Good morning, everyone, and welcome to the conference call for our first quarter trading statement. I'm Jo Russell, Head of Investor Relations. And with me today is Dawn Allen, our CFO. Just to remind listeners on the call that in the discussion today, the company may make certain forward-looking statements, including those that refer to our estimates, plans and expectations. Please refer to this morning's announcement and the company's UK and SEC filings for more details, including factors that could cause actual results to differ materially from those expressed in or implied by any such forward-looking statements. Today, we'll focus on organic revenue performance. There is a full reconciliation of organic revenue in the appendix of the company's slide presentation. Following Dawn's remarks, we'll take your questions. The details can be found on Page 3 of the company's presentation. And with that, I'll hand it over to Dawn.

Thank you, Jo, and good morning. We had a good start to the year with our first quarter performance in line with our expectations. We delivered organic revenue growth of 3.5%, driven by strong market share gains across our key markets. We saw growth across all our categories and regions, which demonstrates the strength and resilience of our portfolio despite a more challenging market backdrop. Our emerging markets continue to perform particularly well, up 6.5% with marked strength in India and China, which saw double-digit growth in Sensodyne across both markets. Innovation continues at pace. And during the quarter, we had a number of successful launches, including Voltaren 2% strength in China, expanding the Sensodyne clinical platform range, and Otrivin Nasal Mist in a number of markets. Whilst the macroeconomic backdrop continues to be volatile, our full year guidance is unchanged. We expect to deliver 4% to 6% organic revenue growth, with organic profit ahead of this. Now let's look at the first quarter in more detail. Revenue of GBP2.9 billion reflected 3.5% organic growth, 2.4% price, and 1.1% volume mix. Reported revenue declined 2.3% in the quarter due to a 2.9% drag from the disposals of Chapstick and non-U.S. smokers' health business, and a 2.9% drag from translational foreign exchange due to sterling strength against a number of currencies. Now let's turn to the categories where we saw broad-based growth. In Oral Health, revenue grew 6.6% ahead of the market, driven by a strong performance in Sensodyne, with continued share gains underpinned by successful innovation and in-market execution across the Sensodyne clinical range. Clinical wise continues to attract a younger demographic to the brand and has among the strongest repeat rates in the sector. Strong performances were seen in a number of markets, including India, China, Central and Eastern Europe, and the UK. Parodontax grew double digits with strength across several markets, including China, where we are seeing strong consumer feedback following our launch at the end of last year. We're also seeing a strong performance across several markets from Parodontax Gum Strengthen and Protect, a multi-format range across toothpaste and mouthwash, which has driven incremental share gains. In the UK, we have seen a record market share for Parodontax. In VMS, revenues grew 0.9%, underpinned by innovation-driven growth in emergency and Caltrate. Centrum declined mid-single digits. We saw good growth in Asia Pacific, EMEA, and LatAm, particularly in the Middle East and Africa, Southeast Asia, and Taiwan. This was more than offset by a decline in North America, which was driven by lapping a tough comparison from the activation of the cognitive function claims on Centrum Silver last year, overall weakness in the multivitamin category, and increased promotional activity among competitors in North America. In China, we had a number of successful innovation launches, including Centrum Daily wellness packs tailored to the Asian lifestyle, which we have also launched in South Korea, and it is performing well. In Caltrate, we rolled out a vitamin D with glucosamine that has had an even stronger effectiveness claim. Across OTC, pain relief grew 2.6%. This was driven by Advil and Voltaren, which were both up mid-single digits. During the quarter, we launched Voltaren 2% strength in China. Whilst it's early days, initial performance indicators are strong. Panadol was up low single digits with growth held back by the phasing of retailer stocking patterns in the Middle East and Africa. This is expected to reverse in Q2. As part of our drive to