A very slight miss, but margin expansion coming through Organic sales +3.5% in Q2 (consensus +3.7%) are a touch disappointing, with slightly weaker volume +1.2% (consensus +1.9%) and better price +2.3% (consensus +1.7%). Developed markets organic sales were -1.6% in Q2, while Emerging markets were up strongly +7.4%. Both Europe and the US contributed to the decline in developed markets, with particular weakness in ice cream. In the EM’s, China, India and South East Asia were all strong. The underlying operating margin rose 50bps (consensus +40bps). Underlying EPS of €1.27 was slightly below consensus of €1.29. The outlook for FY19 is unchanged but CEO Jope highlighted the need to improve growth in some underperforming areas. By category, HPC drives growth & margins, while Foods weak Beauty & Personal Care organic sales were +3.5% in Q2, with 100bps of margin expansion in H1. Home Care organic sales were +8.9% in Q2, driven by premiumisation in Fabric Solutions and a successful rollout of Seventh Generation in Europe and North Asia. Home Care margin expanded 120bps in H1. Foods & Refreshment organic sales +1.0% in Q2 was hurt by weakness in ice cream and tea, as well as competition in dressings; the margin contracted 40bps here. The call is at 8:30am UK time. Given recent strength in the shares, we anticipate some slight weakness this morning.