INTEGRATED ANNUAL REPORT 2024

for the year ended 30 September 2024

We have sharpened our brand portfolio focus to 10 power brands and 6 specialist brands, backing our focus brands to maximise return on brand investment.

We have undertaken a structured assessment of the health and performance of all our existing brands, classifying these against an agreed set of industry typologies for brand equity and growth potential.

Through this process we have sharpened our brand portfolio into 10 "power brands" and 6 "specialist brands", each of which has broad and deep connections in the minds of consumers, and where there is the greatest ability to create further value. These are distinct from our "mainstream" brands that may be well known and well understood – and with a solid consumer connection – but that lack sufficiently strong differentiation and have less capacity for meaningful growth without significant investment in further developing brand salience.

Within these priority brands we will be working to build brand difference and salience by delivering functional and emotional cues in a unique and entertaining manner, reinforcing the nutritional and/or functional attributes of our products across all touchpoints, and driving presence through our "always on" visibility in communities.

We have identified specific opportunities to migrate and divest certain brands. This brand rationalisation will bring significant benefits, enabling more focused marketing and brand investment, backing brands with higher ROI, and increasing our resulting brand equity and market share through portfolio optimisation. We are in the process of finalising the rationalisation of our brand portfolio, undertaking the necessary financial modelling and developing an implementation plan for testing with consumers.

As part of this process, we are implementing a programme to ensure consistent brand messaging across our various channels, deepening consumer awareness and engagement of our consolidated brand proposition and driving and retaining conversion through appropriate promotional activities and product quality, pricing, placement and packaging.