Thank you, Richard. Right. Good morning to those in the room. Good morning, good afternoon, good evening, wherever you are in the world to those who are dialing in on the webcast. Let me add to Richard's warm welcome on a chilly morning to here at 100 Victoria Embankment. This is our customary safe harbor statement. It is three years since we were last able to be together in this way, and it is great to have everybody back together in person online. Boy, it's been a busy three years. We've lived through a COVID pandemic, the horrible war in Ukraine, record levels of climate-related weather impact, disrupted supply chains as a consequence, a once in a generation rise in inflation. Now what seems like an inevitable global downturn, all interconnected and all interdependent. As I've heard from our analyst community recently, there's a lot of macro going on out there. In the middle of this extraordinary external environment, we've been getting on with the task of transforming our wonderful company, Unilever, and implementing our strategy for growth. Today's event comes at a great time. We're not changing the strategy of Unilever. We have, however, through some of the organizational changes that we've made, transformed our ability to execute that strategy. I'm confident that this will be an important milestone in Unilever's journey to become a company that delivers consistent, competitive, profitable, and sustainable growth. It's this change in the quality of our execution and how our new organization enables that we're gonna really mainly focus on today. I hope that when you leave us, you'll have a strong sense of the changes that we've embedded in the business. That the five distinct business groups can each grow ahead of Unilever's historical average. That we have a fantastic portfolio of brands that are powered by strong innovation, superior technology, and leading-edge digital capabilities. I really want you to get to know some of Unilever's leaders. You're gonna get a sense from them firsthand how Unilever has changed and is changing, you'll get an insight into a harder edged, performance-focused culture that we're embedding into the business. I think you'll leave here with some confidence that Unilever is fully focused on growth, that we're investing in growth, and that we have the capability to deliver sustained growth, hence the title of today's event, Investing For Growth. As you saw from Richard, we have a full agenda for you. I hope you will find the day both informative but also quite stimulating. There's a lot of show and tell. In this opening, I'm gonna just frame it by giving an overview of the key changes that we've landed in Unilever in recent years, and how those are helping us step up our execution. There are four critical building blocks, which are now in place and which are helping us to deliver good performance. Secondly, we've reshaped our portfolio into higher growth spaces. Thirdly, we've made extremely clear strategic choices that are guiding our resource allocation. Finally, all of this is underpinned by a transformed operating model and culture. Let me start with a step up in our operational execution. Who's moving the slides? Is it me or is it you, Roger? You're doing it. Even more better. Thank you. Right. Where was I? Yes. Product superiority is the most fundamental building block of our competitiveness. Our products need to perform, they need to exceed consumer expectations. Back in 2019, only 51% of our products that we tested were clearly superior to the competition in blind testing. That is now 71%. Most of the rest are at parity with very few losses, this is a journey that we're gonna stay on. When we get it right, we see the results in marketplace performance. For example, with Personal Care. In skin cleansing, we've relaunched Lux with technology that brightens skin, evens tone, and hydrates, all delivering better complexion. The Lux brand has grown its superiority to now more than 90% of Lux's turnover is being judged by consumers as superior to the head-to-head competition. As a result, Lux is delivering global growth of over 9% through the first three quarters of this year. Or in nutrition, Royco, our nutrition brand in Indonesia, has been reformulated to make it, yes, more nutritious, but also with an improved flavor. This has moved the brand from parity to decisively winning in product testing and has helped deliver 12% year-to-date growth from Royco. In Home Care, Peter's new Dirt Is Good products combine sustainable packaging, plant-based stain removers, and better in-use performance, and this is driving 18% year-to-date growth in Unilever's third biggest brand, including strong volume growth. The next element of our stepped-up execution is stronger innovation. Getting this balance right between locally relevant products and multi-market scale is one of the most important trade-offs that we have to make. In truth, through much of Unilever's history, we've defaulted to the local for local mindset, and that has resulted in proliferation of innovation and too many local SKUs. We needed to simplify the innovation portfolio and use our scale to better effect. We have seen real progress, fewer, bigger, better projects. We have 40% fewer projects in our innovation funnel. The average project size has doubled, and this has translated into bigger market impact. The incremental turnover from innovation has exceeded EUR 1 billion in 2021. That's more than double the incremental turnover from 2020. Differentiated technology underpins the majority of our innovation, and you can see on the right-hand side of the chart some recent examples of product launches that combine deep consumer understanding with great technology to enable a step up in performance that's relevant across multiple markets. Now, much has been said and written quite publicly about the role of purpose in creating winning brands over time. For us, the business logic is relatively simple. The evidence that purpose drives brand growth is becoming more convincing every quarter, and it remains at the core of our approach. However, the purpose word is overused, and I wanna be clear what we mean by it. Our definition of purpose is based on the perception of the people who know, buy, and use our brands. It is the consumer's view as to whether a brand does something positive to improve society. We ask consumers this question in our monthly brand tracking in more than 500 category country brand sales, which account for more than half of our turnover. We can then compare brands and track whether consumers see a brand as highly purposeful or not. The acid test then is of course, what happens in the market. The evidence that we have is frankly now incontrovertible. You can see from the chart that our brands which are judged purposeful by consumers are growing faster, much faster than those which are not, and are consistently gaining market share. Done well, purpose looks easy, it looks effortless. Brands convey messages which resonate with the core brand identity and are increasingly relevant to the people who are using our products. For example, Lifebuoy helping to prevent infection, or Hellmann's helping to tackle food waste, or Dove improving self-esteem, particularly in young people. In practice, it's very hard to do well, and we've learned a lot in the recent years about how to embed purpose successfully in our brands. The first point, and maybe the most important point, is that value has to come before values. It is a prerequisite to have products that deliver great performance at an appropriate price. On top of great value, purpose becomes a potent weapon. Secondly, it takes time. Consistent messaging over years is what it takes to really build attributes in people's minds. It's worth the investment because when purpose is embedded in our brands, it drives a flywheel of growth, and we see that the media ROI of purpose-driven brands is 20% higher than the pack. I understand some remain skeptical and may not be convinced by these arguments. There are many more by the way, this is correlation. We also have very good evidence on causality, it's much too complex to present today. I think when you see the business group presidents presenting the breakouts, you will see great brands being strengthened and grown by brilliant purpose-led marketing. Now, every aspect of our business and any business is being changed by digital technology, and I'm not gonna cover the full gamut here. The theme will come through in the breakout groups, and I think this is a space, Richard, where we'll have some deep dive sessions on the digital transformation of Unilever through 2023. It's worth saying that the digital transformation is changing every dimension of Unilever, from consumers' journeys to the radical convergence of media, content, and commerce, data-driven customer relationships, and management of retail conditions using advanced technology to a supply chain that has twins of most of our factories now in the metaverse, and which uses a combination of real-time mapping, geolocation data, and artificial intelligence to help prevent deforestation. Digital tools that we're using extensively in R&D are giving us new insights, they're shortening project timetables, and they're significantly lowering the cost of experimentation. You might think of us as a staples company that uses digital technology, and I don't think that's right anymore. We're more like a digital company that happens to sell soap and ice cream. That's not just our opinion, that's the feedback that we consistently get from the CEOs and senior leaders of our key technology partners. Even aiming off for customer flattery, the tangible examples that those tech leaders use in their statements does give us confidence that we're moving smartly along in our digital transformation, even versus our best peers. For example, we recently migrated to the cloud. We moved our data, our applications, our network technologies to cloud computing environment in very short order. It involved moving one of the world's largest ERP ecosystems to the cloud with zero disruption. Unheard of, an SAP transition to the cloud with zero disruption. I really would encourage you to ask Microsoft or Google or Alibaba or Accenture how they see Unilever in our journey of scaling our digital transformation compared with our peers. Finally, on operational excellence from technology, let's talk about sustainability. Our commitment to sustainability is purely commercially driven. We are not an NGO, but we do believe that being part of the solution to the major challenges of a climate emergency, a destruction of nature, growing inequality, is a source of long-term risk reduction and stronger financial performance. We're taking action on multiple dimensions, and we've made many commitments all baked into our strategy. Many of these commitments are now specific to individual business groups. There are four key commitments which have cut right across Unilever: climate change, regenerative agriculture, the war on waste with a specific focus on plastic, and fair living wages. Addressing these issues helps us to drive growth. It helps us to reduce cost, it helps us to mitigate risk, and it is an absolute magnet for talent. Not just entry-level talent, senior talent as well. We think there's a clear commercial rationale, and there's not a hint of tree hugging around Unilever's commitment to sustainability. Right. Taken together with product superiority, more impactful innovation, purpose at the heart of our best brands, digital transformation, and our leadership in sustainable business, those have been critical building blocks in enabling us to become a more competitive business. You can see the percent of our turnover where we're winning market share. From 2017 to 2019, the business was stuck in the low 40s, frankly, donating market share. Through our focus on these fundamentals, we've been above 50% since 2020. We might see a slight dip in the coming months as a result of some of our disciplined pricing action and some conscious business decisions to exit unprofitable sales, but that will be temporary. We've built the muscle to stay meaningfully above 50%. Of course, the work on improving execution is never finished, but Unilever's now well on the way to becoming a disciplined execution machine. The second major building block of our improving performance is our action to reshape our portfolio into higher growth spaces. We've disposed of EUR 5 billion of turnover in spreads, most of tea, and several other smaller, slower growth brands. At the same time, we've acquired EUR 4 billion of turnover in Prestige Beauty and Health & Wellbeing brands, which gives us access to much faster growing markets. Our approach to M&A has been and will remain strategically and financially disciplined. Graeme's gonna cover this in a bit more depth at the end of the day. This chart takes a little bit of digestion, but it's designed to illustrate the impact of the changes that we've made to the growth footprint of our portfolio, and it shows Unilever's growth footprint comparing 2017 with 2022 using Euromonitor data on pre-COVID category growth rates. We've done this to give a like-for-like comparison and avoid flattering the numbers with the most recent market growth rates, which reflect far elevated levels of pricing. The exit from most of tea and spreads has virtually eliminated turnover in categories which are growing less than 3%. The removal of this dilution has enabled our Nutrition business in particular to focus on faster growing categories and brands, and Hanneke is gonna bring this to life for you very vividly, I think. On the other side of the equation, the acquisition of brands like Dermalogica, Paula's Choice, Liquid I.V. are giving us access to much faster growing segments, increasing our exposure in these higher growth spaces, and Fernando's gonna show how these acquisitions have delivered remarkable organic growth post-acquisition. It's not an exact science, this analysis, given the difficulties of measuring market growth rates across many retail channels, market segments and over time, but we estimate that this reshaping has added 50 to 100 basis points to Unilever's turnover weighted market growth. We've stepped up our execution, we've sharpened our portfolio into higher growth spaces, and for the next building block, we move to strategy. I mean, strategy is fundamentally about choices, and we've made clear strategic choices that are not changing. Our portfolio, brand, market, and channel priorities simply reflect where we see the biggest growth opportunities in the next few years. Just let me take a few minutes to remind on the strategy, but frame it in our new organization. First, portfolio. The categories we've chosen to play are what make up our five business groups, Beauty & Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream. Our main focus is going to be organic growth in these categories, and we're looking to complement that organic growth with bolt-on M&A opportunities focused in Prestige Beauty and Health & Wellbeing. Transformative deals, as we've