Good morning, and welcome to the Glanbia PLC Q3 Interim Management Statement call with Siobhán Talbot, Group Managing Director, and Mark Garvey, Group Finance Director. Today's conference call is being recorded. At this time, I would like to turn the conference over to Liam Hennigan, Group Secretary and Head of Investor Relations. Please go ahead. Thank you, operator. Good morning, everyone, and welcome to the Glanbia Q3 2022 Interim Management Statement analyst call and presentation. During today's call, the directors may make forward-looking statements. These statements have been made by the directors in good faith, based upon the information available to them up to the time of their approval of the Glanbia PLC Q3 Interim Management Statement. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed or implied by these statements. The directors undertake no obligation to update any forward-looking statements made on today's call, whether as a result of new information, future events, or otherwise. I'm now handing over to Siobhán Talbot, Group Managing Director of Glanbia PLC. Good morning, everyone, and welcome to the Glanbia Q3 2022 results call and presentation. On today's call, I'm going to provide a summary of our performance for the first nine months of the year and our outlook for the remainder. I'm joined by my colleague, Mark, and he'll cover the financial results. At the end then, we would be very happy to take any of your questions. Post our Q3 performance, we have updated our guidance for full year growth in adjusted EPS to between 10% and 13% constant currency. If the U.S. dollar/euro relativity stays as it is currently, that will be a reported full year growth rate in adjusted EPS of between 26% and 29%. I'll speak in more detail to various aspects of our outlook shortly. Operational performance across the group remains strong. As you know, the mitigation of inflation has been a really key theme for all of our teams in 2022, and all of our planned 2022 pricing action is now complete with our customers. Pricing has clearly been a strong factor in the 23.1% revenue growth year to date, and we've been closely monitoring the volume impact of these pricing actions. As I noted at the half year, it remains the case that elasticity in our key performance and lifestyle brands is better than we might have anticipated earlier in the year, even in the context of more pricing action than was originally thought. This strong consumption trend has really been a feature of our largest GPN brand, ON, where our focus on driving global reach for this brand, continued investment, and innovation is driving results. I'll speak further specifically to GPN and GN NS trends later. While driving financial performance has been a key focus, we've also continued to progress our ESG agenda. We have increased our ambition for carbon emissions reduction to a 50% reduction in Scope 1 and 2 emissions by 2030 from the previously communicated 31% reduction. This revised ambition is consistent with an SBTi 1.5-degree pathway, and our 2022 long-term incentive plans will now reflect the ESG targets consistent with this higher ambition. Turning to revenue for year to date. As noted earlier, pricing was a key factor, with strong pricing action across all aspects of our business, driving the overall 20.9% pricing growth for the year to date. Pricing action accelerated in Q3, particularly in GPN. While our overall group volumes are positive year to date, both GPN and GN NS year to date volumes are marginally back. This trend in Q3 was not unexpected in the context of the scale of the pricing action and the prior year comparisons. In GPN, both our largest own brands and the healthy lifestyle portfolio continue to have positive volume metrics year to date. With the overall GPN year to date decline in branded driven by the challenges of the Diet and SlimFast brands, the refresh of which I'll speak to later and is on track. In NS, we sustained positive year to date volumes in the premix segment of the business. In dairy ingredients, we did see some customers reduce inventory levels in Q3, but we expect Q4 volumes to recover in dairy. In terms of the outlook, as I noted earlier, we've updated our full year guidance that our 2022 full year group-adjusted earnings per share is now expected to grow between 10% and 13% constant currency, with a reported potentially 26%-29%. More specifically on 2022 guidance. GPN expects to deliver full year revenue growth of low teens% constant currency driven by strong pricing which accelerates in Q3. Consumption remains very resilient for our key brands. While we have planned some elasticity for Q4 in response to the most recent price increases, we expect to deliver positive volume growth for our performance and healthy lifestyle portfolios for the full year. I'll speak shortly to progress on the SlimFast brand refresh, but we expect the volume decline in SlimFast to drive a -1% to -2% overall volume decline for GPN for the year. In GN NS, we expect strong double-digit revenue percentage growth, again in constant currency and again driven by pricing. For the full year, we expect volume growth in premix, with a reduction in dairy volumes as markets normalize from the prior highs. Overall NS volumes will probably be broadly in line with the prior year for the full year 2022. We expect earnings growth across GPN, across GN NS, and indeed U.S. Cheese. Our joint venture performance is unchanged from previously, with some expected to decline