Summary of Q125 sales Q1 constant currency growth was +9% (vs consensus of +6.4%) led by volumes. Consumer Care grew +8% in constant currencies led by FandF (+19%) while Beauty Care and Home Care grew MSD. Life Sciences grew +11% driven by Crop Protection and Seed Enhancement. Management also commented that Q1 PBT was in line with expectations. News Management reiterated its guidance for FY25 PBT of GBP265-295m at constant currencies whilst acknowledging increased global macro uncertainty due to US tariffs. If necessary, Croda would expect to apply a surcharge to cover any incremental costs from tariffs. Utilisation across its 11 shared manufacturing sites has continued to improve, and Croda is on track to implement GBP25m of cost savings this year as part of its previously announced multi-year savings programme. Earnings We lower estimates -2%/-3% in FY25/26 on FX and assuming weaker volumes in Consumer Care. Investment thesis and rating Volumes have stabilised following material weakness and subsequent operating leverage headwinds in recent years. Shares have pulled back to a 30% discount to LT history but with continued low visibility, we stay Neutral. Target price We cut our target price to GBp3480 from GBp3,800. 15 questions for management Can you discuss which parts of Croda''s business are more resilient / vulnerable in an economic downturn? To what extent is downtrading in beauty a positive or negative for Croda?