“We will see some inflationary costs continuing in cocoa and sugar going into 2024.”

In context

“ls. The quantity bag per shopping trip is the same, but they tend to shop a little bit less frequently, but nothing really that preoccupies us. And so to close, I would say, the volume is strong. Europe will recover in the second half, and this will be the strongest H1. And we believe here that we have delivered as Mondelez. So we think we are quite -- doing quite well there. Maybe a few words on Europe, which is probably the most important thing for us. It obviously has been, for us, a very dynamic environment. Top line demand has been quite good, 13.1% growth, but the volume/mix was down 4.5 points, but that was due primarily through that client disruption. I want to reemphasize that all 2023 clients negotiations have closed successfully and all the pricing was landed in line with plan. We will see some inflationary costs continuing in cocoa and sugar going into 2024. And we are planning to do some strong investments in the second half in Europe. So if you think that through and you say, okay, these pricing negotiations are behind us, we are positive on H2. And so what you could expect for H2 in Europe is that our volumes will grow. We are ready to execute in store. We have planned key promotions because now with this negotiation behind us, we can go full force again. I think as a consequence of that, you will see our share improve. We also start lapping prior year headwinds. And our margins will start to recover as the pricing is now fully implemented. So I think three levels of good news, volume, share and margins. Our categories continue to do well. Consumers seem to prioritize them. Also in Europe, elasticities remain low despite some strong price”