year-on-year. We have really focused in on GPN margins this year. We expect to deliver the targeted 12% EBITA margin for GPN in the fourth quarter and full year margins now broadly in line with the prior year levels. In NS, as we stated previously, there is an expected full-year margin contraction of up to 100 basis points driven by the mathematical dilution of the significant pricing changes, particularly in dairy. Our operating cash flow conversion rate of 80% continues to be expected for full year 2022. Turning to GPN. When we last spoke at the half year, I noted the following focus areas for GPN for 2022. Sustaining brand momentum across ON and the healthy lifestyle brand portfolio and of course, delivering the brand refresh for SlimFast. I'm pleased to confirm that both of these objectives remain very much on track. Pricing action has been taken by GPN across all brands in all regions, with further pricing taken in Q3. The teams delivered strong year-to-date revenue growth in both regions with a very good year-to-date of 13.4% and international 14.5%. We stayed close to our consumers and continued our investment levels in the brands this year, and this has resulted in the brands being very resilient, particularly the largest brands in the context of pricing actions. I'll talk more specifically to each of the brands shortly. Importantly, as we've previously said, the work on the transformation program in GPN really provides a structural underpin to GPN's future margins. We continue to drive further efficiencies to counter as we moved through 2022. We're on track to deliver that 12% EBITA margin for Q4 and full year margins, as I said earlier, broadly in line with the 21 levels. Turning to the performance of our key brands. It's worth reiterating that the strategy of GPN continues to be to increase consumer reach and broaden our access to addressable markets by evolving a range of product formats that meet consumer needs across a range of motivations, from maximizing performance to looking and feeling better, nutritional support, and of course, weight management. Optimum Nutrition is our number one brand and is the number one brand in the performance nutrition category. Optimum Nutrition was over 54% of GPN revenues in the first nine months. ON like-for-like revenue growth continues strongly at 23%, driven by continued very strong consumption trends. The ON brand continues to have volume and price growth across both the Americas and in the international regions. In the U.S., we saw continued strong consumption at 32% growth in the last 12 weeks, with growth across all key accounts, particularly online and the FDMC channels. We continue to broaden the reach for ON with an existing very strong proposition in dairy protein and energy. Our innovation launches this year extends into plant powders, dairy ready to drink, functional energy ready to drink, and hydration. It's very early, but these innovations are in market with a good response to date. Of course, all of our ON portfolio continues to be supported by the very successful proven marketing campaigns. Our healthy lifestyle brands, as you know, are think!, Isopure, and Amazing Grass. They make up 17% of the GPN revenues and again delivered an excellent performance, growing like-for-like revenues by 26% with strong pricing sustained and volume sustained year to date. Consumption trends were also very good, with the recent 12-week U.S. consumption growth of almost 16%, reflecting continued distribution gains. SlimFast, as you know, participates in weight management and was 16% for GPN revenues in the period. Category continued to have headwinds as consumer trends have shifted post-COVID. As expected, the brands did see a decline of 13% in the period on the back of a decline in consumption of 18%. As I said at the half year, we remain very positive on the future of SlimFast. Weight management remains a key focus for a lot of consumers. Post our refresh, SlimFast will appeal to a broad set of consumers, will have a refreshed modern look and feel, and will appeal to a range of usage occasions. More specifically, on the brand refresh, which is on track, our new creative is now on air. For Q4 we're focusing on the new master brand creative, and we will support our intermittent fasting innovation launch, and then we will do more creative around our high protein shakes in December. This creative is also broadening our mix of media from TV to other areas. Our packaging refresh has started shipping to customers and will be on shelf in late December and the first quarter of 2023. Of course, our intermittent fasting innovations are in market now with key retailers in the U.S.. It's clearly very early, but we're pleased with the points of distribution that we've gained for the intermittent fasting range. Finally, in our D2C business, which as you know is European-based, it makes up 6% of GPN revenues, and it delivered 11% growth in the nine-month period. We continue to focus on increasing penetration of new and existing markets and of course are integrating the LevlUp brands that we acquired last year. Turning to GN. Overall, Glanbia Nutritionals delivered strong revenue growth of 27.4%, which was up 2.2% in volume, 23.5% in price, and 1.7% from acquisitions. U.S. Cheese had good volume and pricing in the period. Turning more specifically to Glanbia Nutritionals Nutritional Solutions, our overall revenue was up 20.3%, volume was back 3.2%, and pricing up 17.7%. As with other segments of the group, NS