Investor Event 2024 | Unilever

Good to see you all. It's really great you're all here in person, and of course a very warm welcome to everyone online. Welcome to this Unilever investor event for 2024. It was already great to connect with many of you over lunch, and I hope you also got to meet some members of the team. I hope you have detected from those encounters a surge of confidence and some momentum that's currently running through the company, combined with a sense of humility because we are still at an early stage of the transformation of Unilever.

Today we want to update you on that transformation and share progress we are making against the Growth Action Plan, or the GAP, that we launched a year ago — where we are on track, and probably more importantly, where we have real work to do. The Growth Action Plan was a targeted intervention at the time, an operational plan to improve our growth, underpinned by a strong focus on building back the bank of gross margin. It was not a new strategy, and I said we probably needed a bit more time to accomplish that well. I'm pleased to say that work is now complete, so we want to share that new strategy with you.

You won't be surprised to learn that it builds very much on the existing strength in the business and on the strong progress we have made over the last 12 to 18 months. We'd like to think that what we are sharing today is a strategic embedding of that Growth Action Plan. The title we have chosen for the route going forward is our Growth Action Plan 2030. I will spend about 10 minutes updating you on progress, then about an hour walking through the different elements of GAP 2030, with videos from some of our senior leaders. Then we'll take a break, and after the break, Fernando will pick up on ways in which we are accelerating the transformation and what GAP 2030 will mean in terms of value creation and the financial algorithm. After that, we're very keen to hear from you — responses as well as questions — as we have an hour for Q&A.

There's been a lot of activity over the last year — organizationally, operationally, and financially — and we have made significant choices to accelerate the Growth Action Plan. At this stage, I think it suffices to say that we are ending 2024 with a better operational grip, a stronger organization, a sharper portfolio, and as a result, positive momentum in our business. The last year has also seen a significant refresh of our leadership team — new BCEs, new roles, and new expectations. It started with the appointment of our new chairman in December of last year, and subsequently we have changed five positions on the Unilever board, with a sixth coming up with the appointment of Beena Vinod in January 2025. At the executive level, 60% of the Unilever Executive are new to their roles, and a quarter are actually new to Unilever. I believe this injection of external talent will remain an important element going forward.

A year ago, when we launched the Growth Action Plan, we said we would fix the fundamentals of our performance and business, focusing on three things: one, improved volume top-line growth; two, building back the bank of gross margin; and third, improved competitiveness — i.e., better market shares. We see that increased focus resulting in improved performance. In quarter three, we delivered our fourth consecutive quarter of volume growth, and importantly, all business groups were delivering positive volumes. On gross margin, we achieved our initial aim of returning to pre-pandemic levels, a bit earlier than anticipated, largely due to refocused prioritization on net productivity. With that gross margin improvement, we reinvested behind our brands — brand marketing investment is on track to be the highest in percentage terms in more than a decade. Following that, we boosted profitability and EPS growth of 16%.

A key element in this journey is rigorous focus. Through increased investment behind our 30 power brands, we see that focus paying off. Year to date, these power brands were growing 5.6%, ahead of the company average, with healthy volume growth of 4.1%. Power brands represent 75% plus of our turnover. But very importantly, that is not a zero-sum game — other brands have a distinct and important role to play, and our commitment to these brands was demonstrated by the fact that they too returned to volume growth in the third quarter. It's very clear that strong focus on the power brands is very important, including ensuring these brands drive fewer, bigger, and better innovations.

Innovation is such an important part of our story. From the moment I arrived, I felt that our innovation delivery was not matching the strength of our brands or the quality of our R&D. I feel that is changing. We have a very clear framework and ambitious goals: we want to build, on an annual basis, 10 to 15 platforms, each generating about 100 million euros of incremental turnover over time, and we want to double the average size of innovation with a base year of 2021. We have defined 12 of those platforms for 2024 and are on track for all of them to become 100-million-euro platforms. We also reached in 2024 a doubling of the average size of innovation versus the 2021 base year. That is positive and encouraging, but over time we need to go to almost quadrupling. We've started good stuff but have much more to do.

Getting back to the third area of focus — improved competitiveness, i.e., market share — the first thing to note is that our coverage of market share comprises about 70% of our portfolio. Some faster-growing parts of the portfolio, including Prestige Beauty, Well-being, Food Solutions, and our out-of-home ice cream business, are not included. That still means we need to make progress on the 70%. We are seeing ongoing improvements, with improved readings particularly over the last three months. On a moving annual basis, it will take a bit before we get into real positive territory, but I'm positive we will get there in 2025 based on recent results.

