Speaker: Ester Baiget, CEO What we learned: . Outlook: Management is confident in its FY25 organic growth target of 5-8% after a strong start to the year. Key drivers include self-help, investments in talents and innovation, being more agile and closer to customers. H2 will be softer than H1 due to tough comps and the exit of Russia. . Current trends: Trends from Q1 continuing into Q2, although note that Q1 had been stronger due to timing effects of household care. Continued momentum on innovation in US household care, seeing a step change in customer reformulation. . Pricing: Confident to get +1% for FY25, 1-2% for the mid-term. Price is one tool, volume is still the most important driver of growth. . Mid-term targets: Novonesis is due to set new mid-term targets with Q2 results in August, expect to accelerate organic growth and see margin expansion. Overall tone: Positive