Associated British Foods plc

I will get on to the actual financials. One for Owen. Owen, are you able to say anything about the kind of investment you're expecting for Primark in 2026 above the line in terms of digital? Because it seems like your margin guidance is slightly lower. I think it was flat and now it's slightly below flat. Is that because the investment is a bit higher? And if so, where is that investment kind of targeted? And finally, just on sugar, we've been in a big downgrade cycle in sugar. Do you think we've now trough on sugar and beyond 26, is there any reason to think there's any long-term erosion in the sugar profitability? Thank you.

On the review briefly, it's about governance. It's about long-term governance. And within that governance headline, I think there are two different issues. The first one is food, where I think we haven't quite frankly been getting the scrutiny from the investment community that would serve us well because most of the scrutiny has been about retail and we want to put that perhaps we want to put that right and then on Primark it's really about oversight of what is now a very big and very complicated business and just maybe there's a better oversight model available to us than the brilliant model that we've been running with for 60 years. So you go, well, that was 60 years. That worked absolutely fabulously. And now looking into the future, maybe it's time to do something different. It's a big call. In terms of timing, I would imagine that we would have come to a conclusion about whether to stay together or pull ourselves apart by the interim. And the process of actually getting there will, I don't know, take 18 months or so. I don't think we've got anything to say about tax because we haven't been able to investigate these. This is the purpose of the review, is to dig deeply into those sorts of things. So we have a prima facie case to separate, but we don't have all that detail. Shall I just do the sugar, kind of, has anything changed? Whenever you get into these downturns, there's always that kind of bear case that says, ah, but the world will never go back to where it was. You see the same thing when you get into boom time. And really, in the end, supply and demand sort themselves out. There are a couple of areas of, they're not so much watch outs, but they are sort of changes going on. The first one I think, I think we have to accept that GLP-1s are going to take a couple of percent off sugar, off food production in Europe and sugar included in that mix. And the second one, I used to think that the good returns we made proved selling power. We have two big combined heat and power stations attached to the sugar factories, and we've always done very well selling electricity. I thought that with the growth of renewables, that would erode. With the growth of demand for electricity with AI installations, maybe that demand won't go away. But I think the GLP-1s, I think you've got to kind of model maybe we'll lose a couple of percent of volume across Europe.

Yeah. I mean, maybe I'll also let Joanna square the circle as to what she's been saying in terms of guidance. But just in terms of how we're thinking about the investment, I mean, some of the things I've already spoken about in the presentation. So I think we're nudging up our digital marketing spend. Not a huge amount year on year, I would say. Most of the kind of, I would say, investment is coming from a combination of investing in price through initiatives like Major Find and also marketing support around those initiatives and other sort of trade initiatives, like, for example, rolling out more performance and so on. That's where the investment in margin is coming from. Some of that is funded by – well, actually, I'll let you square the circle on guidance, but that's how we're thinking about the step-up of investment.