It was basically six years ago when I asked Glanbia to consider something completely foreign to their longstanding business culture, but today’s the day my dreams became reality (well sort of)! Glanbia Performance Nutrition is one of two divisions of Glanbia plc (LON:GLB), a multibillion-dollar global nutrition company. The brands in the Glanbia Performance Nutrition portfolio include; Optimum Nutrition, BSN, think!, Isopure, Amazing Grass, and SlimFast. I'll use the recent earnings report, earnings call, and associated news to update you on how Glanbia Nutritionals and Glanbia Performance Nutrition is performing against the complex operating environment. Glanbia Performance Nutrition had full-year 2024 revenue of $1.81 billion, which increased 0.5% YoY. The brand portfolio had volume growth of 2.9%, but that was more than offset by price decline of 4.2% YoY. Additionally, I'll dive deeper into Glanbia Performance Nutrition geographical, sales channel, product format, and categorial performance (performance nutrition, healthy lifestyle, and weight management). Optimum Nutrition, which was the initial M&A transaction in 2008 that created the GPN division, now represents 66% of the total revenue. In 2024, Optimum Nutrition generated revenue of approximately $1.2 billion, which was up 7.5% YoY. Moreover, Optimum Nutrition is the number one sports nutrition brand in the world and also the top sports nutrition brand in close to 20 different countries. As part of its group-wide transformation program announced last November, that seeks to generate annual cost savings of at least $50m by 2027, leadership noted that a GPN portfolio review to ensure focus can be placed on high-growth opportunities had determined the divesture decision on its Netherlands-based direct-to-consumer ecommerce business, Body & Fit (that was acquired in 2017), and its weight management brand SlimFast (that was acquired for $350 million in 2018). And then in this final part of the content, I want to share some comments about how Glanbia intends to navigate the current volatility in the high-end whey market. Glanbia expects a $200 million transitory impact from this cycle of sharp commodity market inflation, which it plans to mitigate by pulling a variety of different front-facing and back-end levers. These include substantial price increases (that will trickle down to consumers later this year), shifts in price pack architecture, reformulation of products, and trade promotion efficiency (and pullback in overall marketing spend). Additionally, Glanbia leadership even noted that long-term investments in alternative protein sources are being considered (which maybe even includes a takeover of the embroiled precision fermentation startup Perfect Day that I suggested Glanbia acquire several years ago).