Good morning, everyone, and thank you for joining us for THG's half-Year Results Presentation. As I said in the statement this morning, trading momentum continues to build positively with the strategic changes implemented last year across both THG Beauty and THG Nutrition now bearing results. H1 was a performance of two halves. We entered the year following a period of focused execution, implementing significant strategic initiatives and model changes across the group, including the completion of the demerger of our tech and robotics division, THG Ingenuity. In THG Beauty, we disposed of some of our smaller operations, commenced a cycle of investment in our portfolio of own brands, and took the decision to prioritize retail trading in the U.K., and the U.S. In THG Nutrition, the MyProtein global rebrand was a major talking point last year, and it's been important to gauge sentiment from existing D2C customers, new consumers, and our developing network of retail and licensed partners. It's clear the positive reaction to the new positioning of MyProtein is starting to speak for itself, with accelerating sales growth and a rapid rollout across offline retail. In a dynamic consumer environment, our results demonstrate the resilience of our digital-first model, and as we move through Q3, I'm pleased to say the group is delivering positive growth across both our businesses. Three key achievements from H1 stand out. First is the successful return to growth for our THG Nutrition division, which delivered 3% revenue growth, driven by a return to growth in new customers, as well as significant expansion of our offline retail offering across Europe, the U.S., and Asia. Secondly, in THG Beauty, we delivered a resilient trading performance despite a slower start to the year. While strategic changes impacted the headline number in the second quarter, we saw our U.K., beauty retail business grow at its fastest rate since Q1 2024, proving the strength of our market-leading platforms and active database quality. Finally, we've strengthened and de-aggregated our balance sheet by extending facilities to December 2029 and reducing gross debt by £374 million. Alongside the refinance, following an unsolicited approach in H2, 2024, the group sold Clairmont Ingredients, a small manufacturing business within THG Nutrition. The proceeds have been received, which accelerates our plans to move the group towards a net cash position. Clairmont is the U.K.'s leading independent flavor manufacturing lab for sports nutrition and was acquired in late 2020 for £52 million to accelerate MyProtein's product development and global licensing ambitions. The disposal for over £100 million marks a significant return on that investment, with MyProtein's supply chain protected through a long-term supply contract, ensuring we continue to benefit from Clairmont's capabilities while also gaining access to the broader international expertise of the Nactarome group. These actions, combined with remaining focused on cost-saving initiatives, have laid a strong foundation for the second half of the year and beyond. Okay, let's turn to the headline financial performance for H1. Group revenue was £783 million, which was 2.6% down on the prior year, reflecting the significant strategic actions we've taken, particularly within THG Beauty. The majority of Beauty's H1 revenue decline can be attributed directly to the planned discontinuation of certain operations and disposals, as well as the effect of withdrawing from certain sales activity in Europe and Asia. Encouragingly, Beauty is back in growth in Q3, as expected, reflecting the benefits made from last year's model changes. THG Nutrition's return to growth in both Q1 and Q2 reflected the positive response to the global rebrand, helping to drive new customer growth, as well as a rapid rollout of our offline model. As previously announced, group adjusted EBITDA for the period was £24 million, at an EBITDA margin of around 3.1%. Despite strong sales growth, continued high input costs in nutrition weighed on margin performance for the business during H1. MyProtein has a much shorter supply chain than peers, and so sharp movements in commodities are felt sooner. The wider market has now caught up, allowing MyProtein's vertically integrated D2C model to return to strength, with both sales and margins now returning to growth. Beauty retail, the largest part of our beauty division, performed well in H1, especially in Q2, supported by a strong and resilient U.K., beauty market. In our beauty own brands division, the timing of large orders into major customers has fallen later this year, which impacted profitability of our Perricone MD brand during H1. An improved order pipeline is in place across our key beauty brands for H2, including for Perricone. Turning to our balance sheet and cash flow, our financial health remains robust, with cash and available facilities of around £270 million at H1, which is prior to the Clairmont disposal proceeds and prior to our seasonally strong cash generative period for the year. We maintain strong capital discipline, with capital expenditure materially reduced, helped by the demerger of Ingenuity. Looking at our businesses in more detail, THG Beauty revenue stood at £480 million, with U.K., performance a real highlight, gaining market