**Nick Hampton, CEO & Executive Director**

Good morning, everyone, and thank you for joining us.

Almost to the day, 12 months ago, we announced the completion of the acquisition of CP Kelco. I’m delighted with the progress we’ve made integrating the two businesses over the last year.

Today, I have three key messages to share with you.

Firstly, **we are stronger together**. We have made good progress delivering the benefits of the combination. There’s real excitement within the new team about the future potential of our business. The power of this combination is driving high levels of customer engagement.

With our deeper product portfolio and leading reformulation capabilities, we now offer a compelling solutions portfolio that meets growing consumer demand for healthier, more nutritious, and sustainable food and drink.

I witnessed this firsthand in Mexico just two weeks ago—both in the innovative solutions our teams are creating for local customers and in the insightful discussions we had with one of the country’s leading dairy businesses.

Our second key message is that **a slowdown in market demand, notably in North America, is impacting our current performance**. This is both disappointing and frustrating, especially given the progress we’re making elsewhere in the business.

Thirdly, as a result of this, we are taking strategic actions to navigate the challenges ahead.

Thank you for your continued support.
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