Everyone, thank you for joining us today on such a short notice. We told you at first half-year results that we would give you an update on our organizational changes once we would start our internal communications, and that is today. We issued this morning an external press release and a presentation to investors, which you can find on our website. Geraldine and Dimitri will give you an overview of the announcements, followed by a Q&A session. They will use a few slides out of the presentation to investors. Analysts who want to ask questions in the Q&A session have to register via an audio conference link, which they can find on our website. All other participants can listen in to this Q&A session via this Zoom meeting. Before I ask Geraldine to start her introduction, as always, I need to caution you that today's conference may contain forward-looking statements. You can find the disclaimers about forward-looking statements in the press release we published this morning. Geraldine, the floor is yours. Thank you, Dave, and hello and welcome on behalf of both Dimitri and myself to this call. Thank you for joining us today. Now, as you've probably already read in our press release and our presentation to investors, we have announced today that we have decided to accelerate our strategic journey towards a fully focused health, nutrition, and bioscience company. These activities will be reorganized into three market-focused business groups. Given this focus on health, nutrition, and bioscience, going forward, our materials businesses will be managed largely on a standalone basis, and our global support functions will be realigned accordingly. These are two great materials businesses, and they too actually deserve the focus they need to continue their strong track record of a strong financial performance and innovations that are really leading to a more circular and sustainable economy. We are therefore reviewing our strategic options for these businesses, including a possible change in ownership. Thirdly, in line with our commitments to have a positive impact on the world, and specifically the global food systems, we have also communicated today a series of specific commitments that we will be taking related to the food system, and these are in a dedicated press release that we issued this morning. We'll come back to that later in our comments. These are the main headlines. Let us step back for a second, and Dimitri and myself will run you through some of the key slides of the investor presentation before we open for the Q&A. For that, let's go to indeed our selection of slides from our investor presentation. As we say here on our cover page, this is really an acceleration of our purpose-led and performance-driven strategy. As you know, as DSM, we are a very strong ESG company. We've steered the company with a Triple P bottom line for a long, long time: People, Planet, and Profit. Therefore, not surprisingly, the decision to focus on health, nutrition, and bioscience actually comes from our views on the food systems. Let me start here by giving a bit more color on, and if we go to the next slide, the way that we look at the situation today. Internally, we tend to refer to this as somewhat of a food revolution going on. You all know on this call, because you follow companies in this space, that the food systems are facing all sorts of challenges, and we tend to look at them in three buckets. First, there is the whole issue of the health of people. There's the health of the planet, and there's actually all the livelihoods that go with it. If we look at the health of people here, the statistics are still extremely concerning, and we could put a lot of them there. If we just start with the fact that one in 10 people in the world suffer from hunger and malnutrition, that hunger has gone up 15% last year according to WFP. The challenge of accessible nutritious food remains very real in the world. At the very same time, actually one in four people are overweight, and there's a lot of illness and sickness related to the wrong kind of diets. You can think here of the too much, too much salt, too much fat, too much sugar, but also simply diets which are not driving the right health outcomes for the vast majority of people, unfortunately, in the world. If we look at issues around the pandemic, the whole rise of awareness of the importance of immunity, and the fact that if you don't have a strong immunity, you will be much more susceptible to things like COVID, is very much there. Unfortunately, still 2 billion people in the world have a deficiency in micronutrients, here vitamins and minerals being the key ones. A whole set of challenges related to the health of people linked to food. Indeed, there's also another issue, and that is really being highlighted again in the IPCC report on climate change, which is that food systems are suffering from climate change as we speak. Not surprising if you look at the droughts, the floods, the fires that have been going on just over this summer. Actually, food production is at risk and will continue to be at risk from climate. Food systems are also the biggest contributor to these issues. As you know, the food system is the second biggest greenhouse gas emitter, and therefore methane, you've heard us talk about Bovaer, is an important element, but not only methane. There's all the other emissions that relate to producing food, which are relevant here. Of course, food is also one of the biggest drivers, unfortunately, of deforestation, loss of biodiversity. In that context, we're wasting 30% of food we produce. A lot to be done around how we produce our food in the world is ongoing, and there's really attention to this, but I'll come back to that. Lastly, livelihoods. If you think about it, actually there's about 1 billion farmers in the world, of which half live in poverty. That is an issue from a societal stability, but also from a food system, and we want to take that into account. These are all of the challenges, but if you look at awareness, and this is on the next slide, we're not the only ones to actually realize that this is going on, and there's an increased awareness across the board that these things need to change. It starts with the consumer. The consumer is increasingly looking to better health through nutrition, much more concern around diets, around the nutritious content of food and beverages, and that is worldwide, and also a lot more consumer interest