Croda International Plc · LSE:CRDA
Croda International — Investor Day (March 2022)
87 slides from Croda International's investor day presentation, Mar 29, 2022
Slide 1: Accelerating growth in Consumer Care
Croda International Plc 29 March 2022 Accelerating growth in Consumer Care 1
Slide 2: Cautionary statement
Cautionary statement Cautionary statement This review is intended to focus on matters which are relevant to the interests of shareholders in the Company. The purpose of the review is to assist shareholders in assessing the strategies adopted and performance delivered by the Company and the potential
Slide 3: Agenda
Agenda Agenda Objectives • Introduction • Provide colour on breadth • Accelerating growth in Consumer Care of opportunities in Consumer Care • Scaling biotechnology • Highlight how our innovation and sustainability leadership is • Scaling Beauty Actives creating new revenue streams • Strengthening B
Slide 4: Introduction
Introduction Steve Foots – Chief Executive Officer 4 Smart science to improve lives™
Slide 5: Our strategic priorities
Our strategic priorities Fast grow China Expand Sustainability Scale Biotech Life Sciences Supporting customers’ sustainability strategies through: • Positive impact sourcing • Ingredient transparency • R&D – sustainable ingredients • Low footprint manufacturing Innovation Proactive M&A Strengthen P
Slide 6: Transitioning to a pure-play Consumer Care and Life Sciences company
Transitioning to a pure-play Consumer Care and Life Sciences company Less carbon intensive More IP GHG emissions intensity 2021 NPP as % sales 2021 416 48% 44% 193 15% Croda PTIC PTIC CC LS Faster sales growth* Even stronger profit margins High single digit % 30%+ >5% + 25%+ synergies <20% ~GDP PTIC
Slide 7: Created growth businesses – all targeting >1.5x GDP growth
Created 8 growth businesses – all targeting >1.5x GDP growth Consumer Care Industrial Specialties Supported by: Beauty Actives Beauty Care Home Care Fragrances and Flavours Life Sciences Health Care Crop Care Consumer & Veterinary Health Patient Health Crop Protection Seed Enhancement 7 Smart scienc
Slide 8: Development of Consumer Care
Development of Consumer Care Re-shaped portfolio More IP Portfolio additions 2013 2021 28% 44% Technology investments New and Protected Products as % of total sales Diversified customer base Increasing exposure to fast growth countries 2014 2021 2014 2021 4,300 6,100 54 114 Countries with permanent
Slide 9: Consumer Care performance in 2021
Consumer Care performance in 2021 Sales well ahead of 2019 Excellent sales growth versus 2020 Underlying sales growth versus 2019 +29% 17% +13% +8% Beauty Actives Beauty Care Home Care Sector-leading return on sales Highlights • Excellent sales performance 25% – +18% underlying growth on 2020 – +17%
Slide 10: Successfully navigating a high inflation environment
Successfully navigating a high inflation environment Input costs • Inflation recovery Impact on 2022 sales ~% sales Q4 Q3 Raw materials 33% Q2 +3% +2% Energy 2-3% Q1 2021 YTD 2022 Freight 3% annualisation price increases ~40% costs increasing rapidly Cost recovery every quarter Tailwind in 2022 10 S
Slide 11: Meet the presenters
Meet the presenters Innovation Beauty Actives Beauty Care David Shannon Arnaud Fournial Susanna Casas Nick Challoner President, Consumer Care Managing Director, Vice President Sales, Group Chief Scientific Officer Beauty Actives Personal Care Fragrances and Flavours Consumer Care Sustainability Home
Slide 12: Agenda
Agenda Agenda • Introduction • Accelerating growth in Consumer Care • Scaling biotechnology • Scaling Beauty Actives • Strengthening Beauty Care • Accelerating Home Care • Unlocking the potential of Fragrances and Flavours • Summary 12 Smart science to improve lives™
Slide 13: Accelerating growth in Consumer Care
Accelerating growth in Consumer Care David Shannon, President Consumer Care 13 Smart science to improve lives™
Slide 14: Market trends
Market trends 14 Smart science to improve lives™
Slide 15: Mega-trends driving consumers and our customers
Mega-trends driving consumers and our customers 1 2 3 Digital living Science to build trust Sustainable ingredients Global adoption of digital Focus on mental and physical health Consumers looking to make a positive is driving demand for transparency, is driving consumer demand for contribution to l
Slide 16: Digital living
