Good morning, everybody. We move on to our next session. Absolutely delighted to be able to introduce Unilever CEO, Fernando Fernandez, and Unilever CFO, Srinivas Phatak, for our next slot. Over to Fernando and Srini. Thank you. Thank you, Tom. Thanks a lot. Thank you for having us. It is a real pleasure to be in Deutsche Bank conference. A lot has changed in Unilever in the last three-four years. Eight out of 10 new board members, nine out of 11 leadership changes in the top executive team, including myself, including Srini. Significant changes in our culture with a clear shift into more performance, more accountability, clear incentives linked to performance. Significant changes in the way we engage with our consumer, we reach them, we persuade them. Significant changes in our marketing philosophy. Of course, very profound transformation in our portfolio, becoming, after the announcement a couple of months ago, so for the separation of our food business and the integration into McCormick, a pure-play HPC business. Transformation has not come at the expense of delivery. We have demonstrated that we can separate significant business like our EUR 8 billion ice cream business and at the same time accelerate top line, accelerate margin expansion. This is what we'll prove again in the moment in which we separate foods. The work is underway. It's under significant progress, and Srini will mention some of that. The new HPC business is a pure-play. We will be a EUR 39 billion business in home care, personal care, beauty, and wellbeing with very, very strong positions. Number two BPC company globally. Number one home care market, home care company in emerging markets. This is a company with superior propositions in terms of geography, footprint, category footprint, segment footprint, and channel footprint. We are doing all these changes from a position of strength. Our business has been outperforming the market in the last three years. This is not an HPC business that is in need in a turnaround. It has been growing more than 5% top line in the last three years. It has been growing volume at 2.5%. It's a business with momentum, and what we will show in the next few minutes is what we are doing in our marketing, what we are doing with Agentic, what we are doing with our science, how we are really accelerating our performance, and how we'll keep ourself very disciplined when it comes to capital allocation. Srini? Thanks, Fernando. What I'll try and do is at first touch upon some of the performance elements to this. Then we will cover the transformation, which I'll cover the parts relating to the food separation. Fernando will actually talk us through in terms of the pure-play HPC business. Good to start with really where we started in the quarter one results. Actually, if you see, it was a good set of numbers. We've talked about 3.8% being our underlying sales growth, driven by the strong volume growth, 2.9%. We have been consistent saying that, look, it's really the underlying volume growth, which is a combination of volumes and premium mix, which is actually the differentiator in our industry and in our segments, has come through quite strongly. What's important to highlight, it's not just about a quarter. If you actually look at the nine quarters' performance, our underlying volume growth has been upwards of 2.4%. Two important data points if I were to compare it. If I were to look at the market, give or take has been at about 2.1%. If I actually look at our peer group average in this sense, has been less than one. That actually throws up a very interesting insight. If you really see that the peer group is one, that means a lot of growth is actually coming in from some of the smaller indie brands. We've become a unique and a differentiated company, a large organization, which is actually being able to deliver this set of volume growth, which is well ahead of the market. We've talked about power brands, and you see that very clearly. Close to 80% of our business has been growing strong, actually we've delivered more than 4% of volume growth. There's 80% of our business where we are putting all the incremental EUR of investment, people, R&D, BMI, that's actually leading to significant market outperformance. This actually gives us the confidence to really then reconfirm our outlook. That's what we have said, that we look to grow this year in the range of 4%-6% at the bottom end, clearly with a volume growth or a UVG growth of upwards of 2%. Then we'll come to the margins. Therefore, what gives us this confidence? First, important to then say, in addition to whatever I have said, our market shares are continuing to be stable to improving. Our Unmissable Brand Superiority scores, which is actually a composite metric of about 21 metrics, is improving sequentially. More of our brands are actually in the right space in terms of improving their attributes, their holistic attributes, and we are actually in a stable to gaining market share perspective. Along with that, we continue to see very strong performance from emerging markets. 