Nestle S.A

Welcome to our media Q&A for full year results 2025. Thank you for joining us this morning. This is Christoph speaking. I'm joined by Filip Navratil and Anna Mons this morning. I trust you have all had a chance to watch the investor Q&A this morning and the presentation. So we will move straight into your questions. But before we begin, please take a moment to review the disclaimer on your screen. Thank you. Now, if you would like to ask a question, please raise your hand on your Zoom feature. When I call your name, you can unmute yourself and go ahead with your question. And once your question has been answered, you will be automatically put back on mute. To ensure that everyone has a chance to ask a question and to contribute to this session, please limit yourself to two questions at a time. Now, we're waiting for the first question to come in. First question is from Matthias Benz, the NZZ. Good morning Matthias, please go ahead.

Good morning, can you hear me?

Yes, perfectly.