Reported net sales for 2025 decreased 5% to $10.890 billion from $11.484 billion in 2024, primarily due to divestitures. On a comparable currency neutral basis, sales in 2025 increased 2% compared to 2024, indicating underlying business growth. The company recorded a net loss of $359 million in 2025, a significant decline from a net income of $267 million in 2024. A goodwill impairment charge of $1.153 billion was recognized in 2025, primarily related to the Food Ingredients reporting unit following a segment reorganization. Gross profit decreased 5% to $3.938 billion (36.2% of sales) in 2025 from $4.124 billion (35.9% of sales) in 2024, impacted by divestitures. Adjusted Operating EBITDA for 2025 was $2.086 billion, a 5% decrease on a reported basis, but a 7% increase on a comparable currency neutral adjusted basis. Cash flows provided by operating activities decreased to $850 million in 2025 from $1.070 billion in 2024, mainly due to increased working capital and incentive compensation payouts. Total debt decreased to $5.994 billion as of December 31, 2025, from $8.977 billion in 2024, partly due to debt repurchases and divestiture proceeds. The company completed several divestitures in 2025, including Pharma Solutions, Nitrocellulose, Rene Laurent, and a Tobacco Flavoring business, generating significant cash proceeds. A legal entity realignment project resulted in an income tax benefit of $360 million in 2025. The Board of Directors authorized a new $500 million share repurchase program, which began on October 1, 2025, and repurchased $38 million of common stock in 2025. The company's dividend policy was updated in February 2024, reducing the expected quarterly dividend by approximately 50% to support deleveraging.