Good morning. Good afternoon, everyone. I'm Richard Williams, the head of investor relations at Unilever. I'm pleased to welcome you to today's deep dive on Unilever Health and Wellbeing. I'm joined by Fernando Fernandez, the President of Beauty and Wellbeing, and Jostein Solheim, the CEO of the Health and Wellbeing business. We expect remarks to be around 20 minutes, followed by Q&A. If you'd like to ask a question, then please submit it via the Q&A panel at the bottom of your screen. All of today's webcast is available live, transcribed on the screen as part of our accessibility program. Before we start, I would like to draw your attention to the disclaimer. It's a forward-looking statement and non-GAAP measures. With that, let me hand over to Fernando to do an introduction. Thank you, Richard, and thanks, everyone, for being with us today. I am Fernando Fernandez, until recently the CEO of our Latin American business, and from July 1 onwards, the president of the newly formed Beauty and Wellbeing business group. As you know, moving to the next chart, Unilever has decided to reorganize itself around five business groups. They are ice cream, nutrition, home care, personal care, and beauty and Wellbeing. With this reorganization, we will seamlessly integrate a strategy and execution at the interior of each of the business groups, and we believe that this will provide us with much more category focus, greater empowerment and accountability, and a much simpler, faster, more agile organization. Beauty and Wellbeing in particular is composed by three very different business. Our mainstream hair care and skin care business, and two fast-growing global business units, Prestige Beauty and Health and Wellbeing. Health and Wellbeing is what we call to the business that we have acquired in the vitamins, minerals, and supplements space. These two fast-growing business, Prestige and Health and Wellbeing, are absolutely crucial to delivering some of the key strategic thrust of Unilever. First, to pivot our portfolio into high growth demand spaces. Second, to leading the channels of the future. Third, to transform our portfolio footprint into developed markets and China, particularly in the U.S., where we have made substantial acquisitions in the last few years. With that, I hand over to Jostein. I'm very happy to take any questions at the end of this presentation. Thank you. Jostein. Good morning from the East Coast of the United States. I'm Jostein Solheim. I took over as the CEO of Health and Wellbeing just over a year ago. I really took over from Peter ter Kuil, who's the president of our home care division and who really set this up on top of his day job running home care. I came to this job from running our foods and refreshment division here in North America. I seem to always be introduced as the former CEO of Ben & Jerry's, where I spent eight years taking that business global and really delivering a long period of sustained high performance. I spent the last 15 years in the U.S. mainly, but through my local... other local jobs and global roles, I've had the opportunity to operate across multiple geographies. That's me. Let me get right into it. What we thought we would try to cover very quickly today was to give you a basic introduction to our Health and Wellbeing business. We really operate within the very large vitamins, minerals, and supplements category. Then I'll give you a high-level overview of our strategy and our value creation model. Now, the three sort of key messages about what Health and Wellbeing at Unilever is is that it is a portfolio of fast-growing, lifestyle-led, science-driven brands. This is not a coincidence. This is a result of our very rigorous and disciplined approach and selective approach to M&A. It's also due to our focus on this mega shift in the health and wellbeing business or in the VMS category, which has really moved from being a problem, solution, letter vitamins category to a category driven by health as a lifestyle pursuit. When this category gets disrupted, we are really focused on the most attractive segments, the most attractive product formats and channels within that, and that really allows us to drive growth aggressively through market development rather than just gaining share of existing segments. Then to further scale these fast-growing companies and unlock value, we are underpinning them driven by a common tech backbone, but we are really underpinning them with a leading-edge Unilever capability platforms. I'll come back to that in the strategy and value creation model section. Those are the three things I really wanted to land, but let us ground ourselves in what this business is. From our very humble beginning in 2018 with the acquisition of Equilibra in Italy, we are now more than EUR 1 billion of turnover. More importantly, as these companies have joined our group, we are maintaining a very high growth. We've grown 50%, more than 50% per annum since 2019. Which means that in 2021 we already contributed 35 basis points at the Unilever's U.S.G, to Unilever's global U.S.G. Importantly, also, 40% of our business is online. This allows us to really deploy leading edge data analytics and really build a closer relationship with our users and our consumers. With the recent deal and acquisition of the majority stake in Nutrafol, this will actually go all the way to 50% of our online sales. Oops, the wrong button. Here's our very short but dynamic history. You know, this, as I said, is really the outcome of a very rigorous and disciplined, what we call programmatic, approach to M&A, where each company that we acquire complements