share in the second quarter. This is reflected in our brand health metrics, with prompted awareness for Lookfantastic reaching its highest level in Q2 this year. We've launched over 70 major new brands on site and refined our product listings to keep our proposition fresh. The underlying health of our beauty customer base is strong, and our loyalty programs continue to grow, now reaching well over three million members. These customers purchase more frequently and have a higher spend per account. Revenue from returning customers has increased, reflecting the success of these loyalty programs. Average order values and conversion rates via our apps continue to grow as well, and there remains a significant opportunity to enhance app functionality to deliver an even more personalized experience for our customers. In THG Nutrition, we returned to growth, delivering revenue of £304 million for the half. D2C new customer growth returned in the first half, reflecting a shift in marketing investment to upper funnel campaigns to build brand equity following the rebrand. Our offline retail expansion across all key geographies, including the rollout of MyProtein products in U.S. Walmart stores, also supported both revenue growth and brand awareness. Product innovation remains a core strength, where we've successfully launched over 200 products across four very different categories. These launches use multi-touch campaigns that help expand our category leading ranges and meet changing consumer preferences. Our nutrition customer metrics tell a positive story. MyProtein is clearly the U.K.'s most preferred sports nutrition brand, leading the category in brand consideration. Our offline performance has been exceptional, with more customers purchasing the MyProtein brand than ever as our offline channels rapidly expand. We now sell over 750 different product lines across five distinct categories through the offline retail channel, and our products are already available in over 34,000 doors globally. Now let's look ahead. The second half of the year has started well, and we are now entering the key trading weeks of the second half, with THG Beauty backing growth, helped by strengthening home market demand. The launch of our advent calendars has been the strongest in our history, and we expect gross profit margins to remain at our medium-term target levels, supported by improving performance from our own brands. To prioritize long-term market share gains and customer loyalty, MyProtein will limit price increases, underpinning further acceleration of its installed base in global offline retail, as well as supporting D2C new customer growth. We are confident in this strategy to protect long-term market share and loyalty. Our guidance for the full year 2025 remains unchanged, while our performance and strategic actions give us confidence in our medium-term targets. In summary, THG has delivered a resilient first half performance, underpinned by a pleasing Q2 performance. Both businesses are now back in growth as we enter the key trading period of the year, and we've opted to deleverage the balance sheet with cash from a strategic high-return disposal. Thank you again for joining us this morning, and we will now open the floor for questions. Ladies and gentlemen, if you would like to ask a question on today's call, please signal by pressing Star, one on your telephone keypad. Again, that is Star, one for your question today. Up first, we have Patrick Folan from Barclays. Please go ahead. Hi, good morning everyone. Thanks for taking my questions. Just a couple from me. How should we think about the nutrition margin going forward as you find the balance between margin improvement and top line growth while whey prices hang in the balance? Secondly, it looks like we're in a time period where protein is the most in vogue category in the consumer world. Can you maybe share with us any expectations you have on your Walmart launch and if there's anything else you are excited about within your portfolio, especially considering the second half top line guide for our nutrition? If I can squeeze one more in, can you update us on the U.K. VAT situation regarding protein powders? Thank you. Okay, look, so three questions there. The guys will prompt me on what they were, Patrick, but the first one was around the margins. How should we look at that given whey pricing remains elevated at record highs? I mean, look, stability is always a good thing for our business model. What's a problem for us is when you get sharp movements. Obviously, sharp movements down in pricing are attractive because we'll see the benefits of that quicker than anybody else. Sharp movements up, we'll see the adverse impacts of that quicker than anybody else. That's all driven by our supply chain. We're a vertically integrated D2C business with a short supply chain. On average, we're probably carrying no more than, you know, when we get the raw materials into our warehouse, that's probably starting to be in the customer's hands within nine weeks. Whereas for offline channels, you can imagine that's probably more like nine months. There's a much greater delay in raw materials feeding to our supply chain so much sooner than everybody else. Now we're in a sustained period now of whey pricing stuck where it has really at these