in the environmental impact of the food that they choose to consume. A big shift in consumer trends, a big shift in society. We have seen, of course, a lot of work in Europe on the new European Green Deal, on the whole Farm to Fork strategies, but also next week, the United Nations is calling only, I think it's the fourth in history, Food Systems Summit with heads of state since the Second World War, so since 1945. This is all about discussing the future of our food systems. This is in the context of these environmental but also societal challenges. Huge awareness, and at the same time, this is happening at a time when technologies can scale to address these challenges. Here you have heard us talk about this, of course, very relevant to us, the biotechnology, biosciences breakthrough, which are at hand, and they can really provide solutions at scale. Combine this with data and digitalization, and that leads us to this area that we have talked about of the rise of personalized nutrition and the rise of precision in terms of the farming practices. Basically, the food systems as we see it, is a place with a lot of change and where, as DSM, we are uniquely positioned. Why do I say this? Just a couple of slides on our capabilities. Going to the next slide. We as DSM have always taken the view that if you have the ability and the capabilities, you also have the responsibility to use them to actually drive better outcomes for the world. You know us well, so I will go through the next slides pretty fast. If you look at the history of DSM, you see on this next slide that we have 150-year history and a deep heritage in the scientific knowledge, and particularly biotech, that enables us to have a very meaningful contribution here, both in how we produce food in the world, but also what is consumed. This comes from our origins, and I'm not going to amplify this here further because you've seen this before. This translates in the next slide in the fact that we have also over the, and here we're showing the last 10 years, added to these capabilities through innovation programs, but also M&A. If you think back 10 years ago, the acquisition of Martek, for instance, a big step in our biosciences capabilities. But this kept on going with one of our latest one, Midori. We've also used our M&A to expand our geographical footprint to add to our pretty unique portfolio of ingredients, and that has been growing and growing over the years, and therefore putting us in a very, very special place to drive this transformation, and in particular, the emergence of integrated solutions for the food space. If you take this and go to the next slide, this really feeds into this slide that you have seen before, which are the platforms, the growth platforms that we're working on, and the very rich pipeline of innovations that substantiate each and every one of them. This pipeline is a combination of our in-house innovation programs and developments, new business models we've been launching, like Sustell, but also we enriched with the M&A that we've been doing over the last few years. Again, a strong pipeline, very much linked to these challenges that we've just been pointing out. Last but not least, this is also linked to our very unique business model that you see on the next slide. You know that our history is in Global Products, in the science of these ingredients that we sell, both in the Human Nutrition and Animal Nutrition spaces. We've also built over the years a very strong local solution arm. Global products, local solutions is something that we've building now for the last 10, 15 years. As we indicated in our Capital Markets Day in November, but again at our half year results, we are now adding the third dimension of precision and personalization that really link very strongly to the digitalization of the world and of businesses, but also the capabilities in biosciences. A unique business model to address a very exciting space where the challenges are multiple, but the opportunities match these challenges. This is where we stand. Going to the next slide, where does that put us therefore today? Well, when we look at this picture, we do believe that in order to get the full benefit of this potential and all of these opportunities does require us to focus. Therefore, today we've announced that Our intention to accelerate our journey to becoming a fully focused health, nutrition, and bioscience company. Now, going forward, what does that actually mean? Well, as I touched upon in our key messages from the press release and the presentation, we're making it now clearer than we ever have before that we will be reviewing our options for our materials businesses, including a possible change of ownership. In the meantime, we will be basically managing materials much more on a standalone basis to give them more freedom to act as they see fit to meet the great opportunities that they have. Actually, they're very good businesses with very positive momentum, and they also deserve to have a bit more freedom to manage their businesses accordingly. This is not the only thing. We've also, and we referred to this at our half-year earnings release, we have been doing a lot of work this year on reorganizing DSM for this journey forward. That, by the way, includes creating three business groups out of our nutrition businesses. I'll come back in a second on the movements, but our history did not set us up in the best way to address the end markets that we want to serve. We've been looking at how do we therefore better align our businesses to the end markets that we want to be very successful in. Dimitri, in a second, will run you through each of these three new business groups, which basically represents the repositioning of our nutrition cluster overall. That is Food & Beverage, Health, Nutrition & Care, and Animal Nutrition & Health. We've also taken a deep look at our innovation setup and decided to bring innovation much closer to these business groups in order to actually accelerate the speed at which we can bring our innovations to market and scale them. Which means that our DSM Innovation Center will not be reported independently anymore, but the activities have been repositioned within the company. I'll come back to that in a second. The third piece of all of these changes is actually looking at our global enabling functions to see that we are correctly organized in order to drive success going forward. As a result, we've also