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Okay, good afternoon, everyone. I'm Susan Anderson, one of Canaccord's analysts in the consumer space, and we're very excited to have here Perigo with us, including Interim President and CEO Albert Manzon, CFO Eduardo Bezzara. And with that, Albert, I'll turn it over to you to give us a brief update and overview of Perigo, and then we can do some Q&A. Thank you, Susan. I'm going to stand up. Thank you Susan for having us, and thank you all for attending today. Perigo presentation. So I'm going to take a few quick presentation and then happy to take any questions that you may have. If we look at, this is the usual, so you have all read it. If I go to Perigo, the Perigo mission is pretty fundamental and simple, which is really to provide affordable quality self-care to the larger number of people in the world. That's really the mission. The market we are competing in is large and attractive with about 400 billion target market. We do have something, and I will come back to it, which is pretty unique. We have the largest number of molecules that we can work with, which is 250 molecules and formulations. And we have put in place over the last year a model which I will come back to, which is really to stabilize, streamline, and then strengthen the Perigo company. And I'm going to talk to you about that. But let me start with the addressable market, the $400 billion. This is obviously in OTC and specialty care. this is a large market it's resilient it's growing and it's needed so this is a good market to be in it provides essential needs wherever it is in pain in sleep cessation and etc big global expansion opportunity of course because the needs of the consumer and I will also come back to it the needs of the consumer across the world on those basic needs is pretty much the same in terms of our position i would say we have two main geographic positions one is the us the other one is europe when i say us you have obviously a piece in canada now think about the us as mostly a store brand business. 90% of our business in the U.S. is store brands, so it's brands that we have the name of the retailer on it. We do have over 50% share of all store brand business in North America, and we have 60% household penetration, which is, again, one of the highest, if not the highest. which means that 60% of U.S. households will have one of our products in their home. If you move to Europe, you have a very different business. You have a mostly branded business. 90% is branded, 10% only is store, and that's mostly in the U.K. And in Europe, we have in the UK 80% household because we play both branded and store brands. For the rest of the markets in Europe, we're mostly branded business with very strong brands like Compete or Jungle Formula. And we have obviously, if you look at the world, big opportunities for international expansion in due time. This is essentially on the right side, the categories we compete in. We have about eight categories, which are pain and sleep, healthy lifestyle, digestive health, skin health, infant formula, oral care, over upper respiratory, and we're in the process of simplifying that portfolio, which I'm going to come to. We have, as I told you, number one share in U.S. store, over 50%, and we have number one and number two brands in Europe. And you see essentially some of the pictures of some of the brands that we do have across the two regions. Now, what is important is how do we take those benefits forward? And what you have here is 250 molecules and formulations. And what we have developed over the last one year is the ability to innovate across those molecules and then deploy those in any market at any price points that we so choose to do with our retail partners or with the consumers. This is very important. So this is, I think, one of the key connector points in between the store brands and the branded business. So our innovation is agnostic. Since one year, we're going to have next year 58% that is going to create a longer chassis, common chassis, and then deployed across different brands and different prices. We do this with a very strong retail partnership, with a 50% of U.S. share of branded store brands and with the ability to innovate and create demand generations. We're the only, I would say, store brand business that can really sit down with the retail partners, co-develop, co innovate and launch and create the demand generation. So we're very excited by the work we're doing with the big retailers in North America, be brick and mortar, be e-commerce partners. For that, we have, in addition to the innovation and the demand generation and the retail partnerships, you need the muscle behind, which is, for us, the largest U.S. OTC manufacturing capabilities in North America, strong in Europe, which allows us to essentially scale our innovation and to provide it at low cost, which is essentially what you want in a store brand business. And we have, of course, strong regulatory expertise, which, as you know, is critical in this industry, especially when you work across different markets. Now, what I want to spend a little bit of time is on the 3S plan. And one of the things some of you may know that I've been on board since nine weeks. I have said the first thing, the most important is to stay the course. The strategy, which I know since being on the board in 2022, is very foundational and is what Perigo needs. The first thing that we needed to do was to stabilize the business, which has been started a year ago. The first things that you wanted to do when you think about store brands, when you think about partnering with retailers, you want good service levels. So this is what we have been doing, increasing our service levels, which allow us to work closely with the retailers. We also have, as you know, an infant formula business, which we have stabilized, and that has gone a long way to help deliver consistent execution, which we're in the process of. The second thing is to simplify, and I'm big on simplification because simplification drives execution. So a sharper, I would say, strategy. And on that sharper strategy, simplification of the portfolio is key. We have two businesses that are under strategic review one is the infant formula and the other one is all odd care we have already taken care of derma cosmetics we have cost savings in place and so that allows us number one to improve of course the profitability of the business but also to deleverage which i would come back to the end is one of my top three priorities and once you stabilize and streamline the business Of course, what you are left to do is to strengthen it. And I would say that there, the thing that I'm excited about has been essentially to put in place a category-led model. What does that mean? Very simply put, instead of doing everything bottom-up, starting from a given market, you start from the consumer standpoint, which for anybody that has been in the business, you always know that if you start with a consumer, you are usually in a good place. It's even more important for