Good morning, everyone. Thank you for joining our results presentation for the first half of fiscal '25. Today, I will begin by providing an update on our performance for the half. Then our new CFO, Nik Jhangiani, will share his early impressions of the business, and discuss our results, the recent tariff announcements and the near-term outlook. I will then come back and share some final reflections. Starting with performance. Despite a continued challenging macro environment and industry backdrop, in the first half of fiscal '25, our results showed positive momentum. Organic net sales returned to growth of 1% and with growth in four out of five regions, including North America. While consumers remain cautious and the macroeconomic recovery is taking longer than expected, particularly in North America and China, I am pleased with the results we have delivered in the half. At the end of the last fiscal, we shared our confidence that the actions we were taking would return us to growth as the consumer environment improves. Today, our performance demonstrates that we are making meaningful progress, even though the environment remains challenging and will likely continue to be volatile given the recent tariff announcements. Our focused strategy is delivering results. Notably, we have held or gained market share in 65% of our net sales in measured markets. We also continue to effectively leverage the strength of our diversified portfolio across price tiers and geographies to respond to emerging consumer trends. Looking ahead, we see opportunities to continue to outperform. We are focused on strategic initiatives that will enhance our financial resilience driving sustainable long-term growth and the ability to deliver positive operating leverage in the future. More on this from Nik and me later. One of Diageo's great strength is our broad and diverse presence across regions…

Thank you, Debra, and thank you all for joining us today. I'm very excited to be with you to discuss my first set of financial results as the company's new CFO. As Debra mentioned earlier, it's a volatile and uncertain time for the sector and the market but that uncertainty creates a lot of opportunity for us. And as such, I'm very excited to be joining at a moment in the company's history, where the opportunity has never been greater. Before I delve deeper into these results, I'd like to share a few reflections on my first few months with the business. It's truly been a world wind and I have literally traveled around the world immersing myself in Diageo and the broader spirits business. I've visited four continents on which I spent time with the local teams in New York, Miami, Amsterdam, Milan, Cape Town, Bangalore, Singapore, Nairobi, Shanghai and Chengdu and also with the teams here in London. And most importantly, I've visited with all of our executive teams in their local markets. This is clearly a company with amazing brands that are full of history and heritage and amazing people who are passionate about those brands and quite rightfully so. I'm particularly grateful for the openness with which I've been welcomed, and with the relationships I've started to build, especially with Debra, the executive team, my CFO leadership team and the Board as we work in partnership. I'm also grateful for the feedback that both investors and analysts have shared with me on this journey, and rest assured, the importance of consistency of performance through top line delivery and positive operating leverage has been heard loud and clear. Let me reinforce that we are committed to doing the right thing and are firmly focused on what we…

Thanks, Nik. No doubt, 2024 has been a tough year for the entire sector. Industry performance in several of our key markets has been impacted by a cautious consumer environment and geopolitical uncertainty. And considerable uncertainty remains notably on tariffs. While it's challenging to predict the timing of a full recovery, we are confident in our ability as a market leader to build on the momentum of the first half to continue to outperform the TBA market, critically important in this environment. The confirmation of the weekend on the implementation of tariffs in the U.S., whilst not unanticipated, could, however, very well impact this building momentum. As Nik discussed, it unfortunately also adds further to complexity in our ability to provide updated forward-looking guidance today, given this is a new and dynamic situation. We are taking a number of actions to mitigate the immediate impact and disruption to our business that tariffs may cause and to support our distributor partners and customers in both the on and off trade who rely on our brands, while continuing to manage our business for the long-term. We will also continue to engage with the U.S. administration on the broader impact that this will have across the U.S. hospitality industry, including consumers, employees, wholesalers, restaurants, bars, and retail outlets. Nik and I have been working closely together. And as you just heard Nik to detail, we are energized and excited about the significant opportunity to strengthen and drive improved performance at Diageo, creating a more agile culture, where we drive better end-to-end accountability. We are convinced that we are taking the right actions to drive sustainable outperformance. We are firmly focused on what we can control now more than ever. We also believe that the actions we are taking will ideally position us to benefit when the market recovers and also ahead of our peers. Even against the current uncertain backdrop, this is an exciting time for Diageo, and we look forward to updating you in our more frequent communication as we move through the year. Thank you.