Haleon plc

Good morning, everyone, and welcome to Halian's Half Year's 2025 Results Q&A Conference Call. I'm Jo Russell, Head of Investor Relations, and I'm joined this morning by Brian McNamara, our Chief Executive Officer, and Dawn Allen, our Chief Financial Officer. Just to remind listeners on the call that in the discussions 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 lead to actual results to differ materially from those expressed in or implied by such forward-looking statements. We have posted today's presentation on the website this morning, along with a video running through the results in detail, so hopefully you've all had the chance to see that ahead of this call. And with that, let's open the call for Q&A and I'll hand back to the operator.

Thank you. Just as a reminder, to ask a question, please press star followed by one on your telephone keypads. When it is your time to ask your question, please ensure your device is unmuted locally. Our first question comes from Guilherme Delmas from UBS. Your line is now open. Please go ahead.

Thank you very much, and good morning, Brian, Don, and Joe. So two questions for me, please. The first one on North America, because in Q2 – both EMEA, LATAM, and APAC were well within your medium-term 46% organic sales growth guidance, but North America was a clear outlier with a, I think, nearly 2% organic sales growth decline. So could you maybe help us unpack this performance in North America in Q2? And in particular, do you think it was primarily down to Temporarily lower category growth? Is it down to significant discrepancy between sell-in and sell-out? Or are you also seeing some share erosion? And I guess last question on this, would you expect North America to return to growth and ultimately back to the 4% to 6% range over the coming quarters, or it may take a bit longer as the challenges persist? And then my second question is on ANP. Increased significantly in the first half. I think it was up 130 basis points. Question here is, in which areas are you disproportionately reinvesting? Do you feel you get some great returns on this incremental spend? And I guess looking ahead, what should we expect for ANP spend? As in, was the first half a bit of a one-off? or should we expect another marked step up in H2 and beyond? Thank you very much.