kind of record levels, and we are comping that with the prior year now as well at the same time. That stability means that all of our peers have got that in their supply chain. As a result, our business model starts to operate well. As a result, we're seeing our online D2C margins grow quite considerably year- on- year. You know, and I wouldn't, I can't disclose, I guess, the specifics of it, but it's hundreds of basis points better, and nothing's changed in particular in the supply chain. Pricing is going up in the market as the peers are pushing their prices up, having to deal with this. We're in a very strong position with that. As you will see that whey pricing starts to fall at some point, if it's a very gradual fall, great, doesn't matter. We're all in a level playing field. If it's a fast fall, we'll see the benefit very quickly in terms of that. What I would say is we've then looked at the offline retail opportunity, and we have been pricing to go into the offline retail opportunity at a very competitive rate. If you were to go into any of the offline channels, you will see that you've got MyProtein as the highest quality product on the market, priced at an incredibly cost-efficient for the consumer. As a result, we're leading the category quite typically when we go into offline retail with a retailer. MyProtein will typically lead that category from the off, especially in the U.K. Almost certainly in the U.K., that would be the case. As you then talk about, I think you mentioned Walmart, you look at places like Walmart. Obviously, the U.S. is a very, very big market, and MyProtein doesn't have the same, you know, position in the U.S. as it does in the U.K., where we're clearly the number one in the U.K. That said, the sales that have gone through Walmart so far, we've been very pleased with, and I believe everyone's very pleased with. We have got that disruptive model at the same time that goes into it. We will continue to be disruptive. I think we announced that with the Clairmont deal. We want to get that in-store base across the world, you know, way beyond the 34,000 doors that we're currently. I think we're at about 45,000 by the end of the year with pre-release in the past that we know about. Obviously, we're targeting 100,000, and that would give us an incredible position from a standing start only a couple of years ago. We are investing some of that D2C margin growth to a degree in the offline channel where we're running that broadly at a break-even for now type position, which is a very sensible place to be as we then get category leading in all those retailers. We naturally can then push our pricing up and do push our pricing up, and we'll be doing that accordingly, which then further enhances your margins, especially into 2026. That was the margin question, Patrick. I'll let you come back in a second to see if there's any further questions on that. The other two questions you had, one was on the VAT position. As we understand, HMRC have been refused their right of appeal against the decision. As a result, they've now got, I don't know, another week or so left, two weeks left maybe, to come back and see whether they're going to try and fight this in the highest courts or not. I think we've pre-released that. There's a £30 million contingent asset for us there. If that was to come to pass, that's actually looking more like £45 million. We've obviously put our claim in accordingly and protected our position, and that then continues to grow going forwards. We still continue to charge VAT on the products as a matter of prudence. Even though HMRC has lost the case because, you know, it's a position we've now been operating in for a period of time, I just think that's the right thing to do. Let's see, but it's quite an interesting position with, at the moment, a £45 million potential asset to come back into the business there. Then the third. Walmart launch. Oh yeah, the U.S. Walmart launch, yeah. We're doing, you know, across the U.S., we're making some, you know, really good progress there. I'm super pleased with what the team are delivering on the offline retail across the U.S., and the U.K. I think you asked are there any other interesting partnerships to come. In the detail of what we've released today, you will see a couple of licensing deals, which are quite exciting. We can't name them specifically, but you'll see that the success of the Müller has been really good. The Iceland deal, you know, is great. These are millions of products a month going into consumers' hands with, you know, serious retail value attached to them at the same time. We're now moving into the ready-to-go lunch market with a major player in the U.K., which will hopefully expand into Europe pretty quick as well, which would, you know, see us have millions of more products in consumers' hands in high protein lunchtime provisions. The other thing is one of the largest confectionery groups in the world. We've done a deal where we're licensing those brands in for MyProtein products, and they should be in consumers' hands, hopefully the first of them in time for Black Friday and Cyber Week as well. The licensing side of the business is, you know, a fantastic pipeline of licensing in and licensing out. That's great, thank you. Thank you. Our next question comes from Andrew