also continued to take significant pricing action with customers in the period to date to mitigate inflation. Volumes in our premix business were up year to date with good momentum specifically in the EMEA and APAC region. This volume momentum is expected to sustain into Q4. The overall NS volume decline year to date was driven by dairy, reflecting a higher level of internal sales to GPN as we previously referenced, and some timing of shipments in Q3 that are expected to recover in Q4. Our 2022 focus areas for NS continue to be driven around building momentum of the business, underpinned by strong customer relationships and a focused approach to innovation. In 2022, this approach has driven focus and progression across driving premix, bioactive solutions and applications, extending our protein healthy snacking solutions where we can leverage our technologies and the recent acquisition of PacMoore, and of course leveraging our flavors and the recent acquisition of Foodarom across key global and regional customers. I'll hand to Mark now to speak to the numbers. Thank you, Siobhán, and good morning to everyone on the call. At the end of the quarter, the group's net debt was EUR 749 million compared to EUR 589 million at the end of Q3 last year. This represents a net debt to EBITDA ratio of approximately 2x, well within our covenants. The group is in a strong financial position with committed facilities of EUR 1.3 billion, with a weighted average maturity of over three years, with an earliest maturity date of January 2024. Of the EUR 160 million euro increase in net debt, approximately EUR 90 million is due to the stronger dollar compared to last year, impacting the group's dollar-denominated debt when translated into euros. As discussed in previous calls, there has been an increase in working capital investment this year, primarily driven by inflation-related pricing, as well as higher inventory levels to manage customer service levels and provide buffer against supply chain disruptions. For the full year, we expect a working capital outflow between EUR 50 billion and EUR 70 billion, and we continue to target an operating cash flow conversion of 80%. At year-end, we expect the group's net debt EBITDA ratio to be below 1.5x. For the full year, we now expect capital expenditure to be in a range of EUR 65 million-EUR 70 million, with key projects including the completion of the manufacturing consolidation of GPN, additional manufacturing equipment to expand capacity in Nutritional Solutions, and IT integration projects across both divisions. The group concluded the most recent share buyback program on September 30. This program was for EUR 50 million and resulted in the purchase of 4.3 million shares at an average price of EUR 11.62. Year to date, the group has deployed EUR 173 million in share buyback activity, purchasing 14.9 million shares at an average price of EUR 11.65. We expect share buyback activity to be approximately 5% decrease to adjusted earnings per share for the full year. The board will continue to assess the opportunity to share buybacks as part of the broader capital allocation policy. With that, let me hand it back to Siobhán. In conclusion, having built on our capabilities and evolved our organization over many years as a strategy to drive growth in key categories of better nutrition through our global reach across a range of innovative ingredient solutions, and of course, our leading brands. The categories we play into are large and growing, and while economic conditions are currently volatile, the core consumer motivations of sustaining health through better nutrition was in truth, never more relevant. The strength and focus on our customer and consumer franchise, balanced with a drive for operational efficiency and performance, will deliver a strong group performance in 2022 against an unprecedented inflationary backdrop. This focused approach to 2022 gives us the confidence to update our guidance to a constant currency growth rate of between 10% and 13%. As I referenced earlier, if FX rates stay at current rates, that would be a reported rate of between 26% and 29%. The strength in our platforms in the growing global better nutrition categories will enable sustained future growth for Glanbia. As a team, we're really very excited by the opportunity to showcase our capabilities across GPN and GN, to showcase our teams and our ambitions at our planned capital markets event in Chicago on the ninth of November. We look forward to meeting you either personally or indeed virtually at that event. With that, I'd like to hand over to questions. Thank you. If you would like to ask a question, then please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure that your phone is unmuted locally. As a reminder, that is star followed by one to ask a question. Our first question comes from James Targett from Berenberg. James, please go ahead. Hi, everyone. Good morning, Siobhán. Good morning, Mark. Just a couple from me. Firstly, just thinking on, I guess volumes in GPN. You think, is it right to say that excluding SlimFast, the full year volumes would be positive? I guess, you know, I appreciate it's early days on the relaunch or the new innovations on SlimFast, but any data points you can give for kind of sell out of these new ranges to sort of see how the early response has been. The 18% consumption decline in SlimFast that you flagged, you know, how does that compare to the overall weight management market? That's my first