Jeff Stent

Jeff Stent of BNP Paribas asked for further clarification on the strategic rationale for retaining a 20% stake in the demerged ice cream business.

Answer

CEO Fernando Fernandez reiterated that retaining the stake demonstrates confidence in the ice cream business's future success and provides stability during its initial period as an independent company. He confirmed the stake would be sold in an orderly manner within five years to cover separation costs and reduce debt.

Jeff Stent from BNP Paribas asked if the business, excluding Ice Cream, is expected to achieve its 4-6% midterm growth target in the current year and requested clarification on the primary listing exchange for the demerged Ice Cream business.

Answer

CEO Hein M. Schumacher clarified that the 4-6% growth target applies post-demerger, once the Growth Action Plan has more fully matured, and reiterated the 3-5% guidance for the total company for 2025. He confirmed that with the Netherlands as the country of incorporation, Euronext Amsterdam will serve as the primary listing for the Ice Cream business, supplemented by listings in London and New York.

Jeff Stent asked if the business, excluding Ice Cream, would achieve its 4-6% midterm growth target this year. He also sought clarification on whether the Ice Cream business would have a primary listing exchange among the three announced.

Answer

CEO Hein. M. Schumacher stated that for 2025, the company is sticking to its current group guidance of 3-5% growth and will re-evaluate the 4-6% target after the Ice Cream demerger is complete. He confirmed that as the Netherlands is the country of incorporation for the new entity, Euronext Amsterdam will serve as the primary listing location, with additional listings in London and New York.

Jeff Stent asked for Heiko Schipper's initial plans for the Nutrition business and requested more detail on the actions being taken to improve the Ice Cream business in Europe, North America, and China.

Answer

CEO Hein M. Schumacher shared that the Nutrition business is healthy and focused on growing its key brands like Knorr and Hellmann's. CFO Fernando Fernandez detailed that in Ice Cream, operational fixes in service and pricing have improved competitiveness in the U.S. and Europe, while the focus in China is on premiumization and distribution expansion to counter weak market conditions.