reach lower-income consumers, we launched the Sonridor brand in Brazil, which uses Panadol's Optiol technology. Initial results have been encouraging. In Respiratory Health, revenue was up 1.7%, with a stronger-than-expected cold and flu season towards the end of the quarter in North America driving growth in Robitussin and Theraflu, which saw strong share gains in the U.S. This was partly offset by a weaker season elsewhere. Otrivin performed well, helped by the rollout of Otrivin Nasal Mist, which is driving share gains and market penetration with 50% of users being non-spray users in the UK. And finally, Digestive Health and Other was up 3%. This was driven by innovation in Tums and ENO, which was partly offset by a decline in smoker's health and Nexium due to market softness. Now let's look at the regional performance, starting with North America. As others have observed, the consumer and customer environment is cautious and uncertain. This has been seen in consumer confidence measures, which are at the lowest level since 2021. Despite this, organic revenues grew 1% in the quarter, made up of 1.8% volume mix and 0.8% from negative price, with the latter largely driven by higher promotional activity relative to last year. Consumption saw healthy growth and was ahead of organic revenue growth. We have a strong position in North America, with the top 5 retailers making up more than half of our revenue. Whilst it appears that some retailers are more cautious in ordering patterns, our products continue to demonstrate their resilience. In Europe, the Middle East, Africa, and Latin America, organic revenue increased 5%, with 5.6% price and a 0.6% decline in volume mix. Pricing in Europe was up around 4% and higher across markets in EMEA and LatAm, in line with inflation. The decline in volume mix was largely driven by weakness from the cold and flu season. Excluding this impact, volume mix would have been up around 1% for the region. Looking across the region, we saw strong growth in Latin America, up double digits, helped by pricing and the launch of Sonridor. Both Europe and the Middle East and Africa grew mid-single digits, with strength in oral health and VMS. Finally, in Asia Pacific, we saw good momentum with organic revenue increasing 4.2%, with growth coming from price of 1.5% and 2.7% from volume mix. We saw growth across all categories, except in Respiratory Health, which was impacted by a weaker cold and flu season. India performed well, up high single digits, helped by double-digit consumption growth in Sensodyne. China was up mid-single digits with strength in oral health and VMS, underpinned by the innovations I mentioned earlier. We are well positioned in China with strong market positions and favorable structural tailwinds, with consumers increasingly focused on health products, which we are supporting through our e-commerce platforms. Turning now to our 2025 guidance. Whilst the macroeconomic environment remains both challenging and uncertain, we remain confident in our full-year outlook. We expect to continue to deliver the guidance we set out at year-end, with organic revenue growth of between 4% to 6% and organic profit growth ahead of organic revenue growth. Whilst the situation on tariffs remains dynamic, based on what we know today, the impact across our business is limited and is included in our guidance. On foreign exchange, the FX impact on revenue and profit in quarter one was broadly in line with our expectation. As you'll recall, at full-year results, we provided an estimate of the translational FX impact for 2025 based on Bloomberg consensus rates averaged over the year. As of the 31st of March, this consensus indicates a headwind of 2% on revenue and 3% on adjusted operating profit. There is no change to our net interest expense or tax guidance. So in summary, our first quarter trading was in line with the expectations we set out earlier in the year despite a dynamic and more challenging backdrop, which continues to remain uncertain. Our global portfolio is resilient with strong brands solving consumer needs. Our innovation launches are performing well. And as I just mentioned, we have confidence in our full-year guidance. Before I open up to Q&A, I want to remind you all that we will be hosting our Capital Markets Day in London tomorrow. We will share more on our continued confidence in driving long-term growth, with deep dives on categories and regions, and we share the opportunities we see across our supply chain. And with that, let me hand over to the operator to open up for Q&A.