question. I guess on pricing, I'm just trying to think sort of going forward, are you in GPN expecting to take additional or do you need to take additional pricing from here to cover the cost outlook? Or are you know, planning to adjust prices down following some of the volume declines that you've seen. Any comments you can give on the pricing outlook from here would be very helpful. Thanks. Thanks, James, and good morning. In the volumes for GPN, yes, it is fair to say that excluding SlimFast, we expect volume growth in the rest of the portfolio, and that's really underpinned by the continued volume growth in ON, our large brand, which is really driving forward very positively in consumption and both volume and indeed very significant pricing taken on that brand as well. So the brand refresh from SlimFast is on track. I think, as I said, James, at the half year we wouldn't have had significant expectations for momentum at this time of the year. It's really going to be a diet season of 2023. So I think the category continues to be struggling at this point, you know, we believe strongly in the brand, and we see that momentum coming back next year. I think it's also other context I would put on SlimFast is that the largest element of the decline, as we referenced before, is the keto range. That was a particularly strong growth aspect of SlimFast, particularly around that 2019, early 2020 period, and we're seeing keto come back. The rate of decline in the core brands isn't anything like you're seeing overall, and that too gives us confidence as does the consumer research that we're doing. I think the particular decline of keto is meaning that we are at this point in time, probably declining somewhat faster than the category. We're very confident that with the creative, with the brand refresh, and with the intermittent fasting range, that we will actually see brand momentum coming back. As we referenced, the overall portfolio excluding that, even in the context of pricing that is magnified through the year, doing very well. On pricing accelerated, as I said, through that third quarter. Pricing action has been very significant. I think the overall volume piece in the context of that has been very resilient, particularly, as I said, again, in ON and the healthy lifestyle branded portfolio. We don't expect to be moving pricing. Actually, at this point of time, and you can see it in the margin we've achieved in Q4, we've achieved the pricing that we needed to do to get to that target margin, a journey that we started actually at the back end of 2021. We've had a very measured approach to pricing as we've moved through this inflationary period, and I think that measured approach has actually stood us very well indeed on the volume side as well across those key brands. We don't expect at this point in time to be reducing pricing. Clearly, input cost is moving in our favor. We probably see that more through the mid to latter part of 2023, but the directional trend is in our favor. But again, our focus overall for GPN for 2022 has been to get that margin to 12%, to deliver margins broadly in line with the prior year in the context of very high inflation, to sustain volume and drive those pricing as I've mentioned. Thank you. Thank you. Thank you. Our next question comes from Jason Molins from Goodbody. Jason, please go ahead. Hi, good morning. Just firstly, again, just on the volume piece, I'm just trying to understand the difference between the volume trends that you've seen in the recent quarter and then mapping that out against the consumption data. I'm just wondering, have you seen any destocking or changing in consumer and customer order patterns across your main channels? That's the first question. Then just on whey prices, Siobhán, you just alluded a bit in terms of the outlook there. Maybe just if you can clarify where prices are at the moment compared to where you've hedged, how does that influence your decision on hedging for that cost piece for next year? Thanks. Thanks, Jason. In terms of the volume trends, yeah, there's a few things happening within Q3. Firstly, again, I'd reference SlimFast in particular as the largest driver of the volume decline in the quarter. We did see some elasticity in the international markets in Q3 also. Obviously, there's some FX headwinds there. We expect that actually to recover in Q4. I think the important piece is if you actually look at the run of the full year of 2022, with significant pricing taken right across all our regions and all of our brands, we expect overall volumes to be back maybe 1%-2%, and that is after absorbing a significant volume decline, relatively speaking, in SlimFast. Overall, for our non-SlimFast portfolio, if I can use that language, we expect volumes to be ahead. That is going to be driven by volumes particularly being ahead on the sports nutrition piece. Specifically, if you take a brand like ON, our volumes year to date actually are probably up about mid-single digits and very strong pricing on ON globally. Again, I think that's what gives us confidence as we look forward. We obviously wouldn't always have full visibility on customer inventories. At this point in time, we're forecasting market inventory is light, if anything actually, and we continue to track that as we go forward. On whey pricing, yes, it's fair to say that the direction of travel is in our favor from a GPN perspective, in that pricing was trending down. Clearly, there's a lag in GPN seeing that through its P&L