Summary of Q325 results Q3 sales of GBP425m came in 2% ahead of consensus. Constant currency growth of +6.5% was driven by LDD volume growth and a MSD decline in price/mix due to negative mix, following a similar pattern to H1. Management still expects a recovery to pre-COVID utilisation levels across its shared sites by the end of 2026, pointing to a gradual downward normalisation in volume growth but gradual improvement in price/mix through the year. The small topline beat in Q3 was led by Consumer Care (+8% constant currency growth) including an improvement in Beauty Actives and continued strength in FandF. In Life Sciences, growth of +6% was driven by Crop whilst Pharma and Seed were flat. News Croda reiterated guidance for FY25 PBT of GBP265-295m at constant currencies with an expected FX translational headwind of GBP-10m and transactional headwind of GBP-10m. On the call, management endorsed current consensus PBT of GBP269m. Earnings and target price We make limited changes to FY25 estimates and nudge down FY26 by -1%. Our target price is unchanged at GBp2,900. Investment thesis and rating Volumes are recovering after a period of prolonged weakness however Croda''s margin recovery is lagging due to incremental fixed costs and price/mix headwinds. Shares are trading at a ~30% discount to LT history but with continued low visibility and slow margin recovery, we stay Neutral. 15 questions for management Croda has been in a cost conscious mode for several years now, can you share more details on the GBP100m cost savings plan by end of 2027? What is the expected net savings impact in 2025 / 2026 (net of investment costs)? How will savings be allocated across the three divisions?