Wade from Jefferies. Please go ahead, your line is open. Hi there, guys. Good to speak to you. A couple from me. The first one, you mentioned beauty orders impacted by focus on active customer mix. Could you give us a little bit more detail on that? Is that reflecting sort of territory pullback, or is that another factor as well? Hi, Andrew. That's the first one. Should I fire them all off, or do you want to answer them one at a time? Fire them all off, Andrew. The guys are writing notes in case I forget. Nice one. That was the first one. Second one, you talked a little bit about the investment cycle in your own brands. Could you talk about what the catalyst has been for that and what impact you're expecting from that period of investment? The last one on Clairmont, clearly a valuable asset that you've monetized from within the group that many hadn't been thinking about. Could there be other opportunities like that within the THG stable? Thanks. Alrighty. There was the beauty life cycle, any other Clairmont in the group, and the first one again. Their song was a beauty and their territory. Yeah, territory to customers, yeah. Look, on the beauty side of things, it's, as you say, really, it's really around pullback in certain territories where we're not seeing immediate levels of profitability. I think we flagged it a while back. You know, our focus, we've got real strength in the U.K., and U.S., and we've got a fantastic distribution across Europe, but it comes from Poland. What we've done is we've focused on making sure that those customers that can deliver the requisite level of return for us on day one in key territories is where we've put our energies and focus. That's been the key factor there. The second question around catalyst for the own brand. Yes. The truth is, as any brand owner would know, maybe not everyone talks about it, but you go through cycles with brands. You've just seen it with MyProtein, where we've had a hell of a year last year with MyProtein, and we're now reaping the rewards of that. Quite often the catalyst with any brand is as much as looking forwards and thinking, do we need to tweak the path of it or something like that? We're always doing that. Beauty brands are a little bit slower, I've got to say, than nutrition. You don't ever need to do dramatic big moves ordinarily with a beauty brand. It's around tweaking, changing direction a little bit, etc. What we're really talking about here with the beauty brands is more about the timing of some of the big customer orders. Some of the strategic things we might do is put less focus into certain channels and new focuses into other channels. The real factors that have been affecting the brands, or Perricone in particular, has been around some large orders that were in the first half of last year and fall into the second half of this year, principally. NetNet actually is a bit less volume order going through it with some of those customers, as there's been some volatility with some of those customer channels. That's the principal reason for it. We are always tweaking our brands, and beauty is just less of a requirement for major overhaul than more of your fast-moving consumer brands like MyProtein. The final point, I think, was, Andrew, around what have you got in your group that we're not thinking about? It was an unsolicited approach that came to us in the second half of last year for Clairmont. We've got lots of assets in the group, but similarly, we've spent hundreds of millions through the years building additions to our business model. Even in nutrition, we have a bar manufacturer that manufactures for some of the biggest brands in the world, as well as for ourselves. We paid £55 million, I think, for that, you know, five, six years ago. We have a drinks manufacturing business where we similarly drink for ourselves and other people, etc. In beauty, we have the U.K., manufacturing business. We have the U.S., manufacturing business. Those businesses combined, we've probably spent the best part of £250 million on getting those in position. What we've done with all of these assets, and there are others as well, is they're just part of the concept of how do we make the mothership a better, stronger business. The mothership would be in nutrition, MyProtein. In beauty, it would be Cult Beauty, Lookfantastic in particular being the biggest, and Dermstore in America. Everything else we do around that is at that point in time, we're just trying to make those businesses stronger and have more competitive advantage. Naturally, if at some point we sit there and think there's a reason or a value or an unsolicited approach that needs serious consideration, then we'll do that. Long-winded way of saying, Andrew, we've got plenty of these things in the business, and we could do one of those, just a small one of those, win the VAT, and you're probably pretty much at net cash, right? Without too much change to your business model, people wouldn't even notice a change in our business model, but that's how we've built the group. Great stuff, very clear. Thanks a lot. Thank you. As a reminder, ladies and gentlemen, to ask a question today, please signal it by pressing Star, one. Up next, we move to a question from John Stevenson from Peel Hunt. Please go ahead, your line is open. Only a bit. Again, three