Slide 1: A Beauty Powerhouse with Significant Untapped Potential
A BEAUTY POWERHOUSE WITH SIGNIFICANT UNTAPPED POTENTIAL C A G NY F E BRU A RY 2 1, 2 0 2 3 1
Slide 2: Agenda
AGENDA COTY, A BEAUTY EXECUTING STRONG ATTRACTIVE POWERHOUSE STRATEGY, WITH FINANCIAL GROWTH SIGNIFICANT WHITE SPACE PROGRESS ALGORITHM OPPORTUNITIES 2
Slide 3: Coty: A Beauty Powerhouse
COTY tancAster A BEAUTY | oe POWERHOUSE snofo SN — >
Slide 4: Well-Established Beauty Player
WELL-ESTABLISHED BEAUTY PLAYER $5.3B >$500M NET REVENUES FCF ~11K EMPLOYEES 4 FY22 results
Slide 5: Led by Seasoned Beauty Executives
LED BY SEASONED BEAUTY EXECUTIVES SUE Y. NABI LAURENT MERCIER GORDON ANNA VON BAYERN KRISTIN BLAZEWICZ JEAN-DENIS MARIANI ANNE JAECKIN Chief Executive Chief Financial VON BRETTEN Chief Corporate Chief Legal Officer and Chief Digital Officer Chief Human Officer Officer Chief Transformation Affairs Of
Slide 6: Diversified Portfolio Across Categories
DIVERSIFIED PORTFOLIO ACROSS CATEGORIES 6% 5% 7% PRESTIGE FRAGRANCES 4% CONSUMER BEAUTY COSMETICS PRESTIGE & MASS SKINCARE FY22 REVENUE BY CATEGORY PRESTIGE COSMETICS 24% 54% BODY CARE CONSUMER BEAUTY FRAGRANCES 6
Slide 7: Diversified Portfolio Across Regions
DIVERSIFIED PORTFOLIO ACROSS REGIONS CHINA NORTH AMERICA WESTERN 4% (INCL. KYLIE) EUROPE 31% 27% EASTERN EU & MIDDLE EAST 18% APAC 6% GLOBAL BRAZIL TRAVEL RETAIL & LATAM 7% 8% 7
Slide 8: Two Profitable Divisions Reaching Consumers Across Price Points
TWO PROFITABLE DIVISIONS REACHING CONSUMERS ACROSS PRICE POINTS CONSUMER BEAUTY Adj EBITDA Margin 38% FY22 REVENUE BY DIVISION 62% PRESTIGE Adj EBITDA Margin 8
Slide 9: Beautiful Brand Portfolio Reaching Consumers Across Price Points
BEAUTIFUL BRAND PORTFOLIO REACHING CONSUMERS ACROSS PRICE POINTS ULTRA-PREMIUM $150 - 450 PREMIUM + $50 - 150 PREMIUM $20 - 100 MASS $5 - 20 9
Slide 10: Global and Category-Led R&D Centers of Excellence
GLOBAL AND CATEGORY-LED R&D CENTERS OF EXCELLENCE FRAGRANCE SKIN & CENTER BODY CENTER OF EXCELLENCE OF EXCELLENCE (SWITZERLAND) (CHINA) COSMETICS SKINCARE CENTER CENTER OF EXCELLENCE OF EXCELLENCE (USA) (MONACO) BODYCARE CENTER OF EXCELLENCE (BRAZIL) 10
Slide 11: Leading Expertise in Fragrances
LEADING EXPERTISE IN FRAGRANCES Years of expertise reinventing modern perfumery Fragrance Scientists, Evaluators and Industry experts Active patents & patent applications 11
Slide 12: 360º Fragrance Expertise
360º FRAGRANCE EXPERTISE BIOMIMICRY ACCORDS PERFORMANCE EVALUATION COLOR MODELLING R² = 0.9 Color Intensity Concentration (%) 12
Slide 13: Leading IP Around Long-Lasting Fragrances
LEADING IP AROUND LONG-LASTING FRAGRANCES CYCLODEXTRINS MODULATION • Freshness release over time • Extends evaporation profile of ingredients • Moisture trigger release • Facilitates creation of unique characters • Overdose of signature ingredients • Enduring character Top Note Ethanol Moisture Depo
Slide 14: Emotional Benefits of Fragrances & Neuroscience
EMOTIONAL BENEFITS OF FRAGRANCES & NEUROSCIENCE Academic project with the Adidas culture of sports Launches with measure university of Geneva and launch with fragrances or characterization of the Firmenich “fragrances validated by FMRI studies emotional signature of & sleep” fragrances: Happiness, r