All in all, encouraging progress, but as I've said a few times, we're under no illusions. We have a lot to do. On the concept we introduced to drive greater discipline on execution — unmissable brand superiority — it's a rigorous process that can be a game-changer, but it also reveals gaps we need to close. The good news is we are now looking at the gaps and closing them. Another area to improve is premiumization — such an important global trend — and we are still under-indexed, though making progress. We will talk about that this afternoon.

In implementing the Growth Action Plan, we have followed some very simple mantras. First and foremost, doing fewer things better with greater impact. Second, scaling our strengths and replicating successes faster across the company. Third, unmissable brand superiority — when we have areas of underperformance or gaps, we need to address them and move on. And fourth, making Unilever a more performance-oriented business. I think we've made progress against those objectives — enough to give us confidence to move to the next stage of the transformation.

As you would expect, in considering the next stage, we've done our homework — looking at trends, consumer data, category data, channel data, and the wider macroeconomic context. I would highlight in particular the speed of change in consumer behavior, including how and where they shop, and the dramatic advances in digital and AI. These themes play out a lot in our plans going forward. Let me reiterate that the new strategy builds directly on the Growth Action Plan, but GAP 2030 is more comprehensive. We've looked at all constituent parts: the strategic goal, strategic choices, and the elements that will underpin the kind of company we want to be — sustainability and a winning culture. But of course, it starts with our purpose — what kind of company do we want to be.

When I joined the company back in 1997, the company's purpose was to meet the everyday needs of people everywhere. That phrase resonated with me. Since then, many things have changed — sustainability has grown in importance, and my predecessors worked hard to establish Unilever as a leader in this field. Our prior purpose was 'making sustainable living commonplace.' Let me be clear: sustainability will remain of significant importance to Unilever, but equally, as a leadership team, we felt it was right to make a shift and reorient our purpose back to the consumer. Our new purpose is 'brighten everyday life for all.' It builds on the purpose that first resonated with me in 1997 but takes it beyond a reactive meeting of everyday needs to a greater focus on creating demand and making markets.

In anchoring ourselves back with the consumer, our new purpose speaks to making those moments that define people's everyday lives a bit more joyful, convenient, efficient, and sustainable — whether through elevating the taste of a meal, making cleaning a better and more sustainable experience, or bringing superior beauty and personal care products that boost confidence and self-esteem. We unveiled this new purpose last week with our people, and it created a lot of excitement and anticipation. The Unilever community is ready, and the time is right for a refreshed expression of our purpose — a new purpose for a new era.

Let me go through the other elements of GAP 2030, starting with the strategic choices. There are three important pillars where we have chosen to focus to get our biggest returns, where we want to excel in demand creation, and what capabilities we need to accelerate. Doing fewer things better with greater impact has been very key, and we've started to see what happens when we put the full might of the company behind that focused agenda. In practice, that means a focus on 30 power brands and 24 markets — 30 power brands constitute more than 75% of turnover, and 24 markets constitute around 85% of turnover.

After the separation of ice cream — which we are confident will be completed by around this time next year — we will have four business groups making a broadly similar contribution to turnover, but each playing a distinct role in the portfolio. Fernando is going to talk about that in more detail. After the ice cream separation, we will be left with a simpler, more coherent business anchored in those 30 power brands. These brands drive the overwhelming majority of turnover and profit. Power brands can be scaled regionally or globally and benefit from company-wide interventions like unmissable brand superiority. Around 30 is the right number. Once ice cream separates, we will add four brands from Beauty and Well-being — Aimee, K18, Hourglass, and Nexus — all brands that premiumize our portfolio.

The business groups are anchored in power brands and managed through 24 markets representing approximately 85% of business. The nature and scale of changes are quite significant, so let me explain the new operating model. The top 24 markets, which we call business group lead markets, have four characteristics: they will be run by the business groups with end-to-end decision rights and P&L responsibility; they will be design markets for global innovation and new technologies; frontline sales resources will be segmented by business group for seamless integration between category strategy and market execution; and supply chain will be managed by business group. By contrast, the remaining markets — representing 15% of turnover — will be managed as 'one Unilever' markets with a separate P&L and one customer development team per country representing all categories. These markets will be takers of global innovation first rolled out in the business group lead markets, with deliberately lean resources.

