“We want two qualified suppliers on every critical input.”
27Portfolio
Exit programme — progress to date
Commitment extracted
“Two thirds of the portfolio work is behind us. What remains is the harder two thirds of the value.”
18Portfolio
Capital allocation priorities
Commitment extracted
“Maintenance capex first, then debottlenecking, then anything new.”
9Supply chain
Raw material exposure
Commitment extracted
“Roughly a third of our input cost sits with fewer than five suppliers.”
38 slides read and set aside · Agenda, disclaimers, financial appendix and segment boilerplate. Nothing in them changed a play, a signal or a commitment.