said, are off the table. We're not thinking of breakups or selling a business group. We will, however, continue with the ongoing pruning and weeding of the portfolio where necessary. In fact, I anticipate that we will be a net disposer over the next couple of years. The portfolio changes we've made mean that all five business groups, and this is a big point, are capable of delivering growth ahead of Unilever's total performance in the last few years. There's no structurally slow growth business group left in Unilever. At the same time, we continue to give priority to our big brands. The EUR 12 billion+ brands make up more than 50% of our turnover and are growing much faster than the Unilever average. In quarter three, they grew 14%. That elevated their year to date growth to 11%. These brands are the heart of our company, and we will continue to prioritize investment in them, in superior products, in impactful innovation, in great advertising. We also have a group of brands which are knocking on the door of the billion-euro club. I'm not gonna get into the game of making predictions as to when each will arrive, given the vagaries of currencies and currency retranslation year after year. We have a very strong stable of brands challenging to join the billion-euro club, and which are also benefiting from greater priority and focus. If these are the priority brands, what's happening elsewhere in the portfolio. I must say, with the remaining brands, we are being very selective on where we invest. In some cases, we'll prune them from the portfolio where that makes sense. Others may play a role in an important local portfolio, but the primary criteria for investment will be where the greatest growth potential lies, and that will favor our biggest and best brands. Markets. Our top priority markets do remain the U.S., India, and China. We laid this out in early 2021. We've been reporting against it. We explained the rationale in terms of the size of the sheer growth opportunity, population growth, urbanization, increasing affluence, and very importantly, the potential for market development. We also identified some key emerging markets that will contribute meaningfully to the Unilever growth engine, and you can see them here, together with our year-to-date growth and the forecast for long-term GDP performance. There are some impressive numbers on the chart there. Together, these are the priority markets for Unilever, and it means they will be the priority markets for the individual business groups as well. Not because of some central corporate diktat, but because the economics of the opportunity draw all of our business groups to the same conclusion that these are the markets where Unilever has the greatest opportunity. Of course, there'll be some exceptions where we choose not to play in one particular market in one particular business group for a specific reason, but taken overall, these are our priority countries. Finally, to channels of the future. Look, there are some channels that are going to be particularly important to some business groups. Health and beauty stores for our Beauty & Wellbeing business group, food service for Nutrition, out of home for Ice Cream. You're gonna hear about that today. Across all business groups, digital commerce is an absolute priority. We've been growing our business in dCommerce ahead of the channel for the last few years, and in quarter three, we reported growth of 20%. Digital commerce now makes up 14% of Unilever's turnover. The shift that's happening in our markets is far deeper than this. We're seeing continued channel proliferation with ever-growing differentiation and very distinct differences in consumer and shopper behavior as they navigate through them. If you don't understand the difference between TikTok and Douyin, which look very similar, you need to. They're fundamentally different in the subtleties of the digital commerce that happens on those channels. It ranges from the pure play platforms that you'll be familiar with, omni-channel platforms that you'll be familiar with, direct to consumer, and now the explosive growth of social and quick commerce. These place different demands, very different demands. They require different portfolio and different supply chain solutions in these subsegments of digital commerce. Of course, underpinning this is the digitization of our relationship with our trade partners through B2B solutions. You're gonna hear about that today from Kedar. At the same time, we're also seeing greater convergence between retail, media, and content. Retailers becoming media channels and media channels becoming retailers. Conny is gonna elaborate on that. Portfolio, brands, markets, and channels, you know what the bets are that we made, and we're sticking to them. These are the areas where Unilever is making sharper strategic choices to prioritize our investment and focus. That brings me to the fourth and final building block, and that is the new organization and operating model. Look, we identified the need for a new structure for Unilever back in 2019, but for reasons I think you'll understand, we put the project on ice during the heights of COVID. By January of this year, though, we were in a position to announce the change, and we moved to the new structure on July the 1st. The business groups bring what we call the focus of five, but very importantly, they're complemented by Unilever Business Operations and a very lean corporate center, which are the unifying elements that we call the power of one. It is hard to convey the sheer size of the change that we've been through across Unilever and at speed. The early signs are very positive, and I think again, you'll see that come to light in the individual business group sessions. Now, in implementing the new organization, we've been consistent on the objectives. There were three, to unlock speed and agility, to drive greater category expertise and focus, and to embed greater accountability across the business while still leveraging the power and scale of Unilever. The business groups address different consumer needs with different customer and channel dynamics and operate in markets with different competitors. While there are similarities, it's not surprising, therefore, that they have different financial frameworks. Beauty & Wellbeing is a EUR 12 billion business this year, which will drive value by delivering high growth from its position as a category challenger. Yes, a leader in hair care, but very much a challenger in skincare, in Prestige B eauty, and in Health & W ellbeing. The focus of the business group is summarized beautifully as purpose, science and desire. Fernando Fernandez leads this business group and will explain more in the breakouts. Fernando, make yourself known. Personal Care, our biggest business group, is a EUR 13 billion business with a very strong leadership position in most of its categories, and Personal Care will generate value through growth and modest margin expansion. It will focus on extending its strong global and local leadership positions, and it's led by Fabian Garcia. Fabian. Now you know who's leading Personal Care. Home Care, EUR 12 billion business in its own right, very strong leader in emerging markets. Value here will come from both growth and importantly improved margin, and the focus will be on developing the categories. Peter ter Kulve leads Home Care. Peter, say hi. Thank you. Nutrition, another EUR 13 billion business with an outstanding focused portfolio built around a couple of massive leading brands. The strategy is captured in the thought of boldly healthier and value will be generated primarily through growth with modest margin evolution. Hanneke Faber leads Nutrition. Hanneke. Finally to Ice Cream, a smaller but beautiful business, an EUR 8 billion business, the clear global leader in Ice Cream and our opportunity here is to create value through building the category. The focus is clearly on premiumization and the profitable out of home channel. Value creation here will come from growth and continued improvement on an already high return on assets. Matt Close leads our Ice Cream business. Matt, where are you? Matt. Graeme is gonna provide more color on this financial framework at the end of the day, and I'm sure this is an area that you're interested in, and you'll see a lot as you dig into the individual business group sessions. We believe the building blocks are in place. Unilever has been shaped into a better business, despite the challenging external conditions. We're focused on growth, and we can see the opportunity now to invest behind quality growth opportunities. Where will we be investing? Well, the three top areas to highlight are brand and marketing investment, R&D, and capital expenditure. Our BMI levels have been competitive, and we do see there's an opportunity to increase investment to unlock further growth. BMI will increase this year and beyond, and once inflation returns to a more normal level, we also expect BMI to increase as a percent of turnover. We've increased our spend on R&D for the last two years, and we plan to continue this increase in R&D spend in the coming years. Finally, to CapEx. After the interruptions that were caused by COVID, we are increasing our CapEx in 2022 to return it to historical levels. Some of you have asked whether it needs to be even higher, frankly, I'm open-minded on this question. Graeme and I have not turned down a single value-creating CapEx proposal in my time as CEO. We will continue to look at the plans and proposals that come from the business groups. We'll maintain discipline and strategic focus around all aspects of capital allocation, we are not in any way constrained on operational CapEx. In summary, these building blocks are now in place, not just in some pockets, but really across all of Unilever. We've stepped up our operational execution, we've sharpened our portfolio, we're allocating resources against clear strategic choices. We're well advanced on the work to transform the organization and the operating model. We are, we think, ahead of the curve on embedding technology and definitely on sustainability as a commercial opportunity. Unilever is well set for the next stage of the journey, which is investing in that growth. Thank you very much. I was told pause while the webcast ends. Thank you very much, webcast. With that, let me hand you back to Richard, who will introduce the logistics for the breakout session in more detail. Richard, up we come. Welcome. My name is Fabian Garcia, and I am the President of the Personal Care business group. I'd like to draw your attention to the disclaimer relating to forward-looking statements and the non-GAAP measures. I want to impress upon you four key messages. First, Personal Care is a large and attractive market in which Unilever holds strong leading positions. We have some of the most powerful brands in the sector. We will accelerate growth by investing more behind our powerhouse brands, funded by increased gross margin. Last but not least, the new Compass organization is already helping us to step up the speed and the quality of our execution. This is our plan for today. First, I'll give you an overview of our business. We will talk about the strategy and value creation plan for Personal Care. We will go through growth, gross margin, and execution. Let's talk about the Personal Care business overview. The Personal Care market is attractive at about EUR 100 billion with a historical growth rate of about 4% per annum. There are three big categories in this market. First is skin cleansing and deodorants, where we hold number one positions globally. Then there is oral care, where we hold the number four position globally, but where we hold number one positions in the markets where we choose to compete. The trends in this category are also shaping for growth in the future. First, we have an enhanced health and protection trend, which is a lot about the desire for heightened efficacy for Personal Care needs. What that means for us in Personal Care is higher protection for sweat and odor, stronger protection against germs. We're well-placed to lead this trend via core brands and R&D technologies. The second trend is boosted beauty and wellness, and this is all about the democratization of beauty ingredients and wellness ingredients into personal hygiene. Last but not least is the better by and better for nature trend, which is about the combination of sustainability with enhanced potency from natural ingredients. Let's talk a bit about the environment in which we are competing. As we all know, we're competing in extremely VUCA environment. The first topic to talk about here is supply resiliency, and there is a need for significantly higher supply resiliency for our entire end-to-end supply chain ecosystem. The second one is inflation. We continue to face headwinds from inflation and currency into 2023. The wider energy crisis centered in Europe is driving inflation in packaging, aluminum, hydrocarbons, and fragrance. Last but not least is the looming risk of recession on the horizon, more likely in Europe and in North America. Let me describe for you the Personal Care business. This is a large business. It's EUR 12 billion. We're 23% of Unilever's turnover and 27% of our operating profit. We grew 2.6% in the last three years in average as we were significantly impacted by COVID. Let me tell you the two reasons behind our performance during that period. First, our portfolio mixed impact during COVID, over-indexed in deodorants, and that market declined. Second, there was a lack of focus under the previous organizational model. We have a diverse channel footprint, which is very balanced. We have a sizable business in all of the three core categories. In skin cleansing, we're EUR 6 billion. In deodorants, we're EUR 4 billion. In oral care, we're EUR 1.5 billion. We hold strong global leadership positions in skin cleansing and in deos, where our share is 3x as large as the next biggest competitor. In oral care, the aggregate share is only around 5% with a global relative market share at 0.2x. However, in the markets where we lead, our relative market share is about 1.7x that of our nearest competitor. We have a balanced geographical footprint, 50% in developed, 50% in developing markets. The strength of our business comes from our powerhouse brands. Let's look at them in more detail. This is a portfolio of seven of the largest global brands in this sector. Let me describe them for you one by one. Dove, an iconic EUR 5 billion master brand, of which EUR 4 billion are in Personal Care. This is the number one most penetrated beauty brand in the world. Rexona, also known as Sure or Degree, is approaching EUR 2 billion in sales. It is the number one deodorants brand in the world. Lux, another billionaire brand, is the number two most penetrated beauty brand in the world. It is anchored in the emerging markets as a leading beauty soap in India. Axe is the number one male Personal Care brand in the world when we exclude shaving, and it is in a multiyear turnaround journey with promising results in the U.S. and in Europe. Lifebuoy is the number one selling germ protection soap in the world, and it is anchored in the emerging markets. Pepsodent is also known Signal in France and P/S in Vietnam. It is the leading anti-cavity family oral care brand in Indonesia, Bangladesh, Vietnam, and France. Last but not least, Closeup, a leading freshness brand in India and Vietnam with a unique brand identity. It is a challenger brand with very strong future potential. These seven brands make 85% of our business with very strong leadership positions. Let me now tell you about our strategy and value creation. Our strategy is very simple. We will accelerate growth by extending our leadership positions. We will be deploying superior technology and increased investment behind our seven powerhouse brands, and we will be improving execution enabled by the Compass organization. We expect to grow within the range of 4%-5%. We expect moderate margin expansion. I remind everyone, Personal Care is accretive to Unilever. The growth that we expect to achieve will be powered by increased growth margin, which will be invested in our core brands. Let's talk about growth. Today, our portfolio is strong in core and value and under-indexed in premium. We will accelerate our growth by further strengthening our core and building a stronger premium. To achieve faster growth on the core, we will deliver superior products via breakthrough science and technologies, more competitive claims that enable us pricing, driving the category value growth, and gaining share. We will expand our premium portfolio by trend-led innovation, delivering new benefits and new formats at significant price premium to the core. At the same time, we will simplify our low-value portfolio. 