and adds something unique to our group. They bring new capability, new skills, and new talent pools that really enrich our total community. I already mentioned Nutrafol. We announced that in May. We're very excited about it. We will close that deal this week. To do this, we built a really strong internal capability and team to execute on this M&A strategy. Just to give you a sense of the scale of this work, in the last 18 months, we have looked at more than 60 targets in detail to basically end up with three deals, Vitale, Onnit, and Nutrafol. This selective approach really allows us to deliver on our business case and deliver on our shareholder promise. Let me introduce you to some of the key companies. In 2019, OLLY joined our group. OLLY is the creation of Eric Ryan, who was also the co-founder of Method Cleaners, if you recognize that. OLLY is really the poster child of a brand that brought the narrative from a problem/solution sort of category to a lifestyle, health as a lifestyle. OLLY disrupted the shelf, brought in big needstate segments like sleep, beauty, skin, stress, very relevant recently. OLLY has really taken already the number one position as a number one sleep gummy in the United States. In 2020, we brought in SmartyPants Vitamins to really complete our gummies powerhouse. Now, obviously, by having these two businesses, we have a really powerful industrial base where we can have potential to unlock value within gummies. SmartyPants is really a science-based, nutrient-dense, premium proposition, really focused and anchored in kids and moms, but obviously serving all adults. It's very complementary and distinct from OLLY. These are very complementary businesses. One illustration of that is SmartyPants is really anchored in Amazon, and they're already number one in multivitamin at Amazon, and the number two overarching VMS player at Amazon. While OLLY, really strong across food, drug, and mass, strong at Target, strong at Walmart, and already the overarching number two VMS gummy brand in the food, drug, and mass channel. Very complementary businesses. To give you a taste of OLLY, here's a short video. As you can see, this is a pack that deserves sitting on your countertop, brings a smile to your face every morning, and a delightfully tasteful product. Now in 2020, Liquid I.V. joined the family, and in May of 2021, we acquired Onnit. Both of these are digitally native brands with really powerful product experiences. Liquid I.V. plays in the huge functional hydration space. 75% of the adult U.S. population suffer from some form of dehydration. This is a massive area. While still Liquid I.V. is already the number one powdered hydration brand in America, and we have more than tripled the size of that business since the acquisition, the room for growth is massive. This is a business driven by high ROI performance marketing, what we call lower funnel marketing, anchored in their D2C and online presence, but with a strong partnership with Costco and a full rollout plan for the whole of the United States. Onnit, another digital native brand, really famous for its Alpha BRAIN product, which is a high impact. You feel the impact after five, 10 minutes, and it's a sort of nootropic. It's a product that really aids your memory and focus. We see huge market development opportunity in this space. Alpha BRAIN is part of a larger family. Onnit has an incredibly loyal and dedicated, we call it the tribe of followers, and Onnit has a full portfolio to support their health needs and their performance needs, but Alpha Brain is the hero. Now, our latest and greatest, Nutrafol. Nutrafol really brings us into a very, very large new segment, beauty from within. Within beauty from within, and I'll come back to this segment definition, hair health is the biggest sub-segment. More than 114 million U.S. consumers declare that they have concerns about their hair health, and this is clearly a global, phenomena. Now, Nutrafol is a 90% online business with two-thirds of their sales from nutrafol.com and the rest from Amazon. The 10% that remains is from the professional channel. It is the number one dermatologist-recommended hair growth supplement because it works. It's backed by four clinical studies, four patents, and 10 medical papers. It has an incredible loyal following because of its efficacy, so a lot of consumers stick with this product for a long time. Obviously, when you combine Nutrafol's really unique capabilities with Unilever's topical hair science capabilities, our retail expertise and our international reach, this gives us a great opportunity for scaling this business. Now let me pivot to the high-level strategy and our value creation model. The VMS market is very large. It's more than EUR 160 billion, and it's growing healthily at about 5%. Now about two-thirds of this market is in the U.S., China, and Europe. These are our priority geographies as well. When you break down the larger VMS category, you get into four big sub-segments, where the core vitamins and dietary supplements, combined with functional hydration, represents about two-thirds of that market, and that are the sub-segments where we are focusing on. You could still say 5% growth in this overarching market. How do you unleash this level of growth? We really, within this large market, we focus on the high growth segments and the benefit spaces that are really ripe for disruption and that allows us to drive rapid market development. Functional hydration, I talked about that with Liquid I.V. Massive territory. Beauty from within is a huge opportunity to grow and expand the market and the way