Slide 15: Leading Expertise in Color Cosmetics
LEADING EXPERTISE IN COLOR COSMETICS Years of expertise in Color Cosmetics Scientists, Evaluators and Industry experts New patent applications across Mascara (3), Lip (2), and Nail (2) to capture differentiated technology 15
Slide 16: Coty at the Forefront of Mascara Innovation
COTY AT THE FOREFRONT OF MASCARA INNOVATION RIMMEL COVERGIRL COVERGIRL Inventor of modern, Next Gen Mascara Inventor of 1st Mascara coming SOON! molded mascara 16
Slide 17: Leading Expertise in Skincare
LEADING EXPERTISE IN SKINCARE Active skincare patents Published scientific studies Research programs with top universities & hospitals Innovations in the pipeline Dedicated skincare scientists 17
Slide 18: Reinventing Skincare for the 21st Century Since 1948
REINVENTING SKINCARE FOR THE 21ST CENTURY SINCE 1948 50+ YEARS Stem Cell based skincare Retinol patent DNA repair Genetic & Epigenetic Sun Repair Sun Light Protection 45+ YEARS Retinol Vectorization PREPARING FOR NEXT UV Protector Oxygen Delivery Cationic Liposome Full Light Technology GEN SKIN INNO
Slide 19: Executing Strategy with Significant White Space Opportunities
EXECUTING STRATEGY WITH SIGNIFICANT WHITE SPACE OPPORTUNITIES
Slide 20: Our Strategic Pillars
OUR 6 STRATEGIC PILLARS #1 #2 #3 #4 #5 #6 Stabilize and Accelerate luxury Build skincare Build Expand in China Become a grow consumer fragrances portfolio across e-commerce and Travel Retail, beauty leader beauty makeup & become a both divisions and direct-to- led by Prestige in sustainability brand
Slide 21: Capturing the Value Conscious Consumer
CAPTURING THE VALUE CONSCIOUS CONSUMER
Slide 22: Consumer Beauty: Every Category in Solid Growth
CONSUMER BEAUTY: EVERY CATEGORY IN SOLID GROWTH 21 – 25 CAGR TOTAL CONSUMER BEAUTY 4-5% COLOR COSMETICS 4-6% FRAGRANCE 4-5% BODYCARE 5-6% Source: Nov ‘22 MAT from Global Market Share Report (Nielsen GTC P11 / Nov ‘22 data); 5 year 21-25 CAGR based on Global Databook (Global Data Sep ’22)
Slide 23: Consumer Beauty: Leading Brands with Distinct Equities
CONSUMER BEAUTY: LEADING BRANDS WITH DISTINCT EQUITIES COVERGIRL RIMMEL MAX FACTOR SALLY HANSEN The healthy American Liberate your individuality Reveal your extraordinary Salon expertise at home makeup authority
Slide 24: Destination for Gen X
DESTINATION FOR GEN X:
Slide 25: Destination for Gen Z
DESTINATION FOR GEN Z:
Slide 26: Consumer Beauty
CONSUMER BEAUTY: 29 bps 22 bps 19 bps 12 bps 10 bps (28)bps Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 SEP-NOV 2022 Source: NielsenIQ Market: B&M and E-com Period: November 2022 Categories: Color Cosmetics Mass, Fragrances Mass, Deodorants, Shower Gels Countries: Argentina, Australia, Brazil, Canada, C
Slide 27: Consumer Beauty: Capitalizing on Distribution Expansion
CONSUMER BEAUTY: MASTERING CAPITALIZING ON DISTRIBUTION EMERGING MARKETS “VIRALITY” OF GLOBAL “WELL BEING” EXPANSION IN EXPANSION COSMETICS TREND EXISTING MARKETS Middle East Latin America £36 Vs Africa £4.49 Southeast Asia POWDER
Slide 28: Capturing the Luxury Consumer