This focused approach has enabled us to identify our biggest priority opportunities. First, doubling down in India, building on a significant presence — Unilever's second-biggest geography. Fernando will talk more about that. Second, accelerating our fast-growing Well-being and Prestige businesses, including the international rollout of successful brands. Third, premiumizing our business in the US. Fourth, growing select emerging market powerhouses — Brazil, the Philippines, and Indonesia. And fifth, shifting our portfolio toward a more premium, specialty-channel-oriented portfolio in Europe.

Let me focus on doubling down in India — perhaps our single biggest opportunity over the next couple of years. India has always been a Unilever stronghold, but its performance over the last decade has brought this into sharper focus. By any measure, our India business is fantastic — strong, resilient, with very enviable market shares that have grown considerably over the last three years. In 2024, our focus remained on driving competitive volume growth. We've continued to stabilize and grow market shares into the latest reads, which is super important after a period of strong growth. Our India business is a phenomenal strength to the company.

India is evolving fast as an economy — annual household incomes are going up, which opens significant opportunities. India will be important for all four business groups. If GDP per capita rises, so does per capita consumption growth, giving upside for each group through unmissable superior brands, premiumizing the portfolio, or digitizing the entire value chain. GDP per capita in India today is about 2,400 euros. We expect it will go up to 4,500 by 2033 — an 85% increase. When that happens, spend in fabric cleaning alone increases by 8 euros per capita. Leaving everything else constant, that upside for us is 2 billion euros — just getting our fair share. We've seen this before: the Philippines had a similar GDP dynamic starting in 2008, contributing significantly to our business growing from 500 million to 1.4 billion. You will hear more at the HL investor day on November 29th.

The second area of focus is the acceleration and internationalization of our Prestige and Well-being businesses. Over the last 15 quarters, the combined business has consistently grown double digits, with combined turnover close to 4 billion euros. Together, these represent a quarter of our Beauty and Well-being business — we've built critical mass in this attractive part of the market. Our Prestige business is already 40% international (60% US, 40% international), while our Well-being business is 10% international, 90% US. At the time of acquisition, these brands were all acquired with geographical expansion in mind. We see Europe and China as important destination geographies, and India will be an important market, mostly for Prestige Beauty brands. Priya will talk about that more later.

Now let me turn to the 'Excel' pillar — this really gets to the heart of our 2030 Growth Action Plan. This is the consumer-facing side of the strategy, and we have identified five areas where we need to excel to win: first, creating unmissable brand superiority; two, multi-year and scalable innovations — fewer, bigger, better; three, premiumizing our portfolio; four, anticipating trends through a significant boost in social-first demand creation; and finally, tapping better and faster into channels where growth is. Let me go through each briefly, and then several of our leadership team members will show how these Excel concepts are coming to life in their businesses.

The first is making our brands unmissably superior. We are approaching superiority in a more holistic way, using a structured and granular approach across six pillars with 21 input metrics, all weighted by significance. When we introduced unmissable brand superiority last year, around 70% of our brands already achieved superior scores in the eye of the consumer, but the challenge was that we didn't have enough brands actually growing in superiority. We need to get to at least 80% of our portfolio being superior to competition, with a bigger percentage being flat or growing. We are well under way, with coverage of about two-thirds of our turnover. Two areas where we needed to step up were proposition — where some brands were not perceived as sufficiently differentiating or fully on-trend — and packaging, particularly the need for more premium packaging in the view of the consumer.

We're going to listen to Eduardo, our Chief Marketing Officer for Home Care, and Nora Hernandez, our Chief Marketing Officer for Personal Care, who will talk about how we are addressing proposition and packaging. Let me illustrate with an example in Foods — Hellmann's in Brazil. The beauty of the UBS approach is finding a clear link between cause and effect. With Hellmann's Brazil, we had three limiting factors: the quality of the packaging, the superiority of the product itself, and salience — showing up in the right moments and the right way. Those have all been addressed, and with a new range launched since, our value share on Hellmann's has jumped by over 250 basis points, with continued growth momentum.