announced today that our top leadership team is now going to reflect the structure of the company, and we will have the heads of these business groups at the table, as well as our operations, organization, and Global Products & Strategic Alliances. Finishing off before Dimitri takes over, let me just go through one more slide, and that is: what does this all mean in terms of the reporting? On the left side, this is how we report today. It's actually linked very much to our history. You're familiar to seeing our nutrition cluster reported along the Animal Nutrition and Human Nutrition components. We had this Other Nutrition part, which was actually quite sizable, with EUR 1 billion of turnover, but was not easy to put everything together. Going forward, we are realigning these different parts. You will see that the Food & Beverage element of Human Nutrition will be combined with Food Specialties to create the core of Food & Beverage. We're also moving the pet food under Food & Beverage because it's actually the same customer base and the same dynamics that we're seeing in those end markets. That is the first big shift. We have Health, Nutrition & Care. Dimitri will run through what is in there, but effectively, think of it as Human Nutrition minus the Food & Beverage part, which is now in Food & Beverage. We are also positioning in Health, Nutrition & Care, Biomedical. You are familiar with the DSM Innovation Center. Predominantly, the important piece in there today is Biomedical, so that will go under Health, Nutrition & Care, and the rest of the innovation elements will be coming towards corporate. In terms of Animal Nutrition & Health, not much change there other than the Pet nutrition going over to Food & Beverage. Of course, this is a lot of moving parts, and we will provide full clarity early next year. We will align the reporting to these three business groups and provide the restatements that go with it so that you can follow all of these moving parts going forward. That's from a reporting point of view, but Dimitri, why don't you take over here and tell more about these three big business groups? Thanks, Geraldine. Indeed, exciting to give you a bit of color on these business groups. Although many of you know the segments and the likes, I'm very happy to say that the Other Nutrition bit, which we always gave some color on all the time, and you were asking, Help me with it, Other Nutrition, I think now we made a clear decision to organize ourselves according to the three business groups with an end market orientation. First, the Food & Beverage unit, EUR 1.2 billion, with the bits and pieces Geraldine just explained. Clearly around creating nutritious, delicious, and sustainable solutions. We'll give you a bit of color on the Food & Beverage a bit later on. It's all about integrated solutions. The Health, Nutrition & Care, a EUR 2.3 billion business. Great leadership positions in the segments, all about keeping the world's growing population healthy. Our third business group, Animal Nutrition & Health, EUR 3.3 billion, really about sustainable farming. Radically changing to a more sustainable animal farming. These are the three pillars, the three business groups of the health, nutrition, and biosciences company, where we are going to accelerate our journey. We do that because we feel that the space is great to play in. It is a great growing market space. Secondly, in this space, there is huge opportunity for innovation, accelerated by the food system revolutions, and we do feel that. Geraldine showed a bit of a busy slide on the innovation pipeline. I think if you have a busy slide on innovation pipeline, that is good news. If you have busy slides on the rest, that is bad news, but a busy slide on innovation pipeline shows that we have a full innovation pipeline. You can also see that all the three business groups, we've done our acquisitions over the last three years with different acquisitions in the different business groups. Let me give you a bit of color on Food & Beverage, which is the next slide. There are far more details in the printed pack of IR. I want to refer to that so you can go through. This is about Food & Beverage, to create nutritious, delicious, and sustainable solutions. It's a great growing space. It's a space where innovation is absolutely key. I've highlighted two here. It's the EverSweet, our sweetener, and CanolaPRO, our plant-based protein. We're going to build on that. Secondly, this is a space where integrated solutions instead of a single ingredient supply is the name of the game. We have absolutely expertise in the Taste, Texture & Health area in Food & Beverage. We merge these together. In the past, those were allocated through three business units. We now bring that together in one route to market. We create these Integrated Solutions for our customers. Absolutely key. We add our biosciences background, our broad portfolio of ingredients, together with a unique premix solutions which we can offer to our solution. A very important business group which we bring together and which we want to grow organically, and maybe also with a few inorganic growth bits here and there. Health, Nutrition & Care. Keep the world's population healthy. Also here, more details in the pack. Leadership positions in the segments, Early Life Nutrition and Dietary Supplements. Also here, a great space for growth with innovation everywhere, certainly in boosting your immunity, looking at NPD, looking at probiotics. It's a space with an innovation headroom. Certainly, if we look at what is happening also on our third leg, which Geraldine talked about in a unique business model on personalization. Personalized nutrition with the installment of the Hologram Sciences pathway, I think we have a great opportunity to build on the expertise we have and build on the personalization, which is ongoing. Then the third business group, which is Animal Nutrition & Health. Animal Nutrition & Health, helping to radically change to a more sustainable farming, absolutely key. You see emission standards being imposed by governments, and that is a great space for innovation, a great space for growth with our global portfolio, with our global exposure. Huge innovations ongoing on Balancius, Veramaris, Bovaer, all in the space of going to more sustainable farming. Like we said, I think we have a very unique positioning here also for animal space, broad portfolio, a global presence across the globe with