60% of our growth work will come from the core, and 40% of our growth will come from expanding our premium portfolio. Let me illustrate for you with some examples how this actually works. Let's first talk about Dove. Dove will be delivering superior care for people and planet. This is a repeatable model for growth at the core of Dove through superior formulations year- on- year. The example from Dove U.S.A. skin cleansing is like this. This is a EUR 1 billion business, and Dove body wash is the number one franchise of Dove brand globally. In 2023, the biggest Dove relaunch of the last few decades will take place. It will first include a new 3D bottle, the first time we do that in 17 years, and a formula upgrade that further differentiates Dove's superiority in moisturization. That new formula actively regenerates moisture for 24 hours. It's applied with a patented nanotechnology that penetrates through millions of moisturizing micro droplets to lock in more moisture for longer. It comes with a new Dove packaging, brand new, loved by our consumers. It's modern, premium, and its unique design is more user-friendly and ergonomic, and it has a stronger shelf presence. This is a superior mix that will allow us to take a 10% pricing in the biggest part of our U.S. business. To illustrate what we do in premium, Dove is expanding its premium ranges, offering new benefits, leveraging beauty and wellness trends that I talked about before. Underarm darkness is one of the pain points for our consumers, triggered by underarm hair removal. Dove Even Tone deodorant brings advanced skincare ingredients to its unique formula and helps restore the skin's natural tone within weeks. Even Tone is a fast-growing segment at about 200 index pricing to the core. Our ambition is to build a more than EUR 100 million business with this franchise globally. My next example is about Rexona. In 2022, we implemented a breakthrough technology upgrade on our core business, which is about EUR 1 billion. There's a new Unilever patented technology, we call it Invictus, that delivers unbeatable performance against sweat and odor protection. This is already in more than 100 markets and has enabled 5%-10% pricing for Rexona. Rexona is growing double-digit in 2022 with positive volume growth and gaining share. When it comes to premium, the Rexona Clinical range has a 250 index to the core of Rexona pricing because it offers three times the protection designed for heavy and excessive sweaters. This is based on the same patented Invictus technology, but this time it multiplies the efficacy to offer at a much greater level of protection. This is already 7% of the total Rexona business, with lots of future potential. As Unilever, we're committed to make positive impact for people and the planet. We're driving consumer preference with purpose through our large brands. Our largest brand, Dove, has shown the power of consistent messaging as its 18-year-long mission to foster body positivity goes from strength to strength. The brand has grown about 7% on average during the last five years. Most recently, the brand was awarded the Brand of the Year award for 2022 by The Marketing Society. Our consumers are also concerned about environmental issues and expect companies to take action. We have made commitments that meet rising expectations of our consumers. Those commitments are 100% deforestation-free palm oil. We are on track to reach that by the end of 2023, to reduce plastic waste. We're using less plastic and better plastic. We're building plans to reach net zero emissions by 2039. We are on track for a 40% reduction milestone by 2030. Now I'll take you through the gross margin increase plans. We will improve gross margin to reinvest behind the seven powerhouse brands. That's our strategy. The first thing that we will do to achieve that is through mix and premiumization. We will price for superior consumer preferred products. We will trade the consumers up to accretive formats and benefits. We will leverage mix. We will also step up our savings to double the historical levels. This will be enabled by increased focus and faster decision-making through the new Compass organization. We have already stepped up our savings by EUR 100 million this year to a level 70% higher than historical levels. We will keep this high level of savings through operational excellence and radical simplification, which can yield over EUR 100 million in the years ahead. Let me tell you about simplification. We will exit 70 legacy tail brands, of which 60 have already been exited as they had minor turnover in 2022. We will also drive 25% reduction in SKUs. We will have done this already, 7% of these by the end of 2022. The combined impact of these actions will give us an increase of 45% in turnover per SKU. There's also a dramatic reduction in unique specifications via harmonization of raw materials and packing materials, which will give us better scale and efficiencies in material spending. We will reinvest these funds behind our core brands to accelerate growth. Last but not least is execution. The Compass organization enhances the execution power of Personal Care. First, through faster decision-making. This is a simpler organization. The fewer decision-makers are all in the room to make a big impact and make decisions fast. In the first 100 days, we have eliminated 60 tail brands. We have changed capacity allocations in Dove bar production and moved capacity from Latin America to the U.S., generating EUR 25 million in incremental turnover, supporting share gains in skin cleansing in the States. We have already achieved EUR 100 million in stepped up savings this year. Second, we have a more accountable organization because we are accountable for end-to-end integration from strategy to execution. We're responding to changing market dynamics much faster than before, with sharper focus on Personal Care. The accountability sits with me and my team in the markets. We're able to make decisions and manage our resources dynamically. We have much greater consistency between strategic intent and actual execution. Last but not least, we have a more personal culture. What do we mean? We tailor our plans for each market to win with local consumers and customers. Our culture is indeed in service of consumers and customers, and we have much greater domain expertise in Personal Care. We're better aligned because we're implementing objectives and key results so that we're more disciplined in that alignment across the organization. We call this making it personal for our people, our consumers, our customers, and for our business. Let's wrap it up. I want to impress upon you four key messages. First, Personal Care is a large and attractive market in which we hold strong leading positions. We have a portfolio of some of the most powerful brands in the space. We will accelerate growth by investing more behind our powerhouse brands, funded by increased gross margin, and the new Compass organization is already helping us to step up the speed and quality of our execution. Thank you. Hello, everyone. Thanks for joining us today. I am Fernando Fernandez, currently President of Unilever Beauty & Wellbeing. Prior to that, and until early this year, President of our Latin American business. In the next few minutes, I will give you a glimpse into our new Beauty & Wellbeing business group, the spaces we will play in, our value creation model, and the strategy going forward. The market in which we compete is sizable, at around EUR 350 billion, and highly attractive, given consistent growth rates between 4% and 6% and structurally high margins. Our presence in beauty is mainly in skin and hair care, which have a combined market value of around EUR 200 billion. Vitamin, minerals, and supplements is a EUR 150 billion category, a new business for us that we have recently established through several acquisitions. The lines between Beauty & Wellbeing are blurring since more and more consumers define beauty in terms of how they feel both inside and out. Even more importantly, beauty and VMS show similar dynamics in terms of hyper-segmentation of demand spaces, leading to fragmentation of offerings and a continuous shift to premium that makes viable the economics of specialized channels and digital commerce. As a result of this, the channel footprint of these categories, particularly in developed markets, is very different to the ones we see in other business groups of Unilever. With around 80% of VMS and skincare global markets sitting in drugstores, specialized channels, and online. Differently, hair care has a much larger presence in grocery. Unilever Beauty & Wellbeing is a EUR 10 billion business in revenue with four primary components: core hair, which represents 55% of our business, core skincare, which makes up around 25%, and two businesses, Prestige Beauty and Health & Wellbeing, which we have recently built through acquisitions and that combined already represent 20% of our turnover. In terms of competitive position, we contest for global leadership in hair care, we hold strong skincare positions in Asia, and are an emerging challenger in both Prestige Beauty and Health & Wellbeing. In geographic terms, Asia-Pacific and Africa is our biggest region, contributing to around 55% of our revenue. It's important for you to notice the growing importance of North America, mainly U.S., that after a significant stream of acquisitions, represents today 1/3 of our revenue. Our growth in the 2019-2021 period has been disappointing at around 2.4% per annum, a growth rate that is below both our ambition and what we believe the fundamentals of our business allow. Reigniting volume-led growth in our Beauty & Wellbeing business is and will be our number one priority and of extreme importance for Unilever as a whole. Why? Because margins in this business are high, extremely accretive to Unilever. Beauty & Wellbeing represents 20% of Unilever revenues and contribute 25% of its profits. Given the different stages of market development, our different competitive positions, and the different portfolio strategies we will put in play, we divide our Beauty & Wellbeing business in two big blocks. First, our developed markets plus China. Second, our emerging markets. The business is split almost 50/50 between these two blocks, which give us good balance between exposure to hard currency, therefore resilience against economic volatility, and exposure to high-growth market. You can see that in developed markets, we are a challenger with a relative market share of around 0.4 against market leader. While we enjoy very strong leadership in emerging markets at 2x the size of our main competitor. Important to highlight our strong position in India, where our market shares are 4x the one of our closer competitor, which position us exceptionally well in one of the key markets of the future. A fundamental pillar of our strategy is to pivot our portfolio into premium segments and channels. That's why we are disproportionately investing behind our fast-growing Prestige and Health & Wellbeing business. These two businesses represent 20% of our revenue, but are receiving 30% of our investment. We will make Prestige and Health & Wellbeing the anchors of our business in developed markets and China. As mentioned before, the category has attractive margins, and our profitability has historically compared favorable with our peer group. In terms of top line growth, the acquisitions we made in Prestige Beauty and Health & Wellbeing have performed strongly, significantly ahead of the market. This chart shows our relative performance versus peers at a global level. Given that our business is strongly concentrated in the U.S., our relative performance in that market is even stronger with growth rate at least 3x market growth. This makes very clear what our key challenge and opportunity is to reignite growth in our core hair and our core skin care business, where we must step change our competitiveness. We have a good geographical footprint that provides tailwinds. To succeed, it is imperative we accelerate premiumization, win in the emerging product formats, and increase exposure to fast-growing channels like drugstores and digital commerce, where our competitive position is below fair share. A ruthless focus in volume-led growth, positive mix, and shift to high-growth channels is at the center of our financial growth model. We aim to deliver consistently year after year top line growth above 5% with a modest margin expansion. This is the kind of performance that has been achieved by the best in class in the industry over the last 10 years. To do that, we need to deliver against two goals. First, restore competitiveness and accelerate growth in our core hair and skin business. Second, sustain Prestige and Health & Wellbeing growth rates currently at double- digit to make this business 30% of our revenue by 2025, while improving margins through top-line leverage and the capture of significant synergies we have at reach. Until now, I have told you what we will do, but I am sure you are expecting to know what will be different, how we will do it. There are a number of consumer trends that are reshaping the market and informing our strategy moving forward. We are seeing a significant increase in the demand for authentic brands, transparency, and science-backed