1. Digital living Digital living is disrupting the market Customers need to be agile to be competitive Accelerates consumer Increases speed Customer need: demand for product and at which new trends ✓ Fast innovation brand transparency are adopted ✓ Ready made formulations to get to market quickly Fa
Slide 17: Science to build trust
2. Science to build trust Efficacy more important than price for consumers Customers want to promote consumer trust in their brand Customer objective: Enhance consumer trust in the customer brand Customer need: Smart science to create products & formulations with substantiated, proven claims Source:
Slide 18: Sustainable ingredients
3. Sustainable ingredients Sustainability is as big a driver of choice as performance Customers demanding sustainable ingredients Millennials Baby boomers Case study 70% 60% Move to 50% botanicals 40% 30% 20% 10% 0% Green Clean Conscious Customer demand Customer benefit “Cosmetic products “Safe, non
Slide 19: Croda's position in the market
Croda’s position in the market 19 Smart science to improve lives™
Slide 20: Our highly differentiated position in the Consumer Care market
Our highly differentiated position in the Consumer Care market Skin Care Hair Care Home Care F&F Market Fragrance Market size: $140bn Market Size: $80bn Market Size: $175bn market size: $50bn CAGR: 5.3% CAGR: 1.9% CAGR: 2.5% CAGR: 5.6% Leader in specialities and actives in $23bn personal Targeting s
Slide 21: Creating more focused businesses
Creating more focused businesses Market Market Croda Croda Skin SkinCare Care Hair HairCare Care Home HomeCare Care Sederma Sederma Beauty BeautyActives Actives SkinAlban Alban Skin CareCare Muller Muller Crodarom Crodarom Solar Solar Hair Hair Beauty BeautyCare Care Skin SkinCare Care Formulation F
Slide 22: Unrivalled breadth of technologies
Unrivalled breadth of technologies Market Croda Croda Skin Care Hair Care Home Care Sederma 16,300 product / customer combinations Beauty BeautyActives Actives Skin Skin Alban Care Care Muller Crodarom peptides | botanicals | plant cell cultures | fermentation Solar 23,250 product / Hair customer co
Slide 23: Targeting high-growth niches
Targeting high-growth niches Market Market Croda Croda Skin SkinCare Care Hair HairCare Care Home HomeCare Care SedermaAnti-aging Beauty BeautyActives Actives Skin Skin Alban Care 8.9% Care Muller Beauty Actives Crodarom market 5.3% SolarSun Care Hair Salon 3.7% 4.3% Hair Care Beauty BeautyCare Care
Slide 24: Croda's strategy and how we will succeed
Croda’s strategy and how we will succeed 24 Smart science to improve lives™
Slide 25: Future vision
Future vision To be the world’s most responsive, innovative and sustainable solution provider in consumer care markets Global leader – Recognised #1/#2 positions – Sustainable solutions TODAY FUTURE Ingredients provider provider in premium markets Market leader Inconsistent growth Delivering Leading
Slide 26: Consumer Care strategy on a slide
Consumer Care strategy on a slide Smart science to improve livesTM Croda Purpose Consumer Care To be the world’s most responsive, innovative and sustainable solution provider in consumer care markets vision Responsive Innovative Sustainable • Enhance customer intimacy • Drive innovation in • Develop
Slide 27: Responsive – strengthening Consumer Care through customer intimacy
Responsive – strengthening Consumer Care through customer intimacy Unrivalled customer intimacy Growing share of regional/indie customers % • Direct-to-customer selling model / no distributors 100 MNCs Regional/indies • Global presence – 114 countries 80 69 75 80 • 45 innovation centres 60 • Broad c
Slide 28: Responsive – previous formulation capability
Responsive – previous formulation capability Global formulation centres Regional formulation labs 28 Smart science to improve lives™
Slide 29: Responsive – formulation capability now
Responsive – formulation capability now • Global reach / local agility • Leverage formulation science • Full, bespoke solutions • Claims testing • Data generation Expertise centres Liverpool – ingredient characterisation Paris – textures Singapore - sensory One-stop shops Regional Formulation Academ
Slide 30: Responsive – a typical Croda formulation lab
Responsive – a typical Croda formulation lab 30 Smart science to improve lives™
Slide 31: Innovative – accelerating innovation in Consumer Care