also here, the personalization and precision in the animal space, where we're going to measure the emission with an activity we've launched, Sustell, but also Verax, where we look at biomarkers and the health of the animals of our farmers. Absolutely three business groups which build together the health, nutrition, and biosciences company. If you go to the next slide, building that health, nutrition, and biosciences company and accelerating that journey, with a great space to play in, with capabilities we have, which we're going to build on. That comes with responsibility. You know DSM are taking responsibility for where we could make a difference, and we're well known because of our ESG platform with responsibility taking for our own footprint and for our own people. That, you know, it's been recognized as strong ESG commitments, and we add to that commitment to care for the world, the impact we have. Taking care for the world via food system commitments. I want to highlight just one slide a bit, the food system commitments, where Geraldine and I, together with all 23,000 employees in DSM, really care about. It is about health for people, health for planet, and healthy livelihoods. This is anchored in who we are as a business. Health for people is linked to an area where today more than 800 million people in the world are malnourished, while at the same time, 2 billion people are overweight. We feel that we need to address that, and we feel we have the capability to address that. There is a commitment to close the micronutrition gap, 800 million people, but also support the immunity of 500 million people, which will be commitments which will be measurable, will be quantifiable, and those will also be audited in the maximum assurance we have on sustainability today. It's called reasonable assurance. I think that will also evolve over time. This is commitment where we really want to be measured on. Health for planet. You've seen it yourself, more emission control, more regulation on emissions, carbon credit markets evolving. In today's world, the food systems are not working properly. No price for waste. Emissions need to be tackled. Therefore, we have a commitment to a double-digit farm livestock emission reduction to the farmers to help them to reduce their emissions. At the same time, we're going into the plant-based area. Our commitment is to reach 150 million people with solutions for nutrition based on plant-based proteins. Last but not least, healthy livelihoods. Be aware that there are about 1 billion people in the world which have as a profession to be farming. About half of these people live in extreme poverty. That is also the food system we live in today. We basically have committed ourselves to support at least 500,000 smallholder farmers across the value chain, building on what we already do today with our Africa Improved Foods. These are commitments which are part of who we want to be as a company, which we add to the journey to accelerate to become a health nutrition and biosciences company. Let me try to wrap up with a last slide. A last slide which brings it all together. The last slide starts with that we're going to build a growth company that delivers long-term performance, profitable growth. We do that because we want to play in a space which is a great space in terms of opportunities. There are changes in the food system where we want to play. By doing so, by having that focus, we have decided to review the positioning of Materials because we need all our efforts, all our resources, all the allocation of innovation into the food system to build that health nutrition biosciences company. We're going to build on our unique business model, Global Products, local solutions, and precision and personalization with the great people we have. That makes the capability together in this space. We want to commit ourselves to our ESG targets, to be responsible for our own footprint and our people, but also show the care for the world with Food System commitments. By doing so, we're going to create a company which is growing. We're going to create a growth company with ambitious mid-term profit targets. Today we've announced that this journey, which we accelerate, will back up by changing and adding the key business players who make a difference in our Executive Committee. In our Executive Committee, we add the business group leaders, as well as people responsible for operations in our Global Products. We have agreed that we will have the three business groups being reported separately to show that this is the health nutrition bioscience company we're going to build. We all do that to at least, at the end of the day, if you go to the final slide, to have a positive impact, to build a growth company that creates brighter life for all. With that, back to Dave. Okay. Thank you, Dimitri. We will now go to the Q&A with analysts, which we will do via an audio connection. All other viewers can stay in this webcast to follow this Q&A, but they will be in a listen-only mode. If there are analysts who want to actively participate in the Q&A but have not yet registered, you can still do so by going and finding the link on our website. Please be aware that as we're combining Zoom here with an audio conference, so two systems together, there will be a short delay in switching between two systems during the Q&A. Don't think it's weird. This is the way it's going to be done. Having said that and warned you, operator, please, let's have the first question. Thank you, Mr. Huizing. First of all, I would like to request the Q&A participants to dial star one to register for questions. The first question is from Andrew Stott, UBS. Go ahead, please. Good morning, everybody, and thank you for the presentation. Two questions. Start with the announcement today. Just wanted to understand the timing, insomuch as you can say at this stage, why now? If you are pursuing a disposal process, ultimately, are you already in any third-party discussions? If you were to end up in a sale process, can you help us a bit with issues that you may have to tackle? They may include stranded costs at the center or tax issues. I don't know how much of that you can answer, but that's my first question. The second question is turning to the presentation on nutrition and the three separate segments. I understand that the ExCo is now larger, so I see that as a major practical change. What else is going to change? For example, in sales