CAPTURING THE LUXURY CONSUMER
Slide 29: Fragrance Growth Acceleration Fueled by Structural Drivers
FRAGRANCE GROWTH ACCELERATION FUELED BY STRUCTURAL DRIVERS US & CHINA GROWING E-COM P R E M I U M I Z AT I O N SOCIAL BUZZ MOMENTUM & RETURN TO B&M
Slide 30: Fragrance Growth Acceleration: More Users, More Often
FRAGRANCE GROWTH ACCELERATION: MORE USERS, MORE OFTEN, WITH MORE PREMIUM PRODUCTS 33% Niche Fragrance Users pts vs 2020* 23% Fine Fragrance Users pts vs 2020* 26% Super Heavy Users pts vs 2020* 38% Super Heavy Users pts vs 2020* * Among Fine Fragrance users in the US
Slide 31: Consumers Increasingly Buying for Themselves, Rather Than Gifting
CONSUMERS INCREASINGLY BUYING FOR THEMSELVES, RATHER THAN GIFTING CY22 PRESTIGE FRAGRANCE MARKET JUICES GIFTSETS (% OF TOTAL) (% OF TOTAL) Source: Retail Panel (NPD) – EUR5+NA CY22 DATA - Selective Distribution (US – TMM)
Slide 32: With More Fragrance Usage & Occasion Drivers
WITH MORE FRAGRANCE USAGE & OCCASION DRIVERS CONFIDENCE BOOSTER FEEL GOOD FACTOR SOCIAL CONNECTOR ESCAPISM
Slide 33: Confidence Booster, Feel Good Factor, Social Connector, Escapism
CONFIDENCE BOOSTER FEEL GOOD FACTOR SOCIAL CONNECTOR ESCAPISM I want to stand out in the Before covid I only wore We spend so much time on My XYZ fragrance arrived crowd. Fragrance gives me fragrance when I went out, social media that when we go today! It smells like an that self confidence but duri
Slide 34: Growing Fragrance Market Unlocking Potential for Coty
GROWING FRAGRANCE MARKET UNLOCKING POTENTIAL FOR COTY Additional sales if reach Coty’s Current fine EU penetration of >50% fair share fragrance penetration Additional sales if reaching Coty’s Current fine 15% medium term estimate fair share fragrance penetration EU/US data: Kantar Panel mid-March -
Slide 35: Designer Fragrances Still Key but Niche Pure Players Performing the Best
DESIGNER FRAGRANCES STILL KEY BUT NICHE PURE PLAYERS PERFORMING THE BEST CY19 CY22 CY19 CY22 CY19 CY22 74% 75% 10% 8% 4% 6% DESIGNER BRANDS ESTABLISHED BRANDS NICHE PURE-PLAYERS +28% -1% +75%
Slide 36: Top-Ranking Innovations
: TOP-RANKING INNOVATIONS #1 INNOVATION #1 INNOVATION TOP3 INNOVATION TOP5 INNOVATION #2 INNOVATION TOP3 INNOVATION TOP5 INNOVATION TOP5 INNOVATION
Slide 37: Coty Coming Up with Major Innovations
COTY COMING UP WITH MAJOR INNOVATIONS MAJOR FEMALE FRAGRANCE MAJOR MALE FRAGRANCE NEW NICHE OWNED LAUNCH LAUNCH FRAGRANCE BRAND under top brand under top brand to be revealed in MAY 2023
Slide 38: Portfolio Structured for Long-Term Expansion
PORTFOLIO STRUCTURED FOR LONG-TERM EXPANSION CONCENTRATED BRAND PORTFOLIO LONG TERM LICENSE AGREEMENTS TOP 6 No sizeable license up for renewal BRANDS in next 6 years of prestige fragrance sales ~10-year average remaining duration of top 6 licenses Licenses cover multi-category potential
Slide 39: Expanding Our Prestige Brands' Productivity and Reach
EXPANDING OUR PRESTIGE BRANDS’ PRODUCTIVITY AND REACH
Slide 40: The Growing Couture Market Segment Confirms the Potential
THE GROWING COUTURE MARKET SEGMENT CONFIRMS THE POTENTIAL FOR WHILE INDIES FOR COUTURE INDIES MAKEUP ARTISTS ESTABLISHED BRANDS 2014 11% 21% 27% 31% 2019 15% 24% 22% 22% 2025 21% 25% 15% 14% Source: NPD & Beaute Research panels FY data % of the market (value sales)