The second area where we intend to excel is multi-year and scalable innovation. The level of innovation has not done justice to the strength of our brands or our world-class science and technology. We have failed to produce enough market-making innovations in high-growth premium spaces, and that is something we're changing. Our agenda: making innovations bigger, bolder, and better; exploiting our deep expertise in cross-cutting R&D platforms like microbiome that fuel multiple brands and business groups; and increasing R&D investment year on year. We are confident because we see progress — 12 innovations for this year becoming 100-million-euro platforms across all business groups. They are all supported by science and technology, address core benefit spaces, and give us potential to own and grow key segments in premium over a multi-year period. Let me turn it over to Eduardo now to bring these themes to life in Home Care.

Hey everyone, good to be here. Just doing a little bit of laundry today. Unmissable brand superiority and multi-year scalable innovations are two areas where we want to excel in Unilever and also in Home Care. They are fundamental in winning versus market competition but also for market making. I want to show you what that looks like in our business. First, a quick overview: we are a 12-billion-euro business with leading brands like Dirt is Good, Comfort, Sunlight, Domestos, and Cif. We are the second-biggest player in market by value and number one by volume. 80% of our business is in emerging markets where we have strong citadels like India, Brazil, South Africa, and Vietnam.

Now back to the Excel pillar — unmissable brand superiority, or UBS. It's a critical shift in how we look at our brands, a total new approach that brings greater rigor to thinking about and measuring superiority, making our brands unmissably superior — not just on formulation, but across all six Ps. In line with the GAP, we are focused on fewer but bigger innovation projects so we can focus on better projects that are truly multi-year platforms. In Home Care specifically, we are making a decisive shift from renovation to innovation. Our Home Care business has historically outperformed in driving renovation, but renovations are by design less incremental due to cannibalization. Our focus now is on big and bold moves with multi-year support that drive real portfolio transformation.

A best-in-class example is Wonder Wash — the first real big bold innovation in the liquid detergent market in more than a decade. It was built on very strong consumer insights: a massive change in consumer habits meant the majority of clothes no longer had visible stains, and 78% of people were already using a short cycle at least once a week. There was no product specifically designed for short cycles until we launched Wonder Wash — our most patented product ever, carefully designed to drive unbeatable performance in the shortest cycles. Available now in more than eight markets with another 20 to come next year, it's a winning combination where a big consumer insight meets products that are superior across all six Ps. The superiority extends to fast distribution — more than 80% in only three months — and ruthless execution on driving trial through sampling and promotion. And who better to front this than the fastest man on the planet, Usain Bolt. The results speak for themselves: more than 40 million euros already this year, with plans to make it more than 100 million next year. We gained strong triple-digit share in the markets we launched — specifically in the UK, France, and Turkey, where we became market leaders.

In addition to Wonder Wash, we have more great innovations that allow us to premiumize our portfolio. We launched the first liquid boosters in the fabric enhancer category and continue to roll out Domestos Power Foam. These big bold moves are not just taking market share but most importantly helping us grow the market and play in new category spaces. That's how we are bringing unmissable brand superiority and multi-year innovations together to drive growth — for Home Care, for Unilever, for our markets and customers, while bringing exciting new innovations to consumers that turn household chores into really unmissable moments. But that's enough from me — oh, every time I forget a sock!

Thanks, well done. The third area under Excel is premiumization. We are under-indexed, so there's a lot to go after. We will do that by applying three principles. First, improving our core business — innovating on core brands in developed markets, like Dove's Scalp + Hair innovation using skincare ingredients to strengthen hair fibers in a clinically proven way, or developing core business in emerging markets through innovation and market development, often through conversion — for example, from bars to powders to liquid in fabric cleaning. Second, scaling our Prestige and Well-being businesses across the Unilever world, which in itself brings premiumization. Third, continuing to evolve and rotate the portfolio more towards premium brands — we've done that with the acquisition of K18 and the divestment of some mainstream brands like Slim-Fast and the Elida brand portfolio. The message is: this is not an overnight fix, but we are determined about the path we have taken.

Let's turn to the fourth element: social-first demand generation. Social media continues to explode — estimated 4.8 billion users worldwide. Social media isn't just providing information or entertainment; it's driving purchase. 56% of Gen Z say they bought a product after watching an influencer. This is causing us to look at marketing in an entirely different way — moving from traditional marketing to social-first marketing, ensuring our brands are embedded in the channels where people are spending their time. This change directly aligns with our new consumer-centric purpose, integrating our brands more deeply into modern social culture. We need to make important shifts: increasing social spend from approximately 30% today to more than 50% in the near future; increasing our content engine for social channels; empowering teams with AI-empowered capabilities; and building new expertise and skills in marketing and customer development. Priya will say more on social-first in her Beauty and Well-being business group shortly.