62% of our business has been emerging markets. We have seen actually growth upwards of 5.7% with volumes of upwards of 2.5%- 3% on a consistent basis. Our HPC business, actually, if I were to reveal context, even in the quarter one, has grown over 4.3%. Emerging markets doing well, our HPC business doing quite strongly, and North America business growing over 2%, continuing to outperform the market. Yes, there are inflationary pressures and we have talked about them somewhere in the range of about EUR 750 million-EUR 900 million. That's actually about EUR 350 million-EUR 500 million higher than where we started the year. We understand this, and we get this because most of this, half of this inflation is really in home care business, and 70% of the home care business is really in emerging markets. Here, we have opportunities to play the full piano in terms of pricing, in addition to what we do with formulations, what we do with operational efficiencies. That positions us well. We understand these markets. We know what it really takes to price and manage well when it comes to local competition, when it comes to multinational competition. We are actually doing it in a very sensible manner, calibrated pricing, keeping the right value equation for the consumers, pricing frequently while we manage tightly all of the levers. Is it easy? No. We have never signed up for an easy job. The fact of the matter is, yes, there is that inflation pressure. We believe we will handle it and handle it sensibly from a consumer perspective. Therefore, we reconfirm the view that we will actually drive a modest margin improvement for the year. Important to really touch upon some elements. I think Fernando started it well. Our transformation is starting from a position of strength. This is not a one-off transition or a transformation. We have done a multi-year transformation. We have actually spent a long time, the last few years, focusing towards an HPC business, and you saw that with the portfolio transformation, which happened in terms of ice cream and then foods. We've also done significant transformation when it comes to our U.S. business. All of this actually then starts to position us well. Let me take upfront the topic related to the foods separation, and then Fernando will touch upon the HPC company. This is clearly a strategic separation with serious value creation opportunity, right? When you really look at it from an HPC perspective, we are a pure-play HPC business. 90% of the business is actually in market leading positions one and two. This business, as I said, in the last three years, has actually grown upwards of 5.3% with volumes of 2.5%. It's not a story of where we start off saying HPC needs to grow into a certain trajectory. We are in a trajectory which is upwards of 5%, and the opportunity is really to sustain that, and sustain that and improve the margins and the profitability. When it comes to foods, this is actually a global flavor powerhouse. There is serious revenue potential, and I'll talk about it. More importantly, if you step back, this actually gives us an opportunity to create a pure-play foods company, which is in flavors, condiments, herbs, and spices. In many ways, this is actually a positive leverage for us because this is GLP insulated, if at all. Protein requires more flavor. Actually, this combination brings flavor to food, and therefore, it's actually a bit of a tailwind for us rather than a headwind, and that's very unique in a foods context in the current market. Clearly, there are synergies, both from a growth perspective as well as cost. We are given an indication. We believe that there is at least BRL 600 million of cost synergies and growth, which is going to come through across the portfolio, both in terms of U.S. markets, food services, and international operations. Therefore, there are a few important questions to really address. Good to say, why McCormick? Because there is a lot more of complementarity. There is no overlap. Which again, great, because you then can accelerate growth from food services, from emerging markets, GLP tailwinds, and structurally well-positioned. This means that classically, while both the foods businesses have been actually outperforming versus a relative peer set, the combination gives us an opportunity to actually take the growth trajectory to 3%-5%. A business which starts with operating margins of 21%. More importantly, these are businesses with gross margins in the mid-40s actually invest anywhere between 8%-10% in terms of BMI. There isn't any other foods pure-play business which is close to these levels of investment, therefore, this actually then starts to unlock the growth opportunity, therefore, that's why we call this as a growth-led separation. Why now? Obviously, it was an inbound offer with very attractive synergies that I've spoken about, strategic, rational, and valuation. This also actually gave us an opportunity to do it with the most efficient structure, and that's why we really went about and did it now. Clearly, there were questions really about some of the use of the proceeds. We will get about $15.7 billion. Obviously, we'll pay down debt because there'll be lower operating profits, and we need to pay down the debt. There is cost of separation. We will address that in tax. We've also reconfirmed with the additional monies available that we are doing a buyback, and therefore, we've given a clear view of buyback for 2026 - 2029 for about $6 billion. We do believe that there could be a slightly other amount. We could have more cash available to us should all these parameters work out well. We'll deal with that in