Core Insights - The company reported strong and consistent growth in Q3 2025, with consolidated sales reaching €6,876 million, reflecting a 4.8% increase on a like-for-like basis, driven primarily by volume/mix growth of 3.2% and price growth of 1.6% [6][10][14] Sales Performance by Geography - **Europe**: Sales increased by 2.6% on a like-for-like basis, with volume/mix contributing 2.1% and positive price growth of 0.5%. This marks eight consecutive quarters of positive volume/mix growth [8][10] - **North America**: Sales grew by 1.5% on a like-for-like basis, with volume/mix contributing 0.3% and price growth of 1.2%. High protein products maintained strong momentum [9][10] - **China, North Asia & Oceania**: Outstanding performance with sales up 13.8% on a like-for-like basis, driven by a volume/mix increase of 15.1% [10][11] - **Latin America**: Sales increased by 4.3% on a like-for-like basis, despite a volume/mix decline of 2.3% [11] - **Asia, Middle East & Africa**: Sales growth accelerated to 6.8% on a like-for-like basis, with volume/mix contributing 2.6% [12] Sales Performance by Category - **EDP (Essential Dairy Products)**: Sales were up 3.5% on a like-for-like basis, with notable growth in functional dairy products [8][10] - **Specialized Nutrition**: Achieved 8.3% growth on a like-for-like basis, with double-digit growth in adult medical nutrition [8][10] - **Waters**: Sales increased by 2.3% on a like-for-like basis, with strong growth driven by brands like evian [8][10] Strategic Developments - The company confirmed its 2025 guidance, expecting like-for-like sales growth between 3% and 5%, with recurring operating income anticipated to grow faster than sales [14] - Recent acquisitions, including Kate Farms, are expected to enhance the company's portfolio in the plant-based nutrition segment [20]