“I think as a consequence of that, you will see our share improve.”

In context

“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 inflation. Yes, if you talk about our cheese or grocery categories, there we see a little bit of an uptick in elasticity, but that's a smaller percentage of our business. HFS in the UK looks pretty manageable at this stage. The consumer is adjusting to the changes that they see in store. We see a bigger impact on seasonal and gifting, but the impact on standard chocolate seems to be minor. So I would say the main news that we have is that we are expecting a good second”