a responsible manner in due course once we reconfirm all the elements to this. The last element is also about in a pure-play HPC business, it actually gives us a lot more focus. A focused HPC business is a better business. What we take out in terms of turnover is about 25%. The complexity in the business because of the SKU geography market channel comes down much higher. It's almost one and a half times that. Which therefore means that it actually then starts to position us extremely well. The last element to reconfirm is to really say this. We don't see any dis-synergies coming from this separation. I think the example we continue to use that, listen, just because you sell more Dove, you're not likely to sell mayo. The other important element is that 80% of the foods business, as its organization, which was end-to-end well set up and a full commercial organization. There are aspects which we will handle well. There are standard costs, and will be for an HPC company, and we are committed to handling those standard costs and managing them. We have demonstrated it when we've done it in the case of ice creams. The last piece, important to highlight, it's a combination. Both the teams are working with dedicated workforce today. There are more than 200 people, 100 each from either side, who are focused in terms of all the activities related to separation and integration. We carry a lot of experience and expertise from our perspective, having done ice creams recently, but before that, having done tea and having done spreads. We're actually having 40 - 50 people out of the 100 are actually people who've had the experience of doing this from an ice creams perspective, so it's a very well-structured team. We put two senior leaders, very senior leaders. Andrew actually used to run the North America business, the biggest business, given that there is also establishment integration. From our side, Richard Shin, the Head of M&A and the former CFO for HUL India business is actually leading this. You clearly see there are four work streams that we are working through. Important milestones because what we want to give all of you is periodically a clear update in terms of the progress. We expect to announce the secondary listing by July. That's on track. By September, McCormick is likely to confirm the operating model, the leadership team, and give better visibility to synergies, both growth and cost. We work through the rest of the schedule in terms of the SEC filings and the shareholder work. One last comment. Because of the complementarity and very little overlap, antitrust is a timing issue, but it's not an uncertainty issue. We have reasonable amount of confidence, and we are working it well. Some of it would take time to just get through some of the markets where you need to make these filings, and that's the reason where we are really giving an indication of middle of next year. It continues to be our endeavor to really try and do this faster and sooner and do it as well, if not better, when it came to an ice cream separation. On that note, I'll hand over to Fernando. It has been a long journey for Unilever to get to a portfolio we wanted. This disposal, express disposal, separation of ice cream in 2024, yeah. Recently, a separation of foods and integration with McCormick. We are now in our right in a period of stability for our portfolio as a pure-play HPC company. Why is this important? Because the consumer needs in HPC are converging. There are massive lifestyle shifts that are fundamentally making consumer needs converging between body care, personal care, beauty, and home care, with wellness at its center. Mm-hmm. There are shared foundations in these categories. The R&D is fundamentally structured around surfactants, science, and technology. These fundamentally lead to a common manufacturing stream and with very similar logistics. There are very clear synergies in terms of distribution. Home care, personal care, and beauty are all omni-channel distribution models with an increasing role for e-commerce. In all these categories, these are high innovation cycle categories in which scientific proof is very, very important, in which there is a structural growth and there is a structural premiumization, and in which our model of Desire at Scale fits perfectly well. We will be a scale HPC player. We'll be EUR 39 billion revenue, we'll be the third largest HPC company. Volume growth of more than 2%, gross margin more than 48%, brand investment at 18%, giving us a lot of flexibility, and operating margin at 19%, more than 19%. It's a scale business. It's simpler. As Sri mentioned, we are separating 21% of our revenue, but we are separating more than 32% of the category geography sales Unilever was operating. This is a significant impact in the time senior leadership is allocating to a smaller geographies or to new key strategic geographies in the company. This is a category with superior advantage categories and superior growth footprints when it comes to geographies, channels, segments in which we operate. We will have a business in practically three-thirds home care, personal care, and beauty. We have 38% in developed markets and 62% in emerging markets. We continue seeing our superior presence in emerging markets as a key competitive advantage. There are superior population growth there. There is very different