Nomad Foods Limited

Greetings and welcome to the Nomad Foods third quarter of 2025 conference call. At this time, all participants will be in a listen-only mode. And should you need any assistance on today's call, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. And to withdraw a question, please press star, then two. Also, please be aware that today's call is being recorded. I would now like to turn the call over to your host, Jason English, head of investor relations. Please go ahead.

Hello, and welcome to Nomad Foods' third quarter 2025 earnings question and answer session. We've posted the associated press release, prepared remarks, and investor presentation on Nomad Foods' website at nomadfoods.com. I hope you've all had a chance to review them. I'm Jason English, head of investor relations, and I'm joined by Stefan Deschmaker, our CEO, Ruben Baldu, our CFO, and Sir Martin E. Franklin, our co-founder and co-chairman. During this call, we'll make forward-looking statements about performance that are based on our view of the company's prospects, expectations, and intentions at this time. Actual results may differ due to risk and uncertainty discussed in our press release, our filings to the SEC, and in our investor presentation, which includes cautionary language. We'll also discuss non-IFRS financial measures during the call today. These non-IFRS financial measures should not be considered replacement for and should not be read together with IFRS results. Users can find the IFRS to non-IFRS reconciliations within our earnings release and independencies at the end of the slide presentation available on our website. Please note that certain financial information within the presentation represents adjusted figures. All adjusted figures have been adjusted primarily for, when applicable, share-based payment expenses and related employer payroll taxes exceptional items, foreign currency, translation, charges, or gains. And thus otherwise noted, today's comments from here will refer to those adjusted numbers.

With that, operator, let's open the line to questions. We will now begin the question and answer session.