Tate & Lyle plc

Good morning and welcome to the conference call for Tate and Lyle's Q3 trading statement. Your speakers today are Nick Hampton, Chief Executive, and Sarah Cowlers, Chief Financial Officer. I will now hand you over to Nick Hampton for some opening remarks.

Thank you, Operator. Good morning, everyone, and thank you for joining this third quarter conference call. I will start by making a few remarks on our performance and strategic progress, and then we'll open it up to Q&A. Trading in the third quarter was in line with our expectations and consistent with the first half. Our guidance for the full year remains unchanged. On a pro forma basis and in constant currency, revenue was 2% lower in the quarter, reflecting continuous muted market demand, with performance in all regions broadly in line with the first half. On a reported basis, which includes CP Telco from the date of acquisition on the 15th of November 2024, group revenue was 15% higher. For the nine months of the 31st of December 2025, on a pro forma basis, revenue in the Americas was 2% lower, with modestly higher pricing more than offset by lower volume. In Europe, Middle East, and Africa, lower pricing resulted in 5% lower revenue. While at Asia Pacific, revenue was up 1% driven by higher volume. Turning to the renewal of customer framework agreements for the 2026 calendar year, which is well advanced. With our number one priority returning the business to top line growth, we have selectively chosen to invest to drive volume and revenue growth. This is the right thing to do for the business, giving us a stronger platform for future growth. And we are pleased with the engagement from customers to our expanded offering. We are making good progress on the series of actions we set out at our interim results to drive top line growth and improve performance. Let me give you one or two examples of progress. We continue to accelerate the rollout of our solutions chatted program with a focus on mouthfeel. We launched two new mouthfeel chatties in the quarter, one to improve the stability of pourable salad dressings and another to support egg reduction. The level of customer engagement on our enlarged portfolio remains high, with the value of cross-selling opportunities in our new business pipeline increasing by more than a third in the quarter. Revenue synergies from the CP Telco combination are growing in line with our expectations, and we remain confident that run-rate cost synergies will exceed our target of $50 million by the end of the 2027 financial year. And finally, our five-year $200 million productivity program continues to operate well, with further savings delivered in the quarter. Overall, then, I am pleased with the progress we are making. There is a real determination and focus across the business to deliver on the actions we are taking, and I am confident that in the near term they will improve the top-line performance of the business. We will give you more detail of our progress when we announce our full-year results in May. At that time, as usual, we will also provide guidance for the 2027 financial year. To conclude, with our leading positions in sweetening mouthfeel and fortification, we remain well-placed to benefit from the global trends towards healthier and more nutritious food and drink. With the breadth of our portfolio, our formulation expertise, and the targeted investments we are making to accelerate customer wins in key growth areas, We are well positioned to drive profitable revenue growth at that time. With that, Sarah and I would be happy to take any questions.

Thank you, sir. If you wish to ask a question at this time, please signal by pressing star 1 on your telephone keypad. And please make sure the mute function on your phone is switched off to allow your signal to reach our equipment. If you wish to cancel your request, please press star 2. It is star one to ask a question. We will now take our first question from Carol Zertig from Kepler Shuffle. Please go ahead.