situation in emerging markets to one of 15 or 20 years ago. Only 7% of the global population live today in double-digit inflation. That's very different. Imagine the geopolitical tensions of today, what would have been the impact in Latin American currencies 10 years ago. Brazilian real, Argentinian peso are all strengthening these times. This is a very, very different situation in emerging markets, and we believe this will consolidate this advantage coming forward in the future with a much less negative currency effect than we have had in the past. We have the second largest BPC business, as I mentioned before, the number one home care business in emerging markets. We will have 22% of our business in U.S. building a portfolio of the future that will make them travel internationally. This is where we are concentrating the allocation of capital, building a portfolio of premium brands that can travel because American culture travels and because premium, successful, big brands in U.S. can travel globally, as we have demonstrated with Love Beauty and Planet already. We have an incredible exposure to India, 16% of our revenue, where we have 55% share in hair care, 80% share in facial moisturizers, 45% share in laundry, 80% share in lifetime nutrition, 70% share in dishwash. You can count on in the country that will be the large exponential growth opportunity of the next decade. In conferences like this one and in many interactions with investors in one to one, for the last two years, I have been saying very, very clearly that we were targeting more than two-thirds of our business in BPC, and this is what we have achieved with this operation, 67% of our revenue in beauty, wellbeing, and personal care. As I mentioned before, 38% in U.S. and India. We expect this to go to 40%-45% in the next few years through superior organic growth in these countries above the average of the company and through all the allocation of capital to bolt-on M&A that we will do, particularly in the U.S. We have more exposure to premium. We have more exposure to e-commerce. We have a business that will have a stronger volume growth from 1.9%-2.5%, 60 basis points more than when including foods, with better gross margin, 120 basis points, and with higher investment level at 18%. It's a higher quality growth model. Very important, this is a very different Unilever to the past. For many years, many of you have told us how slow we were, how complex we were. Now our portfolio is concentrated in 25 power brands that are driving our outperformance. These 25 power brands represent 78% of our revenue. In the last three years, they have been growing 4.2% in volume. They have been growing 7.1% in top line. This is a combination of market leading brands like Dove or Sunsilk or Rexona, in which our obsession is to keep them contemporary. It's about elevating their quality and it's about premiumizing them. Who would have said that Vaseline would be growing 12% in volume for the last three years? It took us 153 years to get to GBP 1 billion revenue. We have added GBP 400 million in the last three years. This is the fastest growing skincare brand in the globe. It's called Vaseline, the famous petroleum jelly. We have a very good combination with digitally native disruptive brands, the likes of Liquid I.V., OLLY, K18, Hourglass, Nutrafol. These are brands that we are building in the U.S., we are achieving critical mass in this market, and we are internationalizing. 40% of our prestige business is already international. Our Liquid I.V., our wellbeing brands are starting to really expand globally. We have already OLLY making close to EUR 80 million of revenue in China. Step by step, we are internationalizing these brands. We got late into a Chinese party. We will not get late into the Indian party. We have now a portfolio of super premium brands that will travel into India at the right time when the markets develop. As Srini mentioned, this is not a turnaround story. This is a business that has been outperforming the market. It's a proven superior outperformance. We have been growing in the last three years, our HPC business has been growing 5.4% versus our blended HPC average turnover weighted at 4.6%. We have been growing volume 2.5% with 0.3% to the rest of the competitors. This difference in volume is very important because this is the metric that we care the most. Unilever has been very inconsistent in the past in the metrics we follow. Now we are following volume growth as our number one metric. We will defend our units. We will defend our tonnages. Last year, a competitor reduced the prices of laundry in India 17%. It took us 15 minutes to match. Our business is growing double digit in India. Our gross margin expansion has been 290 basis points in the last three years. Our underlying operating margin expansion, 170 basis points, significantly ahead of the sector also. It has been broad based. Our medium-term UVG ambition is about 2%. HPC is growing 2.5% in the last three years. Beauty and wellbeing and personal care is 3.2%, U.S. and India 3.8%, our power brands 4.2%. There is clear performance in any single cut that you have of our HPC business. There is importantly margin headroom. Our key competitors in the space tend to operate with 22%, 23% of operating margin. We operate with 19%, and we see five fundamental levers to really expand our operating margin in the future. The first one, the most important, is the strengthening of our brands in order to increase our relative pricing. 