BNPP Exane View: The share price reaction (+5% at time of writing) feels a bit generous for the in line print and guide but we have to admit that management answered the QandA well, with a confident message on 2025 and the innovation pipeline. Highlights: QandA . Revenue synergies: seeing pull for solutions from customers from day 1. Seeing nice momentum in RandD for new product development eg in Human health building strain to solution capabilities - launched 100 customised products in 2024, will continue to scale up. Eg pushing legacy Chr Hansen Plant solutions . Phasing: Seeing a good start of the year so far across all areas. Will gradually increase investments over 2025 so profitability will be stronger in H1 . Inputs: Expect an improvement in gross profit with lower input costs including energy (-5% y/y). Electricity hedged 85% for 2025 in Europe or 25% globally. . Quarterly disclosure: In 2025 will disclose quarterly financial statements incl profitability . Household care pricing: Q4 24 pricing was stronger than group . Dairy upselling: Expect to continue in 2025, has been driven by a range of innovations including protection but also productivity improvement for customers and new innovations. Cheese DBS solutions penetration at 2/3 . Pricing: Across the board and all segments in 2025 . Capex: Investing in production capacity in a multi-year capex programme . HMO in China: Not including significant sales in China in the 2025 outlook to avoid speculating on dynamic regulatory process. Actively engaged and see positive market demand and customer pull . HMO: seeing strong dd growth in HMOs over 2-3 years on a stacked basis. Don''t expect a meaningful contribution to growth in 2025 excluding China . Tariffs: have demonstrated robustness of portfolio and diversification of footprint. In US have 20 sites and confident to be a partner of growth for customers . Sugar reduction: A big theme for customers esp bakery and dairy. Dairy also...