Thank you. We have our first question from Guillame Delmas from UBS.

Thank you very much. And good morning, Dawn. A couple of questions from me, please. First one on Q1 specifically and what may have surprised you either positively or negatively during the month of March? Because if I remember, at the time of the full year '24 results in early March, you sounded probably a little bit more cautious on Respiratory, but you ended up posting a nice positive number in Q1, thanks to that double-digit development in the U.S. So if U.S. respiratory was potentially stronger than you anticipated, what were the areas that maybe proved a little bit softer in the Q1 and specifically that month of March? And then my second question is on your outlook for the year. So everything confirmed, reiterated this morning, you're still guiding for 4% to 6% organic sales growth. Maybe, Dawn, can you say if you will be back in that 4% to 6% range as early as Q2 or whether we will have to wait for the third quarter? And on this, again, what underpins your confidence in that material acceleration step-up in organic sales growth in the second half? Is it down to pricing? Are the current retailers' inventory levels that may be a bit low in some categories? And so you would expect some strong sell-in from Q3 onwards? So any color on that would be very helpful. Thank you very much.

Thank you. Good morning. In Q1, we had a solid performance with 3.5% growth, reflecting strength and resilience across our global portfolio. We noticed that respiratory issues in the U.S. increased towards the end of the quarter with more cough, cold, and flu cases, although this was somewhat balanced by weaker performance in other areas. The U.S. environment remains uncertain, with consumers being cautious and retailers adjusting their inventory levels to match consumption trends. Overall, we are demonstrating a strong balanced performance across all regions and our portfolio. For the year, we are confident in our guidance of 4% to 6% growth. As we mentioned at year-end, we expect stronger performance in the second half compared to the first. For Q2, we anticipate similar results to Q1 concerning the U.S. market. Our confidence for the second half stems from three key factors. First, our innovation is doing exceptionally well, and we plan to launch in several new markets while also benefiting from momentum in markets we entered earlier this year. Second, we are maintaining healthy investment levels in advertising and our route to market. Third, after a soft cough, cold, and flu season last year, a normal season this year would be beneficial. Additionally, in certain regions, particularly India, we expect the total market to improve in the second half due to government stimulus, which we believe will also positively impact our performance. This is the basis of our outlook for the year.

Thank you very much.

We'll have our next question from Rashad Kawan from Morgan Stanley.

Hey, good morning. Thanks for taking my questions. A couple for me, please. First, I mean, you talked about the challenging and uncertain environment, no surprise, obviously. But can you talk about just a bit more detail around what you're seeing in terms of change on the ground in consumption habits since your last update at the end of February, particularly in the U.S. I know you've called out multivitamins in particular being weak and you mentioned kind of retailer patterns, but have you seen any weakness or deterioration in other categories in terms of consumption? And then the second question, just on tariffs. I know, Dawn, you addressed that in your opening remarks, but I think over 80% of your business in the U.S. is local. But the imported aspect here, can you remind us how much comes from China and what you think the impact could look like as things stand today, and what mitigating actions that you are thinking about here? Thank you.

Good morning. To start, consumer confidence in the U.S. remains weak, which we've acknowledged. Retailers have adjusted their inventory to better match consumption trends. In our specific categories, oral health is performing well, driven by our clinical innovations that are showing strong trial and repeat rates. While we did experience some shipment delays in the first half, the core fundamentals of oral health, both globally and in the U.S., remain robust. In the VMS category, we've noticed some softness, with the first quarter showing flat performance, particularly in discretionary consumer choices. Other categories like respiratory, pain, and digestive are performing strongly, although we are noticing slightly softer consumption trends overall. Looking at our global portfolio, we see balanced performance across regions, with Europe, Latin America, and Asia Pacific continuing to do very well. Regarding tariffs, we previously indicated that we expect them to impact us by low tens of millions, which is accounted for in our guidance. While there have been changes affecting our operations, particularly with a shift from Canada and Mexico to a more global context, the overall tariff impact remains similar to what we've previously discussed, and the effect from China is minor. In summary, we anticipate a low tens of millions impact from tariffs, which has been fully integrated into our guidance.

Thank you very much.

We have our next question from David Hayes from Jefferies.

Good morning, all. I quickly follow up on that last comment, if I can, regarding the tens of millions. Just to clarify, is that a gross number before any kind of mitigation plans that you might have in terms of pricing, etc.? And then my two questions were after that. Just in terms of the puts and takes on the shipments relative levels in terms of oral care, seems to be a bit of a lag into the second quarter, but maybe a little bit of pre-shipment in terms of net pain relief. So just trying to understand whether the net of those two is pretty neutral or whether you should get a little bit of a net benefit in the second quarter? And then the last one was just on FX. So you obviously called out that it was the data at the end of March. But I guess the U.S. dollar sterling moved 3% or something in the last few weeks. So is there a spot rate update version of that available to sort of take today's rates running forward? Thank you.

Sure. Let me address your questions, David. Regarding tariffs, we're seeing a financial impact in the low tens of millions. We are actively working on mitigation strategies such as using dual sourcing and adjusting our inventory levels. In these situations, we always evaluate the risks, but we also consider potential opportunities. This allows us to strengthen our relationships with retail partners and reshape competitive dynamics. Therefore, when we mention the tens of millions, that figure reflects the impact after our mitigation efforts. As for the shipment phasing in the U.S., you're correct; we experienced a decrease in oral health shipments in Q1, but we expect that to increase throughout the year while pain relief shipments follow the opposite trend. Overall, these two factors balance each other out. Our main focus remains on our consumption and market share, and we believe we’re performing well in the U.S. Regarding foreign exchange, the translational FX impact for Q1 was in line with our expectations. We typically anticipate a greater FX impact in the first half compared to the second. Last year's Q3 had a significant FX drag, which we anticipated. Our latest update on Bloomberg consensus forward rates from the end of March aligns with our previous statements from February. The spot rates at that time were also consistent with those figures. However, the situation has been very volatile recently. If I were to give you a forecast now, it could change by later today or tomorrow, so we're monitoring it closely. We plan to provide another update at the half-year mark when things stabilize, but we will have to wait and see.

