Financial Data and Key Metrics Changes - For Q2 2025, reported net revenues decreased by 0.8% to €747 million, with organic sales declining by 1.1% and volume also down by 1% [24][25] - Adjusted EBITDA decreased by 7% year on year to €129 million, while adjusted EPS fell by 9% to €0.40 [28][29] - Year-to-date free cash flow grew by 70% year on year, with a conversion ratio of 43% [29][30] Business Line Data and Key Metrics Changes - The company's growth platforms saw net sales increase by 47% in Q2 and 43% in the first half of the fiscal year [12] - Retail sales for the chicken portfolio grew by 52% in the last quarter, with market share reaching 18%, a five percentage point increase from the previous year [13] - Frozen potato retail sales in the UK rose by 21% year over year, gaining 180 basis points of market share [14] Market Data and Key Metrics Changes - Organic sales in the category were down by 1% in Q2, with high single-digit volume declines observed in key markets like the UK, France, and Belgium [25][26] - The unusually warm weather negatively impacted consumer behavior, contributing to a 1.5% negative impact on the full-year outlook [26][32] - The frozen food category has outpaced overall food industry growth by nearly one percentage point over the past decade [10] Company Strategy and Development Direction - The company plans to return to organic sales growth in the second half of the year, assuming normal weather conditions [31][35] - Continued investment in advertising, merchandising, and innovation is expected to support long-term growth [11][18] - The company is focused on enhancing profitability through cost savings and productivity improvements [19][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2025 is a challenging year, with external headwinds affecting performance [4][5] - Despite the setbacks, management remains optimistic about long-term growth opportunities in the frozen food category [10][20] - The company expects to recover cost increases through pricing actions, although most will not take effect until 2026 [27][32] Other Important Information - The company has returned substantial cash to shareholders, repurchasing €100 million of shares and paying out over €48 million in dividends, marking a 132% increase compared to the first half of last year [20][30] - A new advertising campaign is set to launch in the UK, coinciding with product innovations aimed at younger, health-conscious consumers [18][15] Q&A Session Summary Question: What are the expectations for organic sales growth in the second half of the year? - Management expects organic sales to return to growth in the second half, assuming normal weather conditions [31] Question: How is the company addressing the impact of weather on sales? - The company plans to adjust merchandising and consumer communication to emphasize products that perform better in warm weather [22] Question: What are the expectations for adjusted EBITDA and EPS for the full year? - Adjusted EBITDA is expected to decline by 3% to 7% year on year, with adjusted EPS projected in the range of €1.64 to €1.76 [34]