Croda International Plc (CRDA) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. So many thanks for joining us for today's presentation. And it's great to be with you all. As well as running through our financial results, we're going to do a deeper dive on the plan we're expecting to grow, executing to grow earnings and improve results. And we will also set out our financial framework for the next three years. So a slightly longer presentation than normal, which Stephen and I will carve up between us before taking your questions at the end. So, starting with our performance in 2025. Overall, we're pleased with how the business has performed in a very uncertain environment. Sales grew 7% in constant currency, reflecting the benefits of a much stronger portfolio. And sales of patented ingredients were up 9%, with demand for innovation at its highest level since before the pandemic. And our net promoter scores increased by 11 points as service, collaboration and more importantly than that, trust continued to improve across our customer base. And whilst margins remain well below where we want them to be, they improved both in consumer care and in life sciences, contributing to an 8% increase in profits with PBT in line with our guidance. Free cash flow also improved in the second half due to lower working capital and capex strengthening our balance sheet. So good progress. There's much more to do, but our actions are beginning to bear fruit, which is encouraging. So more from me shortly, but first over to Stephen for the numbers. Thank you, Steve. Good morning, everyone. I'll start with the financial headlines for the full year before taking you through our sales for the fourth quarter. So in constant currency, sales were up 7% to 1.7 billion. Adjusted operating profit was up 8% at 295 million. And adjusted profit before tax a...