consumers interact with these products and address their beauty needs from within. All of them play a critical role in our growth strategy. Now, this trend is not a fad. This is a trend that's underpinned by millennials and Gen Z's, but this shift is really systemic and structural. Now there are 4 really critical underlying drivers of this shift, and I think personally, the rapid development in our scientific understanding and knowledge and our ability to translate that science into high efficacy products with total transparency is a critical driver of the trend. You know, it's a sustained and accelerating aspect of it. Two great examples, of course, Nutrafol being one, the other one being SmartyPants, which has an incredibly dense claims framework and full transparency end-to-end. I talked about benefit-led and personalized. OLLY is the poster child of benefit-led and personalized. Big, benefit segments like stress and sleep, simple, clear, high efficacy products that allows the user to personalize their own regime to fit with their needs and their lifestyle. Purpose-driven and better for you kind of nearly goes without saying. Many of our companies had their purpose defined before they sold a single product. I believe purpose really drives our internal's performance culture as well as our external impact. Last but not least, this is the generation that is best informed in history. Gen Z research and discover everything about your product at a level. It amazes me every day I interact with this group. The need for social proof, influencer endorsement, ratings and reviews, but also right down into looking at your clinical studies and the science behind your products. Gen Z, I think is the most informed generation that we're gonna have to date, and they are a great opportunity for companies like us. I have a little video on, from SmartyPants, to give you an illustration. Just notice that front of pack dense with claims. At SmartyPants, health is more than just a vitamin. It's a way of life. Taking the time to be your best with the people you love. Each day, another chance to find joy in the things that make life great. Because it's the moments that matter. We're just glad to be along for the ride. SmartyPants, the smarter way to healthier. When you put all of this together, this is what makes me so optimistic and excited about this business unit and the market tailwinds that we can enjoy. You know, what we're seeing is that the majority of the category growth will come from the enjoyable formats, gummies and powders, and 80% of our business is already in gummies and powders. The segments that we are focusing on, the disrupted high growth segments, grow at least 2x category average and 65% of our business is already in these segments. The majority of the projected category growth is gonna come from e-com and online, and already today, 40% of our sales are from e-com, and then when we add Nutrafol to the family, that is already 50%. Also really importantly, particularly around the shift in the category, by 2040, 58% of consumption in this category is projected to come from millennials and Gen Z. That is overwhelmingly the focus of our business, with 75% of our media spend going towards millennials and Gen Z consumers. How do you organize to unlock this amazing growth opportunity? Well, the way we think about this is we have the operating companies. The operating companies focus on day-to-day execution. They are inherently growth machines. They have the things that they need to make rapid decisions operationally in their executive hands, in a way. You know, if you're growing a company at more than 50%, I like to think of it as a very practical problem to solve. They solve that every day. They, and I'm gonna go all the way to the bottom of the slide here, they are underpinned, and this is facilitated by our partnership in Microsoft and a few other of Unilever's tech partners. We are together building out, leveraging Unilever's capabilities in this space. We're building out a common tech backbone anchored in a Microsoft ERP system, but with demand planning, supply systems, and linking the back end of our business to the front end of our business. By having this common backbone, it really allows us to deploy the best of Unilever in data and analytics. We are able to build large lookalike segments. Each company can draw from the shared data of everyone. We can tie that together with our internal data to drive really fast and rapid and correct decision-making. We are building out a leading science platform that supports the companies in their innovation. We bring in leading experts from the industry to complement our own experience. Of course, we brought together our sales into one sales force here in the United States, so we can really take these real strong online businesses and bring them to our retail partners, you know, with clear focus and strength. One great example is Onnit, that's nearly no retail presence, and we're launching this year with Walmart at scale. Obviously, this is a very regulated industry, so we are building out a rigorous regulatory and quality assurance platform. About 80% of regulatory is actually in post-launch, and that's where we can scale and have a common platform for all of our companies to really meet Unilever's standards of integrity and quality. Of course, Unilever brings international expansion. Our capability platforms facilitate that expansion and connects these companies with the markets around the world. That's not all, because we can link now also our operations. We can unlock through our networked supply chain, significant margin