Innovative – accelerating innovation in Consumer Care More innovation resource Expansion in open innovation partners 2021 2020 2021 2020 +50% 531 579 Big bet projects More IP Formulation 2020 2021 Chemistry Biotech 44% science 38% New and Protected Products as % of total sales 31 Smart science to im
Slide 32: Sustainable – how we will win through sustainability
Sustainable – how we will win through sustainability 2011 2021 2021 2030 Bio-based ingredients Positive impact sourcing By 2030 – In 2021 – 65% suppliers* audited for 75% bio-based raw materials sustainable practices Sustainable innovation Sustainable manufacture Average Croda Product Carbon Footpri
Slide 33: Achieving fast growth in China
Achieving fast growth in China World’s fastest growing Personal Care market (£bn) 100 2020-25 CAGR: 9.3% 80 60 40 20 0 2020 2021 2022 2023 2024 2025 Fast grow Already established as a market leader China • High level of Croda brand recognition • Iberchem top tier 2 F&F company in China 33 Smart scie
Slide 34: Delivering faster, more consistent growth and an even stronger profit margin
Delivering faster, more consistent growth and an even stronger profit margin £1bn business by 2025 Faster, more consistent sales growth Driven by: Growth drivers Underlying Personal Care 3.2% CAGR 2011-21 • Mega-trends – science and sustainability Sales > 5% • More responsive, decentralised model CA
Slide 35: Key takeaways
Key takeaways • Highly differentiated market position • Fast-growing niches • Sustainability + Innovation • Increased customer proximity • Faster, more consistent sales growth • Stronger profit margins 35 Smart science to improve lives™
Slide 36: Agenda
Agenda Agenda • Introduction • Accelerating growth in Consumer Care • Scaling biotechnology • Scaling Beauty Actives • Strengthening Beauty Care • Accelerating Home Care • Unlocking the potential of Fragrances and Flavours • Summary 36 Smart science to improve lives™
Slide 37: Scaling biotechnology
Scaling biotechnology Dr Nick Challoner, Group Chief Scientific Officer 37 Smart science to improve lives™
Slide 38: What is biotechnology?
What is biotechnology? • Use of microorganisms as factories for creation of products • Sustainable way to produce existing materials • Exciting way to create materials not produced by chemical processes • In the early stages of industrialisation • Chemical industry disruptor 38 Smart science to impr
Slide 39: Why are we scaling biotechnology?
Why are we scaling biotechnology? Increasing sustainability and innovation Chemistry Biocatalysis Fermentation New raw materials Biotechnology and processes Alignment with Differentiated new Greater bio- Strengthen to Grow customer direction product launches based content Consumer Care 39 Smart scie
Slide 40: How are we scaling biotechnology?
How are we scaling biotechnology? 2011 Heritage supported by investment 2021 2021 Focused biotechnology strategy 2025 Daresbury Ditton Adding New product expertise development Biotechnology Large scale Smart manufacture partnerships / M&A Plus numerous open innovation projects, smart partnerships an
Slide 41: Scaling our biotechnology footprint
Scaling our biotechnology footprint Highlights Biotechnology R&D locations • 5 biotech R&D laboratories across 5 countries • >50 dedicated biotech specialists • Increasing number of external biotech partnerships through open innovation and smart partnerships • 2 manufacturing locations with ongoing
Slide 42: Biotechnology platforms – our big bets
Biotechnology platforms – our big bets Sustainable actives Sustainable surfactants • More biotech-derived actives • Low carbon intensity • Focus on performance-led claims • High biobased content • Skin and hair care applications • Supports customer sustainability transition Sustainable peptides Sust
Slide 43: Biotechnology discovery and development process
Biotechnology discovery and development process Collect Isolate Purify Screen Discovery Daresbury Scale-up Evaluate Consumer Care ✓ Personal Development Care customers ✓ Home Care customers 43 Smart science to improve lives™
Slide 44: Biotechnology innovations
Biotechnology innovations Sustainable actives Sustainable surfactants Anti-dandruff solution Glycolipids Acylated amino acids Anti-dandruff active produced Glycolipids produced by micro- Amino acid surfactants created by a fungus isolated from organisms identified and developed using synthetic engin
Slide 45: Key takeaways