products. Consumers are looking for brands that promote inclusive beauty, brands that can speak to their personal identities and affiliations. They are looking for science-backed hero products that deliver transformational results. They want unique and distinctive indulgent experiences and are prepared to pay a premium for them. As people become more and more aware of what they put on their bodies, the inside out nature of Beauty & W ellbeing becomes more popular. All of these trends ultimately drive the premiumization of the market and helps to make specialist and online channels economically viable. Unilever is perfectly positioned to deliver against these consumer trends. We have been pioneers in driving an inclusive, positive vision of beauty with brands like Dove or Vaseline. We have a strong science and technology that we will deploy at scale across channels and price points. We have acquired businesses like Nutrafol that are successful cases of beauty from within and show a strong potential playing just on the intersection of beauty and health. We have clearly differentiated portfolio strategies in terms of the brands and geographies for our core hair and skin business and our Prestige and Health & Wellbeing businesses. In our core portfolio, we will disproportionately invest behind six of our biggest brands that represent 55% of our revenue and have strong leading positions in market with high growth potential. India is our number one priority, given the potential of the market and the fact that we enjoy exceptionally strong market positions that are 4x the size of our closest competitor in both hair and skin. Winning in India, as we are doing, is an absolute must both for today and for the future. We also enjoy strong leading positions in geographies like Southeast Asia, Latin America, and the Middle East. We are shifting resources to these high growth potential sales that are also very profitable for us. The role of our Prestige and Health & Wellbeing business is to be the anchor of our portfolio in the U.S., China, and other developed markets, where our investment in core hair and core skin will only be selective. These are markets where we need a portfolio that is future-fit to deal with consumer fast migration to premium segments, specialized beauty stores, and online. This means a portfolio skewed into higher price points like the ones of our acquired business. Prestige and Health & Wellbeing already represent more than 60% of our Beauty & Wellbeing business in the U.S. The portfolio we are building there with brands like Dermalogica, Paula's Choice, Liquid I.V., Nutrafol will allow us to drive international expansion in a cohesive and consistent way. You may ask yourself if India is also part of our priorities for Prestige and Health & Wellbeing. The answer is unequivocally yes. Even if our focus today is on expanding leadership in our core hair and skin business, we will not be late in India when it comes to new channels and digitally native business. Given their importance in our strategy going forward, I would like to give you a view on how our acquisitions in Prestige and Health & W ellbeing have been performing. We have acquired 16 companies, a complementary set of brands with clear leading positions in very well-defined segments, and in aggregate, 50% of their sales in digital commerce. A few examples of them include Paula's Choice, a leader in direct-to-consumer skincare at the entry price point of Prestige, Tatcha, with a Japanese inspired luxury proposition, currently number one in skincare in Sephora U.S. Liquid I.V., market leader and market maker of functional hydration, and OLLY, a disruptive player in the sleep and stress space. When weighted by turnover, this is a four-year-old portfolio that in aggregate, it has been performing really well, adding EUR 1 billion of revenue through organic growth on top of the EUR 1.5 billion of acquired revenue. We will end 2022 at approximately EUR 2.5 billion in revenue. Our goal is to continue growing this business to make it at least 30% of our turnover by 2025. As I mentioned earlier, Prestige and Health & Wellbeing have fundamentally transformed our portfolio in the U.S., contributing to more than 60% of our business there, and consistently growing double- digit at 3x the industry rate. This model is the one we will replicate in China and other developed markets through the international rollout of a limited number of our strongest brands. Over the last few months, we have been focused on codifying what makes our most successful brands tick and how they are able to deliver consistent volume-led growth while simultaneously premiumizing. What all these brands have in common is the delivery against three fundamental pillars: purpose, science, and desire. Purpose, because brands like Dove and SheaMoisture have demonstrated that authentic brands with positive impact on both planet and people grow brand power and enjoy significant consumer preference. Science, because in an era of unprecedented access to information, consumers search scientific evidence regarding ingredient transparency and substantiation of product delivery. Lastly, desire, because it is what makes beauty brands stay relevant, what makes them timeless, and what makes consumers pay a premium. We need to embed purpose, science, and desire across all our brands in every touchpoint of interaction with the consumer. When all three pillars are in place, we can unlock disproportionate growth, and we have excellent examples of that in our portfolio, which I will take you through in a bit. I know many of you are already familiar with the pioneering work we have done on injecting purpose in our brands. Today, I will focus on the substantial step change we are introducing in the science and desire pillars. We have in Beauty & Wellbeing some of the best science and expertise in the world, but historically, that science, that technology, has been deployed in limited parts of our portfolio. We will change that. In four major global innovation hubs in the U.S., U.K., India, and China, the Beauty & Wellbeing business groups employs more than 1,000 scientists, including 200 PhD, who work at the cutting edge of science on human biology, the microbiome, and new ingredients. They are part of an exceptional ecosystem that covers a broad range of academic institutions, government partnerships, and other scientific partnerships. During this year, in 2022, we have already in Beauty & Wellbeing, filed over 140 patents and signed more than 100 innovation partnerships. There are more than 10 streams of science in which we really believe Unilever Beauty & Wellbeing has a significant technological advantage. I will only highlight three of them today. Our GAP technology, which addresses aging skin. Prolipids, a technology that delivers 75% increase in skin strength through the delivery of 3.5x the serums to skin that our leading global competitor. Our 3D bonding technology in hair care, which makes hair 8x stronger and more resistant to future damage. Looking forward, we will deploy our best, most differentiated technologies at scale across core and Prestige. We will put particular focus on fast-growing consumer segments such as melanin-rich skin or hijab wearers through premium segments and formats like hair and skin treatments, in high value density hero products that deliver transformational results. The acquisitions we have made in Prestige Beauty and Health & Wellbeing are businesses where the expertise lies in premium distinctive innovation, digital marketing, and online sales. Within these businesses, 90% of our investment in marketing is through digital, and 50% of our sales are done through digital commerce. These are fundamental capabilities that we have been strategically injecting into Unilever over the last few years, and now leveraging across our core business. We have already started a significant program to step change our brands in terms of packaging aesthetics and product sensorials. We are also making significant investment in activity systems for influencer marketing at scale, experts' recommendation, and new sources of authorities. We are focusing our innovation on hero products that we will flawlessly execute in store and will become our anchor for the search engine battle of online. Now that you have more insights into the strategic choices we are making, I would like to take you through a few examples of how purpose science desire is coming to life in Beauty & Wellbeing and how they are contributing to growth. Dove Hair success in India has propelled our share to historic records with 12 percentage points gained in the last 10 years, moving our shares from 43% to 55%, four times the size of our major competitor. In India, three out of four women are rejected for their looks during the arranged marriage process. Dove Stop The Beauty Test, it's a campaign that encourages women to embrace who they really are. This strong purpose, consistently executed, combined with our superior damage repair technology and flawless execution at a premium price, has made the brand the number one in the country, reaching 20% share and becoming an undisputed market leader. Vaseline is a 150 years old brand that is experiencing a clear renaissance in the last couple of years, with a strong performance in the West and exceptional growth in China and Southeast Asia. Vaseline is on its way to become Unilever next billion-euro brand. Vaseline purpose is around healing skin that combined with the deployment of our superior GAP technology with 10x the power of vitamin C, has made our Gluta-Hya range in Southeast Asia an incredible success, premiumizing the brand without cannibalizing the core. It is a body care range, especially designed for hot and humid climates, and Gluta-Hya serum-based lotion texture has proven to be a real breakthrough. Just as a data point, in Thailand, Vaseline has became market leader with 2x the size of the closer competitor in one of their major important strongholds globally. We acquired Hourglass in 2017. It is our only play in Prestige color cosmetics, and we have doubled that business in the last five years. Hourglass is reinventing luxury cosmetics through innovation and commitment to animal rights. That's the brand purpose, being a cruelty-free luxury brand. Nearly every time a red lipstick is produced, the color cosmetics industry uses carmine, a bright red pigment produced from crushed female insects. Using Unilever science and technology, Hourglass created its Red 0 lipstick with a vegan replacement to carmine. This is one of the 87 innovations that our Prestige Beauty global unit has introduced based on Unilever Science and Technology. A strong purpose, innovative science, and desirability in every single executional element of the brand, from packaging to in-store experience, is making Hourglass one of the most successful brands in the luxury beauty sector. We acquired Liquid I.V. in 2020, and the brand now is 4x bigger than when acquired with more than EUR 500 million in revenue. Liquid I.V. purpose is about making water and hydration accessible to everyone. Its cellular transport technology allows rapid absorption of water and other key ingredients into the bloodstream. This is a product that really works. I highly recommend it to you after exercising or when on a flight. It has become a real cult product with athletes in the U.S., with more than 17,000 college athletes enrolled as influencers for the brand. This community-led marketing model is creating desire at scale and has made Liquid I.V. the fastest growing hydration brand in the U.S. These are just four examples of what we will replicate across all our brands consistently. A strong purpose, superior products backed by innovative science, and a step change in the desirability of our brands that allow us to premiumize the core of our portfolio. That's basically all I have to share with you today. I would like to leave you with a few key takeaways. Our priority is to accelerate growth through volume and premiumization, because in a high margin business, when volume grows, profit follows. We will shift resources to high growth emerging markets with India as our number one priority. Our strength in India is a source of long-term competitive advantage, and we will play there in every relevant segment, every relevant channel at the right time. Prestige and Health & Wellbeing will be the anchor of our portfolio in developed markets and China. We will build on the success in the U.S., and you can expect a faster rollout of our best brands into China and Europe. Purpose, science, desire are the pillars for how we will win and unlock consistent growth. Science is a distinctive strength of Unilever, and our best technologies will be widely deployed across the whole portfolio from core to Prestige, from Prestige to Health & Wellbeing. The acquisitions in Prestige Beauty and Health & Wellbeing have brought new capabilities in critical areas like premium innovation, digital marketing, digital commerce that are helping us to step up competitiveness in our core hair and skin business. Finally, our new organization has allow us to focus on growth, sharpen our industry expertise, and given us end-to-end accountability to make the right decisions for the business. It will not be easy, but we have a clear roadmap and we expect sequential performance improvement. Thank you so much for your time. Hi, I'm Hanneke Faber. I'm the President of Nutrition at Unilever. I'm looking forward to tell you a little bit about our business here today. Nutrition, the business group, tell you who we are, where we play, and how we're gonna win going forward. Who are we? Unilever Nutrition. We're an EUR 11 billion business. Our growth rate over the last three years was a 3.6% CAGR. About 70% of our business is in retail, a good chunk, 30%, is across food service and e-commerce. We're mostly a scratch cooking aids and dressings business. Knorr, Hellmann's, you see the examples there. That's about 75% of what we do. Beyond that, we have our beverage business in India, we have a snacking business with the products, many meals like Pot Noodle. We have exciting functional Nutrition business in India, and of course, we have our plant-based meat business in The Vegetarian Butcher. Our biggest countries are the U.S. and India, followed by Holland, China, and Indonesia. This is a transformed business, and if there's only one thing you remember from this presentation, this is probably it. We have step change growth. Until the year 2019, the Unilever Nutrition business grew between 1% and 2% every year. From the second half of 2020, our growth rate has been 6% or higher, and we're excited that we're delivering that this year as well. We're doing that at the same time as leading with industry-leading profitability, and the numbers that you see here on the right are from the first half of 2022. How have we accelerated growth? The first driver has been portfolio transformation. Until 2018, about half of this business was in stagnant or declining segments of the market. From 2018, we have transformed that portfolio. We sold the large spreads business in 2018. We sold our tea business last year in 2021, we've sold a host of other smaller brands. Brands like Alsa, like Bertolli, like Pummaro, like Baltimor, that played in low growth segments. We've also acquired. In 2020, we did the biggest acquisition Unilever has done since 2000 with the acquisition of Horlicks and Boost in India, we've acquired smaller, fast-growing brands as well, like The Vegetarian Butcher. As a result, last year, almost 80% of the nutrition business was in growing segments, only about 20% was in flat or declining segments. The second driver of growth have been our two big global power brands. Nutrition is a really concentrated portfolio. 