accounts. I think for the early part of 2022, we will still be lacking what was a rising market of 2022. You'll have a year-on-year increase there. We do see that direction of travel coming back and we probably expect to see that crystallizing in our P&L as we move through the latter part of the first half and into the second half of 2023. Calling magnitude of that, Jason, at this point is too early. We're very focused obviously on our brands. We'll achieve that 12% in the fourth quarter now, and we'll be aiming to sustain that as we move forward and we monitor all of the pricing. On the hedging, we have fixed quarter one for 2023 at this point and some of quarter two, and we've been measured in our approach to procurement in the context of anticipated pricing potentially coming up. Thank you very much. Thank you. Thank you. Our next question comes from Lauren Molyneux from Citi. Lauren, please go ahead. Hi, morning. Thank you for taking my question. I just have three, please, actually. The first one is a bit of a clarification. Siobhán, you mentioned that international, you're seeing some elasticities. I'm just wondering if you could maybe talk a bit more about what you're seeing there and what you think is driving that. I know you also mentioned that you're expecting these to recover slightly in Q4. I guess kind of what trends are you seeing that's giving you some confidence that these elasticities might lessen or recover in Q4. That's the first one. The second one, this 12% margin for GPN, can you just talk a bit more about the levers to get to this 12% for Q4, in a bit more detail? How much is going to be pricing offsetting your cost inflation? What level of cost inflation you're seeing, and then the cost efficiencies you might be getting offset obviously by some marketing spend on to support this SlimFast brand relaunch as well. Then the third question is on NS. I was wondering if you could talk more about the de-stocking. It sounds like you're seeing a bit of de-stocking when you talk about this timing impact in dairy. Maybe you can just confirm whether that is de-stocking that you're seeing there. And then also, do you have much of a view on the level of inventories in the channel as well, and how confident really are you that you can recapture any lost volumes in Q4? Thank you. Thanks, Lauren. Good morning. I'll take the first two, and I'll hand to Mark then, who'll speak to NS. On the international side, a few comments. Firstly, I would say international can be lumpy. It's a distributor-led model through specific quarters. There is a comp point on international. Q3 was particularly strong last year. We have a weaker comp coming into Q4, so that will help. We have put through a series of pricing across different markets in international right through 2022, and the teams have been monitoring that. So there'll be different rhythms playing out slightly differently across different markets, but as we look through the trajectory, we would be confident in getting a good volume year-on-year growth for Q4, as I've referenced. In terms of the overall margin, Lauren, really it is, it's the factor of all of the pieces that you mentioned. If I go back to 12 months ago, we really started our journey of recovering inflation in the latter part of 2021. We started to take pricing then. Our plan was to do it very mindfully in a series of steps that would take our consumers with us as we moved through that, so that we would be tracking volume as we went on that journey. As we hit Q4, now we're largely cut off because we have the cumulative effect of pricing, balancing the cumulative effect, obviously at the cost of goods inflation. Inefficiency has been a factor of that, too, and indeed, we continue to invest behind the brand. So I would say at Q4, we're feeling good about that relative balance across all of the variables that ultimately drive that 12%. That has been, as I said, a very mindful journey. I think we were particularly pleased too, in this quarter to be able to say that overall for the year, we would have margins in line with 21%. Because in the context of that scale of the inflationary trends we've seen, I think as an outturn for the year, that would be very good for GPN. On NS specifically, I'll hand to Mark. Good morning, Lauren. Just on the dairy ingredients business that we have within Nutritional Solutions, a number of things affecting volume this year. You might recall at the half year, we did talk about having more sales into GPN, which is one of the things that did impact our comparative volume. Then in the third quarter, we did see some de-stocking by some of our customers as they managed their own inventory levels. Of course, some movement in pricing going on as well, which probably had some impact on that. We have very good visibility, and we have very good relationships with our customers, as you can imagine. We have pretty good visibility. That gives us the confidence to have a view that we'll see some of that bounce back actually in the fourth quarter. You will see a positive coming through on the dairy ingredient side in the fourth quarter. Importantly, of course, within Nutritional Solutions, you're seeing, you know, strong volumes coming through on the premix side. Between the premix volumes, which are positive year to date and will be positive for the year, and although dairy ingredients may be somewhat back, somewhat due to inter-company sales as well, overall we will be online year-on-year on the volume side. Thank