you sort of did, you mentioned a couple of times about sort of being less driven or less focused. I I can't remember the exact words, but less focused on price, or price being less of a sort of key driver. I'd be interested to dig into that a bit more. Does that mean that you're sort of maybe going to be a bit less aggressive on price or take your foot off the pedal a little bit on price and focus on other ways of keeping and retaining customers? Or is it you're going to be just as sharp on price, but you're building up the other elements as well? Just sort of interested in the dynamics there. We will be as sharp on price as we need to be. It's quite an aggressive market out there right now, and we're clearly not looking to reduce market share. We are looking at how we offer value in other ways. We have a great loyalty scheme, which we will continue to keep growing. We have the best delivery proposition certainly here in the U.K., which we'll continue to keep growing at participation. We're really doubling down on exclusivity with our partners, launching exclusive brands and launching exclusive new products with those brands to give consumers a reason to come and shop with us over our competitors. We will be layering up in the background and will be as sharp on price as is necessary, but absolutely not too sharp that we're giving away too much value. I guess your question may be around margin. We anticipate that we want to be growing margins again this year, and obviously we've got to find that somewhere. It's just around, I guess, being a bit smarter with it. Got it. Very helpful, color. Thanks. No further questions. Now, handing back to Matt Moulding for closing remarks. Very good. Look, I think all that remains to be said is to thank the teams. The Myprotein team especially went through the mill quite a lot last year, but the beauty team delivered an incredible performance. I just want to thank all the people that have put the effort in, and once again, thank you to all the stakeholders who continue to support us.