Slide 41: From N/A in FY19 to ~4% of Sales in FY22 and ~10% in FY26
FROM N/A IN FY19 TO ~4% OF SALES IN FY22 AND ~10% IN FY26
Slide 42: Adding Makeup to Fragrance Counters Drives Productivity
ADDING MAKEUP TO FRAGRANCE COUNTERS DRIVES Sales productivity of counters increases >30% when combining Fragrance & Makeup
Slide 43: Biggest White Space Opportunity, Enabled by Coty's Technology & Brands
BIGGEST WHITE SPACE OPPORTUNITY, ENABLED BY COTY’S TECHNOLOGY & BRANDS
Slide 44: Reinventing Skincare for the 21st Century Since 1948
REINVENTING SKINCARE FOR THE 21ST CENTURY SINCE 1948 50+ YEARS Stem Cell based skincare Retinol patent DNA repair Genetic & Epigenetic Sun Repair Sun Light Protection 45+ YEARS Retinol Vectorization PREPARING FOR NEXT UV Protector Oxygen Delivery Cationic Liposome Full Light Technology GEN SKIN INNO
Slide 45: Our Ambition: Skincare Sales
OUR AMBITION: TO OUR SKINCARE SALES TO
Slide 46: A Portfolio Set Up for Skincare
A PORTFOLIO SET UP FOR ULTRA-PREMIUM DESIGNERS’ SKIN CARE DESIGNER BRANDS Skincare Skincare PRESTIGE PREMIUM CELEBRITY-DRIVEN DERMATOLOGICAL / CLEAN SKIN ENTRY PRESTIGE CELEBRITY-DRIVEN INGREDIENT-LED ENTRY SKINCARE BODYCARE
Slide 47: Skincare Brands with a Clear Sense of Purpose
SKINCARE BRANDS WITH A CLEAR SENSE OF PURPOSE Democratization Activate the power Works with the skin No pain The GenZ Dermatologist’s that lies in you not against it with gain toolbox secrets REPAIR IS DERM EFFICACY ORIGINAL GLOW EFFICACY WITH YOUNG HEALTHY OUR DNA & SKIN BARRIER IS THE NEW YOUTH RE
Slide 48: A New Skincare Vision
A NEW SKINCARE VISION Very brand of active ingredients to levels never reached: up to than the average skincare to become a
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Slide 50: Igniting a Beloved Brand
IGNITING A BELOVED BRAND New transversal serum Total rebranding highlighting our assets website merchandising expression
Slide 51: The Next Legs of Outsized Growth
THE NEXT LEGS OF OUTSIZED GROWTH
Slide 52: Ongoing Beauty Expansion, with Outsized Acceleration in Fragrances
TO SEE ONGOING BEAUTY EXPANSION, WITH OUTSIZED ACCELERATION IN FRAGRANCES China’s beauty spend Prestige Fragrances Fragrances per capita still Of China Beauty and the growth of of U.S., Western premiumizing Prestige Beauty Europe, Korea, and Japan
Slide 53: China Prestige Fragrance Opportunity
Prestige ~70% ~80% of Gross Margins Coty China Coty #5 Prestige Fragrance Player
Slide 54: Our Ambition: China Sales
OUR AMBITION: TO MORE THAN OUR SALES TO
Slide 55: Coty Sales Mix Back to FY19 Levels, While International Traffic Still Recovering
COTY SALES MIX BACK TO FY19 LEVELS, WHILE INTERNATIONAL TRAFFIC STILL RECOVERING International traffic Travel Retail back to Gross margins of Coty sales below 2019 (on par with FY19)
Slide 56: Coty Business Transformation from Fragrance Only to 3-Axis Beauty House
COTY BUSINESS TRANSFORMATION FROM FRAGRANCE ONLY TO 3-AXIS BEAUTY HOUSE 2% 1% 6% 8% 8% 15% 2% 18% 11% 64% 81% 92% Prestige Fragrances Ultra Premium Niche Make Up Skin Care Fragrances