Key takeaways • Why are we scaling biotechnology? – Support ongoing focus on niche innovations and sustainable new products • How are we scaling biotechnology? – Focused investment in areas with maximum impact for Croda and customers • What is the customer impact? – Catalyst for customer innovation
Slide 46: Agenda
Agenda Agenda • Introduction • Accelerating growth in Consumer Care • Scaling biotechnology • Scaling Beauty Actives • Strengthening Beauty Care • Accelerating Home Care • Unlocking the potential of Fragrances and Flavours • Summary 46 Smart science to improve lives™
Slide 47: Scaling Beauty Actives
Scaling Beauty Actives Arnaud Fournial, Managing Director Beauty Actives 47 Smart science to improve lives™
Slide 48: Accelerating growth through alignment with global mega-trends
Accelerating growth through alignment with global mega-trends Strong science Biotech Naturality Sourcing MATRIXYL 3000TM MAJESTEMTM SENESTEMTM APISCALPTM FRUITLIQUID KUMQUATTM Mega-trends already a reality in the market Product imagery from company websites 48 Smart science to improve lives™
Slide 49: Beauty Actives – the leading global innovator
Beauty Actives – the leading global innovator 100 Science Sustainability ✔︎ ✔︎ Highly-differentiated actives ✔︎ ✔︎ Peptides and biotechnology ✔︎ Sustainability ✔︎ ✔︎ Broadest portfolio Botanical actives ✔︎ ✔︎ Local sourcing in the industry ✔︎ ✔︎ ✔︎ 0 Botanical extracts ✔︎ Traceability 0 Science 100
Slide 50: Leader in the innovative technologies of the future
Leader in the innovative technologies of the future $1.9bn active ingredients market Croda ranked #1 for fastest-growing Beauty Active technologies Peptides CAGR 2020-2025 • The leading technology for anti-aging products. 8.2% • Sederma supplies 80% of new products containing a peptide 7.2% • Contin
Slide 51: Continuous innovation for the future
Continuous innovation for the future Existing portfolio Novel products Plant Cell Culture Fermentation Synthetic biology Biotechnology Peptides Greener peptides Biomimetic peptides Third generation Marine microorganisms Natural-origin peptides Encapsulation 80% R&D pipeline is ‘green’ Delivery Biode
Slide 52: Science at the heart of new claims generation
Science at the heart of new claims generation Screen new actives Demonstrate performance Peptide Biotech Botanicals In vitro – proof of concept Plant Cell Position Culture in the market Micro- organisms >300 methods >700 In vitro tests/year Analyse market trends In vivo – validation >130 projects/ye
Slide 53: Beauty Actives innovations driving growth
Beauty Actives innovations driving growth SILVERFREETM MAJESTEMTM VENUCEANETM CYTOKALMINETM PHYTESSENCETM Active ingredient Edelweiss stem-cell- Marine-biotech- Anti-inflammatory Naturally sourced delivering 30% derived active ingredient derived active to pomegranate extract hazel for hair vitality
Slide 54: Accelerating growth at an even stronger profit margin
Accelerating growth at an even stronger profit margin Beauty Actives sales (£m) Fast sales growth Driven by: Growth drivers 6.7% CAGR 2011-21 • Deep scientific expertise for unparalleled efficacy Sales Mid-to-high • Expanding sustainable ingredients single digit % • Botanicals leader – enhanced by A
Slide 55: Key takeaways
Key takeaways • #1 in fastest-growing active technologies • Market leading innovation • Clever science driving further expansion • 80% of pipeline green • Leading position in Asia with continued investment • Fast sales growth and strong margins 55 Smart science to improve lives™
Slide 56: Agenda
Agenda Agenda • Introduction • Accelerating growth in Consumer Care • Scaling biotechnology • Scaling Beauty Actives • Strengthening Beauty Care • Accelerating Home Care • Unlocking the potential of Fragrances and Flavours • Summary 56 Smart science to improve lives™
Slide 57: Strengthening Beauty Care
Strengthening Beauty Care Susanna Casas, VP Sales Personal Care and Business Lead Beauty Care 57 Smart science to improve lives™
Slide 58: New focused businesses for unrivalled speed and agility
New focused businesses for unrivalled speed and agility New focused businesses Strengthening Beauty Care Skin Care Hair Care Innovative Focus on differentiated ingredients Sustainable Solar Hair Improving NPP Meet customer demand for sustainable ingredients Formulation ingredients Responsive Enhance
Slide 59: Winning with innovative and sustainable ingredients