60% of our turnover is growing equity attributes, and this is the best way to move pricing ahead of market. You don't move pricing ahead of markets when your brands weaken and when they remain parity. You can move relative pricing, you can move mix up when your equities are strengthening. Volume growth is very important because the next unit deliver gross margin at more than 60%. That's the kind of marginal contribution that we have in our business. We will continue expanding our premiumization opportunities. We'll continue expanding our premiumization strategy. We have significant premiumization opportunities. A few years ago, the maximum price you could find US in the U.S. was $7. Now you can find US at $20. We have a significant portion of our portfolio at 2 to 2.5x the pricing that we were operating three, four years ago. This is fundamentally the consequence of strengthening our equity. Very importantly, we are allocating a much significant fraction of our capital expenditure to savings initiatives. Five, 10 years ago, we were operating with around 30% of our CapEx into margin expansion initiatives. Now 55% of our CapEx goes into expanding margin. When you have three to four-year payback in your CapEx, that fundamentally implies a significant expansion of your gross margin every year. We have done significant interventions in the value chain of key materials, call it surfactants, call it fragrances, call it oleochemicals. All this is helping us to really leverage our position in very concentrated industries, and this is the reason why our procurement is beating market inflation for around 1% every single year. Desire at Scale is the mantra we follow in the company. It's about elevating the quality of our brands. It's elevating desirability of a portfolio of scale. Our marketing model is what we call SASSY brand. It's a bit of a cheesy name, but it's very simple and it align our troops. To every single country I go, it's very simple to measure what we are doing. SASSY is about science, aesthetics, sensorials, said by others, and youth-spirited brands. SAS fundamentally guide our product development strategy. More science, more clinical proof, products that really make a difference, but really dressed in a much better way than we have done in the past, with much better aesthetics, with much better sensorials. Said by others and youth-spirited is fundamentally what guides our model of reach, engagement with, and persuasion of consumers. We deploy that, what we call a very strong frontline machine, in which execution is improving in every single market. The two largest physical retailers of U.S. have awarded Unilever Supplier of the Year for 2025 in the last month. That's not by chance. That's by design. That's a significant change in our portfolio, and it's a significant expansion of the capabilities in the most important marketing which we operate. This is a video that basically shows what we are doing in terms of product development, how our science, our aesthetics, sensorials are coming together in some of our key brands. I love Dirt Is Good example. It's much more difficult to wash in 15 minutes than to wash in two hours. In two hours, the wash is done by the machine. In 15 minutes, it's done by your science. 15-minute wash increase science requirements, increase entry barriers. It's already a 250 million platform for us. We're investing heavily in R&D. This is a new center that we announced last week. It will be in New Haven. It's basically Yale ecosystem. That's one of the big centers for biology and chemistry development in the world. We are putting GBP 300 million in this site. That will be a key site for our innovation going forward. AI is dramatically accelerating how we are doing innovation and breakthrough innovation. We have more than 150,000 proprietary scientific documents connected in Unilever today. We have more than 25 million data that are consumer data plus lab data that we are connecting. In seconds, we can make more than 10,000 interactions, virtual experiments in our lab and labs, and this is resulting in much more stronger claims, much stronger innovation. Five years ago, 80% of the action in our labs was physical. Today, 80% of our actions in our lab are digital. Our time frame for innovation was two to three years. Now it's nine to 12 months. The time frames are changing dramatically. This is basically resulting what we call advantage discovery and design. We have more than 15,000 active patents today. Our aesthetics have improved dramatically. 60% of our packagings are now showing superiority versus competition. 65% of our fragrances after the big investment we have done in in-house fragrance house, has been improving our fragrance dramatically. We have more than 65% of our fragrances today showing superior results versus competition. Our innovation is bigger. We have stronger claims. This is leading with stronger brand equities. 60% of our revenue is growing brand equities. 