pockets where relevant, and we can unlock efficiencies in the system, all facilitated by the common tech backbone. Of course, the back office it unlocks synergies in the back office. More importantly, it's the quality of the data, the quality of the financial information, the real-time aspect of that can then, again, support these growth companies. That is our operating model in a nutshell. We have set our ambition to reach a very realistic EUR 3 billion turnover. Of course, we will continue our rigorous and disciplined approach to M&A. But the majority of that growth will still come from organic growth, and it's really science-led innovations. It's about big brand investments to increase awareness, penetration and availability. Of course, it's about unlocking the synergies that we get from our capability platforms, from Unilever's capabilities in cost and revenue synergies. Our geographic focus is simple. It's we have a China for China business team, and it's really unlocking China first with a cross-border e-com. Then Europe, anchored in our Equilibra business. Yeah, we believe that having more than 50% of our business online is another critical aspect of this ambition and one that we will achieve relatively quickly. What I hope you've taken away from this is that, you know, we now have a sizable business with very strong like-for-like growth since 2019, when it became something more significant. We have a portfolio of fast-growing, lifestyle-led, science-driven brands that are very relevant and distinct in the marketplace. We are able to unlock market development by focusing on the attractive segments, the product formats that will grow in the future and the channels of the future. This is all underpinned by the platforms of Unilever's capabilities, so we can more rapidly scale and unlock the value. We have kind of a realistic ambition of reaching EUR 3 billion turnover. That's what I hope you took out of this. I'm now gonna hand it back to Richard to manage our Q&A. Thanks, Jostein. Let's now turn to Q&A. Just as a reminder, if you'd like to ask a question, then submit it via the Q&A panel at the bottom of your screen. Jostein, we've had a few come in, but maybe just start off with a question which I've had a few times from investors. Why is Unilever a good owner of these assets? How does Unilever add to them and create value? It's a great question, and I hope some of that came through in the presentation. You know, the VMS category, in one sense, operates at the intersection between the sort of nutrition business, the food businesses and the beauty businesses. We bring unique capabilities and understanding and expertise, both from science and claims, et cetera, into this space. I think secondly, the shift to being more of a lifestyle driven category really increases the role of branding and purposeful brands that really connect deeply and emotionally with users, but backed by really strong science and efficacy, and that's an area where Unilever has incredible expertise. The one area that I do love to double-click on is data and analytics. I think as we move towards a cookie-less world and as the online ecosystem scales globally, we are able to bring real expertise, knowledge, tools that can really back up these growth machines and enhance their performance. I think those are a few of the things, you know. Last point I'd like to say is we are obviously also bringing in a lot of complementary expertise from the marketplace, fantastic expertise in R&D, in regulatory, in legal, so that we really excel in these areas where this industry is different from we have competed before. Thanks, Jostein. A question from David Hayes from Société Générale about our acquisition process. What are the criteria for deals to pursue? Without mentioning any names, can you say why you did not complete other opportunities? The second part to that question is, what have you learned from your successes or failures over the last few years on such deals? Are you better at this process than you were five years ago? Those are good, very good questions. Thank you for the question. Yeah, the process, and when you come into it's kind of frustratingly rigorous because you feel like you get close and deep in, and then you hit a red flag and you walk away. You know, what we have learned is you gotta go deep. You really gotta go deep to really unlock the unique capabilities, the unique and distinct features of the company, and not just a superficial, short-term, how they show up. Our process goes deeply into a lot of companies. We then make a subset, and then we go deeper again. They really have to add something distinct to our portfolio. They have to be in benefit spaces or segments where we see great market development opportunity. They have to have an inherent margin structure that allows us to generate and unlock value in the long term. They should have an appropriate geographic and channel footprint. They have to be digital first. They might not just be an e-com business, but they have to be digitally native. Now, that's some of our criteria. As I said, you know, we looked at more than 60 companies to arrive at three deals, and which is, I think, very indicative of how we do it. We have a significant team and capability that focus on this every day. In terms of learnings or regrets, I would say, it's so far we are extremely pleased both with how we are performing versus the business cases. Our selective approach allows us to really deliver on our promises. I have, of course, seen companies go to others, but I have never regretted that. I can say that hand on heart because we have looked