Tate & Lyle plc (TATE) Q3 2026 Earnings Call

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WEBVTT 00:00:00.993 -- 00:00:06.441 Good morning and welcome to the conference call for Tate and Lyle's Q3 trading statement. 00:00:06.441 -- 00:00:11.769 Your speakers today are Nick Hampton, Chief Executive, and Sarah Cowlers, Chief Financial 00:00:11.769 -- 00:00:17.134 Officer. I will now hand you over to Nick Hampton for some opening remarks. 00:00:17.898 -- 00:00:22.665 Thank you, Operator. Good morning, everyone, and thank you for joining this third quarter 00:00:22.665 -- 00:00:27.873 conference call. I will start by making a few remarks on our performance and strategic 00:00:27.873 -- 00:00:31.976 progress, and then we'll open it up to Q&A. 00:00:31.992 -- 00:00:36.898 Trading in the third quarter was in line with our expectations and consistent with the 00:00:36.898 -- 00:00:42.582 first half. Our guidance for the full year remains unchanged. 00:00:42.805 -- 00:00:48.571 On a pro forma basis and in constant currency, revenue was 2% lower in the quarter, 00:00:48.571 -- 00:00:50.013 reflecting 00:00:50.013 -- 00:00:54.939 continuous muted market demand, with performance in all regions broadly in line with 00:00:54.939 -- 00:01:00.190 the first half. On a reported basis, which includes CP Telco 00:01:00.190 -- 00:01:04.353 from the date of acquisition on the 15th of November 2024, 00:01:04.353 -- 00:01:08.417 group revenue was 15% higher. 00:01:08.417 -- 00:01:12.200 For the nine months of the 31st of December 2025, 00:01:12.200 -- 00:01:17.445 on a pro forma basis, revenue in the Americas was 2% lower, with modestly 00:01:17.445 -- 00:01:21.149 higher pricing more than offset by lower volume. 00:01:21.149 -- 00:01:26.785 In Europe, Middle East, and Africa, lower pricing resulted in 5% lower revenue. 00:01:26.785 -- 00:01:32.013 While at Asia Pacific, revenue...