Thank you.

We will have our next question comes from Warren Ackerman from Barclays.

Yeah, good morning. Warren here from Barclays. I've got a couple as well. The first one, Dawn, how much visibility do you have on U.S. retail inventory? Just thinking about where you think inventory days are versus the start of the year? I mean, you said that five customers are 50%, but what about the other 50%? How does that sort of split? And are you seeing any specific caution by channel? That's the first one. Second one, just on Central U.S. I think you said that the category for VMS was flat. Centrum is down double digits. So it looks like you're losing share in the U.S. Are you responding to the higher promotions that you're seeing in the U.S.? And is there any difference that you're seeing between Centrum Silver and kind of core Centrum everyday multivitamins in terms of what's holding up better? And just finally, India, I think you said, Dawn, that you expect India category to accelerate on better macro. Can you maybe just spell that out? What kind of acceleration are you expecting in terms of the market growth?

Yes. Regarding your first question about U.S. retail inventory, we observed higher inventory levels in respiratory products at the beginning of the quarter due to a mild Q4, but those have been reduced due to strong respiratory performance. We maintain good visibility, especially with our top 10 retail partners in the U.S., and by the end of the quarter, their inventory levels appeared stable. Retailers have adjusted their inventories based on consumption. From a channel perspective, trends have remained consistent. Oral health continues to show strength, which is not new. We are also noticing consumer behavior changing; consumers are either buying in bulk from larger retailers like Costco or opting for lower prices at dollar stores. Overall, our distribution and coverage in the U.S. remain solid. Our e-commerce business is also performing very well. As for Centrum, it remains the number one multivitamin brand worldwide, supported by robust science and clinical claims. In China, we successfully launched personalized daily wellness kits, which are doing exceptionally well. We've also introduced Centrum Essentials in Brazil, targeting lower-income consumers, and both initiatives are gaining market share. Similarly, Caltrate and our local products in Italy are performing strongly. It's essential to look at the overall picture. In the U.S., we are comparing to a very successful first quarter last year, where we saw almost 30% growth in Centrum Silver, set against a backdrop of category slowdowns this year. But Centrum Silver continues to perform well, both in the U.S. and globally.

And India?

Yes, India. Thank you for reminding me that. So I was out in India actually a few weeks ago, and it was great to see the team on the ground. We went out and visited some of the villages outside of Delhi. It was good to see some of our packs out there. So Sensodyne 20, which continues to perform well. We also talked to consumers, the consumer that I was speaking to had a sachet of ENO that he got out of his pocket to talk to us about that. And I think what I'm also seeing in India is just the coverage and the reach since we took the sales force in-house; we're continuing to build that team and we're continuing to increase our coverage and reach. So we feel really good about India. The vast majority of our portfolio is gaining share. I think it's a really strong performance. As I referenced earlier on, if I think about some of the government stimulus that we expect to come through in the second half of the year, I think that gives us even more confidence in terms of India.

We have our next question from Celine Pannuti from JP Morgan.

Thank you, good morning. My first question is about the balance between volume, mix, and pricing. You mentioned that you expect this to be balanced for the year. With the 1% increase in Q1, do you still anticipate around a 2% increase in volume mix for the year? Given your comments about Q2 being similar to Q1, this would suggest a need for acceleration to about 3% in the second half, and I'm curious about the sources of that growth, particularly in the U.S. market, which you've indicated has a lot of uncertainties. My second question is regarding the EMEA and LatAm regions. Can you provide the performance breakdown between LatAm and EMEA? Some of your peers have noted a slowdown in LatAm, while there seems to be a normalization in the European market, with some consumers becoming a bit more cautious. Could you share your perspective on the market conditions in those two regions? Thank you.