at them, and we have very clear point of view why they were not a good fit for us. Thanks, Jostein. I thought two parts to the question from Faham Baig at Credit Suisse. Are you willing to say what the margin is of the business, and how do you expect margin to progress over the next few years? And then the other part to the question is, what do you see as being key barriers to entry in the category? On the margin question, I do hope that you know, we don't actually give a specific guidance at this level on margin. I hope from the presentation that you could see that we have significant opportunities to unlock industrial value through our common tech backbone, synergies in supply chain, that we have opportunities to unlock synergies in the growth machine to grow faster and more cost efficiently. You know, one example is right now we've just done a deal with Tinuiti, which become our across all companies media partner for Amazon and digital. It just really unlocks more capability at a lower cost. I am eternally optimistic that we will make a very appropriate contribution to Unilever on margin as well as growth, but growth remains our number one priority. In terms of barriers to entry and moats, it's very interesting. The old sort of scale moats that you could say that you only get access to customers if you have a certain scale, like you need a certain scale in manufacturing, they are no longer really true. We believe that the true competitive moats in this industry comes from the powerful brands that we have with strong net positive promoter scores, our strong social presence, influencers, communities, our solid ratings and reviews at Amazon. Our future facing science and insights that will allow us to drive clinically proven high efficacy product delivery. It is interesting as you look at competitive moats and scale advantages in this industry. I feel extremely blessed that we are positioned without any stranded assets and with lots of opportunity to add value. Okay. Thank you. A question here very relevant to today, from Ewa Korga at Bank of America. How resilient is a category like VMS in an environment of rapidly deteriorating consumer confidence and purchasing power? Yeah. Thank you. That's a great question, and one, of course, that is very relevant right now as we are looking at some turbulent times ahead. I will say we've also had some turbulent times behind us over these last years. I think the number one point here is people are putting their health high on their agenda. Their health and their comfort and psychological comfort in supporting their health has, if anything, shifted dramatically and in a permanent way. I think that is the biggest, you know, aspect as we enter into a potential recession. You know, that will be an important factor. That's the first. You know, if you look at companies like Nutrafol, which is my... One of my favorite examples, where somebody, one of their users, called their helpline and said, "Look, I'm down to rent, food and Nutrafol." Because, you know, again, when you're going through these tough times, you do not wanna let go of what is really building your confidence and you're feeling the efficacy of your hair health recovery. Nutrafol immediately shipped her three months of free supplies, so they could really support her through this. The loyalty is high in and around our brand, so that gives me confidence as we go into this next phase. Thanks, Jostein. Questions from James Targett at Berenberg. He wants to see if he can get some numbers out of you. What proportion of your sales are currently outside the U.S.? The other part is, what percentage of your sales are direct to consumer versus Amazon or other online channels? Yeah. Our focus at this stage has really been to build a strong business in China. First, through cross-border e-commerce. We've launched OLLY and SmartyPants, and we are looking at the full portfolio. We're building a really strong, you know, China for China capability and skill set. That is the first area. Second area is Europe. We have a strong position in Italy with Equilibra, and we will continue to look at Europe as an interesting market. Recognizing there are regulatory complexities, but treating those more as competitive opportunities than limitations. When you're growing at more than 50% like for like in the United States, it's kind of tough to get your percentages up everywhere. We are still driven a lot by the U.S., but we see enormous international potential. Okay. There's a series of questions from John Ennis, but let me try and break it down. VMS is a fragmented category, so can you better explain how you differentiate within this? Is the differentiation in the efficacy of the product, or is it really down to branding? Does this require a higher level of marketing and R&D versus you would normally expect in Unilever? Great. Great question, and thank you. You know, when you're in a problem-solution world, the market gets extremely fragmented because there are so many very small and specific problems that can be addressed. When you move into a health as a lifestyle pursuit and you're moving into segments or what we call big benefit platforms, where you're offering a clear benefit to the user through a stack of ingredients that really addresses that need, you move from a very fragmented problem world to a much more powered and focused benefit world. Obviously, it still allows for a lot of personalization, so we do need, you know, a relatively broad portfolio. But it's not, you know, it's not very different from other FMCG categories in terms of that modern VMS business. It's fragmented. The