Winning with innovative and sustainable ingredients Solar Hair Sun care 4.3% CAGR Professional hair care 3.7% CAGR Market Strong demand for sustainable alternatives Croda difference Enable ‘front of pack’ claims Enable ‘front of pack’ claims • #1 in sustainable UV filters • Broadest sustainable ingr
Slide 60: Formulation ingredients – winning market share with sustainable surfactants
Formulation ingredients – winning market share with sustainable surfactants #1 in sustainable surfactants ECO sales growth and plant efficiency driving profitability Critical for >90% of Consumer Care formulations ECO sales CAGR > 75% Market • Solutions for sulfate-free systems – “Clean Beauty” – 2x
Slide 61: Beauty Care sustainable innovation driving growth
Beauty Care sustainable innovation driving growth Solar Care Hair Care Hair Care Formulation ingredients Solaveil™ MicNo™ RejuvasoftTM KeramatchTM V Syncrowax™ Mineral solar protection Sulfate-free, silicone-free, Vegan alternative to 100% natural, vegan with unrivalled transparency vegan suitable K
Slide 62: Enhancing responsiveness with full formulation capability
Enhancing responsiveness with full formulation capability Croda’s unique positioning Primary Formulation Sensory >1,500 market-ready Fragrance label claim ingredients benefits full formulations Indies Larger customers Limited formulation capability Regular upgrade to product range Croda offer: Croda
Slide 63: Delivering more consistent sales at an even stronger profit margin
Delivering more consistent sales at an even stronger profit margin Beauty Care sales (£m) More consistent growth 2.4% CAGR 2011-21 Driven by: Growth drivers • Higher-growth Solar and Hair Care Sales Low-to- • Increasing focus on sustainable ingredients mid single • ECO ‘white space’ sales digit % •
Slide 64: Key takeaways
Key takeaways • Refocused and reinvigorated business model • Innovation driving NPP • Growing demand for sustainable alternatives • Further differentiation through full formulation capability • Improving margins and more consistent growth 64 Smart science to improve lives™
Slide 65: Agenda
Agenda Agenda • Introduction • Accelerating growth in Consumer Care • Scaling biotechnology • Scaling Beauty Actives • Strengthening Beauty Care • Accelerating Home Care • Unlocking the potential of Fragrances and Flavours • Summary 65 Smart science to improve lives™
Slide 66: Accelerating Home Care
Accelerating Home Care David Shannon, President Consumer Care Julia Creasey, Group Sustainability Director Yong Chuan Lew, Managing Director Home Care 66 Smart science to improve lives™
Slide 67: Sustainability the key driver in Home Care markets
Sustainability the key driver in Home Care markets Sustainable Cleaning Fabric Care 5% CAGR 2021-25 for surface care 6% CAGR 2021-25 Accelerating growth, focused on high-growth markets Winning market share New fast growth niches • Accelerating growth in ECO bio-based surfactants • Longer lasting clo
Slide 68: Sustainable innovation drives full life cycle benefits for customers
Sustainable innovation drives full life cycle benefits for customers Upstream Scope 3 benefits Downstream Scope 3 benefits Croda proteins double the lifetime of clothing Customer 2022 2030 fabric softener formulation Corn Sugarcane feedstock feedstock -11% -49% 1kg Croda ingredient 2021 2030 2.14kgC
Slide 69: Accelerating sales growth at an even stronger profit margin
Accelerating sales growth at an even stronger profit margin Home Care sales (£m) Accelerating growth Driven by: Growth drivers 3.5% CAGR 2011-21 • Technology-driven niches Sales • Meet consumer demands Double digit % - Performance benefits - Sustainability benefits 11 12 13 14 15 16 17 18 19 20 21 2
Slide 70: Key takeaways
Key takeaways • 2 platforms delivering improved efficacy, sustainability and consumer benefits • Croda technology driving industry innovation • Investment to meet growing demand • Double digit percentage sales growth with improving margins 70 Smart science to improve lives™
Slide 71: Agenda
Agenda Agenda • Introduction • Accelerating growth in Consumer Care • Scaling biotechnology • Scaling Beauty Actives • Strengthening Beauty Care • Accelerating Home Care • Unlocking the potential of Fragrances and Flavours • Summary 71 Smart science to improve lives™
Slide 72: Unlocking the potential of F&F
Unlocking the potential of F&F Richard Butler, Senior Vice President Fragrances and Flavours 72 Smart science to improve lives™
Slide 73: The leading tier F&F company