you. Thank you. Our next question comes from Alex Sloane from Barclays. Alex, please go ahead. Yeah. Hi, morning all. A few questions from my side, if that's okay. Just maybe starting with SlimFast and the refresh there. I think I'm right that you know you kind of initially have done some of this refresh work in the U.K. where you had called out kind of improved performance on the back of it. Has that continued to hold in terms of you know better relative performance of SlimFast in the U.K. versus to the U.S.? That would be the first one. Just secondly, just on GPN margin reaching 12% in Q4, is that a run rate you feel is sustainable for 2023 overall, when you're talking about input costs also moving in your favor potentially in the second half? Just finally, just in terms of with all the pricing that has been taken in GPN, you know, how are Optimum Nutrition and other key brands' price levels sitting versus competition? Is there any material change versus sort of historical ranges? Thanks. Morning, Alex, and thank you. Yes, it's fair to say that the performance of SlimFast in the U.K. is relatively better than in the U.S. Post the work that we've done there. Again, I would just point to the consumer research that we did in the U.S. through a lot of 2022, really pointing to the fundamental strength of the brand. It did need a modernization. It did need some work around the creative to broaden that reach. That will give us a reach into a lot more consumers in the U.S., so we remain positive about the brand. There's a job of work continues to be done. It is being done and is on track. We'd be looking forward to seeing that progress through 2023. On the GPN margin, yes, we believe that the work that we've done through the transformation program, which was a lot of driving efficiency, driving revenue growth management, driving demand initiatives, will underpin those margins. We're pleased to achieve it in Q4, which was our ambition, and that will be an underpin to our sustainable rate going forward. On the pricing, clearly the inflation across a lot of the sports nutrition space, Alex, has been very high for all players. So I would say there probably isn't a dramatic movement in the relativities. I think the category needed to move pricing forward, and it did. I think we've been particularly pleased on a relative basis with our consumption relative to others in the space. I think Optimum Nutrition has really consolidated its position as a leading brand. I think our elasticity has been good in a lot of the channels, and we've probably gained share, therefore on a relative basis. You're seeing that obviously in the consumption trends that have continued to be very strong and near-term ones continue to be. No major shifts in relative pricing, Alex, overall. Thanks very much. Thank you. Thank you. As a reminder, to ask any further questions, please press star followed by one on your telephone keypad. We will now take our next question from Cathal Kenny from Davy. Cathal, please go ahead. Morning, all. One question from my side on ON and the consumption data. Can you provide some color as the drivers by format? Is it still powders driving most of that growth or some of the new innovations starting to kick in? Maybe just a follow-up on ON as well, maybe a little bit of color by channel in North America in terms of where you're seeing most growth there. Thank you. Thanks, Cathal. Yes, powders, you know, continue to drive ON very strongly. I think for lots of reasons, powders, as we previously mentioned, momentum continues very well, on a price per serving. It's a very good product, very high quality. ON stands for authenticity. I think the work that we've done in investing behind the brand and really, really consolidating our consumer franchise with ON continues to deliver very well for us. Powders driving ON. Yes, the innovations are in market. It's very early days. We're pleased with the distribution that we have, and I think again, that'll be an underpin to future growth as we broaden the consumer reach, broaden the amount of motivations for consumers that we can reach into. We look forward to getting an opportunity to showcase ON more indeed at our upcoming Capital Markets Day, when we'll have a real opportunity to see that, I think, coming very real with the team. In terms of the channel piece for ON, I think what was really excellent to see, Cathal, is that it was across all those key channels. ON momentum really across all. I referenced, I think earlier, growing very strongly online, growing very strongly in food and club. That again, that channel reach that we've spoken to for the overall portfolio, I think, is a real advantage for GPN and an advantage specifically then with ON. We're broadening our distribution, we're broadening our channel reach, and we have a very nice mix, all of which are growing currently. Thank you. Thank you. Thank you. We currently have no further questions, so I'll now hand you back to Siobhán Talbot for closing remarks. Again, thank you all for your time. Apologies again for that slight disruption on the audio earlier. As I've referenced, really looking forward to meeting you in person and virtually at our upcoming Capital Markets Day, where we'll be giving a lot more color around our growth opportunities, specifically our brands in GPN and Nutritional Solutions. I look forward to chatting with you again soon. Take care. Bye-bye. This concludes today's call. Thank you for joining. You may now disconnect your lines.