and marketing. For example, incentive structures to employees across the organization. Just an insight into, beyond the reporting structure, what will practically change. Thank you. Hi, Andrew, and well done for navigating two systems in parallel. We keep innovating. This is Dave's favorite thing. It's working well. Thanks for joining. Let me first maybe comment on your first question and then Dimitri maybe on the second. The why now? As you know, and I think, by the way, the reactions this morning were very much in line with this is not a big surprise, right? This is a continuation of a journey that we've been on as a company. We're already 80%, 85% health nutrition bioscience. However, a few things have come to our attention. One is the pace at which the food systems is changing, and we do find that this requires even more focus than we had maybe anticipated before. We've also, in the context of our strategic priorities, and you may remember a slide with seven blue boxes, we said we would review the way that we are organized in order to set ourselves up in the best possible way for the future. In doing a lot of that work, which includes, by the way, the three business group, it also includes the functions, what we've come to realize is that in order to create clarity and focus for all of our colleagues in the nutrition businesses and in the materials businesses, it actually required us to be a little clearer as to where we expect the journey to go. That is why we're making the decision today to be more explicit than we have ever been before, that we are heading towards this pure health nutrition bioscience company, and that we're reviewing the options for materials. As for the review on materials, it's ongoing. We have started. This is not something that only takes a few weeks or a couple of months, but we don't want it either to take years and years. There is no set timeline behind it, but it's not something we're going to drag out for the sake of it. Therefore, at this point, there's not much more we can add to that timing other than it is now made explicit. Also, it is helping our materials colleagues to get themselves set up in the right way. I will bridge to what are the challenges that can happen. We're going for standalone, being managed more on a standalone basis because this is already therefore helping us with some of the challenges that in the past we have faced many times when businesses have moved on, the more recent one being Resins & Functional Materials businesses, is that you are indeed as a business part of a bigger company. By putting materials on a more standalone basis, we're already shaping so that we have less challenges when we come to a point, which would be our preferred outcome, by the way. The different moving parts that we have talked about today and the why. I think it's very important, Dimitri, if you could now comment on what does it change for the three business groups? Yeah, thanks for that question. First of all, be aware that we had an Executive Committee of seven, and now we have six, but with the retirement of Chris and I taking over his role as being the President of DSM Nutritional Products, that was at a sort of a transition period. Basically we go from 7- 10. We feel it is important to have in the Executive Committee all key elements and key functions present to make swift decision-making. I will give you a little bit the background on how we think about that. We've decided at least that the three business group presidents should be part of the Executive Committee. Therefore ANH, HNC, and Food and Bev will be part of the Executive Committee to have the right discussions at the right table, and not only twice or 3x, having immediately at the table. Secondly, a big part of our business model success is the Global Products with the alliances we have. Therefore Andre Bos, who is currently the Global Product Alliance Vice President, will also join the Executive Committee per the first of January. Then last but not least, we've seen that over the last years, how important operations supply chain end-to-end is to deliver our customers. I think we have done a fantastic job over the last years in doing that. It's key for the success, not only short-term, but also long-term, therefore operations will be part of the Executive Committee. We feel, Geraldine and myself, that that new Executive Committee is absolutely capable in tackling all issues we should have. However, the Executive Committee is thinking about the strategic future. We will have strategic discussions arising on the agenda of the Executive Committee. We talk about the DSM for the future. The business groups will have their plans to build that dream we have as being a leader in health, nutrition, and biosciences along the lines of Food & Bev, Animal Nutrition & Health, Nutrition & Care. They going to implement that strategy in, let's say, a 1- 3 years time frame, linked into what we've discussed as strategic direction for the Executive Committee. Therefore we'll create agility, speed of decision making, being close to where the market is to grow our business, to build a growth company. That is important. What does it mean for incentive structures? We wanted your questions. There's no change. What we will do is we'll bring the business together from an end market perspective. Food & Bev in the past three units will now be one unit, so one route to market. We will tailor and harmonize the approach. Sales and marketing will be different for these businesses because they differ. They have different customers. There are different dynamics in the end market. That's also one of the reasons why we decided now to install the three business groups, because we do see these changing happening today. Certainly on the Food & Beverage part, where integrated solutions is the name of the game, and you've seen our latest acquisition, bolt-on acquisitions playing that game. We feel now is the time to make that difference. A bit of a long answer, but I think all key questions which I think are important to address. Thanks so much. The next question is from Ms. Nicola Tang, Exane BNP Paribas. Go ahead, please. Hi, everyone. Thank you for taking my questions. The first was around the review and sort of in the context of this accelerated journey, assuming you were to exit Materials as your preferred route, could you talk a little bit about what you would plan to do with the proceeds? The second question was around