The fifth area in which we need to Excel relates to channels — those where we need to step up execution. We are somewhat under-indexed in e-commerce as well as in specialty channels like health and beauty, so there we have a gap to close, and it will take a very tailored approach.

On the channel and the retailer side, if I take a bit of distance, strategically we will be focused around modern trade—flawless integration with the data sets of our largest customer, and thereby significantly improving the planning, forecasting, and delivery processes. When it comes to general trade, traditionally a stronghold for Unilever, it's all about digitizing that traditional trade, and we're doing that already successfully in Southeast Asia with our own app, in India through the Shikhar app, and through the Compra Agora environment in Latin America. We will continue to pursue those three regional strategies. We're investing to close the gap in DCOM, and we are stepping up our presence in the fast-growing area of health and beauty through that more dedicated sales effort to the business group in the 24 markets where beauty and well-being will drive the presence in those channels. So, summarizing, these are the five areas where we really need to excel. The next film will, I think, help to demonstrate this a bit further. Priya will talk about premiumization, social first, and what growth channels means to beauty and well-being. And in that same movie, Nua, our chief marketing officer for personal care, as I said, will talk about how all these five excel areas will help to build Dove, our largest brand in the company, and to make that an even stronger platform.

Hello, I'm Priya Nair, President of Beauty & Well-being. Premiumization, social first demand creation, and a strong presence in growth channels are the three areas of excel. Today I will bring those to life for you through Beauty & Well-being. But first, let me give you a quick overview of our Beauty & Well-being business, which accounts for approximately 21% of group turnover. We contest for global leadership in hair care and hold strong skin care positions, particularly in Asia, and are emerging challengers in prestige. Beauty & well-being, which combined are now more than 25% of our business. Geographically, Asia Pacific and Africa represent 50% of our sales, while the US is now nearly 35%. We have grown over 5% for 15 consecutive quarters, with volume growth exceeding 5% in the last four quarters. Like many of our categories, the beauty industry is constantly evolving—premiumizing, segmenting, and shifting to specialist channels—which is why we are making radical shifts in superior aesthetics to drive the shift from value to premium, social first marketing to enable engagement at scale, and increased exposure to high-growth channels such as DCOM and specialist channels. Let's first talk premiumization. As we are shifting our portfolio into premium demand spaces, in 2015, 98% of our business was focused on the mass segment. Today it's 74%. Firstly, we are leveraging differentiated science and technology to bring premium benefits to customers, as well as elevating our core through superior packaging. A good example of this is our Vaseline business, a 150-year-old brand that in 2023 became a billion-euro brand and continued to grow double digits. We have launched cutting-edge premium innovations such as Vaseline Gluta that are light sensory body serums, and we are now bringing this disruptive technology to Sunare with the first-ever serum burst SPF 50, a water-based Sunare serum. Vaseline Gluta is now in more than 20 countries with successful launches in the US and China this year. Secondly, we're accelerating the geographical expansion of our prestige and well-being brands. This segment has grown from under a billion in turnover four years ago to now around 4 billion, having delivered 15 consecutive quarters of double-digit growth. One of our fastest-growing brands is Liquid IV, growing over 20% year-to-date. Liquid IV is a key pillar of our international expansion strategy. In the last 18 months, we have launched Liquid IV in seven new markets as we build the functional hydration market outside the US. As our portfolio evolves, so must our engagement and marketing strategies. We're not just adapting—we are revolutionizing how our brands connect and resonate with communities and culture to generate demand. We are learning from our digitally native prestige and well-being brands. In our core business, we are accelerating our move from traditional TV-centric plans to social-first demand generation of high engagement and reach. A good example is TRES in Thailand. New TRES Serum with Keratin Booster technology works deep into the core. We have more than 200 assets which have been created with an always-on marketing approach, with AI supporting up to an 87% reduction in content creation costs, generated two times faster. Those assets have delivered four times the consideration on YouTube, five times the purchase intent, and 23% brand lift versus norms. As a whole, we are increasing our total digital spend in social from approximately 20% of media investment to 50%. Behind this is also a step change in our capabilities—we're building an expert demand-generation marketing team and an agency ecosystem, all enabled by strong data, cutting-edge technology, and insights powered by AI. As we elevate our portfolio and lead with social-first demand creation, it's crucial that we win in existing channels and high-growth channels of the future. Modern trade remains our largest channel. For distributive trade, we continue to leverage Unilever's scale to digitize our operations. Across DCOM-heavy markets, we scale our presence in digital commerce and specialist beauty channels. We're investing in profitable shopper-led pack-price architecture, people, capabilities, and ecosystems to enable seamless brand experiences across all touch points. We are seeing our premium portfolio starting to drive a shift in these channels with double-digit growth and share gains. In DCOM, in India, we have set up an exclusive route to market to deliver executional excellence in a highly fragmented online beauty shelf. In health and beauty, we went live in 2023 with this approach and have gained over 400 basis points of share in the last year. In October 2024 alone, we went live in 75,000 outlets with the Beauty Premium Retail Organization in India—an exclusive route to market for offline beauty with 75% coverage of health and beauty channels. The Premium Retail Organization brings a curated portfolio of our premium mixes to specialized channels with the objective of landing our future-facing portfolio in market. Premiumizing, segmenting, and shifting to specialist channels, together with unmissable brand superiority and multi-usable scalable innovations, are how we will excel and build brands that win on every dimension.