The leading tier 2 F&F company • Unrivalled geographic reach • Customers want Portfolio breadth breadth of portfolio • Consolidation reducing tier 2 competitors • Customers want independent supplier Geographic Coverage Bubble sizes represent total sales. Brand images from company websites 73 Smart s
Slide 74: Strongly differentiated in the tier 2 landscape
Strongly differentiated in the tier 2 landscape Tailor-made Customer Cost effective products & proactive Global Reach Compliance Total diversity R&D marketing proposal Focused on Tier 1 large accounts High R&D costs ✓ Agility and pace ✓ Tier 1-like services ✓ Scale Lack of global reach Tier 2
Slide 75: Opportunities in new customer segments
Opportunities in new customer segments A typical Iberchem customer A typical customer of a tier one F&F company • Local family-owned • Large international companies corporations • Flexible and agile • Complex internal business model structure • Fast to customer • Working with • Rely on core-list sys
Slide 76: Growth drivers
Growth drivers Global fragrance market Iberchem strong EM presence 12% • Expected to reach LatAm 7% Fragrance market CAGR 2020-2024 $58.8bn in 2024 10% 8% • 5.6% global CAGR Asia Europe 18% 36% 6% • Driven by Emerging 4% Markets 2% 0% Global Western North ME & Latin Eastern Asia-Pacific Middle East
Slide 77: Iberchem standalone organic growth – unrivalled agility and pace
1. Iberchem standalone organic growth – unrivalled agility and pace 1. Wide product portfolio 2. Global platform - 36,500 fragrance references - 120 countries - 18,000 flavour references - 83% emerging markets - 25% sales to China 4. Customer-driven R&D 3. Fast to customers - +200 new references / m
Slide 78: Sales synergies on track
2. Sales synergies on track Complementary geographic footprint and customer networks 2021 progress Customers Sales visits 400 Region Croda Iberchem 700 3,500 Europe & the 73% 25% Americas 6,000 Asia, Middle 27% 75% East & Africa New customers Samples requested Shared Croda Iberchem 50 1,300 Global r
Slide 79: Sales synergies – something for everyone
2. Sales synergies – something for everyone Our unique combination offers Tier 1 strength Winning with MNCs / regional majors Confidence and credibility Local manufacturing Global reach Strong R&D Sustainability Alignment on Sustainability Combined with Tier 2 agility Winning with SMEs • Direct sell
Slide 80: Case Study – full formulation capability in action
2. Case Study – full formulation capability in action A recent project with a large regional Personal Care brand owner and contract manufacturer in Turkey Customer seeks to Croda researches the key Fragranced base Customer benefits from a develop a new facial trends in the relevant formulations supp
Slide 81: Parfex growth plan
3. Parfex growth plan Natural fragrances Sustainable innovation • Fast-growing naturals trend • Reduced energy and water use - 9.6% CAGR forecast to 2025 • Biodegradable delivery systems • New natural collections • Bio-based raw materials • 2x sales and customers • Premium skin care and fine fragran
Slide 82: Three growth drivers creating a >€400m business by 2025
Three growth drivers creating a >€400m business by 2025 Margin Growth drivers >€400m Iberchem standalone revenues in 2025 1 organic growth plan Margin broadly in line with peers Mid c€48 m sales teens % • Agile model 2 +c€40m synergies by 2025 • Lean corporate centre 3 Parfex growth plan +c€48m +c€4
Slide 83: Key takeaways
Key takeaways • Strong market differentiation • Exciting standalone growth trajectory • Sales synergies on track • Additional benefits from full formulation capability F&F site visit – Iberchem, Murcia, Spain 11-12 May 2022 83 Smart science to improve lives™
Slide 84: Summary
Summary David Shannon, President Consumer Care 84 Smart science to improve lives™
Slide 85: Consumer Care sales and medium-term growth rates
Accelerating growth in Consumer Care Consumer Care sales and medium-term growth rates £m Mid-to-high Low-to-mid Double Double >5% + single single digit % + digit % synergies digit % digit % synergies 1,200 £1bn sales by 2025 1,000 800 600 400 200 >25% operating margin 0 Beauty Actives Beauty Care Ho
Slide 86: Summary
Summary • Highly differentiated global leading position • Fast-growing niches • Sustainability + Innovation • Increased customer proximity • Accelerating sales growth and stronger profit margin 86 Smart science to improve lives™
Slide 87: Smart science to improve lives
87 Smart science to improve lives™