In terms of pricing volume mix, the quarter showed a balanced performance, reflecting what we observed in the latter half of the year. Going forward, we expect to maintain this balance, although it varies across different geographies and segments of our portfolio. In Europe and Latin America, performance has been particularly strong, with Latin America experiencing high single-digit growth and Europe seeing mid-single-digit growth. We feel optimistic about these results and are gaining market share in various parts of our portfolio. We anticipate this positive trend to continue as the year progresses.

Just to follow up on the first question. Last year, fiscal year '24, volume mix was 1.3%. Do you expect an improvement this year on that number?

As I said, I think it will be balanced price volume mix is that 60-40, 40-60; it's difficult to say. I think what is important is that we have the balance. And as I said, that varies across different categories, across different geographies.

We have our next question from Tom Sykes from Deutsche Bank.

Thank you for the question. Regarding the inventory issue in the U.S., how do ordering patterns differ between drug store chains, e-commerce, and large retailers? Additionally, what is the difference in the inventory-to-sales ratios they maintain? The shift in channels appears to be continuously deflationary concerning the inventory levels. Specifically, regarding cold and flu products, I would expect that drug stores would place orders earlier than other types of retailers. If cold and flu sales are based on demand rather than pre-purchasing, wouldn't that make them less profitable over time? Lastly, regarding advertising and promotional spending, when you increase A&P, is this related to specific product launches or is it a general increase? Also, what is the typical lag time you observe between an increase in A&P and improved sales?

Yeah. So thanks, Tom. Let me start with your second question first. I think in A&P, we have a healthy level of A&P, and we feel really good about that. Last year, we were at 19.2% A&P of sales. I think what's important when we look at A&P is that we have the flexibility. So you've seen us dial it up, particularly in areas such as the Sensodyne clinical platform where it's performing incredibly well. We're also investing in key markets and key geographies. I talked about India earlier on. But we also dial it down in areas where we're not seeing the ROI come through and you've seen us do that, I think, over time as well as ensuring that we continue at a healthy rate. We're also very focused on improving the effectiveness and the ROI. And the other thing that's important in A&P is expertise because expertise is a key part of our business model; we have very strong relationships with experts, and that is an area that we continue to invest in across the globe. So I think that's in terms of A&P. I think on your inventory question, as I talked about earlier, we have really good relationships with retailers in the U.S. On our Top 10 retailers, we have visibility in terms of inventory levels. And we're very well versed in terms of working with retailers on different ordering patterns across different categories. And I think we'll continue to do that.

We have our next question comes from Edward Lewis from Redburn Atlantic.

Yes, thanks so much. I guess just a couple of questions from me. Just thinking about the whole VMS category, particularly in the U.S., it's been on a pretty good run, I guess, since COVID and coming into a more softening consumer economy over there, how do you think about the category and the kind of feedback from retailers about the category? Any thoughts there? Then I guess we haven't really touched on China. It looks as though it was a good quarter. Just sort of initial thoughts on China as you consolidate your JV, and you're having success with innovation. Just I guess I got an update on China would be appreciated.

Yeah. Let me take your second question first in terms of China. I mean we feel really good about China. We were up mid-single digits in the quarter. Like India, I was also out in China earlier in the year. As I referenced in terms of the sales force perspective, we've obviously announced that we're buying out the remaining 12% in the China OTC joint venture. So that will mean that we will have a combined sales force, and we expect to get broad reach and benefit from that. The other thing to call out in China, strong performance across the categories, but also our e-commerce performance, which actually we have real strength in online to offline that we've developed over the last few years. We're also working with key influencers in terms of digital channels, Douyin and WeChat, and I think that continues to perform well. And also our bone off campaign in terms of Caltrate where we're partnering with the government in terms of bone density test, actually solving for osteoporosis. I think we have a really strong position in China. We feel really good. As I referenced, we launched Parodontax, and that's performing incredibly well. As you know, in China, gum health is a challenge in terms of population. So I think that brand is well placed actually to help in terms of that health need in China. So we feel good about that. In terms of VMS, I mean, I talked about this earlier in terms of our strength globally on Centrum and in the VMS portfolio. Yes, VMS, particularly in the U.S. is a more discretionary category. We have seen the category slow down in the first quarter. But I think the strength of our products and the strength of our claims underpinned by science; I think as consumer confidence continues to come back in the U.S., then we would expect to see a stronger performance. The other thing I would say in the U.S. is actually our emergency brand performed really well as we saw an uptick in the cough, cold, and flu season. Emergency also benefited from that.