your new food system commitment. I was interested in hearing a little bit more on the planet side. You've committed to this enabling double-digit farm livestock emissions reduction by 2030. How exactly do you intend to measure this? You mentioned Bovaer. We know about the kind of solutions you have for methane for dairy cows. Can you talk a little bit about either existing or perhaps new products you have for the ammonia and phosphorus side? As a sort of final tag-along question, I guess, on the commercial side of that, do you see an opportunity to kind of price on sustainability value within those offerings for the livestock emissions reduction, or is it actually in the context of what you said around livelihood and farmer poverty, is it actually a bit more difficult to sort of, I guess, charge a premium for sustainability-focused products? Thank you. Hi, Nicola, and thanks for joining, and great questions. Let me tackle the proceeds. I knew this was going to come. You always, I'll say you guys, the girls as well, fast forward very fast to the day the money would be coming in. Then we're obviously not there yet at all. Now, when it comes to our capital allocation, this strategy that we're describing with Dimitri is, in essence, an organic growth strategy. That doesn't change. We will continue to invest as a first priority in organic growth, all of the innovation pipeline, et cetera. Dividend promise, stable, preferably rising, always the same. Then, of course, this will give us some opportunity to look at M&A. All three business groups have got areas where M&A could be enhancing, maybe with slightly more in the Food & Beverage space than, say, in Animal Nutrition. We will be looking at all of the opportunities to see where we can deploy these proceeds and the capital in the most valuable way and in a value-enhancing way. We're always being very careful with valuations and that kind of thing. If at some point we find that the proceeds are on the balance sheet and we are unable to deploy them in the right way, we could always do some sort of a share buyback. Honestly, it's far too early, and this is not on the cards for now because, A, we haven't got the proceeds. It's not like they're coming tomorrow. Of course, it gives us time to look at how to deploy them. As a pure health nutrition bioscience company, it does mean that we can really look at the whole space and see where the opportunities are there. That's really how we look at it from a proceeds and use of proceeds point of view. Then, Dimitri, you want to take the food system commitment question? Yeah. Thanks for that question. I think we feel very strong about that. You asked to give a bit of background on the Health for Planet. The Health for Planet part is integral part on our business model for Animal Nutrition & Health. I think innovation is ongoing. You know Bovaer, we also have Balancius, we also have a product which is eubiotics, which basically replace antibiotics. They're all types of innovation ongoing in that farmer space. What we will do is, we will quantify the emission reduction by tests, by measuring at the farm. We put that into what we call a digital data engine. We have them, it's called Sustell, where you really measure it. Also in the farmer space, they track and trace that themselves. I think that is important to know that this is not just a simulation. This is also based on real data, and that is something where we're going to log in ourselves to. It's important because at the end of the day, it needs to be quantified and measured because we feel that over time, the carbon credit system will help the farmers. There will be a price on carbon if they reduce. It could be a revenue system on its own. I think that is also part of the ideas we have to bring livelihoods to farmers in a better space. In terms of sustainability premium, that has to do with us as consumers. That not have to do with the fact that the farmer needs to pay or the farmer needs to compensate for the margins. It is something where we already see today that some of our key brand owners in the dairy space are willing to position the product, which is low carbon or net zero at a higher price. I think the awareness of health for people and health for planet is certainly improving, is increasing. That's also what we see in the food system revolution. Therefore, the sustainability premium in some of the segments, some of the categories we clearly see, and we think it's an opportunity going forward. Absolutely lowering the emission, apart from the carbon credit, apart from the governmental regulation, we also feel there's a game to play in tune of the premiumization of what we have to offer. I would say all three elements. Yeah. Nicola, maybe one last comment. Next week, there's the UN Food Systems Summit. It's on the 23rd of September. In line with that week, we will actually be launching a campaign with a lot more information, a dedicated website on all of our commitments, but also our ambitions. We can actually do a lot more than these five topics that we picked. We picked these five because we feel very confident we can measure them, track them, and be very disciplined about it. We want to also build the bigger picture around that. I would say watch that space, because next week, we will be building on the information flow in the context of the UN Food Systems Summit. Thank you. Very interesting. We'll look out for it next week. Thanks a lot. Yeah. Ladies and gentlemen, to register for questions, please press star one. The next question is from Cathal Kenny, Davy Research. Go ahead, please. Good morning, all, and thanks for taking my questions. Firstly, on the new business units, is it your intention to disclose profit by business unit? Can you perhaps provide some early commentary on the margin profile of the respective units? My second question relates to Food & Beverage in particular, and just wondering, could you share with us the contribution to revenue from integrated solutions today? Thirdly, what percentage of your Food & Beverage business is natural versus synthetic? They're my three questions. Thank you. Okay, let me start maybe with the first one. When it comes to disclosures, our intention is indeed to provide, as of next year when we start reporting under these new three business groups, revenues, EBITDA, and EBITDA margin. That will be the way forward, and we will provide some degree of restatement so that there is comparability. The