BNPP Exane View: Focus of the QandA was on the new cost savings plan and the selective price give back in parts of Beauty and Crop. We suspect the latter is driving the negative share price reaction post call on concerns of increased competition as management pointed to selective price give back to gain / in some places regain market share. Highlights: QandA . Working cap: Inventory build in H1 (pre tariffs, ahead of growth, planned shutdowns) but overall level is too high, see scope to optimise . Commercial excellence: Have a profitable tail but see an opportunity to improve further, will look to simplify SKUs, lowering costs to serve with smaller customers . Utilisation: Beyond 11 shared sites, have some small sites in Iberchem and fine with op leverage. In Pharma want to improve capacity in Denmark, happy with Avanti. Focused on growth in Sederma rather than utilisation rates. CFO not worried about utilisation . New capacity in pharma: Initially transferring capacity to Lamar from Avanti to use Avanti as a research base. New Consumer Care technologies in Lamar as well . New head of Life Science: Will refresh strategy with subtle changes. Refocusing on heritage pharma. Management is aware they want to update the market on the equity story when the time is right . Pharma industry innovation: See increased uncertainty in US but Chinese gov putting more money in pharma industry. Croda has local RandD in China, will utilise Korea and Lamar US to serve the Chinese market . Cost savings: GBP100m annualised savings, partly offset by inflation (e.g. 15m p.a.) and further start-up costs . Pricing: Price give back in the non-differentiated parts (20% in crop across 4 customers, 20% in Consumer Care across 10-15 customers). Regaining market share where they lost it in Beauty, see direct correlation between volume improvement and where they gave back price. Price/mix of -4% also reflects negative mix . H2 outlook: See Q2 as a normalised period, so expect H2...