80% of our products are showing product superiority measured in a holistic way. The size of our innovation has doubled in the last three years. I want to show basically two examples of that. One is Dove Hair, and the other is Cif Infinite Clean. For many, many years, we were challenged if a brand that was born in soap like that could travel into a higher hierarchy category like hair. Dove Hair today, with the last relaunch of Intensive Repair, is growing at 11%. It's a EUR 1.2 billion turnover business. It has been growing 11% in 2025, and it's accelerating in 2026. It's already close to 20% of the revenue of total Dove. It's 20% share in India. It's growing massively in U.S. It has significant shares in all emerging markets. This is basically example of when you put your best science in some of your best brands, you can really elevate the brands dramatically. Cif. Cif is a probiotic range. The secret here is that it keeps cleaning when you stop cleaning. It keeps cleaning when you stop cleaning. You can see also aesthetics, very different what you usually see in household cleaners or in home cleaners. This is when I said before that consumer needs are converging. This is an example of that. This is a home care product that looks like a personal care or a beauty product. Cif is growing 10%. It has been declared one of the most innovative brands in all the awards that are usually done in the industry. A home care brand growing at more than 10%. This is a home care brand that is fundamentally exposed to developed markets. This is not emerging market growth. This is European growth. This is when you basically put together best mixes with a great brand. All this fundamentally supported by what I believe is a very improved frontline machine. You see here some of the example of executions in U.S., in U.K., in Brazil, in Africa, et cetera. Just huge activity. Four times more creators than one year ago for our personal care business. More than 50,000 creators allocated to the FIFA activity. An immense amount of content flooding the feeds. Every Instagram, every Reels is now flooded by Unilever brands in order to make this activity unmissable in culture. In a category like deodorants, in which frequency of purchase is relatively low, three to four times a year, this give us a huge opportunity. This is fundamentally an example, or this is an activity that is helping us to further develop our Agentic capabilities. Agentic is all about search, proof, and persuasion. Market leadership doesn't give necessarily an advantage when it comes to discovery in LLMs. You have to be intentional about what you do there to ensure that your content is discovered in AI. AI plays in favor of scientific proof, patents, claims, publishing, clinical proof, ratings. This plays in favor of big brands, and this is part of our program when it comes to LLM proof. Persuasion, how to convert from discovery and proof into buying, is fundamentally linked to your relationship with retailers. We have now 26 brands in the U.S. using Amazon Sponsored Products. They fundamentally are integral to the path to purchase of the consumers in Amazon. We have now more than 50 brands in 20 geographies in which we are tracking our presence in LLM versus competition. That can only be done by big companies with big clinical support and with big budgets. With that, Srini. I'll walk you through a bit quickly our value creation model. In some ways, it's actually consistent. We have spoken about the importance of the volume growth, both from a units perspective, premiumization, and value chain expansion. Clearly what we are going after is a top third shareholder returns and hard currency returns. I think that's something which is fundamental, and we've been consistent in terms of how we've been calling that out for the past few quarters and years. This is actually a good summary chart in terms of how we think about it. Our approach is disciplined, and our approach is focused. We continue to invest behind our brand and marketing investments. You saw the chart. We do about 18% in an HPC business, 16% in its totality, including foods. We invest somewhere between 3%, 3.5% in CapEx. We invest close to 1.5%-2% in R&D. There is about 23%-24% of our capital, which actually is going towards what we call is furthering growth. Fernando's already spoken about the capital expenditure. Our approach to bolt-on acquisitions is extremely disciplined. We continue to spend about EUR a billion and a half each year. I will talk you through a bit in terms of the bolt-on strategy and how it is working for us. We are again reconfirming that this is the portfolio destination portfolio that we want to run. There is no plan for any transformative acquisition. We want to be absolutely unambiguous about that. We continue to give about 60% of our payouts. We've continued to maintain a very healthy balance between dividends and share buyback. In the last five years, we've actually returned more than 30 billion of capital to the shareholders, which also shows a consistency in how we deliver. I think this is an important one. What we really have is a very disciplined playbook for bolt-on acquisitions with higher thresholds in terms of returns. Clearly, we only look at anything to do with beauty and personal care. It has to be U.S. and India. It has to be premium and differentiated, and that really becomes an important priority that actually guides what we do in terms of how we think about it. Therefore, the attributes become very intuitive and logical. It has to be more science and technology, clinical, fitting with our capabilities, digitally