60% of our turnover is in just two brands, the EUR 4.5 billion Knorr brand and the EUR 2 billion Hellmann's brand. Both brands have grown very robustly in the last two years. Knorr grew between 7% and 8%, and Hellmann's has grown double- digit, in fact, high double- digit this year. Growing those two power brands faster than the rest of the portfolio has really helped us accelerate growth. Where do we play? First of all, we're based in attractive growing segments. Beyond seasoning, scratch cooking aids and dressings make up the majority of our portfolio. Those are exciting segments. People around the world post-COVID are trying to cook more at home. They're trying to cook with fresh ingredients, fresh vegetables, fresh meat and chicken, fish, but many of them don't know how to cook and how to make those products tasty. That's where our products come in. We see an exciting curve there. We've bought ourselves into the exciting functional nutrition space as well, which again is a high-growth space. Not only are all of these high-growth spaces, they're also very profitable spaces. We like the shape of the portfolio we now have. We also have strong exposure to emerging markets, which wasn't always the case, but 55% of our business is now in emerging markets. The top five of those are India, China, Indonesia, Mexico, and the Philippines. Of course, we still have a really robust business, about 45% of our turnover in the U.S. and in Europe. Finally, we have strong exposure to faster-growing channels. 20% of our business is in food service, which we'll pause on in a moment, and 10% of our business is in e-commerce. That's up from just 3% five years ago, and we're growing that business well ahead of the industry. This year, again, we'll be close to 50% growth in e-commerce for Nutrition. Let's pause for a moment on food service because that is such an attractive global market. It's large, about EUR 150 billion or 75% of the retail market in foods. It's largely recovered from the COVID pandemic, which of course, was disastrous for food service. The market is at about 95% of its pre-COVID size, and the market growth is expected to outpace retail for many years to come at about 7%-8%. We have a great business in that food service space. It's called Unilever Food Solutions. It's large, and it's outperforming the market. We're in more than 75 countries, it's 20% of our nutrition sales, and we play with professional solutions, real professional solutions, mostly again, with Knorr and Hellmann's, but specific Knorr and Hellmann's products for chefs and in restaurants. We are way outperforming the market. You saw the market is at about 95% versus pre-COVID. We're at 112% this year. It's a very profitable, in fact, accretive business for Unilever. We have three distinct competitive advantages in food service. The first one is that we're a real solution provider. We understand chefs really, really well and offer superior solutions for them. There's two examples on this chart. Of course, right now, what are chefs concerned about? It's cost of labor, cost of energy, and it's the quality of labor. You can't always find whoever you want. So, you see the examples here, a sloppy Joe burger made with our products for only $1.33. Another example is time saved. You see there the Knorr mashed potatoes. If you make mashed potatoes from scratch, takes about half an hour, takes quite a few ingredients, and it's hard. If you don't have the right chefs in the kitchen, your quality is not going to be consistent. With our Knorr mashed potato mix, it takes three minutes, and you have consistent, superior quality all the time. The second competitive advantage is our digital selling capability, which is truly unique. In the past, and for many other companies, this is still true today, expanding reach in foodservice meant hiring more salespeople to go visit restaurants and institutions. We took the opportunity over COVID to digitize our sales force. It's now hybrid. We still have salespeople, but they have many digital tools to gain leads, to manage their CRM, and to sell more online without visiting that customer in person. That suite of digital tools has helped us reach 10% more operators now globally than pre-COVID. It's helped the engagement frequency go up by 20%, and it's increased productivity by 20%. China is actually our best example of this. That's also our biggest Unilever Food Solutions business. Pre-COVID in China, we reached about 100,000 restaurants. We now reach more than 200,000, and we haven't added a single salesman. Finally, the other distinct competitive advantage is our chefmanship. We employ more than 270 chefs around the world who really, really understand our customer and who lead for us in product development and also in sales. That's our footprint. Now, as we look ahead, what's this business going to look like? If we look at the market first, it's an attractive global market, but also one with some challenges. Attractive because there's strong trends driving market growth. First of all, there has been a cooking renaissance since COVID, and we're seeing that, of course, not at the levels of COVID, but we are seeing more people wanting to cook at home with fresh ingredients than pre-COVID. There's a mega trend of healthier living. Everyone wants to eat healthier. I've yet to meet a mother around the world who says, "I want to give my kids really unhealthy food." That's a mega trend that's here to stay. There's more conscious choices, people wanting to eat food that's more local, that's plant-based, because people increasingly are understanding the impact of food on the planet. Finally, food now is a big trend. Ordering food and having it at your house 15 or 20 minutes later in our business with players like Uber Eats and Gopuff quintuple in the last year. Those are all great trends. The food system is also challenged. 1 billion people are hungry around the world. 2 billion people are obese, which can lead to chronic disease. 30% of all greenhouse gas emissions are from the food industry, mostly from cows, and 1/3 of all the food that we grow and cut trees for is wasted. As a big foods player, we have a responsibility to act on some of these challenges, and they're also opportunities for our business. Our ambition is to be a world-class force for good in food. What does that mean? World-class means top third in terms of growth and financial performance in the foods industry. Force for good means doing well, winning share, growing categories in the market by doing good for people and planet. That's our ambition. We'll create value through that ambition with consistent growth, competitive growth, profitable growth, and responsible growth. When you look at the numbers going forward, we're looking at 3%-5% on the top line, which would be ahead of market growth, modest UOM growth every year by being boldly healthier for people and planet, and that will deliver superior value creation. How will we do that? Three things. Holistically superior, boldly healthier products, world-class brand building with industry-leading execution, and all of that powered by the new Compass organization. Let me touch on all those three points briefly. First of all, holistically superior, boldly healthier products. This is critical, and it's a change for us. Until 2019, our product performance testing framework was solely focused on taste. Taste, of course, is really important in food, and testing your product for taste against the competitor is critically important. What drives taste? Often adding salt and sugar. Today, just taste is no longer enough. In 2019, we changed our product testing framework to a holistic superiority framework where we test, of course, for taste, but also for clean label, for better for me, which means healthier, and better for planet. For our products to be rated superior now, you have to perform on all four of those elements. I'm excited to say that whereas in 2019 only 75% of our portfolio could be considered holistically superior, that is now up to 89%. We sell really, really good products. That's not just me saying it. Holistic superiority really drives growth. Here are a few examples. Knorr, less and no salt, driving bouillon. It's hard to imagine that you can do a bouillon with no salt, but you really can. Our scientists have done it, that's delivering really great growth and margin accretion on Knorr. Lipton Zero Sugar, again, an example of great growth, it reduces our sugar tax exposure, which we increasingly have in more and more markets. Micronutrient fortification, Royco with iron and iodine is a great example from Indonesia. 30% of all kids in Indonesia suffer from stunted growth because they don't get enough iron and iodine. Royco is in 90% of households in Indonesia, by adding those micronutrients, we make a real impact on public health, we delivered record market shares. Finally, of course, more plant-based, really important for us and something the consumer really is looking for. We've been recognized externally for our boldly healthier commitments. We made a number of commitments for 2025, which is EUR 1 billion in plant-based sales, halving food waste in our value chain, doubling the number of products with positive nutrition, and continuing to lower salt, sugar, and calories. I'm excited to say that we're well underway on all of those. We also committed to doing more regenerative agriculture because the food chain is responsible for so much greenhouse gas emission. For us to deliver on our net zero commitment, it is critical that we change the way we farm in our supply chain. We're excited that we have a pipeline of almost 100 scaled regenerative agriculture projects in the pipeline for Unilever Nutrition, with tens of them already in market, from tomatoes in India and Spain to rice in Arkansas and Italy, and of course, to soybeans in Iowa. We've been externally recognized for our boldly healthier commitments. The World Benchmarking Alliance rated us number one out of 350 food and agricultural companies last year for our commitment to the United Nations Sustainable Development Goals and our delivery on them. The Access to Nutrition Index rated us number one just a few months ago in the United States. FAIRR, the protein transition investor network, also rated us number one this year. That's holistically superior products, and they play a role in the second driver of growth going forward as well, which is world-class brand building. Of course, world-class brand building starts with those holistically superior products. There's many products on the shelf. You need more. You also need purpose, and you need pop culture. A great example of that is Hellmann's. Hellmann's is a superior product. It's real mayonnaise, wins every taste test. It's made with cage-free eggs. It's got omegas, it's got omega vitamins, so they're actually healthier for you, and it comes in 100% recycled packaging, so it's better for the planet. Hellmann's also has a great purpose, make taste, not waste. All those leftovers in your fridge are better with a dollop of mayonnaise. It brings that into pop culture, like, in the U.S. with our Super Bowl exploitations. Let's look at a quick Hellmann's ad. I got nothing to eat. Nothing? Nothing. Nothing. Nothing. Hold on. I can do something. Turning nothing into something. Turning nothing into something. Thought I had nothing, but I'm turning into something. I turn nothing into something. It's amazing what you can do with nothing. A little Hellmann's make taste, not waste. It's not just Hellmann's that's doing world-class brand building. I'm super excited about the latest on Knorr. This is from Knorr Germany, where we won TikTok of the Year with a campaign that's somewhat unexpected. It's called Singing Recipes. Dash the carrots, red bell pepper and onions. Sauté in hot oil for five minutes. Add some water and stir in cornstarch slowly and bring it to boil. Clean zucchini and cut it. Alternate layers of sauce, lasagna, and bring it to boil. Clean zucchini and cut it. Alternate layers of lasagna, and bring it to boil. Clean zucchini and cut it. Alternate layers of lasagna, and bring it to boil. Clean zucchini and cut it. Alternate layers of sauce, lasagna plates, and zucchini in a baking dish. Finish with checker pattern of zucchini and spread creamy champignon cheese on top. Bake it in preheated oven for 30 minutes. Enjoy. The last piece of world-class brand building is, of course, execution all the way up the front line in store. That's another key point in our strategy, especially at times when it counts most in foods. We got to own the seasons, whether it's Super Bowl in January, Ramadan early in the year, Easter, barbecue season, back to school, Thanksgiving, and right now, Christmas. These are just a couple of pictures from what's happening right now in store around the world. You see a wonderful Hellmann's Brazil glittering tower of mayonnaise. Got to love that. Next to it in the Philippines, they started their owning the seasons for Christmas on September 1st. We're seeing wonderful results behind that execution that leverages Jose Mari Chan, a real Christmas icon in the Philippines. Finally, the new Compass organization is really working for Nutrition. There's a lot about it that we like. We're simpler, we're faster, we're more agile, and that's mainly because the supply chain, our factories are now very much part of our organization. That's allowed us to improve service. We're at the very top of the list of U.S. companies delivering for customers great service. We've reduced food waste, which wasn't a focus before Compass, by 18% this year. Great for the planet, great for our business. And we're making much faster CapEx decisions to ensure that we continue to deliver that great service. We've also gotten more category focus for our customers. I'm delighted to say that we were called out as category captain for condiments at Walmart, our number one global customer this fall, and also that Burger King on the food service side has rewarded us with its Global Supplier of the Year award this fall. Customers are seeing the changes that Compass brings. Finally, we're really building much more domain expertise. We're doing that from our global Unilever Foods Innovation Center on the campus of Wageningen University here in the Netherlands, the number one global food and ag university. It's wonderful to be in that ecosystem. We're doing