Reckitt Benckiser Group plc

Good morning, everyone. Welcome to Rekord's Q3 Trading and Strategy Update. Today, we're joined by Chris Licht, our CEO, and Jeff Carr, our CFO, for a Q&A session. And we also welcome Shannon Eisenhardt, our CFO Designate, who's here with us today. Chris will open with some very quick messages, and from there, we will go straight to Q&A. Over to you, Chris.

Good morning to everyone who's dialed in. This morning, we shared with you our Q3 Trading Statement, and my strategic update on the business. I hope you've all had a chance to watch the presentation over the last few hours. On Q3, we have delivered a strong third quarter. Group like-for-like net revenue growth was 3.4%. Our hygiene and health portfolios delivered a very strong 6.7% growth with improving volume trends in our hygiene business and continued volume growth in health. Our revenue growth was broad-based across our key categories, including OTC, disinfection, auto-dishwash, intimate wellness, and fabric treatment. Nutrition is rebasing as expected. The good news is that we have maintained market leadership in the U.S. as the supply situation is normalized. We remain firmly on track to deliver our four-year revenue and margin targets, whilst recognizing that we face tough comps in both U.S. nutrition because of the continued normalization of supply and in OTC, given a record quarter for the cold and flu season last year. With respect to our strategic update, Brackett today is a strong, well-invested business with a culture and purpose fit for the future. We operate in attractive growth categories. Our portfolio of brands is excellent and positions as well to deliver sustainable mid-single-digit like-for-like net revenue growth over the medium term. We will continue to invest in product superiority and to sharpen and improve the consistency of our in-market execution, and our cost base. We see a clear runway for sustainable growth with superior gross margins, and we will extend our productivity program to focus on fixed costs to fuel both growth and earnings. We are well positioned to grow adjusted operating profit ahead of net revenue in the medium term. Our strong free cash flow generation and a healthy balance sheet enable us to enhance shareholder returns through both sustainable dividend growth and our new share buyback program, which will total 1 billion pounds over the course of the next 12 months, commencing imminently. We expect this share buyback program to continue in the coming years. consistent with our capital allocation principles. I firmly believe that our strong, competitive, and resilient business is poised to deliver sustainable, profitable growth and leading total shareholder returns. Jeff and I would now be happy to take your questions.

All right. So the first person we've got on the line is Bruno Montaigne from Bernstein. Bruno, go ahead.