Our next question comes from Victoria Petrova from Bank of America.

Thank you very much. My first question is on your expectations throughout the year. If I understand you correctly, Q2 should be around Q1. And then our previous discussions or understanding was that Q3 is supposed to be better than Q2 and Q4 should also be better than Q2, not necessarily stronger than Q3, suggesting that sell-in into cold and flu season would be absolutely crucial. Are you confident that inventory levels are at the right level everywhere, not just in the U.S.? And what are your assumptions on the flu season in the fourth quarter to meet your expectations? That's probably number one. My second question is on the balance between disposals and M&A opportunities. You obviously have smaller sales which are non-core for you in the United States. Do you think the environment for potential M&A is changing? And does it also offer some more lucrative opportunities for you on the buy side of this equation? And a very last clarification question, is there any update or change in trend on Eroxon? Thank you.

Yes. Let me explain that. I previously shared the reasons for our confidence in the second half compared to the first half, including our innovation, ongoing investment, and a more typical season in some regions, particularly in India where we expect an upturn from government stimulus. Regarding inventory, we anticipate levels to normalize globally and expect a pick-up in the last quarter of the year. As for your second question, the M&A landscape shows a decline across all categories. However, we've effectively managed our portfolio, including disposals that have reduced our debt. We're also focused on acquisitions to enhance our category presence. Regarding Eroxon, as we mentioned at the end of last year, it represents a new product in a new category and comes with new consumer habits. This has proven to be challenging, and we've noticed an increase in lockboxes in U.S. stores, leading to many products being more secured than before, which has affected Eroxon's performance. Additionally, the nature of this product may discourage some people from asking for it if it's locked up, or they may prefer not to purchase it in-store when with others. We observed a greater preference for online purchases, thus initial online reviews have significantly influenced Eroxon's performance. As I mentioned, this was always going to be a challenging introduction, which is reflected in how the product has been positioned.

We have our next question comes from Jeremy Fialko from HSBC.

So first one, just to get a bit more color on the phasing in the full year. To clarify, you're saying Q2 will be about 3.5%, so that takes the first half to around 3.5%. And then you do understand the expected acceleration in H2. But just given the fact that the first half, you could end up being a bit below your guidance range, does it mean that it's more likely for the full year you would end up towards the lower part of the 4% to 6% range? Or is that not something that you would necessarily say at this stage? And then secondly, could you talk about the pricing element within the U.S. and we can see the pricing went a little bit negative in North America in Q1 due to higher promos. Is that something you would expect to be the case in subsequent quarters? Or was it very specific to the activity that you had in this quarter and then you'd expect the pricing to be positive in subsequent quarters and over the full year?

Yeah. Thanks, Jeremy. I think, look, we've been clear in terms of we've reiterated our full year guidance in the 4% to 6%. And we've also talked about how we expect the phasing of that revenue performance to be delivered. We expect it to be second half weighted versus first half weighted, and I've outlined the reasons why we feel confident in terms of the second half. And we've also said that we expect Q2 to be broadly similar to Q1 given what we've talked about in terms of the U.S. In terms of your second question regarding pricing in the U.S., yes, Q1 was impacted by the promotional phasing. We would expect pricing to pick up as we move through the year in the U.S. And as I said, overall on the portfolio, we would expect to see a balance of pricing and volume mix.

We have our last question comes from Karel Zoete from Kepler.

Yes, good morning. Thanks for taking questions. I have a question with regards to greenfield introductions. Maybe it's something more for tomorrow, but you highlight a couple of successful launches in big markets. But can you talk a bit about the headroom for the different platforms you have when it comes to greenfield introductions?

Yes. If we look at consumer health as a whole, it is supported by various positive trends, including the rising middle class and increased focus on preventive health care. There is a substantial gap between health incidents and treatment in many categories, indicating room for growth. For example, in India, while oral health has high penetration, therapeutic oral health shows significant potential for expansion. We are also focusing on premiumization, as seen with our Sensodyne clinical range. We are eager for our Capital Markets Day tomorrow, where our team will discuss our growth potential in more detail. We hope to see many of you there, and for those who cannot attend, the presentations will be available on our website. If you have any questions in the meantime, please contact our Investor Relations team. Thank you all, and goodbye.