overall cluster remains the same, but we're moving the different pieces in there. In terms of our mid-term commitments of mid-single digit organic growth and high single-digit EBITDA growth, we are very confident with those mid-term targets. They remain unchanged because, in effect, the whole nutrition cluster is the same. We still need to do all of the details there, and we will provide them, but broadly, this applies to all of the three groups. The rest of the disclosure will come next year as we start publishing under those three pillars. The area that will take a bit longer is actually anything below EBITDA, and that is because of what Dimitri referred to, is that some of the assets behind these three business groups are actually shared. Therefore, there can be quite a lot of allocations when you start looking at capital intensity or depreciation and those aspects. It will take us longer to really get to a point where we have meaningful numbers in terms of asset intensity, depreciation, return on capital employed per business group. That will not be available straightaway, but over time, we may get there if we feel that it makes sense, if you see what I mean, that it's not allocation driven rather than intrinsic. That's to your question on the financials. Dimitri, do you want to take the integrated solutions? Yep. Yeah, overall, I think it's clear that on the Food & Bev part, that integrated solution is a game we want to play. We're already playing, we want to strengthen it. That's one of the reasons why we create the Food & Bev unit, including waiting for the clearance for First Choice Ingredients to add that to our integrated solution thinking. I think it's definitely the direction. We already have integrated solution thinking, but with the broad portfolio we have in the biosciences, I think we can do better, and certainly with the integration we do. I think in that sense, it's the clear direction going forward. I also indicated that we have these unique premix capabilities, so there the integration is already part. When we talk about integrated solution, it's also adding the application space. It is already there, but it is certainly the key area of development. It's one of the reasons why we bring the Food & Bev unit together. Yeah. Thanks. When it comes to the naturals, it was actually on one of our slides earlier on that I didn't point it out, that about 50% of DSM sales of nutritional ingredients is actually linked to either bio-based production or natural materials. We're progressing very well, and what we're seeing, of course, in the space is that our biotech capabilities is increasingly relevant. Here, for instance, I would point to our latest acquisition in First Choice Ingredients. When we were looking at the synergies and why we would be a good owner for that company, it is because of our biotech capabilities and our library of strains that can help in this dairy-based flavors, because a lot of that is, of course, embedded in biotechnology. We're seeing a very strong synergy here and increasing relevance of our long heritage in biosciences coming bigger and bigger in the nutrition space as we go forward. Thank you. That's clear. The next question is from Ms. Isha Sharma, Stifel Europe. Go ahead, please. Hi. Good afternoon. Thank you for the presentation. I just have two, please. If you think of DSM over the next five years, should we assume a similar split in revenue between the three segments, or are there any priorities in terms of focus on businesses in order to achieve the said change in the food system that you intend to make? My second question would be, what is really a realistic expectation in terms of natural bio-based ingredients, given all sorts of challenges also with cultivable, land available, et cetera, just to understand a more bigger picture. Thank you. Yeah. Okay. Dimitri, do you want to take the first one? Yeah. We can go on. Well. Yep. No, I'll take the first one, and then the second one I think is more evolution than that we really targeted. Anyway, let me give some flavor on the first one. In it, five years from now, that in this world is almost like eternity, but nevertheless, try to give some color qualitatively. I think all three businesses operate in a space where a lot of growth is happening, so there's no differentiation there. I think all three businesses contribute to building the health, nutrition, and biosciences company. That's one. Secondly, if you look at the innovation headroom, if you look at the innovation space and the opportunities the food system revolution offers, I think all three are equal. That sends organic innovation. I think they all need to grow. By the way, that is our key strategy, to organically grow this company. On terms of inorganic, I think that it's an opportunity to grow all three, but we have a slight preference to also work more on the HNC and Food & Bev. Certainly on the Food & Bev, because you've seen the numbers. Those are EUR 1.2 billion. We bring that together also to have an organization who could grow via sort of a docking station with acquisitions. All three areas, all three business groups are part of our journey. Certainly in the Food & Bev and the human space, I think we still have some extra opportunities to grow, and that's also why we create the Food & Bev unit. Not only because of merging into one route to market, but also see the integrated solutions, and we see perhaps some interesting M&As to build on it. I think if I picked up your second question correctly, but if I didn't, please correct. The way we're looking at the food systems is there's indeed a lot of challenges, and as Dimitri mentioned, firstly, when it comes to land use, we're really looking at how do you minimize the environmental footprint, particularly when it comes to animal protein and dairy, and that is emissions in particular. It's also, for example, if you look at aquaculture, Veramaris, where we're able to preserve the ecosystems in the oceans by providing oil, which is not fish oil, but actually algal oil directly to salmons, et cetera. There's a lot of work that we can do with our innovations to minimize the impact of current food production. If you also look further into the evolution, there are a lot of very exciting areas where there is developments. For instance, of course, meat alternatives have a lot of science behind it. If you look at meat grown in laboratories, well, it doesn't actually change very much the difference