us, since in this type of category we're in, the consumer needs are pretty similar across the world in terms of pain, sleep, or any of those categories. So this category-led model has been launched in Q1 26. it's already proven very effective 58% of our innovation next year is going to be launched with this in mind with a category-led model with the right price points and it's going to 3x what it was this year so we're excited about this we're already seeing gains in market share the market as you know and we can talk during the Q&A was soft in the first half the market in general we were gaining share in the second half the market is going to expect to be coming back we are continuing to gain share as we get into the q3 and we have a lot of innovation and demand generation and normalized seasonality that we're looking forward to drive the second half so what uh what i what i would say is that so far what i've been talking to you about is a lot of structural improvements, which are much more important, we think, than the transitory headwinds that we have had in the first half of 26. And those structural improvements are demonstrated by the share improvements and gains, by the improving cost structure, by the enhanced retail partnerships, because we are doing a lot of work with them as we speak, and by a simplified portfolio. So what you look on the right side as you look at the results is transitory at-wins, which are not here to stay. But of course, there has been, for a lot of the industries, a first half where the consumer were a little bit skittish with economic uncertainty. Number two, the cough cold season and the actually allergy season has been abnormally low so we project for the second half some level of normalization but all not the way to bright so we're conservative in a way we have obviously with the lower code flu season we have an under absorption in the manufacturing facility as a result of this and with the interest rates where they are retailers have been this talking in the first So most of those noise will recede in the second half, which is why when we look at our projection and our full year, we are where we are. So what is exciting about Perigo? I've been brief, but I've told you a little bit. little bit and the important thing is when you look at the multiple you see a significant gap in between perigo and the rest of the sector i will say that first of all in all humility we have to re-earn the trust of the investment community that's normal because we have been inconsistent in the past and that would come one quarter at the time i was happy about q2 and i And I was happy about the reaction to Q2, which seems to indicate that if we put one good quarter after another and we not only have a sharper strategy but also great execution, we are going to get some re-rating. That would come, as I said, number one, with revenues and earnings recovery, which we do expect, as they say, because some of the headwinds of Q1 are transitory and the structural work we're doing is here to stay and the second one in important is with the businesses under review and with and some of them are actually cash dilutive and margin dilutive that would enable us to essentially deleverage which obviously is something that we know investors are looking at so in and this is my last slide in conclusion what i would say is that with perigo you have essentially a company that competes with a very clear mission in resilient and essential categories you have a very scalable growth with the 250 molecules that we are now innovating against and taking across any brands any price points you have a very clear stabilize, streamline, and strengthen plan with under it, as I say, the category-led model that really allows us to grow the top line, improve the cost, and you have a clear gap in the valuation, which, you know, there is always a reason, but I think as we look forward, we see significant opportunities for re-rating with the deleveraging on top of this. So that's what I wanted to share with you, being very conscious of the fact that I want to leave time for the Q&A, and I thank you for your time. Thank you, Albert. I can kick it off, and then if there's any questions in the room, feel free to raise your hand. We'd be happy to answer them. Albert, so as you mentioned, you've been interim CEO now for about nine weeks, but on the board since 2022. So I'm curious, you gave us a little of your thoughts just now, but your first impressions of the company. And then also, I think the key question I get from investors since the changes, will there be a change in strategy as we look forward? So the good news, thank you for the question. The good news is I am more excited from now that I've been inside the tent than when I was outside of the tent or semi-outside or semi inside. I'm more excited, much more excited. Number one, I thought that the company looked more complex from the outside that now I make it from the inside. and I think I'm going to work to make sure that this simplicity of the business comes through because it's not a complicated business. We have store brands in the U.S., we have brands, we have platforms with 250 molecules. We have a great way to start with the consumer now, with consumer insights, R&D, innovation, marketing, demand generation. so we have something that is simpler than I thought it was which is very good news especially with the simplification of the portfolio the second thing that I'm excited about is the foundations that have been put in place by the team are very sound this is what I took you through at a very high level but I'm very excited by what the team has done this is a team that has put in place in perigo for the first time in a long time very solid foundations and the third thing that i i do like since i've been inside and you know i've been around a lot traveling a lot seeing a lot of people is the quality of the organization so there is obviously a lot of passion when you are at perigo because everybody can rally behind the mission which is not the case of all companies and so the fact that the people work every day to provide affordable health care is something that rallies across ages and across any countries but I would say that the quality of the people that we have is is very high as high as I have seen in any of the best organizations have been into and so for all those reasons there is no change of strategy I I would say I will always sharpen it number one and number two I am a big believer that strategy without execution or execution without strategy is useless and I'm also a very big execution fan and so you know working the execution all the way down is something that I love to do and leading by example doing that with retailers with supply chain going to the plants and working those type of things, I think, is what is going to do a lot of good to Perigo. Okay, great. And so Perigo has been in this multi-year transformation, I guess, for some time. And I agree with you, the stock is quite a bit below its peers. So I think a lot of opportunity to re-rate as you guys do execute. It's nice