move is towards these bigger disruptive segments. Sorry, what was the second one again? I got myself all tied into it. Does it require higher levels of marketing or R&D spend versus what you'd normally expect in something like Unilever? It's a good point. No. You know, we do spend substantially, and we are stepping up our investments in marketing. You know, marketing in this space, you know, it is part education. How do you really educate the user about how we can support their health journey? Part you know, building trust in the efficacy of the product. Now, it does not require a substantially higher R&D investment. We have a model where we leverage Unilever's core competence, some internal specialist knowledge and a whole host of partners that we collaborate with in a very cost-efficient, but also really tapping into leading-edge science and technology. You know, scientists like to see that their science has an impact on humanity. Being a facilitator of that is actually quite gratifying. No, I think yes, we will continue to see sustained investments in marketing, in community building, in both performance and awareness building. R&D, we will step up R&D because I really believe the future is in core science and how we translate that into products, but it's not inherently much higher investment requirement from my point of view. Okay. The other part to the question was, how would you break down your organic growth between that which is growing penetration in existing markets versus launching into new geographies? At the moment, the majority of our growth is coming from existing geographies, but through market development, versus gaining share of existing segments. You know, powdered functional hydration was not a major segment compared to the RTD equivalent. It was really an RTD market. Along comes Liquid I.V. with a product which just has so much more efficacy and impact. You feel that impact immediately. It's really revolutionized that market. Yes, we're number one in powdered hydration. That's not how we see the market. We see the market as all hydration needs, and there's enormous percentage of adult population that is suffering from dehydration regularly. Okay. Thanks, Jostein. A very succinct question from Jeff Stent at Exane. What proportion of your sales are from Amazon and Costco? Ooh. You know, the beauty of our portfolio and our approach to M&A is that each company brings something unique. While SmartyPants is really, really strong on Amazon, Liquid I.V. is really, really strong and has an incredible relationship with Costco. You know, OLLY is powerful at Target and at Walmart. Onnit, Nutrafol are strong D2C dot-com businesses. As a group, we are very, very balanced. However, I will say we do have really leading edge and tight relationships with Costco, Target and Walmart. Well, that goes without saying. But I'm also really impressed by the breadth of customer engagements that we're getting right now in the U.S. I think in the drug channel, the two main players in the drug channel have Liquid I.V. in five to seven store locations, which is kind of unheard of, that you're getting, you know, display in seven locations in one store. What we're seeing is it's vastly incremental for each individual area. Thank you. Sorry, I don't- No, that's fine. Thank you. Don't give away anything you're not comfortable. Question from Warren Ackerman at Barclays. About scaling the VMS business internationally, how quickly can you do that? And specifically, if you want to roll out, say, SmartyPants, what needs to happen from a regulatory perspective, and how long does that take? It varies greatly by product area in terms of the regulatory barrier. You know, Liquid I.V. is relatively simple from a regulatory perspective. It's in the U.S. classified as a food. In Canada it is a VMS, but it's a relatively simple product to manage from a regulatory and rollout perspective. It can sound extremely complex, but I'm actually. For example, SmartyPants formulations today are regulatory approved for continental Europe. The barrier for us is the normal barriers of coming up with powerful, repeatable models, connecting locally with how each culture sees health and their health journey and health as a lifestyle. These are things that we're eminently good at doing at Unilever. It's really combining that product know-how and the power of the U.S. model with Unilever's geographical reach and deep local consumer understanding. In terms of speed, I count money, not speed, so I am very focused on unlocking the big opportunities and getting scale behind us as fast as I can. I'm very wary of fragmenting myself over many small opportunities. This market is concentrated. You know, it's two-thirds U.S., China, and Europe. I feel good about that. We do have some seeding markets where we say, you know, there are some places where we might wanna bet on the future. India, for example, we have a very strong presence in India, and it's a very natural place for us to look at as a seeding market for the future. More to come on international expansion. Follow the money, stay focused, execute in a locally relevant way. Okay. A question from Chris Pitcher at Redburn. How many of the founders are still with the business? And how do you incentivize them to stay? That's a great question. We have found in our experience that our brilliant and visionary founders do better as advisors and supporters than CEOs. Nutrafol is really the exception, where we have a very unique situation and a leadership team, an executive team. The founders are active in supporting those teams and enhancing their own legacies and