that through culture. We call our culture, we are all chefs, and that's chefs, of course, in the culinary sense, but it's also chefs in the sense of being chiefs, making stuff happen, understanding this business, moving it forward. One example of that domain expertise that I'd like to show you as the very last example is our organic portfolio simplification. We're now using a data-driven framework that includes all of nutritious data. It's a digital tool, and it takes our consumer and shopper data, our customer data, and our own Unilever data to determine the sweet spot for the number of SKUs that we should sell in each customer. That has allowed us to simplify tremendously. Just this year, we've reduced SKUs by 14%, recipes by 15%, and ingredients by 9%. That really helps. It's great for our customers, it's great for consumers, and it's great for our business. A final thing that the tool Polaris has allowed us to do is strategic share resets by going really deep on our business. A great example is our biggest share sell, dressings in the United States. Through the Polaris work, we found that in club, we had a number of businesses with really low margin. We've actually proactively taken those parts of the business out. A Hellmann's 64 oz, parts of the Sir Kensington's range. That's temporarily painful, and we have lost 800 basis points of share in club, but it's good for the business in the mid to long term. Our share in the rest of the market is up 50 basis points, and while temporarily national share is down 30 basis points, that will be back up come spring, and we'll be left with a much stronger business after that strategic share reset. With that, I'll wrap it up. In summary, you know, I hope you'll have seen that Unilever Nutrition is a transformed business with a really attractive footprint, that we aspire to be a world-class force for good in food, and that we will create value, growing the top line 3%-5%, modest margin improvements, and that will create lots of value. We also know how to win with holistically superior, boldly healthier products, with world-class brand building and best-in-class execution, and all of that is boosted by the new Compass organization. Thank you very much. Hello, I'm Matt Close. I am the President of Unilever's Ice Cream business group, and I'm here today to talk about who we are and also share our strategic direction for the next three years, where we're gonna play and how we're going to win. Let's start with who we are. At the end of 2021, we were a EUR 7 billion business. Actually, that makes us Unilever's single biggest category position. We grew 3% over the last three years despite the ravages of COVID on the out of home industry in general and of course, on our out of home business in particular. Through that period, we've driven e-com hard. We've got e-commerce, surprisingly for an ice cream business, up to 10% with greater ambition. I'll talk about that later. We have a big footprint in the developed world, Europe and North America, and a smaller footprint in the emerging markets, but a huge opportunity there that I'll talk about. Because of our developed world footprint, we also have an in-home business that's bigger than our out of home business. Now, particularly because of the growth that COVID drove in in-home. Again, we have plans to accelerate growth in out of home to make that bigger. We have a wonderful stable of globally leading brands. Actually, we have three of Unilever's EUR 13 billion brands. Two of them, Magnum and Ben & Jerry's, have delivered high single-digit growth consistently over the last five years, with very, very well codified innovation and marketing playbooks that we can deploy effectively in the markets they're present. Cornetto is a little short of EUR 1 billion at EUR 750 million, but we will grow this brand to EUR 1 billion in the strategic period. We are developing a strong position in kids through Twister and through a number of licensed properties we share with partners. We're the global leader of an attractive market. Euromonitor, which is the best measure of the total market because they take into account all channels, including out of home, scooping, and e-com, have us as a 20% share, twice the size of our next competitor. Euromonitor have us winning share over the last six years. That in a market that grew 3%, in the last three years, and we anticipate the market will grow more than 4% in the following years. A little bit of tailwind ex- COVID, development in the emerging markets, it's our intent to grow competitively ahead of the market. In terms of profitability, we're a little dilutive to the Unilever average at 13.9%, we've improved that profitability by 50 basis points a year over the last three years. 2022 and 2023 are gonna be intensely challenging for the profitability of the Ice Cream market in general and our business in particular, given the high inflation we're seeing in our core commodity basket of dairy and of sugar. Of course, Ice Cream is very exposed to energy inflation. It's one of the higher energy usage categories that Unilever has. It's our intent to restore that 2021 margin exit within the strategic period. We're well positioned to grow based on the latest consumer trends we see. Consumers expect ice cream to taste great. They're looking for indulgent experiences. They're looking for products that transform their mood, you know, whatever the occasion being, whether it's, you know, outdoors in the afternoon, whether it's sharing a moment with friends at home. We have brands that can really deliver against those trends. Everything has disrupted a lot of categories, but it's a positive disruption for Ice Cream. I'll talk in more detail about e-commerce, but even our full funnel marketing enables us to use shoppable content and drive conversion to purchase that we've never been able to do before. Health & Wellbeing are important in Ice Cream, but not with taste compromise. Our focus is on plant-based products, and we have a strong portfolio of the best tasting plant-based products in the world that we continue to drive strongly. We'll continue to develop innovation in low carb, in low sugar and to drive our responsible nutrition agenda against those Health & Wellbeing trends. When it comes to value, we know that we're facing a tough recession. Ice Cream is one of those categories that really has the lipstick effect. People are looking for accessible, affordable treats that will lift their mood, which will take them out of the difficult situations they find themselves in. Our brands are well positioned to offer the kind of value and the kind of worth it that consumers are looking for. Looking ahead, we've built our strategy on three core pillars. The first is premiumizing the business. Magnum and Ben & Jerry's will represent more than 50% of our share of sales by 2025, and these are proven brands with a strong track record of growth, and we've invested ahead of the curve in capacity and in marketing expertise and innovation capability. We'll build a bigger footprint in emerging markets. By the end of the strategic period, emerging markets will be more than 40% of our business, and I'll talk a little bit later about the repeatable models we bring to drive that growth. Ice Cream is all about channel choice, and the choice we make around out of home and e-com will make those channels more than 60% of our business by the end of the strategic program. Those three strategic thrusts are chosen because they're growth accelerators, but they are also profit accelerators because this is where the profit pool of the total addressable market is. We'll underpin these three strategic thrusts with more domain expertise. I'll come on and talk about all of those. Whilst we drive those strategic thrusts, we'll stay true to our happiness mission, which we articulate in two ways. We're all about happy people, I think that's self-evident, and we make a significant contribution to Unilever's Compass sustainability agenda through Happy Planet. That's about cows, less dairy, but also less greenhouse gas from the dairy that we use. It's about cabinets, where we've been working for many, many years on lower energy usage cabinets, on green energy, and increasingly on how we warm up the cold chain. Cocoa, where we work on sustainable sourcing in an ethical way. Our first strategic thrust, premiumization, is underpinned by our competitive advantage in R&D. No one knows more about microstructure control than our 500 Ice Cream scientists around the world, and we also are actively using more than 100 patents to drive the consumer experiences in a superior way to our competitors. You know, whether it's about how we form ice cream, how we put together different flavors and textures, combinations, what we're doing increasingly in miniaturization and mono bite, but also underpinning our sustainability agenda, whether it's moving to paper packaging to the use of PCR, or the way we source our ingredients. An R&D capability married to brilliant innovation and brand marketing. In the developed world in particular, we focus on premium brands. On Magnum, we drive penetration growth every year through innovation that honors the core product experience, whether it's in sticks or in pints, and I'd love to show you the remix work we did this year to bring that to life. Introducing Magnum Almond Remix. A perfect pairing of two ice creams, twice dipped in duo chocolates for extra indulgence. Classic can be remixed. Magnum, true to pleasure. One of our best performing global innovations ever. On Ben & Jerry's, we drive penetration of our core pints format through both ever-present classics, but also through innovating the experience. In 2022, we've launched a multi-year program called Ben & Jerry's Sundaes, which just brings a different twist to the pints experience, and it's actually accessing a slightly different audience. Again, a film that brings that to life. At Ben & Jerry's, we're all about the head. Take our new Sundaes and their creamy whipped ice cream topping, and the chunks and swirls on the topping, and the chunks and swirls under the topping, and delicious fair trade ingredients, and you're gonna need a bigger spoon. Four great new flavors, and one is even vegan, and that's it. Well, besides universal love and peace and justice and happiness and- Oops, we're out of time. New Ben & Jerry's Sundaes. Ice cream and so much more. I could show you any number of examples, but the two on the right-hand side, the Twister we bring to life, the fun we bring for kids whilst being responsibly made and a good choice for adults. Cornetto Soft really demonstrates our superior formulation capability, being able to bring that soft ice experience into the home, fresh from the freezer. Premium brands in developed markets, a core part of our program. Our second thrust, how we really grow our footprint in emerging markets. Per capita consumption growth in emerging markets correlates really strongly with GDP development and population growth. You know, this chart just brings to life the growth opportunity there is in some of the markets where we already have a strong presence. We have a clear codified model, proven in multiple markets, including Turkey, Mexico, and Thailand, where our market development covers the whole price piano. Our premium brands really being the margin driver for the market and enabling us to offer consumers products at every price point, including the market entry price points. That coin or note in your pocket that makes us competitive with snack bars or certainly with soft drinks. That repeatable model is underpinned in the emerging markets by a low-cost manufacturing base and by deep expertise in frozen route to market. We will enhance that frozen route to market expertise through digitalization of our key channels, specifically out of home and e-commerce. In out of home, we work with more than 3 million shopkeepers. We already have proof of concept that using digital capabilities like image capturing into automatic ordering and replenishment drives their growth and improves our service to those shopkeepers. Over the strategic period, we'll invest heavily in digitalizing the relationship we have with them for growth and efficiency. Digital commerce is a really exciting area for ice cream. We definitely have first mover advantage in the way we've developed what we call Ice Cream Now. Back in 2017, we put one freezer in a Deliveroo store in Amsterdam. This year, we'll do more than EUR 1 billion at gross sales value in what we call Ice Cream Now and quick commerce. That means, you know, whether it's an ice cream with a meal delivery or whether it's the delivery of an ice cream from one of our strategic partners, you know, be it Getir or Deliveroo or Wolt, we can bring ice cream to people wherever they are, whenever they want it. Those strategic partnerships really play all the way through to our marketing program. Here's a film that was developed with Wolt to really drive Ice Cream participation in quick commerce. These three strategic thrusts are underpinned by more domain expertise. The business group construct that Unilever's embarked on is really beneficial to the Ice Cream team, enabling us to accelerate the deployment of those capabilities learnt in our best markets, codified in the center and amplified across the world. Whether that is optimizing CapEx allocation for growth, profitability and ROI, or how we really maximize our impact in a very seasonal business, winning both the peak season, but also ensuring that we have the resources to drive deseasonalization at the shoulders of the season. We have a very clearly codified playbook that helps us to deploy those capabilities across the world. That's it. That's a whistle-stop tour of the Ice Cream business group. We're a global leader in a very attractive market, and we're well positioned to capture growth both based on the latest consumer trends and also on our channel knowledge and expertise. We've got three clear strategic thrusts in premiumizing, in building our emerging markets footprint, and in digitalizing out of home and e-commerce, and we underpin all of that with domain expertise. The Compass organization will help us unlock opportunities right across the value chain and enables us to navigate the seasonal nature of the Ice Cream category much more effectively. Thank you very much. Hello, I'm Peter ter Kulve. Thanks for joining me today. Let's start with a fun fact. Can you believe that cleaning is the most followed category on TikTok? Yes, cleaning is super engaging. We proudly serve 3 billion people around the world. They spend up to three hours a day on house chores. We have a big impact on their daily lives. That's why we love our categories and why people love our brands. I want to land three messages with you. Firstly, we have a proven model for category growth. Second, the new end-to-end Home Care organization unlocks new sources of margin expansion. Last but not least, we are committed to net zero and a plastic waste-free industry. Our industry has a massive carbon and plastic footprint, which we need to address