to see that in the last quarter results and the stock reaction. I guess where do you think we're at in that multi- year transformation? I guess what phase and how much further to go. I think I'm very lucky because because the inflection point if The inflection points is is happening as we speak if you look at the leadership team. This is a leadership team that has been Eduardo has been has been the standard-bearer for four years four years. I came on the board four years ago myself So I think we we came together The rest of the team has been put in place 18 months ago. They are pros. You know, they are super professionals. They have done it many times. So it's coming together as we speak. The fact that next year you have 3X the innovation of this year, the fact that second half you have for the first time ever joint advertising developed with Walmart, Dollar General, The fact that we have Amazon visiting all of our plants two months ago, et cetera, et cetera, it's happening. So I think we are at a very good point of inflection. I think the fact that We have the two reviews. So I'm looking forward to 27, 28, 29 as very good years, continuing, obviously, to work the cost side of things. And those programs have been launched as we speak, as of the last board meeting. And so I was talking yesterday, and I'm going the week after next to our manufacturing facilities in Michigan. I think all those things were at a perfect spot. Great. Good time to be coming in. We have a question in the audience here. What are the reasons why the company has not been able to turn around in the last several years? Too many acquisitions and not enough focus on sharpening the strategy or the execution. If you do one acquisition after another and you don't integrate them, you end up where you end up. So what I'm very thankful to the team that is in place is this is a team that stopped, started to think, and put in place the foundations. So I'm working the IT, I'm working the supply chain, I'M working the sales force, I' m working everything. But it's essentially Actually, in a way, it's easy because all what you have to do is to stop doing things that are not producing value and putting in place fundamentals. And putting in places fundamentals, if you get the right people, it is easy because you just have to what you did at any of the great companies that those people come from. So I won't say it's a difficult job, it just a job that you have do and people were more interested in doing acquisitions. And over time, that becomes very complex and complicated to manage. One more here. Go ahead. When did that start? And how did it get sort of ? Yeah, so it has already started, right? So we expect 80% of these to take place in 26 and the remaining 20 in 2027. So we have already delivered between Q1 and Q2 a portion of that, so it starts to accelerate in the second half of the year, and then you have the remaining piece in 2027. And then one more question back there. I know. I have run global businesses for a long time, very tough businesses this is a tough business it's a low margin business when you're in store brands you cannot you cannot think as you know premium brands with 90 margins if you're in food beverage if you do turnarounds etc you know what tough is and there is a lot of places i've seen that are as tough or tougher than this one so again i think that what changed is the quality of the team so the team that has been brought by Patrick is a very strong team very very pro so as they can do they know what to do I mean the advertising I've seen for the second half with Walmart and Dollar General is outstanding so I think number one the the team is very strong and can take on things number two we're simplifying the portfolio so I'm very very determined to do that because the more you simplify, the more you can focus on what you have left. The third one is that some of the jobs that you have to do when you have a succession of acquisitions that have not necessarily been integrated, you have do the dirty work. You have to put in place the IT. If you have 1,200 systems, you need to simplify. If you many ERPs, not everybody likes to do that. This is nitty gritty work. That's why I'm saying, in this job at Perigo, if you like only the strategy and not the execution, I think you're not in the right place. A store-brand business is brutal. You need to be competitive every day. And that's what needs to drive you and the organization. That's what I think we have also at the N-2 and N-3 and N minus 4, the makeup of the sales force in North America is completely different than it was. So a few things. Number one, if you're at Walmart, we're growing very much the online business with them. So this is not only Amazon. Even for, I'm very happy to say that Amazon became a number one customer in Europe ahead of Tesco. So it's going very, very well. Number two, we do, for example, the basics brands, and we have a unique capability. I don't think anybody in the store brand business can do what we do which is to sit like any branded company and co-innovate, tell them what the consumer is thinking, where the consumer's going. And then when you look at an Amazon or a Walmart online or order and pick up in the store, we're in categories that can be very repetitive, whether it's allergy or pain or cough cold, et cetera. So it's a very easy replenishment category that you can be in. So in all the businesses I've been in, you start to have a growing online business, which you manage, especially on the store brand business, it's very easy to manage. I would say easier than on the branded business, where you start you have issues with the pricing. We don't have that problem. The interesting thing, just to add, is on the categories that we play, e-commerce represents about 20%. so depends on volume versus dollars, but it's about 20%. And the speed of growth, the recovery taking place is much faster in e-commerce versus brick and mortar. And we're growing now twice the speed in commerce than the market. And so our market share gains in store brand has been four times brick and mortars in the last months. So that's something that we believe we're only going to accelerate. You know, as more and more consumers shop there and see the real difference on the price of national brand, store brand. Because during COVID, prices increased dramatically. So the traditional gap between national brand and store brand, the target has been 25 to 35%. Our category is that now 70%. So when you put that side by side, it's easier to the consumer. And more and more consumers are becoming more with AI. they're saying more that it's exactly the same product. And part of our campaign is really focused on consumers to say it's identical products. You're just paying more for the name Advil versus ibproofing. And so in the e-commerce side, we're seeing a big turnout of that. That's what I believe can be a tailwind for the second half as well. Thank you, Albert and Eduardo. Looks like we're out of time here, but we can take some questions offline because there's definitely a lot of interest. Thank you.