their own impacts that they were big part of why they wanted to sell to us, but they're not actually in leadership day-to-day positions. How do we keep them engaged? Content. They created these things. They love it. It's part of them, it's part of their identity. They want it to succeed. They can put it in varying degrees. You know, Eric Ryan, you know, is our brand guru for the whole group. Eric, you know, created Method Cleaners, OLLY and Welly, and he's just a phenomenal resource for us and a phenomenal partner. He doesn't run any day-to-day business. Question from Heidi Rauber at Fidelity. Is management compensation tied to the EUR 3 billion turnover target, particularly the organic element of it? The other question about the new organization, how will you work with the beauty side of the new division? Two great questions. Yes, our incentive structure very much mirrors and drives our focus on very strong organic growth within a responsible profit delivery, but it's really driven by delivering on that 3 billion vision in very distinct and clear stepping stones. To ensure that we do that, we do combine a standard sort of Unilever system of a base pay and a bonus pay with a long-term incentive plan that really ties the whole organization to that outcome. That's one really important aspect where we sort of mirror the equity feeling and the feeling of, you know, we are really all in to deliver on the growth. That was the first question. Of course, yeah, I keep doing this. I get so into that first question she had a second one was. Shouldn't do this to me, Richard. Give me one. Working with the beauty side of the new division within Fernando's team, how you'll work with Prestige? Yeah. I think, you know, as Unilever has now moved with a Compass Organisation to a really focused organization where everybody's kind of tied directly to a PNL and an outcome, this is really beneficial for us because we were in that model ahead of the new Compass Organisation. This more focused and dedicated approach across Unilever really helps us in how we drive out our international business. In terms of the interfacing with Beauty and Wellbeing, this is a natural home for this business. We have great synergies in work across the microbiome, across branding. A lot of these things come together. I mean, Nutrafol is probably the poster child, you know, when we're bringing our real deep clinical knowledge in science and hair, topical hair, together with a deep from inside out Nutrafol benefit executed, you know, in a very science-oriented way, but also with the outcomes that we know so well from the beauty industry. That's a very natural area. It brings more focus to us, and it helps us in executing on our vision. Thanks, Jostein. A question from another investor who's asked to be anonymous. Can you say anything about the contribution of price and mix to category growth versus volumes in either the past or in the future? The second part for that question is, with SmartyPants costing about GBP 35 per pack in the UK, is there a limit to how much consumers will pay for these products? Great. On the first part, we have been very fortunate in that we've been able to drive a very aggressive efficiency program behind these companies so that we've kept pricing, the pricing lever relatively limited. It's really mix and volume that's driving our growth at the moment. That is reassuring as we might go into a more challenging economic environment. We feel we are well positioned to face that. On the willingness to pay, it is more, you know, value for money. In those SmartyPants, what's great is it is a premium. It's also the only. When you start breaking it down, two or three other supplements brought to one execution with SmartyPants. Yes, there's a limit. I think SmartyPants provides really great value, when you look at the totality of what we're getting, in that product. It's obviously our job to ensure that the consumer understands and appreciates that value, and that's our focus, as we sharpen the marketing mix, behind SmartyPants. Thanks, Jostein. You're breaking up a little bit, and anyway, I think we've been more or less out of time. I'll just ask you one last, fairly specific question from Karel Zoete at Kepler Cheuvreux. I assume you use co-packers for much of your production. Would bigger scale allow for your own mass production at some point? Insight into your production strategy. Oh, okay. For that, apologies for the bad connection. I'm sure it's my kids that have logged on. Now, first, the supply chain. Of course, as we scale, there are opportunities to optimize elements of the supply chain. There are significant margin pockets there. However, we really appreciate our partners and our co-packers. I really believe that we've learned a lot about having resilient supply chain that can handle a shock, about having highly skilled and focused partners that do what they do really, really well. We will always look at our supply chain as a network of partners and internal. We will bring in parts of our supply chain where there are significant margin opportunities and/or where there is significant competitive advantage. We will not default to a bring it all in strategy, both due to the skills and specialist skills and capabilities of our partners, and to have a resilient system that can handle, you know, another COVID hit, if that should come. Okay. Thanks, Jostein. I think we're gonna leave it there. I'd like to thank everybody for listening and for their questions, and to thank Jostein and Fernando for taking part and for the presentations. Thank you, everybody, and good afternoon, good morning.