on the path to net zero. Over the next 20 minutes, I will share an overview of the market, the Unilever Home Care business, our strategy, and some examples of how it comes to life. I will talk about the impact of the new organization and our value creation model. Unilever Home Care is an EUR 11 billion business, and we have been growing consistently. Our largest category is fabric cleaning, and over the years we have built an EUR 2.5 billion fast-growing home and hygiene business. We have five, EUR 1 billion+ brands, which are at the heart of our innovation plans and investment choices. Let me share one. Dirt Is Good has been on a stellar journey, starting from EUR 400 million in Brazil and gradually becoming an EUR 4 billion brand globally. We are the global number two and the challenger. However, we are number one in units sold, and we are the undisputed leader in emerging markets. Home care is a growing market with approximately 5% growth per year. It's quite resilient, as we have seen before, during, and after COVID. The growth is faster in emerging markets at 6%. We believe this trend will continue. In many emerging markets, penetration levels are still low, and building penetration is an important driver of future growth. Some categories in very large markets like India and China are still underdeveloped, not only in comparison to Europe or the U.S., but also in comparison to other emerging markets with similar income levels. Over the last 10 years, we have doubled our business. We have improved our profitability and have consistently grown share. We have done so partly because we are in fast-growing parts of the world and partly because we have gained market shares in those markets. This year, our global share growth is close to 60 basis points. We are facing massive cost inflation. Our estimated net material inflation is around EUR 1.4 billion, which we have been able to navigate well. This is a testament to the strength of our brands with good pricing power, also our large positions in emerging markets, where taking price is slightly easier than Europe. Share and volume are well managed. I will explain later how the inflationary environment allows us to take out some bad volume. Our experience in LATAM and Asia provides a good playbook on inflation and recession. Double down on quality and category development, net revenue management, a good, better, best portfolio, and last but not least, a very disciplined and institutionalized approach to savings year in, year out. Looking ahead, we see a number of enduring trends that shape our industry. Consumers are willing to pay a premium for more convenience and performance. Channel development from general trade to modern trade to e-commerce, it broadens availability. The bioscience revolution allows us to create new, highly potent, and more sustainable ingredients. Finally, people want to make more sustainable choices, but most do not want to compromise on performance nor pay a higher price just for sustainability. This brings us to the Home Care business model that is built around four pillars: Clean Future innovation, category development, cost extraction, and a fully end-to-end Home Care organization. Let me start with Clean Future. There is a small group of consumers who are willing to make personal trade-offs for a better planet. Most people believe something needs to be done, however, do not want to compromise on cost nor performance. There is a market opportunity for performance brands that are also sustainable. Consumers choose Home Care products on performance. We do not sell hope in a bottle. It needs to work. We craft holistic product experience, product quality, packaging, the retail experience, communication. This is hard work because all competitors work on this. Even more difficult is to make these products also sustainable. Less fossil fuels, more biodegradable, moving out of plastic, and not all competitors do this. What is really tough is to make these without own cost. For that, you need to redesign your science, products, and value chain. This is what we have been working on for four years now, and this program is called Clean Future. Clean Future is science-intense. It creates the opportunity to patent more, build real IP on formulation and packaging systems. Home care does 50% of all Unilever patents. Our R&D programs focus on bioscience, fragrance, microbial control, and the next level of concentration. Over the last years, we have stepped up our R&D investments and developed an ecosystem of partners with startups, biotech companies such as Genomatica and Arzeda, and academia around the world. Let me give you a couple of examples of Clean Future innovations. Sunlight, our hand dishwash brand, is the third most purchased brand in the world. The third most purchased brand. Amazing. We brought a new biotech-derived cleaning agent called Rhamnolipids in our formulation. It not only cuts through grease better, but as the molecule is large, it doesn't penetrate your skin. Excellent degreasing, soft on hands, and less burden on the planet. That is Clean Future. We are also very proud of our latest capsules. They deliver unbeatable cleaning. They dissolve very fast in cold water, and our packaging has no plastic. A category first. We are gaining approximately 200 basis points share in a very competitive market. I've chosen to share the following ad with you, as it brings all the nice theory to life. Let's move to the second pillar of our strategy: category development. Continually upgrading consumers to more premium formats and benefits, from a bar soap, to a powder, to a liquid, to a capsule, and the same in all categories. Just having a large market share is not enough. Historically, Unilever had many massive powder businesses. Despite leading shares in those geographies, most were not profitable enough. Driving upgradation unlocks profitability. Let's see how this works in action. On the left, you see how our portfolio has developed in China from powders to liquids and capsules. As a result, we drove consistent share and turnover growth. As we publish our India results, I can show that it not only drives growth. The Indian business will hit EUR 2 billion this year. Surf Excel will be a EUR 1 billion brand. Look at the profitability, from low single-digit to high up teens. This allows us to reinvest everything behind more category development and the circle starts. Category growth is also the foundation of our channel strategies, and we drive that through the evolving channel landscape. Historically, we have not always competitively serviced our retail customers, and this is where we are stepping up. We made good progress. Our ambition is to achieve number one positions in all our key geographies. Now, let's shift gears. The new organization enables us to make more consistent investment choices behind category development. We were always okay in the big markets. In the relatively smaller countries, like the U.K. or Thailand, too often in-year trade-offs were made between categories. A bad Ice Cream season in Italy would stop investments behind Lysoform, our leading disinfectant brand. This is, however, not only the only positive impact of the new organization. Home Care has a very different margin profile than Beauty, but we were treating Beauty and Home Care operationally like one. We now run our Home Care business end to end for margin growth. What do we do differently? Double down on complexity reduction and taking out low profit volume. There is still an opportunity to optimize our sourcing network and especially redesign our logistics system. We will more and more ship directly from factory to customers and avoid expensive in-between warehousing. Our factories and operations are getting more automated. We sell in rupees, liras, and kyats, but we are not buying everything in local currency. Further localization of materials is an opportunity, just like selectively more vertical integration. This is our top leadership team. More spiky profiles. Very experienced operators leading the business units. For example, Wai Foong, leading Home Care China, has been our Unilever China Sales VP. Gerardo in Americas, who has been GM of Mexico and Brazil before. Edu in Marketing, a real brand crafter. Reward is now also tightly aligned to performance, and our culture fits our industry and business model. Care for consumers and the planet. We sell performance, not hope in a bottle. The product matters. Every penny counts, as we are not rich. We're a low margin business. Although we are number one in emerging markets, we are global number two, and we try harder. With high organic growth and increasing margin from single- to double-digit, Home Care has been a real value creation engine for Unilever. We are confident that with our marketing and customer development models, we can maintain these high growth rates and further improve our return on assets. Carbon and plastic are an industry challenge, but we are ahead of the curve. Most importantly, the new structure will enable operating margin expansion ahead of Unilever's. Thank you very much for listening. Hello and welcome everyone. I'm Reggie Ecclissato, Chief Business Operations and Supply Chain Officer at Unilever, and I'd like to begin our session today by briefly introducing business operations. Unilever Business Operations is a newly formed organization that provides supply chain, IT, and enterprise services to Unilever. It's a powerhouse of excellence in processes, execution, and digital capabilities that will enable our business groups to win through cost-efficient, resilient, user-centric, and sustainable operations. The supply chain services provided by business operations include planning operations, procurement, logistics and customer service, sustainability initiatives, and supply chain excellence. The enterprise and IT services include IT platforms, data and analytics, employee and workplace services, accounting and other transactional support. To give you an idea of the scale of our supply chain, we produce 400 brands and 71,000 SKUs at almost 20 million tons of product every year. We do this across 200 of Unilever's own manufacturing sites and 900 odd third-party sites. We partner with around 53,000 suppliers and serve 250,000 customers. From an IT and enterprise service perspective, we manage 250 workplaces, provide over 1,000 IT services, process 20 million customer orders per year, and run accounting and reporting for 470 legal entities. We believe that with the formation of the B usiness Operations organization, we are an industry first, that we offer our business groups both best-in-class and segmented services, fully leveraging the benefits of scale, cutting-edge technology, and a strong central expertise. Services that will enable our business priorities of competitive, profitable, consistent and responsible growth. We have navigated three years of unprecedented disruption, particularly in our supply chain. Let me give you a quick snapshot of the last three years through the lens of our supply chain fundamentals of service, cost and cash. In terms of customer service levels, in the emerging markets, our order fulfillment levels are back to pre-pandemic levels. This has been enabled by our network strength in these markets, and I'm proud to say that our service levels are one of the best in the industry. Our developed markets are recovering. Many parts are still impacted by logistic challenges, supply disruptions, and in some cases, our own capacity constraints in some of the categories impacted by the volatility of the pandemic and the war. More on this later. Despite the challenge, I'm assured by the increase in number of customers who have rated us a supplier of choice as reported by the independent Advantage Group Survey of 446 global customers. On cost, as you know, the industry has been impacted severely, initially by costs to deal with COVID challenge, then service at all costs, and eventually inflation. I'm assured by the fact that we have maintained focus on delivering our annual productivity savings in supply chain and business operations. These savings have helped mitigate some of the inflation over the last two years, and thus maintain price competitiveness. Again, more on this shortly. Our cash generation through working capital remains strong. We have focused on customer collections and ensuring compliance with our creditors policy. For example, our debtors days have reduced from 44 days in 2019 to 42 days in 2021. Overall, we averaged negative working capital of more than 7% in 2021. In summary, it's been a disruptive period for supply chains around the world, including ours. I'm proud of the pace at which we have and are recovering, all with massive learnings, opportunities, and most reassuringly, lots of headroom to return to pre-pandemic levels. Everyone talks about the increasingly VUCA world. This context isn't going to change for us or for the industry in 2023. The recessionary headwinds will continue to create uncertainty and volatility in some parts of the world and make supply planning and capital allocation challenging. For example, should we plan for a recession in the U.S. or growth in Asia. Currency devaluation in large emerging markets will remain a headwind. Turkey, Argentina, and Pakistan are some of the particularly vulnerable markets with large dollar-denominated debit. Extreme weather events and natural disasters are continuing to disrupt supply chains. For example, agriculture yields could be impacted, which could in turn lead to supply challenges. Inflation in energy and labor is not new news. In Europe, we expect high double-digit year-on-year increase in energy costs in 2023. The environment does remains challenged, and we are expert in managing such volatility. Our strategic priorities are centered around fueling growth for our business groups by driving superiority versus competition. Our four strategic pillars are superior availability. We want to be the supplier of choice for our customers, and we will do that by strengthening our resilience and agility across the increasingly volatility supply ecosystem. Next is superior value. We want to unlock more value in our operations through excellence everywhere. We will achieve that through simplification, operational efficiencies and structural interventions in our value chain. Moving on to superior products. Very simply, we want our products to be the preferred choice of our customers and consumers. Finally, superior experiences. We will leverage our process and tech capabilities, any strategic partnerships to offer frictionless services to our consumers, customers, employees and business groups. Last, by no means the least, we enable all of these priorities through everyday safe execution, sustainable and responsible sourcing, a future-fit talent base, and of course, tech data and cybersecurity. Let me zoom into some of these strategic pillars. On superior availability, as I mentioned, our supply networks were stress tested, particularly through the pandemic and then the war. We quickly realized that some parts of our network