Slide 57: Our Ambition: Grow Sales by FY26
OUR AMBITION: TO GROW SALES BY TO BY FY26
Slide 58: Creating #BeautyThatLasts and Progressing on Our ESG Journey
CREATING #BEAUTYTHATLASTS AND PROGRESSING ON OUR ESG JOURNEY New carbon targets approved by science backed target initiative First carbon positive fragrance in the world Pioneering gender pay equity and parental leave
Slide 59: Creating #BeautyThatLasts and Progressing on Our ESG Journey
CREATING #BEAUTYTHATLASTS AND PROGRESSING ON OUR ESG JOURNEY Pioneer in fragrances using carbon-captured ethanol 3 carbon neutral sites Top quartile rating by Sustainalytics
Slide 60: Strong Financial Progress
STRONG FINANCIAL PROGRESS 60
Slide 61: Strong Value Accretion
STRONG VALUE ACCRETION ~10-11% ~12-13% LFL CAGR CAGR x7 (ex FX) (INC. FX) ~$5.31- ~$955- 965M $0.35- ~$5.30B 5.33B ~$905M 0.36 ~$4.63B ~$762M $0.28 $0.05 FY21 FY22 FY23E FY21 FY22 FY23E FY21 FY22 FY23E NET REVENUES ADJUSTED EBITDA ADJUSTED EPS 61
Slide 62: Strong Margin Expansion
STRONG MARGIN EXPANSION UP UP ~ 400bps ~ 400bps ~13% ~64% ~63.7% ~11.6% ~60.0% ~9.4% FY21 FY22 FY23E FY21 FY22 FY23E ADJUSTED GROSS MARGIN ADJ. OPERATING MARGIN 62
Slide 63: Strong Deleveraging and Cash Generation
STRONG DELEVERAGING AND CASH GENERATION DOWN 2.7X ~6.8x ~4.7x ~$145M ~$550M >$400M ~4.1x FY21 FY22 1HFY23 FY21 FY22 FY23E LEVERAGE FREE CASH FLOW 63
Slide 64: Offsetting Inflation Through Price, Mix and Savings
OFFSETTING INFLATION THROUGH PRICE, MIX AND SAVINGS PRICING MIX MANAGEMENT SAVINGS • Strategic growth pillars all • Mid single digit pricing in 1Q margin accretive: FY23 o Skincare • ~$500M delivered to date o Prestige fragrances • Mid single digit pricing in 3Q o China FY23 • ~$265M targeted for o
Slide 65: FY24-FY25 Savings
FY24-FY25 SAVINGS > BREAKDOWN OF SAVINGS EXAMPLES OF COST REDUCTION Revamp of Strategic Revenue Trade Fixed Trade Management program and consolidation Investment Costs Investment in key global markets 17% 27% Continuous improvement / Material Value COGS Analysis > $165M Structural Marketing Material
Slide 66: SKU Productivity Significantly Higher
SKU PRODUCTIVITY SIGNIFICANTLY HIGHER NR PER SKU SKU COUNT vs. 2YA vs. 2YA vs. 2YA vs. 2YA 66
Slide 67: Cash Olympics: Targeting Leverage ~2X by CY25
CASH OLYMPICS : TARGETING LEVERAGE ~2X BY CY25 KEY STREAMS EXAMPLES OF IDENTIFIED CASH OPPRTUNITIES 1 Inventory 2 Receivables 3 Payables 4 Real Estate $55M received in 1ST tranche Days Sales Outstanding of sales proceeds from improved to 25 Days 5 Long Term Assets Lacoste license divestiture 6 CAPEX
Slide 68: Financial Progress Being Recognized by Rating Agencies
FINANCIAL PROGRESS BEING RECOGNIZED BY RATING AGENCIES COTY UPGRADED TO COTY UPGRADED TO 68
Slide 69: Attractive Growth Algorithm
ATTRACTIVE GROWTH ALGORITHM 69
Slide 70: Q3 Off to a Strong Start
Q3 OFF TO A STRONG START 3Q FY23 Core LFL Sales FY23 Adj EBITDA & EPS Growth Accelerating outlook unchanged, from the +7% Core LFL as incremental profit to growth in 2Q be reinvested in critical Skincare initiatives 70
Slide 71: Upper End of 6-8% LFL Revenue CAGR Through FY26 & Beyond
