that leads to Alzheimer's. And so it is an adult cognition study that I'm excited to ultimately get the results about and hopefully be able to talk significantly about. Because if we can from this study see clear evidence that high doses of choline have an impact on the development of dementia and Alzheimer's, that would be really an important finding and an important part of the science behind the cognitive benefits of choline. I do think that that study, once it's published, will lead to another bigger study that will further reinforce those findings. But we do know that that study is completed, and we do expect that that study should be published in the next couple of months. So I'm really hopeful that with the next quarterly update, I will be able to talk about the results of that study. So that's an exciting study that's going on that I'm particularly interested in, along with the four that I talked about that were published in the last quarter and the others that are ongoing.

Super. All right. Thanks so much. I'll jump back in and let others ask questions. Thanks, Bob.

Your next question comes from the line of Ram Salvaraju with H.C. Wainwright. Your line is open. Please go ahead.

Thanks so much, and congratulations on it. Once again, an excellent quarter. I was wondering if you could provide us with some additional granularity regarding how you expect sales and promotional strategies to shift over the course of the remainder of 2026, just based on trends that you're seeing in the market and product lines, products, product initiatives that you expect are likely to be most resonant with the consumer base, particularly within the H&H segment. And then secondly, on the financial front, Martin, maybe you could refresh my memory as to what you expect the effective interest rate to be on the new credit facility funds as and when you draw them that have the maturity date of 2031, as well as how you expect the effective tax rate to trend over the course of the remainder of 2026. Thank you.

Thanks, Ram, for your questions and your opening comment. Really appreciate it. You know, obviously, we've been investing significantly in marketing, particularly in the human nutrition and health business over the last few years. And, you know, our goal has We have a little internal saying that is always on, and we've really tried to establish a scalable, always on consumer engagement model for all of our branded ingredients over the last few years. really based on combining sort of omni-channel marketing, influencer engagement, consumer PR and sports partnerships to drive ultimately that consumer awareness and market penetration of our products. And that effort alone in just the last year and a half or so has generated well over a billion consumer impressions, which is a really big number for a company of our size across our branded ingredients. And, you know, really at the end of the day, accelerating our brand awareness and demand generation and, you know, the kind of the influencer marketing, you know, you kind of asked, you know, how, you know, how we shift in that. We've certainly, you know, invested in certain influencer relationships and changed those over times with shifts in consumer behavior. Certainly something that is trending more today than it was a couple of years ago, you know, is around targeting GLP-1 users for, you know, nutrient rich, you know, snacks and meal replacements and so forth. And so, you know, kind of shifting your influencer marketing dollars to target those audiences more and the followership of the influencers more in line with that targeted audience is just an example of the shift that we do make. sports partnerships as well. I mean, we've been kind of all in on, on soccer or, you know, kind of European football of late, you know, World Cup was, was part of that role, but that's kind of a shift in focus and attention of the community. And so we've been sort of doubling down in our sports partnerships in that area. So it is a dynamic investment in marketing and a shift in focus, but overall, really a, you know, kind of foundational goal of, you know, kind of establishing this scalable, you know, consumer engagement model via all of those mediums. So we're really excited about this edition. Ram, you know us well. Five, six years ago, we weren't really talking a lot about marketing, and I really feel like today we have really one of the leading nutrient marketing teams in the world, and it's really helping us drive the type of growth rates that we've been able to achieve over the last couple of years.

Yeah, I think on your questions on interest rate and tax rate, on the interest rate with the amendment and extension of the credit facility, the structure is the same as the past, so there are no significant changes. Obviously, we increased the size of it from 550 million to 650 in terms of how much we could draw under it. Currently, we have drawn 150 million as of end of Q2. That's sort of what's on the debt on our balance sheet. The rate is variable or floating as it has been for the last two agreements. It's not a fixed rate. It is a floating rate. so it gets reset with SOFR and then we pay a spread based on that so at the moment we're paying sort of around four and a half percent but you can think about it as should the fed do a rate hike of 25 basis points then we will pay 25 basis points more so we kind of it's a variable rate that we pay. It is worth mentioning that we did improve on the spread that we pay above SOFR with this refinancing. So our pricing improved across the board by 10 basis points. And for the higher leverage tiers where we're not in them right now, since we have very low leverage, it improved sort of by 22.5 basis points. It's a better pricing grid for us than the earlier ones, but it will vary with the market interest rates. On the tax rate, we're sort of at 23% year-to-date effective tax rate. I think we'll be in that 22.5% to 23% as we wrap up the year is my best guess at the moment. So, I would put it somewhere there in a 22.5% to 23% effective tax rate. Thank you very much.

Thanks, Ram.

Your next question comes from the line of Daniel Harriman with Sudati and Company. Your line is open. Please go ahead.

Hey, good morning, guys. Thanks so much for taking my questions. I've just got a couple today. Thinking more about ANH and Martin, obviously the performance is well above what we were expecting. Can you help delineate that a little bit between how much of acceleration was volume versus the pricing actions that you took in in april and then if you wouldn't mind just providing us with more of an update on what's going on in the european monogastric trends just you talked about that last quarter it seems like things are are really improving over there so any color you could provide would be great thank you sure uh yeah i mean we're we're really happy with you know how anh has been performing here for the last couple of quarters right and and getting getting back to delivering year over year quarterly growth which we've done for for number of quarters um when it comes to sort of the strong growth we

reported 15 here in the second quarter uh and about half of that is is volume driven and about half is is price driven uh directionally um and europe where we filed for anti-dumping and successfully got that through and that started as of January 1st or end of December of 2025. So we've been in that environment for six months now. We have really seen the return of that business. We have seen more volumes coming our way. So we're regaining some of that share that was lost due to the dumping and we've also seen a price recovery and that has improved sort of every quarter it started a little bit already and at the end of last year in anticipation of the dumping duties and has continued every quarter since so I would say it's playing out the way we were hoping for it uh to play out uh because we knew that if we could restore restore a more level playing field and if sort of people were were playing fair that we would have a really strong offering

in the region so it's it's nice to see that business return uh so yeah it's working working very well for us at the moment and and uh you know we're pretty pretty excited about what's ahead Yeah, Daniel, I just kind of add to Martin's comment how pleased we are with the continued growth of the ruminant part of the portfolio, which, of course, is the higher margin. There's more science, more technology in those products, and it's a little bit more similar to what we're doing in the nutrient business in human nutrition and health, trying to create awareness. We'll build the science, create awareness, drive market penetration. And that business has been growing significantly over the last few years. And in the quarter alone grew about 20 percent. And that growth is almost all volume growth. And I think that's really, really exciting to see in that business driving the ruminant growth to that extent with those products penetrating the market additionally. So we really are pleased overall with the performance of A&H and the momentum we have in that business.

That's really helpful, guys. Thanks, Martin and Ted, and congrats on the great quarter. Thank you. Thanks, Daniel.

There are no further questions at this time. I will now turn the call back to Ted for closing remarks.

Thanks, Tracy. Once again, thank you all very much for joining our call today. We are really pleased with the second quarter results we reported earlier today and the outlook for our company. We very much appreciate your support as well as your time today, and we look forward to reporting our Q3 2026 results in October. In the meantime, we will be participating in the Wells Fargo Consumer Conference on September 23rd in Laguna Beach, California. Nice place to be, so hopefully we'll see some of you there. Thanks again for joining today.

This concludes today's call. Thank you for attending. You may now disconnect.