Nick Hampton
CEO & Executive Director

[Presentation]

Good morning, and thank you for joining us today, both in person and online. Sarah and I are pleased to announce and present Tate & Lyle's results for the year ended the 31st of March 2026. Before we start, I want to acknowledge that a week ago, we made an announcement under Rule 2.4 of the U.K. Takeover Code in which we confirm that Ingredion has made a conditional proposal to acquire Tate & Lyle.

Details of the proposal are on the slide. At this stage, there can be no certainty that any offer will be made nor as to the terms of such an offer. Clearly, we can't say anything more than we said in our announcement last week. So today, I'm purely going to focus on our results and the encouraging progress our business is making.

We have 4 key messages for you today. Firstly, the integration of CP Kelco has been successfully completed. And the entire Tate & Lyle team is focused on delivering on our priority of volume-led top line growth. Secondly, our full year results are in line with the revised guidance we gave in October, with performance impacted by muted market demand. Thirdly, we are making good progress on the strategic actions we set out in November to drive top line