native brands, and obviously brands which are in a superior and a fast-growing stage, and that's when we actually come in and we can scale. We are not necessarily people who build from scratch. We are actually extremely good at taking brands which have come to a certain level and scaling them up given our strength of our understanding of consumers, channels, markets, and actually also the international expansion. That, in a manner, starts to play out exactly what we do in terms of the bolt-ons. This is an important one. How has life changed for us? I think sometimes there are some misconceptions in terms of how our bolt-on acquisitions have been performing given what happened prior to 2019. If you really look at our track record from 2019 onwards, we've actually done 14 acquisitions. It is half of what we did in the pre-year prior. Right? Clearly it's a lot more focused using the criteria that I described in the prior page. More importantly, 80% of our acquisitions are actually delivering on or above the business case. That, again, if you really look at the track record from an M&A perspective with any peer group benchmarks, it's actually quite impressive. Some of them, as you are all aware, have gone multifold. The last one actually brings it to life. We are getting the turnover to grow about two and a half times in two and a half years. That's again, a very unique way to thinking about it. These are not brands which are growing over a five-year, seven-year horizon. We've got from the time we have acquired them, we did two and a half times their size, and approximately average period being two and a half years. We have heard examples of Liquid I.V., Nutrafol, and OLLY. What I want to talk to you actually is about a recent example, which is really about K18, a fantastic brand, which we actually got in early 2024. It's been growing upwards of 30%. It's driven by fantastic innovations. For example, the breakthrough science Leave-In Molecular Repair Hair Mask, which is actually the number 1 hair mask in Amazon in the U.S. It's also got many category leading-edge proprietary technologies, including the successful K18Peptide. This is again, a great brand. This is again, something we are super excited about and we believe is actually very well poised to capture the premium hair market and actually continue to grow and actually be one of a big contributor for our delivery. This also gives you a bit more examples of some of the recent acquisitions that we have done. Minimalist, really playing in the face and hair segments in India. A very strong premium brand to really capture the India premium opportunity and has got potential to really go into the other Asian markets. Dr. Squatch is actually a very contemporary take to men in terms of really giving personal care benefits. Again, a fast-growing business. We're quite excited. We got this in last year. The most recent one really has been in the super greens segment, which is Grüns as a brand. We are happy to confirm that yesterday we actually completed this acquisition. This is again, a business which is in a super high growth momentum and actually addresses a very important need in terms of people's vitamins and supplements. In essence, what you really see is, it's a sharper portfolio. As Fernando said, we are clearly in the space of both performing and transforming. It's a higher quality model which is delivering. The excitement really comes as for our ability to sustain this momentum and shape Unilever into a business which continues to deliver the top third returns. Yeah. On that count, if you have any time, we can take questions. Fernando, any comments from you? That's all. Okay, thank you. We have a minute left, so maybe if I could just ask the perform and transform mantra that you have. It sounds like no excuses for underperformance. I wouldn't want to walk in with bad news. You are pushing the business perhaps harder than it has been before at the time of quite significant change. How are you managing that process, and does it feel like it's being pushed hard or not? Yeah, I feel Unilever has been perceived as slow and complex for a lot of time, for a long, very long period of time. Now some people say, "Hey, are you changing too fast?" We were not prepared, neither the board nor the leadership team was prepared to kick the can down the road and leave the issues to be sorted out later. I feel we have demonstrated with our separation of ice cream that we can make a very complex separation at the same time, accelerate our performance both in top line and bottom line, and we will prove the same when we do it with foods. We are very confident on that. I feel the cultural change in Unilever is profound. Just the shift into performance and accountability is very, very significant. We are not paid to do easy things or to do few things. Great companies perform and transform simultaneously. Some people say, "Are you under the risk of change fatigue?" I'm not paid to be lazy, and our people is not paid to be lazy. We will do whatever has to be done to ensure we make Unilever a consistent outperformer for the years to come. I believe we have proven that in the last three years, and we will continue proving it. Okay. Well, thank you very much for a very clear and a good point to finish on, sir. Fernando and Srini, thank you very much indeed for your time. Pleasure.