“We are confident in our ability to deliver on our 2025 guidance and create enduring value for our stakeholders.”

In context

“nd our system saw several items exposed to volatility and trade dynamics, which could cause our outlook to vary across our markets. We continue to challenge all aspects of how we work, and we see opportunities to unlock cost efficiencies that can be reinvested to support portfolio growth and long-term value creation. Regarding currency, if we assume current rates and our hedge positions, there would be a slight tailwind to both comparable net revenues and comparable earnings per share for full year 2026. Many factors could impact both our currency outlook and broader business outlook between now and when we expect to provide guidance in February. In summary, while our external environment is dynamic, we see great potential for our industry and remain steadfastly focused on driving growth. We are confident in our ability to deliver on our 2025 guidance and create enduring value for our stakeholders. With that, operator, we are ready to take questions. Operator: [Operator Instructions] Our first question comes from Steve Powers from Deutsche Bank. Stephen Robert Powers: As I think each of you alluded to in your remarks, entering September, you'd called out momentum that was trending a bit slower than expected in the third quarter, and you highlighted a few specific markets at the time, Mexico and Latin America, India, Vietnam, Thailand and Asia. Obviously, it appears that you came out the quarter with seeing a bit more acceleration, which is obviously encouraging. But I'm curious as to whether you describe that to sequential improvement in underlying category trends or more your own interventions made in response to the shift in consumer sentiment? And then either way, maybe just a li”