UPPER END OF 6-8% LFL REVENUE CAGR THROUGH FY26 & BEYOND $6.5B-$6.8B Mid Single 25-30% CAGR Digit Growth Existing Accelerating 25-30% CAGR presence in portfolio ~$5.3B Existing emerging portfolio markets Mid to High Single Digit Growth Inline with market FY23E Prestige Skincare Prestige Consumer FY2
Slide 72: Shifting Portfolio to Capture Key Beauty Growth Areas
SHIFTING PORTFOLIO TO CAPTURE KEY BEAUTY GROWTH AREAS 9% 6% 7% 6% ~7% ~4% 4% 5% ~10% 5% ~10% FY19 REMAINCO FY22 FY26 REVENUE MIX REVENUE MIX AMBITION High 29% 24% 40% 51% 54% Low 20% Prestige Fragrances Mass Cosmetics Prestige & Mass Skincare Prestige Cosmetics Body Care Mass Fragrances 72
Slide 73: Upper End of 6-8% LFL CAGR Through FY26, Outsized Growth from China & Travel Retail
UPPER END OF 6-8% LFL CAGR THROUGH FY26 & BEYOND, WITH OUTSIZED GROWTH FROM CHINA & TRAVEL RETAIL $6.5B-$6.8B LSD-MSD HSD CAGR CAGR High Teens CAGR ~$5.3B LSD-MSD CAGR >2x driven by Prestige FY23E China U.S. Travel Rest of Rest of FY26E FY26E & Retail APAC World Beyond 73
Slide 74: Capturing Key Beauty Growth Markets
CAPTURING KEY BEAUTY GROWTH MARKETS 8% 6% MSD% 7% ~10% 8% 27% 4% ~30% 31% 3% >10% FY19 REMAINCO FY22 FY26 REVENUE MIX 18% REVENUE MIX AMBITION 18% 15% 8% 9% 27% ~25% 27% HSD E-Com Mix High Single Digit % High Teens % Mid Twenties % (Total Coty) North America W. Europe Brazil & LatAm E. Europe & Midd
Slide 75: Accelerating Sales and Profit Momentum
ACCELERATING SALES AND PROFIT MOMENTUM FY22 FY23E FY23-26E FY26 & Beyond Upper end of NET REVENUES $5.30B +6-8% Core LFL +6-8% LFL CAGR +6-8% LFL CAGR GROSS MARGIN 63.7% Modest Expansion Mid 60s % by ‘25 Expanding EBITDA $905M $955-965M +9-11% CAGR +9-11% CAGR TAX RATE ~28% High 20% High 20% High 20
Slide 76: Accelerate Free Cash Flow Generation
ACCELERATE FREE CASH FLOW GENERATION FY22 FY23E FY26E ADJ EBITDA $905M $955-965M $1.2Bn - $1.3Bn 1X CASH COSTS <$150M <$50M NM CASH INTEREST ~$215M Mid $200s Low $100s CASH TAXES ~$100M ~$100M Low $100M WORKING CAP Positive Positive Positive CAPEX ~$175M Low $200s Low to mid $200s FREE CASH FLOW ~$5
Slide 77: Strengthening Capital Structure to Enable Deleveraging and Capital Returns
STRENGTHENING CAPITAL STRUCTURE TO ENABLE DELEVERAGING AND CAPITAL RETURNS CY23-CY25 CAPITAL ALLOCATION CY22 (Cumulative) PRIORITIES BY END OF CY25 Net Debt <$3.9B ~75% Net Debt <$2.5B FCF >$1.2B Deleverage ($0.4B Min / year) Financial Leverage ~2x Financial Leverage ~4.1x ~25% Capital Returns Capit
Slide 78: We Are a Beauty Powerhouse with a Unique Diversified Business Model
▪ WE ARE A BEAUTY POWERHOUSE WITH A UNIQUE DIVERSIFIED BUSINESS MODEL ▪ WE HAVE MADE SIGNIFICANT STRATEGIC AND FINANCIAL PROGRESS IN THE LAST FEW YEARS UNDER THE NEW LEADERSHIP TEAM ▪ WE HAVE SIGNIFICANT UNTAPPED POTENTIAL ACROSS MARKETS & CATEGORIES, AND THE BRANDS, KNOW-HOW AND PEOPLE TO SUCCEED 7
Slide 79: Coty Since 1904
COTY COTY SINCE 1904 \% 79
Slide 80: Disclaimer
DISCLAIMER Forward-Looking Statements Certain statements in this presentation are forward-looking statements. These forward-looking statements reflect the Company's current views with respect to, among other things, strategic planning, targets and outlook for future reporting periods (including the