Hi, I am Nuño Hernández Crespo, Chief Marketing Officer, Personal Care. We all know Dove—in fact, one in three households around the world use a Dove product. It's a brand present in 150 countries and the global leader in personal care. Dove today is over 10% of Unilever's turnover and growing double-digit. So to extend our leadership, we're building in all Excel pillars with clear priorities. Two: first, leverage our thought leadership in beauty—Real Beauty—transforming our demand generation through social first. Second, execute on a rich pipeline of innovation driven by science and technology, ensuring every touchpoint commands a premium. And as a result of these two priorities, we increase Dove's presence in fast-growing emerging channels. Did you know that women today recognize Dove as the most meaningful and different brand to them? Let's hear why. Beauty can be in different shapes and forms—it's about how you feel. When I think of Dove, I think inclusivity, see yourself represented, it makes me more in my skin. If we could just encourage people to be more accepting of their differences, we'd be a happier place. Dove is iconic. Real Beauty has become a way to express, and it has inspired the entire industry. Real Beauty helps us ignite social conversation, which is really powerful. We are driving our demand generation to be even more culturally important through social first, fueling a meaningful difference that the brand can lead in beauty. This is supported by a significant step-up in digital media spend, from 45% today to nearly 70% tomorrow. Next, we are building an unmissable, superior, more premium brand for the future. A few years ago, this was how Dove packaging looked on the shelf. The quick expansion of the brand created some inconsistencies, but our vision for today and the future is simple: stay true to Dove Real Beauty, enhance consistency, and command premium in every touchpoint. This is what tomorrow will look like. Getting desirable and aspirational goes to all dimensions of the brand, from product to shelf to social, and as a result, Dove builds a premium that the brand already has the equity to support—as our recently launched Dove Serum Infused Body Wash at 160 price index shows. Many of these changes are built on superior science and technology, which is driving a step change in the depth and quality of our innovation pipeline. Let me take you through the changes made to the brand through the lens of some multi-year innovations that we have already deployed in market. Dove Serum Body Washes incorporate active ingredients used in face care, like niacinamide, hyaluronic acid, vitamin, or retinol, for all-over skincare in the shower. New Dove Serum Body Washes deliver a superior solution for consumers, first in the US—our largest market—with a model that is replicable across the world. Dove Whole Body Deodorant: our new multi-year innovation delivers odor protection to the whole body with care. The under-the-over-the-body deodorant segment is expected to become a 1 billion euro category opportunity by 2030. In hair, the new Dove Dermacare Plus is the next frontier in hair repair. Dermacare Plus is driving Dove premiumization, with this mix anticipated to reach a price index up to 160. These are just some examples of many that I'm excited to bring to the market—truly premium, market-making game changers. By delivering these strategic choices, we can leverage our credentials to succeed in growth channels, thereby expanding our brand footprint and global distribution. Through this plan, you've seen how we are touching all the Excel pillars to drive the brand to the next level: a social-first demand-generation brand rooted in our brand's strength in culture, a cohesive aesthetic brand that conveys our credentials and value to command a premium, with multi-year scalable innovations that will drive category growth across channels. The strength of the Dove brand, combined with the whitespace potential we are now unlocking, positions us for the next wave of growth. It opens a future with a more aspirational and joyful expression of Real Beauty that will truly brighten everyday life for all. Let's change beauty.