questions again. On retail media, obviously, you've been around for a while, and you look to formalize your approach to the creation of THG Beauty Media. Can you talk a little bit about how that's going to accelerate the benefit of beauty and sort of what you're doing there? On apparel, obviously, showing really strong growth through the first half. Can you give a bit more detail behind that, sort of rave developments and future plans? Finally, on nutrition, looking at progressing convenience in particular, which I guess sort of ready-to-eat drinks, you talked about, I guess, some of that with the licensing deals. Again, can you sort of rate your progress into convenience and how much that's going to change over the next 12 months? Alrighty, look, the ones I remember, I'll start with straight away, if that's all right. In terms of our leisure wear clothing under MyProtein, I mean, look, it's been a journey, I don't mind admitting, because when you're a, there's no other sports nutrition brand in the world that's moved into, you know, serious athleisure wear. I think what we're proving is that we've gone from doing string vests that you buy, that the average weightlifter would buy with a bag of protein now, to a serious proposition of very high quality leisure wear, gym wear, etc. At points at the minute, it's triple- digit growth in there. That's principally driven by females as well, right? You're also bringing a lot of female customers into the ecosystem that maybe five, six years ago was a bigger challenge to do. That's been particularly pleasing. I think the model itself, we have a big customer base on MyProtein globally. We have a great influencer roster of all different types of people as well. We have this full range from bars, snacks, all these other product categories. It almost just all helps itself in the flywheel because if you're somebody that wants to make a living out of being in health and wellness and being an influencer, then actually if you work with MyProtein, you're not just pushing one product every day. You've got this whole plethora of your lifestyle in which you can push, which includes, you know, really top quality clothing at the same time. Add to that things like High Rocks, where we've become the global partner there, which has gone particularly well. All of our athletes are competing in there. It's really just started to gain some real traction this year. The rebrand's played a big part as well. Women don't necessarily want to walk around with big logos and things like that. We've now got the Mycon product quality is outstanding. I just think it's a whole long list of factors that are coming together as ever with these things, right? What we've got to do then is keep the momentum going on top, right? It's no good just growing by 100% one year and then being flat the next year or down a bit to go forward a bit, so on and so forth. There's a lot of focus in the background on that. Retail media in beauty? Yeah, retail media in beauty. Look, it's something, you know, Amazon has led the world on this, hasn't it? They're a fantastic media business with ads there. We're a big data business ourselves, and as a result, we've seen incredible success from rolling that out through the years. We just know there's much more for us to be able to do working with the brands in this regard, and we can show people fantastic returns by saying, spend the money here on the marketing, and this is the return you get the other side. We're just following through that consistently. One of the exciting areas actually, you know, in the years to come, we'll be able to put that into MyProtein, where obviously we've launched this brand hub where lots and lots of health and wellness brands now operate on there, and that should expand quite significantly. It's only launched in the U.K., currently, but as we expand that globally, we'll also want to put the retail media through there and be able to show those brands, listen, if you invest here, this is the return you're going to get. It's just been a consistent deliverer for us year after year since we launched it a few years ago, and we're just getting stronger and better at it. That's the simple kind of mechanic that we've got there. There's progression into convenience. Oh yeah, how would you rate it? Look, I think it's been pretty outstanding in the U.K. I think we can do better in Europe and the U.S. We're in the offline model, but we're not doing much in the way of licensing across the U.S., and the move in that regard. I think from the U.K., perspective, we've nailed it. Still loads and loads more to go, reflected in the announcement we've mentioned today around the lunchtime, but we've got the rest of the world to really get on with here. Europe is somewhere where we're making progress, but there's, you know, we're scratching the surface really there. Okay, great. No, that's helpful. Okay, thank you. Thank you. That concludes today's Q&A session. I'd like to hand the call back over to you, Matt, for any additional or closing remarks. Alrighty, I think everyone will be fed up with my voice, but thank you very much. I'd like to thank the staff in particular. You know, it's been a brutal sort of 12, 18 months of hard work and dedication, but I think they can see the rewards from that now. Thank you to them.