whether it's part of an animal or in a pastry dish. They actually still need micronutrients to grow. The building blocks are the same. We're very involved in following the developments of those technologies to see where our contribution of our science, for instance, can play a role. Of course, we're also looking at biotechnology in terms of where can we also help produce food through bioscience, which can then spare some of the land from being used for food production. These are some of the areas, and I don't know, Dimitri, if you want to add on this because it's a very big area we can comment on, but. No, I think you said it well. Thank you both very much. The next question is from Mr. Reg Watson, ING. Go ahead, please. Good morning all. I think you've come with a strategic presentation which investors have been clamoring for quite some time. You as the management team know as well. You've outlined the structure, I think very clearly. Playing devil's advocate here, I noticed, though, that the midterm profit targets haven't changed from before. It seems like there's sort of an awful lot of effort going into realigning, streamlining DSM, but it's not leading to necessarily any change at the bottom line for shareholders. How would you respond to that? Well, firstly, I would say that our mid-term targets are what we believe are very exciting mid-term targets, which is mid-single- digit organic growth leading to high single-digit EBITDA growth in a space where we've been present for a long time and where we do see a lot of positive momentum. We're confident in those targets. The space has been good for a long time. We're reorganizing ourselves to make sure that we are very successful in delivering on that journey. At this point, we don't feel that it is neither appropriate nor necessary to actually revise them upwards. We do have a strong pipeline of innovations. We've always said that some of these innovations could scale to a point where they come over and beyond the contribution that we initially estimate. That's how we look at it. I certainly hope that you don't see it as in any way distracting from the relevance of what we're announcing today. No, I think what you've announced today is fantastic. I think what I'm struggling with is that this step change in DSM. Yeah, it is a step change. DSM hasn't led to anything tangibly different to the bottom line. I think that's the potential disappointment here. Well, as I said, we're confident in our targets for the mid-term. Yeah. Of course, transformation is still in process. Maybe in due course, we will come to the conclusion these midterm targets can and should be revised, but not today. Okay. Thank you, Geraldine. I appreciate that today is not the day. Fair enough. Operator, we are running out of time. I think we have an opportunity for one last question. Can you please put that through? The last question is from Mr. Fernand de Boer, Degroof Petercam. Go ahead, please. Yes, good morning. Thank you very much also for the presentation. I have also a couple of questions to come back on the targets and just to be clear, the adjusted EBITDA growth target is after, let's say, corporate costs. That's the first question. Could you also give an idea about the split of the other activities and the cost between materials and nutrition or the new group? Then on the organic growth, I always thought that in the past you said the organic growth in Animal Nutrition is slightly higher than in Human Nutrition. From your wording now, I understand it's more or less equal. What has changed? Does it mean that you expect Animal Nutrition to grow a little bit slower, or the other ones to step up given all the opportunities there are? Okay. These are my questions. It's okay. A couple of pieces here. Of course, our mid-term target is a growth in EBITDA, high single-digit growth. When it comes to corporate costs, what we're seeing is, of course, for now, we are the same company. We're moving the things around. What we will see is at some stage as innovation, the Innovation Center is not reported anymore. Part of that goes into one of the pillars, but part of it comes to corporate. All in all, for now, you should assume about a similar level of corporate costs as we go forward, and that will evolve over time. Of course, if there's further divestments, et cetera, these numbers move. In the current scope of total DSM, that doesn't change materially. That's to the corporate cost question. When I referred to broadly similar, there are indeed differences. Animal Nutrition has, if you look back in terms of CAGR, been a bit higher growth versus the old definition of Human Nutrition & Health. What I'm sort of wanted to say is that they aren't very different pictures here. We will provide further clarity on that as we will provide you with the three pillars of figures starting next year, basically. Those were the two. But then to be- To be sure, the adjusted EBITDA margin of above 20%, this mid-term target, is for total DSM in the new setting? We are not revising the targets. only for the three business segments? No, we're not revising the target. For now, the margin ambitions are as it is currently as a cluster. Same applies, by the way, for our materials businesses. We said materials should be an above 20% margin. It's probably in this current format about 21%, and we will continue to do that until we do not hold materials. We are not revising the overall EBITDA margin at this point for nutrition and materials. In that sense, you can take the numbers as being who we are today. Okay. Thank you. Dave, I think that was the last question, right? Correct. That was the last question. Maybe one of you has some closing remarks before we finalize this webcast. Yep. Okay. Let me be brief. Also looking at the time. Thanks for joining. I think today DSM announced that we're entering into a new chapter in our strategic journey, where we're excited to accelerate our journey to become a fully focused health, nutrition, and bioscience company. A very dynamic, interesting growing market with a strong commitment to sustainable innovation, sustainability in itself, ESG, but also food system commitment with changes on the organization adapting to be successful for the future in building a growth company. Thanks for joining us today, showing interest in this beautiful company, which is called DSM, and I'm not biased. If you have a ny questions, please reach out to our IR team. Enjoy your day. Thanks.