were more resilient than the others. Customer service and fulfillment levels, particularly in the developing markets, were impacted. Leveraging the learnings and embracing the new external context, we are fast pivoting from a historic strategy of investing for scale and efficiencies to investing for resiliency and agility. This is a key priority for me. From a capital location perspective, we have started stepping up our CapEx spend and expect them to be upwards of 3% of turnover over the next three years. Some of the key areas of focus for me include investing ahead of demand in manufacturing capacity, particularly in the more volatile categories such as ice cream and deodorants. Here, we need to have capacity headroom to respond to volatility in demand. Frankly, we were tight in some categories through the demand spikes of the pandemic. We are accelerating our investment in technology and automation robotics in manufacturing logistics, both to improve efficiencies and to increase the clock speed of our operations. We are also continue to restructure our supply networks, for example, writing off dated manufacturing assets and technology, and moving production and warehouses closer to the centers of demand. We are doing this both for speed to market and cost, which will in turn also reduce reliance on large inventory buffers across our supply chain. For example, we are build a EUR 190 million factory in the south of China just to serve the south of the country. We are also announcing a similar investment for the Americas. Moving on to resiliency material sourcing. As you know, we remain at the mercy of our material supply ecosystems, which were equally disrupted through the pandemic, this impacted our supply chain and service levels. We are making several interventions to de-risk supply challenge. For example, we are reducing reliance on single suppliers by pivoting multiple suppliers for key materials. By 2025, only 5% of materials for our top markets will be sourced from a single supplier. We are also localizing raw material sourcing that is moving from global to in-market sourcing. In some cases, we are also working with partners to co-develop local capability. This has several advantages, such as reducing costs and supply lead times. By 2025, 85% of material spend in the top markets will be locally sourced. One of our key challenge today is that our material specification for a given product can vary from one market to the other, and this can prevent us from switching production across borders with speed. By 2025, we will simplify our material specification portfolio and reduce by 30%. Now speed to markets. To pick one example that we are excited about is Project Samadhan in our Indian business. This is a great case study of integrating our own supply chain with a highly fragmented distributive trade. It effectively strengthens last mile delivery and allow us to deliver 90% of the orders to the retailer by the following day, as opposed to two to five days previously. That not only increase the speed to market, but also provides the retailer with immediate access to a much larger SKU assortment. We are already seeing the benefits of incremental growth and are now looking to scale up across more geographies in India. In summary, my top priority is to pivot from investing for scale and efficiencies to investing for resilience and agility where relevant and across our value chain and ecosystem. Investment levels and capital allocation have been redefined, and many of the interventions that I talked about are well on the way. China, North America, and India are our top three growth markets, and will get the lion's share of the investments. The resilience and agility that I just talked about is not cheap, and many of the inflationary headwinds will remain. It's clear that we need to unlock more efficiency and trap it cost within our operations. Superior value is thus a key strategic trust. We are going to build our own flagship productivity program, and in the next three years, unlock an additional EUR 0.9 billion or almost EUR 300 million per annum of additional gross productivity savings. I say gross because we use most of that to fund investments in growth, in more capability, in price competitiveness, and of course, in marketing spends. There are four key sources of that value unlock, which we have modeled. We will radically reduce our tail SKUs and our material specifications. Our tail contributes only 1% of our turnover and costs us EUR 200 million-EUR 300 million in trapped costs. Several of our material specifications are no industry standard, and that comes at a known cost. There is massive opportunity here, and these simplification programs are in flight. On manufacturing logistics efficiencies, we are best in class in the emerging markets, but not as strong in the developed world. My focus is going to be on the latter. Be it machine efficiencies or truckload utilizations or waste on the production line, there is huge headroom. Investment in tech, simplification of portfolios and a skill reboot will all be key enablers. For example, in the developed world, we will deliver more than 5%-8% improvements in machine efficiencies in the next two to three years. Thirdly, the power of one Unilever scale cannot be underestimated. We have identified many additional opportunities, for example, in vendor consolidation, IT landscape simplification, and consolidated of a fragmented third-party manufacturing base. Also, as we invest more in our own manufacturing capacity, we have identified opportunities to bring some of the third-party production in-house and save on manufacturing costs. Again, immense opportunity and several interventions are already on the way. Lastly, as we look to build resilience and sustainable sourcing, there is opportunity to participate further in our upstream value chain, for example, in backward integration. We are under-indexed in this space. We are invest heavily in palm oil processing Indonesia and exploring other opportunities in the chemicals and ingredients space. The cost benefits of those are not insignificant. In summary, stepping up our productivity savings to deliver superior value, it's a key commitment that I have made to the business groups, I'm confident that we will be able to unlock an incremental EUR 0.9 billion of productivity over the next three years to reinvest in capabilities and brands for growth. Turning now to superior product. We want quality to be a source of competitive advantage and a key enabler of growth. To do this, we are driving superior product design from the start with innovation through to the delivery while integrating consumer insights through our state-of-the-art capability, the Digital Voice of the Consumer. Using machine learning, curating care lines, social media, digital commerce, and identifying high-value consumer insights for superior products. Secondly, we have automated our end-to-end quality management processes. This includes manufacturing suppliers and enables faster decision-making and better performance while aiming for flawless execution through touchless and predictive quality. We use breakthrough artificial intelligence technology, such as the digital eye of consumer, to inspect our products at the end of the production lines and on shelf. Lastly, we have recently launched our quality culture program across Unilever, making quality personal for everyone, everywhere, and putting our consumers at the heart of the business. We offer superior experiences that will be personalized through intelligent, interconnected, and trusted tech and data. Trust is the critical enabler here, driving personal experience for our consumers and customers. Our consumer experiences, we have over 1 billion consumer touch points, which in 2022 are driving over 300 million personalized experiences. We are using technology at scale to personalize and adapt messaging to different audiences. With customer experience, we are digitally empowering 3.5 million store owners. This is out of a 9 million addressable around the world. This includes artificial intelligence-led recommendations, optimized pricing engines, target promotions, order tracking, and value-added services such as digital payments and credits. When stores are fully digitized, we see a step up in growth and average order value. Additionally, we have digitally integrated our go-to market operations with the customers. For example, in joint business planning, order and claims processing, and delivery and cash collections. All of these through 19 interconnected technologies, creating frictionless and hands-off experiences. Some of the results are promised with 35% of customer orders being no touch and 800 basis points improvement in forecast accuracy. Our strategic enablers of safety, sustainability, talent, and technology. We strive for safety everywhere, caring for our people, our partners, and our communities. Our strategy is to inspire our values internally, but also across our partners in our ecosystem. We are best in class in our industry on what we refer to employee TRFR or Total Recordable Frequency Rate. We want to ensure that all those who do business with us return home safely every day. TRFR is an industry standard measure of safety performance and considers work-related injuries per million hours worked. We drive continuous improvement of our TRFR through our safety culture, through adherence to our safety standards, and through implementation of new technologies. Sustainability in our operations remains a key focus for us as an enabler of growth, cost reduction, and supply security. Our sustainability programs will deliver on three measures: positive impact on the planet and people, increasing the resilience of our business, and supporting growth under our belief that brands with purpose thrive. Let me give you few examples of this. One of our most exciting brands in India is Kissan. The flagship product is Kissan ketchup, which continues to be grown with over 93% sustainably and locally sourced tomatoes. One of our key tomato suppliers in Sahyadri Farms. It is 100% farmer operated and owned, and works with over 18,000 farmers. Through Sahyadri, we have the ability to bring change at the community level and support brand growth through upskilling, improvements in crop yield and crop quality, reducing losses through assured market access for the farmers, and better overall price realization. We are scaling similar regenerative programs with our tomato suppliers in Spain for our Knorr brands and with our soy partners supporting the Hellmann's brand in North and South America, among many others. One of the most recent examples of where we drive impact through our sustainability agenda, it's energy. 86% of our electricity is already sourced renewably. We have added capacity from solar installation through third-party suppliers and through our own investment at over 40 locations in 18 countries. Through this, we are delivering against our ambition to move to 100% renewable energy while we also source energy at lower costs during the current crisis. Lastly, we have committed to a deforestation-free supply chain in palm oil, paper and board, tea, soy, and cocoa by 2023. These commodity supply chains contribute to more than 65 of Unilever's total impact on land and are among those who often link it to deforestation and conversion of natural ecosystems. In palm, we are investing $150 million in our Unilever Oleochemicals facility in Sei Mangkei. Over $180 million of this investment is going in this and next year to help us source more directly with a simplified, compressed supply chain. The benefits of this are not just security of supply for materials like PKO. It will enable us to manage a deforestation-free supply chain with a direct positive impact for close to 40,000 small holder farms. We want to be the talent ready for today and fit for tomorrow. This will be a critical enabler in our success. Some of our key thrusts include passion through performance. This will be dial up through inclusion and ensuring that all our leaders have the psychological safety and the space to share their unique viewpoints. We started the work on diversity and inclusion several years ago and have found a winning formula of combining both representation and an inclusive culture, powered by data intelligence to create winning talent practices. These practices have enabled the team to achieve a gender balance of over 48%, up from 35% in 2017. Our ambition is to reach 50% female representation. Look at future fit capabilities. Our ambition is to establish business operations as a leadership powerhouse, a place where people can grow authentically and build digital and transformation skill sets that drive performance and unlock accelerated career growth. We also make business operations a talent hub, where we will develop top talent for Unilever. We are harnessing and leveraging data, technology, and advanced analytics at scale to win now and in the future. We are seeing the benefits of having invested in technology and data to power our business. For example, it is enabling us to better understand and serve the needs of our consumers and customers. If we start with the foundations, we have pivoted to a cloud-first infrastructure with 95% of our technology running in the cloud. This transition not only enables agility and resilience, but also give us access to innovation at scale. An example of this innovation comes from our industry-leading digital factory program, where we drive real-time visibility, autonomous processes, augmented people capabilities, and enable experimentation through digital twins. With these capabilities, we have now integrated most of our customer processes and data in our lead markets. This is enabling true customer experience and efficient processes coupled with artificial intelligence-led insights to drive growth. In summary, we are seeing the benefits of our digital program all over our ecosystem. We are delivering growth in dCommerce, accelerating growth in our distributive trade, and taking category leadership in the modern trade. To close off today, I would like to leave you with a few key messages. Through Unilever Business Operations, we will fuel profitable and sustainable growth through our strategic priorities of superior availability, superior value, superior product, and superior experiences. This we will enable by a significant step up in investment in resilient and sustainable sourcing networks. We talked about the step up in CapEx and the in-flight investments in our top three growth markets. We will relentlessly focus on operational excellence, from simplification to machine efficiencies to being bolder with backward integration. We will enable these initiatives with the very best in technology, talent, and service levels, whether it's on the factory floor or in our customer operations or indeed enabling new channels such as digital commerce. We are confident of stepping up our gross productivity savings to EUR 1.5 billion per annum, some of which we will reinvest in new capabilities and competitiveness. Thank you.